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WH Smith PLC WH Smith PLC WH Smith PLC PLC WH Smith Annual Report and Accounts 2018 Annual Report Accounts and 2018 Contents Strategic report About us About us 1 Group at a glance 2 P1 Read more Business model and strategy 4 Our markets 6 Chairman’s statement 7 Chief Executive’s review 8 – Review of operations: Travel 10 – Review of operations: High Street 12 – Financial review 14 Key performance indicators 18 Principal risks and uncertainties 20 – Brexit 24 – Viability statement 24 Other disclosures 25 – Corporate responsibility programme 25 – Environment 25 – Greenhouse gas emissions 26 – Waste management 27 Group at a Glance P2 Read more – Sustainable forestry 27 – Ethical trading and human rights 27 – Social and community matters 28 Business model and Chief Employees 28 strategy Executive’s review P8 Corporate governance Read more Corporate governance report 30 – Board of Directors 30 – Audit Committee 33 P4 Read more – Nominations Committee 37 – Remuneration Committee 38 Directors’ biographies 39 Principal Directors’ remuneration report 40 risks r ito n Id o e M n Directors’ report 60 t if y Statement of directors’ responsibilities 63 M it ig a te s es Financial statements Ass Independent auditors’ report 64 P20 to the members of WH Smith PLC Read more Group income statement 71 Group statement of comprehensive income 72 Group balance sheet 73 Group cash flow statement 74 Group statement of changes in equity 75 Notes to the financial statements 76 Independent auditors’ report 109 to the members of WH Smith PLC Company balance sheet 113 Company statement of changes in equity 113 Notes to the Company financial statements 114 Disclaimer This Annual report has been prepared for, and only for, the members of the Company, as a body, and no other persons. The Company, its directors, employees, agents or advisers do not accept or assume responsibility to any other person to whom this document is shown or into whose hands it may come and any such responsibility or Additional information liability is expressly disclaimed. By their nature, the statements concerning the risks and uncertainties facing the Group in this Annual report involve uncertainty since future events and circumstances can cause results and Glossary 116 developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this Annual report and the Company undertakes no obligation to Information for shareholders 118 update these forward-looking statements. Nothing in this Annual report should be construed as a profit forecast. Strategic report About us Revenue Headline Group profit before tax1 report Strategic £1,262m £145m Group profit before tax Headline earnings 1 per share governance Corporate £134m 108.2p Dividend per share Dividend per share – growth Financial statements 54.1p +12% • WH Smith PLC is one of the UK’s leading • WHSmith reaches customers online via travel retailers with a smaller business www.whsmith.co.uk, its specialist located on the UK high street. personalised greetings cards and gifts Additional information website, www.funkypigeon.com and its • WHSmith Travel is a leading travel retailer with specialist online pen shop www.cultpens.com. a presence in a wide range of locations in the UK including airports, train stations, hospitals • WHSmith employs approximately and motorway service areas with a growing 14,000 colleagues. International business, mainly in airports. • WH Smith PLC is listed on the London Stock • WHSmith High Street is present mainly in Exchange (SMWH) and is included in the prime locations on most of the significant FTSE 250 Index. high streets in the UK. • A commitment to the principles of corporate responsibility is a key focus for WHSmith. • Find out more about WHSmith at www.whsmithplc.co.uk. youtube.com/ @whsmith @whsmithofficial WHSmithDirect Find out more at whsmithplc.co.uk 1 Headline measures exclude Non-underlying items as described on page 116 for definition of Alternative performance measures (‘APM’). WH Smith PLC Annual Report and Accounts 2018 1 Strategic report Group at a glance WH Smith PLC is made up of two core businesses – Travel and High Street. Travel WHSmith Travel is a leading travel retailer in the UK Revenue Gross margin growth2 with a growing presence outside of the UK. Travel sells a range of products serving customers in £672m 120bps travel locations or in need of a convenience offer. (2017: £624m) (2017: 100bps) Our goal is to be the leading retailer in news, books and convenience for the world’s travelling customer. Trading profit1 Units As at 31 August 2018, the business operated from 867 units (2017: 815 units), mainly in the UK, in £103m 867 airports, railway stations, motorway service areas (2017: £96m) (2017: 815) and hospitals. 286 of these units (2017: 233 units) are outside the UK and mainly in airports. Travel delivered another strong trading profit1 performance, up seven per cent year on year. We made good progress in Travel’s growing International business, winning an additional 42 units, bringing the total number of units open to 286 units. 