Serco Group plc · LSE:SRP
Serco — Investor Day (December 2017)
127 slides from Serco's investor day presentation, Dec 13, 2017
Slide 1: Serco Capital Markets Event
serco Serco Capital Markets Event Serco Group plc 13 December 2017
Slide 2: Disclaimer
Introduction Disclaimer Forward looking statements This announcement contains statements which are, or may be deemed to be, “forward looking statements” which are prospective in nature. All statements other than statements of historical fact are forward looking statements. Generally, words such as “
Slide 3: Introduction
Serco Introduction Rupert Soames, Group Chief Executive Serco Group plc 13 December 2017
Slide 4: Agenda
Introduction Agenda Now... 14:30 14:40 15:50 17:00 17:40 Introduction Transformation to Growth Defence and Justice & Immigration overviews, and operating cross-sector and internationally Short break Split into two sector breakouts Justice & Immigration and Defence Session 1 Session 2 Return here for
Slide 5: Reminder: our strategy as described in Q1 2015
Introduction Reminder: our strategy as described in Q1 2015 Our Ambition To be a superb provider of public services by being the best managed business in our sector 2014 Stabilise 2015-17 Transform 2018-20 Grow * Hire new management * Develop strategy and plan * Identify issues * Undertake Contract
Slide 6: So far we have
Introduction So far we have: * Met or exceeded Underling Trading Profit (UTP) guidance for each of FY15, FY16 and FY17 * Our expectations for FY18 and FY19 are in line with UTP consensus, which imply strong growth in UTP in each of the next two years * Reduced operating costs 2014-2017 by >£1bn * St
Slide 7: Steps to achieving our trading margin ambition
Introduction 3 steps to achieving our trading margin ambition Confidence in operational performance and rebid plans; Status update: margin benefit is back-end weighted : ~50-100 bps OCP contracts expire and revenue falls out. ~50% estimated to be retained but at appropriate positive margin On track
Slide 8: Update on major new bid opportunities
Introduction Update on major new bid opportunities * Largest order intake in FY17 since FY12: over 100% book-to-bill; ~30% win-rate so far against the 7 major opportunities we discussed a year ago * We have won: — New Grafton Correctional Centre (~£1.5bn/20yrs) — Barts Health NHS Trust (~ £600m/ 1Oy
Slide 9: Morals of the tale
Introduction Morals of the tale * As the variation in margins on new contracts compress and converge around net trading profit margins of ~5-6%, so it becomes more important that we avoid taking contracts that will lose money ¢ We will continue to be cautious about risk; “no deal is better than a ba
Slide 10: Savings to date and current cost base
Serco Savings to date and current cost base Angus Cockburn, Group Chief Financial Officer Serco Group plc 13 December 2017
Slide 11: Achieved our cost challenge with >£1bn reduction
Savings to date and current cost base Achieved our cost challenge with >£1bn reduction * Cost challenge: to match significant revenue reduction with an equivalent reduction in total costs — Ensuring direct costs volume-adjust for contract attrition and disposal impacts — Targeting shared service and
Slide 12: Overhead savings to date
Savings to date and current cost base Overhead savings to date driven by initial stages of transformation of shared services and organisational design * Cumulative three-year reduction of >£100m or ~23% of overheads and CSS costs * Within this, we will have achieved our FY17 target of ~£20m savings
Slide 13: Transformation journey began with a data cleanse
Savings to date and current cost base Transformation journey began with a comprehensive data cleanse * Key deliverable of Finance Function improvements: launch of new Finance Data Structures enabling full understanding of costs and margins via consistently applying new principles, definitions, globa
