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Helping People Look and Feel Their Best Alliance Boots Annual Report 2013/14 We Are a Leading International Pharmacy-Led Health and Beauty Group

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Helping People Look and Feel Their Best Alliance Boots Annual Report 2013/14 We Are a Leading International Pharmacy-Led Health and Beauty Group Alliance Boots Alliance Annual Report 2013/14 Report Annual Helping people look and feel their best Alliance Boots Annual Report 2013/14 We are a leading international pharmacy-led health and beauty group. Our focus is on helping people look and feel their best. What’s inside Strategic review Our financial performance in 2013/14 01 Executive Chairman’s statement 02 Our mission, purpose and values 05 Our Group at a glance 06 Our business activities 08 Group strategy and objectives 10 Our markets and business environment 14 Our financial record 16 Business review: Overview 18 Health & Beauty Division 20 Pharmaceutical Wholesale Division 28 Other activities 34 Financial review 36 Performance measures 42 We are launching innovative Our people 43 new products tailored to meet Corporate social responsibility 46 customer needs page 12 Governance Boots much loved brands are Board of Directors 50 increasingly available across Board report on corporate governance 54 the world page 26 Board report on remuneration 56 Audit and risk committee report 59 Risk management 60 Consolidated financial statements Directors’ responsibilities statement 62 Statutory auditor’s report 63 Group income statement 64 Group statement of comprehensive income 64 Group statement of financial position 65 Group statement of changes in equity 66 Group statement of cash flows 67 Notes to the consolidated financial statements 68 Additional information Principal businesses, associates and joint ventures 120 Glossary of key terms 123 Alphega is expanding its Supporting the fight against pharmacy network cancer page 44 across Europe page 32 Alliance Boots | Annual Report 2013/14 01 Strategic review Our financial performance in 2013/14 Strategic review for the year ended 31 March 2014 Underlying profit attributable to equity shareholders increased by 18.5%. • Revenue Governance − reported: up 4.3% to £23.4 billion − including share of associates and joint ventures: up 4.3% to £25.7 billion • Trading profit − reported: up 0.4% to £1,270 million − including share of associates and joint ventures: up 7.7% to £1,382 million • Profit attributable to equity shareholders − underlying: up 18.5% to £840 million − statutory: up 32.4% to £936 million • Cash flow and net borrowings − cash generated from operations: £1,544 million − net borrowings down £842 million to £5,051 million Consolidated financial statements A reconciliation of underlying profit to statutory profit for the year is set out below: £million £million Revenue 23,367 Underlying profit 888 EBITDA 1,508 Amortisation of customer relationships and brands (100) Underlying depreciation and amortisation (238) Share of post-tax earnings of distributed associate 7 Trading profit 1,270 Net exceptional items before tax 18 Share of underlying post-tax earnings of Timing differences within net finance costs 10 Additional information associates and joint ventures 79 Tax credit on items not in underlying profit 35 Underlying net finance costs (311) Exceptional tax credit 113 Underlying tax charge (150) Profit for the year 971 Underlying profit 888 Less: non-controlling interests (35) Less: non-controlling interests (48) Profit for the year attributable to equity Underlying profit attributable to equity shareholders 840 shareholders 936 Revenue and trading profit including share of associates and joint ventures and all underlying measures exclude the distributed associate. A glossary of key terms, including definitions of additional performance measures, is included on page 123. 02 Alliance Boots | Annual Report 2013/14 Strategic review Executive Chairman’s statement Another year of strong earnings growth. Stefano Pessina Executive Chairman Stefano Pessina discusses ‘Our performance for the year’ online at allianceboots.com Introduction These results have been achieved during Our strategy of creating the first global I am pleased to report that Alliance Boots has a period when considerable management pharmacy-led health and wellbeing continued to deliver strong earnings growth, time and other key resources have been enterprise in partnership with Walgreens in a year where the markets in which we dedicated to our Walgreens partnership. is, I believe, widely recognised as being the operate were significantly more challenging This has covered many areas, including our right way forward. This is evidenced by the than I have experienced for a very long time. joint synergy programme, forward planning realignment of our industry that is starting In addition to increasing earnings, our strong and preparation for our anticipated full to quickly take place, as