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METCASH LIMITED Champion of the Independent Retailer – Coast to Coast

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METCASH LIMITED Champion of the Independent Retailer – Coast to Coast METCASH LIMITED Champion of the Independent Retailer – Coast to Coast Annual Report 2006 OUR MIssION: TO BE THE maRKETING AND DIstRIbutION LEADER IN FooD AND otHER Fast-moVING CONsumER GooDS CoNTENts Report from the Chairman and CEO 2 Directors’ Report 22 IGA Distribution 6 Income Statement 36 Australian Liquor Marketers 8 Balance Sheet 37 Campbells Wholesale 10 Statement of changes in equity 38 The Board 12 Cash flow statement 40 The Executive Team 14 Notes to the financial statement 41 Financial and Statistical Highlights – Directors’ declaration 93 Five Year Review 16 Auditor’s Independence declaration 94 Corporate Governance 17 Independent Audit Report 95 Foodlink Distribution cold storage, WA. ABOUT US Metcash Limited is a leading marketing and distribution company operating in the grocery and liquor wholesale distribution industries through its three business pillars: > IGA Distribution (Independent Grocers of Australia) > Australian Liquor Marketers > Campbells Wholesale OUR CORE VALUES > Championing the customer > Our stakeholders are entitled to added value > Responsibility and personal accountability > Empowering our people and supporting our communities ARE NotHING WITHout INTEGRITY Caningvale Distribution Centre, WA. the YeaR’S hiGhliGhts > Acquired Foodland Associated Limited’s Australian businesses, integration underway. > Seventh consecutive record annual profit. > Strong operating cash flow, $243m generated. > Dividends declared increased by 21%. Weighted Average Earnings per Share (cents) – excluding CULS, CUPS and Restructure Costs Cost of Doing Business as a per cent of Gross Profit 25 100% 21.55 20 90% 16.10 16.64 15 13.11 80% 75.20 71.00 10 8.89 70% 68.65 68.06 67.16 5 60% 0 50% 02 03 04 05 (AGAAP) 06 (AIFRS) 02 03 04 05 06 EBITA as a per cent of Sales Operating Cash Flow ($m) 2.91 3.0% 2.74 280 2.56 242.70 2.5% 2.28 240 2.04 200 2.0% 160 136.00 1.5% 130.60 129.30 120 113.40 1.0% 80 0.5% 40 0.0% 0 02 03 04 05 06 02 03 04 05 06 www.metcash.com 1 RePORT FRom the ChaiRmaN AND the ChieF EXecutiVE OFFiceR Carlos S dos Santos, Chairman with LEFT: Chief Executive Officer. Andrew Reitzer, All three Metcash businesses, IGA Distribution, Australian Liquor Marketers (ALM) Rocklea fresh produce distribution warehouse, QLD. and Campbells chaiRmaN’S & CEO’S REPORT Wholesale, grew The 2006 financial year was another successful one for Metcash with the posting of the seventh consecutive record annual profit. Wholesale sales increased by 10% to $7.7bn. Because of changed accounting strongly. standards as a consequence of the move to Australian International Financial Reporting Standards (AIFRS) and the Company’s altered capital structure, it is difficult to make a profit comparison on a profit before or after tax basis but the best indication of comparable profits is from the Earnings Before Interest, Tax and Amortisation (net of CULS, CUPS and Restructure costs) (EBITA) line. EBITA rose 19.5% to $226.9m, reflecting the underlying health of the Metcash businesses and the ability to generate a profit increase of 23.8% from a wholesale sales increase of 10%. On an after tax basis, excluding significant and non-recurring items related to the capital reorganisation, FAL Australian businesses acquisition and restructuring costs, after tax profit increased from the reported $103.3m in the 2005 year to $127.9m in 2006. A positive cash flow of $242.7m was generated during the year. Net interest paid was $39m, reflecting increased gearing and a more effective capital structure. A final dividend of 6 cents per share will be paid, resulting in dividends declared for the year of 11.5 cents per share, a 21% increase on 2005 dividends declared. 2 Metcash Limited Annual Report 2006 A final dividend of 6 cents per share will be paid, resulting in dividends declared for the year of 11.5 cents per share, a 21% increase on 2005. Robin Johnston, Commercial Manager, WA and Silvestro WA Robin Johnston, Commercial Manager, Vanessa Wiggins, Group Vanessa OHS Compensation & Workers ROM LEFT: ROM LEFT: Morabito, General Manager, WA – Planning WA ways Morabito, to General grow Manager, further the already business. significant WA F F and Greg Mitchell – Manager, Manager ALM NSW, Warehouse Silverwater Distribution Centre NSW. FiNANcial Results Similarly, Campbells Wholesale lifted sales by 15.9% and EBITA by 22.9% to $21.2m. As well as an increase in sales, the mix of sales also All three Metcash businesses, IGA Distribution, Campbells Wholesale improved with higher sales of the profitable categories of confectionery and Australian Liquor Marketers (ALM), grew strongly. It is a tribute to and grocery. These ‘primary sales’ increased to more than 55% of the management of those businesses that they continued to grow during total sales. a year