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Travis Perkins Toolstation CCF • I

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Travis Perkins Toolstation CCF • I T H E L A R G E S T S U P P L I E R O F B U I L D I N G M A T E R I A L S I N T H E U K ANNUAL REPORT AND ACCOUNTS 2013 T H E L A R G E S T S U P P L I E R O F B U I L D I N G GENERAL CONSUMER CONTRACTS PLUMBING M MERCHANTING DIVISION DIVISION AND HEATING A DIVISION DIVISION T E R I Benchmarx Tile Giant BSS Birchwood Price A • • • Tools L S Travis Perkins Toolstation CCF • I N East • • City Heating Spares • Wickes Keyline • T H Travis Perkins City Plumbing E North • U • Connections K Travis Perkins • West DHS • F & P Wholesale • PTS • Solfex This document is important and requires your immediate attention. If you are in any doubt as to what action you should take, you are recommended to seek your own fi nancial advice from your stockbroker or other independent adviser authorised under the Financial Services and Markets Act 2000. If you have sold or transferred all of your shares in Travis Perkins plc, please forward this document, together with the accompanying documents, as soon as possible either to the purchaser or transferee or to the person who arranged the sale or transfer so they can pass these documents to the person who now holds the shares. CONTENTS 1 OVERVIEW CORPORATE GOVERNANCE OTHER INfoRMATION 2 56 138 Financial and operating highlights Directors Five year record 3 58 140 Financial summary Committees and Notice of the Annual General professional advisers Meeting STRATEGIC REPORT 59 142 5 Corporate governance report Annual General Meeting – Strategic report outline explanatory notes to the 64 resolutions 6 Audit committee report Key performance indicators 144 68 Appendix to the notice of the 8 Directors’ remuneration report Annual General Meeting Travis Perkins at a glance 83 146 12 Nominations committee report Notes to the notice of the Chairman’s statement 85 Annual General Meeting 16 Directors’ report 148 Business model – Directions to the Annual what Travis Perkins does 88 Statement of directors’ General Meeting 17 responsibilities 149 The Group’s markets and its Other shareholder Information market leading positions FINANCIAL STATEMENTS 20 89 Business review Independent auditor’s report 25 92 Financial review Income statements 32 93 Evolution of the Group’s strategy Statement of comprehensive income 37 Strategic summary 94 Balance sheets 39 Statement of principal risks 96 and uncertainties Consolidated statement of Forward looking statements: The Strategic changes in equity Report contained in the Annual Report 42 and Accounts contains forward looking Corporate responsibility statement 97 statements with respect to the financial Statement of changes in equity condition, results, operations and business 46 of the Travis Perkins plc group. These Stay safe report 98 statements and forecasts include risk and Cash flow statements uncertainty because they relate to events 50 and depend on circumstances that occur in Environmental report 99 the future. There are a number of factors that Notes to the financial statements could cause actual results or developments 52 to differ materially from those expressed or Engaging people implied by the forward statements. FINANCIAL OPERATING 2 HIGHLIGHTS HIGHLIGHTS REVENUE NOW OVER ALL DIVISIONS £5BN WITH ANNUAL acHIEVED REVENUE GROWTH OF 6.3%, GROWTH 5.0% ON A LIKE-for- LIKE basis STRONG OVERHEAD CONTROL Operating PROFIT UP THROUGHOUT 10% to £330M THE GROUP ADJUsted PROFIT Operating MARGIN before taX UP £35M IMPROVED By 0.1PP OR 12.4% to £321M to 6.8% PROFIT AFTER taX UP 43 NEW BRANCHES £16M to £265M AND 15 IMPLANTS OPENED, INCLUDING ADJUsted EPS UP 9 TOOLSTATION 14.3% to 103.6 OPENINGS WITHIN PENCE WICKES FINAL DIVIDEND UP ACQUISITION OF 24% to 21 PENCE, SOLFEX AND AN GIVING FULL YEAR ONLINE Heating DIVIDEND OF 31 PENCE PRODUCTS distribUTION BUSINESS NET DEBT REDUCED BY £104M to £348M TRAVIS PERKINS PLC ANNUAL REPORT AND ACCOUNTS 2013 FINANCIAL SUMMARY 3 W IE V ER V 2013 2012 O £m % £m **(Restated) Note REVENUE 4 5,148.7 6.3 4,844.9 ADJUsted:* Operating profit 5a 347.6 6.7 325.7 Profit before taxation 5c 321.1 12.4 285.8 Profit after taxation 5c 249.5 15.6 215.9 Adjusted earnings per ordinary share (pence) 11b 103.6 14.3 90.6 StatUtorY: Operating profit 5a 329.7 10.0 299.6 Profit before taxation 5c 312.6 4.5 299.2 Profit after taxation 5c 264.7 6.4 248.7 Basic earnings per ordinary share (pence) 11a 109.9 5.4 104.3 Total dividend declared per ordinary share (pence) 12 31.0 24.0 25.0 * Throughout this Annual Report the term ‘adjusted’ has been used to signify that the effects of exceptional items, amortisation of intangible assets and the associated tax impacts have been excluded from the disclosure being made. ** The Group has adopted the requirements of IAS 19 (revised 2011) for the first time during 2013. As a