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Royal Mail Annual Report

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Royal Mail Annual Report Royal Mail plc Royal Mail plc Annual Report and Financial Statements Royal Mail plc 2014-15 Annual Report FinancialAnnual Statements and 2014-15 Strategic report Governance Financial statements Other information Strategic report Who we are 02 Financial and operating performance highlights 04 Chairman’s statement 05 Chief Executive Officer’s review 07 Market overview 12 Our business model 14 Our strategy 16 Key performance indicators 18 UK Parcels, International & Letters (UKPIL) 21 General Logistics Systems (GLS) 23 Financial review 24 Business risks 31 Corporate Responsibility 36 Governance Chairman’s introduction to Corporate Governance 41 Board of Directors 43 Statement of Corporate Governance 47 Chief Executive’s Committee 58 Directors’ Report 60 Directors’ remuneration report 64 Financial statements Consolidated income statement 77 Consolidated statement of comprehensive income 78 Consolidated statement of cash flows 79 Consolidated balance sheet 80 Consolidated statement of changes in equity 81 Notes to the consolidated financial statements 82 Significant accounting policies 131 Group five year summary (unaudited) 140 Statement of Directors’ responsibilities in respect of 142 Information key the Group financial statements Independent Auditor’s Report to the members of 143 Royal Mail plc Case studies Royal Mail plc – parent Company financial statements 146 This icon is used throughout the document to indicate Other information reporting against a key performance indicator (KPI) Shareholder information 151 Forward-looking statements 152 Annual Report and Financial Statements 2014-15 Who we are Royal Mail is the UK’s pre-eminent delivery company, connecting people, customers and businesses. As the UK’s sole designated Universal Service Provider1, we are proud to deliver a ‘one-price-goes-anywhere’ service on a range of letters and parcels to more than 29 million addresses, across the UK, six-days-a-week. Through UK Parcels, International & Letters Our transformation Combined with the disciplines of being a public (UKPIL), we make a very significant We are transforming as we handle fewer company, these competitive dynamics mean contribution to the wider UK economy. letters and manage increasing parcel volumes. that we face strong efficiency incentives. We In 2014-15, our impact totalled £11.1 billion are seeking to introduce sustainable change, in terms of value added. This includes our UK addressed letter volumes have fallen on in partnership with our unions. We are contribution through employment, average by around five per cent per annum driving a cost-conscious culture through a procurement and taxation. We made the in the last four years. Alongside these declines, combination of cost actions, optimising our 6th largest contribution to the UK economy there is not a level playing field for competition network and standardising our processes. of all UK corporations2. in the UK postal market. The UK postal market is fully-liberalised. No other EU See page 12 for more information Through our European parcels delivery country has experienced the same degree about the changes in our business, General Logistics Systems (GLS), of mandated6 and price controlled access marketplace. we operate one of the largest, ground-based, as the UK. deferred3 parcel delivery networks in Europe. Revenue by business and market (£m) We continue to believe that Ofcom should set (adjusted 52 weeks 2015)8 out a comprehensive regulatory framework Our people that safeguards the future financial Letters We employ more than 160,000 people & sustainability of the Universal Service, Business/ other Marketing across our Group. UKPIL employs around with clear guidelines around the commercial market Parcels mail mail Total 143,000 people. On average, one in freedoms afforded to Royal Mail, which are UKPIL 3,190 3,400 1,167 7,757 180 employed people in the UK works for necessary to respond to market conditions. 4 GLS 1,653 1,653 Royal Mail . Approximately 3,200 people Other 14 14 work in our UK partially-owned subsidiaries. We are the UK’s leading parcels delivery company. Growth in UK parcel volumes Group 4,843 3,414 1,167 9,424 GLS employs around 14,0005 people continues to be driven by e-retailing. But across a range of frontline, operational overcapacity has combined with the reduced Percentage of Group revenue by and support roles. rate of growth in the addressable market7 market (adjusted 52 weeks 2015)8 to create pricing pressure. Parcels 51 Our shareholders In the medium term, the fastest areas of Letters and other mail 36 Following our flotation on the London Stock growth in the parcels market are expected to Marketing mail 13 Exchange in October 2013, we continue to be clothing and footwear and toys and sports Group 100 have a large retail shareholder base. equipment. We are transforming our core UK Approximately 150,000 eligible Royal Mail network so we can handle a greater number employees in the UK received free a ten of these larger parcels. We are being more per cent stake in our Company in total on flexible to accommodate the increasing privatisation. HM Government retained demands of e-retailers and online shoppers. 