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Transformation on Track

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Transformation on Track THE WAREHOUSE GROUP INTEGRATED ANNUAL REPORT 2019 TRANSFORMATION ON TRACK JOIN US 1. TO OUR SHAREHOLDERS 2. GROUP MANAGEMENT REPORT 3. ADDITIONAL INFORMATION OUR COMPANY REPORT ANNUAL REPORT 2019 INTEGRATED GROUP THE WAREHOUSE CONTENTS Purpose, Vision and Values 4-5 Group Highlights 6-7 Chair’s Report 8-11 CEO’s Report 12-17 Our CEO and Board 18-19 PURPOSE, VISION, VALUES Our Board 20-21 Board Skills Matrix 22-23 Integrated Reporting 24-25 Risk & Materiality 26-27 FRONT COVER Our Networks 28-29 Our People 30-31 Our Expertise 32-33 Our Relationships 34-35 Our Environment 36-37 Financial Capital 38-39 Financial Statements 41-45 Notes to Financial 46-64 Statements Independent Auditor’s Report 65-67 Annual 5 Year Summary 68-69 Governance Report 70-75 Statutory Disclosures 76-84 We continue to change and adapt to the rapidly evolving retail environment. This year, we got to a good place in terms of progress and results. THE WAREHOUSE GROUP THE WAREHOUSE ANNUAL REPORT 2019 INTEGRATED THE WAREHOUSE GROUP THE WAREHOUSE ANNUAL REPORT 2019 INTEGRATED 2 REPORT CONTENTS 3 1. TO OUR SHAREHOLDERS 2. GROUP MANAGEMENT REPORT 3. ADDITIONAL INFORMATION OUR COMPANY PURPOSE, VISION AND VALUES INTEGRATED ANNUAL REPORT 2019 INTEGRATED GROUP THE WAREHOUSE Over two million New Zealanders shop with us every week, enjoying the convenience, quality OUR ECOSYSTEM range, and competitive prices we are famous for. Together they spent more than $3 billion with us last year across our networks, which is unparalleled in the New Zealand market. Leveraging: Our reach, our customer insights, our ability to serve OUR PURPOSE Helping Kiwis live better every day Every day, we’re living our purpose by transforming our business to exceed our customers’ expectations and beat our competitors in a way that has a positive impact on our communities. OUR VISION GROUP HIGHLIGHTS To build New Zealand’s most sustainable, convenient and customer-first company Being New Zealand’s most sustainable business means that we will not only be profitable but we’ll also take responsibility for our environmental impact and the impact we have on people’s lives. We REPORT CONTENTS REPORT know that sustainable business is good for our company and the wider economic climate in which we operate. We want to be New Zealanders’ first choice for convenience by providing products and services when and where they are needed, with as easy access as possible and a variety of payment and collection options. We want to be synonymous with ‘customer-first’ in New Zealand and help customers understand that quality and great prices don’t need to be at a high cost, and we can save them time as well as money. Enabled by: World-class team, partners and technology OUR VALUES For: Our communities, our investors, our planet TAKE THE LEAD BE THE CREATE THE WAY HERE FOR GOOD EXPERIENCE Our strategy is showing promising signs of Our strategy is based on customer insights. We will We use our smarts We make today great We always do the delivering results in terms of profit, revenue growth continue to listen to what our customers have to and make things We make every and tomorrow even right thing and satisfied customers. We are not changing the say, before testing and learning to problem-solve happen connection count better strategy at this stage. There is still more to do in a way that drives a positive quality and value around fixing our fundamentals through a range perception for today’s customer. of transformative initiatives. We also have the opportunity to continue to invest in our digital With changing customer expectations comes a capability to meet customer needs and build need for us to continue to refine our business our future. processes and implementation methods. We are upskilling our team by building a performance Given the fast-moving, changing face of retail, culture with new leadership behaviours that are we are working at pace to build an ecosystem linked to our values. We are also giving thought to around our core business that will provide solutions the future of work and how we can best equip and for our customers’ changing expectations and support our team for ongoing changing skills needs. savvier shopping habits. The launch of our digital shopping platform TheMarket is one example of our Our transformation programme has enabled ecosystem in action. Further initiatives are greater discipline and ways of working, promoting in progress. increased nimbleness and agility, which we will continue to adopt throughout our business. THE WAREHOUSE GROUP THE WAREHOUSE ANNUAL REPORT 2019 INTEGRATED 4 PURPOSE, VISION AND VALUES 5 1. TO OUR SHAREHOLDERS 2. GROUP MANAGEMENT REPORT 3. ADDITIONAL INFORMATION OUR COMPANY GROUP HIGHLIGHTS INTEGRATED