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Myer Holdings Limited 2015 Annual Report and Notice of Annual General Meeting

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Myer Holdings Limited 2015 Annual Report and Notice of Annual General Meeting FOR IMMEDIATE RELEASE 12 October 2015 Myer Holdings Limited 2015 Annual Report and Notice of Annual General Meeting Myer Holdings Limited today released the following documents: • Annual Report for the year ended 25 July 2015; • Notice of Meeting (including Proxy Form) for the 2015 Annual General Meeting, which will be held at Mural Hall, located on Level 6 of the Myer Melbourne store, Bourke Street Mall, Melbourne, on Friday 20 November 2015 at 11.00am; • Appendix 4G and Corporate Governance Statement. The Annual Report and Notice of Meeting will be dispatched today to shareholders who have elected to receive hard copies. The 2015 Annual Report is available for download from www.myer.com.au/investor For further information please contact: Investors Davina Gunn, Investor Relations Manager, +61 (0) 400 896 809 Media Mel Ward, Corporate Affairs Manager, +61 (0) 438 101 078 Page 1 of 1 BRINGING THE LOVE OF SHOPPING TO LIFE ANNUAL REPORT 2015 CONTENTS Chairman and CEO Report 2 Company Review 4 Management Team 18 Board of Directors 20 Directors’ Report 21 Auditor’s Independence Declaration 37 Remuneration Report 38 Financial Statements 64 Independent Auditor’s Report 117 Shareholder Information 119 Corporate Directory 121 The 2015 Myer Annual Report reflects Myer’s financial and sustainability performance for the period 27 July 2014 to 25 July 2015. Content is based on ASX financial and governance reporting guidelines, stakeholder feedback, the Global Reporting Initiative (GRI) G4 sustainability reporting guidelines, and Myer’s business strategy. The Myer Holdings Limited Annual Report is available online at myer.com.au/investor. Hard copies can be obtained by contacting our share registry. Myer is a company with a proud heritage and a bright future. As the retail world and our customers change, we are transforming Myer to deliver a reinvigorated offer and wonderful experiences for our customers who love us today, and for future generations. ANNUAL GENERAL MEETING The sixth Annual General Meeting of Myer Holdings Limited will be held on Friday 20 November 2015 at 11.00am (Melbourne time). Mural Hall Level 6, Myer Melbourne Store Bourke Street Mall, Melbourne VIC 3000 Myer Holdings Limited ABN 14 119 085 602 MYER Annual Report 2015 1 CHAIRMAN AND CEO REPORT Q&A Myer Chairman Paul McClintock AO and CEO & Managing Director Richard Umbers provide a review of the past year and discuss future priorities. 2015 was a watershed year for Myer, of international retail expertise to further (NPAT) of $77.5 million which was down which saw a strengthened management strengthen our Executive Management 21.3 percent on the prior year (excluding team chart a new strategy to aggressively Group. Individually Significant Items). tackle the evolving retail environment This year also marked one of the largest Why is Myer changing its strategy, and return the business to sustainable, brand overhauls in Myer’s history as we and what is being done to address the profitable growth. rolled out a number of wanted brands Company’s financial performance? The FY2015 result supports the case for including French Connection, seed, The store footprint and margin expansion our comprehensive change agenda. In the Nine West, Jack & Jones, Calvin Klein model from our early years as a listed second half of the year the team focused White Label and Tiger Mist. This trend company led to a cost base that was on delivering a thorough review of Myer’s will continue into the new financial outgrowing revenue, and our operational strategy under the leadership of new CEO year with the launch of our exclusive model became too inflexible to match Richard Umbers. department store partnership with the pace of change in retail. iconic British brand, TOPSHOP TOPMAN, The New Myer strategy that was announced and many more to come. Our strategic review, which included in September is an energetic revitalisation a deep and detailed analysis of our of Australia’s best-loved retailer. The In June 2015, we successfully refinanced customers and store catchments, strategy sets out a five year transformation our $600 million debt facility on improved convinced us that this model was no program to bring the love of shopping to terms, tenor and pricing, giving us a solid longer appropriate for the current life with a renewed focus on Myer’s primary financial foundation to begin the new environment and that broadly flat sales customers, investment in stores and online financial year. would continue without a significant retailing (known as omni-channel) and a What were the main factors influencing change in strategic direction. step change in the productivity of our store the FY2015 result? network. In the coming 12 months and the In the context of the strategic review years ahead we will work diligently across During FY2015, sales increased by the Board also decided that it would be the business to deliver the strategy. 