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Wolseley Annual Report 2013

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Wolseley Annual Report 2013 I want to do business with you on the move I want great service every time I deal with you I need to know the stock is there when I need it Listening to our customers Annual Report and Accounts 2013 Directors’ report – Overview 1 Listening to our customers Stay informed 4 Group at a glance 6 Our investment case 8 Chairman’s statement This report is complemented by a range of online 12 Chief Executive’s review information and resources: 18 Key performance indicators 22 Our business model: Source, Distribute, Sell Directors’ report – Performance 26 USA 28 Canada 30 UK 32 Nordic 34 France 36 Central Europe 38 Financial review 42 Risk management and internal control 48 Corporate responsibility Main corporate site Shareholder Annual report site Directors’ report – Governance www.wolseley.com information section annualreport2013. 64 Governance foreword from Chairman Key sections include Visit our Investor and wolseleyplc.com 65 Governance overview Our businesses, media centre on our Visit our online annual 66 Board of Directors and Executive Committee Investors and media corporate website to stay report site. Each section 69 Corporate and governance structure of the Group and Responsibility. up-to-date on Wolseley’s of the annual report 85 Other disclosures There is also information results, financial calendar can be downloaded in 89 Remuneration report on our strategy and and latest press releases. pdf format. links to our business Within the Investor and Financials unit websites. Site tools media centre you will include information pack find the Shareholder 105 Index to financial statements download, alert services centre where you will find 106 Group income statement and an option to receive information on the AGM, 107 Group statement of comprehensive income content feeds. dividends, electronic 107 Group statement of changes in equity communications, share 108 Group balance sheet price and managing 109 Group cash flow statement your shares. 110 Notes to the consolidated financial statements 159 Independent auditors’ report to the members of Wolseley plc (in respect of consolidated financial statements) 160 Company profit and loss account 160 Company balance sheet 161 Notes to the Company financial statements 165 Independent auditors’ report to the members of Wolseley plc (in respect of Company financial statements) The following terms are used throughout the Directors’ Report: Information Ongoing businesses This excludes businesses that have been sold 166 Five year summary or are held for sale. See note 2 of the consolidated 168 Pro forma information in United States dollars financial statements for a reconciliation from reported to ongoing for revenue and trading profit. 169 Principal subsidiary undertakings and their directors Like-for-like change in revenue This is the increase or decrease in revenue excluding 170 Shareholder information the effect of currency exchange, acquisitions and 173 Group information disposals, trading days and branch openings 174 Forward-looking statements and closures. Trading profit This is operating profit before exceptional items and the amortisation and impairment of acquired intangible assets. See note 9 of the consolidated financial statements for a reconciliation from operating profit to trading profit and note 4 for exceptional items. Unless otherwise stated performance in the Directors’ Report on pages 1 to 104 is stated on an ongoing basis. Listening to our customers At Wolseley we continue to focus on improving customer service. We passionately believe that excellent customer service is at the heart of our business and we can always find ways to improve. The pace of change of today’s world is creating tremendous challenges and opportunities for our customers’ businesses. New technology and innovation are redrawing traditional ways of doing business. This is creating new and emerging opportunities for Wolseley and we are continuing to find ways to help our customers do business more efficiently. From new channels which enable customers to trade with us 24/7, to more flexible ways of doing business, to better trained, more knowledgeable staff. While you’ll see in this year’s annual report and accounts that we’ve come a long way, we will keep listening to our customers; which gives us confidence we can keep improving our business. I want a broad range I want to do business with I don’t have time I want great service of expertise that is you on the move to be kept on hold! every time I deal with you always available See page 2 See page 3 See page 10 See page 11 I want to spend more time I don’t have time I need an expert who I need to know the stock is helping my customers to chase paper understands my needs there when I need it See page 16 See page 17 See page 20 See page 21 Wolseley plc Annual Report and Accounts 2013 1 Listening to our customers I want to do business with you on the move The demands on our customers’ before 6pm are delivered the next day time are ever increasing which anywhere