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Annual Report 2017 ANNUAL REPORT ANNUAL 2017 ANNUAL REPORT 2017 JOURNEY TO THE NEW GATEGROUP ANNUAL REPORT 2017 JOURNEY TO THE NEW GATEGROUP GATEGROUP ANNUAL REPORT 2017 Table of contents 4 6 Message from the Chairman 8 CEO report 12 Who we are 14 Facts and figures 15 Key financial figures 16 2017 highlights 18 Update on Gateway 2020 strategy 20 Focus on Innovation 22 Focus on Retail 24 Focus on Culinary 26 Focus on Technology 28 Servair acquisition 32 Executive Management Board 35 Board of Directors 38 Corporate social responsibility 42 Consolidated financial statements 102 Financial statements of gategroup Holding AG 5 GATEGROUP ANNUAL REPORT 2017 Message from the Chairman 6 MESSAGE FROM THE CHAIRMAN Dear stakeholders of gategroup, 2017 was an extraordinarily successful year for gategroup. The group was able to achieve a number of important strategic milestones as set out in the Gateway 2020 strategy, most no- tably the successful integration of the French airline catering company Servair. This success is impressively reflected in the figures: within just two years, gategroup has almost doubled the number of countries and territories in which it operates, to a notable 60 today. Compared to 2015, sales have increased by more than 50% to CHF 4.6 billion, EBITDA doubled to CHF 300 million and net profit increased to CHF 85 million. Today, gategroup is not only the world’s largest airline caterer in terms of revenues, but also a very sound, driven and growing company. The journey continues. We operate in a highly dynamic industry, one that is experiencing a steady increase in passenger numbers. Airlines with new business models create new opportunities for Adam Tan agile, cost-efficient companies offering innovative, high-quality products and services. With the Gateway 2020 strategy, gategroup is well positioned to harness these synergies for further growth. None of this would be possible without the tremendous support of management and employees. I would like to thank them most sincerely for their hard work and great commitment. The way we do business is as important as the results we achieve, and I would also commend the group for their commitment to corpo- rate social responsibility and helping people around the world. And finally, I would like to convey a sincere thank you to our cus- tomers, shareholders, suppliers and partners for their trust and loyalty to gategroup. HNA remains committed to gategroup in the long term and supports the further implementation of its strategy. With the Board of Directors, I look forward to continuing our journey together. Sincerely, Adam Tan Chairman 7 GATEGROUP ANNUAL REPORT 2017 CEO report A transformational year, creating the foundation for future growth 8 CEO REPORT The end of the 2017 business year marked the halfway point in our Gateway 2020 strategy announced two-and-a-half years ago. In 2015 we set out ambitious but realistic plans to transform gategroup through a combination of commercial innovation and operational excellence. We also looked to improve cost efficiency and financial discipline. This new direction has proven correct, with 2017 marking another year of growth in revenues, profit and margins. Delivering ahead of plan: passion for innovation, obsession for operational excellence We are the global food and hospitality leader focused on en- hanced travel experiences and specialized in airline catering, food and beverage, retail on board and catering equipment. The key is our passion for innovation and obsession for operational excellence, which has made gategroup the largest and fastest growing network in the airline industry. In 2017 gategroup reaf- Xavier Rossinyol firmed its global market leadership in airline catering and retail on board services. In two years we almost doubled the number of geographies in which we are active from over 30 to now 60 countries / territories, and increased our number of operating units from 165 to more than 200. We acquired and fully integrated Servair, making gategroup the undisputed global leader in France as well as in the fast-growing African market. We relentlessly continued our expansion into emerging markets and Asia Pacific (APAC), announcing a stra- tegic joint venture with Asiana Airlines of the Republic of Korea in January 2018 – a step change towards our growing presence in this region. In 2017 we also diversified our international client base, serving more than 300 customers and 700 million pas- sengers. This represents a 50 percent increase of the customer base compared to 2015. As a result, 2017 revenues at actual exchange rates rose by 35% to CHF 4.6 billion. EBITDA grew even faster, reaching CHF 300 million, an increase of 50% against the previous year. Net profit of the company climbed to CHF 85.2 9 GATEGROUP ANNUAL REPORT 2017 million, and operating cash flow1 increased by 48% to long-haul, the opening of new routes by LCCs led to CHF 210 million in 2017. These robust 2017 financial the launch of new low-cost airlines by traditional air- results stand on solid ground. lines. In