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More Than You Think You Than More Wincanton plc Wincanton Annual Report and Accounts 2009 More than you think www.wincanton.co.uk Wincanton plc Methuen Park MORE THAN YOU THINK Chippenham Annual Report and Accounts 2009 Wiltshire SN14 0WT United Kingdom Tel +44 (0)1249 71 00 00 Fax +44 (0)1249 71 00 01 WINCANTON IS A EUROPEAN MARKET LEADER. WE DESIGN, IMPLEMENT AND MANAGE SUPPLY CHAIN SOLUTIONS WHICH ARE EFFICIENT, ECONOMICAL AND ENVIRONMENTALLY SUSTAINABLE. OUR SERVICES COVER THE ENTIRE SUPPLY CHAIN, FROM RAW MATERIALS TO RECYCLING, HELPING OUR CUSTOMERS TO OPTIMISE THEIR PERFORMANCE AND COMPETE WITH CONFIDENCE IN THEIR CHOSEN MARKETS. THE PRODUCTS AND SERVICES WE MANAGE TOUCH MOST PARTS OF DAILY LIFE. WINCANTON: MORE THAN YOU THINK OVERVIEW OF OUR BUSINESS GOVERNANCE & FINANCIAL STATEMENTS WINCANTON PLC CoMPANY Highlights 1 Governance FINANCIAL STATEMENTS Scale and diversity 2 • Board of Directors 24 • Company balance sheet 74 Industry-leading performance 4 • Directors’ report 25 • Notes to the Wincanton plc Company Chairman’s statement 6 • Corporate governance 29 financial statements 75 Directors’ remuneration report 32 Designed by Addison Independent Auditors’ report to the www.addison.co.uk BUSINESS REVIEW members of Wincanton plc ADDITIONAL INFORMATION Summar y 41 8 Group five-year record 78 Printed in the UK by St Ives Westerham Press Ltd Strategy 8 Financial calendar 78 2008/09 Summary 10 CoNSOLIDATED FINANCIAL STATEMENTS Shareholder information 79 Printed on Revive 100 Pure White Silk and Revive 100 Uncoated. Performance highlights • Consolidated income statement 42 • UK & Ireland 10 • Consolidated statement of recognised Revive 100 Pure White Silk is made from 85% de-inked post-consumer • Mainland Europe 12 income and expense 43 waste and 15% unprinted pre-consumer waste. This paper has been Corporate responsibility 20 • Consolidated balance sheet 44 independently certified as meeting the standards of the Forest Stewardship • Consolidated statement of cash flows 45 Council (FSC), and was manufactured at a mill that is certified to the • Notes to the consolidated ISO14001 and EMAS environmental standards. The inks used are all financial statements 46 vegetable oil based. Revive 100 Uncoated is 100% de-inked post-consumer waste. All pulps used are Elemental Chlorine Free (ECF) and the manufacturing mill is accredited with the ISO 14001 standard for environmental management. HIGHLIGHTS Group revenue Underlying operating profit (2008 : £2,164.7m) (2008: £52.4m) £2,361. 3m £59.5m Underlying earnings per share Full year dividend (2008: 24.3p) (2008: 14.91p) 24.7p 14.91p Wincanton provides services to customers on a Scale national, cross-border and Pan-European basis. We have 30,000 people across Europe and 420 sites in 16 different countries. We have leading positions in many specialist sectors of the market, as well as a strong national presence in the UK & Ireland, France, Germany and Poland. We operate in most of the largest sectors of the Diversity European economy. The range of ser vices we offer has broadened significantly in recent years, taking us both further and deeper into our customers’ businesses and into new areas of the commercial spectrum. We provide business-critical services and work Performance in long-term partnerships with our customers. Our reputation is built on our ‘Four Pillar’ philosophy of operational excellence, customer intimacy, product leadership and value. Annual Report 2009 Wincanton plc 01 MORE thAN YOU thiNk – SCALE AND DIVERsitY WE SUPPORT OUR CUSTOMERS 365 DAYS A YEAR, 7 DAYS A WEEK, 24 HOURS A DAY – ACROSS THE ECONOMY – ACROSS EUROPE 800,000 LOADS OF GROCERIES DELIVERED A YEAR FOOTBALL CRAZY UK & Ireland UK We are the market leader in grocery We supply sportswear retailers across retail distribution in the UK and Ireland, the UK with the adidas and Reebok managing supply chain activities for brands and also deliver directly to all of the top retailers and delivering Premier League football clubs such ever ything from peas to patio sets. as Liverpool, Newcastle United and Chelsea ahead of match fixtures. Wincanton Records Management has been chosen by The Football Association and Wembley Stadium to manage their information and records. WATER TO GLASTONBURY UK Last year, we supplied 27 million litres of water to 24 of the UK’s largest outdoor events HEALTHY AND HAPPY BABIES and festivals, including Glastonbury, for France, Poland, Hungary mobile catering, campsites, showers and Through our strategic supply chain toilets. This new service has provided partnership with Danone Baby Nutrition in additional niche business for our tanker Europe, we supply the Nutricia, Milupa and fleet and added value in a growing area Blédina brands throughout France, Poland of the leisure market. and Hungar y to as many babies as possible. 