Annual Report and Accounts 2002
Annual Report and Accounts Year ended 30 September 2002
Securicor plc
Sutton Park House
15 Carshalton Road
Sutton
Surrey SM1 4LD
Telephone: 020 8770 7000
Registered no. 3811216 Contents
Vision 1
Financial highlights 1
Group at a glance 2
Chairman’s statement 4
Chief Executive’s review 6
Our philosophy 10
Regional review 12
Financial review 22
Corporate social responsibility 26
Board of directors 28
Report of the directors 31
Directors’ responsibilities 39
Report of the independent auditors to the members 
of Securicor plc 39
Consolidated proﬁt and loss account 40
Consolidated balance sheet 41
Consolidated cash ﬂow statement 42
Statement of total recognised gains and losses 43
Note of historical cost proﬁts and losses 43
Reconciliation of movement in equity shareholders’ funds 43
Statement of accounting policies 44
Notes to the consolidated accounts 46
Parent company balance sheet 69
Notes to the parent company balance sheet 70
Group ﬁnancial record 71
Notice of meeting 72
Financial calendar and corporate addresses 76
Designed and produced by Merchant with Carrow Design. Printed by St Ives Westerham Press. Securicor Annual Report and Accounts 2002 1
Vision
Financial
highlights
To become a global top-three provider of security solutions
and expertise through the delivery of world-class outsourcing
in cash management, integrated security and justice services.
By focusing on customer needs and investing in the
recruitment and development of the best people in the
industry, we will deliver innovative, market-leading services
in each of our businesses.
Consistent delivery of these goals will provide long-term
customer relationships, a high-quality, committed workforce
and increased shareholder value.
Turnover up 
23% to £1,400m
(£1,136m in 2001)
Ongoing Security PBTA up
15% to £68m
(£59m in 2001)
Basic earnings per share from continuing
operations before exceptional items and 
goodwill amortisation
8.1p (7.0p in 2001)
Full year dividend per share up
28% to 2.11p 
(1.65p in 2001) 2 Securicor Annual Report and Accounts 2002
Group at a glance
Cash Services
Turnover: £441m
Product proﬁle: Cash Transportation, 
Cash Management, ATM Management
Product statistics: Globally, 17,700 customers,
21,200 employees, 4,148 high-security vehicles,
1,100 independent ATMs
Strategy:
• Build on the cash services business model 
to create new opportunities in outsourcing
markets
• Develop substantial new business through the
introduction of new products in key countries
• Become an outsourcing partner to our
customers and develop long-term commercial
relationships
Highlights of 2002: 
• Successful implementation of the Euro project
in Germany, Netherlands and Ireland
• Winning of Alliance & Leicester cash centre
outsourcing contract in the UK worth over
£200m over ten years
• Roll-out of end to end managed ATM service
to Standard Chartered Bank in Hong Kong
Manned/Electronic Security
Turnover: £816m
Product proﬁle: Manned Guarding,
Monitoring and Mobile Response, 
Risk Audits
Product statistics: 120,000 customers, 
81,800 employees, 29 countries
Strategy:
Build on our strong position in the commercial
guarding market to create a substantial
integrated security business
• Phase I – develop a standardised global
commercial guarding business model 
based on speciﬁc sectors
• Phase II – develop risk auditing and
consultancy capability
• Phase III – incorporate electronic security
• Phase IV – integrate phases to deliver 
total solution
Highlights of 2002:
• Strategic partnerships for electronic security
and consultancy services
• Successful re-branding of US commercial
security business 
• African business restructured and 
fully integrated
Core business
Securicor is an international security solutions business, operating in some 50 countries around
the world. We also operate parcel distribution and logistics businesses through our joint venture
with Deutsche Post. In total we employ over 100,000 people. Securicor Annual Report and Accounts 2002 3
Justice Services
Turnover: £99m
Product proﬁle: Prison management,
electronic monitoring of offenders,
prisoner escorting
Product statistics: 3,300 employees in Europe
and the US, 34,000 offenders monitored per
year, 154 vehicles
Strategy:
• Build on our successful justice businesses to
create new opportunities in the outsourced
justice sector
• Continue to develop services which support
public sector reform
• Build long-term recurring revenues while
contributing positively to creating a just
and safe society
Highlights of 2002:
• Opening of ﬁrst outsourced justice facility
in the Netherlands
• Named as preferred supplier for a new
Secure Training Centre in Milton Keynes
• Expansion of prison contract at HMP/YOI 
Parc, Bridgend
Distribution Services
Turnover: £348m
Product proﬁle: Business to business
express parcels, Sameday courier 
services, integrated logistics and 
European distribution
Product statistics: 23,500 customers, 11,300
employees, 50:50 joint venture with European
market leader, Deutsche Post
Strategy:
• Improve proﬁtability through on-going 
cost control and revenue enhancement
programmes
• Continue to build competitive advantage
through new product development
• Further integration with other Deutsche Post
businesses to achieve operational synergies
and technology cost savings
Highlights of 2002:
• Strong growth experienced in Sameday 
and European operations
• Good proﬁt growth in Logistics and 
Container Transport
• Reduction in operational costs
2002 turnover by region (%)
Americas
Asia
EMEA
UK
26
5
40
29
2002 turnover by product (%)
Manned/Electronic Security
Justice Services
Cash Services
7
33
60 4 Securicor Annual Report and Accounts 2002
Chairman’s statement
Results
Group turnover for the year was £1,400m, an increase of 23%
over the previous year. Proﬁt before interest, tax, exceptional
items and goodwill amortisation from our ongoing businesses
rose by 16% to £93.0m and from our ongoing security
operations by 16% to £85.9m. Proﬁt margins increased across
all regions, except the Americas.
Exceptional charges totalled £81.0m, of which £37.1m related to goodwill
impairment and restructuring within our US aviation screening business,
£36.3m to intangible ﬁxed asset impairment within Securicor Information
Systems and £5.7m to the closure of SafeDoor.
We do not include within the above turnover ﬁgure our 50% share of the
Distribution joint venture with Deutsche Post.
Dividend
The directors recommend a ﬁnal dividend of 1.39p per share, payable on 
4 April 2003, which, taken with the interim dividend of 0.72p per share 
paid on 30 September 2002, makes a total dividend of 2.11p per share 
in respect of the year ended 30 September 2002, an increase of 28% over 
the previous year.
Board changes
I reported last year that Nick Buckles had succeeded Roger Wiggs as Chief
Executive on 1 January 2002, with Roger remaining on the board as a 
non-executive director.
Chris Shirtcliffe retired from the board in May 2002. Chris joined Securicor in
1975 and had been Group Finance Director since 1986. He made an immense
contribution on the board, being held in great esteem by all who had dealings
with him. One of Chris’ most important contributions was to put in place
comprehensive ﬁnancial controls and systems which have proved invaluable 
for the group’s worldwide operations. 
Sir James Birrell retired in September 2002, after nine years on the board. Jim
was a distinguished and highly effective chairman of the Audit Committee from
its inception in 1993. He was also the senior independent director, chairman 
of the Nomination Committee and a member of the Remuneration Committee.
00      01      02
Dividend per share 
(pence)
1.50
1.65
2.11
00      01      02
Group turnover from
continuing operations (£m)
577
1,094
1,356
Normalised earnings
(1) 
(£m)
58.9
65.6
75.3
00      01      02
(1)
Earnings from continuing
operations before goodwill
amortisation, exceptional
items and tax Securicor Annual Report and Accounts 2002 5
Professor Jim Norton retired from the board in December 2002, having been 
a director for the two years during which we made crucial decisions about 
our various communications businesses, none of which ultimately we decided
to retain. Jim’s expertise in radiocommunications and electronics was an
invaluable aid to our assessment of these businesses.
I thank each of them for all that they did for Securicor and wish them well
for the future.
Two new executive directors were appointed. In June 2002, Trevor Dighton
joined the board, succeeding Chris Shirtcliffe as Group Finance Director. 
Trevor joined Securicor in 1995, since when he has occupied a number of
senior ﬁnance roles. Irene Cowden was appointed to the board as Group
Human Resources Director in August 2002. Irene joined Securicor in 1977 
and has wide experience in all aspects of HR management.
Staff tributes
I once again pay tribute to the commitment and loyalty of Securicor staff
throughout the world. Although they are often confronted by criminal and
other anti-social behaviour, they carry out their tasks with fortitude and pride
and are a great credit to the group. I thank all of them for their contribution
towards the wellbeing of Securicor and commend in particular those who 
have received bravery awards, both in the United Kingdom and overseas.
Future prospects
Over the last year we have experienced a continuing and dramatic fall in global
stock markets, reﬂecting growing economic uncertainty compounded by the threat
of war. We have also seen the collapse, on what is probably an unprecedented
scale, of some major corporations in North America, UK and Europe. 
Securicor was affected earlier in the year by the loss of Argenbright’s aviation
screening business in the United States, this function having been taken over
nationally by the federal authorities in the wake of the September 2001
terrorist attacks.
During the year under review we have enjoyed strong trading and produced
good results in our core ongoing security businesses and we are looking forward
to further growth, both organically and through complementary acquisitions.
Sir Neil Macfarlane 6 Securicor Annual Report and Accounts 2002
Chief Executive’s review
The security businesses have performed well in the year with healthy
organic growth of 9% and PBTA before exceptional items up 15% at
£68m. Our Distribution joint venture has also made progress in the year,
with our EBITA contribution increasing by 16.4% to £7.1m.
During my ﬁrst year as Chief Executive we have continued to make
progress towards focusing the organisation on its core security businesses
and have delivered strong performances throughout the majority of the group.
I would like to take this opportunity to review some of the general business issues of the 
last year and opportunities for the future. Details of speciﬁc trading will be covered in 
the regional review sections of this report on pages 12 to 21.
Focus on security
Our goal is to become a global top-three provider of security solutions and 
we are making good progress towards its achievement. In addition to growing 
our core security businesses, we have almost completed the divestment of 
our non-core businesses.
In June, we announced the closure of SafeDoor, the on-line secure shopping
service launched at the end of 2000, having determined that it was not core 
to the group’s future. We also explained that we were undertaking a review 
of Securicor Information Systems (SIS), our systems development and
integration business. 
This review concluded that, in the context of the justice market, there were 
no major customer synergies between SIS and our other justice businesses. 
The outcome was a decision to dispose of the business, enabling the group 
to reduce its level of debt and further sharpen the security focus. We therefore
announced in December that we were in substantive negotiations for the sale
of SIS, the last communications business in the group portfolio. Securicor Annual Report and Accounts 2002 7
We are clearly focusing on security where we have good positions in most
markets and expertise across our product range. We have been successful at
winning new business across the board but have faced difﬁcult challenges 
in some markets such as the US and Germany.
Values and business model
In this report we outline our corporate values and the key components of 
our business model. These have been created as the group expands throughout
the world, to provide consistency and quality, to enable the spread of best
practice, to increase focus on our customers and to provide a framework for
measuring performance.
Over the last two years we have created a successful business model which has
been further enhanced by adding the best practices of our acquired businesses.
Through consistent application of this model, we will bring the performance 
of all of our businesses up to the optimum level.
With over 100,000 employees around the world, it is important that everyone
understands our vision and plays their part in helping achieve it. We do this 
by ensuring that our staff have a clear understanding of what is required of
them and by providing them with the appropriate training and development. 
Cash Services
Cash transportation and cash management services are a proven core
competency of our group and now represent 33% of turnover. We have good
market positions in most of the countries in which we operate and are on
target for achieving our organic growth and margin expectations.
The UK cash management business has won three new contracts, ﬁrmly established
itself as an expert in this ﬁeld and is well placed to take advantage of further
outsourcing opportunities in the future.
Other markets such as Hong Kong and Canada are showing signs that outsourcing
is moving up the banking agenda and, now that the introduction of the Euro
has been completed, European banks are evaluating their options for improving
productivity and reducing direct costs.
We are clearly
focusing on
security
Cash Services
Organic growth and margin
targets (%)
Long-term plan margin 10
Actual margin 10+
Long-term plan growth 8
Actual organic growth 9.2 8 Securicor Annual Report and Accounts 2002
Chief Executive’s review (continued)
Security
The proportion of our turnover provided by the manned and electronic security
businesses has increased to 60%, due largely to acquisitions made in the
Netherlands, Africa and the US and our increased stake in the Asian business.
Margins in these markets are generally good, with the exception of the US,
where we are implementing signiﬁcant cost reduction programmes and
investing in sales activity to bring the business back to break-even within 
this ﬁnancial year.
Demand for integrated security is growing across our markets and we are
developing partnerships with companies which can add systems expertise 
to our businesses. In some markets, such as South Africa, the integrated model
is well developed and already providing good returns. 
Justice Services
Justice services now represents 7% of turnover. Here, we have experienced
good organic growth driven by an increase in tagging of offenders, additions
to our prison contract in South Wales and the growth of our electronic
monitoring business in the US. We also commenced our ﬁrst justice contract 
in the Netherlands earlier this year. Margins in the justice businesses are on
target across the board.
We expect further growth in electronic tagging as prison overcrowding continues
to be an issue in major economies, resulting in more offenders on home
detention curfew. We also expect to win further contracts for secure training
centres in the UK and youth justice academies in the US.
Development strategy
We believe that we can deliver strong improvements in performance across 
the group through growing our existing security businesses. However, there 
are also excellent opportunities for growth through a well considered
acquisition programme.
Any ﬁrm acquisition plans will depend on a number of factors such as the
availability of funds and meeting our criteria for providing appropriate returns
on investment, but we do have development targets for speciﬁc product areas
to support our global top-three security goal.
Security
Organic growth and margin
targets (%)
Long-term plan margin 5+
Actual margin 3.2
Long-term plan growth 5-8
Actual organic growth 7.2
Justice Services
Organic growth and margin
targets (%)
Long-term plan margin 10+
Actual margin 10+
Long-term plan growth 10-15
Actual organic growth 13.5 Securicor Annual Report and Accounts 2002 9
Firstly, we plan to make complementary and new geographical acquisitions in
cash services businesses. We will look to build market share in Canada, Germany,
China, and Hong Kong and to enter cash services markets in the Netherlands
and South Africa. We have major strengths in running cash services businesses
as can be seen from our strong organic growth and good margins.
Over 60% of our turnover is now in manned security. We do have electronic
capability in most markets but we need to build on this. We plan to target
monitoring companies in order to build on our current capability.
Additionally, to enhance integrated security and to further differentiate our
service range, we will be looking to acquire security consultancy businesses 
in major markets.
Finally, we will be looking to enter new countries where we can achieve 
our criteria of being number one or a close number two in cash services 
or where we can get a strong market position in manned security in higher
growth developing markets. Our justice services growth will continue to be
predominantly organic.
Summary and outlook
Our security businesses have repeatedly delivered good results. Despite the
downturn in the Americas region, we improved normalised proﬁts by over 
16% and had strong organic growth of 9%. We are also starting to demonstrate
how cash-generative our security businesses can be and are conﬁdent that 
this will continue.
We have delivered on our promises to focus our strategy and we are currently
completing the divestment of our last communications business.
We are driving value through our distribution joint venture, with improved
performance in the second half of 2002, thereby building a solid platform 
for future development.
Overall we remain totally committed to our strategy of becoming a global top-
three provider of security solutions. We have made signiﬁcant progress during
the year and have clear plans for building on that progress in the future.
Nick Buckles 10 Securicor Annual Report and Accounts 2002
Our philosophy
Our people
Whilst we strongly believe that our business strategies will make a key difference to our future success, what really
makes us unique is the quality of our people and their commitment to customer service. Having taken the time to
ensure we have selected the best people, we provide them with training and support their growth and development.
We encourage everyone to achieve their full potential and feel motivated to make their best contribution.
Our values
Securicor’s vision is to become a global, top-three provider 
of security solutions. To help us achieve this vision we have 
a clear set of corporate values which are being 
adopted across our businesses. These 
values help to differentiate our 
business within markets 
around the world.
Security expertise
a respected, industry-leading authority,
founded on long-term global experience.
Solutions provider
an organisation which designs security
solutions to minimise risk to our customers.
Innovative
a modern progressive company which
delivers forward-looking solutions.
Best people
a highly-trained
group of
professional
people who 
are totally
committed to
providing the
best security
solutions.
Absolute
integrity
delivering true
value through
open and
honest
relationships. Securicor Annual Report and Accounts 2002 11
Geographical break-down 
of employees (%)
EMEA
Americas
UK
Asia
48
21
18
13
Securicor business model 
We have developed a business model which
is designed to enable us to fully understand
and meet our customers’ needs, to
differentiate ourselves from our competitors
and to deliver enhanced shareholder value.
In some markets this model is fully
developed, in others we are making good
progress towards its delivery.
The key elements of this model are:
Market focus
We have a deep understanding of our markets and recognise
opportunities which will beneﬁt our customers. As industry
experts and because of our market position we are able 
to inﬂuence the market environment for the beneﬁt of 
our stakeholders.
Innovative customer solutions
We have an in-depth knowledge of our customers’ needs. 
We work in partnership with our customers to develop
innovative solutions which share risk and reward. We aim 
to have long-term relationships and partnerships with mutual
long-term beneﬁts.
Effective organisation
Each business unit develops its own strategies in the context
of the Securicor business model.
The best people
Recruiting and selecting the best people, providing excellent
training and development, rewarding people fairly, involving
them, valuing them and treating them with respect and
consistency are key components of our philosophy.
Excellent service
We recognise that our customers will judge us on whether or
not we deliver on our promises. Consistent delivery of a high
quality service through the efﬁcient deployment of excellent
people, advanced operating procedures, systems and processes
is a key element of the business model.
Strong controls
It is essential that we have rigorous controls, monitoring and
audit processes not only to ensure compliance with all security,
legal, regulatory, and governance requirements, but also to
ensure that growth, proﬁts, cash generation, productivity
targets and enhanced shareholder value are realised. Regional review
12 Securicor Annual Report and Accounts 2002
EMEA
Review
Overall, the EMEA (Europe, Middle East and Africa) region performed strongly 
in 2002, increasing sales by 38% and EBITA by 47% over the previous year.
This excellent performance was supported by acquired growth of £67m, mainly
from the ﬁrst full year effect of our acquisition in the Netherlands. A further source
of this increase was the one-off beneﬁt from the Euro currency changeover project
which generated turnover of £12m.
The region’s focus on customer management contributed to an improved organic
growth rate of 13.2% (11% prior year) and strong cash generation.
South Africa returned a good result for the latter part of the year, achieving strong
double-digit organic growth rates. Our Black Economic Empowerment partnership
in the region has assisted with customer retention and winning new business.
In the remaining African operations, strong growth was experienced in all subsidiaries
and we began operations in the Ivory Coast during the year. In Nigeria, we have
won a major integrated security contract worth almost £3m a year.
Jersey, Guernsey, Isle of Man, Ireland, Luxembourg, Kenya and the
Middle East all performed strongly.
