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Annual Report 2019

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Annual Report 2019 Annual Report 2019 Report Annual Annual Report 2019 Companies 4 The year in review 14 Sustainability 26 overview Contents Ratos Financial statements This is Ratos’s world 2 Financial statements – Contents 41 The year in review 4 Directors’ Report 42 CEO’s comments 6 Chairman’s letter 46 Development model 9 Corporate Governance Report 47 Targets 12 Board of Directors and CEO 54 Sustainability 14 Consolidated income statement 56 Ratos share data 24 Consolidated statement of comprehensive income 56 Consolidated statement of financial position 57 Ratos’s companies Consolidated statement of changes in equity 58 Companies overview 26 Consolidated statement of cash flows 59 Aibel 28 Parent company income statement 60 airteam 29 Parent company statement of comprehensive income 60 Bisnode 30 Parent company balance sheet 61 Diab 31 Parent company statement of changes in equity 62 HENT 32 Parent company cash flow statement 63 HL Display 33 Index to the notes 64 Kvdbil 34 Notes to the financial statements 65 LEDiL 35 Auditor’s report 115 Oase Outdoors 36 Plantasjen 37 Additional information Speed Group 38 Additional information – Contents 119 TFS 39 Detailed information on sustainability 120 GRI Index 123 Sustainability Report 125 Five-year summary, Group 126 This is Ratos’s Annual and Sustainability Report for 2019. The formal Annual Report Alternative performance measures 127 comprises pages 42–114. The Sustainability Report on pages 9–11, 14–23, 28–39, 120–124 is Ratos’s statutory sustainability report, as required by the Swedish Annual Definitions 128 Accounts Act. The Sustainability Report also serves as our Communication on Progress to the UN Global Compact. Shareholder information 129 Ratos’s business concept is to develop mid-sized companies headquartered in the Nordics that are or can become market leaders. Ratos is a business group that enables independent mid-sized companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People. This is Ratos’s world 12,200 employees 12 companies in three business areas 38 SEK billion in sales 1.8 SEK billion in EBITA 2 RATOS ANNUAL REPORT 2019 THIS IS Ratos’S WORLD Three business areas Adjusted for the size of Ratos’s holding, excl. IFRS 16. Ratos’s 12 companies are divided into three business areas. Ratos has chosen to present its companies and business areas, from page 3 to page 27, based on the size of Ratos’s holding for each company. Construction Consumer Industry & Services & Technology Sales: SEK 12,236m Sales: SEK 7,657m Sales: SEK 4,582m Reported growth: 23% Reported growth: 3% Reported growth: 12% EBITA: SEK 302m EBITA: SEK 427m EBITA: SEK 344m EBITA margin: 2.5% EBITA margin: 5.6% EBITA margin: 7.5% Aibel Bisnode Diab Supplier of offshore-based One of Europe’s largest data and Develops, produces and sells solutions and maintenance for analysis companies core materials for sandwich the European energy sector composite structures Kvdbil airteam Independent online marketplace HL Display Energy-efficient ventilation offering testing, valuation and Store solutions for improved solutions broker services for second-hand customer experience, profit- vehicles ability and sustainability HENT Construction company within Oase Outdoors LEDiL public and commercial real Develops, designs and produces Designs, develops and sells estate innovative camping and outdoor secondary optics to lighting equipment manufacturers Speed Group Services for logistics and Plantasjen TFS warehouse management as well Chain for plants and gardening Services within clinical trials for as staffing services accessories, with 140 stores the pharmaceutical industry focused on consumers RATOS ANNUAL REPORT 2019 3 The year in review New strategy and improved results Most of the companies developed positively in terms of stability, profitability and growth in 2019. EBITA in Ratos’s companies improved by 29 per cent and organic growth increased by 14 per cent. Corporate governance, with the right CEO and Board in place in each company, was a top priority during the year. Value-creating measures have been carried out, adapted to the situation of each respective company, in order to increase profitability and growth. Read more about Ratos’s way of working on page 9. Financial result Corporate governance • Net sales for Ratos’s business areas increased by 14% New CEOs in four companies. Ensuring strong leadership in organically and amounted to SEK 24,475m (21,531) its companies is one of Ratos’s most important priorities as • EBITA for Ratos’s business areas, excluding IFRS 16, an owner. During the year, new CEOs were appointed in four totalled SEK 1,073m (835) companies: Olav Thorstad in Plantasjen, Mats Johnson in • Basic and diluted earnings per share for full year 2019 Speed Group, Petteri Saarinen in LEDiL and Bassem Saleh in amounted to SEK 2.11 (–1.40) TFS. At airteam Sweden, the Swedish subsidiary of airteam, • The Board proposes a dividend of SEK 0.65 (0.50) per Greger