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Annual and Sustainability Report 2019

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Annual and Sustainability Report 2019 Annual and Sustainability Report 2019 Intelligent security for a safer world ABOUT SECURITAS An eventful year Securitas is in a period of accelerated transformation, from the leader in guarding services and protective services towards leadership in intelligent services. We have an attractive offering of protective services, including on-site, mobile and remote guarding, electronic security, fire and safety, and corporate risk management. With operations in 56 countries in Europe, North America, Latin America, Africa, the Middle East and Asia, we have the power of presence, and our 370 000 skilled and engaged employees make a difference for our clients every day. Securitas clients’ are found in all different industries and they are of all sizes. We adapt our security solutions based on the risks and needs of each client through increased client engagement and continuously enhanced knowledge. To enhance efficiency and producti- vity we are modernizing and digitizing our operations. We are also investing in intelligent products and services, both by improving existing services and by developing new ones. 370 000 56 EMPLOYEES NUMBER OF COUNTRIES WITH OPERATIONS 110 899 150 000 TOTAL SALES, MSEK NUMBER OF CLIENTS (EXCLUDING MONITORING-ONLY CLIENTS) 150 89% NUMBER OF GLOBAL CLIENTS CLIENT RETENTION RATE 9.20 4.80 EARNINGS PER SHARE, SEK PROPOSED DIVIDEND, SEK 0.19 2.2 FREE CASH FLOW NET DEBT TO TO NET DEBT EBITDA RATIO Securitas Annual and Sustainability Report 2019 Content ABOUT SECURITAS 2019 in two minutes 2 CEO statement 4 Market and trends 6 Value creation 10 Targets 12 The Global goals 13 OUR STRATEGY Empowered people 16 Client engagement 17 Protected services and innovation 18 Efficiency 19 OUR OPERATIONS Customer segments 24 Our responsibilities 30 CORPORATE GOVERNANCE AND MANAGEMENT Compliance with the Code 32 Comments by the Chairman 33 Securitas governance model 34 Board of Directors 40 Group Management 42 Enterprise risk management 44 and internal control ANNUAL REPORT Report of the Board of Directors 57 Consolidated financial statements 68 Notes and comments to the consolidated financial statements 75 Parent Company financial 128 statements Notes and comments to the Parent Company financial statements 131 Signatures of the 138 Board of Directors Auditor’s report 139 SUSTAINABILITY NOTES 144 Assurance report 158 Quarterly data 160 The Securitas share 162 Financial information and invitation 164 to the Annual General Meeting This is a translation of the original Swedish Annual Report. In the event of differences between the English translation and the Swedish original, the Swedish Annual Report shall prevail. 2019 IN TWO MINUTES 2019 in two minutes 2019 was a good year for Securitas. Organic sales growth was 4 percent (6) and the operating margin was stable at 5.2 percent (5.2). HIGHLIGHTS DURING THE YEAR • A strategic transformation ambition was set – to double our security solutions and electronic security sales by 2023, compared with 2018 • Sales of security solutions and electronic security represented 21 percent of total sales in 2019, a growth with 10 percent compared with 2018 • The two major transformation programs in the further digitization of the company are progressing according to plan • Major acquisitions included Global Elite Group, a security services provider to the aviation industry in the US, the electronic security company Allcooper Group in the UK and Staysafe, an alarm monitoring company in Australia KEY RATIOS MSEK 2017 2018 2019 Sales 92 197 101 467 110 899 Organic sales growth, % 5 6 4 Operating income before amortization 4 697 5 304 5 738 Operating margin, % 5.1 5.2 5.2 Income before taxes 4 018 4 028 4 618 Net income for the year 2 751 3 021 3 362 Earnings per share, SEK 7.53 8.26 9.20 Free cash flow 2 290 1 884 3 268 Free cash flow to net debt ratio 0.19 0.13 0.19 Net debt to EBITDA ratio 2.0 2.3 2.2 Dividend per share, SEK 4.00 4.40 4.80* Sales of security solutions and electronic security, % of total sales 18 20 21 Sales of security solutions and electronic security, growth % 19 21 10 * Proposed dividend Diagram_BV_sid 117 / 1 Diagram_BV_sid 117 / 2 Diagram_BV_sid 117 / 3 TOTAL SALES AND OPERATING INCOME EARNINGS ORGANIC SALES GROWTH BEFOREOperating AMORTIZATIONincome PER SHARE Total sales and ANDbefore OPERATING amortization MARGIN organic sales growth and operating margin Earnings per share SEK MSEK % MSEK % 120 000 10 6 000 5.5 10.00 100 000 8 5 000 5.3 8.00 80 000 4 000 6 5.1 6.00 60 000 3 000 4 4.9 4.00 40 000 2 000 2.00 20 000 2 1 000 4.7 0 0 0 4.5 0 15 16 17 18 19 15 16 17 18 19 15 16 17 18 19 Organic sales growth, % Operating margin, % 2 Securitas Annual and Sustainability Report 2019 2019 IN TWO MINUTES LEADING GLOBAL AND LOCAL