in which the Company acquired its former parent company (Metoz Holdings Limited) in a capital reorganisation and the Australian businesses of Foodland Associated Limited (FAL). INteGRatioN OF FAL IGA Distribution’s market share rose from 13% to 18.5% at year end austRaliaN BusiNesses (as calculated by A C Nielsen) whilst EBITA grew 24.1% to $175.8m. Ownership of the FAL Australian businesses was transferred to Metcash Wholesale sales increased by 7.4% to $4.1bn. If the 2005 financial year on 2 November 2005. The 2007 financial year will be the first year to sales to Franklins were excluded, the increase would be 21%. reflect a full year of trading for the acquired businesses. The acquisition of the FAL Australian businesses commenced as a hostile takeover and Growth has been driven by strong comparable store sales by the was resolved through a Scheme of Arrangement. As a consequence, business’s customers, the IGA and Foodworks independent retailers. no ‘due diligence’ reviews were undertaken by Metcash. On taking IGA’s comparable store sales grew by 6.3% in the year whilst possession, a lot of good news was discovered. The Western Australian Foodworks grew 6%. These ‘like on like’ sales were stronger than those grocery distribution business, four Cash & Carry branches, the Foodlink generated by the two major Australian retail chains. foodservice operation and the company operated Action retail stores As an investment in future growth, 44 new IGA stores opened during are proving excellent buys. The high quality of the former FAL staff has the year and 48 major refurbishments took place. 76 new stores are also been part of the good news. ‘on the drawing board’. Foodworks plans to open 37 new stores in the An extensive action plan to integrate the FAL Australian businesses into coming year and refurbish and expand a further 44 stores. Metcash was implemented and the actions are running on schedule. ALM’s sales grew 11.6% on the previous year and EBITA increased by Good progress has been made in obtaining the synergy benefits 17.6% to $30.7m. The sales increase was partly due to regaining the envisaged at the time of acquisition. FAL buying terms have been ALH Queensland business for a full year, whilst the profit improvement brought in line with Metcash terms, the Metcash business model has reflects the benefits of productivity gains in the face of competitive been implemented in Western Australia, accounting and administration pressure on selling margins. www.metcash.com 3 RePORT FRom the ChaiRmaN AND the ChieF EXecutiVE OFFiceR continued It is anticipated that additional EBIT of between $80m and $90m per annum, before restructuring costs, will be obtained with the integration of the former FAL Australian businesses. Deli counter at Supa IGA Ashmore, QLD. delivery Foodlink to Pizza Hut WA. resturant Perth, has been transferred to the Metcash Silverwater Shared Services The ThiRD FoRce Centre and the Metcash logistics platform is being installed in the former FAL warehouses. The FAL Queensland ‘Richlands’ warehouse Although ALM has been established in all states of Australia and has been closed and all former Queensland Action stores are now New Zealand for some time, the IGA Distribution and Campbells serviced from the IGA Distribution warehouse complex. Cash & Carry businesses have not previously operated in Western Australia. With the FAL Australian businesses acquisition, all businesses As acquisition of the FAL Australian businesses did not take place until are now operating on a ‘coast-to-coast’ basis. This has been an 2 November 2005, with possession obtained on 24 November 2005, important step as it increases the scale of operations, increases the it was necessary to postpone the sale of Action stores to independent customer base and allows the IGA Retail Banner to offer national retailers until after the important Christmas seasonal sales period. programs to suppliers. Consumers on a coast-to-coast basis are now It is anticipated that, with the exception of 12 large stores in Perth, provided with an alternative to the two major chains. the other 50 Action stores will be sold to independent retailers by November 2006. This is in line with the Metcash policy of not This further strengthening of the Metcash businesses enables the competing with the Company’s customers. The 12 large stores in Company to provide additional support to its customers, the Perth will be sold as a single unit at a later stage. independent grocery, liquor and convenience retailers of Australia. The market share of Metcash and of its grocery customers has now A key feature of the Action stores was the strong fresh food offer, increased to 18.5% (as calculated by A C Nielsen) and demonstrates supported by fresh fruit, vegetables and meat warehouses. This the ability of independent retailers to survive and thrive in the face of operation has been retained and is planned to be extended to other the two dominant chain store groups.
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