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View Annual Report Pets at Home Group Plc Pets at Home Group Plc Annual Report and Accounts 2016 Annual Report and Accounts 2016 More specialist, most loved Our mission is to be the best pet shop in the world. Pets are the heartbeat of our business. We aim to share our knowledge and passion to help pets and their owners live long and happy lives together. To achieve our mission we must be: More specialist Maintaining and enhancing our specialist credentials gives pet owners more reasons to shop with us. We can do this by providing our customers with inspirational retail and services, expert advice, unmatched range and seamless omni-channel convenience. Most loved As pet owners too, we can understand and help support our customers through all the moments they share with their pet. Sharing our love and passion for pets strengthens the bond with our customers and their trust in our colleagues and brands. With responsibility Visit our online Annual Report 2016: at the heart of our business petsathome.annualreport2016.com Putting Pets Before Profit is our number one value. Responsible retailing is critical to maintaining our reputation and ongoing business success. Throughout this report you will see the above icons which represent our approach to being the most specialist, loved and responsible pet retailer. Pets at Home is the UK’s leading specialist retailer of pet Strategic report food, pet products and pet-related services. Overview Highlights 1 Our omni-channel retailing business operates from a UK The year in review 2 Our history 4 wide Pets at Home store network and website. We run the At a glance 6 UK’s largest small animal veterinary practice network under Market overview 8 Business model 10 the Vets4Pets brand, together with a number of specialist Chairman’s statement 12 veterinary referral centres. We are also the leading operator Strategy of dog and cat grooming services through our Groom Chief Executive’s statement 14 Room salons. Mission and strategy 18 Strategy in action 20 Key performance indicators 26 Performance Finance review 30 Operating review 34 Risk management 38 Risks and uncertainties 40 Corporate Social Responsibility 44 Revenue (£m) Like-for-like growth (%) Governance report Governance overview 60 £777.8m +6.7% 2.2% Board of Directors 62 Executive Management Team 64 2012 544.3 2012 1.4 Directors’ Report 66 2013 598.3 2013 2.6 Statement of Directors’ Responsibilities 73 2014 665.4 2014 2.4 Governance Report 74 Audit & Risk Committee Report 82 2015 729.1 2015 4.2 Nomination & Corporate Governance 2016 777.8 2016 2.2 Committee Report 86 Remuneration Report 88 Gross margin (%) EBITDA (£m)1 54.5% +31bps £124.7m +4.2% 2012 53.7 2012 88.9 Financial statements 2013 54.1 2013 97.2 Independent Auditor’s Report 109 2014 53.8 2014 109.4 Consolidated income statement 113 Consolidated statement of 2015 54.2 2015 119.6 comprehensive income 113 2016 54.5 2016 124.7 Consolidated balance sheet 114 Consolidated statement of changes EBITDA margin (%)1 Free cash flow (£m)1 in equity as at 31 March 2016 115 Consolidated statement of changes 16.0% -38bps £77.8m +8.1% in equity as at 26 March 2015 116 Consolidated statement of cash flows 117 2012 16.3 2012 39.8 Company balance sheet 118 2013 16.2 2013 67.8 Company statement of changes in equity 2014 16.4 2014 50.1 as at 31 March 2016 119 Company statement of changes in equity 2015 16.4 2015 72.0 as at 26 March 2015 119 2016 16.0 2016 77.8 Company income statement 119 Company statement of cash flows 120 Basic Earnings Per Share1 Dividend Per Share Notes (forming part of the financial statements) 121 15.1p 7.5p Advisors and contacts 172 +11.2% +38.9% All 2016 financials refer to the 52 week proforma period to 24 March 2016. 1 Excludes exceptional costs. Pets at Home Group Plc Annual Report and Accounts 2016 1 The year in review Delivering a seamless pet shopping experience A snapshot of our progress New openings Specialist referral Delivered our rollout targets veterinary care market for both stores and services 20 We made our entry into the specialist new Pets at Home superstores (net). Made our entry into the specialist referral market through the acquisition Total portfolio 419 referral veterinary care market of two centres, Northwest Surgeons and Anderson Moores. Grew our VIP loyalty club to more than 4.5m members, 50 with more than 13.5m pets new veterinary practices. Total portfolio 388 Significantly expanded our online product range and leveraged our UK wide store 60 network, with 50% of online new grooming salons. orders now collected in-store Total portfolio 240 Exciting trial retail formats Opened six new Barkers stores, our High Street based specialist dog shop and grooming spa. Opened one Whiskers ‘n Paws, our High Street based convenience store, focused on core Pets at Home dog and cat customers, with a Groom Room salon. Pets at Home Group Plc 2 Annual Report and Accounts 2016 Strategic report Overview / Strategy / Performance Responsibility at the heart of