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SSP Group Plc Annual Report and Accounts 2020 SSP Group Plc Annual Report and Accounts 2020

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SSP Group Plc Annual Report and Accounts 2020 SSP Group Plc Annual Report and Accounts 2020 SSP Group plc Annual Report and Accounts 2020 SSP Group plc Annual Report and Accounts 2020 CONTENTS OUR BUSINESS AT A GLANCE Strategic Report IFC Our business at a glance SSP IS A LEADING 02 Chairman’s statement 03 Chief Executive’s statement OPERATOR OF FOOD 04 Our marketplace AND BEVERAGE OUTLETS 06 Our business model 08 Our strategic priorities IN TRAVEL LOCATIONS, 10 Our stakeholders PRINCIPALLY AIRPORTS 11 Section 172 statement 12 Corporate Responsibility Report AND RAILWAY STATIONS. 20 Non-financial information statement All of our outlets, from quick service to fine dining, are 21 Financial review developed or tailored to be run in high-volume travel 30 Key performance indicators locations to meet the evolving needs of our customers 33 Risk management and principal risks and our clients. Corporate governance Our people are the heart of our business. Our colleagues 44 Board of Directors around the world demonstrate knowledge, passion and 46 Corporate Governance report the highest possible standards in everything they do. 56 Audit Committee report 62 Statement by the Chair Prior to the onset of Covid-19, we had a very strong of the Remuneration Committee track record of delivering profit growth since our IPO 68 Annual report on remuneration in 2014. 77 Directors’ remuneration policy 86 Directors’ report 92 Statement of Directors’ Performance since IPO responsibilities Revenue (actual currency – £m) 2020 performance Financial statements has been significantly ,. ,. 93 Independent auditor’s report , . +. impacted by Covid-19 +. , . ,. +. with the almost total 101 Consolidated income statement +. +. ,. -. shutdown of the 102 Consolidated statement of other comprehensive income k global travel market 2015 2016 2017 2018 2019 2020 in April and May and a 103 Consolidated balance sheet very slow and erratic 104 Consolidated statement recovery thereafter. of changes in equity Underlying operating profit/(loss)* (actual currency – £m ) . 105 Consolidated cash . +. +. +. flow statement +. +. - . 106 Notes to consolidated - . financial statements 150 Company balance sheet 2015 2016 2017 2018 2019 2020 151 Company statement *Stated on a Pro forma IAS 17 underlying basis. Refer to section on Alternative of changes in equity Performance Measures (APMs) on page 31 for further details 152 Notes to the Company financial statements 161 Company information 01 SSP Group plc Annual Report and Accounts 2020 Strategic Report Corporate governance Financial statements WE ARE THE FOOD TRAVEL EXPERTS Our purpose Our values To be the best part of a customer’s journey We are one team… by providing delicious food and drink for working together and sharing our best ideas to fulfil our people who are on the move. global potential. We are results focussed… delivering great food and service Our ambition for our customers and outstanding results for our colleagues, shareholders and clients. To be the leading food and beverage operator in travel locations worldwide, delivering for We all make a difference… respecting each other, acting all of our stakeholders. responsibly and being accountable for the contributions that we make. We are bold… seizing opportunities, innovating and quickly adapting every day. We celebrate success… recognising and valuing everyone’s achievements. 550 + brands 600 + sites 2,700 + units* 35 North America: 19%* UK (including Republic of Ireland): 30%* countries Continental Europe: 37%* Rest of the World: 14%* * Trading or temporarily closed as at year end * Percentage of Group total revenue in 2019 02 SSP Group plc Annual Report and Accounts 2020 CHAIRMAN’S STATEMENT Decisive action to protect the business through the pandemic Covid-19 has had an unprecedented impact on SSP and the wider travel industry. From the outset, we took rapid and decisive action to protect the health and safety of our teams and our customers, as well as to protect the business by reducing operating costs, minimising cash usage and raising additional liquidity, to enable it to trade through a prolonged recovery. Our strategic priority, in this period of great uncertainty, has been to establish a lean and flexible organisation, whilst retaining the capability to reopen our outlets and rebound rapidly as the travel sector reopens. The strength of the business model, our portfolio of long-term contracts and attractive brands, and our highly skilled team leave SSP well placed to capitalise on the recovery. Outstanding commitment from an experienced and dedicated team On behalf of the Board, I would like to take this opportunity to thank our teams around the world for their support. The action taken to protect the business and prepare for our re- The strength of the launch has been achieved though the commitment and focus of all our dedicated colleagues. Significant sacrifices have been made by those who have left