Slide 14: Finance Transformation update
Savings to date and current cost base Finance Transformation update Current focus on four key initiatives to drive further cost and quality improvements Transitioning to an outsourced Centre of Excellence for reporting, forecasting, planning and analysis Significant onshore headcount reduction with
Slide 15: Summary of cost actions to date
Savings to date and current cost base Summary of cost actions to date and positioning for future transformation * Successfully removed >£1bn of total cost to date, including >£100m from shared services and overheads * Finance Transformation is on track, delivering both a cost saving from the functio
Slide 16: Next steps in our transformation & winning good business
Serco Next steps in our transformation & winning good business Rupert Soames, Group Chief Executive Serco Group plc 13 December 2017
Slide 17: Transformation to Growth
Transformation to Growth Winning good business 17 Serco Capital Markets Event 2017 — Transformation to Growth serco
Slide 18: Transformation to deliver 100-200 bps margin improvement
Transformation to Growth Transformation — to deliver 100-200 bps margin improvement The aim: Third Party Spend Operating Model Finance Transformation 18 Serco Capital Markets Event 2017 — Transformation to Growth serco
Slide 19: Focus on operating model transformation
Transformation to Growth Focus on operating model transformation: building an efficient and effective corporate structure... Example guiding principles ... ... outcomes ... a Cost a * Remove duplicate roles in organisational design Efficiency Operating * Achieve greater economies of scale and levera
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Slide 21: Winning good business: progress so far
Transformation to Growth Winning good business Progress so far We have made some good progress but the political environment is complex, particularly in the UK, and growth is well below long-term trend of ~5-7% Winkates + Some big wins and book-to-bill ratio of over 100% for the first time since 201
Slide 22: Reinvigorating the end-to-end sales process
Transformation to Growth Winning good business We are reinvigorating each step in our end-to-end sales process to ensure we maximise every opportunity > Pipeline development > Differentiated propositions » Market Shaping & Account Management > Bidding process > » Solution development & pricing Legal
Slide 23: Revenue and order intake
Transformation to Growth Revenue and order intake Revenue and mix of order intake (split by value of new wins vs rebids/extensions) flbn 5 4 == Revenue w = Total order intake = New win intake = Rebid/extension intake = FY13 FY14 FY15 FY16 FY17 Largest opportunities looking ahead: * New: DFRMO; sever
Slide 24: Order book stabilised
Transformation to Growth Order book stabilised Total order book vs total order intake and revenue flbn 16 12 == Order book == Revenue == Total order intake FY13 FY14 FY15 FY16 FY17 Largest opportunities looking ahead: * New: DFRMO; several US Navy ship/shore modernisation; US Air Force radar support
Slide 25: Building capability deep within the business
Transformation to Growth Building capability deep within the business Supporting our ambition to be the best-managed business in our sector * Oxford Said Serco management course — 3-month preparation, 5-day immersive course in Oxford, 6-month follow-up — 200 out of 300 senior managers within the bus
Slide 26: Our drivers
Transformation to Growth Our drivers: Values... Justice & Immigration Purpose... public Services , Citizen Transport Services “A Forces”: long-term structural growth drivers... Voters unwilling to tolerate higher taxation Need to balance public income and expenditure, and reduce debt Deliverables...
