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Annual Report 2011 Mark Mcinnes CEO Premier Retail

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Annual Report 2011 Mark Mcinnes CEO Premier Retail Annual Report 2011 Mark McInnes CEO Premier Retail Solomon Lew FRONT COVER: Features Abbey Lee Kershaw for Chairman and Portmans. Hailing from Melbourne, Kershaw is Non-Executive Director currently ranked as the #5 supermodel in the world, making her Australia’s top model. Chairman’s Report The Directors of Premier Investments Limited (‘Premier’) have pleasure in submitting to shareholders the Annual Report for the year ended 30 July, 2011. The 2011 financial year result reflects the with industry benchmark brand and continuation of an extremely challenging merchandising leadership in all of our seven general retail environment – due to a range of brands. High level appointments have also both international and local factors – and the been made in the non-merchandising areas of effect on Premier’s fully owned subsidiary, Just the business to achieve further efficiencies Group Limited, Australasia’s largest specialty and cost controls. retail business. • The outstanding success of our growth The Premier Board believes that the actions brands, Peter Alexander and Smiggle, taken during the 2011 year have strongly notwithstanding the difficult environment. positioned our company to successfully manage • The strong early results achieved by Smiggle the difficult retail environment, and the in Singapore. While the Board and structural changes taking place in the retail management will be very disciplined it is now industry, in order to achieve both short and intended to accelerate the full roll out of long term improved operational and financial stores in Singapore to achieve scale and an performance which can then be leveraged as appropriate brand presence, as a platform for external conditions normalise and our growth further expansion in Asia. brands expand. • The solid progress made in the transformation Key issues for the year were: of Portmans which is on track to return to • The appointment in April of one of Australia’s profit in 2012. most successful retailers, Mark McInnes, as • The continuing development and CEO of Just Group Limited and CEO of implementation of the online business growth Premier Retail with a mandate to grow the strategy for each of our brands. While Just value of our retail assets. Group has a significant online presence its • The adoption by the Premier Board in July of a history has been a combination of a ‘learning’ Strategic Review of Premier Retail conducted and defensive exercise, underpinned by a by Mr McInnes. The review includes a loyalty/marketing approach (with the notable comprehensive range of initiatives for Just exception of Peter Alexander). The Group which are now being successfully transformation of the existing base as a implemented. Further information concerning platform to drive sales and margin growth the Strategic Review can be found elsewhere represents a significant opportunity. A serious in the Annual Report and the full document impediment remains Australia’s fundamentally has been lodged with the ASX. flawed two tax regime for online retailers – • The strengthening of Just Group’s senior which benefits international retailers. Premier management team through the recruitment will continue to work through our industry of experienced and successful brand leaders. bodies to seek Government action to ensure The additions to our team provide Just Group fair competition. Annual Report 2011 1 Chairman’s Report continued • The continued strong performance of our potential into Asia through Smiggle, an investment in Breville Group. Premier is the experienced Board, strong management, no net largest investor in Breville and has been a long debt and substantial cash reserves. term shareholder. Dividends from Breville The Premier Board has continued in 2011 to increased by 20% over the prior year and the recognise the importance of shareholder value of our investment at the end of the returns. Your Directors fully understand that 2011 financial year had increased by 264% our shareholders are the owners of the since 2008. Company who have entrusted to us at risk • The maintenance of Premier’s very strong capital which they expect to be prudently balance sheet with no net debt and managed to achieve investment returns and substantial cash reserves. This position long term wealth creation. represents a significant asset for Premier at The Directors have declared total fully franked this time and provides a potential competitive dividends of 36 cents per share for 2011. advantage as we consider growth opportunities. We are pleased that at a time when dividend payments are under pressure elsewhere, given At the time of writing these are very uncertain the operating environment, that Premier has times with significant volatility in the financial been able to maintain our strong dividend and equity markets arising from unresolved performance due to the confidence in our issues in the global economy. For the retail