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Delivering on Our Plans for Growth

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Delivering on Our Plans for Growth DELIVERING ON OUR PLANS FOR GROWTH Annual Report and Accounts 2020 PURPOSE To provide the highest level of customer service by well-trained, expert colleagues in modern, luxurious and welcoming store environments and state-of-the-art online sites, and by partnering with the most prestigious luxury watch brands and jewellery brands, all supported by leading-edge technology and bold, impactful marketing. AT A GLANCE PROVEN TRACK RECORD AND MARKET LEADING PROPOSITION The Watches of Switzerland Group has Proven track record of delivering a strong, built on a rich history of long-standing brand consistent financial performance with robust like partnerships – such as Rolex, Patek Philippe, for like sales, sustained profitable growth, elevated Audemars Piguet, Cartier, OMEGA, F Y20 returns on capital and strong cash generation TAG Heuer and Breitling – to become a REVENUE globally recognised specialist of Swiss luxury £810.5 MILLION Long-standing, collaborative partnerships with watches with a complementary luxury jewellery the most prestigious and recognised Swiss luxury offering. Since launching its transformation watch brands. The top seven brands account for programme during 2014, the Group has c. 74% of FY20 Group revenue enjoyed a multi-year period of strong, Multi-channel specialist of Swiss luxury watches sustained, profitable growth to build a Top 7 luxury watch2 brands, 73.9% with a leading UK position and significant and leading position in the UK while establishing Other luxury watch brands, 10.0% growing position in the US in a category with a significant presence in the highly fragmented Luxury jewellery2, 8.5% high barriers to entry which is underpinned by US market, where it aims to become a leader. Other, 7.6% robust demand, proven value creation and supply-driven dynamics Scale and national coverage in the UK and a HIGHLIGHTS significant presence in the US, with a well-invested store network which provide an exceptional REVENUE: RETURN ON CAPITAL EMPLOYED1: customer experience through welcoming and expert service and luxurious, open, contemporary, £810.5m 15.8% spacious and browsable environments CHANGE VS LY: CHANGE VS LY: Operational excellence with bold, impactful, digitally-driven marketing and best in class +4.8% +110 bps merchandising capabilities, powered by leading- edge, sophisticated and fully integrated IT systems ADJUSTED EBIT1: OPERATING PROFIT: Well positioned to continue to build its leading position in the robust UK market and to become £55.9m £48.3m a leader in the US, a highly fragmented and CHANGE VS LY: CHANGE VS LY: under-invested market for luxury watches +7.8% +6.2% STRONG LONG TERM PROFITABLE GROWTH 5-Year Revenue, Adjusted EBIT Evolution (£million) WELL-INVESTED STORE NETWORK £810.5 £773.5 £55.9 £631.2 £51.8 135 72.2% 27.8% £509.4 Revenue £410.2 £38.9 (£m) TOTAL STORES REVENUE FROM REVENUE FROM (EXCLUDING NON-CORE) UNITED KINGDOM UNITED STATES £22.6 Adjusted AS AT 26 APRIL 2020 £13.1 EBIT (£m) 1 This is an Alternative Performance Measure. Refer to the glossary on page 180 for definition and reconciliation FY16 FY17 FY18 FY19 FY20 of statutory measures where relevant. 2 Refer to the glossary on page 180 for definition. STRATEGIC REPORT STRATEGIC GOVERNANCE REPORT GOVERNANCE A YEAR OF STRONG PROGRESS Strong progress has been made this year in both the UK and US markets as we continue to deliver on our growth plans. STATEMENTS FINANCIAL Despite the impact of the COVID-19 pandemic, Despite the current challenges presented the Group delivered record sales and profit from the COVID-19 pandemic, demand during the year, reflecting our strong partnerships for luxury watches has remained strong as with the most prestigious brands, favourable evidenced by our online sales growth during market conditions and accelerating momentum lockdown and robust performance from our in the US. stores upon re-opening. The health and wellbeing of our colleagues and We are confident that the strong fundamentals customers remains our priority throughout this underpinning the luxury watch category remain challenging time and beyond. We are proud intact, and believe we are well positioned to of the response from our teams, who have deliver on our plans to leverage our leading demonstrated unwavering resilience, teamwork position in the UK and become a leader in and dedication. the US luxury watch market. Top image: Bovet Virtuoso VII 43mm 18ct red gold case featuring the versatile Amadeo reversible system allowing the timepiece to transform into a pocket watch or desk clock. STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS At a glance IFC Corporate governance introduction 76 Independent Auditor’s report 114 Chairman’s statement 03 Corporate governance statement 78 Consolidated income statement 120 Market review 04 Board of Directors 84 Consolidated statement of comprehensive income 121 Group transformation 08 Directors’ report 86 Consolidated balance sheet 122 Our brand partnerships 10 Nomination Committee report 90 Consolidated statement of changes in