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Investing for Growth Annual Report 2019 Contents Investing for growth Annual Report 2019 Contents 02 About Us 03 Purpose, Vision and Values 04 Chairman’s Report 06 CEO’s Report 10 MFuture – Five-Year Vision 12 Financial Highlights 14 Food 18 Liquor 22 Hardware 26 Corporate Social Responsibility 30 Our People 31 Our Board 32 Financial Report 109 ASX Information 01 About Us Our Purpose Metcash is Australia’s leading wholesale distribution and marketing company with sales of over $14 billion in FY19. We believe that it is important to Australia that there is a sustainable, independent, family‑owned business sector. Championing Independent retailers support their local communities. Our Vision We help them to be the ‘Best Store in Town’ by providing Successful merchandising, operational and marketing support across our food, liquor and hardware pillars. Independents Best Store in Town Our Pillars Our Values Passionate about independents We believe: A favourite place to work Independence is worth fighting Food Liquor Hardware for; in treating our people, In Food, we proudly support In Liquor, we are the largest In Hardware, we support the retailers and suppliers the way a network of over 1,600 supplier to independent liquor largest independent hardware Business partner of choice independently owned stores retailers and the largest group in Australia and are a we like to be treated; and in Australia‑wide, including the broad range liquor wholesaler leader when it comes to servicing well known IGA and Foodland in Australia. Through our the Trade market. Under the giving back to the communities brands. Our retailer partners Independent Brands Australia Independent Hardware Group where we live and work. mix the charm, knowledge and (IBA) banner group, we support (IHG), we support the leading Support thriving convenience of a local store, ~2,700 stores across leading independent hardware brands communities with the quality and competitive independent retail brands Mitre 10 and Home Timber & prices of a national one. The stores such as Cellarbrations, The Hardware along with Hardings, we support sit at the heart of the Bottle‑O, IGA Liquor, Duncan’s, Thrifty‑Link Hardware and True local community, sourcing a range Thirsty Camel, Big Bargain Value Hardware; we supply more of the best products from local and Porters Liquor. than 1,600 stores nationwide. producers and contributing to the local economy. 02 Metcash Annual Report 2019 03 Rob Murray, Chairman At our strategy day in March we STI bonuses paid to KMP in respect The Board has a strong interest in detailed our MFuture growth initiatives, of FY19 ranged from 47% to 62% of ensuring the company has the right and the related capital investment, maximum, and there will be a 90% culture and behavioral styles. It was which we expect to be able to fund partial vesting of the FY17-19 LTI. pleasing to see the results of our from internal sources. More detail on This is the first time in 12 years an annual employee survey showed MFuture is contained in the CEO report LTI has vested. further improvements in culture and and Pillar sections. behavior across the organisation. The Board believes remuneration Appointment of new CEO Liquor outcomes for the year are a fair The survey also showed that the Board We were pleased to announce during reflection of the performance of and Group leadership team have a the year the appointment of Chris Metcash, our businesses and constructive behavioral style within Baddock as the new Chief Executive management. Metcash, which is important for driving change from the top. Officer (CEO) of the Liquor pillar. Chris’ Last year I advised that we had made a appointment followed the completion significant improvement in gender pay The future of an extensive executive search parity, with the overall gap reducing to At the heart of our strategy continues for a successor to Scott Marshall less than 2%. I am pleased to advise to be the championing of our following his appointment as CEO that we have again narrowed this gap, independent retailers. Our priority of Supermarkets & Convenience in which at the end of FY19 was 1%. is the successful execution of our March last year. Our achievements in this important MFuture plans, which is being well Chris has extensive experience in the area were recognised earlier this year supported by the quality, dedication Liquor market which includes a strong with Metcash receiving an ‘Employer and passion of our leadership team, track record of delivering sustainable of Choice’ citation from the Workplace the Board and our retailers. growth and working with independent Gender Equality Agency. While our markets remain challenging, retailers. We are delighted to have we are encouraged by the confidence Chris join the leadership team. Further detail on our remuneration structure and outcomes for FY19 can of our independent retailers in Chairman’s Report I would like to make a special