Annual Report Accounts 2019

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Annual report &accounts 2019For the year ended31 December 201901The Hut Group Limited. Company Number 0653949601

ANNUAL REPORT 2019ContentsStrategic Report.04Directors’ Report.88Independent Auditor’s Report.92Consolidated Statement of Comprehensive Income.94Consolidated Statement of Financial Position.95Consolidated Statement of Changes in Equity.96Consolidated Statement of Cash Flows.97Notes to the Consolidated Financial Statements.98Company Only Financial Statements.128Company Balance Sheet.129Company Statement of Changes in Equity.13002Notes to the Company Financial Statements .13103

ANNUAL REPORT 2019ANNUAL REPORT 2019Strategic ReportCompany Overview:Introducing THGFounded in 2004, The Hut Group(THG) is a digital-first, global,consumer brand and technologygroup, with its pre-eminent Beauty& Wellness brands powered byIngenuity, the Group’s unique andproprietary end-to-end e-commercetechnology and operatingecosystem. In addition to poweringits own brands, Ingenuity providesa unique end-to-end direct-to-Sales brands across skincare, haircareand cosmetics with the world’slargest online 3rd party specialityretailing platform across brandsincluding Lookfantastic, Skinstore &Glossybox. Similarly, THG’s Wellnessbrand, Myprotein, including itsfamily brands Myvegan, Myvitamins& MP Clothing, are the largest andfastest growth online Wellnessbrands globally. 26% Europe24% Asia Pacific 736m16% North AmericaRESELLERSGroup Sales by Brand 111m2019 91m201850% Own Beauty and Wellbeing31% Non-THG Beauty Brands 69m19% Technology and OtherBanking FacilityGroup Sales by Division 883m2019 795m20182017THG BRANDS34% United Kingdom 916mEBITDA04WELLBEING 1,140m20182017THG is the digital strategicwithin the prestige Beautyindustry globally, combining itsprestige portfolio of 7 ownedTECHNOLOGYGroup Sales by Region20192017consumer e-commerce solution forconsumer brand owners, in additionto standalone digital services(e.g. hosting, studio content,translation, brand creation andnew product development).BEAUTY 515m46% Beauty36% Wellbeing17% Technology and OtherBusiness segmentsTHG’s unique fully verticallyintegrated business modelcovers the entire customerjourney, from Beauty &Wellbeing manufacturing inTHG facilities to deliveryto the end consumer.05

THG’s growth is powered by Ingenuity, our proprietary D2C platformANNUAL REPORT 2019C U S T O M E R L AY E R IngenuityS E R V I C E L AY E RFor 15 years THG has been investing in the development ofIngenuity, its wholly in-house developed, proprietary, endto-end e-commerce technology and operating ecosystem.This ecosystem spans theentire customer journey, fromdevelopment and manufacture ofwellbeing and beauty products atbespoke in-house manufacturingfacilities, through to delivery to aglobal customer base from THG’swarehouse network. No other brandowner or retailer has built a fullyvertically integrated technology andoperating platform to retail globallyboth at scale and profitably.Ingenuity is a unique asset, and iscentral to THG’s pre-eminence as adigital brand builder and retailer ofboth its own and 3rd party brands.Ingenuity’s vertically integratedservices include: R etailing THG’s own brands, plusprestige 3rd party beauty brandsand those of THG Ingenuityclients across 200 THG builtand operated websites, all ofwhich are powered by Ingenuity,with fully integrated trading,merchandising, marketingmodules, real-time businessintelligence data feeds,payments, couriers, fulfilmentand customer service, ensuringa frictionless and personalisedretailing experience;06 N ew product developmentthrough the combination of datadriven range building and ourhighly experienced teams of foodand beauty technologists acrossour British Resource Consortium(BRC) AA Grade accreditedlaboratories and manufacturingfacilities, located in the UK, EUand US. These facilities designand manufacture for both ourown brands and pre-eminent3rd party brands; E nd-to-end digital brand buildingand content creation deliveredby THG Studios, our UK & EUbased network of 6 studios,with a 7th studio in-build inManchester, which, at more than270,000 sq. ft., represents theUK’s largest specialist digitalstudio. In addition to poweringour own brands, THG Studiosalso provides brand creation anddigital content services for a wideportfolio of beauty and wellnessbrands including Estée Lauder,L’Oréal, No.7, Procter & Gamble,Johnson & Johnson and Nestléplus a diverse range of consumerproduct and content brands, suchas Diageo, Disney, Kingfisher andWalmart;   The provision of highly technicaland specialised translationservices to THG’s own brandsand 3rd parties through THG’sLanguage Connect division,ensuring technical content isaccurately and efficiently localisedLogisticsnetworkLocalised customerserviceMarketing toolsPayment tingplatformDataCentresD ATA L AY E RDeep consumerinsightsSKU-level analyticsData scienceCustomer feedbackReal-time dataOne businessdata viewP R O D U C T I O N A N D D E V E L O P M E N T L AY E RR&DDuring 2019, Language Connecttranslated over 25 million wordsfor THG’s own brands, as well asproviding specialist translation forUK financial, legal and professionaladvisory institutions, the NationalHealth Service, pre-eminentwellness and beauty groups (Nestlé,J&J, Deciem, L’Oréal) and a numberof other sector leading groups(Kantar, Ipsos, Hilton, ExxonMobiland Thomson Reuters);ProductdevelopmentManufacturing F ully in-house digital marketingservices, powered by THG’sproprietary eCRM, Marketing andInfluencer platforms, with fullyintegrated data sources throughTHG’s Data & Analytics Platformenabling instant marketingoptimisations across territoriesand brands T HG’s Experience divisionconsists of two luxury boutiquehotels and a luxury country club& spa in the UK, which supportOwn warehouseour trading, marketing, influencerand content creation functionsby providing deeply immersiveexperiential environments forTHG’s own brands and its 3rdparty clients   Hosting of THG’s own brandsacross 29 owned / controlled datacentres in the UK, EU, US andAsia Pacific, in addition to hosting10,000 3rd parties includingpre-eminent technology brands07

