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Poundland Group Plc Annual Report & Financial Statements for Period Ended 29 March 2015

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Poundland Group Plc Annual Report & Financial Statements for Period Ended 29 March 2015 Poundland Group plc Annual Report & Financial Statements for period ended 29 March 2015 ...Every week ...Every month ...Every year STOCK CODE: PLND OPERATIONAL HIGHLIGHTS GROUP SALES AREA 60 grew by NET NEW STORES 13.5% growing the estate in to UK & Ireland to 3.17 million sq ft 588 stores (2014: 528) RETAIL PARK NEW sq ft STORES 350,000 warehouse opened in Harlow, replacing temporary NOW TOTAL 87 (2014: 57) 200,000 sq ft Hoddesdon facility Strong 5.3 STORE MILLION opening pipeline customers served each in place in UK week, including over and Ireland for FY2016 300,000 in Ireland FIRST Dealz store opened in Spain we now have 7 including 3 STORES IN MADRID on track to open 10 STORES IN SPAIN in two years CONTENTS Introduction Our History 1 Market Overview 2 Business Model 4 Strategic Report Our Group Strategy 10 Chairman’s Statement 12 Chief Executive Officer’s Review 14 Chief Financial Officer’s Review 18 Risks and Uncertainties 26 Corporate and Social Responsibility Report 28 Governance Directors’ Report 31 Our Directors 34 Our Executive Team 36 Corporate Governance 37 Governance and Nominations Committee Report 41 Audit and Risk Committee Report 42 Directors’ Remuneration Report 45 Financials Statement of Directors’ Responsibilities in Respect of the Annual Report and the Financial Statements 62 Independent Auditor’s Report to the Members of Poundland Group plc 64 Consolidated Income Statement 66 Consolidated Statement of Other Comprehensive Income 67 Consolidated Statement of Financial Position 68 Consolidated Statement of Changes in Equity 69 Consolidated Cash Flow Statement 70 Notes to the Consolidated Financial Statements 71 Company Balance Sheet 105 Notes to the Company Financial Statements 106 OUR GOAL At Poundland we deliver amazing value to our customers every day. We will be famous for our wide range of great products and top brands, offering many exciting new lines every week. Poundland will always be fun and friendly with something for everyone. OUR VALUES WE PUT KEEP IT CUSTOMERS SIMPLE FIRST INDIVIDUAL RESPECT RESPONSIBILITY TEAM DELIVERY EACH OTHER TREAT EVERY RECOGNISE £ & CELEBRATE AS YOUR OWN SUCCESS Who we are Poundland is the largest single price value general merchandise retailer in Europe by both sales and by number of stores. Poundland operates a network of 588 stores across the UK and Ireland, with a further 5 stores opened in Spain as part of a trial exercise. Stores are sited in convenient locations, typically with high footfall, across a mixture of high streets, shopping centres and retail parks and are all operated on a leasehold basis. What we do Poundland is a price driven, volume-led business offering an extensive range of products across 17 categories, with the average Poundland store carrying approximately 3,500 core range SKUs including over 1,000 branded products. These brands such as Cadbury, Mars, Heinz, Nestle, Colgate, Coca Cola, Walkers and McVities represent an important footfall driver and together with fast moving consumer goods (“FMCG”) brands such as Cif and Fairy, make a significant contribution to our sales. Our own branded products were further enhanced in the year by the launch of our first celebrity endorsed product range, Jane Asher’s Kitchen, which has been one of our most successful launches ever. The launch of Make-up Gallery cosmetics and Purple Ivy Jewellery expanded our own brand range further. How we do it Poundland operates from headquarters in Willenhall, West Midlands and employed on average 14,000 colleagues in the 2015 financial year. Our distribution capacity was enhanced in August with a new purpose built warehouse in Harlow in the South East of England replacing the temporary facility at Hoddesdon. 1990Opened 2002 first store Advent in International Burton-upon-Trent acquires the majority shareholding 2010 2011 Warburg Pincus The firstDealz stores open acquires the majority in the Republic of Ireland (Blanchardstown & Portlaiose) shareholding and Poundland wins Discount Retailer of the Year at the Retail Industry Awards 2014 2015 Poundland Exceeds floats on the £1 billion London Stock revenue for the first time Exchange www.poundland.com 1 MARKET OVERVIEW Poundland operates in a dynamic and intensely competitive sector of the UK economy, general merchandise retailing. We also trade from a wide variety of retail locations across high streets, shopping centres and retail parks. Our sales of £1.1bn are generated across 17 different food and non-food product categories. This breadth of product offer means that we compete with a broad range of large and sophisticated competitors in a wide range of retailing sectors. Firstly we compete directly with the national grocery multiples (Asda, Morrisons, Sainsbury’s and Tesco) and other large national retailers (e.g. Aldi, the