1 Travel trading profit is stated after directly attributable share-based payment and pension service charges and before non-underlying items, unallocated costs, finance costs and taxation. See Note 2 to the financial statements, Segmental analysis of results on page 83 and Glossary on page 116 for an explanation of the Group’s alternative performance measures. 2 Basis points (‘bps’). See Glossary on page 116 for an explanation of the Group’s alternative performance measures. WH Smith PLC 2 Annual Report and Accounts 2018 Strategic report Strategic High Street Corporate governance Corporate Financial statements High Street sells a wide range of Stationery, Books, Revenue Gross margin growth2 Newspapers, Magazines and Impulse products. Additional information Our goal is to be Britain’s most popular high street £590m 70bps stationer, bookseller and newsagent. (2017: £610m) (2017: 110bps) As at 31 August 2018, the business operated from 607 High Street stores (2017: 611 stores), located on Trading profit3 Stores most of the UK’s significant high streets. Our online digital business operates through three £60m 607 websites: (2017: £62m) (2017: 611) www.funkypigeon.com, www.whsmith.co.uk and www.cultpens.com. High Street delivered a good trading profit3 performance. 3 High Street trading profit is stated after directly attributable share-based payment and pension service charges and before non-underlying items, unallocated costs, finance costs and taxation. See Note 2 to the financial statements, Segmental analysis of results on page 83 and Glossary on page 116 for an explanation of the Group’s alternative performance measures. WH Smith PLC Annual Report and Accounts 2018 3 Strategic report Our business model and strategy to create value Business model and strategy WHSmith is one of the UK’s leading retailers Our business model explains what we do and with two distinct businesses – Travel and High how we create value. We aim to do this through Street. At the heart of both our businesses are improving our profitability and cash flow, and our people and our customers. delivering sustainable returns. Our goals Travel High Street Our goal is to be the leading retailer in Our goal is to be Britain’s most popular high street news, books and convenience for the world’s stationer, bookseller and newsagent. travelling customer. We aim to deliver our goals through our strategic priorities and initiatives. These are detailed on the following page. Travel and High Street are run by separate management teams reflecting the different customers, strategies, operating models and cost structures. WH Smith PLC 4 Annual Report and Accounts 2018 Strategic report Strategic Travel High Street Driving like-for-like sales, profit growth Delivering sustainable and high levels of cash generation with profit and a growing International business cash generation Forensic focus on space and category returns Optimise returns Margin growth to meet the changing needs of our customers from a forensic from category focus on space mix management governance Corporate Improved execution and service Cost efficiency Winning new space and developing new formats Delivering Utilising our assets and and channels in the UK third party partnerships to and internationally shareholder enhance our customer offer e.g. Post Offices returns Financial statements Focused Use of Cash Investing in the business where returns are greater than our cost of capital Value accretive acquisitions Additional information Return surplus cash to shareholders through a progressive dividend policy and share buybacks Right Operating Our people responsibly customers and skills You can read more about You can read more about You can read more about our approach to corporate our values, employees and our markets on page 6. responsibility on pages diversity on pages 28 and 29. 25 to 29. WH Smith PLC Annual Report and Accounts 2018 5 Strategic report Our markets Travel High Street Travel units sell a range of products serving High Street sells a wide range of products in the customers in travel locations and in need of a following categories: Stationery (including greetings convenience offer. Travel’s typical customer has less cards, general stationery, art and craft, and gifting), time to browse and is more interested in purchasing News and Impulse (including newspapers, magazines, convenience and impulse products such as food, drink confectionery and drinks) and Books. High Street’s and confectionery, travel accessories and souvenirs, trading is seasonal, peaking at Christmas and in as well as reading materials for a journey. August/September for ‘back to school’. Travel units are typically located in higher footfall locations than The High Street business operates 607 stores with an extensive High Street stores, with higher operating and occupation costs reach across the UK and a presence on nearly every significant and rents paid as a percentage of sales (subject to minimum UK high street and mainly in prime locations.
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