The challenging economic conditions in the German market had a negative
impact on both the cash services and integrated security businesses. The security
business managed a high level of account retention, although new contract growth
was slow.
The Netherlands integrated security business performed well in its ﬁrst full
year of Securicor ownership. Organic growth was excellent, assisted by securing
a contract with the Netherlands government to manage a number of detention
centres. The contract commenced in the second half of the year and was fully
operational by the year end. This development was supported by Securicor’s UK
justice business, proving our ability to export best practice in order to deliver
new market opportunities.
I have personally been
associated with Gray
Security at ﬁrst and now
Securicor for over twelve
years. Through mutual
trust by both parties the
partnership grew from
protection of one site to
eleven sites. During this
time the services offered
by Securicor also grew
from a guarding service
into an Integrated
Solutions service.
Ron Barry
Group Advisor – Protection Services
Nissan South Africa 
“
”
2002 2001
Turnover £396m £286m
EBITA £25.5m £17.3m
Employees 51,235 48,698 Securicor Annual Report and Accounts 2002 13
David Lidbetter, Regional Managing Director, Europe, Middle East and Africa
David Lidbetter joined Securicor in 1988 as a management trainee. He held various line management
roles within the UK prior to transferring to the European region in 1996 as the Operations Director.
David was appointed Regional Managing Director for Europe and Middle East in 1999 and has
successfully managed a signiﬁcant acquisition programme. David was appointed to his current role,
which includes Africa, in October 2001.
Securicor and Nissan
joined hands in a social
responsibility project to
combat crime through
community patrols in the
Rosslyn area. 
As you can imagine, for a
service to expand to such
an extent means that
Nissan SA have total trust
in the service provider.
Ron Barry
Group Advisor – Protection Services
Nissan South Africa
“
”
Outlook
The EMEA region has good prospects for the current year with continued focus
on customer management, outsourcing solutions to the ﬁnancial and government
sectors and developing its employer of choice programme. The completion of the
Euro changeover will now allow ﬁnancial institutions to review potential outsourcing
projects which will translate into exciting opportunities for our cash-handling businesses.
There are good prospects for integrated security in the region including the
development of cross-border contracts in African countries.
We will be adding electronic security capability to our model, mainly through
partnerships, and we are close to appointing a preferred supplier in Africa.
Strong growth should be maintained as demand for security services continues
to expand in the majority of the markets in which the region operates. Regional review
14 Securicor Annual Report and Accounts 2002
Asia
Review
We have had good growth across Asia, moving proﬁtability to over £4m. We have
a strong risk management capability across the region and will be looking to build
on this. We have introduced IT operational management systems in all of the Asian
businesses and we are starting to see good productivity improvements, particularly
in cash services.
In December 2001, we completed the acquisition of the remaining 50% of Jardine
Securicor, giving us control of successful security operations in eight Asian territories.
Hong Kong produced a strong performance within a deﬂationary market environment
and amidst intense competition. Price pressure in some areas of the market has
been offset by signiﬁcant contract wins, in cash services such as Hong Kong Jockey
Club, and in guarding with China Light & Power, MTRC and Government Property
Agency. We successfully supplied an ATM management service to Standard Chartered
Bank and we look forward to introducing this concept to other customers. A series
of productivity measures and a corporate reorganisation have helped to increase
the proﬁt growth within the company.
Taiwan performed well due to signiﬁcant growth in ATM management services and
internal cost control measures. New initiatives in cash services and continued growth
in ATM management services are expected to produce a good result this year.
Thailand produced an excellent result all round with good growth in organic sales
and proﬁtability. Signiﬁcant restructuring of the banking industry has resulted in a
willingness to outsource, although this process has been slow within the government-
owned banks. We won a contract to manage cheque distribution for Citibank,
opening up a potential area for future growth.
Securicor’s innovative
approach and determination
in developing the ATM
Managed Service product
will further ensure that
SCB is well equipped to
serve the needs of our
own customers with
reliability and ﬂexibility.
Jackie Leung
Manager – Automated Channel
Development
Standard Chartered Bank
“
”
2002 2001*
Turnover £71m £38m
EBITA £4.1m £0.9m
Employees 13,532 –
*50% of joint venture in 2001 Securicor Annual Report and Accounts 2002 15
Ted Devereux, Regional Managing Director, Asia
Ted Devereux has been actively involved in the Asian security industry since 1973. Prior to joining
Securicor he co-founded Guardforce Group, an integrated security solutions and cash services group
based in Hong Kong and which was acquired by Chubb in 1999. Ted joined Securicor in his current
role in 2001. He is Chairman of the Security Association in Hong Kong and a member of various
industry working groups within the Asia region.
We look forward to the
future working
relationship with 
your team.
Jackie Leung
Manager – Automated Channel
Development
Standard Chartered Bank
“
”
Within Malaysia, regulatory approvals were ﬁnally received in September for the
merger with Safeguards Corporation which holds a market-leading position. Planning
for this merger has identiﬁed signiﬁcant potential for cost savings and synergies.
The merger agreement was signed in December 2002. The business in Brunei had
an excellent year.
The Indonesian business has performed well in a difﬁcult economic and political
environment. Reorganisation initiatives have been implemented and plans for stronger
sales growth have recently been put in place. 
China performed well operationally, gaining acceptance in Changchun as a respected
cash logistics company. 
Outlook
We are looking forward to the opportunities and challenges for the Asia businesses
and we believe that proﬁt growth will continue in the region. The merger in Malaysia,
along with our investment in proﬁt-enhancing systems, will assist growth.
Cash and ATM outsourcing projects have commenced and integrated security is well
established in the region, positioning us for future contract wins and overall growth. Regional review
16 Securicor Annual Report and Accounts 2002
UK
Review
Despite challenging market conditions and a high level of criminal attacks,
Securicor Cash Services delivered a good full-year performance. The year has been
one of increased investment in technology, designed to enhance customer service,
and the development of the new supercentre concept. Our Manchester supercentre
opened in May, with a similar centre in Belfast due to be opened imminently.
Following its inception in 2001, Securicor Cash Centres built on its ﬁrst-half
success, the award of the £200m + , 10-year Alliance & Leicester cash processing
contract, by securing two further major cash processing contracts: a £20m, 12-year
agreement with Clydesdale Bank and a £65m, 5-year contract with Lloyds TSB.
These three contract awards are the cornerstones to delivering a market-leading
cash management outsourcing business – an area of continued growth potential
as UK ﬁnancial institutions adopt outsourcing of cash management activities.
The ability to offer customers an integrated cash management solution, based
on the complementary areas of cash transportation and cash processing, represents
a key competitive advantage for Securicor.
Our Securicor Cash Machine estate continued its strong growth, ending the year
with 1,115 live machines. 
Securicor Security (formerly Securicor Guarding) improved proﬁtability in the
face of demanding market conditions. Foundations have been put in place for
the development of an integrated security proposition, with the securing of key
strategic partnerships for the provision of electronic security and for consultancy
services. The company is also playing a leading part in determining enhanced
regulatory requirements for the UK Security Industry. These are expected to come
into force from 2004 and will signiﬁcantly improve the quality of service provided
to customers. Securicor Aviation had a solid performance, despite having to absorb
increased insurance premium charges.
I am conﬁdent that by
adopting a true partnership
approach, we will achieve
our goals on service
excellence which will
generate sustainable
beneﬁts to both of
our businesses.
David Parker
Company Security Controller
Safeway
“
”
2002* 2001*
Turnover £538m £499m
EBITA £53.8m £48.9m
Employees 19,651 19,309
*Excluding discontinuing operations Securicor Annual Report and Accounts 2002 17
Ken Niven, Regional Managing Director, UK
Ken Niven joined Securicor in 1996 following a successful earlier career within the logistics
management industry where he held senior roles at Express Foods, Excel Logistics and Coca Cola.
Ken was appointed MD of the UK Cash Services operation in 1998 and appointed to his current
regional role in 2001.
Because of the importance
of this contract, we needed
to be conﬁdent that the
outsourcing partner we
chose to implement and
manage our cash solutions
would maintain the quality
of its service in the long
term, and we had that
level of conﬁdence
in Securicor.
Frank Lambe
Director of Wholesale Banking
Alliance & Leicester Cash Centres
“
”
Securicor Custodial Services enjoyed strong revenue and proﬁt growth. Our UK
electronic monitoring business achieved 66% volume growth in the year, as a result
of an increase in the use of home detention curfews. Parc Prison in South Wales
increased its prisoner population to over 900 and opened the ﬁrst juvenile remand
unit in Wales. The Youth Justice Board appointed a Securicor-led consortium as
preferred bidder to design, construct, ﬁnance and operate an 80-bed Secure
Training Centre at Milton Keynes.
Securicor EMS, the California-based subsidiary and provider of electronic
monitoring equipment and services which we acquired at the end of 2001,
successfully implemented a US$30m contract awarded by the Administrative
Ofﬁce of the United States Courts for the Federal Electronic Monitoring 
Services Program. 
Securicor New Century, which provides juvenile treatment programmes, continued
to perform well, with Avon Park Youth Academy receiving national recognition
for the quality of its programmes.
Securicor International Valuables Transport delivered a strong performance
with double-digit growth in turnover and EBITA. The new ofﬁce in Johannesburg
is already contributing to proﬁtability in its ﬁrst year of operation and new South
American market opportunities have been developed. 
Outlook
Overall the UK businesses were very successful in 2002. New contract wins for the
ﬂedgling cash centre outsourcing business, combined with improved performances
from our more established security and cash services businesses, were all key to 
this success. 
There is growing demand in the market for integrated security and we will be
looking to increase our market share. Across our UK businesses, we will be investing
in customer-facing technology to enhance our service and will focus on developing
new products to meet changing customer needs. Regional review
18 Securicor Annual Report and Accounts 2002
Americas
Review
The Americas had a challenging year in the aftermath of the September 11th
terrorist attacks and the further downturn in general economic conditions. The US
businesses suffered a setback in their growth expectations, but Canada and the
Caribbean businesses fared better. The increased security awareness following the
terrorist atrocity gave a temporary boost to the security industry in the early part 
of the year. 
During the year, a number of acquisitions were completed and successfully integrated.
An acquisition in Jamaica doubled the size of our business there. 
In the US, the government decided to assume responsibility for the airport 
pre-departure screening function and this had a major impact on the US aviation
business. Much of the year was spent on ensuring a smooth transition of aviation
screening services. 
Following the federalisation of aviation screening, there was no economic case for
retention of the remainder of the US aviation-related business. As a result, notice
was given to our aviation services customers in December 2002 and complete
withdrawal from aviation contracts should be concluded in early 2003.
The US commercial security business has unveiled its new brand, Cognisa. The
award of several crucial national accounts has signalled the success of the re-branding
effort and the business looks forward to steady growth. 
This year, the economies of the six territories comprising our Caribbean region
have been adversely affected by a reduction in tourist numbers and some instances
of political instability. Nonetheless, the Caribbean exceeded its ﬁnancial targets.
In the Dominican Republic we now have a 55% share in the cash services market.
In Costa Rica, turnover increased by 16%. 
During implementation,
Cognisa placed high
emphasis on communication
both internal and external.
Vickie Costa
Senior Buyer
JC Penney
“
”
2002 2001
Turnover £351m £271m
EBITA £2.5m £6.9m
Employees 22,303 24,232 Securicor Annual Report and Accounts 2002 19
David Beaton, Regional Managing Director, Americas
David Beaton is a graduate civil engineer, who joined Securicor in 1993 as a Projects Director after
a spell in management consultancy and an early career in the British Army. He has held senior
appointments in South Africa, Europe and the Middle East and was most recently Managing Director
of Securicor Custodial Services. He was appointed to his current regional role in 2001.
Cognisa takes the time to
document issues, a practice
which encourages quick
reviews and thus lends
itself to better decision-
making and quicker
resolution of problems.
Jerry Pitts
Loss Prevention Safety/
Shared Services Manager
JC Penney
“
”
We had good performances in both Trinidad and Barbados, while Guyana secured
new banking contracts and upgraded its cash processing facility. 
In Jamaica we completed the integration of our acquisition and the company
beneﬁted from government legislation imposing higher minimum wages. 
After a very difﬁcult ﬁrst half, Canada transformed its performance by the year-end,
through a combination of increasing prices to more economic levels and a radical
restructuring of costs. The business is now founded on a much ﬁrmer base and
is well placed to develop new product and service opportunities with its major
ﬁnancial institution partners.
Outlook
Despite the aftermath of the terrorist attacks in the US and the general economic
slowdown in the region, good cost control and investments in management
development have been accomplished during the past year. In addition, signiﬁcant
contract wins and operational improvements have positioned the region well
for solid future growth, but there remains work to do in restructuring the
US security business. 20 Securicor Annual Report and Accounts 2002
Distribution
Review
Securicor Omega is the 50%-owned Distribution division of Securicor and one of
the leading express and logistics businesses in the UK and Ireland. It provides a
range of services including logistics, warehousing, express parcels and pallets, home
deliveries and courier services. It is well positioned to take advantage of the growth
in demand for distribution solutions both at home and abroad, thanks to its
customer-focused business models and through partnerships with market-leading
organisations such as DHL, Danzas and Deutsche Post Euro Express.
In Securicor Omega Express there was a downturn within the Nextday business
until the last quarter when parcel volumes showed a marked recovery and a number
of major new contracts were won. Growth opportunities in the parcels market have
increased following changing market dynamics. This, along with focused sales
campaigns, ensured good progress in the second half of the year. Improving
performance in the parcel sector was further underpinned by successful price
increase mechanisms and strong cost control. 
The Sameday business continues to make good progress. It was assisted by contract
gains in the parts storage and technical courier service areas where outsourcing
continues to provide good opportunities. Turnover in the European business
increased by 32%, reﬂecting the growing strength of the pan-European networks
for parcel and pallet deliveries. The business in Ireland held up well, given the 
poor economic environment experienced in the second half of the year.
Securicor Omega Logistics showed turnover growth of 11% and improved
its proﬁt performance. New business development was encouraging and several
major contracts were secured. Securicor Omega Container Logistics had a
slightly reduced proﬁt for the year, due to lower volumes in the sector. Turnover
in Securicor Fuelserv was reduced, due to depressed fuel prices in the UK and
to the company’s withdrawal from the domestic German business. 
The Distribution strategy is based on customer-focused business models that offer 
a wide range of distribution services to the market. In conjunction with Deutsche
Post, it will continue to develop common IT, operational and product platforms that
create further efﬁciencies and beneﬁts. The development of the European business
will remain a top priority for growth. 
Our customers want and
expect their products on
time and generally within
a very short time-frame.
Omega Express has
worked closely with us
to develop the necessary
delivery schedules, and
the dovetailing of its
operations into ours 
is very important to
everyone in this supply
chain. We see our
relationship as a real
partnership. 
We talk to Omega Express
about our future plans
and work in tandem to
develop the required
delivery schedules.
Jeff Tandy
Head of Marketing
RS Components
“
”
2002 2001
Turnover £348m* £339m*
EBITA £7.1m* £6.1m*
Employees 11,308 12,433
*50% of joint venture  Securicor Annual Report and Accounts 2002 21
John Hogan, Divisional Chief Executive, Securicor Omega
John Hogan joined Securicor Omega Express in 1987 and is now the CEO of Securicor Omega. 
He was appointed Director and General Manager of SOE Ireland in 1992 and later was given
responsibility for SOE’s European parcels operation. John was appointed Managing Director of SOE
in 1998 and then CEO in 1999. Following the formation of the joint venture with Deutsche Post in
April 1999, John was also appointed to the executive board of Deutsche Post Euro Express. He was
appointed CEO of Securicor Omega in October 2001.
With the huge turnover
of stock and massive
number of deliveries we
make each day, we have
to be able to rely on our
parcel carrier. The use
of Omega Express in our
despatch and sorting
operations in Weldon and
Nuneaton has, over the
last years, led to vastly
improved on-site despatch
procedures. I believe the
reason we have been
working together for so
long is because we have
the same business goal:
making customers happy.
Tony Smith
Head of Operations
RS Components
“
”
Outlook
We are entering a period in which we are conﬁdent of securing new growth across
the business. We will need to take a balanced approach so that we carefully manage
the mix between volume and price and, where necessary, add capacity to the
parcels network. The continuing trend towards outsourcing in the logistics market
also bodes well for future revenue growth opportunities. Overall the outlook is
encouraging for Securicor Omega as a leading player in the express and logistics
market in the UK and Ireland.  22 Securicor Annual Report and Accounts 2002
Financial review
For the year ended 30 September 2002
Operating results
The overall results are commented upon by the Chairman in his
statement and operational trading is reviewed by Nick Buckles
and in the regional reviews.
Acquisitions
The most signiﬁcant acquisition in the year was the purchase from Jardine
of their 50% share of the Asia region joint venture, which became a 100%
owned subsidiary. Other acquisitions made were principally in Germany and
Africa. Acquisitions are detailed in note 21 on pages 62 and 63 and their
contribution to the turnover and proﬁt of the group during the year is 
shown in note 1 on pages 46 and 47.
Exceptional items
Exceptional items are shown in note 2(b) on page 48. They comprise three
main elements: (1) a goodwill impairment charge and restructuring costs of
£37.1m relating to federalisation of the US aviation screening business;
(2) closure costs of SafeDoor, amounting to £5.7m; and (3) an intangible asset
impairment charge of £36.3m relating to Securicor Information Systems.
The total cash cost of these exceptional items will be £5.3m, of which £2.0m
has already been incurred.
Accounting standards
The group has adopted Financial Reporting Standard 19 Deferred Tax during
the year and does not discount deferred tax balances. This has required the
restatement of net assets at 30 September 2001 to £332.5m, compared to
£325.9m in the last Annual Report, and the restatement of loss on ordinary
activities after taxation for the year to 30 September 2001 to £25.5m,
compared to £24.0m in the last Annual Report.
FRS17 Retirement Beneﬁts was issued by the Accounting Standards Board in
November 2000, but in November 2002 it was announced that it will not be
fully mandatory until 2005. The disclosures required prior to full implementation
are made in note 4(c) on pages 49 to 51 and pension fund valuation is
discussed later in this review.
Accounting for goodwill
Goodwill arising on acquisitions is capitalised and amortised over its useful
economic life which is not expected to exceed 20 years. The charge for
goodwill amortisation in the accounts for the year to 30 September 2002
amounted to £11.4m. Goodwill included in the balance sheet as an intangible
asset at 30 September 2002 amounted to £221.2m. Securicor Annual Report and Accounts 2002 23
Taxation
The taxation charge of £21.0m provided upon proﬁt before exceptional items
and goodwill represents a tax rate of 31%. £4.2m tax relief has been provided
against exceptional items and goodwill amortisation totalling £92.4m. Potential
tax assets amounting to £18.8m have not been recognised as their utilisation 
is uncertain and long-term.
Cashﬂow
Cash generation in the year to 30 September 2002 was strong. Net cash ﬂow
from operating activities rose to £127.4m from £46.0m, and free cash ﬂow
after capital expenditure rose to £70.5m compared with a £12.4m outﬂow
in 2001.
