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De La Rue Annual Report 2018 A MORE SECURE WORLD De La Rue plc Annual Report 2018 De La Rue Annual Report and Accounts 2018 Inside this year’s Annual Report 0252 99 Strategic report Corporate governance Accounts 02 Financial highlights 52 Chairman’s introduction 99 Independent auditor’s report 02 Introduction from the Chairman 54 Leadership 106 Group income statement 04 Our business at a glance 62 Effectiveness 107 Group statement of 05 Our global footprint – Nomination Committee report comprehensive income 06 Our role in the world economy 66 Accountability 108 Group balance sheet 14 Our markets – Audit Committee report 109 Group statement of changes in equity 18 Our business model – Risk Committee report 110 Group cash flow statement 20 The resources we rely on – Ethics Committee report 111 Accounting policies 22 Our fundamental plan 74 Directors’ remuneration report 114 Notes to the accounts 23 Chief Executive Officer’s review 95 Directors’ report 152 Company balance sheet 29 Operational and financial review 153 Company statement of changes in equity 34 How we performed 154 Accounting policies – Company 36 Risk and risk management 155 Notes to the accounts – Company 42 A responsible business 157 Non-IFRS measures 158 Five year record 159 Shareholders’ information 04 06 Our business at a glance OUR ROLE Currency IN THE WORLD £371.8m Revenue £45.1m Adjusted operating profit* ECONOMY Identity Solutions £82.0m Revenue £8.3m Adjusted operating profit* Product Authentication & Traceability £40.1m Revenue £9.4m Adjusted operating profit* Q&AQ&A 34 23 How we performed Chief Executive Officer’s review Revenue £m 2018 493.9 2017 461.7 2016 454.5 2015 422.8 We made good 2014 460.1 progress in our strategic plan £493.9m in the year. * This is a non-IFRS measure. See further explanations and reconciliation to the comparable IFRS measure on page 157. De La Rue Annual Report and Accounts 2018 01 Our purpose Strategic reportStrategic We want to enable every citizen to participate in the global economy. Corporate governance Corporate We live in a world that is crying out for trust and integrity to help make it a more secure place to live and work. Accounts We work closely with governments, central banks and commercial organisations in over 140 countries around the world. We invest in innovation, developing new advanced security products, software solutions and other specialist services that underpin the integrity of trade, personal identity and the movement of goods and services. We use the UN SDG logos to illustrate how our activities support each goal. Visit us online www.delarue.com/ar2018 02 De La Rue Annual Report and Accounts 2018 A solid performance Continuing the Financial highlights good momentum Introduction from the Chairman Revenue Dividend per share £493.9m 25.0p 2017: £461.7m 2017: 25.0p Adjusted EBITDA*1 Reported EBITDA £87.3m £148.2m 2017: £97.4m 20174: £96.0m We made good progress Adjusted operating profit*2 Reported operating profit against the strategic plan outlined in May 2015 to £62.8m £123.0m transform the Group into 2017: £70.7m 2017: £70.2m a less capital intensive, more technology led business. The sale of Adjusted basic earnings Reported basic earnings per share per share*3 from continuing operations4 the paper business was a significant milestone towards achieving this 42.9p 93.7p goal. The strong focus 2017: 47.1p 2017: 47.2p on R&D and product management in the last three years has also strengthened the Group’s product portfolio and ensured a strong pipeline that will drive sustainable growth in the future. * This is an non-IFRS measure. See further explanations and reconciliations to the comparable IFRS measures on page 157. ‘Reported’ measures are on an IFRS basis. 1 Adjusted EBITDA represents earnings from continuing operations before the deduction of interest, tax, depreciation, amortisation and exceptional items. 2 Adjusted operating profit represents operating profit from continuing operations adjusted to exclude exceptional items and amortisation of acquired intangible assets. 3 Adjusted earnings per share are the earnings attributable to equity shareholders, excluding exceptional items, amortisation of acquired intangible assets and discontinued operations divided by the weighted average number of ordinary shares outstanding during the year. 4 Continuing operations only, excluding the Cash Processing Solutions business which was sold on 22 May 2016. De La Rue Annual Report and Accounts 2018 03 Strategic reportStrategic The year under review The Board of £80.5m following the indexation governance Corporate Although the failure to win the UK The Board has undergone a few changes change less the exceptional charges Passport contract announced in March and added new skills and experience in primarily relating to the paper disposal. 