result the 2012 comparative numbers have been restated to ensure that 2012 and 2013 have been prepared on a comparable basis. Full details of the effect of applying IAS 19 (revised 2011) are given in note 5e. 4 Brackmills Distribution Centre, Northampton TRAVIS PERKINS PLC ANNUAL REPORT AND ACCOUNTS 2013 5 STRATEGIC REPORT OUTLINE REPORT STRATEGIC The Directors of the Company have prepared a Strategic Report for the year ended 31 December 2013 which is set out on pages 6 to 55. It encompasses the following information: Key performance indicators – page 6 Travis Perkins at a glance – page 8 Chairman’s statement – page 12 Business model – what Travis Perkins does – page 16 The Group’s markets – page 17 Business review – page 20 Financial review – page 25 Evolution of the Group’s strategy – page 31 Strategic summary – page 37 Statement of principal risks and uncertainties – page 39 Corporate responsibility statement – page 42 incorporating: Stay safe report – page 46 Environmental report – page 50 Engaging people – page 52 The Strategic Report was approved by the Board of Directors on 25 February 2014 and signed on its behalf by: John Carter Tony Buffin Chief Executive Officer Chief Financial Officer 25 February 2014 6 KEY PERFORMANCE INDICATORS Revenue (£m) Like-for-like Adjusted Adjusted earnings Note 4 sales growth (%) EBITA (£m) per share (pence) Note 4 Note 5a Note 11b -. . , , , ADJUSTED REVENUE EBITA £5,149Free cash Lease adjusted net Lease adjusted pre-tax Colleague flow (£m) debt to EBITDAR £348return on capital (%) EARNINGSengagement (%) NoteMI 35 LLION Note 37 Page 52 LIKENote 36-for-lIKE MILLION PER SHARE SALES GROWTH 103.6 5.0% PENCE The Group tracks its performance against eight financial and operating measures (KPIs) that it believes are the key indicators of its progress. Further details can be found in the notes indicated above each KPI. TRAVIS PERKINS PLC ANNUAL REPORT AND ACCOUNTS 2013 . .x .x .x . Revenue (£m) Like-for-like Adjusted Adjusted earnings Note 4 sales growth (%) EBITA (£m) per share (pence) Note 4 Note 5a Note 11b -. . , , , 7 Free cash Lease adjusted net Lease adjusted pre-tax Colleague flow (£m) debt to EBITDAR return on capital (%) engagement (%) Note 35 Note 36 Note 37 Page 52 STRATEGIC REPORT STRATEGIC . .x .x .x . LEASE COLLEAGUE ADJUSTED NET DEBT TO EBITDAR ENGAGEMENT LEASE FREE 3.0x ADJUSTED 64% CASH FLOW PRE-TAX RETURN £240 ON CAPITAL MILLION 10.0% 8 TRAVIS PERKINS AT A GLANCE A major plc, which can trace its roots back over 200 THE GROup’S BUSINESSES IN 2014 years, Travis Perkins is a leading company in the builders’ merchant and home improvement markets, General Merchanting and is the UK’s largest product supplier to the building is the Group’s core business operating under the and construction market, one of the largest industries Travis Perkins fascia. It supplies products for all types in the UK. It operates 17 businesses from more than of repair, maintenance and improvement projects 1,900 sites across the UK and Ireland. In June 2013 (‘RMI’) as well as new builds. It has developed it entered the FTSE 100 for the first time. exclusive own label products, the largest of which As explained on page 31 the Group has recently is 4Trade. The customers of General Merchanting refocused its strategic objectives to underpin businesses are primarily professional tradesman, shareholders value creation in light of the emerging ranging from sole traders to national housebuilders economic recovery. As part of this review, and with whose key requirements are product range and effect from 1 January 2014, the Group’s divisions availability, competitive pricing and customer service. have been realigned. The financial and operating sections of the Annual Report have been prepared INDUstrY General building using the divisional structure in place throughout materials 2013. Further detail on the realigned divisional structure is set out on page 31. Travis Perkins is a leading In 2013 Travis Perkins comprised a strong company in the builders’ POSITION portfolio of businesses which were organised into merchant market, and is a Number 1 four divisions, General Merchanting, Specialist main supplier to the building Merchanting, Consumer and Plumbing and Heating. and construction trades. Travis Perkins supplies more BRANCHES Share of group revenue than 100,000 product lines 643 around to trade professionals and the UK Plumbing & Heating General Merchanting self-builders. INDUstrY Kitchen Consumer Specialist Merchanting specialists Benchmarx Kitchen & Joinery was opened in 2006. It is a trade only specialist outlet POSITION Share of group EBIT supplying kitchens and joinery Number 2 products that meet the needs Plumbing & Heating General Merchanting of businesses of many sizes from specialist joiners through BRANCHES to local authorities and 85 around national housebuilders.
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