People Powering Performance

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People Powering Performance JohnJohn Menzies Menzies plc plc 2 Lochside2 Lochside Avenue, Avenue, EdinburghEdinburgh Park, Park, Edinburgh,Edinburgh, EH12 EH12 9DJ 9DJ Tel: +44Tel: (0)+44 131 (0) 225 131 8555225 8555 Fax: +44Fax: (0)+44 131 (0) 220 131 1491220 1491 JOHN MENZIES PLC JOHN MENZIES PLC Email:Email: [email protected] [email protected] Web:Web: www.johnmenziesplc.com www.johnmenziesplc.com AnnualAnnual Report Report 2012 2012 RegisteredRegistered in Scotland in Scotland with withcompany company number number SC34970 SC34970 RegisteredRegistered offi ceoffi address ce address as above as above ANNUAL REPORT AND ACCOUNTS 2012 ANNUAL REPORT AND ACCOUNTS 2012 PEOPLEPEOPLE POWERINGPOWERING PERFORMANCEPERFORMANCE Related information Within this report we highlight further sources of information PEOPLE with the following icons: POWERING More info in this report PERFORMANCE www.johnmenziesplc.com Overview 01 At a glance 02 Our business model 02 Our Executive team 04 Our strategy 06 People Powering Performance Operating review 12 Chairman’s statement 14 Group performance 16 Menzies Aviation 18 Menzies Distribution 20 Group financial review 26 Corporate social responsibility 32 Principal risks and uncertainties Governance 34 Board of Directors 36 Corporate governance statement 46 Report on Directors’ Remuneration Financial Statements 57 Independent auditors’ report to the members of John Menzies PLC 59 Group income statement 60 Group statement of comprehensive income 61 Group and Company balance sheets 62 Group and Company statement of changes in equity 63 Group and Company statement of cash flows 64 Notes to the Accounts 99 Five year summary This annual report is printed on FSC certifi ed material. This product is biodegradable, 100% recyclable and elemental Shareholder Information chlorine free. Vegetable based inks were used during production. 100 Notice of annual general Both the paper mill and printer involved in the production support meeting the growth of responsible forest management and are both accredited to ISO 14001 which specifi es a process for continuous 107 General information environmental improvement. Designed and produced by Carnegie Orr +44 (0)20 7610 6140. www.carnegieorr.com Related information Within this report we highlight WHO WE ARE John Menzies plc is a company with two further sources of information PEOPLE with the following icons: fast moving divisions, Menzies Aviation and Menzies Distribution. POWERING More info in this report PERFORMANCE www.johnmenziesplc.com HOW WE We are passionate about performance SUCCEED and achieving our vision. That passion Overview 01 At a glance is delivered through every level of our 02 Our business model 02 Our Executive team business and helps keep us and our 04 Our strategy 06 People Powering customers’ businesses moving forward. Performance Operating review 12 Chairman’s statement Our S.P.I.R.I.T. – p.06 14 Group performance 16 Menzies Aviation 18 Menzies Distribution 20 Group financial review 26 Corporate social responsibility 32 Principal risks and uncertainties Governance 34 Board of Directors Underlying profit before tax Turnover (incl JVs & Associates) 36 Corporate governance FINANCIAL statement 46 Report on Directors’ HIGHLIGHTS Remuneration £ m £ m Financial Statements 58.4 1,996.8 57 Independent auditors’ report to the members of John Menzies PLC 59 Group income statement Free cash flow Underlying earnings per share 60 Group statement of comprehensive income 61 Group and Company balance sheets 62 Group and Company £ m p statement 34.7 73.4 of changes in equity 63 Group and Company statement of cash flows % Increase in aircraft turns Distribution cost savings 64 Notes to the Accounts OPERATIONAL 99 Five year summary HIGHLIGHTS This annual report is printed on FSC certifi ed material. This product is biodegradable, 100% recyclable and elemental Shareholder Information chlorine free. Vegetable based inks were used during production. 100 Notice of annual general % Both the paper mill and£ printer involved inm the production support meeting 8.9 the growth of responsible4.9 forest management and are both accredited to ISO 14001 which specifi es a process for continuous 107 General information environmental improvement. A glossary of definitions is provided in Note 1 of the Financial Statements. Designed and produced by Carnegie Orr +44 (0)20 7610 6140. www.carnegieorr.com John Menzies plc Annual Report 2012 01 Overview: Our business model CREATING H OW WE VALUE FOR OUR GENERATE VALUE cusTOMERS... Our Executive Team is dedicated to driving performance across the business and thrive on S.P.I.R.I.T. which creates the ...CREATES culture of John Menzies plc. VALUE FOR SHAREHOLDERS... AND MAXIMISES OPPORTUNITY FOR BOTH DIVISIONS Our Executive Team, pictured left to right: Paul Dollman, Group Finance Director Craig Smyth, Managing Director, Menzies Aviation David McIntosh, Managing Director, Menzies Distribution John Menzies plc Annual Report 2012 02 By being better than our competitors By continually investing in leading Aviation Contract Renewals through having the best workforce edge systems to promote efficiency that delivers service excellence and improve customer service. everytime. Developing market leading safety initiatives which delivers a safe £ m and secure service. 