in Switzerland. With the means that contractors aren’t use of mobile devices increasing, always able to contact a branch. customers can now also order on the Our Swiss plumbing and heating move, or from the jobsite. They can business has operated an E-Shop for see up-to-date product availability and over 10 years and it now represents trade prices and can also access their 25 per cent of its revenue. The E-Shop current and historic orders, delivery and other electronic order channels notes and invoices – all on the device allow customers to order 24/7 from a of their choice, be it PC, laptop, phone range of over 20,000 stock-keeping or tablet. units (“SKUs”), and orders taken Wolseley plc 2 Annual Report and Accounts 2013 Overview I don’t have time to be kept on hold! This year in the USA we the calls on behalf of the branches have piloted a new business and directs the requests to the right approach in Fort Myers, Florida. person. In the first three months We centralised the inside sales team Fort Myers significantly increased its which looks after larger account revenue and gained new customers customers, from four branches in and is now providing a faster, more the region to a single integrated efficient service to existing customers. operation. All inside sales associates Most importantly, we now never miss are now located together. Using a new a call! telephony system, a receptionist takes Wolseley plc Annual Report and Accounts 2013 3 Group at a glance (ongoing businesses1) USA Canada UK Performance Group revenue +2.9%2 £12,854m 1 1 1 Revenue Revenue Revenue Group trading profit3 +10.7% £6,785m £875m £1,769m £725m +8.2%2 +2.0%2 +2.5%2 Operations Number of branches 53% 7% 14% 2,917 of total revenue of total revenue of total revenue Number of employees Trading profit3 Trading profit3 Trading profit3 39,286 £492m £51m £95m Number of countries +27% +3% +2% 11 Key brands Key brands Key brands We supply customers Revenue by market sector Revenue by market sector Revenue by market sector in the new; repair, maintenance and improvement (“RMI”); and Non- civil infrastructure sectors. Civil infrastructure Non-residential Non-residential Civil infrastructure residential new construction new 5% The exposure to each sector 15% Residential Residential new 25% RMI 29% construction differs by geography and by construction RMI 29% 16% business unit. 13% Residential Residential new Residential Residential RMI 57% new Non-residential construction construction new construction Non-residential 8% RMI 29% 19% RMI 27% Non-residential 14% RMI 14% Revenue by business unit Revenue by business unit Revenue by business unit Other Industrial Burdens 5% Blended 8% Integrated 6% Industrial 11% branches services 62% Water- 4% HVAC works Plumbing 7% 22% Pipe and Climate and 15% Heating Water- 75% works Blended 15% branches 70% Regional performance Regional performance Regional performance See page 26 See page 28 See page 30 Wolseley plc 4 Annual Report and Accounts 2013 Overview Nordic Central region France Europe Revenue1 Revenue1 Revenue1 £1,916m £642m £867m −5.7%2 −9.1%2 −2.5%2 15% 5% 6% of total revenue of total revenue of total revenue Trading profit3 Trading profit3 Trading profit3 £86m £10m £33m −8% −41% −23% Key brands Key brands Key brands Revenue by market sector Revenue by market sector Revenue by market sector Non-residential Civil infrastructure Non-residential Civil infrastructure new 4% new Non-residential 5% new Residential construction construction Residential 8% 18% construction RMI RMI 36% 21% 26% 1 Ongoing businesses This excludes businesses that have Residential Residential Non- been sold or are held for sale. Residential new new Residential residential See note 2 of the consolidated RMI 54% construction Non-residential construction new construction RMI 11% financial statements for a reconciliation 20% 33% RMI 13% Non-residential 37% from reported to ongoing for revenue RMI 14% and trading profit. Revenue by business unit Revenue by business unit Revenue by business unit 2 Like-for-like change in revenue This is the increase or decrease in revenue excluding the effect of Sweden Denmark Denmark currency exchange, acquisitions (DIY) 2% (building (DIY) 9% Building Netherlands and disposals, trading days and materials) materials Austria Norway 20% 28% branch openings and closures. (building 36% 100% materials) 3 Trading profit 8% This is operating profit before France Sweden exceptional items and the amortisation wood and impairment of acquired intangible (building solutions materials) 23% Switzerland assets. See note 9 of the consolidated 24% Finland (building 29% financial statements for a reconciliation materials) 21% from operating profit to trading profit and note 4 for exceptional items. Regional performance Regional performance Regional performance See page 32 See page 34 See page 36 Wolseley plc Annual Report and Accounts 2013 5 Our investment case Our industry Our markets The distribution of plumbing and heating Plumbing and heating and building and building materials principally to trade materials distribution in the USA, customers.
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