Annual Report 2017 at a Glance
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Creating Confidence Annual Report 2017 www.gi-de.com At a Glance Giesecke+Devrient Group EUR million 2017 2016 Change Sales 2,136.4 2,089.0 2.3% Capital expenditure 94.9 101.7 −6.7% Research and development 125.7 111.5 12.7% EBITDA (adjusted) 234.4 232.2 0.9% EBIT (adjusted) 129.8 125.2 3.7% Net income 67.0 52.5 27.6% Employees as of December 31 11,600 11,300 2.7% Sales by Subgroup EUR million Currency Technology 2017 1,017 2016 928 Mobile Security 2017 812 2016 863 Veridos 2017 167 2016 183 secunet 2017 158 2016 115 Giesecke+Devrient Creating Confidence Security, trust, and quality of life – Giesecke+Devrient is committed to achieving these three objectives and making everyday life easier for billions of people around the globe. What began as an ambitious startup in the 19th century is now a major international group that combines the expertise and passion of over 11,600 employees across 32 countries. Every single staff member strives to meet a common goal: progress, not for its own sake, but first and foremost to benefit people’s lives. As the initiator of this progress, we often remain in the background. After all, the emphasis should be on the gains for our customers, not on who delivered them. Looking back at fiscal 2017, we can reflect on a successful year that paved the way for further growth. Facing forward, CEO Ralf Wintergerst outlines our strategy for the future from page 4. We see our success as confirmation of our G+D philosophy. Once again, we have been able to demonstrate the compelling advantages of our technologies and services to customers from the state sector and private industry. We have also again played our part in meeting the constantly increasing need for security within our society. – We make payment processes safer, thus strengthening people’s trust in each other. – We protect identities and ensure passports, ID cards, driver’s licenses, and many other means of authentication are secure. – We guarantee the connectivity of mobile applications as an essential prerequisite for modern communication, both in private life and in the workplace. – We also pursue new and innovative solutions for IT and data security and provide our customers with a fully protected digital environment for their data and infrastructures. In this annual report, we take a look at the people behind Giesecke+Devrient’s success stories. Starting on page 10, we introduce some of the customers who have chosen our products, as well as staff members who are likewise motivated and inspired by the quality of what we offer. These examples reveal what no report or figures alone could ever show: the vital relevance of what we do for people’s day-to-day activities and quality of life. Contents 4 – 5 6 – 7 8 – 9 Interview with the Management of Supervisory Chairman of the Giesecke & Devrient GmbH Board Report Management Board and G&D subgroups 10 – 21 22 – 29 30 – 49 Our Markets Our Group Management and Solutions Responsibility Report 50 – 111 112 113 Consolidated Corporate Legal Notice Financial Bodies Statements 3 Company Structure Giesecke+Devrient Group Head office Number of employees Munich 11,600 Sales EUR 2,136 million G+D G+D Currency Technology Mobile Security Head office Core expertise Head office Core expertise Munich Solutions for the entire Munich Solutions for secure and banknote lifecycle convenient digital mobility Veridos secunet 60% 79.43% Head office Core expertise Head office Core expertise Berlin Solutions for identity Essen Solutions for reliable, management and verification high-quality IT security Giesecke+ Devrient Interview 4 Annual Report 2017 Interview Ralf Wintergerst Chairman of the Management Board, CEO As Chairman of the Management Board, Ralf Wintergerst is responsible for the global activities of Giesecke+Devrient (G+D), which employs more than 11,000 people and has sales of over EUR 2 billion. In the following interview, he discusses the impact of digitalization, the importance of major contracts for the business, and what agility and adaptability mean to G+D. Mr. Wintergerst, a lot of changes have Were you successful in that respect in taken place at G+D over recent months. fiscal 2017? You have presented a new corporate Looking at our figures, it’s apparent that structure, a fresh brand concept, and a we are very successful in meeting the needs modified strategy. Why the urgency? of our markets and customers. Following The world around us is moving fast. It’s a record year in 2016, we were able to further therefore completely natural that we also increase both sales and earnings in 2017. All need to take action and make changes, four subgroups made a positive contribution because we want to stay in the driver’s seat. to results. At the Group level, we are seeing Agility and adaptability are thus essential, particularly robust growth in our solutions and are something we