mention be found in our Remuneration Report the future and their willingness to of Rod Pritchard, who has filled in as commencing on page 46. continue to invest in their stores. interim CEO of Liquor admirably from Together, we are improving the quality March last year. Board update and competitiveness of our retailer networks across Supermarkets, Remuneration In June, we announced that Anne Welcome to Metcash’s Annual Report Strategy update Brennan had notified the Board Liquor and Hardware to underpin This was the final year of our five-year for the year ended 30 April 2019. I am The integration of Home Timber of her intention to step down as their ongoing success. remuneration transition which has pleased to advise that the company & Hardware (HTH) is now largely a non-executive director due to seen a progressive increase in the Thanks delivered a solid set of financial results complete, with the delivery of further unforeseen and potential conflicts executive ‘at risk’ component of Key On behalf of the Board, I would and continued to successfully execute synergies in the year underpinning related to her other directorships. Management Personnel (KMP) total like to thank all our people, the its strategic initiatives. strong earnings growth in Hardware, Anne will continue as a non-executive reward. The Board determined that this director through to our AGM in August, leadership team, our partner The year also included detailing our despite softer construction activity. was an appropriate time to undertake with appropriate protocols in place to independent retailers and suppliers, plans under the new five-year MFuture HTH has been a successful acquisition a further review of the structure of address the potential conflicts. I would and our shareholders for their program, which aims to deliver a for both Metcash and the broader IHG executive remuneration having regard like to thank Anne for her contribution ongoing support. “At the heart of our pathway to sustainable growth with a retailer network. The network is now to changes in market practice and since joining the Board in March balanced approach to revenue growth more competitive and stronger, and To my fellow directors, thank you strategy continues to be feedback from our shareholders. last year. and cost out. well positioned as the second-largest for your support, commitment and the championing of our player in the market. Commencing in FY20, changes will be We also announced in June that significant contribution to Metcash From a financial perspective, solid made that create an even stronger link over the past year. I am excited about FY19 was the final year of our very Fiona Balfour has decided not to independent retailers. earnings and cash flows were delivered between executive and shareholder our plans for the future and look successful Working Smarter program, stand for re-election at this year’s Our priority is the successful by our Pillars despite challenging outcomes. These include the deferral forward to continuing to work together which has helped offset the impact AGM following almost nine years as a market conditions, and we continue of a component of any STI earned to be as a cohesive Board. execution of our MFuture of inflation over the past three years. non-executive director of Metcash. The to be well positioned with a strong delivered as equity, and the expansion Total cost savings under the Working Board sincerely thanks Fiona for her plans, which is being well balance sheet. of our minimum shareholding policy Smarter program were ~$125m, well long-term contribution and service to to include KMP. Our KMP will now supported by the quality, Underlying profit after tax for the above our initial ~$100m target. Metcash, which has included providing have the majority of ‘on target’, dedication and passion of year was $210.3m, down slightly on invaluable insight and guidance the prior year. From a shareholder We will continue to have a strong ‘at risk’ remuneration delivered as as Chair of the People and Culture Rob Murray our leadership team, the perspective, underlying earnings per focus on costs under our new MFuture deferred equity. Committee since 2014. Helen Nash Chairman program, which we commenced at the share increased 1.8% to 22.6 cents, While the salaries of certain key has been appointed Chair of the P&CC, Board and our retailers.” start of FY20. Importantly, the new reflecting the benefit of the $150m executives are below the peer group replacing Fiona. program also incorporates a strong share buy-back in August last year. market median, no member of the focus on growing our top line, and Peter Birtles and Wai Tang have been Group leadership team was awarded The Board determined to pay a final includes significant investments to appointed as non-executive directors an increase for the upcoming dividend of 7.0 cents per share, further improve the competitiveness effective 1 August 2019.
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