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Coffee Hot Chocolate Tea Sandwiches Greggs Plc Annual Report & Accounts 2012

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Coffee Hot Chocolate Tea Sandwiches Greggs Plc Annual Report & Accounts 2012 Greggs plc Building Our Brand Annual Report & Accounts 2012 Greggs Annual Report & Accounts 2012 Freshly Baked Savouries Fresh soup Pizza Freshly Ground Coffee Hot chocolate Tea Sandwiches Greggs plc Annual Report & Accounts 2012 Welcome Greggs is the UK’s leading bakery retailer specialising in freshly made bakery food. With over 1,671 shops across the UK served by ten regional bakeries, our 20,000 employees are proud to serve six million customers each week. Highlights Operational Financial Sales up 4.8% to £735m 118 100 (2011: £701m) Shop refurbishments New shops opened completed Pre-tax profit* down 2.2% to £51.9m (2011: £53.1m) 750 5 Diluted EPS* New retail jobs created Greggs moment coffee up 0.5% shops now operating to 39.0 pence (2011: 38.8 pence) Dividend per £735m share up 1.0% Total sales *Pre-exceptionals. Business Social Corporate Financial Overview Review Responsibility Governance Statements 01 | Greggs plc Annual Report & Accounts 2012 Contents Overview Greggs at Chief Highlights ISFC Executive’s At a glance 02 Our strategy & a Glance Report business model 04 Page 02 Page 08 Business Review Chairman’s statement* 06 Chief Executive’s report* 08 Financial review* 14 Key financial performance indicators* 16 Social Responsibility Corporate Overview 18 Strategy Governance Targets 20 Page 05 Page 22 Corporate Governance Board of Directors* 22 Governance* 24 Audit Committee report* 29 Principal risks and risk management* 32 Directors’ remuneration report 37 Financial Statements Financial Statement of Directors’ Social responsibilities 52 Review Independent Auditor’s report 53 Responsibility Page 14 Consolidated income statement 54 Page 18 Consolidated statement of comprehensive income 54 Keeping people, Balance sheets 55 communities and values at the heart Statements of changes in equity 56 of our business Statements of cashflows 58 Notes to the consolidated accounts 59 * These sections form the Business Review and Report of the Directors and have been prepared pursuant to the Companies Act 2006. 02 | Greggs plc Annual Report & Accounts 2012 Greggs at a glance We are passionate about baking and offer our customers quality, fresh food at great value prices. We take enormous pride in our food, hand making all our sandwiches and baking all our savouries each day in our shops to give our customers unrivalled freshness. As well as on the UK’s high streets and in shopping centres, Greggs can increasingly be found at retail, industrial and business parks, bus interchanges, universities, airports and other locations where people live, work, travel and spend their leisure time. Routes Our Network to Market Food on the go Wholesale In 2012 we opened 48% of our We now supply a range of net new shops in locations away 21 savoury and sweet lines Britain’s from high streets, to make in dedicated Greggs cabinets Greggs even more accessible sold in over 750 Iceland frozen Favourite to people at work, travelling food stores around the UK and at leisure. and abroad. Baker Greggs the Bakery Franchise Our newest local bakery A partnership with Moto which concept shops give customers brings together Britain’s biggest a more traditional baker’s shop operator of motorway service experience, offering new lines areas and Britain’s biggest 240 including artisan breads, new bakery retailer will see 30 Shops in Scotland: and traditional cake ranges Greggs at Moto service 18 net new shops opened in 2012 and exciting shop window areas across the UK. displays, all alongside our best-loved products. Greggs moment Our new coffee shop format where customers can relax 211 Shops in the North West: in a modern, contemporary 5 net new shops opened in 2012 environment and enjoy a menu of outstanding bakery food with a wide selection of freshly ground coffees and teas. 302 Shops in Central: 16 net new shops opened in 2012 221 Shops in South West: 15 net new shops opened in 2012 Business Social Corporate Financial Overview Review Responsibility Governance Statements 03 | Greggs plc Annual Report & Accounts 2012 Our Vision 1,671 & Values Shops A record 100 net new shops opened in 2012 Our vision is to be the number one for sandwiches and savouries from a united team who are passionate about being the best in bakery. For our customers... We offer a wide range of fresh, great tasting, high quality food, made with wholesome ingredients. Our highly trained staff handmake sandwiches in our shops each day. For our people... We aim to provide a great place to work, where our people feel valued, are looked after, and where each individual is recognised as integral to the success of our business. Our values: we will be 258 enthusiastic and supportive Shops in the North East: in all that we do, open, 7 net new shops opened in 2012 honest