Net cash outﬂow from acquisitions and disposals amounted to £47.7m,
including £25.6m on the acquisition of the remaining 50% of the Asian
joint venture.
Net cash outﬂow in the year was £8.7m and the increase in net debt, after
allowing for ﬁnance leases, borrowings acquired on the purchase of subsidiaries,
and translation adjustments, was £15.4m.
Financing and treasury activities
The group’s treasury function is responsible for ensuring the availability of
adequate and cost-effective ﬁnance for the group’s operating activities and for
managing both exchange rate and interest rate exposures. It is not permitted
to speculate in foreign currency or derivative ﬁnancial instruments, although it
does make limited use of such instruments to hedge exposures on interest rate
or currency ﬂuctuations which arise from the group’s operations.
At the beginning of the year, credit lines in place totalled £242m. In
November 2001, additional committed facilities of £43m were made available,
primarily to ﬁnance the purchase of the remaining 50% of the joint venture
with Jardine in Asia.
We currently have available £285m of committed credit lines. These are 
(1) a £220m facility comprised of a £140m term loan from four major UK
banks, repayable in tranches in December 2003, December 2004 and
December 2005 and an £80m revolving credit facility with the same four
banks, committed until December 2005, and (2) a further £65m revolving
credit facility repayable at various dates in 2003 and 2004.
At 30 September 2002 net debt of £198.5m represented a gearing of 73%.  24 Securicor Annual Report and Accounts 2002
Financial review (continued)
Interest rates
The group’s investments and borrowings, including those negotiated after
30 September 2002, are at variable rates of interest linked to LIBOR.
Foreign currency
The group has many overseas subsidiaries and associates which contribute to
the proﬁts of the group. The revenues and expenses of these businesses are
denominated in a number of different currencies. The resultant translation
exposure is partially hedged by the maintenance of limited foreign currency
borrowings. Signiﬁcant transactions denominated in a foreign currency may 
be hedged using forward contracts. The group currently has no such 
contracts outstanding.
Dividends
The directors recommend a ﬁnal dividend of 1.39p per share which, taken with
the interim dividend of 0.72p per share, makes a total dividend of 2.11p per
share for the year ended 30 September 2002. This represents an increase of
28% over the previous year’s dividend.
In proposing this ﬁnal dividend, the board considered the appropriate level of
dividend cover and the future strategy and prospective earnings of the group.
The company intends to follow a progressive dividend policy, with dividends 
to be increased approximately in line with earnings.
Corporate governance
The group’s policies regarding risk management and corporate governance
are set out in the report of the directors.
Pensions
The annual actuarial assessment of the group’s main UK ﬁnal salary pension
scheme (which since 1996 has been progressively closed to most new entrants)
was carried out as at 30 September 2002, within ﬁve days of the six year low
point for the FTSE 100 index, and at a time of particularly low bond yields.
The assessment revealed the scheme’s funding levels in respect of past service
under the different regulatory measures to be as follows at 30 September 2002: Securicor Annual Report and Accounts 2002 25
The funding level was approximately 110%.
There would have been a shortfall of £40m (£28m after tax).
This valuation indicated a shortfall of £218m (£153m after tax).
We believe that, in the longer term, improved investment returns will materially
increase funding levels in the scheme in respect of past service liabilities.
As regards future service beneﬁts, contribution rates have been increased,
following actuarial advice, from 11% to 12% as from 1 October 2002, which
will increase the cost of the scheme by approximately £500,000 a year.
The next full triennial actuarial valuation will be carried out in April 2003.
Going concern
The directors are conﬁdent that, after making enquiries and on the basis of
current ﬁnancial projections and available facilities, they have a reasonable
expectation that the group has adequate resources to continue in operational
existence for the foreseeable future. For this reason they continue to adopt the
going concern basis in preparing the ﬁnancial statements.
Trevor Dighton
FRS17
SSAP24
Minimum funding requirement 26 Securicor Annual Report and Accounts 2002
Corporate social responsibility
Environment
We pledged a 3% improvement each year over four years on carbon dioxide
emissions by our companies in the UK. We declared a total of 259,000 tonnes
of carbon dioxide emissions in the year to 31 December 2000, an efﬁciency
ratio of 13.8 tonnes per employee. In the year to 31 December 2001, these
emissions had risen to 260,000 tonnes and, due to a slight fall in the relevant
employee numbers, the efﬁciency ratio showed an apparent deterioration to
14.2 tonnes per employee.
However, it became evident that the emissions ﬁgure for the ﬁrst year
represented an under-declaration, gas and electricity usage in a number of our
sites having been excluded from the total. Vehicle emissions actually fell during
the year, due to the introduction of more Euro 3 engine vehicles. We thus
believe that the 2002 performance will show a marked improvement over
2001 and put us back on our committed target.
Mr Nigel Grifﬁths is the director with responsibility for environmental matters.
Health and Safety
In the UK, the number of Competent Persons in Health and Safety matters
continues to grow in accordance with the group policy to ensure expertise in all
companies. These representatives attend quarterly meetings of the Health and
Safety Forum, the main purpose of which is to establish and promote best practice.
A substantial programme of management training is in place. This has included
an emphasis on manual handling, awareness campaigns and refresher courses.
Risk assessments are used extensively to address the major hazards which
continue to be slips, trips and falls, the repetitive manual handling of parcels
and coin bags, and criminal attacks on cash services crews.
The ‘Employee Care’ initiative, through which employees suffering reportable
injuries or illnesses are promptly assessed by an occupational health professional
and, where appropriate, supported with rehabilitative treatment, has been
extended. Our positive experience of this support has led to the appointment
of a group advisory service available to all our UK companies.
Ethics
The group’s Statement of Business Ethics has been supplied to all managers
throughout the group worldwide. The Statement contains 21 sections and
includes guidance on, for example, business practice and entertainment, equal
opportunities, use of the internet and whistleblowing. The group Statement is
treated as a minimum standard, with all business units required to adopt the
We intend to
promote our
UK best
practices Securicor Annual Report and Accounts 2002 27
Statement as it stands or to incorporate additions to reﬂect the local business
or country environment.
Securicor is a member of Transparency International, a non proﬁt-making,
independent, non-governmental organisation, dedicated to increasing government
accountability and to curbing both national and international corruption.
Employment
The group now employs over 100,000 employees in some 50 different
countries. Our success depends on the commitment and competence of our
employees and our human resource strategies are therefore aimed at ensuring
that employees are trained to be totally competent in their roles and have the
opportunity to develop to their full potential. Formal career and succession
management processes help support the movement of managers within and
between the various group businesses as part of their career paths. They also
enable us to share knowledge and expertise across the businesses.
We believe it is important for employees to be treated fairly and with dignity
and respect. Such treatment is the basis for an environment which engenders
team spirit and a commitment to the group which in turn helps to maintain
good staff retention levels.
Communication and consultation with employees takes place on a wide range
of issues. There are a wide variety of channels for communication including
newsletters, team brieﬁngs and intranets, as well as formal representational
relationships with staff associations, trades unions and works councils.
Our policy of equal opportunity ensures that decisions relating to the recruitment,
development, promotion and training of individual employees are based solely
on job requirements.
Community involvement
The Securicor Charitable Trust receives a substantial annual payment from the
group for distribution predominantly in the UK. The trustees make over 200
donations a year to a range of charities in ﬁelds as widespread as disability,
medical research, children and youth projects, drug abuse, homelessness,
illness, hospices and community projects.
Securicor companies around the world support numerous local projects.
Securicor Kenya, for example, provides a free vehicle maintenance service
for both St John Ambulance and the Barnados Childrens’ Orphanage and
constructs classrooms for the needy in Mukuru Kwa Njenga’s densely
populated slums in Nairobi.
Our success
depends on the
commitment
and competence
of our
employees 28 Securicor Annual Report and Accounts 2002
Board of directors
Sir Neil Macfarlane (66)
Chairman
He was appointed to the boards of Securicor Group plc and Security Services plc
in 1993. A former Member of Parliament and Government Minister, he is now
Chairman of Associated Nursing Services. He is also a trustee of the England and
Wales Cricket Foundation. He serves on the Audit and Remuneration Committees.
Nicholas Buckles (42)
Chief Executive
He joined the group in 1985 as a projects accountant. In 1996 he was appointed
Managing Director of Securicor Cash Services and he became Chief Executive of the
Security division in October 1999. He was appointed to the board in May 2000 and
became Chief Executive in January 2002. He serves on the Nomination Committee.
Trevor Dighton (53)
Finance Director
He joined the group in 1995 after a previous career which included posts in both the
accountancy profession and in industry, including ﬁve years in general management
in Papua New Guinea, three years in Zambia and seven years with BET plc. He was
appointed Finance Director of the Security division in 1997 and Deputy Group
Finance Director in October 2001. He was appointed Group Finance Director and
joined the board in June 2002.
Nigel Grifﬁths LLB (56)
Company Secretary and Legal Director
He joined the group’s French company in 1973. A solicitor, he was appointed
Company Secretary of Securicor Group plc and Security Services plc in 1989 and
to the boards of those companies in March 1990. Securicor Annual Report and Accounts 2002 29
Irene Cowden (49)
Human Resources Director
She joined the group in 1977 and has held senior management appointments
specialising in employee relations, compensation and beneﬁts, and organisation
development. She has been a director at both divisional and company level and
was appointed to the board in August 2002.
Roger Wiggs (63)
Non-Executive Director
A solicitor, he became Director for Overseas Operations of Securicor Limited in 1974.
In 1977 he was appointed to the boards of Securicor Group plc and Security Services
plc, becoming group Chief Executive in 1988, a position from which he retired at
the end of 2001. He is a non-executive director of the Crown Agents Foundation.
Jonathan Kitchen (63)
Non-Executive Director
He was appointed to the board in 1998. After previous positions within Midland Bank,
Phillips & Drew and Samuel Montagu, he joined Lazard Brothers in 1979. He was
appointed director in 1981 with executive responsibilities within the corporate ﬁnance
division. He retired from Lazards in January 1998. He is a non-executive director of
The 600 Group PLC. He is chairman of the Audit and Nomination Committees and
also serves on the Remuneration Committee.
Lord Condon QPM (55)
Non-Executive Director
He was appointed to the board in October 2000. He joined the Metropolitan Police
in 1967 and, after holding various senior appointments in the Police Force, including
Chief Constable of Kent, served as Commissioner of the Metropolitan Police between
1993 and January 2000. He was created a Life Peer in 2001. He is chairman of the
Remuneration Committee and also serves on the Audit and Nomination Committees.
The directors on the boards of Securicor Group plc and Security Services plc became, at the time
of a group reconstruction in 1996, directors of Securicor plc. Contents
Report of the directors 31
Directors’ responsibilities 39
Report of the independent auditors to the members 
of Securicor plc 39
Consolidated proﬁt and loss account 40
Consolidated balance sheet 41
Consolidated cash ﬂow statement 42
Statement of total recognised gains and losses 43
Note of historical cost proﬁts and losses 43
Reconciliation of movement in equity shareholders’ funds 43
Statement of accounting policies 44
Notes to the consolidated accounts 46
Parent company balance sheet 69
Notes to the parent company balance sheet 70
Group ﬁnancial record 71
Notice of meeting 72
Financial calendar and corporate addresses 76
30 Securicor Annual Report and Accounts 2002 Securicor Annual Report and Accounts 2002 31
The directors have pleasure in presenting their Annual Report together with the audited accounts of Securicor plc and the consolidated accounts
of that company and its subsidiaries, associated undertakings and joint ventures (“the group”) for the year ended 30 September 2002. 
1 Principal activities of the group
Securicor plc is a parent company with subsidiaries, associated undertakings and a joint venture.
The principal activities of the group, carried out both in the United Kingdom and internationally, include the management and transportation
of cash and valuables, cash processing, security guards and patrols, justice services, container transport, contract distribution and warehouse
management, express parcel delivery and freight haulage. 
2 Group results
The consolidated result for the year and the appropriation thereof are shown in the consolidated proﬁt and loss account on page 40.
Details of major business activities during the year, future developments and prospects of the group are contained on pages 4 to 21.
3 Dividends
The directors have declared or now propose the following net dividends for the year
– Interim dividend of 0.72p per share paid on 30 September 2002.
– Final dividend of 1.39p per share payable on 4 April 2003.
4 Business acquisitions, disposals and developments
In November 2001 Securicor International acquired the business of EMS, Inc., a California-based manufacturer and supplier of electronic
monitoring equipment and a provider of electronic monitoring services to the criminal justice sector.
In December 2001 Securicor International acquired the 50% of JS Holdings (‘Jardine Securicor’) which it did not already own. Jardine Securicor
provides security services in a number of countries in the Asia region.
In February 2002 Securicor Cash Centres signed a cash processing contract with Alliance & Leicester worth over £200m over ten years.
In May 2002 the SafeDoor business operated by Securicor eSolutions was closed.
In December 2002 it was announced that the group was in substantive negotiations for the sale of Securicor Information Systems.
In December 2002 Securicor International merged its existing Malaysian business with Safeguards Corporation, the leading company in the
Malaysian security market. Securicor has a 49% interest in the combined business.
5 Capital
The authorised and issued share capital of Securicor plc at 30 September 2002 is set out on page 61 (note 19 to the accounts).
Resolution 2(d) set out in the Notice of Meeting on page 72 is a special resolution seeking authority to make market purchases of the company’s
shares. The maximum number of shares which could be purchased under this authority is 62,500,000, being approximately 10% of the number
of shares currently in issue (625,297,949). The directors have no present intention of utilising this authority but believe it appropriate to obtain
this ﬂexibility in accordance with common business practice.
Share option schemes
(a) Executive share option scheme
Options outstanding at 30 September 2002 were as follows:
3 options over a total of 126,380 shares at 59.92p per share, exercisable during 2002-2006.
10 options over a total of 176,994 shares at 68.48p per share, exercisable during 2002-2007.
28 options over a total of 377,617 shares at 107.98p per share, exercisable during 2002-2008.
85 options over a total of 2,880,000 shares at 164p per share, exercisable during 2002-2009.
89 options over a total of 1,892,000 shares at 133.75p per share, exercisable during 2003-2010.
93 options over a total of 1,440,735 shares at 153p per share, exercisable during 2003-2010.
133 options over a total of 10,030,000 shares at 108p per share, exercisable during 2004-2011.
14 options over a total of 755,000 shares at 130p per share, exercisable during 2005-2012.
The proceeds of the shares allotted under this scheme during the year amounted to £210,211.
Report of the directors
For the year ended 30 September 2002 Report of the directors (continued)
5 Capital (continued)
(b) Sharesave scheme
Options outstanding at 30 September 2002 were as follows:
2,045 options over 5,324,701 shares at 107p per share, exercisable during 2003-2004.
1,311 options over 1,796,354 shares at 143p per share, exercisable during 2004-2005.
The proceeds of the shares allotted under this scheme during the year amounted to £3,384,988.
All the above options are inclusive of those held by directors as set out on page 37.
6 Research and development expenditure
Research in connection with the development of new services and products and the improvement of those currently provided by the group is
carried out continuously. Research expenditure, which is written off during the year in which it is incurred, amounted to £2.1m (2001: £0.5m).
Development expenditure is dealt with in accordance with accounting policy 7 on page 44.
7 Payment of suppliers
It is the company’s and the group’s policy to pay suppliers in accordance with the payment terms negotiated with them. Thus, prompt payment 
is normally made to those suppliers meeting their obligations. The company and the group do not follow any formal code or standard on 
payment practice.
During the year to 30 September 2002 Securicor plc, the parent company, did not have any trade creditors.
At 30 September 2002 the consolidated trade creditors of the group represented 33 days of annual purchases.
8 Employee involvement
The group keeps employees informed about current activities, progress and general matters of interest by various methods including:
(a) regular regional and branch meetings;
(b) newsletters, bulletins and similar items produced by various individual companies;
(c) the group web-site and intranet.
Disabled persons
The group’s policy and practice is to encourage the recruitment and subsequent training, career development and promotion of disabled
persons according to their aptitudes and abilities, and the retention and retraining of employees who become disabled.
9 Political and charitable contributions
The group remains committed to support of charities, the community, job creation and training, local development, the arts, sport and music.
Charitable contributions by the group during the year amounted to £100,000 (2001: £87,000).
There were no political contributions.
10 Substantial holdings
The directors have been notiﬁed of the following substantial shareholdings at 17 January 2003 in the ordinary capital of Securicor plc:
HBOS plc 19,133,755 (3.1%)
Legal & General 18,937,487 (3.0%)
11 Auditors
A resolution to re-appoint Baker Tilly, chartered accountants, as auditors to the company and for their remuneration to be ﬁxed by the directors
will be submitted to the Annual General Meeting.
32 Securicor Annual Report and Accounts 2002 Securicor Annual Report and Accounts 2002 33
12 Directors
The directors, brief details of whom are contained on pages 28 and 29, held ofﬁce throughout the year, with the exception of Mr Dighton
and Mrs Cowden whose appointments took effect, respectively, in June 2002 and August 2002. 
Mr Shirtcliffe retired from the board in May 2002, Sir James Birrell in September 2002 and Professor Norton in December 2002.
The directors retiring by rotation are Lord Condon and Messrs Buckles and Wiggs who, being eligible, offer themselves for re-election.
The contracts of service of Messrs Buckles and Grifﬁths are terminable at 12 months’ notice. The contracts of service of Mr Dighton and
Mrs Cowden expire on 1 June 2004 and 1 August 2004 respectively but will, with effect from 1 June 2003 and 1 August 2003 respectively,
be converted into contracts terminable at 12 months’ notice.
Mr Wiggs, formerly an executive director, became non-executive on 1 January 2002. None of the non-executive directors has a contract of service.
Details of directors’ interests in the share capital of Securicor plc and of the directors’ remuneration are set out on pages 35 to 38.
None of the directors had a material interest in any contract signiﬁcant to the business of the group during the ﬁnancial year.
13 Corporate Governance
The board subscribes to and complies with the Combined Code, being the principles of good governance and the code of best practice
formulated by the Committee on Corporate Governance. 
(a) Principles of good governance
The board comprises the non-executive Chairman, the Chief Executive, three other non-executive directors (of whom the board considers 
Lord Condon and Mr Kitchen to be independent) and three other executive directors.
The board meets each month and additionally when necessary. At each monthly meeting it receives detailed reports from the Chief Executive
and Finance Director and an operational report in respect of the group’s trading. Mr Kitchen is the senior independent director.
Recommendations on new appointments to the board are made by the Nomination Committee which is chaired by Mr Kitchen. The other
members are Lord Condon and Mr Buckles.
All directors submit themselves for re-election at least every three years.
The Remuneration Committee is chaired by Lord Condon and the other members are Sir Neil Macfarlane and Mr Kitchen. The committee
determines the remuneration of the executive directors and of certain other senior executives. In setting the levels of remuneration, the
committee uses the services of independent pay and beneﬁt consultants.
