Travis Perkins plc · LSE:TPK
Travis Perkins — Shareholder Meeting (May 2014)
51 slides from Travis Perkins's shareholder meeting presentation, May 28, 2014
Slide 1: Building Better
UNTER BUILDING BETTER Travis Perkins =
Slide 2: Chairman's Introduction
CHAIRMAN’S INTRODUCTION
Slide 3: 2013 Performance
2013 PERFORMANCE. JOHN CARTER
Slide 4: Group performance highlights
Group performance highlights Revenue ° Continued sales growth outperformance ee . 14% adj. ° Strong earnings growth EPS growth to 103.6p LAROCE ° Improving return on capital *20bps to Dividend growth of 24% to 3ip ° Dividend growth underpinning TSR ° Superior TSR outperformance Travis Perkins @ 2014
Slide 5: Encouraging market indicators
Encouraging market indicators Site visitors +34 Consumer confidence +19pt Site reservations +35 Climate for purchases +12pt Mortgage approval +50% Equity withdrawal +0.8% Housing transactions +28% Retail Sales growth +0.4% Housing prices +8% Architect load +32% Construction output +14% Expected work
Slide 6: Good signs of recovery with further potential
Good signs of recovery with further potential 160 Housing transactions 30% growth in monthly housing transactions in 2013 (000 / month) 3 ts} 80 +. ©) meecteurs scp sm ° Now recovered to 2005 levels ° House prices recovering, +7.5% 200 House prices 180 e Encouraging RMI spend Average price (£k) yi 3
Slide 7: Levers of value creation
Levers of value creation Portfolio Scale management Optimising advantage * Streamlined central Customer network * Supply chain functions innovation ° TP expansion & investment * Devolved modernisation ° Leverage property management ° Improved value * Wickes national footprint capability responsibili
Slide 8: Improving group returns
Improving group returns ° Continue to outperform in majority of our markets ° Operating margin prospects: - General Merchanting sustain sector leading margins - Plumbing & Heating good growth - Contracts good growth - Consumer good growth Targeting medium term double digit EBITA growth pa. Add 200-3
Slide 9: 2014 priorities
2014 priorities ie Further network i ie ~7 new Wickes ie ~10 net new i ° Modest growth in : optimisation (~10 : . ~25 new Toolstatio : branches i network capacity i netnew branches) i (inc. Wickes f° ~35 ‘Endeavour i ° Investing in range : Investing in format : : implants) showroom branch; expansion
Slide 10: Financial Review
FINANCIAL REVIEW.
Slide 11: Group performance summary
Group performance summary Year-on-year Year ended 31 December 2013 2012 change Revenue £5,149m £4,845m 6.3% t Like-for-like sales growth! 5.0% (0.8)% 5.8ppt t Adjusted EBITA £348m £326m 67% Net profit after tax £249m £216m 15.6% t Operating cash flow £319m £328m (2.6)% gy Adjusted earnings per share
Slide 12: Improving financial position
Improving financial position Year ended 51 Medium tem 2013 2012 A Net debt - £348m £452m (23)% Lease adjusted debt - £1,822m £1857m (2.6)% LA Gearing - 45.7% 50.7% (6.0)ppt Fixed charge cover 35x 2.9x 2.8x Ox LA Debt: EBITDAR 2.5x 3.0x 3.2x 02x Dividend cover 2.50-3.25x 3.3x 3.6x 05x Travis Perkins
Slide 13: Questions
Slide 14: 2014 AGM
2014 AGM
Slide 15: Receive Annual Report and Accounts
Resolution 1 ° To receive the Company's Annual Report and Accounts for the financial year ended 31 December 2013 Travis Perkins ® sou AG 28 May 201
Slide 16: Receive Annual Report and Accounts: results
Resolution 1 ° To receive the Company's Annual Report and Accounts for the financial year ended 31 December 2013 For 160,128,985 99.67% Against 523,968 0.33% Withheld 807,019 Travis Perkins @ 2014 AGM - 28 May 2014
Slide 17: Approve Remuneration Policy
Resolution 2 ° To receive and approve the Remuneration Policy of the Directors’ Remuneration Report contained within the Annual Report and Accounts for the financial year ended 31 December 2013 Travis Perkins co) 2014 AGM - 28 May 2014