practice across the business – that is, in the combined application entire Group. Ultimately, they also enable us of products, services, and software solutions. to boost our resilience in dynamic markets. We have grown this sector by more than 10 percent within a year. Overall, this puts us in an excellent position to achieve what we set out to do. 5 And what is that? We’re investing significant sums in enhancing Our aim is to make critical applications more our IT infrastructure. The three major focus secure in modern societies. We want to areas here are the digital interface with our safeguard payments, people’s identities, IT, customers, end-to-end processes, and and data, as well as connectivity – both of establishing new digital business models. mobile applications and within the Internet In the latter case, we’re advancing a number of Things. In the age of digitalization, these of initiatives in-house and in some areas issues are becoming more pressing every day. together with partners. We’ve established Last year, we significantly strengthened our G+D advance52, for instance – our new digital portfolio in precisely these segments, in part unit – and are tackling important technologi- by way of moderate, targeted acquisitions. cal issues in think tanks involving participants The ongoing development of our business is from across the organization. We have already now focused on three priority areas: intelli- made real progress on blockchain applica- gent automation, digital transformation, and tions, biometrics, and digital currencies, for cyber security. That is where we see the example. We aim to test innovations fast best growth opportunities for G+D across all using agile methods and also make decisions business segments. quickly about next steps and investments. G+D has signed a contract worth EUR 260 million with the Central Bank » Agility and adaptability of Egypt. How important are major contracts like this for G+D? Major contracts have always been a key are essential for us as a part of G+D’s business. Our customers know that we can offer comprehensive expertise in integration and solutions, across all our company. They also enable strategic business areas. Our latest major con- tract in Egypt is a prime example. It involves implementing an integrated solution for the us to boost our resilience production, storage, and circulation of cash using advanced IT and logistics systems. To us, this means engaging with the customer’s in dynamic markets.« requirements right along the process chain and ensuring every need is met. Demand for secure solutions for the To round off, let’s take a look at future digital world is rising steadily. What developments. What’s next for G+D in progress is G+D making in terms of 2018? developing the relevant applications? We’re cautiously optimistic about 2018. At G+D, we’ve been committed to safeguard- Cautious due to the rapid pace of change in ing digital transformation for some time industry and the wider economy and also in now. Across the Group, our applications and view of elevated political uncertainty around solutions business for IT and data security the world. Our optimism is based on the grew by more than 40 percent in the past many great ideas we can leverage. Across all year. We continue to see rising demand in the our business segments, we have the determi- government sector and, increasingly, from nation and drive to continue making progress. industry too. Cyber security is becoming ever What’s more, we have a portfolio that covers more important, especially around payment the major issues of our time: payment, technologies, connectivity – the automotive identities, connectivity, and IT and data sector being a case in point – and, of course, security in both the physical and the digital the protection of digital identities. world. The aim now is not only to improve our performance in terms of financial indica- G+D helps governments, public authori- tors by the end of 2018, but also – even more ties, banks, automakers, and industrial importantly – to continue enhancing the enterprises to secure their digitalization strength and robustness of our solutions and strategies. What action is G+D itself our service portfolio. I’m excited about taking with regard to digital transfor- tackling these tasks together with our teams mation? around the globe. Giesecke+ Devrient Management 6 Annual Report 2017 Giesecke & Devrient GmbH and G&D subgroups Management Ralf Wintergerst Chairman of the Manage- ment Board and CEO, Giesecke & Devrient GmbH Ralf Wintergerst has been Chairman of the Management Board of Giesecke+Devrient since November 2016. In addition to his duties as CEO, he is responsible for over- seeing various central services, comprising Information Systems, Corporate Security, Compliance Management and Auditing, Mergers & Acquisitions, Corporate Communications, Corporate Strategy and Development, Law, and Corporate Governance.