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THE WAREHOUSE GROUP LIMITED THE WAREHOUSE // ANNUAL REPORT 2010 // ANNUAL www.thewarehouse.co.nz www.warehousestationery.co.nz THE WAREHOUSE GROUP LIMITED // ANNUAL REPORT 2010 Peter Ward from The Warehouse South City. Chachi Wiperi from The Warehouse Manukau. Sia Tiumalu from The Warehouse Sylvia Park. Arishma Chand from The Warehouse Sylvia Park. Theresa Stowers from The Warehouse Manukau. THE WAREHOUSE GROUP TWO OF NEW ZEALAND’S MARKET-LEADING RETAILERS, DELIVERING OUTSTANDING VALUE EVERY DAY. Insight Creative Limited. Auckland. Wellington. Sydney. WAR037 10/10 WAR037 Sydney. Insight Creative Limited. Auckland. Wellington. Krishna Siva from The Warehouse Westgate. Hayley Robertson from Warehouse Stationery Manukau. Tony He from Warehouse Stationery Ti Rakau Drive. Lysah An from Warehouse Stationery Manukau. Reon Scharvi from Warehouse Stationery Manukau. Ian Campbell from Warehouse Stationery Ti Rakau Drive. The Warehouse // i Mel Smith from Warehouse Stationery Ti Rakau Drive. Kevin Chui from Warehouse Stationery Ti Rakau Drive. CONTENTS Our Core Purpose ................... 1 Group Overview ...................... 2 ANNUAL MEETING Performance .......................... 3 The Annual Meeting of Shareholders of Chairman and the Company will be held in the Guineas Managing Director’s Report ...... 4 Ballroom, Ellerslie Event Centre, 80 –100 Ascot Avenue, Greenlane East, Auckland, Board of Directors .................. 6 New Zealand, on Friday 26 November 2010 The Warehouse ...................... 8 commencing at 10.00am. Warehouse Stationery .......... 12 This Annual Report is dated 15 October 2010 and is signed on behalf of the Board by: Communities and Environment ....................... 14 Financial Statements ........... 17 Auditors’ Report .................. 64 5 Year Summary ................. 65 Keith Smith Corporate Governance.......... 68 Chairman Statutory Disclosures .......... 75 Our Senior Management ...... 83 Directory ............................ 84 Ian Morrice Managing Director The Warehouse will make a difference to people’s lives by making the desirable affordable and supporting New Zealand’s communities and the environment. By putting the customer first, we will succeed. Everything we do flows from this principle. We enjoy success through working together as one team. People choose to work for us because we care about and recognise individuals. GROUP OVERVIEW EARNINGS PER SHARE AND OPERATING EARNINGS RETURN ON EQUITY AND INVESTMENT 45 40% 200 184.7 37.5 179.3 40 cps 35% 166.8 165.0 160.8 35 29.4 30% 150 cps 24.9 26.9 30 cps cps 25% 10.4% 10.5% 9.9% 25 31.2% 9.3% 9.7% 24.7% 23.4% 20% 100 20 20.0% 15% 15 $ MILLION 58.5 9.6 52.6 55.7 cps 10% RETURN ON EQUITY 50 45.5 38.7 EARNINGS PER SHARE (cents) 10 5 8.5% 5% 0 0 0 06 07 08 09 10 06 07 08 09 10 EBITDA OPERATING CAPEX EBITDA MARGIN DEBT POSITION AND GEARING ADJUSTED NET PROFIT AFTER TAX 97.5 200 80% 100 95.1 85.2 175 70% 83.2 80.9 80 150 140 60% 125 50% 115 60 100 40% 72 $ MILLION GEARING 40 75 30% 29.4% 47 50 25.7% 20% 43 19.3% 20 NET DEBT ($ million) 25 12.8% 10% 9.7% 0 0 0 06 07 08 09 10 06 07 08 09 10 THE BOARD declared A FINAL DIVIDEND OF 8.5CPS, BRINGING THE total ORDINARY % DIVIDEND FOR THE YEAR TO 24.0CPS, UP 3.0CPS OR 14.3% 14.3 PERFORMANCE 2010 2009 $ MILLION $ MILLION MOVEMENT The Warehouse 1,476.2 1,531.1 (3.6)% Warehouse Stationery 193.6 187.2 3.4% Other group operations 8.1 8.4 Inter-segment eliminations (5.2) (5.9) Sales 1,672.7 1,720.8 (2.8)% The Warehouse 112.7 120.2 (6.3)% Warehouse Stationery 8.0 1.6 404% Other group operations 3.3 3.2 7.2% Operating profit 124.0 125.0 (0.7)% Adjusted net profit after tax 83.2 85.2 (2.4)% Ordinary dividends per share 24.0 cents 21.0 cents Special dividends per share 6.5 cents 10.0 cents THE WAREHOUSE WAREHOUSE Stationery • Adjusting for F09’s 53rd trading week and discontinued fresh • Significant turnaround in performance food and liquor categories, sales down 1.4% • Growth in sales and market share • Same-store sales down 2.2% on a like-for-like basis • Same-store sales up 7.8% on a like-for-like basis • Achieved sales increases in growth categories • A number of categories performed well – particularly Technology, • Impacted by contraction of the Music and DVD market including mobile phones, Consumables and Stationery • Increased overall share of the department store sector • Completed brand facelift of all 47 stores • Online launch successful with first-year objectives met • Opened new store in Ashburton. Additional eight stores • Opened small-format store at St Lukes underwent significant interior modernisation • 17 largest stores rebranded ‘The Warehouse Extra’ The Group is a nationwide retailer of scale, comprising two * of New Zealand’s leading retail businesses. The Warehouse THE WAREHOUSE 87STORES accounts for approximately 40% of the department store sector and * AS at 1 AUGUST 2010 7.6% of the total non-food retail market. Warehouse Stationery is an office products retailer and holds an 8% share of its sector. The Group employs nearly 9,000 people throughout New Zealand. 