29.9 per cent of Royal Mail’s shares at 29 March 2015. 1 Under the Postal Services Act 2011 (the ‘Act’), Ofcom is the regulator for postal services in the UK. Ofcom’s primary regulatory duty for postal services is to secure the provision of the Universal Postal Service. Ofcom has designated Royal Mail as the Universal Postal Service Provider. Subject to the special administration regime, and as set out in the Act, this designation is not time-limited 2 Comprising direct and indirect contributions. Cebr research, conducted for Royal Mail in May 2015 3 The least time-sensitive type of delivery 4 Cebr research, conducted for Royal Mail in May 2015 5 Includes discontinued operations 6 Royal Mail is obligated to provide access to its inward mail centres by our Regulator, Ofcom. This means that competitors to Royal Mail can collect and sort mail posted by business and hand it to Royal Mail for final mile delivery 7 Defined as individually addressed parcels and packets weighing up to 30kg, that do not require special handling and comprise goods that have been ordered based on Triangle Management Services/RMG Fulfilment Market Measure. Excluding International 8 Adjusted results exclude specific items, including the difference between the income statement pension charge and the total cost of pensions including deficit payments. The figures include the results of DPD Systemlogistik (DPD SL), a subsidiary of GLS Germany, which was owned by the Group for the full reporting period, and was sold following the year end and is identified as discontinued operations 02 Royal Mail plc Strategic report Governance Financial statements Other information Our operations and networks UKPIL UKPIL comprises Royal Mail’s core UK and The Group operates through: UK Parcels, international parcels and letter delivery International & Letters and General businesses under the ‘Royal Mail’ and ‘Parcelforce Worldwide’ brands. Royal Mail’s Logistics Systems. network is unparalleled in the UK in its scale and scope. It supports the provision of services for the collection, sorting and delivery of parcels and letters by Royal Mail. This includes UKPIL GLS those services Royal Mail provides as the UK’s designated Universal Postal Service Provider. c.143,000 c.14,000 Parcelforce Worldwide is a leading provider of express parcel services. Employees Employees See page 21 for further details of 6 40 UKPIL’s performance. Regional Distribution Centres European hubs GLS GLS is the Group’s European parcels business. 39 c.700 It operates one of the largest ground-based, deferred parcel delivery networks in Europe. Mail Centres Depots Across Europe, the GLS network covers 9 37 countries and nation states through a c.1,400 c.14,000 combination of wholly-owned and partner Delivery Offices Parcel shops companies. As our gateway to Europe, GLS is a strategically important part of Royal c.49,000 c.19,000 Mail Group. See page 23 for further details of Vehicles Sub-contractor vehicles GLS’ performance. 54 Parcelforce Worldwide depots Key UKPIL GLS GLS Network Partners 9 Including satellite Delivery Offices Annual Report and Financial Statements 2014-15 03 Financial and operating performance highlights Group financial highlights Operating performance • UKPIL revenue was flat at £7,757 million. 52 weeks 52 weeks Underlying 2015 2014 change1 A one per cent decline in total letter revenue was offset by parcel revenue Adjusted results (including discontinued operations)2 growth of one per cent, reflecting the Revenue (£m) 9,424 9,456 1% competitive market. Operating profit before transformation costs (£m) 740 729 6% • UKPIL parcel volumes increased by three Operating profit margin before transformation costs (%) 7.9 7.7 40 bps per cent, with a better performance in the Operating profit after transformation costs (£m) 595 488 5% second half. Addressed letter volumes Operating profit margin after transformation costs (%) 6.3 5.2 20 bps declined by four per cent, at the better end of our forecast range. Profit before taxation (£m) 569 421 Earnings per share (pence) 42.8 30.8 • GLS revenue grew to £1,653 million, up seven per cent, with revenue growth in Reported results (continuing operations) Change all its markets. Volumes were up Revenue (£m) 9,328 9,357 eight per cent. Operating profit before transformation costs (£m) 611 669 • Collections, processing and delivery Operating profit after transformation costs (£m) 466 428 productivity in UKPIL improved by Profit before taxation (£m) 400 1,664 2.5 per cent, within our target range of Earnings per share (pence) 32.5 127.5 a 2-3 per cent improvement per annum. Free cash flow (£m)3 453 398 • We have seen a net reduction in the Net debt (£m) (275) (555) number of employees of over 5,500 Full year proposed dividend per share (pence) 21.0 20.04 5% this year in UKPIL.
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