A statement of the board’s policy on executive directors’ remuneration and details of the remuneration of each director are on page 35.
The Chief Executive and the Finance Director hold regular meetings with individual institutional shareholders to discuss the group’s strategy
and ﬁnancial performance, although price sensitive information is never divulged at these meetings. All the directors attend the Annual General
Meeting and are available to answer questions, most of which are raised by private investors present at the meeting.
The Audit Committee meets a minimum of three times a year. Since the retirement in September of Sir James Birrell, it is composed of
Mr Kitchen (Chairman), Lord Condon and Sir Neil Macfarlane. Meetings are also attended by a senior representative from the group’s auditors,
the Director of Compliance, the Finance Director and the Company Secretary. The committee considers the group’s annual and interim ﬁnancial
statements and any questions raised by the auditors on the ﬁnancial statements and ﬁnancial systems. It also considers, amongst other matters,
risk management procedures and internal controls. The minutes of the committee’s meetings are circulated to all directors. 
The chairmen of the Audit, Remuneration and Nomination Committees will be available to answer questions at the Annual General Meeting.
Report of the directors (continued) Report of the directors (continued)
13 Corporate Governance (continued)
(b) Code of best practice
The group complied throughout the year ended 30 September 2002 with the Code provisions set out in Section 1 of the Combined Code
on Corporate Governance issued by the Financial Services Authority.
(c) Risk management and internal control
The directors acknowledge their responsibility for the group’s system of internal control and for reviewing its effectiveness. Such a system is
designed to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable and not absolute
assurance against material misstatement or loss.
There is an ongoing process for identifying, evaluating and managing the group’s signiﬁcant risks, which has been in place for the year ended
30 September 2002 and up to the date of this report. The process is reviewed regularly by the board and it accords with the internal control
guidance for directors on the Combined Code.
The risks associated with the group’s varied activities are reviewed regularly by the board, which considers major risks and evaluates their impact
on the group. Policies and procedures are in place to deal with any matters which may be considered by the board to present signiﬁcant exposure.
A new position of Director of Compliance was created in January 2002. The Director of Compliance reviews and monitors risk management
procedures throughout the group.
Business risks throughout the group are continuously identiﬁed, evaluated and managed. The process is carried out under the guidance of
regional risk management committees, which meet quarterly. Membership of the Group Risk Management Committee includes both the Chief
Executive and the Finance Director.
The Audit Committee undertakes a high level review of risk management and internal control. Both the regional risk management committees
and the Group Risk Management Committee receive internal audit reports and regular reports on risks, including an evaluation of the adequacy
of the management of those risks.
As part of this process, risk review exercises are undertaken twice a year or following material events, at company, regional and group level and
updated risk proﬁles are prepared. These exercises have been undertaken as part of the integration process for all major new acquisitions.
A common risk management framework has been used throughout the business to produce a summary of the risks which may impact on the
achievement of business objectives. For each potential signiﬁcant risk, an overview of the risk, how it is managed and any improvement actions,
are all documented.
The risk proﬁles are also used to ensure that internal audit reviews of the adequacy, application and effectiveness of risk management and
internal controls are targeted on the key risks.
The internal control system includes clearly deﬁned reporting lines and authorisation procedures, a comprehensive budgeting and monthly
reporting system and written policies and procedures.
In addition to a wide range of internal audit reports, management also receive assurance from other sources including security inspections,
third party reviews, company ﬁnancial control reviews, external audit reports, and management reports and control self-assessment returns. 
The board has carried out an annual assessment of the group’s risk management and internal control system for the year to 30 September 2002
by considering reports from both the Audit Committee and the Group Risk Management Committee and has taken account of events since
30 September 2002.
34 Securicor Annual Report and Accounts 2002 Securicor Annual Report and Accounts 2002 35
14 Remuneration of the directors
The key objective of the group’s remuneration policy is to ensure that individual rewards and incentives are directly aligned with the
performance of the group and the interests of its shareholders and that packages are provided which attract, retain and motivate directors
to perform at the highest levels.
The executive directors participate in a performance-related bonus scheme, payments under which are dependent on the attainment of deﬁned
proﬁt targets of the group and which were, for the year under review, subject to a maximum of 50% of base salary. There is a threshold proﬁt
target below which no bonus payment is made. Once the threshold level has been achieved, the amount of bonus is then calculated by
reference to a sliding scale. Bonus payments do not form part of salary for pension purposes.
Base salaries and bonuses
Salary Performance 2002 2001
and fees Beneﬁts related bonus Total Total
£££ £ £
Chairman (non-executive)
Sir Neil Macfarlane 134,000 – – 134,000 128,750
Executive directors
N P Buckles 364,844 16,536 192,500 573,880 292,495
I L E Cowden (appointed 1 August 2002) 32,102 1,957 15,833 49,892 –
T L Dighton (appointed 1 June 2002) 110,141 4,355 40,000 154,496 –
N E Grifﬁths 255,424 14,656 127,500 397,580 309,486
C C Shirtcliffe (retired 31 May 2002) 203,546 12,177 101,667 317,390 349,261
Other non-executive directors
Sir James Birrell (retired 30 September 2002) 34,000 – – 34,000 32,700
Lord Condon 34,000 – – 34,000 32,700
P D Howes (retired 20 August 2001) – – – – 214,473
J A Kitchen 34,000 – – 34,000 32,700
M J Norton (retired 31 December 2002) 39,700 – – 39,700 33,753
R S W H Wiggs (non-executive since 1 January 2002) 226,096 19,170 750,000 995,266 551,811
The salary, beneﬁts and bonus shown above for Mr Shirtcliffe are for the period 1 October 2001 to 31 May 2002. Following his retirement
from the board, Mr Shirtcliffe received a salary of £101,718, beneﬁts of £6,087 and a bonus payment of £50,883 referable to the period
1 June 2002 to 30 September 2002. The salaries, beneﬁts and bonuses shown above for Mr Dighton and Mrs Cowden are for the period
1 June 2002 and 1 August 2002 respectively to 30 September 2002.
A special, non-pensionable, bonus of £750,000 was paid to Mr Wiggs in January 2002 following his retirement as Group Chief Executive
in December 2001. This payment was made in recognition of the signiﬁcant outperformance in Securicor shareholder value during the period
when Mr Wiggs was Group Chief Executive and of his role in the divestment in 1999 of the group’s 40% shareholding in BT Cellnet.
The salaries and fees, beneﬁts and performance related bonuses shown for the executive directors all relate to the year ended 30 September 2002. 
Report of the directors (continued) Report of the directors (continued)
14 Remuneration of the directors (continued)
Long-term incentive schemes
The company currently operates two types of share option scheme, an executive share option scheme and a sharesave scheme. The board
believes that share options granted to executive directors and other senior executives strengthen the alignment of their personal interests with
those of the shareholders.
(a) Executive share option scheme
The current scheme, which provides for the selective grant of options to Securicor executives, is in two parts: an Inland Revenue approved part
and an unapproved part. Options are granted up to a maximum aggregate market value at the date of grant of four times the participant’s
annual remuneration. No options are granted at a discounted price. The Remuneration Committee has determined that the exercise of these
options will not normally be permitted unless and until the group’s earnings per share over a rolling three-year period have grown by at least
3% per annum above the growth in the Retail Prices Index.
(b) Sharesave scheme
This savings-related scheme is open to all United Kingdom, Channel Islands and Isle of Man employees of the company and its subsidiaries
with at least 12 months’ service. It is not open to employees within the Distribution businesses, because the company has only a 50% interest
in Distribution. Eligible employees may save up to £250 per month under a three-year sharesave contract and may then apply the savings in
the acquisition of new shares in the company. The option price is set at 80% of the market value at the date of grant.
Under both schemes, options will not normally be exercisable until the third anniversary of the date of grant. The limit on the number of
ordinary shares which may be issued under both schemes until 30 April 2006 is 7.1% of the issued ordinary share capital of Securicor plc,
with the limit for the executive share option scheme alone being 3.4%. These limits take into account options issued by Securicor (1996) plc,
the group’s previous holding company, since 30 April 1996 and either exercised or outstanding at the time of the Scheme of Arrangement in
November 1999 (when Securicor plc became the new group holding company), being equivalent to approximately 2.9% of the issued share
capital of that company and of which 1.6% consisted of executive share options and 1.3% of sharesave options. Applying the limits of 7.1%
and 3.4% referred to above means that, in the ten-year period from 30 April 1996, Securicor (1996) plc and Securicor plc will between them
have been subject to a limit on the number of ordinary shares which may be issued under both schemes in any ten-year period of 10% of the
issued ordinary share capital, with the limit for the executive share scheme alone being 5%.
New Performance Share Plan and amendments to the Executive Share Option Scheme
Resolutions 2(a) and 2(b) set out in the Notice of Meeting on page 72 are ordinary resolutions to approve certain changes to the existing
executive share option scheme and the introduction of a new performance share plan, to be known as the Securicor 2003 Performance Share
Plan. These proposals are made by the Remuneration Committee following their review, in conjunction with external remuneration consultants,
of the existing incentive arrangements for senior executives.
The Remuneration Committee recognises that there is a highly competitive market for successful executives and that the provision of appropriate
awards for superior performance is vital to the continued growth of the business. As a mechanism for recruiting and retaining key personnel and
to incentivise and focus the existing senior executives on further improving the company’s performance over the coming years, the committee
now wishes to develop the company’s incentive arrangements as described in Appendices 1 and 2 on pages 73 to 75.
In addition, the Remuneration Committee believes that continued shareholding by senior executives will strengthen the alignment of their
interests with shareholders’ interests. Accordingly, executive directors of the company will be expected to retain 30% of the after-tax gains made
on the vesting of Performance Share Plan awards or the exercise of share options granted in the future, until they have built up a shareholding
equivalent to one times basic salary.
36 Securicor Annual Report and Accounts 2002 Securicor Annual Report and Accounts 2002 37
14 Remuneration of the directors (continued)
Directors’ Share Options
Granted Outstanding Option
Option At 30.9.01 during year at 30.9.02 price (p)
N P Buckles A 72,901 72,901 107.98
B 95,000 95,000 164.00
C 75,000 75,000 133.75
D 9,053 9,053 107.00
E 55,000 55,000 153.00
F 700,000 700,000 108.00
I L E Cowden B 50,000 50,000 164.00
C 30,000 30,000 133.75
D 9,053 9,053 107.00
E 20,000 20,000 153.00
F 250,000 250,000 108.00
T L Dighton B 55,000 55,000 164.00
C 40,000 40,000 133.75
D 9,053 9,053 107.00
E 30,000 30,000 153.00
F 350,000 350,000 108.00
N E Grifﬁths B 135,000 135,000 164.00
C 80,000 80,000 133.75
D 9,053 9,053 107.00
E 55,000 55,000 153.00
F 460,000 460,000 108.00
R S W H Wiggs B 240,000 240,000 164.00
C 240,000 240,000 133.75
D 9,053 9,053 107.00
Option A = Executive Share Option Scheme, normally exercisable between June 2001 and June 2008.
Option B = Executive Share Option Scheme, normally exercisable between December 2002 and December 2009.
Option C = Executive Share Option Scheme, normally exercisable between June 2003 and June 2010.
Option D = Sharesave Scheme, normally exercisable between October 2003 and March 2004.
Option E = Executive Share Option Scheme, normally exercisable between December 2003 and December 2010.
Option F = Executive Share Option Scheme, normally exercisable between December 2004 and December 2011.
None of the directors exercised options under these schemes during the year.
The market price of the ordinary shares at 30 September 2001 was 117p and at 30 September 2002 it was 101p.
The highest and lowest market prices of an ordinary share during the year to 30 September 2002 were 137p and 87.75p respectively.
Report of the directors (continued) Report of the directors (continued)
14 Remuneration of the directors (continued)
Directors’ interests in shares of Securicor plc
(not including shares under option)
At 30.9.02 At 30.9.01
N P Buckles 76,594 76,594
P L Condon 1,000 1,000
I L E Cowden 168,309 –
T L Dighton 84,244 –
N E Grifﬁths 253,253 253,253
J A Kitchen 6,000 6,000 
D N Macfarlane 21,000 21,000
R S W H Wiggs 507,206 507,206
All interests shown above are beneﬁcial. 
No changes in these holdings have taken place since 30 September 2002.
Directors’ pension entitlements
The executive directors participate in the non-contributory category of the group’s ﬁnal salary pension scheme.
The normal retirement age for the category is 60 and members achieve the maximum of 
2
⁄3 of their ﬁnal pensionable salary at normal
retirement age after 20 years’ service (ten years’ service for those who joined the company prior to 17 March 1987). The pension of 
2
⁄3 accrues
uniformly between the date of joining the scheme and normal retirement age. An actuarial reduction is applied to pensions payable before
normal retirement age and an increase is applied where retirement is deferred beyond normal retirement age.
For death before retirement a capital sum equal to four times pensionable salary is payable, together with a spouse’s pension of 50% of the
member’s prospective pension at the age of 60 plus a return of any contributions paid prior to the admission to the non-contributory category.
For death in retirement, a spouse’s pension of 50% of the member’s pre-commutation pension is payable.
Post retirement pension increases are payable at the rate of 5% per annum in respect of pension earned up to 31 December 1994 and in line
with the increase in the Retail Prices Index subject to a maximum of 5% in respect of pension earned after that date.
Additional
pension earned
Years of during the Accrued entitlement
pensionable year ended at year end 
Age at service at 30.9.02 30.9.02 30.9.01
30.9.02 30.9.02 £000 £000
1
£000
2
N P Buckles 41 17 60 122 62 
I L E Cowden 49 23 1 65 64
3
T L Dighton 5362 21 19
4
N E Grifﬁths 55 24 11 144 133
C C Shirtcliffe
5
58 25 26 190 164
R S W H Wiggs 63 27 1 316 315
Notes:
1 The pension entitlement shown is that which would be paid at normal retirement age, based on service at 30 September 2002. In the case
of Mr Wiggs, this ﬁgure is the late retirement pension payable on his retirement as at 31 December 2001.
2 The calculation includes inﬂation of 1.7% p.a.
3 Mrs Cowden was appointed to the board on 1 August 2002 and this ﬁgure is her accrued pension entitlement at that date.
4 Mr Dighton was appointed to the board on 1 June 2002 and this ﬁgure is his accrued pension entitlement at that date.
5 Mr Shirtcliffe retired as a director on 31 May 2002.
Sutton Park House By order of the board
15 Carshalton Road N E Grifﬁths
Sutton Secretary
Surrey SM1 4LD 10 February 2003
38 Securicor Annual Report and Accounts 2002 Securicor Annual Report and Accounts 2002 39
The following statement, which should be read in conjunction with the report of the auditors set out below, is made with a view to
distinguishing for shareholders the respective responsibilities of the directors and of the auditors in relation to the ﬁnancial statements.
Company law requires the directors to prepare ﬁnancial statements for each ﬁnancial year which give a true and fair view of the state of affairs
of the company and of the group and of the proﬁt or loss of the group for that year. In preparing those ﬁnancial statements, the directors are
required to:
– select suitable accounting policies and then apply them consistently;
– make judgements and estimates that are reasonable and prudent;
– state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the
ﬁnancial statements;
– prepare the ﬁnancial statements on the going concern basis unless it is inappropriate to presume that the company and the group will
continue in business for the foreseeable future.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy the ﬁnancial position of the
company and of the group and enable them to ensure that the ﬁnancial statements comply with the requirements of the Companies Act 1985.
They are also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
The directors are also responsible for the maintenance and integrity of the Securicor plc website. Legislation in the United Kingdom governing
the preparation and dissemination of ﬁnancial statements may differ from legislation in other jurisdictions.
Report of the independent auditors to the members of Securicor plc
We have audited the ﬁnancial statements on pages 40 to 70.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report and the ﬁnancial statements in accordance with applicable United Kingdom law
and accounting standards are set out above in the Statement of Directors’ responsibilities. Our responsibility is to audit the ﬁnancial statements
in accordance with relevant legal and regulatory requirements, United Kingdom Auditing Standards and the Listing Rules of the Financial
Services Authority.
We report to you our opinion as to whether the ﬁnancial statements give a true and fair view and are properly prepared in accordance with the
Companies Act 1985. We also report to you if, in our opinion, the directors’ report is not consistent with the ﬁnancial statements, if the company
has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information
speciﬁed by law or the Listing Rules regarding directors’ remuneration and transactions with the group is not disclosed.
We review whether the Corporate Governance Statement reﬂects the company’s compliance with the seven provisions of the Combined Code
speciﬁed for our review by the Listing Rules, and we report if it does not. We are not required to consider whether the board’s statements on
internal control cover all risks and controls, or form an opinion on the effectiveness of the group’s corporate governance procedures or its risk
and control procedures.
We read the other information contained in the Annual Report and consider whether it is consistent with the audited ﬁnancial statements. We
consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies within the ﬁnancial statements.
Basis of opinion
We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes
examination, on a test basis, of evidence relevant to the amounts and disclosures in the ﬁnancial statements. It also includes an assessment of
the signiﬁcant estimates and judgements made by the directors in the preparation of the ﬁnancial statements, and of whether the accounting
policies are appropriate to the company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with
sufﬁcient evidence to give reasonable assurance that the ﬁnancial statements are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the ﬁnancial statements.
Opinion
In our opinion the ﬁnancial statements give a true and fair view of the state of the group’s and the company’s affairs at 30 September 2002
and of the group’s results for the year then ended and have been properly prepared in accordance with the Companies Act 1985.
