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Download Report (55<(3 9,769; :LY]PUNWLVWSLVU[OLTV]L -PUHUJPHS/PNOSPNO[Z 2L`-PN\YLZ PU*/-T 2013 2012 change in % restated ;V[HSYL]LU\L ,)0;+(0 ,)0;+(THYNPU WW 6WLYH[PUNWYVMP[ 6WLYH[PUNWYVMP[THYNPU WW 7YVMP[SVZZMVY[OL`LHY *HZOMSV^MYVTVWLYH[PUNHJ[P]P[PLZ 5L[KLI[ *HWP[HSL_WLUKP[\YLZ 5\TILYVMLTWSV`LLZ 5( 0,)0;+([OYV\NOV\[[OLKVJ\TLU[YLMLYZ[V:LNTLU[,)0;+(HZKLMPULKPU5V[LVM[OLJVUZVSPKH[LKMPUHUJPHSZ[H[LTLU[Z 9L]LU\LI`ZLNTLU[00PU*/-T ,)0;+(I`ZLNTLU[00PU*/-T (PYSPUL:VS\[PVUZ (PYSPUL:VS\[PVUZ 7YVK\J[HUK:\WWS`*OHPU:VS\[PVUZ 7YVK\J[HUK:\WWS`*OHPU:VS\[PVUZ 00HUKMPN\YLZILMVYLJVYWVYH[LJVZ[ZHUKLSPTPUH[PVUZ :OHYLWYPJLKL]LSVWTLU[ .(;,:70YLIHZLK -YVTSPZ[PUNKH[LVM4H` [OYV\NO *OHPYTHU»Z3L[[LY[V:OHYLOVSKLYZ NH[LNYV\W6]LY]PL^!>OH[>L+V *OPLM,_LJ\[P]L»Z9LWVY[ :LSLJ[LK/PNOSPNO[ZVM[OL@LHY :LNTLU[6]LY]PL^!(PYSPUL:VS\[PVUZ :LNTLU[6]LY]PL^!7YVK\J[ :\WWS`*OHPU:VS\[PVUZ *OPLM-PUHUJPHS6MMPJLY»Z9LWVY[!-PUHUJPHS9L]PL^ -PUHUJPHS9LWVY[ *VUZVSPKH[LK-PUHUJPHS:[H[LTLU[Z -PUHUJPHS:[H[LTLU[ZVMNH[LNYV\W/VSKPUN(. *VYWVYH[L.V]LYUHUJL 0UMVYTH[PVUMVY0U]LZ[VYZHUK4LKPH AR_13_01_Image_Report_en.indd 3 13.03.2014 19:32:10 Chairman’s Letter Letter to Shareholders On the back of a strong second half, gategroup has posted good results for the 2013 financial year. All businesses of the Group contributed to the result, but the main factor in the positive overall outcome was the return to profitability of the Airline Solutions business in Europe and the improvement in cash flow position across the Group. Dear Shareholder, gategroup has posted good results for the 2013 financial Our management, led by CEO Andrew Gibson, pressed year. All parts of the Group contributed to the positive ahead decisively with the restructuring program in Eu- result, but a main factor was the return to profitability of rope and made significant progress. the Airline Solutions business in Europe. The goals we set for the restructuring project for 2013 Conditions for the aviation industry continuously im- have been attained and secured the recovery evident in proved during the course of the financial year, with many the business. However, it is also clear that continued vig- airports and airlines reporting high volumes of traffic, ilance will be required to meet the challenges still facing and, in some cases, record-high passenger numbers, the airline industry in Europe. The appointment of Jann particularly in the second half of 2013. Fisch to head the European business has bolstered us here, because of the dynamism and long industry experi- Despite this generally favorable environment, the land- ence he brings to the role. The team will continue to take scape for airlines and airline services has changed, the necessary steps to adapt the business to the chang- particularly in Europe. New entrants are competing for ing market. routes long held by legacy carriers, low-cost carriers are proliferating and initiating further changes to the onboard While 2013 brought strong headwinds in Europe, our service models, and cost pressures are further tightening business in North America and the Emerging Markets re- the focus on efficiency and alternative service models. mained stable and good results were maintained, thanks to solid leadership and clear objectives in those regions. To respond to this tectonic shift in the European airline marketplace, the Group entered 2013 with a thorough, Management was further strengthened by the appoint- carefully designed plan to restructure our Airline Solu- ment of Richard Wells, Chief Human Resources Officer tions business in Europe. The main focus of our work last of gategroup, to the Executive Management Board. This year, therefore, was the judicious but rigorous implemen- appointment reflects the great importance attached to tation of our plan to adapt to the new market environment Human Resources at gategroup. Our employees are a in Europe. key factor distinguishing us from our competitors, and Group HR is a central driver to implement and embed our core values of excellence, passion, integrity and ac- countability throughout our workforce of over 27,000 em- ployees. What makes us unique is not only what we do, but how we carry out our everyday responsibilities. 4 | gategroup annual report 2013 AR_13_01_Image_Report_en.indd 4 13.03.2014 19:32:17 Chairman’s Letter In 2013, gategroup took some major steps to lead the Group towards a successful future. Having achieved our goals for 2013, we are ready this year to tackle the next stages on the way to meeting our short- and medium- term targets. I am convinced that we will make substan- tial progress towards achieving those targets this year! In view of this strong business performance, the Board of Directors is proposing to the Annual General Meeting of Shareholders scheduled for April 15, 2014, a dividend of CHF 0.30 per registered dividend paying share. On behalf of the Board of Directors, I would like to ex- press my thanks to our valued shareholders, our custom- ers, employees and business partners for the