equity 123 Chief Executive Officer’s review 15 Audit Committee report 91 Consolidated statement of cash flows 124 Financial review 26 Remuneration Committee report 96 Notes to the consolidated financial statements 126 Business model 36 Directors’ remuneration report 98 Company balance sheet 174 Our portfolio 38 Company statement of changes in equity 175 Our stores 40 Notes to the Company financial statements 176 Key performance indicators 42 Glossary 180 Non-financial information statement 46 Shareholder information 182 Section 172 statement 48 People, culture and community 54 Risk management 64 Principal risks and uncertainties 66 Going concern and viability statement 74 01 | THE WATCHES OF SWITZERLAND GROUP ANNUAL REPORT AND ACCOUNTS 2020 Image right Grand Seiko WOSG Exclusive Toge Special Edition 39mm Stainless-steel case retained by a brown alligator strap and featuring calibre 9S66, a 72-hour power reserve automatic GMT movement 02 | THE WATCHES OF SWITZERLAND GROUP ANNUAL REPORT AND ACCOUNTS 2020 CHAIRMAN’S STATEMENT STRATEGIC REPORT STRATEGIC CONTINUING TO DELIVER GOVERNANCE REPORT GOVERNANCE ON OUR PLANS would like to begin by extending my success. We are the leading multi-channel specialist We advanced further against our strategic priorities wholehearted thanks to all of our colleagues in the UK in luxury watches, a category which is during FY20 and despite the devastating short term STATEMENTS FINANCIAL for their unwavering commitment to the underpinned by strong long term fundamentals with effect of all of our stores being closed for the last six business. This has been an eventful year: proven value creation. Through our strong brand weeks of the period, we delivered both revenue and Ithe Company transitioned from private to partnerships and state-of-the-art stores, we provide underlying profit growth. In the UK, we continued to public ownership, a highly successful IPO our customers with a distinct product offering and increase our leading position and grew our luxury was launched, the appropriate governance an exceptional luxury experience. We have invested watch market share. We invested in our store structures were put in place, further growth in best in class systems and advanced merchandising offering, through new openings as well as and investment was made in driving the tools, all of which have enabled us to ensure our refurbishments, relocations and extensions, and business forward and, in the last six weeks stores are relevant and inviting. We have embraced we also enriched the store portfolio in the UK of the year our colleagues were faced with, the use of CRM tools and leading-edge digital with the acquisition of four Fraser Hart stores. and adroitly dealt with, the unprecedented marketing techniques to continue to enhance Our ecommerce business has gone from strength challenges of the COVID-19 pandemic. our relationships with our customers and drive to strength, particularly following the COVID-19 engagement and awareness. These attributes, lockdown period, when momentum accelerated Prior to the COVID-19 related store lockdown, which have contributed to our growth to date, sharply, a testament to the underlying desirability we had continued to build on the success of the will continue to be key competitive advantages of our product offering as well as further previous five years, with Group revenue up nearly particularly as we navigate the rapidly changing enhancements made to the online platform. 16% for the 46 weeks to 15 March 2020. The environment following the COVID-19 pandemic. closure of all our stores in the UK and the US Our momentum in the US accelerated during the year created an entirely new framework within which and we made an important step forwards in achieving to operate. We planned, adapted and responded our goal of becoming a leader in this market. Our to the pandemic in order to maintain customer “With a good project strategy of applying best practice from the UK and leveraging our brand partner relationships is delivering service and protect customers and colleagues. We pipeline, we are well fully addressed the health and safety of customers results. We made further progress in modernising the and colleagues by closing stores prior to the positioned to deliver Mayors portfolio with further refurbishments and government enforced closure. relocations, and further extended our mono-brand against our strategic boutique network. In FY21 we will be rolling out Our colleagues adapted to these circumstances further mono-brand stores in the US. We are excited with energy, agility and enthusiasm, finding innovative targets going forward.” about the significant growth opportunity in the US. and bold solutions to address the new challenges we DENNIS MILLARD faced. Frequent communication and extensive online CHAIRMAN We are very pleased with our performance in Q1 training during the lockdown ensured that our FY21, with sales during July of +7.4% on last year, colleagues were able to hit the ground running when reflecting strong UK domestic demand and continued our stores began to open during May in the US and robust momentum in our ecommerce business.
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