Baker Tilly
Chartered Accountants
Registered Auditors
2 Bloomsbury Street, London WC1B 3ST
10 February 2003
Directors’ responsibilities Consolidated proﬁt and loss account
For the year ended 30 September 2002
Before Exceptional Before Exceptional
exceptional items exceptional items
items and (Note 2) and items and (Note 2) and
goodwill goodwill goodwill goodwill
amortisation amortisation Total amortisation amortisation Total
2002 2002 2002 2001 2001 2001
(restated) (restated) (restated)
Notes £m £m £m £m £m £m
Turnover: group and share of joint ventures
Continuing operations 1,635.8 – 1,635.8 1,432.6 – 1,432.6
Acquisitions 67.7 – 67.7 –––
Discontinuing operations 27 47.7 – 47.7 34.7 – 34.7
Discontinued operations 27 1.2 – 1.2 45.3 – 45.3
Total turnover 1,752.4 – 1,752.4 1,512.6 – 1,512.6
Less share of joint ventures (continuing operations) (352.3) – (352.3) (376.8) – (376.8)
Group turnover 1 1,400.1 – 1,400.1 1,135.8 – 1,135.8
Group operating proﬁt/(loss)
Continuing operations 75.4 (47.4) 28.0 67.2 (7.3) 59.9
Acquisitions 4.2 (1.0) 3.2 –––
Discontinuing operations 27 (2.2) (36.3) (38.5) (1.8) – (1.8)
Discontinued operations 27 (5.3) (2.6) (7.9) (24.7) – (24.7)
72.1 (87.3) (15.2) 40.7 (7.3) 33.4
Share of operating proﬁt/(loss) in joint ventures 
and associates (continuing operations) 13.4 (0.1) 13.3 12.9 (0.5) 12.4
85.5 (87.4) (1.9) 53.6 (7.8) 45.8
Non operating exceptional items 1,2 – (5.0) (5.0) – (44.1) (44.1)
Proﬁt/(loss) on ordinary activities before 
interest and taxation 1,2 85.5 (92.4) (6.9) 53.6 (51.9) 1.7
Net interest: 3
– Group (13.0) – (13.0) (9.0) – (9.0)
– Joint ventures and associates (4.7) – (4.7) (5.5) – (5.5)
(17.7) – (17.7) (14.5) – (14.5)
Proﬁt/(loss) on ordinary activities before taxation 67.8 (92.4) (24.6) 39.1 (51.9) (12.8)
Taxation 5 (21.0) 4.2 (16.8) (12.7) – (12.7)
Proﬁt/(loss) on ordinary activities after taxation 46.8 (88.2) (41.4) 26.4 (51.9) (25.5)
Minority interests (1.4) – (1.4) (2.1) – (2.1)
Dividends 6 (13.2) – (13.2) (10.3) – (10.3)
Retained earnings/(deﬁcit) 20 32.2 (88.2) (56.0) 14.0 (51.9) (37.9)
(Loss)/earnings per share 7
Basic loss per share (6.8)p (4.4)p
Diluted loss per share (6.8)p (4.4)p
Basic earnings per share from continuing operations 
before exceptional items and goodwill amortisation 8.1p 7.0p
40 Securicor Annual Report and Accounts 2002 Securicor Annual Report and Accounts 2002 41
2002 2002 2001 2001
(restated) (restated)
Notes £m £m £m £m
Fixed assets
Intangible assets – goodwill 9 221.2 210.6
– development expenditure 10 26.4 55.4
Tangible assets 11 166.2 136.9
Investment in joint ventures:
– Share of gross assets 132.1 144.2
– Share of gross liabilities (83.3) (93.7)
Net investment 12 48.8 50.5
Investment in associated undertakings 12 10.5 9.9
473.1 463.3
Current assets
Stocks 13 13.5 13.7
Debtors 14 232.5 247.7
Bank and deposit balances 15 67.2 46.8
313.2 308.2
Creditors – amounts falling due within one year
Borrowings 15 33.5 16.2
Corporation tax 7.7 2.5
Proposed dividends 8.7 6.2
Other 17 223.5 196.1
273.4 221.0
Net current assets 39.8 87.2
Total assets less current liabilities 512.9 550.5
Creditors – amounts falling due after more than one year
Borrowings 15 232.2 213.7
Provision for liabilities and charges 18 8.4 4.3
Net assets 8 272.3 332.5
Capital and reserves
Called up share capital 19 31.3 31.1
Reserves 20 235.6 297.6
Equity shareholders’ funds 266.9 328.7
Equity minority interests 20 5.4 3.8
Capital employed 272.3 332.5
Note:
The parent company balance sheet and notes are on pages 69 and 70.
Approved by the board on 10 February 2003.
Nicholas Buckles Trevor Dighton
Director Director
Consolidated balance sheet
At 30 September 2002 Consolidated cash ﬂow statement
For the year ended 30 September 2002
2002 2002 2001 2001
£m £m £m £m
Net cash ﬂow from operating activities (note 25a) 127.4 46.0
Dividends from associates and joint ventures 2.2 1.3
Net cash ﬂow from returns on investments and servicing of ﬁnance (note 25b) (13.5) (9.5)
Taxation (13.1) (7.9)
Net cash ﬂow from capital expenditure (note 25b) (56.9) (58.4)
Net cash ﬂow from acquisitions and disposals (note 25b) (47.7) (198.4)
Equity dividends paid (10.7) (9.6)
Cash ﬂow before use of liquid resources and ﬁnancing (12.3) (236.5)
Financing:
– Share issue 3.6 3.5
– Increase in loans 42.6 212.2
– Capital element of ﬁnance lease rental payments (0.7) (0.8)
Net cash ﬂow from ﬁnancing (note 25b) 45.5 214.9
Increase/(decrease) in cash in the year 33.2 (21.6)
Reconciliation of net cash ﬂow to movement in net (debt)/cash (note 25c)
Increase/(decrease) in cash in the year 33.2 (21.6)
Cash ﬂow from increase in debt and lease ﬁnancing (41.9) (211.4)
Change in net debt resulting from cash ﬂows (8.7) (233.0)
Loans and ﬁnance acquired with subsidiary (6.8) –
New ﬁnance leases (6.3) (1.0)
Movement in net debt in the year (21.8) (234.0)
Translation adjustments 6.4 –
Net (debt)/cash at 1 October 2001 (183.1) 50.9
Net debt at 30 September 2002 (198.5) (183.1)
42 Securicor Annual Report and Accounts 2002 Securicor Annual Report and Accounts 2002 43
2002 2001
(restated)
£m £m
Loss on ordinary activities after taxation and minority interests (42.8) (27.6)
Translation adjustments on foreign currency net investments (note 20) (9.4) (1.3)
Total losses recognised for the year (52.2) (28.9)
Prior year adjustment (note 5) 6.6 –
Total losses recognised since the last annual report (45.6) (28.9)
Note of historical cost proﬁts and losses
There is no material difference between the reported proﬁt shown on page 40 and the proﬁt for the year restated on an historical cost basis.
Reconciliation of movement in equity shareholders’ funds
For the year ended 30 September 2002
2002 2001
(restated)
£m £m
Loss on ordinary activities after taxation and minority interests (42.8) (27.6)
Dividends (13.2) (10.3)
Retained deﬁcit (56.0) (37.9)
Translation adjustments on foreign currency net investments (note 20) (9.4) (1.3)
Proceeds of share capital issued 3.6 3.5
Write-back of goodwill on disposals previously written off – 15.1
Net decrease in shareholders’ funds (61.8) (20.6)
Equity shareholders’ funds at 1 October 2001 328.7 349.3
Equity shareholders’ funds at 30 September 2002 266.9 328.7
Statement of total recognised gains and losses
For the year ended 30 September 2002 Statement of accounting policies
1 Basis of accounting
The ﬁnancial statements have been prepared in accordance with applicable accounting standards. A summary of the more important group
accounting policies is given below. Accounting policies have been applied consistently with previous years except as noted below.
During the year the company has implemented FRS19 Deferred Tax and continued to implement the transitional provisions of FRS17
Retirement Beneﬁts.
Accounting policies are periodically reviewed to ensure that they continue to be the most appropriate.
2 Accounting convention
The ﬁnancial statements are prepared under the historical cost convention.
3 Basis of consolidation
The consolidated accounts incorporate the accounts of Securicor plc, its subsidiary undertakings and the group’s share of the results and net
assets of its associates and joint ventures for the year ended 30 September 2002.
(a) Associated undertakings and joint ventures
Associated undertakings are entities in which a member of the group holds a long-term minority equity interest and over which it is in a
position to exert a signiﬁcant inﬂuence. The accounts include the relevant proportion of the results of associated undertakings based on the 
last audited accounts and subsequent management accounts where year ends are not coterminous.
In the consolidated balance sheet the investments in associated undertakings are shown as the group’s share of underlying net assets under 
the heading ‘Investment in associated undertakings’.
Joint ventures are entities in which a member of the group holds a long-term interest and shares control under a contractual agreement. 
The accounts include the group’s share of results based on the last audited accounts and subsequent management accounts where year 
ends are not coterminous.
In the consolidated balance sheet the share of gross assets and gross liabilities is shown under the heading ‘Investment in joint ventures’.
(b) Dominant inﬂuence
For those associated undertakings and joint ventures where the group exercises dominant inﬂuence on the management of the business 
the accounting treatment follows that of subsidiary undertakings.
4 Accounting for acquisitions and disposals
The results of businesses acquired or disposed of are consolidated from or to the effective dates of acquisition or disposal. On the acquisition 
of subsidiary undertakings or businesses, the acquisition cost is allocated against the fair value of net assets acquired, after adjustments to bring
accounting policies into line with those of the group. 
5 Group turnover
Turnover represents sales, excluding value added tax, by group companies to external customers.
6 Depreciation
Depreciation is calculated to write off the cost or valuation of the assets to their estimated residual values by equal annual instalments over their
expected economic life. No depreciation is provided on freehold or long leasehold land. Details of depreciation rates are disclosed in note 11 
to the consolidated accounts. 
7 Research and development expenditure
Research expenditure is written off in the year in which it is incurred. United Kingdom development expenditure represents expenditure mainly
of a revenue nature in establishing new services and products of the group. This includes products which have won the National Strategy for
Police Information Systems mandate awarded by the Home Ofﬁce. Such expenditure is amortised over the period during which the expenditure
is revenue-producing up to a maximum of ten years. The directors review the capitalised development expenditure on an ongoing basis and,
where appropriate, provide for any impairment in value.
8 Stocks
Stocks are valued at the lower of cost and net realisable value on bases consistent with previous years. Cost represents expenditure incurred 
in the ordinary course of business to bring stock to its present condition and location and includes appropriate overheads.
44 Securicor Annual Report and Accounts 2002 Securicor Annual Report and Accounts 2002 45
9 Deferred taxation
In accordance with FRS19, adopted for the ﬁrst time in 2002, deferred tax is provided in full on timing differences between the recognition 
of gains and losses in the ﬁnancial statements and their recognition in tax computations, except that a net deferred tax asset is recognised 
only when it can be regarded as more likely than not that it will be recovered. Provision is made for deferred tax that would arise upon the
remittance of earnings from overseas subsidiaries only to the extent that dividends have been accrued as receivable. Deferred tax is provided 
at current rates and is not discounted. Deferred tax assets and liabilities are offset where they relate to taxes levied by the same tax authority
and arise in the same taxable entity or group. The comparative ﬁgures have been restated to reﬂect the change in accounting policy.
10 Overseas currencies
Transactions denominated in foreign currencies are translated at the average rate applicable to the accounting period. Assets and liabilities
denominated in foreign currencies have been translated into sterling at the rates of exchange ruling at the balance sheet dates. Foreign
exchange adjustments, including those arising on consolidation and on United Kingdom borrowings arranged to ﬁnance overseas investments,
have been transferred to reserves as disclosed in note 20 to the consolidated accounts.
11 Goodwill and amortisation
Goodwill, being the excess of the cost of an acquisition over the fair value attributed to the net tangible assets at acquisition, is capitalised 
and amortised over its useful economic life, which is expected not to exceed 20 years. Provision is made for any impairment.
Goodwill arising on acquisitions made on or before 30 September 1998 was charged directly to reserves. The proﬁt or loss on disposal 
or closure of a business includes any attributable goodwill previously charged to reserves.
12 Provisions
The costs of meeting lease requirements on unoccupied properties are provided for at a discounted rate. Interest is calculated at an applicable
interest rate and charged to the proﬁt and loss account as external interest payable.
Expenditure incurred in the year is charged to the provision.
13 Leases
Assets held under ﬁnance leases are included as tangible ﬁxed assets at their capital value and depreciated over the shorter of the lease term
and their useful economic life. The capital element of future rentals is included within creditors and ﬁnance charges are allocated to accounting
periods over the period of the lease.
Annual rentals payable or receivable under operating leases are charged or credited to the proﬁt and loss account as incurred and future rental
obligations are disclosed in note 23 to the consolidated accounts.
14 Pensions
The group operates various funded pension schemes that are established in accordance with local conditions and practices within the countries
concerned. The principal UK scheme is of a deﬁned beneﬁt structure. The regular cost of providing beneﬁts is charged to operating proﬁt 
over the service lives of the members of the schemes on the basis of a constant percentage of pensionable pay. Variations from the regular 
cost arising from periodic actuarial valuations of the schemes are allocated to operating proﬁt over the expected remaining service lives 
of the members.
A contracted-in deﬁned contribution scheme was established in 1996 and is the main scheme for new employees.
The group has adopted the interim disclosure requirements of FRS17 as shown in note 4(c) to the consolidated accounts.
15 Financial instruments
The ﬁnancial instruments utilised by the group are interest rate swaps and forward exchange contracts. These instruments are held to manage
the interest rate exposure of borrowings and currency exposures arising from operational transactions. Interest differentials arising from
derivatives are recognised by adjusting net interest payable. Gains or losses on forward contracts are recognised in the proﬁt and loss account 
at the same time as the transaction.
Statement of accounting policies (continued) 46 Securicor Annual Report and Accounts 2002
Notes to the consolidated accounts
1 Segmental and geographical analysis of results
Continuing Discontinuing Discontinued
operations Acquisitions operations operations Total Total
2002 2002 2002 2002 2002 2001
£m £m £m £m £m £m
Turnover
United Kingdom 537.7 – 47.7 1.2 586.6 572.2*
Europe, Middle East and Africa 394.3 1.6 – – 395.9 285.8
Americas 351.5 – – – 351.5 277.8*
Asia – 70.9 – – 70.9 37.9
1,283.5 72.5 47.7 1.2 1,404.9 1,173.7
Less: security joint ventures (Asia) – (4.8) – – (4.8) (37.9)
Group turnover 1,283.5 67.7 47.7 1.2 1,400.1 1,135.8
Cost of sales (983.3) (52.2) (41.2) (4.7) (1,081.4) (877.4)
Gross proﬁt 300.2 15.5 6.5 (3.5) 318.7 258.4
Administration expenses (224.8) (11.3) (8.7) (1.8) (246.6) (217.7)
Goodwill amortisation (10.3) (1.0) – – (11.3) (7.3)
Operational exceptional items (37.1) – (36.3) (2.6) (76.0) –
Group operating proﬁt/(loss) 28.0 3.2 (38.5) (7.9) (15.2) 33.4
Proﬁt/(loss) on ordinary activities before interest
and taxation
United Kingdom 53.8 – (2.2) (5.3) 46.3 35.8*
Europe, Middle East and Africa 25.3 0.2 – – 25.5 17.3
Americas 2.5 – – – 2.5 (6.5)*
Asia 0.1 4.0 – – 4.1 0.9
81.7 4.2 (2.2) (5.3) 78.4 47.5
Distribution (50%) share
United Kingdom 6.5 – – – 6.5 5.7
Europe, Middle East and Africa 0.6 – – – 0.6 0.4
7.1 – – – 7.1 6.1
EBITA (earnings before interest, taxation, 
goodwill amortisation and exceptional items) 88.8 4.2 (2.2) (5.3) 85.5 53.6
Goodwill amortisation
United Kingdom (including £0.1m in joint ventures 
and associates) (0.8) – – – (0.8) (0.3)
Europe, Middle East and Africa (5.6) – – – (5.6) –
Americas (4.0) – – – (4.0) (7.1)
Asia – (1.0) – – (1.0) (0.4)
(10.4) (1.0) – – (11.4) (7.8)
Operational exceptional items (note 2(b))
United Kingdom – – (36.3) (2.6) (38.9) –
Americas (37.1) – – – (37.1) –
(37.1) – (36.3) (2.6) (76.0) –
Operating proﬁt/(loss) including share of proﬁt/(loss) 
in joint ventures and associates 41.3 3.2 (38.5) (7.9) (1.9) 45.8 Securicor Annual Report and Accounts 2002 47
1 Segmental and geographical analysis of results (continued)
Continuing Discontinuing Discontinued
operations Acquisitions operations operations Total Total
2002 2002 2002 2002 2002 2001
£m £m £m £m £m £m
Operating proﬁt/(loss) including share of proﬁt/(loss) in joint 
ventures and associates 41.3 3.2 (38.5) (7.9) (1.9) 45.8
Non operational exceptional items (note 2(b))
United Kingdom – – – (6.7) (6.7) (1.7)
Europe, Middle East and Africa – – – 1.7 1.7 –
Americas ––––– (42.4)
– – – (5.0) (5.0) (44.1)
Total proﬁt/(loss) on ordinary activities before 
interest and taxation 41.3 3.2 (38.5) (12.9) (6.9) 1.7
*In the year to 30 September 2001 turnover from discontinued and discontinuing operations amounted to £73.5m in the United Kingdom and
£6.5m in the Americas. Operating losses from discontinued and discontinuing operations in 2001 amounted to £13.1m in the United Kingdom
and £13.4m in the Americas.
The group’s continuing operations are all in the Security sector. The businesses discontinued and discontinuing in the year to 30 September 2002
operated in the Communications sector.
2 Proﬁt/(loss) on ordinary activities before interest and taxation
(a) Proﬁt/(loss) on ordinary activities before interest and taxation has been arrived at after taking account of:
2002 2001
£m £m
Auditors’ remuneration:
– Audit 0.6 0.6
– Other services in the UK 0.1 0.3
Depreciation of tangible ﬁxed assets:
– owned assets 30.5 26.1
– leased assets 0.2 0.3
Goodwill amortisation (excluding joint ventures and associated companies) 11.3 7.5
Amortisation of development expenditure 1.9 2.7
Research and development expenditure 2.1 0.5
Operating lease rentals payable:
– plant, machinery and vehicles 15.2 15.0
– other including properties 15.1 13.2
Operating lease rentals receivable:
– plant and machinery 0.7 –
Loss/(proﬁt) on disposal of tangible ﬁxed assets 0.8 (3.1)
In addition to the amounts shown above, the auditors received fees of £0.4m (2001: £0.8m) relating to the acquisition and disposal of
subsidiaries and businesses during the year.
Notes to the consolidated accounts (continued) 48 Securicor Annual Report and Accounts 2002
Notes to the consolidated accounts (continued)
2 Proﬁt/(loss) on ordinary activities before interest and taxation (continued)
(b) Exceptional items
2002 2001
£m £m
Within group operating (loss)/proﬁt
Impairment of goodwill arising on acquisition of Argenbright Security (33.0) –
Restructuring costs of Argenbright Security (4.1) –
Impairment of intangible ﬁxed asset at Securicor Information Systems (36.3) –
Impairment of intangible ﬁxed asset and associated costs at Securicor Wireless Technology (2.6) –
(76.0) –
Non-operating exceptional items
Losses on sale or closure of operations
SafeDoor (5.7) –
Securicor Wireless (USA) – (42.4)
Recruitment Services – (1.7)
Others 1.6 –
Loss on sale or closure of joint venture operations (0.2) –
Loss on sale of tangible ﬁxed assets (0.7) –
(5.0) (44.1)
3 Net interest
2002 2001
£m £m £m £m
Interest receivable (group) 2.1 2.3
Interest payable (group)
Loans and overdrafts, wholly repayable within ﬁve years:
Repayable by instalments (1.7) (1.4)
Repayable other than by instalments (13.2) (9.7)
Interest on ﬁnance leases (0.2) (0.2)
(15.1) (11.3)
Interest payable (joint ventures) (1.4) (1.8)
Interest payable (associates) (3.3) (3.7)
(17.7) (14.5)
4 Staff costs and employees
(a) Staff costs:
2002 2001
£m £m
Staff costs, including directors’ emoluments:
Wages and salaries 840.1 669.8
Social security costs 86.2 67.5
Pension costs 11.9 9.3
938.2 746.6 Securicor Annual Report and Accounts 2002 49
4 Staff costs and employees (continued)
(b) Number of employees:
2002 2001
The average monthly number of employees of the group during the year was:
United Kingdom 19,651 19,309
Europe, Middle East and Africa 51,235 48,698
Americas 22,303 24,232
Asia 11,277 –
Continuing operations 104,466 92,239
Discontinuing operations:
United Kingdom 634 572
Discontinued operations:
United Kingdom 59 366
Americas – 99
105,159 93,276
(c) Pension arrangements:
The group operates various funded pension schemes that are established in accordance with local conditions and practices within the countries
concerned. Contributions made to deﬁned contribution schemes, including the contracted-in deﬁned contribution scheme which is the main
scheme for new UK employees, and to overseas schemes totalled £5.4m (2001: £3.6m). The group’s principal scheme, which operates in the
UK, is of a deﬁned beneﬁt structure. The assets of the deﬁned beneﬁt scheme are held in a separate trustee-administered fund. The pension
costs are assessed on the advice of a qualiﬁed independent actuary using the projected unit credit method.
