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De La Rue Plc Annual Report 2020

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De La Rue Plc Annual Report 2020 Annual Report 2021 De La plc Rue De La Rue plc Annual Report 2021 Annual Report 2021 01. STRATEGIC REPORT 1 At a glance 2 Chairman’s statement 4 CEO review 6 Our markets 10 Our business model 12 Our strategy 16 Review of operations 18 Financial review 21 Key performance indicators 25 Risk and risk management 26 Responsible business 31 Section 172 Statement 44 02. CORPORATE GOVERNANCE 46 Chairman’s introduction 48 Board of Directors 50 Nomination Committee 60 Audit Committee 62 Ethics Committee 68 Risk Committee 70 Remuneration 71 Directors’ report 90 Directors’ responsibility statement 95 03. FINANCIAL STATEMENTS 96 Independent auditor’s report 98 Consolidated income statement 106 Consolidated statement 107 of comprehensive income Consolidated balance sheet 108 Consolidated statement of changes in equity 109 Consolidated cash flow statement 110 Accounting policies 111 Notes to the accounts 119 Company balance sheet 162 Company statement of changes in equity 163 Accounting policies – Company 164 Notes to the accounts – Company 166 Non-IFRS measures 168 Five year record 171 Shareholder information 172 Featured image glossary 174 De La Rue Annual Report 2021 1 Strategic reportStrategic Our purpose – securing trust between people, businesses and governments De La Rue Annual Report 2021 At a glance Our business and performance Currency 2 Adjusted revenue £286.6m (+1.8%) IFRS revenue £295.7m (-6.2%) Banknotes Polymer Security Features We design, manufacture and deliver We are the only vertically integrated producer We create features that underpin the integrity banknotes to customers around the world. of polymer substrate and banknotes. of our banknotes. • Good print capacity utilisation • Strong growth for SAFEGUARD® • Secured sales of our newest during year substrate sales thread IGNITE® • Extended Bank of England contract • Secured second site for the increase • Launched and secured sales of to 2028 of polymer production NEXUS™ micro-optic embedded stripe Authentication Identity Solutions Adjusted revenue Adjusted revenue £77.6m (+5.1%) £23.7m (-69.1%) IFRS revenue IFRS revenue £77.6m (+5.1%) £24.1m (-71.0%) Government Revenue Solutions Brands Other products Combined physical and digital solutions Brand protection utilising security Security features for Identity including to support excise collection and the fight components and software solutions. polycarbonate and secure documents. against illicit trade. • Won series of Tier 1 contracts • Completed transition of UK Passport • Signed £195m of expected multi-year for Authentication labels contract to new supplier lifetime contracts by May 2021 • Renewal of Microsoft contract • Continue to see good pipeline of contract opportunities For more information See pages 168 to 170 for a reconciliation of adjusted and IFRS measures De La Rue Annual Report 2021 Our global footprint We have a global footprint and work with governments, central 3 banks and commercial organisations in more than 140 countries. reportStrategic Logan, Utah, US Wilmington, Gateshead, UK Nairobi, Kenya Dubai, UAE Malwana, Sri Lanka Security features Delaware, US Secure UK facility Banknote and Regional hub Banknote printing and printing Research Westhoughton, UK security printing country office and development Polymer substrate and security features Debden, UK Banknote printing managed service Overton, UK Technology Centre Basingstoke, UK Malta Riyadh, Kingdom Sales support office Design Centre Banknote and of Saudi Arabia Corporate HQ Authentication printing Country office Manufacturing facility and regional office Employees by region (%) 2,239 UK 48.2 Rest of Europe 21.9 Asia 13.7 Middle East & Africa 13.7 The Americas 2.7 De La Rue Annual Report 2021 Chairman’s statement A positive year I am pleased to report It is important to note that we saw a major that the Group has had a contribution to our profits from the UK 4 positive year, delivering on Passport contract during FY 2020/21, a wide range of measures. which will not contribute next year as the We completed a £100m gross contract has moved to a new supplier. equity fund raising last July, Further detail of the Group’s financial providing management with performance is covered on pages 18 to 24. the operational and financial During FY 2020/21 we made good flexibility to enact our progress on our Turnaround Plan, which Turnaround Plan, which was is being delivered on time and ahead of announced in February 2020. budget, completing the delivery of £36m Good results for the financial of cost savings, of which we will see the year reflected the ongoing full benefit in FY 2021/22. implementation of this Plan. Authentication saw good growth especially Refinancing in the second half of the year, and from the In July 2020, we completed a £100m start of FY 2020/21 to date, has signed gross (pre-costs) and £92.7m (post-costs) contracts with an expected total multi-year equity capital raising, which