1.7 percent. prudent to raise additional capital to retire debt and provide the necessary What are the most significant There was a continued strong performance balance sheet flexibility to deliver the achievements from the past year? in the Cosmetics, Childrenswear and New Myer strategy. Entertainment categories. This was offset Richard commenced as CEO in March by challenging conditions in Womenswear. To achieve this, the Company made 2015, replacing Bernie Brookes who There has been a positive customer the decision to raise approximately stepped down after almost nine years in response to the four major refurbishments $221 million of new capital through the position. The Board and the entire and two new stores, and we have continued an accelerated, non-renounceable Myer team thank Bernie for his significant to deliver strong growth in online sales. entitlement offer. In light of the contribution. entitlement offer, the Board elected to Continued cost growth ahead of sales During the year, we also welcomed several not declare a final dividend for FY2015. growth resulted in net profit after tax new executives with a depth and breadth 2 MYER Annual Report 2015 How can department stores thrive inspiring these customers to shop across How will shareholders be able to in the new retail environment? the whole store as well as online. measure progress against the strategy? In recent years, a number of international It is also an appropriate time for the Board Management has established clear department store retailers have to embrace renewal. We recently amended performance measures against which the successfully grown sales and profit by our Board charter to recognise that, delivery of the strategy will be measured. investing to stay relevant, innovating in generally, the Board will not recommend These metrics reflect the timeframes online commerce, localising product a Director standing for re-election when required to achieve a sustainable return offerings, and implementing retail models that Director has served more than nine to profitable growth. that are truly customer led. This validates years on the Board. Deputy Chairman New Myer target metrics include average our view that Myer can generate improved Rupert Myer AO, a director since 2006, has annual sales growth greater than three returns for shareholders if we successfully notified the Board that he does not intend percent between 2016 and 2020; greater deliver the New Myer strategy. to seek re-election at this year’s Annual than 20 percent improvement in sales per General Meeting. Rupert has made a As we enter this period of transition, square metre; earnings before interest, valuable and significant contribution to Myer’s fundamentals remain strong. tax, depreciation, amortisation (EBITDA) the Board and Myer and we wish him the Each year, we receive 130 million customer growth ahead of sales growth by 2017; very best with his broad portfolio of roles visits, our omni-channel business is and return on funds employed greater in business, the arts and philanthropy. growing rapidly, our store network is a than 15 percent by 2020. competitive advantage, and we are doing How does Myer give back to the local The journey towards New Myer is an more than ever to engage our five million community? exciting one. There is a significant amount of MYER one members. Myer has a proud heritage of community work to do, and it won’t happen overnight. In addition, we have strong, long-term support, established originally by Sidney However, we are confident that we have relationships with our partners and Myer, and we continue to give back to our the management team in place with the suppliers, and 12,500 dedicated team local communities. Through the Myer Stores expertise and commitment to deliver. members who are focused on bringing the Community Fund, our customers, suppliers We look forward to keeping you updated love of shopping to life for our customers. and team members support a large number on our progress towards New Myer. of local charities and Myer national charity How is Myer going to change? partners to make a real difference. The New Myer strategy is all about As well as financial donations, Myer attracting our primary customers to our also supports these charities through Paul McClintock AO stores in greater numbers. Our deep donations of time and products. This year, Chairman customer analysis has allowed us to we contributed more than $2.6 million to understand who our most valuable charity partners. customers are. These customers already shop at Myer, making regular visits to our Richard Umbers cosmetics halls. We are now focused on Chief Executive Officer and Managing Director MYER Annual Report 2015 3 COMPANY REVIEW C O M P A N Y SNAPSHOT Myer is a modern Australian retailer, with more than 100 years of heritage and a dedicated focus to bring the love of shopping to life.
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