The contributions paid into the UK deﬁned beneﬁt scheme constitute the cost recognised in the proﬁt and loss account and amounted to £6.5m 
(2001: £5.7m) together with £5.5m (2001: £6.2m) contributed by the distribution joint venture. Regular actuarial assessments of the scheme are
carried out, the latest being at 5 April 2001, and updated to 30 September 2002. The most signiﬁcant actuarial assumptions used were that the
long-term rates of return on investments would be 2.75% above the risk-free return, 2.75% above the rate of annual salary increase and 4.75%
above the rate of pension increase. As at the date of the actuarial valuation reviewed to 30 September 2002 the market value of the scheme
assets, including the group’s share of the distribution joint venture, was £468m. This is in excess of the assessment of the scheme’s liabilities 
on a current funding level basis (the Minimum Funding Requirement solvency level), being based upon pensionable service to and pensionable
earnings at 30 September 2002. The scheme has therefore been certiﬁed by an independent actuary as meeting the Minimum Funding
Requirement solvency level. However, the assets comprise 92% of the scheme’s liabilities on actuarial assumptions which take account of future
service and earnings increases.
Variances arising on the actuarial valuation of the deﬁned beneﬁt scheme will be reviewed regularly and, in accordance with Statement 
of Standard Accounting Practice 24 Pension Costs, recognised in the proﬁt and loss account over the average remaining service lives of 
the scheme’s members through adjustments in the percentage of pensionable earnings contributed to the scheme and charged as a cost. 
The contribution rate for the year commencing October 2002 has been increased from 11% to 12% in respect of future service beneﬁts.
FRS17 Retirement Beneﬁts was issued by the Accounting Standards Board in November 2000 but is not fully mandatory until the accounts 
for the year ended 30 September 2006 and some of its requirements may alter in the process of the harmonisation of UK and international
accounting standards. Prior to this the transitional arrangements are to disclose certain items by way of note.
The major assumptions for the UK deﬁned beneﬁt pension scheme valuation in accordance with the methodology prescribed by FRS17 are as follows:
2002 2001
% %
Rate of increase in salaries 4.25 4.50
Rate of increase in pension payment 2.25 2.50
Discount rate 5.40 6.00
Inﬂation 2.25 2.50
Notes to the consolidated accounts (continued) 50 Securicor Annual Report and Accounts 2002
Notes to the consolidated accounts (continued)
4 Staff costs and employees (continued)
On full compliance with FRS17 on the basis of the above assumptions, the amounts which would have been charged to the proﬁt and loss account
and statement of total recognised gains and losses for the year to 30 September 2002, including the group’s share of the distribution joint venture,
are as follows:
£m £m
Proﬁt on ordinary activities before interest, exceptional items and taxation
Current service cost (10.5)
Past service cost –
(10.5)
Financial items
Expected return on scheme assets 34.2
Interest cost on scheme liabilities (34.7)
(0.5)
Total included within proﬁt before taxation (11.0)
Statement of total recognised gains and losses
Actual return less expected return on scheme assets (79.3)
Experience losses on scheme liabilities (4.5)
Changes in assumptions in valuation of scheme liabilities (55.5)
Total actuarial loss (139.3)
Difference between expected and actual return on scheme assets as a percentage of scheme assets (%) (16.9)
Experience losses on scheme liabilities as a percentage of scheme liabilities (%) (0.7)
Total actuarial loss as a percentage of scheme liabilities (%) (20.3)
The market value of assets at 30 September 2002 in the UK deﬁned beneﬁt scheme, including the group’s share of the distribution joint venture,
in accordance with the actuarial methods prescribed by FRS17 and the expected rates of return are as follows:
2002 2002 2001 2001
£m % £m %
Equities 263.3 8.0 351.5 7.0
Bonds 204.7 5.4 221.5 6.0
Total market value of assets 468.0 573.0
Actuarial value of liability (686.0) (650.0)
Deﬁcit in the scheme (218.0) (77.0)
Related deferred tax asset 65.4 23.1
Net pension liability (152.6) (53.9)
The analysis of the movement in the scheme deﬁcit during the year calculated in accordance with FRS17, including the group’s share of the
distribution joint venture, is as follows:
£m
Deﬁcit at 1 October 2001 (77.0)
Current service cost (10.5)
Past service cost –
Contributions 9.3
Expected return on scheme assets 34.2
Interest cost on scheme liabilities (34.7)
Actuarial loss (139.3)
Deﬁcit at 30 September 2002 (218.0)
The UK deﬁned beneﬁt scheme is largely closed to new members. Under the projected unit method of actuarial valuation prescribed by FRS17
the current service cost will increase as the members of the scheme approach retirement. Securicor Annual Report and Accounts 2002 51
4 Staff costs and employees (continued)
If the pension scheme deﬁcit calculated as above in accordance with FRS17 had been recognised in the ﬁnancial statements the group’s net
assets and reserves would have been disclosed as follows:
2002 2001
(restated)
£m £m
Net assets excluding pension deﬁcit 272.3 332.5
Pension deﬁcit (net of deferred tax) (152.6) (53.9)
Net assets including pension deﬁcits 119.7 278.6
Proﬁt and loss account reserve excluding pension deﬁcit 174.9 240.3
Pension deﬁcit (net of deferred tax) (152.6) (53.9)
Proﬁt and loss account including pension deﬁcit 22.3 186.4
(d) Emoluments of the directors of Securicor plc:
2002 2001
£’000 £’000
As executives:
– Executive services 2,380 1,717
– Pension scheme contributions 134 183
As directors:
– Fees 384 261 *
Total directors’ emoluments 2,898 2,161
The remuneration of the highest paid director (Mr Wiggs) was £995,266 (2001: £551,811) excluding employer’s pension contributions of
£11,825 (2001: £59,250). Mr Wiggs’ remuneration included £750,000 by way of special bonus as set out on page 35.
*Including £40,000 paid to the Chairman by way of special remuneration.
For further details regarding directors’ remuneration, see the report of the directors on pages 35 to 38.
5 Taxation
2002 2001
(restated)
£m £m
Group:
UK corporation tax 16.0 5.3
UK corporation tax adjustments for previous years (8.9) –
Overseas tax 10.5 4.3
17.6 9.6
Joint ventures:
UK corporation tax 1.2 0.7
UK corporation tax adjustment for previous years (0.2) –
Overseas tax – 0.2
Associated undertakings:
UK corporation tax 0.3 0.4
Overseas tax – 0.3
Exceptional items:
UK corporation tax (1.7) –
Overseas tax (0.8) –
Total current tax 16.4 11.2
Notes to the consolidated accounts (continued) 52 Securicor Annual Report and Accounts 2002
Notes to the consolidated accounts (continued)
5 Taxation (continued)
2002 2001
(restated)
£m £m
Deferred tax:
Group (0.2) 1.5
Joint ventures 0.2 –
Exceptional items (1.7) –
Adjustment in respect of previous years 2.1 –
Total deferred tax 0.4 1.5
Tax on proﬁt/(loss) on ordinary activities 16.8 12.7
The current tax charge may be reconciled to the standard UK tax rate as follows:
Tax on proﬁt on ordinary activities at UK tax rate of 30% (7.4) (3.8)
Expenses not deductible for tax purposes 22.2 10.0
Timing differences in the recognition of proﬁts and losses for tax purposes 0.1 (1.5)
Different tax rates on overseas earnings (1.1) 0.1
Unutilised overseas losses 12.4 6.4
Adjustments for previous years (9.8) –
Total current tax 16.4 11.2
The deferred tax charge may be analysed as follows:
Origination and reversal of timing differences (1.7) 1.5
Effects upon opening deferred tax of changes in tax rates – –
Adjustments to recoverability of deferred tax assets arising in prior years – –
Adjustment in respect of previous years 2.1 –
Total deferred tax 0.4 1.5
Factors that may impact the group’s tax charges in the future include:
1 No deferred tax has been provided in respect of the remittance of earnings from overseas subsidiaries except to the extent that dividends
have been accrued as receivable.
2 Tax losses to the value of £18.8m have not been recognised as deferred tax assets as their utilisation is uncertain and long-term.
The group’s accounting policy for deferred taxation was changed during the year in order to comply with Financial Reporting Standard 19
Deferred Tax. This has resulted in an additional tax charge of £0.4m in the current year (2001: £1.5m) and an increase in net assets of 
£5.4m (2001: £6.6m). Basic and diluted earnings/(loss) per share for 2001 have been restated from (4.2p) to (4.4p) and normalised earnings
per share for 2001, adjusted for businesses discontinued and discontinuing in 2002, has been restated from 7.2p to 7.0p.
6 Dividends
2002 2001
£m £m
Ordinary shares
Interim (paid) 0.72p (2001: 0.65p) 4.5 4.1
Final (proposed) 1.39p (2001: 1.00p) 8.7 6.2
Total dividend 2.11p (2001: 1.65p) 13.2 10.3 Securicor Annual Report and Accounts 2002 53
7 (Loss)/earnings per share
2002 2001
(restated)
£m £m
Basic
Loss after taxation (41.4) (25.5)
Minority interests (1.4) (2.1)
Loss attributable to shareholders (42.8) (27.6)
Weighted average number of shares outstanding (m) 625.0 620.4
Basic loss per share (pence) (6.8) (4.4)
Diluted
Weighted average number of shares in issue (m) 625.0 620.4
Since on this basis the diluted loss per share is reduced, the incremental effect is ignored
Diluted loss per share (pence) (6.8) (4.4)
Normalised earnings before goodwill amortisation, discontinued operations, discontinuing operations 
and exceptional items
Loss attributable to shareholders (42.8) (27.6)
Exceptional items (net of tax), goodwill amortisation, discontinued operations and discontinuing operations 93.4 71.3
Adjusted attributable proﬁt 50.6 43.7
Weighted average number of shares outstanding (m) 625.0 620.4
Underlying earnings per share (pence) 8.1 7.0
8 Net assets
Segmental analysis of capital employed
2002 2001
Total
Share of joint Total Share of joint capital
ventures and capital ventures and employed
Group associates employed Group associates (restated)
£m £m £m £m £m £m
United Kingdom 196.4 55.8 252.2 170.4 51.7 222.1
Europe, Middle East and Africa 96.2 2.2 98.4 89.4 2.6 92.0
Americas 78.8 – 78.8 132.7 – 132.7
Asia 14.0 1.3 15.3 0.2 6.1 6.3
385.4 59.3 444.7 392.7 60.4 453.1
Discontinuing operations 38.9 – 38.9 61.7 – 61.7
Discontinued operations 0.5 – 0.5 6.0 – 6.0
Net operating assets 424.8 59.3 484.1 460.4 60.4 520.8
Tax, dividends and provisions (13.3) (5.2)
Net debt (198.5) (183.1)
Total net assets 272.3 332.5
The net operating assets of operations discontinued and discontinuing in 2002 were located in the United Kingdom.
Note:
Share of capital employed of associated undertakings represents shares at cost, loans and the group’s share of post acquisition reserves 
(note 12).
Notes to the consolidated accounts (continued) 54 Securicor Annual Report and Accounts 2002
Notes to the consolidated accounts (continued)
9 Intangible ﬁxed assets – goodwill
£m
Cost
At 1 October 2001 218.4
Additions 63.6
Amounts written out (31.6)
Translation adjustments (10.9)
At 30 September 2002 239.5
Amortisation
At 1 October 2001 7.8
Provision for the year 11.3
Translation adjustments (0.8)
At 30 September 2002 18.3
Net book value
At 30 September 2002 221.2
At 30 September 2001 210.6
10 Intangible ﬁxed assets – development expenditure
£m
Cost
At 1 October 2001 58.5
Additions 13.3
Amounts written out (43.4)
At 30 September 2002 28.4
Amortisation
At 1 October 2001 3.1
Provision for the year 1.9
Amounts written out (3.0)
At 30 September 2002 2.0
Net book value
At 30 September 2002 26.4
At 30 September 2001 55.4 Securicor Annual Report and Accounts 2002 55
11 Tangible ﬁxed assets
Equipment
held for
Land and Equipment operating
buildings and vehicles leases Total
£m £m £m £m
Cost or valuation
At 1 October 2001 70.2 182.0 0.2 252.4
Additions at cost 16.9 42.0 1.8 60.7
Acquisition of subsidiaries 7.9 5.4 0.2 13.5
Disposals (8.6) (13.3) – (21.9)
Translation adjustments (1.0) (3.8) – (4.8)
At 30 September 2002 85.4 212.3 2.2 299.9
Depreciation
At 1 October 2001 16.7 98.7 0.1 115.5
Provision for the year 2.9 27.4 0.4 30.7
Disposals – (9.9) – (9.9)
Translation adjustments (0.3) (2.3) – (2.6)
At 30 September 2002 19.3 113.9 0.5 133.7
Net book value
At 30 September 2002 66.1 98.4 1.7 166.2
At 30 September 2001 53.5 83.3 0.1 136.9
Notes:
(a) Equipment held under ﬁnance leases and included above:
– Net book value £6.8m (2001: £0.6m)
– Accumulated depreciation £1.5m (2001: £1.3m)
– Provision for the year £0.2m (2001: £0.3m)
(b) Land and buildings
2002 2001
£m £m
(i) The amount shown at cost or valuation includes the following:
At cost 84.4 69.2
At valuation in 1986 or prior 1.0 1.0
85.4 70.2
(ii) The net book value of land and buildings comprises:
Freeholds 39.0 33.3
Long leaseholds (50 years and over) 16.2 15.2
Short leaseholds (under 50 years) 10.9 5.0
66.1 53.5
(c) Depreciation rates
The following table shows the annual rates of depreciation. Depreciation is calculated on a straight line basis:
Freehold and long leasehold buildings up to 2%
Short leaseholds (under 50 years) over the life of the lease
Equipment 10-25%
Motor vehicles 10-33.33%
Notes to the consolidated accounts (continued) 56 Securicor Annual Report and Accounts 2002
Notes to the consolidated accounts (continued)
12 Investments
Associated Joint
undertakings ventures Total
£m £m £m
Shares at cost
At 1 October 2001 1.9 0.2 2.1
Additions 0.9 – 0.9
Disposals (1.1) – (1.1)
Transfer to subsidiary undertakings – (0.2) (0.2)
Translation adjustments (0.2) – (0.2)
At 30 September 2002 1.5 – 1.5
Loans at cost
At 1 October 2001 6.0 – 6.0
Disposals 0.4 – 0.4
Transfer to debtors (0.1) – (0.1)
At 30 September 2002 6.3 – 6.3
Share of post acquisition reserves
At 1 October 2001 2.0 50.3 52.3
Retained proﬁts for year 0.7 4.4 5.1
Transfer to subsidiary undertaking – (6.4) (6.4)
Translation adjustments – 0.5 0.5
At 30 September 2002 2.7 48.8 51.5
Total investments
At 30 September 2002 10.5 48.8 59.3
At 30 September 2001 9.9 50.5 60.4
Associates: group share of results and net assets
2002 2001
£m £m
Share of turnover 27.8 19.9
Share of proﬁt before tax 2.8 2.1
Share of taxation (0.3) (0.7)
Share of proﬁt after taxation 2.5 1.4
Share of assets
Fixed assets 4.1 3.6
Current assets 46.3 40.3
Share of gross assets 50.4 43.9
Share of liabilities
Liabilities due within one year 9.0 7.4
Liabilities due after more than one year 37.2 32.6
46.2 40.0
Less loans from group companies (6.3) (6.0)
Group share of gross liabilities 39.9 34.0
Share of net assets 10.5 9.9 Securicor Annual Report and Accounts 2002 57
12 Investments (continued)
Joint ventures: group share of results and net assets
2002 2001
Distribution Other Distribution Other
joint joint Total joint joint joint Total joint
venture ventures ventures venture ventures ventures
£m £m £m £m £m £m
Share of turnover 347.5 4.8 352.3 338.9 37.9 376.8
Share of proﬁt on ordinary activities before exceptional 
items and taxation 5.7 0.1 5.8 4.3 0.5 4.8
Exceptional items (0.2) – (0.2) –––
Share of taxation (1.2) – (1.2) (0.7) (0.2) (0.9)
Share of proﬁt after taxation 4.3 0.1 4.4 3.6 0.3 3.9
Share of assets
Fixed assets 43.5 – 43.5 42.7 6.5 49.2
Current assets 88.6 – 88.6 82.7 11.2 93.9
Long-term receivables ––– – 1.1 1.1
Share of gross assets 132.1 – 132.1 125.4 18.8 144.2
Share of liabilities
Liabilities due within one year 82.4 – 82.4 78.4 10.0 88.4
Liabilities due after more than one year 0.9 – 0.9 1.3 4.0 5.3
Share of gross liabilities 83.3 – 83.3 79.7 14.0 93.7
Share of net assets 48.8 – 48.8 45.7 4.8 50.5
The group’s share of net assets of associates and joint ventures includes £2.1m in respect of purchased goodwill (2001: £6.1m) and the group’s
share of goodwill amortisation charged in associates and joint ventures for the year to 30 September 2002 was £0.1m (2001: £0.5m).
13 Stocks
2002 2001
£m £m
Raw materials 0.9 0.7
Work in progress 8.2 8.8
Finished goods including consumables 4.4 4.2
13.5 13.7
The replacement cost of stocks approximates to the value stated in the accounts.
Notes to the consolidated accounts (continued) 58 Securicor Annual Report and Accounts 2002
Notes to the consolidated accounts (continued)
14 Debtors
2002 2001
(restated)
£m £m
Trade debtors 170.1 175.5
Amounts owed by associated undertakings 1.7 5.1
Corporation tax 3.7 –
Other debtors 22.6 35.4
Prepayments and accrued income 26.6 25.1
Deferred tax asset 7.8 6.6
232.5 247.7
Included in prepayments is £0.5m (2001: £4.0m) falling due after more than one year.