competitors seek to operating cash flow has enabled us to further merger, together with the burden of complex follow our lead. deleverage the Group, while at the same time reporting requirements. Delivering shareholder value year after investing in our future. year requires a strong and dedicated management team, with the leadership skills to execute strategy, while at the same time Underlying profit managing businesses in challenging and changing trading environments. While the attributable to equity shareholders composition of our profits can vary year by £million year, our consistently good performance over a sustained period of time is due to our ability to adapt to meet new challenges in a financially disciplined way, as so clearly demonstrated in the year just ended. 840 709 634 579 559 09/10 10/11 11/12 12/13 13/14 A glossary of key terms, including definitions of additional performance measures, is included on page 123. Alliance Boots | Annual Report 2013/14 03 The senior executive management team From left to right: Strategic review Ken Murphy Managing Director, Health & Beauty International and Brands Marco Pagni Group Legal Counsel & Chief Administrative Officer Ornella Barra Chief Executive, Wholesale and Brands Stefano Pessina Executive Chairman George Fairweather Group Finance Director Simon Roberts Managing Director, Health & Beauty UK and Republic of Ireland Governance Health & Beauty Division Synergy programme Since the year end, we have announced In 2013/14, our Health & Beauty Division Our joint synergy programme with that we are to acquire Farmacias Ahumada, delivered good retail revenue growth, during Walgreens is increasingly providing us with which comprises two major retail pharmacy an increasingly competitive and promotion- significant financial benefits, while enabling networks, Farmacias Benavides in Mexico led trading environment, particularly in the us to strengthen our core business areas, and Farmacias Ahumada in Chile, which UK where we were nevertheless able to accelerate our strategy and achieve our together operate over 1,400 stores. This will organically grow our already considerable joint vision for the future. While still at an give us a major presence in the attractive market share. We attribute this success early stage, we are pleased with the overall Latin American market, one of our priority to the attractiveness of the unique Boots progress of the programme, total synergies areas for investment. We are confident in omni-channel retail offer. Reimbursement achieved to date tracking ahead of target. the high potential for sustainable growth rates for prescription medicines continued and value generation that will be unlocked Particularly good progress has been made by to be under pressure across Europe. This, by this acquisition, including the opportunity Walgreens Boots Alliance Development, the together with intense price competition in for consumers in Mexico and Chile to access joint venture we established in Switzerland select retail categories, adversely impacted for the first time leading Boots product in late 2012 to lead global relationships with our gross margins, which we compensated brands, such as our renowned skincare and pharmaceutical and other key suppliers. through cost efficiencies and synergies from cosmetics ranges. The benefits can be seen in the substantial our strategic partnership with Walgreens. As year on year growth in our income from In addition, in January 2014, we received a result, we were able to maintain our healthy associates and joint ventures. Ministry of Commerce People’s Republic trading margin, while growing revenue, of China approval to acquire a 12% stake in which compares very favourably to the The joint own brand sourcing programme Nanjing Pharmaceutical Company Limited, performance of many of our UK competitors. utilising the Alliance Boots hub in Asia is one of the major pharmaceutical wholesalers progressing as planned, as is the initial roll in China, with Board and operational Pharmaceutical Wholesale Division out of select Boots product brands across management representation. We expect Consolidated financial statements The Pharmaceutical Wholesale Division the Walgreens store network. In addition, to complete this transaction in the similarly delivered good revenue growth Walgreens Boots Alliance Development has coming months, when we receive the final in what were particularly challenging begun to generate income from our joint regulatory approval. This, together with markets. Regulatory and other economic collaboration with AmerisourceBergen on Guangzhou Pharmaceuticals Corporation, our pressures, together with intense competition, global supply chain opportunities. existing joint venture in China, will give us a significantly impacted profitability in significant presence in this vast, fast growing a number of our businesses. This was Corporate development market for pharmaceuticals.
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