strengthened lifetime value of £195m. our balance sheet enabling the Company Currency also had a positive year, returning to enact our Turnaround Plan. to adjusted operating profitability after As a result of the fund raise, we were a difficult FY 2019/20. There has been able to amend the terms of our £275m strong ongoing global demand for cash Our Turnaround bank facilities, extending the date of during the COVID-19 pandemic, and Plan is on track the revolving credit facility to December we saw good utilisation of our printing 2023. At the same time, we agreed the capacity. We continue to see strong and De La Rue has terms for a schedule of contributions for interest in polymer and in January 2021, delivered a positive clearing the UK Pension Scheme deficit, we announced that we had chosen to which reduced our payments, subject expand our polymer capabilities in a financial performance.” to conditions. recently acquired building adjacent to our existing premises in Westhoughton, The successful completion of the equity near Bolton, UK. Our CEO, Clive Vacher fund raise was crucial to the future of discusses the Turnaround Plan in more De La Rue – a failure to raise new capital detail on pages 6 to 9. would undoubtedly have created major 14.7p issues for the Company. The equity capital Environment, Social raise required all parties involved to meet and Governance Adjusted EPS basic on common ground and the Board is We are conscious of the important role (FY 2019/20: 11.1p) grateful to all those involved on reaching we play in many communities around the a constructive outcome, while working world and the Board has been increasingly remotely through the pandemic. focused on ensuring that Environmental, 3.7p Social and Governance (ESG) matters IFRS EPS basic Company performance form an integral part of the growth (FY 2019/20: 30.3p) Due to the sale of International Identity strategies in our Turnaround Plan and Solutions in October 2019 and subsequent our business decision making processes. reorganisation in November 2019, we The Board considers leadership, culture report on the financial performance and good governance in these areas for FY 2020/21 for the Authentication, as essential factors in the Group’s Currency and Identity Solutions divisions ongoing transformation. and the future strategy for Authentication and Currency divisions only. We are mindful of our impact on the environment and I am pleased that we have made good progress on our energy use during the year, including changing to a 100% renewable power contract from July 2020 for our UK sites. De La Rue Annual Report 2021 A Sustainability Programme Board has Details about this and the outcomes We would also like to thank the been established and is working on a of our approach to governance are governments where we operate for their carbon reduction roadmap designed to discussed in the responsible business help and cooperation in this difficult 5 achieve our target of net zero emissions report and the corporate governance environment, as well as our suppliers from our own operations by 2030. report on pages 31 to 43 and 48 to as we have responded and flexed our reportStrategic 59 respectively. supply chain in response to the situation. We have workstreams that cover Energy, Waste, Product Design, Carbon As a Board we note the increasing Trading and outlook and Plastics in our operations, and importance of ESG issues and Following our H1 2019/20 financial we are now able to offer our customers believe there is much we can do to performance the Board suspended carbon offsetting and a carbon neutral create a lean, efficient, predictable dividend payments until the new executive banknote service. and sustainable business, as well as team was established, a Turnaround Plan ensuring sound succession planning put in place and delivery begins to be A key focus of our Turnaround Plan is to and talent development. demonstrated against that plan. The equity participate strongly in the conversion of the fund raise in July 2020 has significantly world’s banknotes to polymer and there is The Board strengthened the Company’s balance good evidence that polymer banknotes are Having completed six years’ service Sabri sheet for the future and the Group has more environmentally friendly than paper Challah stood down as Senior Independent operated well within its banking covenants. equivalents, lasting on average more than Director and Board member at the annual We discuss the viability statement for the two and a half times longer in circulation. general meeting (AGM) on 6 August 2020. business in more detail on page 30 and That said, we remain fully committed to We welcomed to the Board the Rt Hon Going concern on page 111. our customers who choose to remain Baroness Catherine Ashton and Margaret with paper banknotes. We continue to We have seen a good start to FY 2021/22 Rice-Jones as Non-executive Directors innovate in this regard, including reducing in both our Authentication and Currency of the Company on 22 September 2020.
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