PRESENCE Securitas meets the clients’ needs with a high-quality protective services offering, a leading global and local presence, skilled employees and strong values. NORTH AMERICA EUROPE Organic sales growth was 4 percent (6) Organic sales growth was 2 percent (4) Security solutions and electronic security sales repre- Security solutions and electronic security sales repre- sented 18 percent (17) of total sales sented 22 percent (21) of total sales The operating margin improved to 6.2 percent (6.1) The operating margin was 5.5 percent (5.6) The client retention rate was 90 percent (91) The client retention rate was 90 percent (93) NORTH AMERICA EUROPE 48 499 47 248 SALES IN 2019 (MSEK) SALES IN 2019 (MSEK) 121 000 124 000 NUMBER OF EMPLOYEES NUMBER OF EMPLOYEES IBERO–AMERICA AMEA 61 000 13 099 NUMBER OF EMPLOYEES SALES IN 2019 (MSEK) 64 000 NUMBER OF EMPLOYEES IBERO–AMERICA AMEA Organic sales growth was 14 percent (12) The organic sales growth was favorable and Security solutions and electronic security sales margins improved in 2019 represented 27 percent of total sales (27) Two strategic acquisitions were completed The operating margin in creased to 4.7 percent (4.5) in Australia, in electronic security and alarm monitoring The client retention rate was 92 percent (92) A large consolidated security contract across the AMEA reg ion, with focus on Asia was won Securitas Annual and Sustainability Report 2019 3 CEO STATEMENT Transforming from a position of strength 2019 was an important year for Securitas. We grew faster than the market and we generated the highest cash flow in the history of the company. We started implementing our strategy to be the leader in intelli- gent security and presented our ambition to double our security solutions and electronic security business by 2023. We also defined our purpose as a company and introduced the leadership team that will drive the transformation during the next phase. We are undertaking these changes from a position of strength – with a leading global and local presence, and the best offering and employees in the industry. GROWTH AND INVESTMENTS achieve this desired position: 1) client engagement 2) sharpening We are continuously working to deliver high quality and added our protective services leadership and innovation, and 3) efficiency. value to our clients. In 2019, we had 4 percent organic sales growth. Security solutions and electronic security sales grew CLIENT ENGAGEMENT with 10 percent and now represent 21 percent of our total sales. Our strategy is geared towards creating added value for our The operating margin was 5.2 percent. We are making signifi- clients. Our decentralized operating model allows us to remain cant investments in our strategic transformation and in creating close to our local clients, which in turn enables close engage- the most attractive client offering. These investments will rein- ment and the ability to continuously develop the service offering force our leading position and help drive growth and profitability to address each client’s specific needs and risks. improvements in the long term. We have 150 000 clients and a client retention rate that is The positive momentum continued across all business units in steadily around 90 percent. This is proof that our clients value Security Services North America, with solid growth and improved the quality of our services and our relationship, but we can operating margins. In Security Services Europe, most countries always do better. One measure is to invest in an improved performed well but growth and profitability were negatively client engagement model. This will help us leverage best prac- impacted by contract losses and price and wage imbalances in a tices and bring consistently better quality and value to our few countries. We had a strong finish to the year in Security Ser- clients. During the year, we also created a global client organi- vices Ibero-America and continued favorable growth and deve- zation to further strengthen our offering to clients who require lopment in our Africa, Middle East and Asia (AMEA) division. consistent protective services of high quality across different Earnings per share improved by 4 percent, after adjustments countries and geographies. for changes in exchange rates, items affecting comparability, IFRS 16 and the impact from the US tax reform. PROTECTIVE SERVICES LEADERSHIP AND INNOVATION With a record-breaking operating cash flow of MSEK 4 902, We focus on security services and creating long-term value. we strengthened our balance sheet and our net debt to EBITDA This is what we do best, and we generate the highest value for ratio decreased to 2.2. our clients by combining different protective services into solu- Acquisitions play an important role in strengthening our pro- tions that are based on a risk assessment and the client’s needs.
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