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Annual Report and Sustainability Report 2018

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Annual Report and Sustainability Report 2018 Introduction Strategy Our operations Corporate Governance Report Sustainability Report Financial statements Loomis Clickable PDF Annual Report and Sustainability Report 2018 1 › Introduction Strategy Our operations Corporate Governance Report Sustainability Report Financial statements About Loomis President’s statement Contents Strategy page 8 Our operations page 20 Sustainability Report page 55 Financial statements page 71 Introduction Corporate Governance Report Financial statements Calendar 2019 About Loomis 3 Corporate governance 40 Administration Report 72 Loomis’ Annual General Meeting 2019 will take President's statement 6 Internal Control and Group place at on Wednesday, May 8 at 3 pm CEST at Risk Management 46 Statement of income 77 Konserthuset, Stockholm, Sweden. Read more on page 136. Strategy Board of Directors 50 Balance sheet 78 Strategy 9 Group Management 52 Statement of cash flows 79 Interim report Jan – March April 25, 2019 Strategic targets 13 Signatures and auditor’s statement 54 Statement of changes in equity 80 Interim report Jan – June July 25, 2019 Interim report Jan – Sep November 1, 2019 The Loomis Model 18 Notes 81 Sustainability Report Parent Company Our operations Sustainability Report 56 Statement of income 120 About this report Business climate and markets 21 Results 64 Balance sheet 121 The formal Annual Report is presented on pages The Loomis offering 23 Key ratios 65 Statement of cash flows 122 72–129. Sustainability is integrated into the Group’s GRI Index 68 operations and the statutory Sustainability Report, Segment Europe 26 Statement of changes in equity 122 including the GRI Index, are presented on pages Segment USA 28 Signatures and auditor’s statement 70 Notes 123 55–70. Segment International 30 Auditor’s Report 130 This is a translation of the original Swedish Annual Employer responsibility 32 Five-year overview 134 Report. In the event of differences between the Risk management 34 Notice of Annual General Meeting 136 English translation and the Swedish original, the Swedish Annual Report shall prevail. The share 36 Unless otherwise specified, Loomis’ internal investigations and studies have been used. 2 › Introduction Strategy Our operations Corporate Governance Report Sustainability Report Financial statements About Loomis President’s statement About Loomis Operations Geographic footprint and segments Loomis improves cash flow efficiency in society Leading player in multiple markets REVENUE BY SEGMENT Loomis’ service offering consists of national cash handling Loomis holds a strong position in Europe where the Group is number one or two in the market and international valuables logistics. Loomis’ services help for national cash handling services in most of the countries where Loomis operates. In the customers in the banking sector and in retail to increase their USA, Loomis is one of the leading players in cash handling with a market share of around 30 efficiency and reduce their risks. The national cash handling percent. With offices in the world’s most important financial centers and logistics hubs, Loomis offering consists of cash-in-transit and cash management ser- International is a leading player in the global market for cross-border transportation, and man- vices as well as comprehensive solutions, such as SafePoint. agement and storage of precious metals, foreign currency, diamonds and other jewelry. Cash-in-transit is the single largest service area. The interna- tional offering consists of services for cross-border transporta- Read more about the business environment and markets on pages 21-22. ■ Europe, 51% tion, and management and storage of foreign currency, ■ USA, 44% ■ International, 5% precious metals and other valuables. Revenue Group 2018: SEK 19.2 billion Cash in Transit, Cash Management SafePoint International CIT Services, CMS Services Read more about Loomis’ offering on pages 23-25. EBITA BY SEGMENT Strategy Sustained growth and new services Loomis intends to grow both organically and through acquisi- tions in the growing and changing cash handling and valuables logistics markets. Increased profitability will be achieved by de- veloping the Company’s core business and entering new areas of the cash management value chain, and over time through ■ Europe, 49% new payment services. Other examples of movement in the ■ USA, 48% ■ International, 3% value chain are increased offerings in foreign currencies, ATM forecasting services and other digital solutions. The strategy for EBITA Group 2018: 2018–2021 is based on five pillars: SEK 2.2 billion 1. Accelerate the core business 2. Launch adjacent new services Leading the transformation 3. Move up the value chain of the Cash 4. Strengthen geographic & technology footprint Ecosystem 5. Protect and build the Loomis way of working The South American operations are reported and followed up within Segment Europe. Read more about Segment Europe on pages 26-27, about Segment USA on pages 28-29 and about Segment International on pages 30-31. Loomis' head office is located in Stockholm, Sweden. Read more about Loomis’ strategy on pages 9-12. 