The deferred tax asset will be utilised after more than one year and the deferred tax movements are analysed in note 18.
15 Net borrowings
2002 2001
£m £m
Long-term borrowings
Secured 0.5 0.9
Unsecured 226.2 212.1
Finance leases 6.8 1.2
Less: repayable within one year (1.3) (0.5)
Total long-term borrowings 232.2 213.7
Short-term borrowings
Bank overdraft (unsecured) 4.0 15.4
Secured loans 0.2 0.3
Unsecured loans 28.0 –
Short-term element of ﬁnance leases 1.3 0.5
Total short-term borrowings 33.5 16.2
Total borrowings 265.7 229.9
Bank and deposit balances (67.2) (46.8)
Net debt 198.5 183.1 Securicor Annual Report and Accounts 2002 59
15 Net borrowings (continued)
2002 2001
£m £m
The payment proﬁle of long-term borrowings is noted below.
Repayable within one to two years
Secured 0.4 0.3
Unsecured 35.4 13.0
Obligations under hire purchase and ﬁnance leases 0.8 0.6
Repayable within two to ﬁve years
Secured 0.1 0.5
Unsecured 190.8 199.1
Obligations under hire purchase and ﬁnance leases 4.7 0.1
Not wholly repayable within ﬁve years
Secured – 0.1
232.2 213.7
Secured loans, at market rates of interest, are secured on property and other assets of the group, and are mainly repayable by monthly instalments
during 2003-5.
16 Financial instruments
Financial liabilities – ﬂoating rates
2002 2001
Currency £m £m
Sterling 167.9 103.6
Euro 1.9 0.7
SA Rand 20.5 18.7
US dollar 66.5 102.1
Other 8.9 4.8
265.7 229.9
The ﬂoating rate ﬁnancial liabilities include bank borrowings ﬁxed in accordance with the applicable bank reference rate for periods of one month.
The ﬁgures shown take into account interest rate swaps used to manage interest rate risk. Further explanation of the group’s treasury policies 
is given on page 23.
There are no ﬁxed rate ﬁnancial liabilities as at 30 September 2002 (2001: £nil) and no ﬁnancial liabilities upon which no interest is paid
(2001: £nil).
Undrawn committed facilities
2002 2001
£m £m
Repayable within one year 5.0 –
Repayable within one to two years 8.0 –
Repayable within two to ﬁve years 22.0 26.8
35.0 26.8
Notes to the consolidated accounts (continued) 60 Securicor Annual Report and Accounts 2002
Notes to the consolidated accounts (continued)
16 Financial instruments (continued)
Fair value of ﬁnancial assets and liabilities
Set out below is a year end comparison of fair and book values of all the group’s ﬁnancial instruments by category. Fair values are determined
by market values, where available, or calculated by discounting cash ﬂows at prevailing interest rates.
2002 2002 2001 2001
Book value Fair value Book value Fair value
£m £m £m £m
Cash deposits 67.2 67.2 46.8 46.8
Short-term borrowings and current portion of long-term debt (33.5) (33.5) (16.2) (16.2)
Long-term borrowings (232.2) (232.2) (213.7) (213.7)
(198.5) (198.5) (183.1) (183.1)
17 Creditors
2002 2001
£m £m
Amounts falling due within one year:
Trade creditors 37.6 31.4
Amounts owed to associated undertakings 2.4 2.8
Other taxation and social security costs 56.4 34.4
Other creditors 40.6 50.7
Accruals and deferred income 86.5 76.8
223.5 196.1
18 Provisions for liabilities and charges
2002 2001
£m £m
Provisions relating to onerous property contracts 6.0 4.3
Deferred tax liabilities 2.4 –
8.4 4.3
The group has provided against future liabilities for all properties sub-let at a shortfall and for long-term idle properties. The provision is based
on the value of future net cash outﬂows relating to rent, rates, service charges and costs of marketing the properties. Although the majority of
the provision should be realised within ﬁve years, the exact timing is unclear. The movement in the provision was as follows:
£m
At 1 October 2001 4.3
Proﬁt and loss account 1.8
Expended in year (0.8)
Acquisition of subsidiaries 0.7
At 30 September 2002 6.0 Securicor Annual Report and Accounts 2002 61
18 Provisions for liabilities and charges (continued)
The movement in the deferred tax provision was as follows:
£m
Provision at 1 October 2001 –
Asset at 1 October 2001 (as restated) 6.6
Total deferred tax position at 1 October 2001 (as restated) 6.6
Proﬁt and loss account (0.4)
Subsidiaries acquired 0.1
Translation adjustments (0.9)
Total deferred tax position at 30 September 2002 5.4
Asset at 30 September 2002 7.8
Provision at 30 September 2002 2.4
The deferred tax asset is disclosed within debtors (note 14). The total deferred tax position is analysed as follows:
2002 2001
(restated)
£m £m
United Kingdom
Accelerated capital allowances (3.1) –
Other timing differences 0.7 –
Tax losses – –
(2.4) –
Overseas
Accelerated capital allowances (0.1) 0.7
Other timing differences (1.4) (1.4)
Tax losses 9.3 7.3
7.8 6.6
5.4 6.6
Deferred tax recognised in respect of tax losses principally relates to subsidiaries in Canada, Germany and South Africa. As these entities are
returning to proﬁtability, the recovery of tax losses is foreseeable.
19 Share capital
2002 2001
Authorised Issued Authorised Issued
££ ££
Securicor plc
Ordinary shares of 5p each (fully paid) 40,000,000 31,264,582 40,000,000 31,056,990
Nominal
value
Number £m
Ordinary shares in issue
At 1 October 2001 621,139,808 31.1
Shares issued during the year on exercise of options:
Executive Scheme 258,564 –
Sharesave Scheme 3,893,275 0.2
At 30 September 2002 625,291,647 31.3
Notes to the consolidated accounts (continued) 62 Securicor Annual Report and Accounts 2002
Notes to the consolidated accounts (continued)
20 Reserves
Proﬁt and Share Merger
loss account premium reserve Total
£m £m £m £m
At 30 September 2001 as previously reported 233.7 3.9 53.4 291.0
Prior year adjustment (note 5) 6.6 – – 6.6
At 1 October 2001 (restated) 240.3 3.9 53.4 297.6
Retained deﬁcit (56.0) – – (56.0)
Share premium on issue – 3.4 – 3.4
Translation adjustments (9.4) – – (9.4)
At 30 September 2002 174.9 7.3 53.4 235.6
Goodwill of £81.5m arising on acquisitions since 1989 has been written off to reserves up to 30 September 2002 (2001 restated: £81.5m).
Equity minority interests
The minority interests totalling £5.4m (2001: £3.8m) relate to Securicor Barbados Limited, Securicor Guyana Inc, Securicor Jamaica Limited, 
Al Mulla Security Services Co WLL (Kuwait), MAF-Securicor LLC (Dubai), Al Bateel Securicor WLL (Qatar), Securicor Segura SA (Costa Rica),
Securicor Segura SA (Dominican Republic), Securicor Trinidad Limited, Securicor Gray (South Africa) (Pty) Limited and Securicor New Century
LLC (USA). 
21 Acquisitions of subsidiaries and businesses
The principal acquisitions in the year were:
1 The remaining issued share capital of JS Holdings Limited and JS Asian Holdings BV., (“Asia”);
2 The remaining share capital of Securicor Geld-und Wertdienste GmbH and Securicor Bankenservice GmbH, (“Germany”);
3 The assets and liabilities of Electronic Monitoring Systems, Inc., (“EMS”); and
4 Various other minor business acquisitions, principally comprising the purchase of minority interests in Securicor Gray (South Africa) (Pty) Limited
and the purchase of businesses in Jamaica, Costa Rica and Tanzania, (“Other”).
Asia Germany
Provisional Provisional Provisional
fair value fair value Provisional fair value
Net assets adjustments of assets Net assets fair value of assets
acquired (Note 1) acquired acquired adjustments acquired
£m £m £m £m £m £m
Fixed assets – tangible 13.1 (0.9) 12.2–––
Stock 0.3 – 0.3–––
Debtors 16.0 – 16.0–––
Net debt (1.7) – (1.7) – – –
Creditors less than one year (14.8) (0.9) (15.7) – – –
Minority interests (0.3) – (0.3) (0.7) – (0.7)
Transfer from associates (5.6) – (5.6) – – –
Total assets 7.0 (1.8) 5.2 (0.7) – (0.7)
Cash consideration 30.7 – 30.7 10.2 – 10.2
Capitalised goodwill 23.7 1.8 25.5 10.9 – 10.9 Securicor Annual Report and Accounts 2002 63
21 Acquisitions of subsidiaries and businesses (continued)
EMS Other
Provisional Provisional Provisional
fair value fair value Provisional fair value
Net assets adjustments of assets Net assets fair value of assets
acquired (Note 2) acquired acquired adjustments acquired
£m £m £m £m £m £m
Fixed assets – tangible 0.6 (0.1) 0.5 0.8 – 0.8
Stock 0.1 – 0.1 – – –
Debtors 0.5 – 0.5 – – –
Net debt – – – – – –
Creditors less than one year (0.6) – (0.6) (1.3) – (1.3)
Minority interest – – – (0.4) – (0.4)
Transfer from associates – – – – – –
Total assets 0.6 (0.1) 0.5 (0.9) – (0.9)
Cash consideration 7.0 – 7.0 4.4 – 4.4
Capitalised goodwill 6.4 0.1 6.5 5.3 – 5.3
Total
Provisional
Provisional fair value
Net assets fair value of assets
acquired adjustments acquired
£m £m £m
Fixed assets – tangible 14.5 (1.0) 13.5
Stock 0.4 – 0.4
Debtors 16.5 – 16.5
Net debt (1.7) – (1.7)
Creditors less than one year (16.7) (0.9) (17.6)
Minority interest (1.4) – (1.4)
Transfer from associates (5.6) – (5.6)
Total assets 6.0 (1.9) 4.1
Cash consideration 52.3 – 52.3
Capitalised goodwill 46.3 1.9 48.2
Notes:
1 Reduction of value of tangible ﬁxed assets in line with group policy, and additional costs for rebranding vehicles and equipment to comply
with contractual requirements.
2 Reduction of value of tangible ﬁxed assets in line with group policy.
Adjustments made to the fair value of assets are provisional as they may be adjusted in 2003.
During the year ended 30 September 2002, the group made adjustment to the fair value of assets acquired in the USA and Germany in the
year ended 30 September 2001. This resulted in the write-off of assets and consequent additions to goodwill totalling £15.4m.
Notes to the consolidated accounts (continued) 64 Securicor Annual Report and Accounts 2002
Notes to the consolidated accounts (continued)
22 Contingent liabilities
The company’s wholly-owned US subsidiary, Argenbright Security, Inc (‘Argenbright’) was responsible for passenger checkpoint security screening
for two of the ﬂights involved in the terrorist atrocities of 11 September 2001, being the United Airlines ﬂight from Newark to San Francisco
and the American Airlines ﬂight from Washington to Los Angeles. The hijacked planes performing these ﬂights crashed respectively in rural
Pennsylvania and into the Pentagon, Washington.
The directors believe that, in respect of those two ﬂights, Argenbright carried out its security screening services properly and in accordance 
with its contractual and regulatory duties and that it should have no liability for the losses that occurred subsequently. However, the events of
11 September were so extraordinary that it is impossible at this stage to state with certainty that no ﬁndings against Argenbright will be made.
Argenbright is now being sued and a number of lawsuits have been served upon it. Securicor plc itself has been named in some of the lawsuits.
At 11 September 2001, Argenbright, which is a stand-alone limited liability corporation, had in place aviation liability insurance which was 
in a substantial sum and which included cover for acts of terrorism.
Additionally, contingent liabilities exist in respect of agreements entered into in the normal course of business.
23 Operating lease commitments
2002 2002 2001 2001
Land and Land and
buildings Other buildings Other
£m £m £m £m
Commitments at 30 September 2002 on operating leases which expire:
Within one year 5.1 5.1 3.2 5.3
Between one and two years 4.0 7.6 2.6 4.6
Between two and ﬁve years 6.6 6.6 4.4 5.8
After more than ﬁve years 12.9 2.7 4.9 0.5
28.6 22.0 15.1 16.2
24 Capital commitments
2002 2001
£m £m
Contracted 3.6 1.3 Securicor Annual Report and Accounts 2002 65
25 Notes to the cash ﬂow statement
(a) Reconciliation of operating proﬁt to operating cash ﬂows
2002 2001
£m £m
Operating loss after exceptional items (15.2) 33.4
Depreciation 30.7 26.4
Amortisation of intangible assets 0.5 2.7
Amortisation of goodwill 11.3 7.3
Exceptional impairment of intangible assets 38.5 –
Exceptional impairment of goodwill 33.0 –
Loss/(proﬁt) on sale of ﬁxed assets 0.1 (3.1)
Decrease/(increase) in stocks 0.5 (1.0)
Decrease/(increase) in debtors 19.4 (12.3)
Increase/(decrease) in creditors 7.6 (3.3)
Increase/(decrease) in provisions 1.0 (4.1)
127.4 46.0
(b) Analysis of cash ﬂow headings netted in the cash ﬂow statement
2002 2001
£m £m £m £m
Return on investments and servicing of ﬁnance
Interest received 0.9 2.3
Interest paid (13.7) (11.3)
Dividends paid to minority interest (0.7) (0.5)
Net cash outﬂow from returns on investments and servicing of ﬁnance (13.5) (9.5)
Capital expenditure
Purchase of tangible ﬁxed assets (54.4) (41.8)
Purchase of intangible ﬁxed assets (13.3) (22.7)
Sale of tangible ﬁxed assets 10.8 6.1
Net cash outﬂow from capital expenditure (56.9) (58.4)
Acquisitions and disposals
Purchase of subsidiary undertakings (note 25(e)) (52.3) (198.1)
Net cash balances acquired 5.1 –
Deferred consideration – (0.3)
Closure of subsidiary undertakings (3.4) 8.7
Sale of associates 2.9 –
Purchased goodwill – (8.7)
Net cash outﬂow from acquisitions and disposals (47.7) (198.4)
Financing
Share issue 3.6 3.5
Increase in loans 42.6 212.2
Capital element of ﬁnance lease rental payments (0.7) (0.8)
41.9 211.4
Net cash inﬂow from ﬁnancing 45.5 214.9
Notes to the consolidated accounts (continued) 66 Securicor Annual Report and Accounts 2002
Notes to the consolidated accounts (continued)
25 Notes to the cash ﬂow statement (continued)
(c) Analysis of net (debt)/cash
Other non
2001 Cash ﬂow Acquisitions Exchange cash 2002
£m £m £m £m £m £m
Cash in hand and at bank 46.8 21.8 – (1.4) – 67.2
Overdrafts (15.4) 11.4––– (4.0)
33.2
Debt due after more than one year (213.0) (42.6) (6.8) 7.8 27.9 (226.7)
Debt due within one year (0.3) – – – (27.9) (28.2)
Finance leases (1.2) 0.7 – – (6.3) (6.8)
Total (183.1) (8.7) (6.8) 6.4 (6.3) (198.5)
(d) Major non-cash transactions
During the year the group entered into ﬁnance lease arrangements in respect of assets with a total capital value at the inception of the leases 
of £6.3m.
(e) Acquisition of subsidiaries
Asia Germany EMS Other Total
£m £m £m £m £m
Fixed assets – tangible 12.2 – 0.5 0.8 13.5
Stock 0.3 – 0.1 – 0.4
Debtors 16.0 – 0.5 (11.8) 4.7
Creditors (15.7) – (0.6) (4.2) (20.5)
Cash 5.1––– 5.1
Provisions – – – (0.7) (0.7)
Borrowings due over one year (6.8) – – – (6.8)
Minority interest (0.3) (0.7) – (0.4) (1.4)
Transfer from associated undertakings (5.6) – – – (5.6)
Net assets acquired 5.2 (0.7) 0.5 (16.3) (11.3)
Goodwill 25.5 10.9 6.5 20.7 63.6
Cash outﬂow in respect of purchase of subsidiary undertakings 30.7 10.2 7.0 4.4 52.3
The subsidiary undertakings acquired during the year contributed £6.2m to the group’s net operating cash ﬂows, paid £0.6m in respect of taxation
and utilised £3.5m for investing activities. Securicor Annual Report and Accounts 2002 67
26 Related party transactions
Transactions with joint ventures and associated undertakings
All transactions with joint ventures and associated undertakings are in the normal course of business. Details of transactions and balances with
these related parties are set out below:
2002
Total
£m
Transactions
Turnover 17.7
Administration expenses 5.9
Dividends received 1.6
Balances
Debtors
Loans 6.3
Other debtors 1.7
Creditors
Other creditors 2.4
Related party turnover relates to management fees of £16.2m charged to Bridgend Custodial Services Limited (an associated undertaking) 
and £1.5m charged to Securicor Omega Holdings Limited (a joint venture company). Related party administration expenses relates to vehicle
leasing costs charged to the group by Securicor Vehicle Management Limited, which is a subsidiary of Securicor Omega Holdings Limited.
There are no transactions with other related parties.
Details of principal joint ventures and associated undertakings are shown in note 28.
27 Post balance sheet events
In December 2002 Securicor Wireless Technology Limited was sold for a nominal sum and this business has been reported as discontinued in
the proﬁt and loss account for the year to 30 September 2002. The group is in substantive negotiations for the sale of Securicor Information
Systems Limited and this business has been reported as discontinuing in the proﬁt and loss account for the year to 30 September 2002.
In December 2002 the group’s existing Malaysian business merged with Safeguards Corporation, the leading company in the Malaysian
security market.
Notes to the consolidated accounts (continued) Notes to the consolidated accounts (continued)
28 Signiﬁcant investments
The businesses set out below are those which were part of the group at 30 September 2002 and in the opinion of the directors signiﬁcantly
affected the group’s results and net assets during the year. Except as otherwise stated, the country of incorporation is England, the operations
are within the United Kingdom, the shares are in equity share capital and the businesses are wholly owned.