2018 was a blow, the Group has made the last few years and I feel that we have Adjusted basic earnings per share* good progress in the year against the the right balance of capabilities, expertise were 9% lower at 42.9p due to lower strategic plan outlined in May 2015 to and experience to support and challenge adjusted operating profit in the current transform the Group into a less capital management in the most effective way. year. Reported basic earnings per share intensive, more technology led business. Accounts As previously announced, Jitesh Sodha, were up 99% to 93.7p, reflecting the The sale of the paper business – Chief Financial Officer, decided to impact of the significant exceptional gain Portals De La Rue – was a significant step down and resigned as a Director explained above. milestone towards achieving this goal. on 19 March. We are grateful for his The strong focus on R&D and product The Group delivered strong cash contribution and wish him well for his management in the last three years has flows in the year with cash generated future. A search has commenced to also strengthened the Group’s product from operating activities of £73.5m, identify a suitable successor. portfolio and ensured a strong pipeline 14% higher than the prior year that will drive sustainable growth in the Our people (2016/17: £64.3m). The lower profit future. Martin Sutherland will comment Our people are our greatest assets and in the year was compensated by the more fully on this progress in his Chief are vital to the successful execution of significant improvement in working Executive Officer’s review on page 23 our strategy and to fulfilling our purpose. capital as a result of successful inventory to 28. They provide products and services that management and strong cash collections enable people’s participation in social, from debtors. Inventory and trade I am pleased to report significant economic and commercial activities in debtors, excluding the exited paper progress in strengthening the Group’s the many countries in which we operate. business, were £13m and £10m lower balance sheet. Net debt of £49.9m at On behalf of the Board, I would like to than the prior year. the end of the period (25 March 2017 express our thanks for their continuing £120.9m) was the lowest in five years, More details of the Group’s financial hard work and dedication. benefiting from the proceeds of the sale performance is covered in the operational of the paper business together with a In its gender pay gap statistics and financial review on page 29 to 33. small net cash inflow from overall trading. published in January 2018, the Group Dividend The deficit of the Group’s UK defined reported a gender pay gap of 10%. The Board is recommending a benefit pension scheme reduced from This is less than the UK average of final dividend of 16.7p per share £237.0m to £87.6m in the past year, 17% but still far from our goal of zero. (2016/17: 16.7p per share). This, together mostly reflecting the change of indexation The Board has welcomed the launch with the 8.3p paid in January 2018, will linked to future pension increases from of our strategy which in part aims to make a full year dividend of 25.0p per RPI to CPI. The stronger balance sheet eliminate the gender pay gap while share. Subject to shareholders’ approval, gives us greater flexibility in allocation creating an inclusive and diverse the final dividend will be paid on 3 August of capital in order to deliver long term workforce at De La Rue. shareholder value. 2018 to shareholders on the register The safety and wellbeing of our on 6 July 2018. We are proud participants of the UN people are of great importance to Outlook Global Compact since late 2016, the Board, and we shall continue to The Board was disappointed that the reflecting the alignment of our strategy support the efforts being made to Group did not win the new UK Passport and operations with its principles on ensure consistent improvement in tender. While this clearly is a setback, human rights, labour, environment the Group’s performance. and anti-corruption, as well as the it does not change the Group’s goals set Sustainable Development Goals (SDG). Financial performance out in May 2015. The strong underlying We have used the UN SDG logos in Group revenue increased by 7%, performance and good strategic the report to show this alignment. with growth across all three segments. progress in the past three years gives We have also made good progress in Adjusted operating profit* was 11% the Board confidence in the future of the embedding broader social, ethical, and lower at £62.8m, reflecting the write off business. Viability assessment of the sustainable practices across our day-to- of the one off bid costs associated with business can be found on page 41.
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