and appreciative, B B treating everyone with fairness, consideration and respect. B For our communities... B H We promise to continue 10 to help make a difference Motorway services shops to people’s lives. B For our shareholders... B We have a proven track record of success and return on investment. Importantly, in 5 today’s economic climate more Greggs moment coffee shops than ever, we offer the assurance B and commitment that our business is run with integrity and that we are a responsible B B B Company. We are proud that Greggs is a trusted, valued H Head Office and respected brand. B Bakeries 209 215 Shops in London: Shops in the South East: 10 net new shops opened in 2012 14 net new shops opened in 2012 04 | Greggs plc Annual Report & Accounts 2012 Our strategy & business model What we do: First and foremost Greggs is a baker. We operate from locations throughout Britain serving customers across the whole country. Our Business Model How we create value We own and operate an integrated supply chain Shareholder Value from production through distribution to point of sale. This means we can make outstanding bakery food at great prices delivering value for our customers and shareholders alike. S ts tro uc ng d C ro u P s t ty o li m a e u Production r Q R e h l g a i t i H o n Distribution s h i p s Point of Sale Great Value Business Social Corporate Financial Overview Review Responsibility Governance Statements 05 | Greggs plc Annual Report & Accounts 2012 Our Vision Our Strategy Our vision is to How we plan to be the number one for sandwiches accomplish our aims and savouries from Meeting customer needs: a united team who ➥ We will develop our product ranges to meet changing are passionate customer tastes, whilst retaining the quality, value and service about being the that Greggs is known for. best in bakery. Investing in shops: S tro ➥ We will continue to open new ng stores, in new locations, whilst C diversifying our estate and u s investing in store formats. to m e Developing new markets: r R ➥ We will continue to explore e opportunities to bring products l a to markets where customers t cannot currently access the i o Greggs brand. n s h Competitive advantage i p through our supply chain: s ➥ We will continue to invest in product quality and the efficiency of our manufacturing and logistics operations. Living Greggs values through our people and Grea ue our communities: t Val ➥ Our people are our greatest No.1 asset and we will do even more Our goal is to be the number one for our local communities. for sandwiches and savouries. 06 | Greggs plc Annual Report & Accounts 2012 Chairman’s statement I am pleased to report another year of progress towards our key strategic objectives, designed to strengthen the business for the longer term. Derek Netherton In my 11th and final report as Chairman, to our shareholders. The Board Chairman I am pleased to report another year recommends a maintained final dividend of progress towards our key strategic of 13.5 pence per share, making a total objectives, designed to strengthen the dividend for the year of 19.5 pence business for the longer term. In particular, (2011: 19.3 pence), an increase of we have continued to diversify our activities, 1.0 per cent. making Greggs more accessible to more customers through the rapid and profitable The Board development of the new business channels In December 2012 Ken McMeikan of wholesaling and franchising, at the announced his intention to leave Greggs same time as opening a record number to take up the position of Chief Executive of new shops. While progress in these of Brakes Group, and he left the Board on strategic areas has been encouraging, 8 March 2013 following the appointment of market conditions in 2012 continued Roger Whiteside as his successor. I would to be exceptionally challenging. like to record our thanks to Ken for his leadership since he joined Greggs in 2008, Our financial performance and particularly for the role he has played In 2012 consumer spending remained in developing our strategic vision, under pressure, shopper footfall declined, strengthening the business, living our and the country experienced some of the values and further enhancing our place wettest weather ever recorded. Despite in the community. this, sales grew by 4.8 per cent to a record £735 million though like-for-like sales Roger Whiteside took up the position were 2.7 per cent lower and pre-tax profit of Chief Executive on 4 February 2013, before exceptional items was £51.9 million, having been a member of our Board as a a reduction of 2.2 per cent. Non-Executive Director since 2008. Roger was previously Chief Executive of Punch The Board remains committed to pursuing Taverns plc and brings to his new role a progressive dividend policy that pays more than 30 years’ experience of food due regard to the growth of earnings per and retailing gained with Marks & Spencer, share over the medium term, the cash Ocado and Threshers.
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