Slide 27: Defence: Overview
Serco Defence: Overview Kevin Craven, Divisional CEO, Serco UK&E Serco Group plc 13 December 2017
Slide 28: Defence sector today
Defence: Overview Defence sector today 2017F Revenue and mix® Key observations on market potential” @ Enterprise Transformation @ Total maritime support services @ Base Ops/FM/Logistics @ CSISR/ISTAR I Vessel maintenance, repair & equipment Ill Acquisition, procurement & installation/ ship modernisa
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Slide 30: Defence: Serco's proposition
Defence: Overview Defence: Serco’s proposition Ey time equipment re | CSIR STAR | als * LL) a Cross-sector, multi-segment and Long-standing and effective multi-regional player defence relationships Deep understanding and Proven and trusted capability in experience of several unique particularly sens
Slide 31: Justice & Immigration: Overview
Serco Justice & Immigration: Overview Mark Irwin, Divisional CEO, Serco Asia Pacific Serco Group plc 13 December 2017
Slide 32: Justice sector today
Justice and Immigration: Overview Justice sector today 2017F Revenue and mix Key observations on market potential’ @ Prison Management ™@ Prisoner Escorting @ Secure Contracts Revenue by division @ UK&E @ AsPac -20%, In-house Outsourced ~£1 2bn * Small market, majority in-house * Second highest anti
Slide 33: Immigration sector today
Justice and Immigration: Overview Immigration sector today 2017F Revenue and mix @ Immigration Detention & Community Accommodation & Support @ Transport & Escort Secure Contracts Revenue by division Key observations on market potential’ IS Total Market Size ~£4bn In-house Outsourced * Small market,
Slide 34: Strategy for growth
Justice and Immigration: Overview Strategy for growth Ambition to 2022 Justice: “We help governments deliver a more effective justice system, at a lower cost, by championing service innovations, applying intelligent systems, employing the best people, and forming partnerships with voluntary organisa
Slide 35: Justice and Immigration: Serco's proposition
Justice and Immigration: Overview Justice and Immigration: Serco’s proposition four values BM Koy market charactorstes and growth drivers Pour strencths | Ability to leverage Public service ethos, Gera significant global focus on care and Pn ny meee aay respect for individuals a a Strong, collaborat
Slide 36: Why operating cross-sector and internationally works
Justice and Immigration: Overview Why operating cross-sector and internationally works Some examples... 36 Serco Capital Markets Event 2017 — Justice & Immigration: Overview serco
Slide 37: Agenda
Agenda Now... 14:30 14:40 15:50 17:00 17:40 Introduction Transformation to Growth Defence and Justice & Immigration overviews, and operating cross-sector and internationally Short break Split into two sector breakouts Justice & Immigration and Defence Session 1 Session 2 Return here for Wrap-up and
Slide 38: Justice & Immigration Breakout
Serco Justice & Immigration BREAKOUT Serco Group plc 13 December 2017
Slide 39: Justice & Immigration Breakout Agenda
Justice & Immigration Breakout Agenda ~50 mins PRESENTATIONS Justice & Immigration: UK COMPASS (Community Accommodation & Support Segment) contract case study PECS (Transport & Escort segment) contract case study Lowdham Grange and Prison Management segment Justice and Immigration: AsPac New Grafton
Slide 40: Justice & Immigration: UK
Serco Justice & Immigration: UK Julia Rogers, Managing Director Serco Group plc 13 December 2017
Slide 41: Business Unit today
Justice & Immigration: UK Business Unit today 2017F Revenue and mix Margin @ Prison Management lH Transport & Escort @ Immigration Detention and Secure Contracts Community Accommodation & Support Key achievements Business Unit margin is above UK&E Divisional (adjusting for JVs) and Serco Group avera
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Slide 43: Market: Justice & Immigration
Justice & Immigration: UK Market: Justice & Immigration Estimated market size and growth" Key observations on market potential” 12.0 £bn 10.0 8.0 @ Total 6.0 opportunity @ Outsourced 4.0 opportunity 2.0 - 2016 2017) 2018 2019 2020 2021 Source: Government data and internal estimates Key market trends
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Slide 45: Pipeline of new opportunities
Justice & Immigration: UK Pipeline of new opportunities Pre Gate 2 Electronic Monitoring ~£0.2bn tev @ = Secure Contracts ~£0.1bn tev ® Immigration Detention ~£0.1bn tev Prison Management ~£1.5bon tev Community Rehabilitation ~£1.3bn tev KEY: Circles reflect approximate TCV and therefore include an
Slide 46: Rebids and extensions
