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Annual Report 2018

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Annual Report 2018 ANNUAL REPORT 2018 Today 15:22 Dear Seo-yeon, We acknowledge the receipt of the initiation for Mrs Amahle Gouws, relocating from South Africa to France. Our Global Mobility Consultant will contact Amahle within one working business day. We will keep you updated at every stage. Filip Kowalski Global Mobility Manager Assignment Management Immigration Destination Services Moving We make it easy Santa Fe DNA Santa Fe DNA We enable people and organisations to work, live and thrive in new places around the world. Our mission is to deliver exceptional relocation experiences for our customers. Human and Digital. Consistent and Compliant. Global and Local. The experience is enriched by the integrity, drive, quality and passion of our people. We are a global mobility company. We cover the entire relocation journey, from moving, destination services, immigration, through to full assignment management solutions. We make it easy. 02 Santa Fe Group 2018 Annual Report Contents Today 15:22 CONTENTS 01 Dear Aleksandur, REFLECTION The cost estimate for Mrs Olivia Brown’s relocation is Highlights 06 ready for your review in the system. We look forward to hearing from you. MANAGEMENT Aditya Anand REVIEW Global Mobility Manager 02 REPLAY Letter to our shareholders 08 2021 strategy update 10 The strategic agenda in 2019 12 03 REVIEW Financial highlights and key ratios 16 Santa fe in brief 17 Financial review 20 04 RESPONSIBILITY Sustainability 29 Corporate governance 31 Board of directors 35 Risk management 37 Internal controls 40 Shareholder information 42 Statement by the boards 44 Independent auditors’ report 45 FINANCIAL STATEMENTS 05 REPORT Consolidated 51 Parent company 88 06 REPRESENT Definitions 97 Subsidiaries and associates 98 Contacts 100 Santa Fe Group 2018 Annual Report 03 REFLECTION REFLECTION 01 Today 15:22 Dear Karabo, Please review the pending exception request for Mr Anton Murphy’s relocation. Login in to our portal and manage exceptions here. Chen Xú Global Mobility Consultant 04 Santa Fe Group 2018 Annual Report We are … 1,976 people speaking 67 languages working Today 15:22 Dear Hana, Thank you for approving the assignment letter for Mrs Winnie Li. in 96 offices in47 countries thriving as one team. We are pleased to inform you that we have shared it with her. You can access the letter for future reference by logging in to our portal. Bram Albers Global Mobility Consultant Santa Fe Group 2018 Annual Report 05 REFLECT_Financial highlights Financial highlights Revenue EURm EBITDA before special items EURm 2018 214.2 2018 -1.0 2017 248.6 2017 10.4 0 300 -5 0 15 -13.8% -12.2% in EUR from 2017-2018 in local currency from 2017-2018 Revenue by segment Revenue by business line 2017 2018 2017 2018 Europe 60% 61% Moving 77% 76% Asia 36% 35% Relocation 21% 24% Americas 4% 4% Records Mgmt. 2% 0% 06 Santa Fe Group 2018 Annual Report MANAGEMENT REVIEW Today 15:22 Dear Ferdinand, I am pleased to help you in your MANAGEMENT relocation and guide you through all steps. Before I schedule a briefing call with you, could you please log in to our portal and complete your information? Many thanks in advance and I look REVIEW forward to speaking with you soon. Matías López Global Mobility Consultant Santa Fe Group 2018 Annual Report 07 REPLAY REPLAY_Letter to out shareholders Letter to our shareholders Battling the market downturn 2018 was a very challenging year for the 02 Today 15:22 Dear Agnethe, global relocation industry, with declining Thank you for logging into activity levels all around. The extent of REPLAY our relocation portal and completing your information and the market weakness exceeded our preferences, which we will review in our briefing call scheduled expectations, with a severe negative for tomorrow 15th November at 14:00. Speak to you soon. impact on our financial performance. With Bataar Gantulga Global Mobility Consultant the strong headwinds, we re-assessed our capital structure and launched two divestment projects of which one was concluded in December. The gravity of the market conditions was felt in almost all operational markets. Brexit in particular had a significant impact on relocations into and out of the UK, and on UK clients globally, but almost all markets globally were under pressure. Geopolitical and economic uncertainty meant that many corporate customers were (and are) holding back on international relocations, and curtailed employee relocation benefits to reduce cost and risks. For Santa Fe, impact was further worsened by the continued losses in Australia – a situation, that had become untenable for us. Despite market pressures, we achieved growth in our target segments. Under Relocation Services, we grew our Immigration Business and our Assignment Management Business, and under Moving, we grew our Consumer Business. Our Customer Satisfaction ratings continue to be excellent, ending 2018 with an average score of 4.3 (of 5), and a 93% satisfaction. Based on our CORE operating system, we are increasing the collection of data, and now receive feedback and ratings from customers continuously throughout their relocation journey. Total Group revenue declined by 12.2% in local currencies. Revenue from Relocation Services, grew by 2.6% in local 08 Santa Fe Group 2018 Annual Report currencies, and especially our Immigration Services proved and interest coverage have been agreed upon, and the efficient technology platform, delivered by the best people very successful. Relocation Services constituted 24% of Group has agreed to a restructuring plan with the aim of in the industry. total revenue in 2018. significantly reducing the cost base thereby strengthening the Group’s competitiveness and profitability. 