management team, the Premier Retail Strategic industry this has resulted in very low levels of Plan, our strong balance sheet and our consumer confidence. In Australia consumer substantial cash reserves. confidence has also been negatively impacted by the actions of the Reserve Bank in its In conclusion, on behalf of all Directors, I would response to the mining boom, the uncertainty like to thank Mark McInnes and the over 6,000 surrounding a minority Government and Just Group team members. We also thank all of initiatives such as the proposed carbon tax. our shareholders for your continued support and would encourage shareholders to attend That said, your Directors are confident that the Annual General Meeting on 29 November. these external factors have been recognised in the development of our business strategies and that all of the issues which are within our control are being very well managed. In summary, we believe that Premier is strongly positioned from a comparative international Solomon Lew perspective through a combination of our Chairman Australian core market, the established strength of our core brands, growth brands, growth 2 Premier Investments Limited The Directors Solomon Lew Frank W. Jones FCA, CPA, ACIS Tim Antonie Chairman and Deputy Chairman and Non-Executive Director Non-Executive Director Non-Executive Director David M. Crean Lindsay E. Fox AC Henry D. Lanzer B. COM., LLB (Melb) Non-Executive Director Non-Executive Director Non-Executive Director Michael R.I. McLeod Gary H. Weiss LLM, J.S.D. Non-Executive Director Non-Executive Director Annual Report 2011 3 The Directors continued Solomon Lew Timothy Antonie Mr. Lew was appointed a Non-Executive director and Mr. Antonie was appointed to the Board of Directors Chairman of Premier on 31 March 2008. For many on 1 December 2009. He holds a Bachelor of years, Mr. Lew has been a director of Century Plaza Economics degree from Monash University and Investments Pty. Ltd., the largest shareholder in qualified as a Chartered Accountant with Price Premier and was previously Chairman of Premier from Waterhouse. He has 20 years experience in investment 1987 to 1994. banking and formerly held positions of Managing Mr. Lew has over 40 years experience in the Director from 2004 to 2008 and Senior Advisor in manufacture, importation, wholesaling and retailing 2009 at UBS Investment Banking, with particular focus of textiles, apparel and general merchandise. Mr. on large scale mergers and acquisitions and capital Lew’s success in the clothing industry has been largely raisings in the Australian retail, consumer, media and due to his ability to read fashion trends and interpret entertainment sectors. Mr Antonie was also appointed them in the Australian market and to efficiently and as a Non-Executive director of Village Roadshow cost-effectively produce quality garments. Property Limited on 1 December 2010. development and the acquisition and disposal of David Crean equity investments have proven to be a profitable and Dr. Crean was appointed Chairman of the Hydro consistent activity for Mr. Lew’s family entities. He has, Electric Corporation (Hydro Tasmania) in September through those family entities, made a number of 2004. He is also a member of the Business Risk investments in publicly listed companies over the Committee at Hydro Tasmania, member of the Audit years, including investments in Coles Myer Limited, Committee and Chairman of the Corporate Colorado Group Limited and Country Road Limited to Governance Committee. David was Tasmania’s State name a few. Where these investments have been sold, Treasurer from August 1998 to his retirement from the it has resulted in substantial profits. position in February 2004. He was also Minister for Employment from July 2002 to February 2004. He He is the Chairman of the Mount Scopus College was a Member for Buckingham in the Legislative Foundation, a member of the Board of Trustees of the Council from 1992 to February 1999, and then for Sport and Tourism Youth Foundation, a life member Elwick until May 2004. From 1989 to 1992 he was the of The Duke of Edinburgh’s Award World Fellowship, member for Denison in the House of Assembly. From a Patron of Opera Australia and a Chairman or 1993 to 1998 he held Shadow Portfolios of State director of several philanthropic organisations. Development, Public Sector Management, Finance Mr. Lew was a director of Coles Myer Limited from and Treasury. David graduated from Monash 1985 to 2002, serving as Vice Chairman from 1989, University in 1976 with a Bachelor of Medicine and Chairman from 1991 to 1995, Executive Chairman in Bachelor of Surgery. Dr Crean was appointed to the 1995 and Vice Chairman in 1995 and 1996. He was position of Chairman of the Audit and Risk Committee also a director of the Reserve Bank of Australia from as from 1 August 2010. 1992 to 1997. Lindsay E. Fox A.C. Frank W. Jones FCA, CPA, ACIS Mr. Fox has extensive experience in all aspects of the Mr. Jones is a Fellow of the Institute of Chartered transport, distribution and warehousing industries.
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