Justice & Immigration: UK Rebids and extensions Community Accommodation & Support COMPASS rebid (AASC) (COMPASS rebid element only) ~20-30% Secure Contracts i Border protection ~5% Prisoner Escort & Court Security KEY: i PECS Circles reflect current contract annual i ~| 5% . value as a percentage of
Slide 47: COMPASS Asylum Support Services
Serco COMPASS Asylum Support Services Alan Stannard, Business Operations Director, Secure Transport & Immigration Serco Group plc “ 13 December 2017
Slide 48: COMPASS
Justice & Immigration: UK - COMPASS COMPASS Customer Home Office Services + Accommodation, property management, hard and soft FM * Transportation services * Support and welfare payments Start Date June 2012 Length 7 years (5 + 2 years) Employees ~420 serco
Slide 49: Improvements and innovation delivered
Justice & Immigration: UK - COMPASS Improvements and innovation delivered Improvements Innovations ~6,000 accommodation . properties ~12,000 maintenance faults . repaired per month ~650 transport journeys carried out each month ~6,000 property standard inspections conducted each month More people ho
Slide 50: Prisoner Escort & Custody Services (PECS)
serco Prisoner Escort & Custody Services (PECS) Chris Hodkinson, Contract Operations Director Serco Group plc 13 December 2017
Slide 51: PECS
Justice & Immigration: UK - PECS PECS Customer Ministry of Justice Services + Secure transport of prisoners to/from prisons, courts, police stations * Logistics and fleet management * Court custody and dock management + Prisoner welfare Start Date August 2011 Length 7 years (+ up to 3x 1-year extens
Slide 52: Improvements and innovation delivered
Justice & Immigration: UK - PECS Improvements and innovation delivered 180 vehicles and 8 vehicle bases covering: 22 prisons 152 police stations 53 courts 18,000 prisoners handled per month - on average ~12 involve use of force = 0.07% 210,000+ miles per month Improvements Innovations * A range of i
Slide 53: HMP Lowdham Grange
Serco HMP Lowdham Grange Mark Hanson, Contract Director Serco Group plc 13 December 2017
Slide 54: HMP Lowdham Grange
Justice & Immigration: UK - HMP Lowdham Grange HMP Lowdham Grange Customer Ministry of Justice Services * ~900 capacity Category B adult male prison * Whole prison operations, including security, prisoner welfare, facilities management, rehabilitation and education Start Date February 1998 Length 25
Slide 55: Improvements and innovation delivered
Justice & Immigration: UK - HMP Lowdham Grange Improvements and innovation delivered Serco’s scale in Prison Management: 10 prisons operated on behalf of governments in England, Scotland, Australia and New Zealand 7,000 aff 8,300 Prisoners In our care 8 million hours of prisoner employment, vocation
Slide 56: Applicability to the wider business
Justice & Immigration: UK - HMP Lowdham Grange Applicability to the wider business Contracts in this Upcoming market Leveraging our segment in our opportunities in capabilities internationally Division: this segment: & cross-sector: ¢ HMP Ashfield * ‘New for Old’ (‘N40’) * The UK business has contin
Slide 57: Justice & Immigration: Asia Pacific
serco Justice & Immigration: Asia Pacific Heath Chapple, Managing Director Serco Group plc 13 December 2017
Slide 58: Business Unit today
Justice & Immigration: Asia Pacific Business Unit today 2017F Revenue and mix Margin Bf Immigration Detention @ Prison Management ™@ Transport & Escort Key achievements + Business Unit margin is above AsPac Divisional and Serco Group average + Reflects nature of skills, capabilities and risks * No O
Slide 59: Geographical locations
Justice & Immigration: Asia Pacific Geographical locations Key to Immigration facilities Darwin APOD ITA: Immigration Transit Accommodation anes erwin IDC: Immigration Detention Centre APOD: Alternative Place of Detention Wo SRSS: Status Resolution Support Services * Christmas Island IDC - + SRSS *
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Slide 61: Market: Immigration
Justice & Immigration: Asia Pacific Market: Immigration Estimated market size and growth" Key observations on market potential’ 3.0 £bn 2.5 2.0 @ Total 15 opportunity @ Outsourced 1.0 opportunity 0.5 2016 2017) 2018 2019 2020 = 2021 Source: Immigration & Border Protection Portfolio Budget Statements
Slide 62: Market: Justice
Justice & Immigration: Asia Pacific Market: Justice Estimated market size and growth" Key observations on market potential’ 4.0 fbn 3.5 3.0 25 mTotal 2.0 opportunity 15 @ Outsourced opportunit 10 PP y 0.5 2016 2017) 2018 2019 2020 = 2021 Source: Internal Research Key market trends Justice * Growing
Slide 63: Strategy for growth
Justice & Immigration: Asia Pacific Strategy for growth “Our ambition is to be the leading provider of secure detention services across Justice and Immigration in AsPac by being the best managed business with an operating model and philosophy of treating people in our care with dignity and respect.
