Road show presentation. November 2008
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- Darrell Lynch
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1 Road show presentation November 2008
2 Today s presenters Lars Blecko (CEO) CEO since 2008 Experience: CEO of Rottneros AB, Senior vice president sales & marketing Cardo Rail and Managing Director Radio Pharmaceuticals of EMA Du Pont Jarl Dahlfors (CFO) CFO since 2007 Experience: CFO Attendo Group AB, CFO EF Education, Controller Trygg Hansa Asset Management, Auditor Price Waterhouse 2
3 Agenda Overview of Loomis Market and market drivers Organization, strategy etc Financials Summary investment case 3
4 Loomis history
5 Overview of Loomis Previously Securitas Cash Handling Services Acquired Loomis, Fargo & Co, one of the largest US cash handling companies in 2001 Operates cash in transit, cash management services and technical services Headquartered in Stockholm, Sweden and has more than 20,000 employees Operates in 11 countries in Europe and in the US Number one in Sweden and France and number two in all other markets except Switzerland and Portugal Approximately 370 branches (of which ~170 in the US and 200 in Europe) Customers mainly banks and retailers 5 Sales of ~SEK 11.4 billion in 2007 ~SEK 7.7 billion in Europe (67%) ~SEK 3.7 billion in the US (33%)
6 6 Overview of Security market
7 7 Broad offering of cash handling services
8 8 Loomis cash handling operations
9 Favourable market trends xx Outsourcing Banks increasingly outsource cash handling operations, large potential in the US Retailers very interested in efficient and safe cash handling solutions Consolidation Fragmented market Barriers to entry Favourable market for Loomis Growth Cash in circulation expected to keep growing 9
10 Outsourcing Case study Safepoint A franchisee with 19 restaurants in North America seeks a cash handling solution that could: Streamline and improve the security Reduce the number of people involved Guarantee that the money was deposited in the bank on time Installed Safepoint leading to an increase in productivity, quality and safety SafePoint provides the ability to analyze and track developments in daily cash handling 10
11 Consolidation Market shares, US market Market shares, European market 30% 35% 70% 65% 4 main operators Others 4 main operators Others 11
12 Main competitors US security company with operations in more than 50 countries Sales of USD 3,219 million in Main competitor in the US Company recently spun off its home security division making it a company focused mainly on cash handling UK/Danish security company Sales of GBP 4,490 million in 2007 and operations in over 110 countries across the world Cash handling makes up approximately 22% of sales, with guarding and security installations making up the remainder Spanish security company with operations mainly in southern Europe and Latin America Sales of EUR 1,842 million in 2007 and operations in 12 countries in Europe and Latin America Active in guarding, security installations, cash handling and residential security Canadian security company Sales of CAD 683 million in 2007 and operations in mainly Canada, US, Mexico and the Middle East Active mainly in guarding and cash handling 12
13 Growth Strong underlying drivers Cash in circulation, Western Europe (EUR bn) Cash in circulation, North America (USD bn) CAGR 8.3% CAGR 4.1% ATMs, Europe ATMs, North America 400, , , , , , ,000 50,000 0 CAGR 4.6% 315, , , , , , , , , ,000 0 CAGR 4.2% 451, , , , , Source: Federal reserve, ECB, Retail Banking Research ltd.
14 Potential market - estimated by Loomis Potential world market för cash handling SEK 170 bn N. America ~SEK 45 bn Other ~SEK 65 bn Europe ~SEK 60 bn Available market SEK bn Market share ~25% Potential market ~SEK bn Potential market ~SEK bn Available market ~SEK bn Market share ~30% Loomis ~SEK 4 bn Competitors ~SEK bn Competitors ~SEK bn Loomis ~SEK 8 bn Available market is given the current level of outsourcing Potential market is if all markets would have the same level of outsourcing as more mature markets 14
15 Slim decentralized organization High degree of responsibility to countries requires: Full accountability Strong financial and risk control Streamlined HQ functions 15
16 Strategy Shareholder value through customer value Faster - fewer float days Higher security Expand geographic network through organic growth and acquisitions USA - targets identified Eastern Europe - follow the Euro 16
17 Risk management Loomis risk management strategy is based on two fundamental principles: No loss of life Balance between risk and profitability Loomis risk organization includes approx. 150 specialists working with risk prevention Every potential risk exposure is Evaluated Rated Prevented 17