ANNUAL REPORT 2019 INTEGRATED GROUP THE WAREHOUSE 2.25maverage weekly customer visits $3.1bGroup sales (up 2.6% on last year) CHAIR ’S REPORT 18%online sales growth (online sales account for 7.8% of total sales*) PURPOSE, VISION, VALUES increase in adjusted NPAT 25.6% * Based on normalised online sales adjusted for the closure of online platforms during FY19. We are the first retailer in New Zealand (the third in the world) 5reduction3% in net debt to go carbon neutral. Development and launch of TheMarket of100% private label manufacturing $67mraised in donations for sites are required to meet our New Zealand since 1982 ethical sourcing standards Noel Leeming is New Zealand’s largest TV installer, and Noel Leeming Tech Experts 175transformation initiatives THE WAREHOUSE GROUP THE WAREHOUSE ANNUAL REPORT 2019 INTEGRATED THE WAREHOUSE GROUP THE WAREHOUSE ANNUAL REPORT 2019 INTEGRATED delivered visited over 35,000 homes. 6 GROUP HIGHLIGHTS 7 1. TO OUR SHAREHOLDERS 2. GROUP MANAGEMENT REPORT 3. ADDITIONAL INFORMATION OUR COMPANY INTEGRATED ANNUAL REPORT 2019 INTEGRATED GROUP THE WAREHOUSE CHAIR’S ANNUAL REPORT 2019 INTEGRATED GROUP THE WAREHOUSE REPORT Where we said we would be Two and a half years ago, we set out a plan to improve the long-term profitability of The Warehouse Group by fixing our retail fundamentals and investing in the Group’s digital future. Over that time, we have been focused on delivering results rather than promises, and being transparent about the progress we are making and the challenges we face. “ FY19’s adjusted NPAT is also I am pleased to report that the evidence of our well up on last year’s result, transformation is starting to become apparent GROUP HIGHLIGHTS throughout the business. We are seeing progress in and exceeds the guidance our relationships with customers, our impact on the environment, and now in our financial results with given at the half-year which one of our strongest profit results for some years. Our adjusted Net Profit After Tax (NPAT) result of indicated we expected $74.1m for this financial year provides comfort that to finish the year with an we are on the right track. CHAIR’ increase of 7% to 12% on Given the overall performance in the retail market S over the last 12 months, the Board is heartened FY18 adjusted NPAT. In fact, REPORT by our progress. We see trading momentum and incremental improvements which augur well for that the adjusted NPAT represents progress to continue. a 25.6% improvement. Net profit attributable to shareholders for the year was $65.4m, a significant improvement on last year. Included in that result is In line with previous reports, this bottom line result includes a number of one-off items, which is why we a $6.0m investment in use adjusted NPAT for guidance; this metric shows the underlying performance of the business. developing our new venture, FY19’s adjusted NPAT is also well up on last year’s ‘TheMarket’.” result, and exceeds the guidance given at the half- year which indicated we expected to finish the year with an increase of 7% to 12% on FY18 adjusted Joan Withers NPAT. In fact, the adjusted NPAT represents a Chair 25.6% improvement. Included in that result is a The Warehouse Group $6.0m investment in developing our new venture, “TheMarket”. Backing that investment out from the result would show that the underlying performance improvement in the retail group on a like for like basis is a 31.1% improvement year on year. The Board has confirmed a final dividend of 8.0 cents per share. Added to the interim dividend of 9.0 cents per share, fully imputed, that was paid in April, this brings the total dividend pay-out for the year to 17.0 cents per share. This equates to a pay-out ratio of 80.5% on adjusted NPAT for the second half, and 79.6% for the full year. Combining dividends paid with the change in share price, the total shareholder return for FY19 is 20.2%. THE WAREHOUSE GROUP THE WAREHOUSE ANNUAL REPORT 2019 INTEGRATED 8 CHAIR’S REPORT 9 1. TO OUR SHAREHOLDERS 2. GROUP MANAGEMENT REPORT 3. ADDITIONAL INFORMATION OUR COMPANY CHAIR’S REPORT INTEGRATED ANNUAL REPORT 2019 INTEGRATED GROUP THE WAREHOUSE “ Our integrated report shows that using our resources wisely and managing our networks, expertise, people, relationships, responsibilities to the environment and financial capital to best effect is not just about driving financial benefits, it is also about creating benefits across all aspects of the business and our broader stakeholder groups.” CEO’S REPORT Customer behaviours changing quickly We have been able to implement change, Board activity Doing right by our shareholders It is difficult to overstate the extent and speed of improvements and efficiencies right across the The Warehouse Group’s Board continues to actively We complete the year in an upbeat frame of mind.
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