Slide 64: Pipeline of new opportunities
Justice & Immigration: Asia Pacific Pipeline of new opportunities Pre Gate 2 Gate 2 onwards Prison Management TCV: ~£0.7bn | ~£1.0bn tev Prison Management Parklea Correctional Centre @ Case/Visa Management Application ~7 years & Processing ~£0.1bn tev @ NN @ — Case/Visa Management Application e Tran
Slide 65: Rebids and extensions
Justice & Immigration: Asia Pacific Rebids and extensions Prison Management Southern Queensland Correctional Centre ~5% Immigration Detention KEY: Detention Facilities & Detainees Services Circles reflect current contract annual i ~ 65% value as a percentage of 2017F i : Business Unit revenue, and p
Slide 66: Detention Facilities & Detainee Services
Justice & Immigration: Asia Pacific Detention Facilities & Detainee Services Sits Australian BORDER FORCE Customer Dept of Immigration & Border Protection (DIBP) Sector Immigration Segment Immigration Detention Start Date 2014 (24 generation) Length 5 years +2 +2 Facilities 10 Employees ~2,250 Chang
Slide 67: New Grafton Correctional Centre
Serco New Grafton Correctional Centre Peter Mcintosh, Transition Director Serco Group plc 13 December 2017
Slide 68: New Grafton Correctional Centre (NGCC)
Justice & Immigration: Asia Pacific - NGCC New Grafton Correctional Centre (NGCC) Customer NSW Government Services * Operate and Maintain 1,700 bed correctional facility * Key services: Security, Education, Healthcare, Welfare, Rehabilitation and Reintegration, Catering and FM Start Date July 2020 L
Slide 69: Contract overview
Justice & Immigration: Asia Pacific - NGCC Contract overview Timeline May November Project Commissioned June January to June Muster of 1,700 by Government Contract Award Serco Mobilisation inmates complete 2018 | 2019 March June July to March 2020 April July EOI RFT Design & Construction Technical O
Slide 70: Contractual matrix
Justice & Immigration: Asia Pacific - NGCC Contractual matrix —_— i+, Financiers Operator Tripartite Side Deed Deed Project Deed and State Security Debt Equity Providers Providers Finance & Equity Security documents documents Project Co D&C : _ a Side Deed : Aboriginal painting by Dae 5 : Anthony Fl
Slide 71: Justice & Immigration: Asia Pacific - NGCC — Justice & Immigration: Asia Pacific -
Justice & Immigration: Asia Pacific - NGCC 71 Serco Capital Markets Event 2017 — Justice & Immigration: Asia Pacific - NGCC
Slide 72: Justice & Immigration: Centre of Excellence (CoE)
Serco Justice & Immigration: Centre of Excellence (CoE) Adrian Sauter, CoE Director, Justice & Immigration Serco Group plc ~ 13 December 2017
Slide 73: Centres of Excellence: strategic rationale
Justice & Immigration: CoE Centres of Excellence (CoEs): reminder of the strategic rationale Three sector CoEs (Health, Transport, and Justice & Immigration) were set up in November 2015 to: “Drive a common, consistent, efficient, effective and successful approach to how Serco bids, wins, funds, res
Slide 74: J&I CoE key achievements to date
Justice & Immigration: CoE J&l CoE key achievements to date Area Key achievements Identification of new adjacent service lines for development to grow pipelines (Police Custody Management, Prison Horizontals, Female Prison Management, Probation and Rehabilitation) Proposition Development Identificat
Slide 75: The focus over the next months
Justice & Immigration: CoE The focus over the next 18 months Remit increasingly focussed on strategic growth agenda... 1) Growing our pipeline: * Leading the exploration of new adjacencies and geographies * Raising J&l presence in the market and with governments through international thought leaders