3 › Introduction Strategy Our operations Corporate Governance Report Sustainability Report Financial statements About Loomis President’s statement About Loomis – continued The year in figures Sustainability Focus on safety, the environment and our people Out of all the focus areas, three have been identified as ex- Key ratios 2018 2017 2016 Loomis provides a key function in society. The Company ternal targets integrated into the Group’s 2018–2021 strat- ensures that cash, foreign currency and other valuables are egy period: zero workplace injuries, 30 percent reduction in Revenue, SEK m 19,168 17,228 16,800 in the right place at the right time. Strong mutual trust be- carbon emissions and 30 percent reduction in the use of Real growth, % 8 3 5 tween Loomis, the customers and the community is there- plastics. Organic growth, % 3 2 5 fore essential. Maintaining this trust depends on Loomis be- ing a responsible actor in the long and short term. The Operating income (EBITA), SEK m 2,200 2,093 1,890 Group’s responsibility as an employer for its employees, for Operating margin (EBITA), % 11.5 12.1 11.2 the environment and for risk and safety procedures is a key Read more about Loomis' risk management on Net income for the year, SEK m 1,538 1,428 1,258 element of Loomis’ sustainability efforts. pages 34-35 and Loomis' Sustainability Report starting on page 55. Earnings per share, SEK 20.45 18.99 16.73 Dividend per share, SEK 101) 9 8 Dividend as a percentage of net income, % 49 47 48 Number of full-time employees 24,790 22,811 21,983 Number of workplace injuries 214 1652) N/A 3) The share SHARE PRICE PERFORMANCE AND TURN OVER VOLUME Direct carbon emissions, CO2 e 153,657 156,124 N/A Share price, SEK Number of shares traded, thousands Plastics usage, thousand kg 1,645 1,810 N/A 40-60% of net earnings are distributed to shareholders 400 20,000 1) Refers to proposed dividend for 2018. Loomis’ dividend policy has been unchanged 2) 2017 numbers have been updated to facilitate future comparison between the segments. 3) 2017 numbers have been restated to reflect a change of methodology for calculations. since 2010, 40–60 percent of the Group’s net 320 16,000 earnings are to be distributed to the sharehold- ers. For the 2018 financial year Loomis’ Board 240 12,000 of Directors has proposed a dividend of SEK REVENUE AND PROFITABILITY 10.00 per share. The proposal represents 160 8,000 SEK m % around 49 percent of net earnings and a 20 000 13 dividend yield of around 3 percent, based 80 4,000 on the share price at December 31, 2018. 15 000 12 0 0 2014 2015 2016 2017 2018 10 000 11 Loomis B Number of shares traded, thousands per month Read more about Loomis' share on pages 36-38 OMX Stockholm_PI Source: 5 000 10 and corporate governance starting on page 39. 0 9 2014 2015 2016 2017 2018 ■ Revenue, SEK m EBITA, % 4 › Introduction Strategy Our operations Corporate Governance Report Sustainability Report Financial statements About Loomis President’s statement About Loomis – continued Significant events in 2018 First quarter Second quarter Third quarter Forth quarter Acquisition of KGW in Germany Acquisition of CPoR in France Loomis and Sonect will become global Restructuring of Loomis International In January, Loomis acquired the German com- In June Loomis entered into an agreement to partners To take better advantage of future growth oppor- pany KÖTTER Geld- und Wertdienste (KGW), acquire the French company CPoR Devises In July, Loomis and Sonect AG (Sonect) en- tunities and create additional cost synergies, which offers national cash handling services, (CPoR). The company offers foreign currency tered into a strategic partnership agreement. Loomis’ Segment International ceased to exist has around 800 employees and the annual services as well as physical gold for investment Sonect is based in Switzerland and the compa- as a separate segment on January 1, 2019. revenue in 2017 was approximately EUR 45 purposes. CPoR has around 130 employees ny's platform enables retailers to serve as “vir- From an organizational perspective the seg- million. The acquired operations is reported in and the annual revenue in 2017 was approxi- tual ATMs.” It gives consumers access to their ment is being divided up geographically into re- Segment Europe. mately EUR 37.5 million. The acquisition digital cash and enables withdrawing it as gions USA and Europe, and financial data for expands Loomis’ foreign currency services physical cash in many more locations than to- Segment International will no longer be reported Acquisition of Sequel in the USA offering in Europe and will be reported under day. This reduces cash management costs for separately as of the first quarter of 2019. In January, Loomis acquired the company Segment Europe. banks and facilitates cash management for re- Sequel International Logistics (USA) Inc.
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