Slide 18: Approve Remuneration Policy: results
Resolution 2 ° To receive and approve the Remuneration Policy of the Directors’ Remuneration Report contained within the Annual Report and Accounts for the financial year ended 31 December 2013 For 147,358,040 93.28% Against 10,622,997 6.72% Withheld 3,478,935 Travis Perkins @ 2014 AGM - 28 May 2014
Slide 19: Approve Directors' Remuneration Report
Resolution 3 ° To receive and approve the Directors’ Remuneration Report (other than the Remuneration policy referred to in Resolution 2) contained within the Annual Report and Accounts for the financial year ended 31 December 2013 Travis Perkins co) 2014 AGM - 28 May 2014 19
Slide 20: Directors' Remuneration Report: results
Resolution 3 ° To receive and approve the Directors’ Remuneration Report (other than the Remuneration policy referred to in Resolution 2) contained within the Annual Report and Accounts for the financial year ended 31 December 2013 For 154,007,876 9659% Against 5,441,120 3.41% Withheld 2,010,976 Tra
Slide 21: Declare final dividend
Resolution 4 ° To declare a final dividend for the financial year ended 31 December 2013 of 21 pence per ordinary share Travis Perkins co) 2014 AGM - 28 May 2014
Slide 22: Final dividend: results
Resolution 4 ° To declare a final dividend for the financial year ended 31 December 2013 of 21 pence per ordinary share For 160,793,546 99.99% Against 591 0.01% Withheld 665,835 Travis Perkins @ 2014 AGM - 28 May 2014 22
Slide 23: Appoint Christopher Rogers
Resolution 5 ° To appoint Christopher Rogers as a non-executive director of the Company Travis Perkins ® sou AG 28 May 201
Slide 24: Appoint Christopher Rogers: results
Resolution 5 ° To appoint Christopher Rogers as a non-executive director of the Company For 159,295,797 99.07% Against 1,492,587 0.93% Withheld 671,588 Travis Perkins ® 2014 AGM - 28 May 2014 24
Slide 25: Re-appoint John Coleman
Resolution 6 ° To re-appoint John Coleman as a non-executive director of the Company Travis Perkins ® sou AG 28 May 201 25
Slide 26: Re-appoint John Coleman: results
Resolution 6 ° To re-appoint John Coleman as a non-executive director of the Company For 158,770,620 9874% Against 2,020,693 126% Withheld 668,659 Travis Perkins ® 2014 AGM - 28 May 2014 26
Slide 27: Re-appoint Andrew Simon
Resolution 7 ° To re-appoint Andrew Simon as a non-executive director of the Company Travis Perkins ® sou AG 28 May 201 27
Slide 28: Re-appoint Andrew Simon: results
Resolution 7 ° To re-appoint Andrew Simon as a non-executive director of the Company For 149,583,012 93.80% Against 9884343 620% Withheld 1,992,617 Travis Perkins ® 2014 AGM - 28 May 2014 28
Slide 29: Re-appoint Ruth Anderson
Resolution 8 ° To re-appoint Ruth Anderson as a non-executive director of the Company Travis Perkins ® sou AG 28 May 201
Slide 30: Re-appoint Ruth Anderson: results
Resolution 8 ° To re-appoint Ruth Anderson as a non-executive director of the Company For 159,255,248 99.05% Against 1,534,519 0.95% Withheld 670,205 Travis Perkins @ 2014 AGM ~ 28 May 2014
Slide 31: Re-appoint Tony Buffin
Resolution 9 ° To re-appoint Tony Buffin as a director of the Company Travis Perkins ® sou AG 28 May 201
Slide 32: Re-appoint Tony Buffin: results
Resolution 9 ° To re-appoint Tony Buffin as a director of the Company For 159,678,662 99.31% Against 1,111,561 0.69% Withheld 669,749 Travis Perkins ® 2004 oA - 28 ay 2004 32
Slide 33: Re-appoint John Carter
Resolution 10 ° To re-appoint John Carter as a director of the Company Travis Perkins ® sou AG 28 May 201
Slide 34: Re-appoint John Carter: results
Resolution 10 ° To re-appoint John Carter as a director of the Company For 159,751,957 99.35% Against 1,039,247 0.65% Withheld 668,768 Travis Perkins ® 2004 oA - 28 ay 2004 34