18 Long term Objectives EBITA-margin of at least 10%, short term target of at least 8% in 2010 Up to 8%: Price/Branch/Risk 8-10%: Price/Branch/Risk + product mix (increase in CMS proportion) Operational cash flow >85% of EBITA Global leader in Cash Handling and number one or two in each market Long-term goal of an annual dividend of percent of the Group s income after tax for the financial year Track record 2007 proforma EBITA margin, % Cash flow of EBITA, %
19 Net sales and EBITA-margin CAGR of +17.7% 10% MSEK % 8% 7% 6% 5% % % 2% 1% Jan-Sep 2007 Jan-Sep % Sales EBITA-margin 19
20 Sales and EBITA margin by segment SEK m 12,000 10% 11,000 9% 10,000 8% 9,000 7% 8,000 7,000 6% 7,238 6,000 7,555 7,665 5,729 5% 5,390 5,000 4% 4,000 3% 3,000 2% 2,000 3,821 3,919 3,732 2,818 2,762 1,000 1% 0 0% Jan-Sep 2007 Jan-Sep 2008 USA Sales Europe s ales Europe EBITA margin USA EBITA margin Group EBITA margin 20
21 Q3 results Revenues of SEK 2,836 million Organic growth of 4% EBITA-margin of 7.2% (1.6% in Jul-Sep 2007) EPS of SEK 1.15 Two acquisitions in the US and Sweden Sales and EBITA-margin MSEK 4,000 3,500 3,000 2,500 2,000 1,500 1, ,905 2,844 2,956 2,802 2,789 2,850 2,836 2,647 2,669 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 10% 8% 6% 4% 2% 0% -2% Sales EBITA -margin 21
22 Cost structure and pro forma EBITA % 90.0% 80.0% 100.0% 12.9% 4.5% 9.9% Other costs Costs for premises Vehicle costs 70.0% 4.6% Risk costs 60.0% 50.0% 40.0% 59.9% Personnel costs 30.0% 20.0% 10.0% 0.0% 2.3% 3.0% 5.3% 5.9% Depreciation Net sales Operating costs EBITA Reversal of LCM-related costs EBITA Proforma Operating costs are excluding extraordinary costs relating to the sale of assets and liabilities in LCM and related warranties as well provisions for NCS declarations in LCM 22
23 Capital expenditure and depreciation 1, % 7.0% SEK m % 5.0% 4.0% % % 1.0% Jan-Sep2007 Jan-Sep 2008 Capex, net Depreciation Capex as % of sales Depreciation as % of sales 0.0% 23
24 Balance sheet Balance sheet, Loomis September 30, 2008 (SEK m) Assets SHAREHOLDERS' EQUITY AND LIABILITIES Intangible fixed assets 2,666 Tangible fixed assets 2,674 Shareholder's equity 2,508 Financial fixed assets 382 Interest bearing long-term liabilities 69 Total fixed assets 5,840 Non-interest-bearing provisions 852 Current assets Total long-term liabilities 921 Non-interest-bearing current assets 2,030 Tax liabilities 170 Interest-bearing current assets 1,068 Non-interest-bearing current liabilities 1,882 Liquid funds 174 Interest-bearing current liabilities 3,632 Total current assets 3,271 Total current liabilities 5,683 TOTAL ASSETS 9,112 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 9,112 1) Shareholders' equity is entirely attributable to the parent company's shareholders Binding credit commitments totaling around SEK 3.5bn, with a three year term, have been obtained from three banks Annual amortization of SEK 220 million Interest bearing net debt of MSEK 2.4bn Main covenant: Net debt / EBITDA < 2.75 Impairment test of goodwill as per Q implies sufficient headroom 24
25 Outlook Recent turbulence on financial markets Positive effects: Increase in proportion of cash purchases, lower staff turnover and increased outsourcing as banks to focus on their core business. Negative effects: Increased risk of robbery, reduced consumption and possible increased risk of bad debts A number of trends may increase demand Increased outsourcing of cash handling by banks and retail chains Increased globalization (increases demand for global operators) Growth of cash in society Loomis ability to supply complete solutions and greater product value will provide opportunity for improved profitability in the future 25
26 The spin-off in brief and time table The Board of Securitas has decided, for the purpose of increased transparency, specialization and shareholder value, to spin off Loomis AB and list it as a separate company Five shares in Securitas entitles to one share in Loomis (Five A-shares give one A-share in Loomis, five B-shares give one B-share in Loomis) Time table: 3 December: EGM to resolve upon the distribution of Loomis to Securitas shareholders 3 December: Last day of trading in Securitas including right to receive shares in Loomis 4 December: First day of trading excluding right to shares in Loomis 9 December: First day of trading in the Loomis share 16 February: 2008 full-year reports for both Loomis and Securitas 26
27 Summary investment case Geographic expansion Leading market position Underlying growth drivers Global footprint / Local experience Consolidation potential Barriers to entry Increased outsourcing Strong brand 27
28 28
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