Co-op, Costcutter, Iceland, Lidl and Spar). Secondly we compete with specialist retailers that focus on certain segments (e.g. Boots, Superdrug and WH Smith). Lastly we compete with the newer and faster growing retailers in the value general merchandise sector (e.g. B&M, Home Bargains, Wilkinsons). Our recent brand launches include, Jane Asher’s Kitchen, Make Up Gallery, Purple Ivy Jewellery, The Tasty Snack Company, (indulgent and healthy snacking), ‘Millie’, our hair accessories brand, Nail Bar and most recently, Tommy Walsh’s DIY-time. These, together with our amazing value every day offer across many household necessities, create an exciting shopping environment which drives on average 5.3 million shoppers through our doors every week. We are pleased that our share of the total retail market is growing, but at just 0.3% of £334 billion, we believe that we have plenty of opportunity to grow our business as we move towards our 1,000 store target for the UK. The key trends and features of the UK value general merchandise market are listed below: • One of the fastest growing sectors within UK retail, having grown at a CAGR of approximately 15% since 2007, predominantly driven by rapid store roll out; • An established sector that continues to benefit from a structural shift in consumer behaviour towards value retailing; • Significant long-term growth potential with the market forecast by PwC to grow at a CAGR of approximately 9.3% per year between 2012 and 2017, driven by a combination of supply and demand factors, and also supported by evidence in the more mature US value general merchandise market; and • While the value general merchandise market has primarily appealed to less affluent customers, there is now an increasing penetration by a broad social economic group. While many new consumers entered the discount retail market during difficult economic times, esearr ch suggests that the majority of these customers will continue to use value retailers, even as the economy improves. Research suggests that a number of these customers are from the higher socio demographic groups. (source: PwC, ‘‘The UK Value General Merchandising Market’’, November 2013). We think that this will benefit us and the discount market as a whole, as its addressable market increases. KPI PERFORMANCE 2015 2014 Change Underlying Number of stores 588 528 +60 Underlying Number of new stores (net) 60 70 Underlying Sales (£m) 1,111.5 997.8 +11.4% Underlying Gross margin (%) 37.1 36.9 +20bp Underlying EBITDA (£m) 59.4 54.0 +9.9% Underlying EBITDA margin (%) 5.34 5.41 -7bp Underlying profit for the period (£m) 34.0 27.3 +24.6% Operating cash flow less maintenance capex (£m)* 60.1 61.8 -2.8% Cash conversion (%)** 92.7 123.7 Operating cash flow less maintenance and expansion capex (£m)*** 44.9 47.2 -4.8% Net cash/(debt) (£m) 13.9 (4.7) +18.6m * Definded as underlying EBITDA plus/minus changes in working capital adjusted for IPO payables minus capital expenditure in stores opened in the prior period or earlier ** Defined as underlying EBITDA plus changes in working capital minus maintenance capex in the UK & Ireland divided by underlying EBITDA *** Defined as underlying EBITDA plus/minus changes in working capital adjusted for IPO payables, minus all capital expenditure in the UK and Ireland, including investment in existing stores, the roll out of new stores and investments in extensions, IT, warehouse and property. POUNDLAND GROUP Plc 2 Annual report and financial statements for p/e 29 March 2015 VGM - Sales Revenue 8,000 VALUE 7,000 GENERAL 6,000 5,000 MERCHANDISE £m 4,000 3,000 SALES 2,000 REVENUE 1,000 0 2009 2010 2011 2012 2013 2014 2015 Forecast VGM - UK Store Estate 3,000 VALUE 2,500 2,000 GENERAL es r 1,500 Sto MERCHANDISE 1,000 UK STORE 500 0 ESTATE 2009 2010 2011 2012 2013 2014 2015 Forecast WORKING TOGETHER Poundland have been working in partnership with Macmillan Cancer Support for the last 6 years. Thanks to the enthusiasm and support of colleagues and customers, over £1.3 million has been raised, which is an amazing achievement and underpins our goal and values. Store, distribution and CSC colleagues have been busy fundraising both collectively as a team and individually all year round. There have been a range of fancy dress days, tea parties in support of Macmillan’s World’s Biggest Coffee Morning, a Spook fest for Halloween and wearing Christmas jumpers over the festive period, plus lots of great individual store activities, including taking part in the ice bucket challenge. On top of all that colleagues have sold pin badges, played darts with professional player Phil ‘The Power’ Taylor, taken part in bike rides, marathons and the “24 peaks in 24 hours” challenge. Together we’ve raised over £1,300,000 The money raised will fund vital Macmillan support services, to help ensure that no one faces cancer alone. For example, £158,159 could pay for a Macmillan nurse for three years, helping people living with cancer and their families receive essential medical, practical and emotional support.
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