this context, ancillary revenues have become an important stream of income not only for LCCs but Servair: Stronger together also for full-service carriers. The latter are also now On 1 January 2017 we acquired a controlling interest pursuing new hybrid models under which they operate in Servair and forged the largest catering network in their own low-cost brands or offer food and beverages the aviation industry. The successful integration of for sale. Some LCCs are moving into premium services Servair into gategroup has resulted in the creation of and have started introducing premium class seats or the new Southern Europe & Africa (SEA) region, which even lounges. comprises Servair’s business in France, French territories, Airlines also recognize that their food and beverage Italy, and Africa. The combination of the strengths of offering is a differentiator that commands strong each player has resulted in an enhanced commercial culinary expertise to meet ever-changing consumer offering, geographical footprint and product and service demands. More and more consumers actively seek innovation. Additionally, Air France has become a key out local products and healthier options with a grow- customer for the entire group. Servair also reinforces ing interest in organic, natural, vegan, non-GMO, gategroup’s focus on the core with an enrichment gluten-free, bolder, spicier and ethnic flavors. Con- of our culinary offering through their distinguished currently, consumers still look to food and drink as an Studio Culinaire, chaired by the world-renowned chef indulgence and are not ready to compromise on taste. Joël Robuchon. Furthermore, the hectic nature of modern lifestyles leads to a rising demand for convenient, on-the-go Strong industry growth amid increased competition products with snacks often taking the place of meals. and need for differentiation These trends have one thing in common: they require 2017 was a year of growth but also of change for the flexibility as well as a high degree of innovation. As the airline industry. In the short- and medium-haul segment leading airline caterer, we address this by driving strong two low cost carriers (LCCs) rank now among the top commercial innovations and developing enhanced 10 of the world’s largest airlines by passengers2. In culinary offerings. 1 Before capital expenditure 2 The Economist, https://www.economist.com/blogs/gulliver/2015/06/ worlds-largest-airlines 10 CEO REPORT The passion and focus of the team of people at gategroup is at the core of what we do and the results we achieve. Trusted relationship with HNA Stronger in the future: customer focus allows Our global market leadership is built on a trusted, growth and margin expansion professional relationship between management, the Over the past two-and-a-half years we have made Board of Directors and the shareholder. Although clear progress on our five-year, Gateway 2020 strat- gategroup is independently managed and financed, egy. Most importantly, we have done it together as it is a very important company within HNA’s Travel one gategroup, as one team. Nothing we achieved in and Tourism division. HNA leadership fully endorses 2017 would have been possible without the entrepre- our Gateway 2020 strategy and our leadership team, neurial spirit and the dedication of our employees. The while it offers new opportunities to develop in the Asia tremendous team of people at gategroup has my full Pacific region, leveraging its strong footprint in the appreciation for their commitment and hard work to airline and hospitality industries. bring our strategy to fruition. Equally important as past performance is the solid foundation we have created which allows us to address new challenges ahead of us, without losing sight of finalizing initiatives that are currently underway. We have become a more diversified, agile and stronger company: we have completed contracts in new ge- ographies, continuously enhanced our innovation, further driven standardization and cost efficiency, and remained focused on flawless execution. Everything we do aims to strengthen the relationships with our customers and to add value for them and their passengers. This will allow us to ensure our own growth, increase our margins and broaden our business base. Milestone On 1 January 2017, we acquired a controlling interest in Servair, forming the largest catering network in the aviation industry. 11 GATEGROUP ANNUAL REPORT 2017 Who we are The food and hospitality global leader. gategroup is the global leader in airline catering, retail is highly recognized for its culinary innovation and has on board and hospitality products and services. We a strong presence in France and Africa. provide passengers with superior culinary and retail experiences, leveraging our innovation and advanced technology solutions. We deliver operational excellence through the most gateretail provides flexible and innovative product extensive catering network in the aviation industry, and service solutions tailored to a customer’s specific serving ca.
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