47STORES WAREHOUSE STATIONERY WAREHOUSE Performance // 3 CHAIRMAN AND Managing Director’S REPORT The F10 year once again demonstrated that the Warehouse Group is resilient in difficult times, continuing to deliver consistent earnings and very good cash flows. This strong financial position gives the Board of Directors confidence to increase distributions to shareholders. Sales for the Group were $1.67 billion, down 2.8% on the previous year. WAREHOUSE Stationery After adjusting for F09’s 53rd trading week and discontinued fresh food Warehouse Stationery achieved a significant turnaround in performance, and liquor categories, sales were down 0.6%. Adjusted net profit after reporting sales of $193.6 million up 3.4% on last year. After adjusting tax was $83.2 million compared to $85.2 million in F09, down 2.4%. for F09’s 53rd trading week, sales were up 5.5% with like-for-like same store sales up 7.8% for the year. EBIT for the year was $8.0 million Reported net profit after tax (NPAT) for the year ended 1 August 2010 was compared to $1.6 million in F09. $60.2 million, including a non-cash charge of $22.8 million required as a result of government-announced changes to the income tax deductibility The turnaround in Warehouse Stationery reflects an outstanding of depreciation on certain buildings. This compares to reported NPAT for effort from the team to lift performance. Sales have recovered to the previous year of $76.8 million which included an after tax $7.4 million 2008 levels, driving significant profit recovery for the business. The charge relating to the exit from fresh food and liquor. business continues to perform well and growth plans through category developments and new stores are well advanced. The F10 non-cash charge in respect of the tax deductability of depreciation is included in the Financial Statements to achieve compliance with DIVIDEND Payout International Financial Reporting Standards. The Directors question Dividend policy was reviewed by the Board. Given the company’s ability the appropriateness of this charge and the application of the relevant to continue generating solid operating cash flows in both the short term Standard and its effect on reported results. It is our position that adjusted and longer term the payout ratio was increased from 75% to 90% of earnings is a more appropriate indicator of underlying performance. adjusted net profit. THE WAREHOUSE The Board declared a final dividend of 8.5 cents per share (cps) bringing The Warehouse reported sales of $1.48 billion, down 3.6% compared the total ordinary dividend for the year to 24.0cps, up 3.0cps or 14.3%. to F09. After adjusting for F09’s 53rd trading week and discontinued Due to strong cash flow performance and the availability of accumulated fresh food and liquor categories, sales were down 1.4%. Same-store imputation credits the Directors also declared a special dividend of sales were down 2.2% on a like-for-like basis. The Warehouse achieved 5.0cps, bringing total special dividends for the year up to 6.5cps. The earnings before interest and tax (EBIT) of $112.7 million, down 6.3% final and special dividends will be paid on 17 November 2010 and will on last year. Poor seasonal sales led to significant discounting to clear be fully imputed at a rate of 30%. inventory and to ensure that we started F11 in good shape. Further Lifting the company’s payout ratio is a key factor in achieving our stated margin pressure in the year was also a result of a negative currency aim of providing superior returns for shareholders over the long term. cycle with overseas products costed at an average of 61 cents to the US dollar compared to an average of 70 cents in the previous year. NEW BOARD MEMBER The retail environment remained difficult, with recovery in overall We welcome our new independent director, Mark Callaghan. Mark consumption remaining subdued and patchy. In the first half it was brings extensive fast moving consumable, commercial and marketing clear that specialist retailers would recover at a faster pace than the experience to the Board. He was most recently Managing Director of department store sector and this trend continued into the second half. Cadbury Pty Ltd for Australia and New Zealand. We look forward to The Warehouse increased its overall share of the department store sector, working with him and value the experience he brings to the team. although its share of the total non-food retail market fell slightly (0.2%).
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