2019 outlook The operating result (EBITDA before special items) of As a result of the declining overall market, we expect EUR -1.0m was lower than in 2017 and also below the We have considered the Group’s cash flow forecasts and revenue for the continuing business to decline. The overall original outlook at the beginning of the year. Market decline the expected compliance with the Company’s financial market for corporate moving is expected to decline 10-15%, accelerated, and uptake of new client wins was slower covenants, and assessed that the Group will be able to countered by growth in our target segments. than anticipated, not least in a very difficult UK market. As comply with its financial covenants and continue as a a result of a a weak year in Europe a non-cash impairment going concern. Further details is available in Note 1.7 on The adoption of IFRS16 as of 1 January 2019 will have an loss of EUR 41.6m has been recognised in 2018 related to page 59. estimated positive impact of EUR 9m on reported EBITDA, the Interdean goodwill and customer relations. However, as operating leases for warehouses and offices are being the Company responded swiftly to the challenging market Sharpening the Strategic focus capitalised in the financial reporting. conditions with strict measures to curtail cost and align the The market for international relocation services continues organisation to the lower activity level. to evolve. Although precise market data is hard to get, The Group is embarking on a major restructuring the number of people relocating internationally appears to programme, which can have a significant impact on revenue Capital Structure continue to increase. However, there are changes in the and EBITDA for the year. An Outlook for the year will be Santa Fe’s cash flow for the year was impacted by the way people are relocating, with more people relocating on communicated once this restructuring programme has taken unsatisfactory financial performance and the continued their own, more relocating for short-term assignments and shape. investments in technology, however mitigated by receipt fewer people relocating for a corporation on a traditional of proceeds and holdbacks from the sale of the Records expatriate package with large household goods moves. The We have a both challenging and exciting year ahead of us Management activities including China and Portugal. The consequence of the changes are increased need for service with a number of important strategic initiatives to complete Company’s debt increased by EUR 9m in connection with and less physical volume. Santa Fe Group is taking steps to successfully as we regroup, strengthen our capital structure the refinancing of HSBC and Danske Bank with the new adapt to these market dynamics, and compete effectively in and launch our adjusted strategy to drive our business facility provided by Proventus Capital Partners. a changing industry forward for 2019-20. As the Company in the second half of 2018 was exploring In 2019-20, we will continue to streamline our operational We are confident that our dedicated organisation of talented opportunities to strengthen the capital structure, the platform and processes to create further efficiencies where employees, global footprint, unique technology platform opportunity to divest the Immigration business at a cash possible. We will actively pursue growth opportunities and our comprehensive range of mobility services will consideration of EUR 52m gave a path to a debt free within target businesses to compensate for the slowdown enable us to reach our ambitions in close cooperation with company and a strong capital foundation. Unexpectedly it in activity levels in the traditional corporate moving market. our customers around the world. turned out in February 2019 that the transaction was not Serving individuals and families relocating on their own able to be completed, where after we started working with initiative, further expanding our customer base within Henning Kruse Petersen Santa Fe’s financing partner, Proventus Capital Partners, Immigration Services and Relocation and Assignment Chairman of the Board to identify a new solution. After year-end, Santa Fe Group Management Services, and growing our US presence are reached agreement with Proventus Capital Partners on targeted areas for growth in 2019-2020, Martin Thaysen the financing arrangements for 2019.
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