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Annual Report and Accounts 2018Mothercare Plc Annual Report 2018 Annual Report and Accounts

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Annual Report and Accounts 2018Mothercare Plc Annual Report 2018 Annual Report and Accounts mothercare plc annual report 2018 and accounts 2018 Annual report and accounts Contents Our brands Overview Mothercare 2 At a glance and financial highlights Our aim is to meet the needs of mothers-to-be, babies and children up to pre-school age. Our clothing & Strategic report footwear product includes ranges for babies, pre-school children and maternity wear and has a growing selection 3 Chairman’s statement of branded product. Home & travel includes pushchairs, 4 Business model car seats, furniture, bedding, feeding and bathing 5 Chief executive’s review equipment. Toys is mainly for babies and complements 11 KPIs – measuring our performance our ELC ranges. 12 Enterprise risk management 15 Principal risks and uncertainties STORES 18 Financial review UK – in town: 38 27 Corporate responsibility UK – out of town: 96 International partners: 932 Governance 36 Board of directors 37 Executive committee 38 Corporate governance Early Learning Centre 44 Audit and risk committee 49 Nomination committee Our aim is to provide children up to pre-school age 50 Directors’ report with toys that nurture and encourage learning through 53 Directors’ remuneration report play. Whilst the ranges are mainly own brand and are 57 Annual report on remuneration designed and sourced through our facilities in Hong Kong, we selectively bring in branded product that enhances Financial statements our ranges. 80 Directors’ responsibilities statement STORES 81 Independent auditor’s report UK – in town: 3 90 Consolidated income statement UK – inserts: 115 91 Consolidated statement International partners: 199 of comprehensive income 92 Consolidated balance sheet 93 Consolidated statement of changes in equity 94 Consolidated cash flow statement 95 Notes to the consolidated financial statements Company financial statements 132 Company balance sheet 133 Company statement of changes in equity 134 Notes to the company financial statements 138 Five-year record 139 Shareholder information Mothercare plc annual report and accounts 2018 1 Chairman’s statement At a glance and financial highlights Our vision at mothercare is clear – to be the leading global retailer for parents and young children. Worldwide sales* UK: £1,163m (4.8)% Stores: 137 Asia: Space: 1,305k sq.ft. Stores: 382 Europe: Space: 851k sq.ft Group sales Stores: 354 Space: 1,089k sq.ft. £654m (1.9)% Adjusted profit** Middle East: £2.3m (88.3)% Stores: 354 Space: 892k sq.ft. Statutory loss Latin America: Stores: 41 £(72.8)m (1,125.3)% Space: 37k sq.ft. * Total UK sales plus estimated retail sales achieved by our franchise partners, joint ventures and international wholesale ** Adjusted profit before tax excludes adjusted items as detailed on page 18 of the financial review Product Worldwide sales Space International UK International UK International UK Clothing Clothing tores tores Mothercare New modern & Footwear Footwear nlne nlne ELC retted orat Hoe & Travel Hoe & Travel olesale olesale tll to e retted Toys Toys 1% 15% 15% 4% 8% 13% 31% 22% 23% 0% 52% 2% 8% 5% 5% 8% 2 Mothercare plc annual report and accounts 2018 Chairman’sHEAD_0 statement1st line HEAD_0 1st line continued HEAD_0 2nd line 2nd line continued Chairman’s statement We are building a business the ongoing transformation and create Officer, following the resignation of Strategic Report a sustainable future for the business. I Richard Smothers who, after a significant that reflects the needs of continue to believe that mothercare is a contribution to the first phase of the today’s digitally enabled great brand with a future but it is facing a mothercare turnaround, decided to take up number of challenges, not least a highly another role. consumer who moves competitive retail environment. seamlessly between stores Glyn returned from 10 years in Asia where The transformation strategy to date he held both CEO and CFO responsibilities and online. has been focused on improving the in the Dairy Farm Group and prior to performance of the Group in the UK that he has held senior finance roles with and internationally, ensuring mothercare Kingfisher, Tesco and KPMG. Glyn has has an appropriately sized store estate, made an excellent start in delivering the supported by a strong online offer, as well second phase of the transformation, whilst as sharpening our focus on the areas where working tirelessly towards the end of the mothercare is a true specialist. The Group year to find a successful route forward with has also been taking actions to reduce our financing arrangements. central costs, whilst continuing to work with Following a number of changes made our partners to grow and develop in each in the previous year, we