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Paperlinx Annual Report 2015

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Paperlinx Annual Report 2015 PaperlinX Annual Report 2015 PaperlinX PaperlinX Annual Report 2015 Contents Chairman’s report 4 Managing Director’s Report 5 Operating and Financial Review 6 Corporate governance 15 Directors of PaperlinX 16 Senior management 17 Directors’ report 18 Sustainability 34 Full financial report of PaperlinX Limited 36 Shareholding information 89 Five year history 91 Investor information 92 Corporate directory BC Forward Looking Statements Certain statements in this Annual Report relate to the future, including forward looking statements relating to PaperlinX’s financial position and strategy. These forward looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual results, performance or achievements of PaperlinX to be materially different from future results, performance or achievements expressed or implied by such statements. Neither PaperlinX nor any other person gives any representation, assurance or guarantee that the occurrence expressed or implied in any forward looking statements in this document will actually occur and you are cautioned not to place undue reliance on such forward looking statements. Subject to any continuing obligations under applicable law or any relevant listing rules of the Australian Securities Exchange, PaperlinX disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in this document to reflect any change in expectations in relation thereto or any change in events, conditions or circumstances on which any such statement is based. PaperlinX, through its Spicers merchant businesses in Australia, New Zealand and Asia, offers a full suite of solutions to the printing, packaging and graphic arts industry. 1 PaperlinX – Annual Report 2015 Ideas to life PaperlinX Limited owns Spicers Limited, Spicers source, stock, market and distribute a merchant group with market leading positions a broad range of quality products and services, in Australia, New Zealand and Asia. Spicers while adding value through an impressive sales has been meeting customers’ needs in Australia and distribution footprint and a sustainable and New Zealand for almost 100 years. supply chain. The Company has transformed from being Spicers sales professionals strive to bring in-depth a paper merchant and mill manufacturer to being technical knowledge and strong industry expertise a ‘solutions provider’ servicing a host of industries to help customers and their changing needs in this and customers in varied markets. digital age. For example, online web shops have been created to improve customer experience. Spicers offers a full suite of solutions to the printing, packaging and graphic arts industry – incorporating sign and display, commercial print, industrial packaging, hardware, digital media, label and packaging products. Japan China Hong Kong Vietnam Malaysia Singapore Australia New Zealand Asia Australia Spicers operations in Asia span China, Hong Kong, In Australia, Spicers has a distribution network in Melbourne, Japan, Malaysia, Singapore and Vietnam. Sydney, Brisbane, Townsville, Darwin, Perth, Adelaide, Canberra and Hobart. New Zealand In New Zealand, Spicers operations are based in Auckland, Christchurch, Dunedin and Wellington. 2 PaperlinX – Annual Report 2015 Paper Sign and Display Spicers offers an extensive selection of materials for Spicers is a leading supplier for screen, wide and grand format commercial printing requirements. Choices include coated printing and finishing equipment, including consumables, and uncoated papers, many containing recycled content, hardware, software, service and support. From point-of-sale and specialty papers, synthetic substrates, carbonless and vehicle graphics, through to exhibition stand construction and self-adhesive products. And, as technology changes, and shop fit-out, the extensive range of sign and display and digital printing requirements increase, we provide a range substrates includes banners, papers and boards, synthetics, of small format media solutions, as well as new generation self-adhesives and rigid materials like polypropylene and high-speed inkjet papers. Printing products are tested and aluminium composites. approved to perform technically and aesthetically during all processes, and experienced teams offer guidance Industrial Packaging to help customers select the most suitable products. Spicers supplies a comprehensive line-up of industrial supplies and packaging materials range from cartons and adhesive tapes to protective packaging, shipping supplies, and tools and equipment. We offer well-recognised industry brands suitable for production, warehouse and despatch operations. 3 PaperlinX – Annual Report 2015 Chairman’s Report The full year results reflect the Group’s substantial restructuring of its asset portfolio. PaperlinX reported a statutory loss after tax of $(392.3) million, largely made up of a loss after tax for discontinued operations of $(365.6) million. The operations in ANZA were profitable and supported by year-on-year revenue and margin growth in the diversified Sign and Display business. The Group commenced the new financial year with a positive net cash position of $43.0 million and extended funding facilities in Australia. After the events of this year, I want to assure shareholders that the continuing ANZA businesses are profitable. The need to successfully diversify is an essential growth strategy for the Following a turbulent year for PaperlinX, the Group viability of this Company, and it is the Board’s priority to deliver has shifted its focus exclusively to the viable, a platform for future growth. The immediate focus is to develop well-managed Australian, New Zealand and Asian the ANZA businesses through organic and bolt-on investments, (ANZA) businesses. PaperlinX withdrew from Europe subject to finding the right opportunities. The acquisition and divested its Canadian business. PaperlinX now of a leading sign industry supplier in New Zealand during has a smaller geographic footprint and a profitable the year is a good example of the opportunities that exist for this Company in areas like Sign and Display. platform from which to implement its strategy to diversify into new activities. The management team changed during the year, and the Board is pleased to be working with the newly appointed These changes were triggered by the decline in the Managing Director and Chief Executive Officer, Mr Andy Preece, performance of the European business in the December and Chief Financial Officer, Mr Wayne Johnston, who bring quarter of FY2015 following, amongst many other contributing a wealth of industry and company experience to deal with the factors, strategic market moves by some suppliers. major issues at hand. Management has overseen an orderly The impact of this underperformance led to a sharp drop wind down of the European business and are formulating in European cash reserves and put pressure on credit terms a framework for the way ahead. At the Annual General Meeting and covenants. The Board and management’s concern in October, shareholders will be asked to support changing for the state of the European business prompted it to the corporate name to Spicers Limited to align the identity commence a Strategic Review. of the parent with the operating companies. Despite significant restructuring activities performed over Activities to right-size the business and reduce costs will a number of years, it became evident from the Review that the continue. The Board has realigned Directors’ fees to reflect European business required further investment. This would the smaller scale business, as have the senior management have required the long-term support of the financially stable team, given the vast majority of the European matters businesses in the Group with no guarantee of success given are now resolved. Other corporate costs will be heavily the distressed state of the industry in Europe. The provision reduced moving into this financial year to reflect the smaller of support would have put extreme pressure on the viability business footprint. of the Company and this was considered too great a risk for Directors to take on behalf of shareholders. Whilst we recognise that the current capital structure remains an issue for the Group, the success of any proposal Once the full impact of the financial position of the European must come with a mandate of support from ordinary businesses emerged from the Review, it was imperative to shareholders and SPS unitholders. protect the interests of shareholders and preserve the stability and quality of the ANZA businesses. Decisions were required I would like to thank my current fellow Board members and to be made and implemented with some urgency. senior management for their dedication to resolving many of the issues that have held this Company back from achieving Consequently, unprofitable businesses in the UK, the profitability for a number of years. This thank you extends Netherlands and Austria were placed into administration. to all our employees, past and present, who have been with Other businesses in the region were sold or the Company lost us on this journey. I must also thank our shareholders, control of subsidiaries as a result of the PaperlinX Dutch our suppliers and our customers for their ongoing support. Holding Company being placed into suspension of payments. Now, with a loyal and hardworking team, we will take this The only remaining business in Europe, PaperlinX
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