02 Wincanton plc Annual Report 2009 980M BRICKS TO BUILDING SITES DRIVING BUYING DECISIONS UK ACROSS EUROPE Our construction business in the UK UK, France, Germany, Poland supplies building materials such as roof We provide product customisation services tiles, plasterboard, bricks and blocks for FMCG brands across Europe, handling for domestic housing developments, ever ything from dair y products to drinks and public sector buildings and major cosmetics to confectioner y. Our ser vices cover infrastructure projects. product reconfiguration, co-packing, quality inspection, labelling, shelf-ready packaging, promotions and point-of-sale requirements. 2,300 BARGE TRIPS ALONG THE RHINE Germany, the Netherlands, Austria, Switzerland Our intermodal business links the sea ports in the Netherlands and Northern Germany with locations across Mainland Europe via six terminals on the Rhine, transferring vital goods between river, rail and road. MOVING STEEL IN POLE POSITION ACROSS CONTINENTS France, Germany, Poland, German / Dutch border, Slovakia, Czech Republic, Hungary Belarus, Kazakhstan We are a strategic logistics partner for We have daily rail links from the Dutch / Goodyear, managing activities in six German border to Belarus and the Caspian European countries, including domestic oilfields in Kazakhstan, transporting distribution, international transport, freight everything from steel, to tractors and seed management and intermodal services, potatoes. This growing ser vice is managed which generate an annualised turnover from our new international transport hub of €25m. in ’s-Heerenberg, the Netherlands. Annual Report 2009 Wincanton plc 03 MORE thAN YOU thiNk – INDUstRY-LEADING PERFORMANCE Through a commitment to best practice and The ‘One Wincanton’ brand is based on a set of THE FIRST CHOICE continuous improvement in all that we do, behavioural values that shape the way we work, we achieve the consistently high levels of a promise to deliver ‘Four Pillars’ of operational FOR EXCELLENCE performance that have earned us the reputation excellence to our customers and our ambition for as an industr y leader. Our people are the essence the Company to be first choice for supply chain of our brand, and we recognise the importance of solutions across Europe. These elements work creating a common identity across our business together; by living the behaviours and delivering and aligning them behind a single set of values, our promise, we will achieve our ambition. principles and goals. THE ONE WINCANTON BRAND Operational excellence HITACHI In February 2009, Wincanton secured a prestigious vehicles designed for Hitachi, our drivers must award from long-standing customer Hitachi Data complete regular training and certification. With Systems in recognition of the logistics solutions a unit value of several hundred thousand euros and provided across Europe by our High-Tech business weights of around 2,000kg, the equipment requires area. Wincanton manages the distribution from specialist handling. In 2008, Wincanton achieved Hitachi’s European distribution centre in a delivery performance of 99.68 per cent, based Waardenburg, the Netherlands, loading high value, on delivering individual consignments across unpackaged systems onto a fleet of specialist Europe within one-hour delivery windows. It is vehicles for direct deliver y across Europe. In order this outstanding level of per formance that led to to operate the bespoke loading equipment and our ‘Logistics Partner Excellence 2008’ award. 04 Wincanton plc Annual Report 2009 Product leadership Value Accountability SOLVIN HEINZ CHEVRON Our partnership with SolVin, a manufacturer of Wincanton’s 13 year partnership with H.J. Heinz Wincanton was named ‘Most Admired Carrier PVC products in France, has enabled us to extend continues to deliver value and has recently in the Africa, Pakistan, Europe (AEP) Region our service offer and develop our expertise in achieved significant efficiencies in warehousing for 2008’ by energy company Chevron in on-site logistics for industrial markets, including and transport operations. The introduction of recognition of our industry-leading transport petrochemicals, powders, adhesives, rubbers regional multi-customer transport planning has operation and strong customer partnership and lubricants. Wincanton was contracted to meet not only optimised the fleet and reduced empty in the UK. We recorded zero lost time injuries the customer’s strategic objectives of increasing running by several hundred thousand vehicle during the year and transported almost three the flexibility of its bulk packing and palletising miles per annum, but it has also enabled Heinz billion litres of fuels over 15 million kilometres. operation, eliminating the need
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