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Annual Report 2013

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Annual Report 2013 Annual Report 2013 A Premier Investments Limited Mark McInnes Solomon Lew CEO Premier Retail Chairman FRONT COVER: Features Jessica Hart, International model and Portmans Brand Ambassador. Chairman’s Report It is a pleasure to provide our shareholders with the Premier Investments Limited (‘Premier’) Annual Report for the year ended 27 July 2013. Despite the continuation of low consumer confidence driven by cost of living pressures and economic uncertainty, Premier continued to deliver against its strategy. This has enabled your Board to once again report improved financial performance and improved returns. Premier reported profit after tax of $174.5 million for the Premier’s transformation plan is focused on delivering an financial year after taking into account the $105.2 million exciting and enticing offer to the customer in a way that one-off accounting reclassification gain related to the is convenient and relevant to them, while also working requirement that Premier commence equity accounting hard to control costs, and using those savings to invest in its holding in Breville Group Limited. Setting aside this the next wave of growth. one-off gain, Premier Retail achieved an increase in sales INVESTING FOR GROWTH and profit despite the challenging operating As Premier Retail continues to progress its transformation environment. This is a testament to the strength of our plan into the 2014 financial year, your Board is proud to management team and their strong performance in support a phase of investment in the future growth of implementing our retail strategy, a clear focus on cost Premier Retail. control and rejuvenating our offer to customers. Smiggle international expansion I am very pleased to report that as a result of this Firstly, I am delighted to inform my fellow shareholders performance, your Board has decided to increase that Premier will be introducing Smiggle into the UK dividends, with a final fully franked payment of 19 cents, market, with our first store scheduled to open at taking our annual dividends to 38 cents per share fully Westfield Stratford in February 2014. The UK market for franked – an increase of 2 cents per share over the personal stationery is valued at $2.4 billion per annum previous year. Pleasingly, Premier has been able to both and Smiggle will be a unique and exciting new entrant increase its returns to shareholders while also improving that we are confident will attract a loyal customer base. its year end cash-on-hand (now $313.2 million) and Your Board believes the potential for Smiggle in the UK reducing year end debt at the Premier Retail (Just Group) could quickly surpass the size, scale and profitability of level (now $102.0 million). We continue to maintain the current Australian network. strong cash reserves for growth opportunities. Premier’s balance sheet was further enhanced by the strong result The Board has been pleased with the immediate and from Breville Group Limited during the year. Premier’s impressive success that strategic expansion into year end balance sheet reflects the investment in Singapore has realised to date, and we recognise the associate (Breville) at $184.1m. At the date of major and unique growth opportunity this represents for releasing our full year results, the value of Premier’s Premier Retail. Since establishing Smiggle in Singapore in holding in Breville was approximately $286.7 million1. 2011, the business has rolled out 17 stores and was country profitable in under one year. PREMIER RETAIL PERFORMANCE Premier Retail (The Just Group) delivered strong profit Peter Alexander growth platform before tax of $76.7 million, up 9.6% on last year as Following a strategic review, Peter Alexander is management showcased consistent and improving embarking on a new growth strategy designed to deliver business performance under the six-point significant profit growth over the next three years. Your transformation plan: management team is focused on: » rejuvenating our core apparel brands; » rolling out additional stores in high-value locations; » an organisation-wide cost efficiency program; » developing flagship stores to support » focusing on expanding our gross margin; the brand identity; » expanding and growing our internet business; » launching a childrenswear range; » growing Peter Alexander significantly; and » leveraging an exclusive relationship with Myer; and » growing Smiggle significantly. » driving online and mobile sales. 