the organisation and those business model, our who have worked tirelessly to protect it. It remains our intention to re-open units quickly as demand for travel returns and welcome colleagues back to SSP. portfolio of long- Dividends term contracts and After delivering five years of 22% average dividend growth per annum, the impact of the pandemic has resulted in the business making a loss for the year. As such, no full year dividend attractive brands, will be paid for the 2020 financial year. Corporate Governance and the Board and our highly skilled Our strategy is underpinned by a commitment to a high standard of corporate governance, and the members of the Board are responsible for ensuring we do so. We bring a diverse range team leave SSP well of skills and experience to sit alongside that of the Executive Committee. We regularly review the Board composition to ensure we have the right balance of individuals with the right set placed to capitalise of skills, and this past year we made two additional appointments to strengthen the Board. Judy Vezmar joined on 1 August and brings strong expertise in the field of data and analytics. on the recovery. Tim Lodge joined on 1 October, bringing a wealth of financial expertise, as well as experience in the food and beverage industry. I look forward to working with them and would like to thank all Board members for their valuable contributions and oversight throughout the past year, especially as we’ve navigated the challenges brought about by the pandemic. Corporate Responsibility Having engaged with our stakeholders to better understand their expectations, we have re-launched our Corporate Responsibility strategy this year focussing on those areas where SSP can have the greatest positive impact. Our principal focus will be on our people and communities, the food and drink we serve, and our impact on the planet. This programme will be spearheaded by the Group CEO, with oversight from the Board. Further information on the progress we’ve made in the past year and our future focus can be found in the Corporate Responsibility Report, and I would like recognise our teams who donated food and their own time to support local relief efforts during the crisis. Looking to the future This has been an extraordinary year for our business, but I am confident that we have taken all the necessary actions to ensure we weather this storm and put the business in a position of strength as we prepare for a recovery. The first half of this new financial year is expected to remain challenging, but looking into our second half and towards the summer, we expect to see an increase in passenger numbers, and we will be ready to serve them. Longer term, we remain confident that the travel market will recover, and as we continue to strengthen our competitive position, we will return to delivering long-term sustainable growth for all of our stakeholders. Mike Clasper Chairman 16 December 2020 03 SSP Group plc Annual Report and Accounts 2020 Strategic Report Corporate governance Financial statements CHIEF EXECUTIVE’S STATEMENT Overview My first full year as CEO of SSP has seen both significant challenges and also considerable learnings. We have worked decisively and flexibly to address the impact of the pandemic. At the outset of the crisis, we took a cautious approach to the timing of the recovery. We assumed it would be prolonged, and therefore proactively planned our actions accordingly. We immediately raised additional liquidity and hibernated our units, whilst developing a more flexible operating model that has enabled us to reopen in line with demand. Our teams all around the world have risen to the challenge and demonstrated their professionalism, resilience, team spirit and ‘can do’ attitude every single day. We have strengthened our competitive advantages, and we are in a strong position to rebound as travel recovers. I would like to personally thank my Executive team for their support and tenacity. Our response to the crisis and preparing for the future When the virus first emerged, our immediate priorities were to ensure the health and safety of our colleagues and protect our business. We temporarily closed the majority of Our teams all around our units, furloughing team members where schemes existed, and engaged with our clients to renegotiate rents. We also reduced discretionary spend and capex to the minimum. the world have risen Our relentless focus on cash control has enabled us to minimise cash outflows and with liquidity of more than £500m at the year end ,we have considerable headroom to trade to the challenge and through the crisis. demonstrated their After a near shutdown in April, demand gradually started to increase led by domestic rail and air leisure travel. We responded quickly, reopening units systematically and profitably, and professionalism, by the end of the year, we had more than one third of our units open. During the pandemic, we have looked to strengthen our relationships with our clients and have evolved our offer to resilience, team meet the needs of our customers.
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