Slide 76: Potential growth by products/services and geographies
Justice & Immigration: CoE Potential growth by products/services and geographies New Products/Services Existing Products/Services Full Prison Management Electronic Monitoring (market re-entry) wn o : : : : sas foie Prison Horizontals Police Logistics £ a a g Escorting Services Youth Custody Border L
Slide 77: Justice & Immigration Breakout Agenda
Justice & Immigration Breakout Agenda ~50 mins PRESENTATIONS Justice & Immigration: UK COMPASS (Community Accommodation & Support Segment) contract case study PECS (Transport & Escort segment) contract case study Lowdham Grange and Prison Management segment Justice and Immigration: AsPac New Grafton
Slide 78: Defence Breakout
Serco Defence BREAKOUT Serco Group plc 13 December 2017
Slide 79: Defence Breakout Agenda
Defence Breakout Agenda ~50 mins PRESENTATIONS Defence: Americas Dave Dacquino Ship & Shore/Base Modernisation segment and case studies Kent Brown Goose Bay (Base Operations segment) contract case study and Canada = Andrew Shnuriwsky Defence: UK Paul McCarter FPMS (Total Maritime Support Services se
Slide 80: Defence: Americas
Serco Defence: Americas Dave Dacaquino, Divisional CEO, Serco Americas Serco Group plc 13 December 2017
Slide 81: Business sector today
Defence: Americas Business sector today 2017F Revenue and mix Margin a ~$0.4bn Sy Acquisition & Program Management @ Personnel Readiness @ Ship Modernisation @ Shore/ Base Modernisation ™ Base Ops & Logistics Hardware integration Key achievements * Sector margin is above Americas Divisional and Serc
Slide 82: Major customers/contracts
Defence: Americas Major customers/contracts (excluding Ship & Shore/Base Modernisation) US Navy NESS III, ADNS, CANES Segment: Hardware Integration Key services * Provides lifecycle sustainment, installation, integration, testing and procurement support for AT/FP systems * Software Integration * Rac
Slide 83: Market: Defence US and Canada
Defence: Americas Market: Defence US and Canada Estimated market size and growth" Key observations on market potential” 60 $bn 50 40 @ Total 30 opportunity @ Outsourced 20 opportunity 10 2017. 2018E 2019E 2020E 2021E 2022E Source: Bloomberg Government and internal estimates Key market trends Governm
Slide 84: Strategy for growth
Defence: Americas Strategy for growth BU ambition to 2022 “Be a recognised provider of world-class Defence services and solutions that enhance mission critical capabilities, improve lifecycle sustainment and promote organisational effectiveness for our clients in various government agencies.” Priori
Slide 85: Pipeline of new opportunities
Defence: Americas Pipeline of new opportunities Pre Gate 2 Gate 2 onwards Shore/Base Modernisation TCV: ~$2.2bn | ~$1.6bn tev Ship Modernisation ~$0.7bn tev Personnel Readiness ~$0.6bn TCV Ship Modernisation US Navy PMW.760 shore /Base Mod ‘SSPARS ~5 years e r ) oA. rs ~ry Acquisition & PM Hardware
Slide 86: Rebids and extensions
Slide 87: Ship & Shore/Base Modernisation
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Slide 91: Case Study 1: Global Installation Contract (GIC)
Slide 92: Case Study 2: Anti-Terrorism/Force Protection Global Sustainment
Slide 93: Defence: Canada
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Slide 115: Defence Breakout Agenda
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