our business Product and innovation Grew our online range to 12,000 products, over 4,000 greater than the range in-store. Expanded our private label Wainwright’s into frozen dog food. UK exclusive launch of Wellness Advanced Nutrition, the number one independent, family owned brand of natural pet food Industry leading colleague in the US market. retention and engagement 79% Passionate and expert colleagues are colleague retention central to our success, creating more reasons for customers to come into store and engage with us. Maintaining industry leading retention and engagement rates 7th 12,000 is vital to retaining our specialist edge. place in Great Place products available in stores and online Our colleague training has been endorsed to Work survey by City & Guilds, providing a stamp of approval that demonstrates the value of colleague expertise. VIP loyalty card lifelines We award lifelines for every purchase £1.8m our loyalty card members make. raised by our VIP Lifelines convert into donations for club members our VIP members’ chosen animal charities. This year we have raised over £1.8m for animal charities throughout the UK, and since inception have raised £4.2m. Read more on page 34 Read more on page 44 Pets at Home Group Plc Annual Report and Accounts 2016 3 Our history Celebrating years at the forefront of pet retailing Launch of new e-commerce website. Voted Employer of the Year in Retail Pets at Home Support Adoption store Week’s ‘people in founded; first store For Pets founded, retail’ awards. opens in Chester. a charity dedicated to rehoming pets. Wainwright’s private 4,100 15 label food brand colleagues colleagues launched. 1991 1999 2003 2006 2007 2008 2009 2012 2013 2014 2015 2016 First in-store National Distribution In-store pet adoption veterinary Centre opens in scheme launched practice opens. Stoke-on-Trent. with Support Adoption Pets at Home For Pets. acquires PetSmart in the UK. 2,600 colleagues 200 144 stores stores Pets at Home Group Plc 4 Annual Report and Accounts 2016 Strategic report Overview / Strategy / Performance We’re part of a growing family where pets come first. Our number one value is ‘Pets Before Profit’ 427 stores 388 vet practices 240 grooming salons 4.5m VIP members Launch of VIP First trial Barkers store ("Very Important Pet") opened in Wilmslow. loyalty scheme. Initial Public Offering 7,900 Direct product sourcing – Pets at Home lists on colleagues operation opened in Asia. London Stock Exchange. 1991 1999 2003 2006 2007 2008 2009 2012 2013 2014 2015 2016 Acquired Vets4Pets to Groom Room create network of 236 First acquisitions in the services launched first opinion vet practices. specialist veterinary in seven stores. Voted The Sunday referrals market. Times best big company to work for. 6,500 360 colleagues stores Pets at Home Group Plc Annual Report and Accounts 2016 5 At a glance Delivering an amazing pet experience through an integrated retail and services offer Merchandise Pets at Home Barkers Whiskers ‘n Paws by Pets at Home Pets at Home offers a range of A trial format, dog focused High Street A trial High Street based convenience food and accessories through store. Offering premium products and format, focused on core Pets at Home a UK wide network of 419 stores; grooming services targeted at highly dog and cat customers, with a Groom 59% of stores have a vet practice engaged dog owners. Room salon. and 56% have a grooming salon. 419 7 1 stores and PetsAtHome.com stores and Barkersfordogs.com store Read more on page 34 Services Vets4Pets Specialist referral centres Our network of primary opinion Northwest Surgeons in Cheshire small animal veterinary practices, and Anderson Moores in Winchester operated in conjunction with our provide specialist referral services Joint Venture vet partners. to primary opinion practices. 388 2 practices both in-store and standalone referral centres Read more on page 36 Pets at Home Group Plc 6 Annual Report and Accounts 2016 Strategic report Overview / Strategy / Performance Business model on page 10 Merchandise Extensive UK stores and services 427 388 stores with 240 groomers vet practices Ride-away A specialist retailer of equestrian supplies with a website, catalogue and superstore in York. 1 store and Rideaway.co.uk Read more on page 34 Services The Groom Room Our dog and cat grooming salons, located predominantly in-store. 240 salons Read more on page 36 Pets at Home Group Plc Annual Report and Accounts 2016 7 Market overview Pets at Home is the clear leader in the UK pet market Specialist veterinary Competitive backdrop Key market drivers referrals market • Pet market has shown resilience Pet population Our in-store and standalone Vets4Pets and premium growth to that of the • Stable UK pet population of around 9m practices offer primary opinion and some UK general retail market dogs and 9m cats specialist services for the small animal pet • Advanced Nutrition and services are • Shift in dog breeds towards specialist market.
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