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Annual-Report-2019.Pdf We’re customer driven so our story always starts with New Zealanders. 1 From busy New Zealanders looking for convenient, easy solutions to get more time back in their lives... ...to savvy shoppers and those on a budget who want more value... ...to our customers looking for quality, taste and freshness... ...or the fanatical foodies who are passionate about cooking and world-leading food trends... ...to the casual shopper, the health seekers and the digital citizens who want ease without compromise. Foodstufs North Island Limited 2 We are a big part of We have the privilege New Zealanders’ lives. of serving only one We’re there for the first country and are locally ever soccer games, the owned. That means we family dinners, the new have a responsibility café start-ups and the to look after this place and casual eats at the beach. the New Zealanders who The online grocery shops live here. We're committed wherever and whenever to doing our part for our our customers want, and people, planet and the quick stop to get communities so that we something healthy (or a make New Zealand a treat) on the way to better place for future bootcamp or book club. generations. Foodstufs North Island Limited 3 We’re here for all New Zealanders and our purpose is quite simply to make sure they get more out of life. That’s why we have a strategy that challenges us to be customer driven for all New Zealanders. Foodstufs North Island Limited 4 What we do matters. It matters to all New Zealanders... It matters to our team of great people... It matters to our local communities... It matters to our beautiful country. Foodstufs North Island Limited 5 How we do things at ...because that’s the Foodies has always only way we’ll deliver been just as important New Zealanders more as what we do. Our out of life. values are part of our promise. We think customer, we’re in it together, we play above the line and we’re courageous... Foodstufs North Island Limited 6 FY19 highlights. Stickman, NZ’s defender of the lowest prices, turned 10. PAK’nSAVE Online SAP is now in all went live with click and PAK’nSAVE and New collect in the first World stores, and in 22 stores. 49 Four Square stores. We went single-use New Zealanders nominated plastic bag free on PAK'nSAVE as the second 1 January 2019, most reputable brand in which means 350 New Zealand in the Colmar million plastic bags Brunton Corporate are no longer heading Reputation Index, with New to landfill or our World also in the top 10 for waterways. the second year in a row. Foodstufs North Island Limited 7 Foodies took out We started the build Retailworld NZ’s of our new Ambient Large Retail Employer Distribution Centre and of the Year Award. Support Centre at The Landing, Auckland Airport. Our stores donated AON Hewitt named more than 6.1 million Four Square among meals to local the top ten best community food banks employers in Australia across New Zealand. and New Zealand. The Foodies Foundation We went live with a kicked of in May 2018 new Gilmours Online and we’ve already helped e-commerce platform 33 Foodies families. with 37% year-on-year growth. Foodstufs North Island Limited 8 Contents. What’s inside. Foodstufs North Island Limited 9 Contents. Foodstufs North Island Limited 10 FY19 at a glance. Performance snapshot. Store customer satisfaction. % down 0.5% 72 year-on-year Retail store sales. $ up 2.7% 7.5b year-on-year Total food retail market share. % up 0.2% 47.4 year-on-year Foodstufs North Island Limited 11 FY19 at a glance. Lost Time Injury Frequency Rate (LTIFR). a 0.5 improvement 5.3 year-on-year Foodstufs North Island overall Co-op employee engagement score. % stable 64 year-on-year Foodstufs North Island Limited 12 From our Directors. A strong year in a changing market. Evolving our shopping experiences has When I reflect become increasingly important, because the way New Zealanders shop is changing on our year fast. Our industry is becoming more dynamic and more competitive. Foodies at Foodstufs has responded to this with things like the launch of PAK’nSAVE Online and the new North Island, Gilmours Online e-commerce site. We have also introduced our new Simply Dinner I am proud of the range in New World and Four Square, and What’s For Dinner in PAK’nSAVE, a new progress we have generation of Private Label products, and led the conversation on issues like plastic made to evolve bags that are top of mind for customers. Our purpose is to make sure New our shopping Zealanders get more out of life and this year we added to our strategy, with our experiences aspiration to become one of the world’s most customer driven retailers. There for customers, is something very “New Zealand” about aspiring to be among the best in the world. while continuing It will be exciting to see this come to life in our Co-op over the next few years. to deliver a To keep pace with what New Zealanders need from us we need a strong, aligned strong Whole of Co-op culture where we work together and move fast for customers. When we get this Business (WOB) right, we are unbeatable. Our Co-op spirit is what our business financial result, has been built on and it’s not something that happens without the passion and for members, willingness of our Members to build a strong Co-op, not just for today but for the in one of our future generation of Members. Member representation is critical to toughest markets having a strong culture and we’ve worked hard this year to introduce new channels for many years. for Members’ voices to be heard. Our Banner Representation Groups (BRG) are becoming a valuable forum for consulting Members on their brand’s direction and these will keep going from strength to strength in the year ahead. We also launched new Member communication channels including regional Member meetings, Member teleconferences and BRG teleconferences. These new two-way channels have provided forums for passionate conversation and debate to help us to continue to stay focused on what’s most important for our customers. Financial highlights. In the last year we saw a shift in the cost of living, which means New Zealanders have Foodstufs North Island Limited 13 From our Directors. been seeking better value for their hard- basis. We migrated two of our DCs onto a to deliver great customer experiences earned dollars. As a business we responded new warehouse management system this across all brands and I am looking forward to this challenge head on, to make sure our year, with the remaining DCs scheduled for to working with you all on our customer brands are positioned to remain relevant to next year. driven aspiration. customers, while we continue to build on Group profit before distribution to Congratulations to CEO Chris Quin what makes them special. Members is $248.4 million. Excluding the and the whole Foodies team on another We’re pleased to report another year of gain on sale of Roma Road and other non- strong year of leading our Co-op and for strong financial performance as we look strategic property divestments, this is an challenging us to continue to raise the bar to reinvest in the business and position increase of $15.9 million on last year, which higher and position our business for the ourselves to be competitive in the future. is a pleasing result. future. Our Foodstufs North Island Group total We’re pleased with the overall total revenue for this 52-week period was $6,767 distribution to Members of $168.3 million. On behalf of the Board, million. This is $126 million or 1.9% up on We’re very happy with the financial last year on a like for like basis, reflecting results this year. We’re confident that our same store growth of 3.0%. Reported strong balance sheet and investments will statutory revenue this year is $3,332 million enable our Co-op to continue to grow and due to a change in accounting standards. succeed for the next 100 years and beyond. Our purpose is to make sure New Zealanders get more out of life and this year we added to our strategy, with our aspiration to Dean Waddell become one of the world’s most customer Chair driven retailers. Our Support Centre operating profit was Strengthening our Co-op $289.8 million, up $79 million on last year. governance. A substantial part of the $79 million is from We introduced changes over the past the one-of sale of Roma Road. The rest year to strengthen our Co-op governance came from other non-strategic property and Member representation channels. divestments, upside in investments in This included a greater focus on Board associates, cost savings and a decrease in diversity as we welcomed two new Grocer financing costs. Directors – Brendon Jones from New World Total capital spend in the Support Howick and Sarah Aston from New World Centre was $152 million. We continue Milford. We also proposed a change to implementing our property network appoint a fourth Independent Director to strategy which represents $87.4 million of the Board, reviewed Member voting rights, total capital spend for new acquisitions, drove new Director development options refurbishments and new stores. We and improved the Operator Development divested $36.4 million of surplus assets Advisory Committee (ODAC) to give to reinvest elsewhere and have leased spaces to new Members who are not back the Roma Road site until our planned Board Directors.
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