Gunnarsson was appointed as CEO in a newly share established role. New Board Chairmen in seven companies. Since 2018, Ratos’s own employees have begun to serve as the chairmen of its various companies. In 2019, a number of changes were made to various chairman positions, with Ratos employees serving as chairmen in seven companies at the end of the year. New dividend policy. Ratos’s Board of Directors has decided on a new dividend policy. The Ratos share is to deliver steadily increasing dividends over time based on growing earnings and a stable financial position. According to the Board’s assess- ment, a dividend payout ratio of 30–50% of profit after tax attributable to owners of the parent will fulfil these conditions. Aibel. DolWin 5, a project for power conversion from wind farms in the Baltic Sea to the German mainland, is scheduled for completion by 2024. 4 RATOS ANNUAL REPORT 2019 THE YEAR IN revIEW Value-creating measures Sustainability Profitability-enhancement project at Diab. An action pro- Aibel increases its exposure to renewable energy. Aibel gramme intended to improve stability, profitability and won two major contracts in offshore wind power in 2019. growth at Diab was a major focus during the past year. The The company became a supplier to Dogger Bank, the world’s measures implemented included a new organisation, largest offshore wind farm. The facility is expected to gen- product rationalisation, a focus on profitable customer con- erate an annual electricity supply equivalent to the annual tracts, investments and a reduction of the share of operating consumption of 4.5 million households. Aibel also won a costs. Diab’s earnings have improved from a loss of SEK contract for DolWin5, a project for power conversion from –155m in 2018 to positive EBITA of SEK 190m in 2019. three wind farms in the North Sea to the German mainland. Approximately 40% of Aibel’s total order book at the end of Plantasjen refines its operations.To increase profitability and 2019 was attributable to projects within offshore wind. focus on its core operations, Plantasjen sold its subsidiary Spira, a supplier of flowers and plants to grocery retailers in Diab anticipates a strong wind power market. Diab’s Sweden. At the time of the divestment, Spira had negatively products contribute to the increased growth of renewable impacted Plantasjen’s EBITA with SEK –30m over the past energy (wind turbines) and reduced energy consumption by 12 months. The sale generated a capital loss of SEK –28m. using lightweight solutions. Diab is thus actively contributing to a more sustainable society. During the past year, Diab Restructuring within Speed Group. Over the past year, signed a five-year supplier contract for core materials with Speed Group carried out a restructuring programme to Vestas, one of the world’s leading suppliers of wind turbines. reduce fixed costs and resolve unprofitable customer assign- ments. The restructuring resulted in savings effects of HENT building in timber. In the past year, HENT continued to approximately SEK 10m in 2019 and is expected to have a win contracts in timber framing, having been commissioned positive effect on EBITA of approximately SEK 30m on an to build “the school of the future” in Bjørnafjorden munici- annual basis. pality. The entire project is characterised by a focus on the environment when it comes to choosing the right material TFS implements restructuring measures. In conjunction and solutions. HENT is also building a new cultural centre in with the change of CEO at TFS, the company’s operations Skellefteå primarily out of timber. Additionally, HENT has also were restructured during the year in order to increase their built Mjøstårnet, the world’s tallest timber building, located in efficiency and reduce the company’s fixed costs. The costs Brumunddal, Norway. associated with these measures amounted to about EUR 3.9m and the aim is to achieve improved profitability of Kvdbil launches initiative to reduce climate impact. In the approximately EUR 2.8m in 2020. past year, Kvdbil began an initiative with the aim of taking a leading position in reducing the climate impact of the Swedish vehicle fleet. In cooperation with Chalmers Industri- teknik, the company is working to spread knowledge about the environmental impact of vehicles and their optimal life cycle from the perspective of CO2 emissions. The results of their research and progress will be openly published on the website bilberget.se. In early 2020, Kvdbil decided to stop exporting environmental cars to speed up the conversion of the Swedish vehicle fleet. Plantasjen Plantasjen carried out measures to improve profit- ability during the year. RATOS ANNUAL REPORT 2019 5 CEO’s comments Ratos – a company group developing positively Our company group reported organic growth of 14 per cent cesses must change to enable HENT to continue to grow in 2019, while reported earnings increased 29 per cent without any major negative surprises, Ratos’s CFO Peter Wallin despite major restructuring costs.
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