have a talented of our international markets, sharing best Executive team in place who are practice. supporting the Executive Directors to deliver As this more focused approach was the transformation plan. executed, some difficult decisions Most importantly, I would like to thank all regarding the Head Office functions were our mothercare colleagues, both in the UK First I am delighted to have been invited made, so as to ensure a leaner and more and abroad, for their huge efforts over the to become Interim Executive Chairman agile business and a structure which can year. Despite a difficult environment, their for mothercare. The business is facing a serve our customers effectively and deliver dedication to service and looking after our number of pressures at present, but it has sustainable cash flows for the Group going customers has been exceptional. a wonderful heritage and I am committed forward. to ensuring it has an exciting future both In light of the consumer environment, this The business has made positive progress in the UK and internationally. On behalf of year has presented the business with over the past few years and the Board the Board, I would also like to thank Alan some difficult issues to navigate, and we would like to thank Mark Newton-Jones for Parker who retired in April after six years as must continue to react quickly to ensure executing the strategy since 2014. However, Chairman, for his service to the Company. we have a brand that can continue to act in light of the wider sector challenges, as a leading global specialist. The retail This past year has undoubtedly been a it is essential that we accelerate the environment continues to evolve at pace, challenging one for the Group where, after transformation plans to meet our ambitions but I am confident we are doing the right a positive like-for-like sales performance for both customers and our shareholders. things to position mothercare for the future. in the UK during the first six months of the As a result, fresh leadership has been put year, we witnessed some very difficult in place to take mothercare into the next trading conditions over the second half in phase of its turnaround and the Board light of a significant drop-off in consumer was pleased to welcome David Wood as confidence which led to lower footfall and Chief Executive Officer after the year end. spend both in-stores and online, affecting David has a great track record in similar both sales and profits. This was combined circumstances across international and with some ongoing challenging conditions consumer facing brands and is a highly Clive Whiley in our international markets. effective operator of retail operations, Interim Executive Chairman and The tough consumer backdrop meant having previously worked as Group Chief Restructuring Officer that towards the end of the financial President of Kmart Holding Corp. year we had to enter into discussions The business was also very pleased to with our lenders regarding our financing welcome Glyn Hughes to the Board arrangements and we have been working this year in the role of Chief Financial to reach a resolution which can support Mothercare plc annual report and accounts 2018 3 Business model HEAD_0 1st line continued HEAD_0 2nd line 2nd line continued Business model The mothercare business model describes how we operate and create value for our shareholders, our customers and other key stakeholders. Our resources How we create value Shareholders’ International For customers For international equity partners Grow sales partners £4.6m 33 and margins £1,163m £725m Worldwide sales Sales1 Net debt Suppliers Focused Manage investment costs and For employees For social £44.1m 1,809 Customers cash Employees £67m £15.7m Total pay and Total tax 2 4 Create benefits contributions (TTC) 4,737 To reinvest value For suppliers £544m3 Relationships Value capture 1 International partner sales reflect franchise partner sales to end customers plus wholesale sales 2 Total pay and benefits include payroll costs for stores and head office, share based payments, bonus, and pension costs 3 Supplier payments reflect total trade payments for goods and payments to suppliers for goods not for resale 4 Worldwide corporate income tax, VAT and other indirect taxes, employment taxes including NI and customs duties What differentiates us The products we offer How our customers buy from us Effective logistics Home & Travel UK stores 3 2 138 5,300 41 96 Distribution centres Hubs brands options in town out of town Efficient sourcing Clothing & Footwear UK online 18 7 16 3,895 43% countries offices brands options of UK retail sales Full service vendors Toys International 279 38 40 2,400 23 1,131 suppliers countries brands options countries stores online representing 3.7% of international sales 4 Mothercare plc annual report and accounts 2018 Chief executive’sHEAD_0 1st line
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