Security
Subsidiary undertakings
Argenbright Security, Inc (USA)
Securicor Gray (South Africa) (Pty) Limited (South Africa)
Securicor Beheer BV (Netherlands)
Securicor Cash Services Limited
Securicor Cash Centres Limited
Securicor Custodial Services Limited
Securicor GTG GmbH (Germany)
Securicor Security Limited
Securicor Luxembourg SA (Luxembourg)
Securicor Security Services Ireland Limited (Ireland)
Securicor Sicherheitsdienste GmbH (Germany)
Securicor Asia Holdings Limited (Incorporated British Virgin Islands, operational in Brunei, China, Hong Kong, Indonesia, Macau, 
Malaysia, Taiwan and Thailand)
Securicor Aviation Limited
Securicor Canada Limited (Canada)
Issued capital
Associated undertakings
Bridgend Custodial Services Limited (49.5% owned) £250,000
Geldnet Holding BV (Netherlands) (25% owned) Euro 2,797,000
Distribution
Joint venture
Securicor Omega Holdings Limited (50% owned) and subsidiaries £32,000,000
Securicor Fuelserv Limited
Securicor Omega Container Logistics Limited
Securicor Omega Express Limited
Securicor Omega Express Ireland Limited (Ireland)
Securicor Omega Logistics Limited
Communications
Subsidiary undertakings
Securicor Information Systems Limited
Holding companies
Securicor (1996) plc
Securicor Communications Limited
Securicor Holdings BV (Netherlands)
Securicor International BV (Netherlands)
Securicor International Holdings SA (France)
Securicor International Limited
Securicor Security Services Limited
Securicor Group Limited
68 Securicor Annual Report and Accounts 2002 Securicor Annual Report and Accounts 2002 69
2002 2001
Notes £m £m
Fixed assets
Investments (a) 844.0 844.0
844.0 844.0
Current assets
Debtors (b) 260.5 221.3
260.5 221.3
Creditors – amounts falling due within one year
Borrowings (unsecured) 15.0 –
Proposed dividends 8.7 6.2
Other 0.6 1.4
24.3 7.6
Net current assets 236.2 213.7
Total assets less current liabilities 1,080.2 1,057.7
Creditors – amounts falling due after more than one year
Borrowings (unsecured) 224.2 199.5
Net assets 856.0 858.2
Capital and reserves
Called up share capital 19 31.3 31.1
Reserves (c) 824.7 827.1
Equity shareholders’ funds 856.0 858.2
Approved by the board on 10 February 2003.
Nicholas Buckles Trevor Dighton
Director Director
Parent company balance sheet
At 30 September 2002 Notes to the parent company balance sheet
Notes to the parent company balance sheet
(a) Investments
£m
Subsidiary undertakings
Shares at cost in Securicor (1996) plc
As at 30 September 2002 and 30 September 2001 844.0
(b) Debtors
2002 2001
£m £m
Amounts owed by group undertakings 257.2 221.3
Other debtors 3.3 –
260.5 221.3
(c) Reserves
Capital
Proﬁt and redemption Share
loss account reserve premium Total
£m £m £m £m
At 1 October 2001 823.1 0.1 3.9 827.1
Retained deﬁcit (6.1) – – (6.1)
Share premium on issue of shares – – 3.4 3.4
Translation adjustments 0.3 – – 0.3
At 30 September 2002 817.3 0.1 7.3 824.7
As permitted by Section 230 of the Companies Act 1985, the company has not presented its own proﬁt and loss account. The proﬁt for the
ﬁnancial year attributable to shareholders was £7.1m (2001: £2.8m).
(d) Contingent liabilities
As detailed in note 22 to the consolidated accounts, Securicor plc has been named in some of the lawsuits relating to the terrorist atrocities
in the USA on 11 September 2001.
70 Securicor Annual Report and Accounts 2002 Securicor Annual Report and Accounts 2002 71
2002 2001 2000 1999 1998
£m £m £m £m £m
Turnover 1,400.1 1,135.8 720.8 959.1 1,194.6
Proﬁt/(loss) before taxation and exceptional items 56.4 31.3 47.3 32.9 22.1
(Loss)/proﬁt attributable to shareholders (42.8) (27.6) 33.8 76.7 16.0
Fixed assets 473.1 463.3 261.4 206.5 253.1
Net assets 272.3 332.5 374.4 317.4 85.8
Normalised earnings per ordinary share (pence) 8.1 7.0 6.7 3.9 3.2
Dividends per ordinary share (pence) 2.11 1.65 1.50 1.13 1.93
Normalised return on net assets (%) 21 9141026
Net debt/(cash) (£m) 198.5 183.1 (50.9) (88.4) 220.2
Net debt/equity (%) 73 55 (15) (28) 257
Group ﬁnancial record
(excluding (a) the results and net assets of BT Cellnet and the impact of development ﬁnance retained and (b) the proceeds of share issues) Notice of meeting
Notice is hereby given that the fourth Annual General Meeting of Securicor plc will be held at Ironmongers’ Hall, Barbican, London EC2Y 8AA
on Thursday, 13 March 2003 at 11.00 am.
1 For the purpose of transacting the following Ordinary Business:
(a) To receive and consider the ﬁnancial statements of Securicor plc for the year ended 30 September 2002 and the reports of the directors
and auditors thereon.
(b) To conﬁrm payment of the interim dividend and to declare a ﬁnal dividend.
(c) To re-elect the directors who retire by rotation:
Lord Condon (member of Remuneration Committee)
Mr Nicholas Buckles
Mr Roger Wiggs
(d) To elect the directors appointed since the last Annual General Meeting:
Mrs Irene Cowden
Mr Trevor Dighton
(e) To re-appoint Baker Tilly as auditors of the company from the conclusion of this meeting until the conclusion of the next general meeting
at which accounts are laid before the shareholders, and to authorise the directors to ﬁx their remuneration.
2 For the purpose of transacting the following Special Business:
(a) As an Ordinary Resolution:
“That the directors be authorised to amend the rules of the Securicor Executive Share Option Scheme as described in Appendix 1 which forms
part of this Notice and as shown in the marked-up copy of the rules produced to the meeting and signed for the purpose of identiﬁcation by
the Chairman; and that the directors be authorised to do all acts and things necessary or desirable to effect the amendments, including making
any changes required by the Inland Revenue.”
(b) As an Ordinary Resolution:
“That the Securicor 2003 Performance Share Plan (the “Performance Share Plan”) and the related employee beneﬁt trust, the principal features
of which are summarised in Appendix 2 which forms part of this Notice, and copies of the rules and trust deed of which are produced to the
meeting and signed for the purpose of identiﬁcation by the Chairman, be approved; and that the directors be authorised to do all acts and
things which they consider necessary or desirable to implement the Performance Share Plan and to make such minor modiﬁcations as they
consider appropriate for that purpose; and that the directors be authorised to establish further plans based on the Performance Share Plan but
modiﬁed to take account of local tax, exchange control or securities laws in countries outside the UK, provided that the shares made available
under such plans are treated as counting towards the limits on individual or overall participation in the Performance Share Plan.”
(c) As an Ordinary Resolution:
“That the employee beneﬁt trust to be established in conjunction with the Securicor 2003 Performance Share Plan, the principal features of
which are summarised in Appendix 2 which forms part of this Notice, and a copy of the trust deed of which is produced to the meeting and
signed for the purposes of identiﬁcation by the Chairman, be approved for use with the Securicor Executive Share Option Scheme and any other
employees’ share schemes adopted by the company.”
(d) As a Special Resolution:
“That the company be generally and unconditionally authorised to make market purchases (within the meaning of Section 163(3) of the
Companies Act 1985) of ordinary shares of 5p each in the capital of the company provided that:
(i) the maximum number of shares which may be purchased is 62,500,000;
(ii) the minimum price which may be paid for each share is 5p;
(iii) the maximum price which may be paid for each share is an amount equal to 105% of the average of the middle market quotations for
an ordinary share in the company as derived from The London Stock Exchange Daily Ofﬁcial List for the ﬁve business days immediately
preceding the day on which such share is contracted to be purchased; and
(iv) this authority shall expire at the conclusion of the next Annual General Meeting of the company or, if earlier, 15 months from the date of
this resolution (except in relation to the purchase of shares the contract for which was entered into before the expiry of this authority and
which might be executed wholly or partly after such expiry).”
Sutton Park House By Order of the board
15 Carshalton Road N E Grifﬁths
Sutton Secretary
Surrey SM1 4LD 10 February 2003
72 Securicor Annual Report and Accounts 2002 Securicor Annual Report and Accounts 2002 73
Appendices
1 AMENDMENTS TO THE EXECUTIVE SHARE OPTION SCHEME (ESOS)
Individual limit
Currently, the limit on outstanding option grants is four times an executive’s annual remuneration. As the company wishes to move towards
regular phasing of option grants on an annual basis, it is proposed that this limit is replaced by a new limit such that the value of shares under
options granted to an executive in any ﬁnancial year is limited to twice basic salary. Where an executive also receives an award under the
Performance Share Plan in the same ﬁnancial year, the limit on option grants will be reduced to one times salary, unless the Remuneration
Committee determines that there are exceptional circumstances.
Performance conditions
The exercise of future options granted under the ESOS is to be subject to a more demanding performance condition. Currently, options may
be exercised if the company’s earnings per share growth exceeds RPI by an average of 3% per annum over any three year period during the
life of the option.
The revised performance conditions (as set out below) will initially be tested after three years. If they are not satisﬁed at this point, performance
may be retested once only after four years, from a ﬁxed base point. To the extent that the performance target has not been met at the end
of the fourth ﬁnancial year, options will lapse.
The revised performance condition will continue to be based on the company’s normalised earnings per share growth (being before exceptional
items, discontinued operations and goodwill amortisation) relative to the growth in RPI over the same period, and the following targets will
apply for options granted in 2003:
Portion of option grant Applicable performance target – average annual EPS growth
Up to 0.5 times salary RPI + 4% per annum (i.e. 12% EPS growth over three years in excess of inﬂation)
0.5 times salary – one times salary RPI + 4%-7% per annum (i.e. 12%-21% EPS growth over three years in excess of inﬂation)
In excess of one times salary RPI + 7%-12% per annum (i.e. 21%-36% EPS growth over three years in excess of inﬂation)
For example, in the case of an option grant of one times salary, the ﬁrst 0.5 times salary would be exercisable at EPS growth of RPI + 4% per
annum. The additional 0.5 times salary would be exercisable in full at EPS growth of RPI + 7% per annum and, at EPS growth of RPI + 6%
per annum, two thirds of the additional 0.5 times salary would be exercisable.
The Remuneration Committee will review the performance conditions each time options are to be granted, in order to ensure that they remain
challenging in the context of the company’s business plans.
If an employee leaves the Securicor group, or in the event of a change of control or reconstruction of the company, options granted after the
Annual General Meeting in 2003 will only be exercisable if the performance condition (reduced pro rata to the time the option has been held)
has been met, unless the Remuneration Committee determines that there are exceptional circumstances which justify the disapplication of the
performance condition.
Dilution limits
Currently, there are two dilution limits in the ESOS. No more than 7.1% of the issued ordinary share capital in aggregate may be allocated
under all of the company’s share option schemes up until 30 April 2006, and no more than 3.4% of the issued ordinary share capital may
be allocated under discretionary executive share options schemes over this period.
These limits correspond to a 10% limit in any ten year period on all options and a 5% limit in any ten year period on discretionary executive
options since they take into account options granted by Securicor (1996) plc, the group’s previous holding company, since 30 April 1996 and
which had either been exercised or were outstanding at the time of the Scheme of Arrangement in November 1999.
It is proposed that the 3.4% limit on discretionary executive options be removed, leaving in place only the 7.1% limit on all option grants.
The Remuneration Committee believes that it is important to have the ﬂexibility to determine how shares will be allocated amongst the company’s
various employee share schemes. A relatively high number of executives have been included in the ESOS, as this is regarded as an important
means of ensuring that executives in the company’s different businesses throughout the world have a common focus. The Remuneration
Committee will ensure that the shares available for the grant of executive share options will be allocated in approximately four equal tranches
over the next four years.
Notice of meeting (continued) Notice of meeting (continued)
2 ADOPTION OF THE PERFORMANCE SHARE PLAN
Introduction
The Remuneration Committee wishes to establish a Performance Share Plan (the “PSP”) under which senior executives will receive conditional
allocations of Securicor plc ordinary shares which are released to them only on the achievement of demanding performance targets.
Alternatively, awards may be structured as nil risk options.
The PSP will use market purchased shares rather than new issue shares.
None of the beneﬁts under the PSP are pensionable.
Eligibility
The Remuneration Committee may select employees and executive directors of the company and its subsidiaries for participation in the PSP.
It is proposed that only senior executives will normally be selected for participation.
Individual limit
The maximum annual award of shares under the PSP will be one times basic salary per annum. However, where executives also participate
in the ESOS in the same ﬁnancial year, awards will not exceed half of basic salary, unless the Remuneration Committee determines that there
are exceptional circumstances. No amount is payable by participants on allocation.
Performance conditions
The extent to which the initial allocations under the PSP vest will be determined by the company’s normalised earnings per share growth 
(being before exceptional items, discontinued operations and goodwill amortisation) relative to the growth in RPI, and the following targets
will apply for awards granted in 2003:
Average annual growth in EPS Proportion of allocation vesting
RPI + 5% per annum (i.e. 15% over three years) 35%
RPI + 12% per annum (i.e. 36% over three years) 100%
RPI + 5%-12% per annum Pro rata between 35% and 100%, calculated on a straight-line basis
Less than RPI + 5% per annum Nil
These performance conditions will be measured over a single three-year period only. There will be no provision for retesting.
Unless the Remuneration Committee determines that there are exceptional circumstances, the performance conditions will continue to apply
(pro rata to the time the allocation has been held) if an employee leaves the Securicor group, or in the event of a change
of control or restructuring of the company.
The Remuneration Committee will review the performance targets each time allocations are to be made in order to ensure that the targets
are challenging in the context of the company’s business plans.
Cessation of employment
If a participant ceases to be employed within the Securicor group prior to the third anniversary of the making of the allocation, as a result
of injury, disability, retirement, redundancy, sale of the business or subsidiary for which the participant works, death or other circumstances
at the trustee’s discretion, the trustee may release the shares held (subject to achievement of the performance conditions) to the participant.
Takeover and reconstruction
In the event of a takeover or restructuring of the company, the trustee may release the shares held (subject to performance) to the participant.
In the event of a takeover or restructuring not involving a change of control the trustee may permit the PSP to continue with allocations over
replacement shares.
Variation of share capital
The rights of participants following any rights issue or capitalisation issue or other variation of share capital may be adjusted in such manner
as the trustee may determine.
74 Securicor Annual Report and Accounts 2002 Securicor Annual Report and Accounts 2002 75
Amendments
The Remuneration Committee may, with the concurrence of the trustee, amend the provisions of the PSP. However, the prior approval of
shareholders in general meeting will be required for amendments to the advantage of participants relating to eligibility, participants’ entitlements,
individual limits, takeover provisions and variations of share capital (except for minor amendments to beneﬁt the administration of the PSP,
or any amendments to take account of any change in legislation or to obtain or maintain favourable tax, exchange control or regulatory
treatment for participants or for the company or its subsidiaries).
Employee beneﬁt trust
An employee beneﬁt trust will be established to operate in conjunction with the PSP, and may also be used in conjunction with the company’s
other share schemes. It will provide the company with ﬂexibility in the sourcing of shares for the schemes. The trust may be used to beneﬁt
employees and former employees of the company and its subsidiaries.
The company and its subsidiaries may fund the trust by loan or gift to acquire shares in the company by market purchase or by subscription.
Any options to subscribe for shares granted to the trust or shares issued to the trust (where the trust does not acquire shares by market purchase)
will be treated as counting against the normal dilution limits contained in the rules of the relevant share schemes.
The trust will be constituted by trust deed to be entered into between the company and an independent professional trustee (which may be
onshore or offshore) and shall be of 79 years duration. The company will have power to appoint and remove the trustee. The trust may be
amended by the company and the trustee provided that no amendment shall have the effect of conferring any beneﬁt on the company or
causing the trust to cease to be an employees’ share scheme within the meaning of s.743 of the Companies Act 1985 or a trust to which s.86
of the Inheritance Act 1984 applies.
The trust will not, without prior shareholder approval, make an acquisition of shares where it would then hold more than 5% of the company’s
issued share capital.
Notes:
(a) Every member entitled to attend and vote at the meeting may appoint another person as his/her proxy or proxies to attend and, on a poll,
to vote thereat instead of him/her and such proxy or proxies need not be a member or members. Forms appointing proxies must be deposited
at the ofﬁce of the company’s registrar by 11.00 am on 11 March 2003. The appointment of a proxy or proxies will not prevent a member
from attending and voting at the annual general meeting should he or she decide to do so.
(b) Copies of the following documents will be available for inspection at the registered ofﬁce from the date of the above notice until the date
of the meeting and at the place of the meeting from 15 minutes prior to until close of the meeting:
(i) the rules of the Securicor Executive Share Option Scheme marked up to show the proposed amendments;
(ii) the draft trust deed and rules of the Securicor 2003 Performance Share Plan;
(iii) copies of the directors’ service contracts.
(c) To have the right to attend and vote at the meeting (and also for the purposes of calculating how many votes a person may cast), a person
must have his or her name entered on the register of ordinary shares by no later than 11.00 am on 11 March 2003. Changes to entries
on the register after this time shall be disregarded in determining the rights of any person to attend or vote at the meeting.
Notice of meeting (continued) 76 Securicor Annual Report and Accounts 2002
Financial calendar and corporate addresses
Results announcements
Interim results – late May
Final results – early December
Dividend payment
Interim paid – 30 September 2002
Final payable – 4 April 2003
Annual General Meeting
13 March 2003
Registered ofﬁce
Sutton Park House
15 Carshalton Road
Sutton
Surrey SM1 4LD
Telephone: 020 8770 7000
Registrars and transfer ofﬁce
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Telephone: 020 8639 2000
Auditors
Baker Tilly
Chartered Accountants
Registered Auditors
2 Bloomsbury Street
London WC1B 3ST
Financial PR consultants
Citigate Dewe Rogerson
3 London Wall Buildings
London Wall
London EC2M 5SY
Stockbrokers
Cazenove & Co. Limited
12 Tokenhouse Yard
London EC2R 7AN
Deutsche Bank AG London
Winchester House
1 Great Winchester Street
London EC2N 2DB
Financial advisors
Morgan Stanley & Co. Limited
25 Cabot Square
Canary Wharf
London E14 4QA
Securicor web-site address
www.securicor.com Contents
Vision 1
Financial highlights 1
Group at a glance 2
Chairman’s statement 4
Chief Executive’s review 6
Our philosophy 10
Regional review 12
Financial review 22
Corporate social responsibility 26
Board of directors 28
Report of the directors 31
Directors’ responsibilities 39
Report of the independent auditors to the members 
of Securicor plc 39
Consolidated proﬁt and loss account 40
Consolidated balance sheet 41
Consolidated cash ﬂow statement 42
Statement of total recognised gains and losses 43
Note of historical cost proﬁts and losses 43
Reconciliation of movement in equity shareholders’ funds 43
Statement of accounting policies 44
Notes to the consolidated accounts 46
Parent company balance sheet 69
Notes to the parent company balance sheet 70
Group ﬁnancial record 71
Notice of meeting 72
Financial calendar and corporate addresses 76
Designed and produced by Merchant with Carrow Design. Printed by St Ives Westerham Press. Annual Report and Accounts 2002
Annual Report and Accounts Year ended 30 September 2002
Securicor plc
Sutton Park House
15 Carshalton Road
Sutton
Surrey SM1 4LD
Telephone: 020 8770 7000
Registered no. 3811216