Slide 35: Re-appoint Robert Walker
Resolution 11 ° To re-appoint Robert Walker as a director of the Company Travis Perkins ® sou AG 28 May 201
Slide 36: Re-appoint Robert Walker: results
Resolution 11 ° To re-appoint Robert Walker as a director of the Company For 151,840,052 9443% Against 8,947,880 5.57% Withheld 672,040 Travis Perkins ® 2004 oA - 28 ay 2004 36
Slide 37: Re-appoint Deloitte LLP as auditor
Resolution 12 ° To re-appoint Deloitte LLP as auditor of the Company Travis Perkins ® sou AG 28 May 201
Slide 38: Re-appoint Deloitte LLP: results
Resolution 12 ° To re-appoint Deloitte LLP as auditor of the Company For 158,149,496 99,73% Against 428,146 0.27% Withheld 2,882,330 Travis Perkins ® 2004 oA - 28 ay 2004 38
Slide 39: Authorise auditor remuneration
Resolution 13 * To authorise the Directors’ to fix the remuneration of Deloitte LLP Travis Perkins ® sou AG 28 May 201
Slide 40: Auditor remuneration: results
Resolution 13 * To authorise the Directors’ to fix the remuneration of Deloitte LLP For 159,720,189 99,89% Against 180,388 0.11% Withheld 1,559,395 Travis Perkins @ 2014 AGM ~ 28 May 2014 40
Slide 41: Authorise Share Matching Scheme rules
Resolution 14 ° To authorise the rules of the Travis Perkins Share Matching Scheme 2014 and to authorise the Directors to make modifications to the Scheme and to establish further schemes Travis Perkins co) 2014 AGM - 28 May 2014 41
Slide 42: Share Matching Scheme: results
Resolution 14 ° To authorise the rules of the Travis Perkins Share Matching Scheme 2014 and to authorise the Directors to make modifications to the Scheme and to establish further schemes For 149,814,409 93.71% Against 10,047,798 6.29% Withheld 1,597,765 Travis Perkins @ 2014 AGM - 28 May 2014 42
Slide 43: Authority to allot securities
Resolution 15 * To authorise the Directors to allot securities under section 551 of the Companies Act 2006 Travis Perkins ® sou AG 28 May 201
Slide 44: Authority to allot securities: results
Resolution 15 * To authorise the Directors to allot securities under section 551 of the Companies Act 2006 For 154,712,112 96.22% Against 6,070,065 3.78% Withheld 677,795 Travis Perkins @ 2014 AGM ~ 28 May 2014 44
Slide 45: Special Resolution: disapply pre-emption
Resolution 16 —- Special Resolution * To authorise the Directors to allot securities for cash free from Pre- emption under section 570 of the Companies Act 2006 Travis Perkins ® sou AG 28 May 201 45
Slide 46: Disapply pre-emption: results
Resolution 16 —- Special Resolution * To authorise the Directors to allot securities for cash free from Pre- emption under section 570 of the Companies Act 2006 For 160,614,159 99.90% Against 163,864 0.10% Withheld 681,949 Travis Perkins @ 2014 AGM - 28 May 2014 46
Slide 47: Special Resolution: 14 days' notice
Resolution 17 — Special Resolution ° To call a general meeting other than an AGM on not less than 14 clear day’s notice Travis Perkins ® so\s AGM 98 ay 204 .
Slide 48: 14 days' notice: results
Resolution 17 — Special Resolution ° To call a general meeting other than an AGM on not less than 14 clear day’s notice For 144,845,312 90.08% Against 15,944,094 992% Withheld 670,566 Travis Perkins ® 2014 AGM - 28 May 2014 48
Slide 49: Special Resolution: market purchases of shares
Resolution 18 - Special Resolution ° To authorise the Company to make market purchases of its own ordinary shares Travis Perkins ® sou AG 28 May 201 49
Slide 50: Market purchases of shares: results
Resolution 18 - Special Resolution ° To authorise the Company to make market purchases of its own ordinary shares For 160,744,483 99.97% Against 41,952 0.03% Withheld 673,537 Travis Perkins @ 2014 AGM ~ 28 May 2014 50
Slide 51: Thank you
) \@ THANK YOU 4 £s