118 annual revenue from 94 contract renewals By retaining existing customer Which in turn creates the world’s TSR Growth business, gaining new contracts best provider of aviation support and expanding into new ventures. services and a highly efficient wholesaler of print media. By attracting and retaining the best people and encouraging them to fulfil their potential so they can deliver +26.1% an outstanding performance. TSR Growth v FTSE250 MENZies MENZies AViatioN distriBUtioN A growing worldwide market Large established market Estimated market size: UK news and magazine market: £37 bn £3.8 bn Three acquisitions completed Two acquisitions completed Menzies Aviation current share Menzies Distribution of available market share of market 3% 45% Operating review Operating review Menzies Aviation – p.16 Menzies Distribution – p.18 John Menzies plc Annual Report 2012 03 Overview: Our strategy PEOPLE A STRATEGY We aim to have the best workforce that delivers service excellence everytime. We must attract and THAT DELIVERS retain the best people. We must encourage them to fulfil their potential in order that they can deliver the outstanding performance John Menzies plc aims to deliver we strive for. sustainable growth and maintain long-term value enhancing returns for shareholders. We achieve this through our customer focused approach. POWERING We operate in competitive, service dependent industries. What sets us apart from our competitors is S.P.I.R.I.T. We have developed a set of values which closely reflect the ethos of each division. Group EBITDA PERFORMANCE That is how we will deliver 2012 £86.3m sustainable shareholder value. It is by 2011 £84.7m being better than our competitors that we both retain existing business 2010 £78.2m and gain new contracts. We have 2009 £69.7m developed market leading safety 2008 £60.6m initiatives which deliver a safe and secure service. We continually invest in systems to promote efficiency, and encourage constant innovation. John Menzies plc Annual Report 2012 04 A monetised strategy that delivers sustainable growth and shareholder return S.P.I.R.I.T. S.P.I.R.I.T. Aviation Distribution Safety and Security Service Passion People Innovation Innovation Reliability Recognition Integrity Inspiration Teamwork Teamwork Innovate to Innovate to Leverage Optimise improve service improve service customer branch quality & quality & relationships network efciency efciency Menzies Aviation Menzies Distribution Create Deliver product, Leverage Pursue excellent station & global diversication customer regional reputation opportunities service densities John Menzies plc Annual Report 2012 05 Overview: People Powering Performance O UR S.P.I.R.I.T. S.P.I.R.I.T. runs through both of our divisions. It’s what helps to set us apart from our competitors and powers our performance. A strategy that delivers – p.04 S AFETY & S EcuRITY What it means to us Making safety matter in all day to day activities. How it drives performance Every employee is clear on their role and responsibilities. This develops an environment where there is no delay in dealing with safety and security issues. We strive to ensure that all our employees and customers are not faced with any risks during the course of our business. By delivering market leading safety standards we retain and attract new customers. Aircraft incidents in 2012 0.046 per 1,000 aircraft turnarounds John Menzies plc Annual Report 2012 06 P EOPLE What it means to us We treat people with respect as well as supporting and encouraging them to progress in their careers by being honest and constructive. How it drives performance Our people are our connection with our customers, by ensuring we have the best people we derive better results for our customers and our shareholders. Employees worldwide 22,151 Average number of employees during 2012 Safety performance awarded In Mexico we were awarded 18 separate safety awards by Viva Aerobus for having zero findings during their safety audits. John Menzies plc Annual Annual Report Report 2012 2012 07 Overview: People Powering Performance continued I NNOVATION What it means to us We continue to challenge the way we do things by having an open environment where everyone has the opportunity to express their ideas. How it drives performance Innovation allows us to learn and develop from our experiences. We keep our employees motivated by building strong communication links with them to initiate and embrace change. We continue to find cost effective solutions and apply them throughout our business. John Menzies plc Annual Report 2012 08 Menzies Distribution App: The app offers a growing range of options for customers to conduct their most common transactions with us online. R ELIABILITY What it means to us We do it right all the time. How it drives performance Our customers trust us to keep their businesses serviced effectively and efficiently hence Menzies being their preferred service provider.
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