Loomis publishes full-year report for January - December 2020 and removes the operating margin target for 2021
SOLNA, Sweden, Feb. 3, 2021 /PRNewswire/ --
Fourth quarter 2020
Revenue for the fourth quarter amounted to SEK 4,537 million (5,342). Real growth was -7 percent (5), of which organic growth was -9 percent (1).
Loomis operating income (EBITA)(1)) amounted to SEK 467 million (693) and the operating margin was 10.3 percent (13.0). Excluding Loomis Pay, the operating margin was 11.0 percent (13.0).
Income before taxes amounted to SEK 203 million (552) and income after taxes was SEK 103 million (407).
Earnings per share before and after dilution amounted to SEK 1.37 (5.42).
Cash flow from operating activities(2)) amounted to SEK 362 million (325), equivalent to 80 percent (48) of operating income (EBITA).
The ongoing coronavirus pandemic had an overall negative impact on revenue and operating income during the quarter. The significant differences compared to the fourth quarter of 2019 are related to the pandemic.
Due to the coronavirus pandemic, several restructuring programs are ongoing in Europe to improve efficiency and the operating margin.
A dividend of SEK 5.50 per share (10.00) for 2019 was paid out in the fourth quarter.
Successful launch of Loomis Pay, the new platform for digital and cash payments.
Full-year 2020
Revenue for the period amounted to SEK 18,813 million (21,044). Real growth was -8 percent (5), of which organic growth was -9 percent (2).
Loomis operating income (EBITA)(1)) amounted to SEK 1,775 million (2,601) and the operating margin was 9.4 percent (12.4). Excluding Loomis Pay, the operating margin was 9.8 percent (12.4).
Income before taxes amounted to SEK 1,096 million (2,210) and income after taxes was
SEK 716 million (1,646).
Earnings per share before and after dilution amounted to SEK 9,52 (21,88).
Cash flow from operating activities(2)) amounted to SEK 2,218 million (2,057), equivalent to 129 percent (81) of operating income (EBITA).
Overall, the ongoing coronavirus pandemic had a significant negative impact on revenue and operating income for the year.
In light of the continuing corona pandemic that has delayed the recovery in retail and the hospitality industry, especially in Europe, Loomis' assessment is that the previously communicated operating margin target, of 12 - 14 percent for 2021, will likely not be achieved. As the market conditions for 2021 are still uncertain, due to the pandemic, Loomis has decided to remove the operating margin target.
The Board of Directors proposes a dividend of SEK 6.00 per share for 2020 (5.50).
(1) )Earnings Before Interest, Taxes, Amortization of acquisition-related intangible fixed assets, Acquisition-related costs and revenue and Items affecting comparability.
(2)) The key financial number and the ratio are reported exclusive of impact from IFRS 16.
CONTACT:
Anders Haker
Chief Investor Relations Officer
Mobile: +1 281 795 8580
E-mail: anders.haker@loomis.com
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The following files are available for download:
Loomis publishes full-year
report for January âEUR"
December 2020 and removes
the operating margin
https://mb.cision.com/Main/51/3278457/1367164.pdf target for 2021
https://mb.cision.com/Public/51/3278457/bd608f96a8379828.pdf Loomis full-year report
January-December 2020 -
press release
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SOURCE Loomis AB