1 Based on BRG closing price of $8.57 as at 16 September 2013 Annual Report 2013 1 Chairman’s Report continued Strategic supply chain investments STRONG POSITION & PLEASING PROGRESS, BUT During the year, Premier Retail conducted a major supply MORE TO DO chain review across all of its distribution centres and We have now reached the stage where all of our brands logistics operations in Australia, New Zealand and and SKU’s are available online through a worldclass Singapore. The focus of the review was how best to platform that integrates mobile sites. Premier is a leader align the logistics of the group with strategic plans of the in this channel and our growth in online sales this year of business. Of particular importance was the current and 36.5% is testament to the way in which our team has projected growth of online, improved productivity and embraced the opportunity of online. future offshore expansion. We recognise there is a great deal of potential in The review led to three key outcomes, all of which are Premier’s existing portfolio of iconic brands and we are exciting investments in the future of this company. committed to realising the inherent value that exists Premier has established a new distribution centre in across Premier’s retail portfolio. There is still more work Singapore to service our current network of 17 Smiggle to be completed on our core brands and our efficiency stores as well as our future growth aspirations in the program and this work will be ongoing. region. This centre is operated by a leading global As part of our overall strategy, Premier also continues to logistics partner and we hope that this model will form consider opportunities that may arise in the market. the basis for similar partnership arrangements as we However, your Board remains patient and disciplined and continue to expand internationally. we will only act on acquisitions where we see a In addition, Premier has reconfigured its distribution long-term benefit for our fellow shareholders. centre in New Zealand to align this facility to the business My fellow shareholders will be pleased to know that requirements going forward. We will soon increase the their company has the balance sheet strength and the facility’s efficiency even further by bringing our internet management expertise to ensure that Premier reaches its fulfillment operations for New Zealand into this facility. full potential. Thirdly, and most significantly, a new national I want to thank Mark McInnes, his senior team, as well distribution centre for Australia, located in Truganina as our 6,000 talented employees across Australasia and outside Melbourne, is being developed for the group Singapore for delivering such a great result. I look and will be acquired by Premier upon completion. This forward to welcoming our new colleagues in the UK will be a much larger and more efficient centre and will during the coming year. replace our existing NSW and Victorian sites. The national distribution centre will provide the capacity to I would also like to thank my fellow directors for their support Premier Retail’s growth plans across all of its dedication and service during the past year and for the brands and all of its sales channels, including the rapid experience, support and guidance they provide. growth of our online business. I encourage all shareholders to attend the Annual General Meeting on 21 November 2013. This strategic investment leverages the financial strength of Premier to provide significant cost savings to the I look forward to 2014 being a year of growth and group whilst acquiring an asset that will increase in continuing strong performance for Premier. value over time for the benefit of shareholders rather than a landlord. Your Board recognises the importance of owning and controlling distribution and logistics in an environment where multi-channel sales are vital to our success. Solomon Lew Chairman and Non-Executive Director 2 Premier Investments Limited The Directors Frank W. Jones Solomon Lew FCA, CPA, ACIS Chairman and Deputy Chairman and Non-Executive Director Non-Executive Director Timothy Antonie David M. Crean Non-Executive Director Non-Executive Director Lindsay E. Fox AC Sally Herman Non-Executive Director Non-Executive Director Henry D. Lanzer B. COM., LLB (Melb) Mark McInnes Non-Executive Director Executive Director Michael R.I. McLeod Gary H. Weiss LLM, J.S.D. Non-Executive Director Non-Executive Director Annual Report 2013 3 Chairman’s Report continued Solomon Lew He has 20 years experience in investment banking and Mr. Lew was appointed as Non-Executive director and formerly held positions of Managing Director from Chairman of Premier on 31 March 2008. For many 2004 to 2008 and Senior Advisor in 2009 at UBS years, Mr.Lew has been a director of Century Plaza Investment Banking, with particular focus on large scale Investments Pty. Ltd., the largest shareholder in mergers and acquisitions and capital raisings in the Premier and was previously Chairman of Premier Australian retail, consumer, media and entertainment from 1987 to 1994. sectors. Mr Antonie is also a non-executive director of Mr. Lew has over 40 years experience in the Village Roadshow Limited and Interactive Pty Limited. manufacture, importation, wholesaling and retailing of David M. Crean textiles, apparel and general merchandise. Mr. Lew’s Dr. Crean was appointed Chairman of the Hydro Electric success in the clothing industry has been largely due to Corporation (Hydro Tasmania) in September 2004.
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