commit- ANDREAS SCHMID ment and support they have invested in our company. “In 2013 gategroup took With best regards, some major steps to lead the Group towards a successful future.” Andreas Schmid Chairman gategroup annual report 2013 | 5 AR_13_01_Image_Report_en.indd 5 13.03.2014 19:32:19 GOTTFRIED MENGE DIRECTOR - GROUP CULINARY EXCELLENCE “Delivering best-in-class service for more than 300 million passengers a year is a lot like being the world’s most sought-after event planner. It takes dedication, passion, and the skill to deal with the unexpected.” Find Chef Gottfried’s original recipe for Malaysian Curry Laksa on page 141. AR_13_01_Image_Report_en.indd 6 14.03.2014 10:59:03 gategroup overview What we do gategroup is the leading independent global provider of products, services and solutions related to a passenger’s onboard experience. We specialize in catering and hospitality, provisioning and logistics, and onboard products and services to companies that serve people on the move. Our customers include leading airlines around the world as well as railways, airport lounges, and convenience stores that rely on our experience to deliver bespoke solutions tailored to their unique service offerings and locality. gategroup was established in 2008 to build on the core Our long-term strategy is multifaceted and focuses on Gate Gourmet airline catering and provisioning business, balanced and sustainable growth. We intend to achieve and to recognize the Group’s evolution into a compre- this by capturing organic growth and expanding into hensive provider of on- and off-airport products and ser- high-growth regions and adjacent businesses; leverag- vices. Our portfolio of brands meets the fast-changing ing the cross-selling capabilities of our brands; expand- needs of our customers around the world. We do this by ing our offering in the rapidly growing onboard retailing offering end-to-end solutions through our Group com- business; making selective acquisitions; benefiting from panies. While each brand addresses a specific market airlines’ outsourcing of non-core business; and con- need, together they can also operate in an integrated stantly driving efficiency and quality improvements. way to provide a “one-stop shop” for our customers. ORGANIZATION gategroup Holding AG, the Group’s ultimate holding gategroup has organized its business into two segments company, began public trading in May 2009 when it list- – Airline Solutions and Product and Supply Chain Solu- ed on the SIX Swiss Exchange under the trading symbol tions (“P&SCS”). “GATE.” Within Airline Solutions, many commercial relationships STRATEGY are multinational, with regional teams focused on man- Our business model is based on a strong leading market aging the local business environment, driving tailor-made position and global reach; a flexible and competitive cost strategies and employing customized approaches to ma- structure; a large and diversified customer base with ture and emerging markets to accelerate growth. Gate long-standing relationships; and a strong management Gourmet, Gate Retail Onboard, Gate Aviation, Gate Safe, team with a proven track record. Performa and eGate Solutions are the brands within this segment. The services offered by our airport-oriented Our business footprint is global. We have a strong pres- brands include airline catering and provisioning; onboard ence and infrastructure in historically robust air transpor- retail services and technology solutions; airport lounges; tation markets in Europe and North America, and we also and security services for catering and cargo. Airline So- have been actively increasing our presence in emerging lutions accounted for approximately 81%(I) of gategroup’s markets such as Asia, Latin America and the Middle East. revenue and 80%(I) of Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) in 2013. P&SCS is focused on the design, procurement and de- livery of physical products. This business segment lev- erages synergies across the brands deSter, Harmony, 611 Supplair and Pourshins and underpins them with a Carrots can be enjoyed in a variety strong global supply chain management competency. of ways: They can be fried, steamed, These brands, which traditionally operate outside the chopped in a salad or baked in a cake, airport environment, provide services such as onboard or cooked in soups and stews. At service equipment; premium amenity kits and comfort gategroup, we use tons of carrots every items; distributed food and beverage solutions; and sup- year – about 611 tons of them. That’s a lot of carrots! (I) 2013 figures before corporate costs and eliminations gategroup annual report 2013 | 7 AR_13_01_Image_Report_en.indd 7 13.03.2014 19:32:21 gategroup overview ply chain and logistics solutions. P&SCS generated ap- In addition, we have deployed specific pricing strategies proximately 19%(I) of gategroup’s revenue and 20%(I) of such that a portion of our revenue is not impacted by EBITDA in 2013.
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