ANNUAL REPORT 201929 Data Centres610M Annual visits toour websites6M New customersin 2019155 Integrated courierservices7,000 Employees195 shippingdestinations60 Supportedlanguages1000 Brands retailed   Delivery to a global consumerbase through THG’s 9 distributioncentres (3 million sq. ft.), locatedin the UK, EU, US and Asia Pacific,integrated with our proprietarywarehouse managementsoftware, and supporting asame day, next day or 2-daydelivery service across everyterritory globallyAs a fully vertically integratedtechnology and operating platformbuilt to retail brands globally directto consumer, THG Ingenuity is aunique and disruptive proposition inthe e-commerce solutions market.In the first 3 months of 2020,Ingenuity has secured a pipelineof over 200 million of contractedSaaS revenues. I n-house Fraud Detection andPrevention, powered by THG’sproprietary Fraud PlatformIngenuity’s typical SaaS contractsare multi-year and range in valueup to more than 100 million percontract and clients include: Nestlé,Johnson & Johnson, Procter &Gamble, Walgreens Boots Alliance,Groupe L’Occitane, Nintendo,Mercedes, Honda and Daily Mail.Given the need for digitalisationacross all Retail sectors, we continueto see strong demand for ourservices across all categories andanticipate further upside throughoutthe remainder of 2020 and beyond. G lobal Customer Servicecoverage, with integratedtranslation services, and operatedthrough THG’s proprietaryCustomer Service platformIngenuity has powered THG’s ownbrands for 15 years, whilst at thesame time delivering single serviceprovision to 3rd parties (such asStudio Content). However, overthe last 18 months the Ingenuitydivision has expanded its modelto include the aggregation of allits services, thereby providing anend-to-end e-commerce solutionglobally for 3rd party brand ownerson long-term Software as a Service(“SaaS”) contracts.23M Worldwidecustomer database198 Localisedwebsites0850 Local & globalpayment methods09

ANNUAL REPORT 20192019 – IngenuityCommercialisationRapid scaling of THG SaaSCommerce division (P&G,Nestlé, J&J and others)The Evolutionof THG2018 – Investment inBeauty Innovation andManufacturingAcquisition of Acheson &Acheson, a leading Beautyproduct developer andmanufacturerTHG is a vertically integrated globaltechnology, e-commerce group andbrand owner. We do this for ourselvesand others with unparalleled success.The Group has delivered exponentialgrowth in its short life, powered byits proprietary technology platform,THG Ingenuity.140012001000900Sales2017 – IngenuityInfrastructureInvestmentAddition ofHosting (29 datacentres), ContentCreation (6 studios)and TranslationcapabilitiesFounded byMatthew Mouldingas an online retailer M1201006040Begins providing whitelabel e-commerceservices for offlineretailers e.g. Tesco,WH Smith, Dixons, Asda200420052006 M80Acquisition of theonline beauty retailerLookfantastic2005 - Launch ofTechnology Platform10010140Acquisition of MioSkincare (one of sevenown Beauty brands)2010 - Move intoBeauty D2C300Build 1m sq. ft.Production andDistribution Centrein the UK2015 - Movesinto beauty brandownershipAcquisition of theUK sports nutritionbrand Myprotein2004 - Launch AsOnline Retailer160E B I T D AS A L E S6002016 – Step changein warehousingand fulfilment155 couriersintegrated,195 shippingdestinations,60 languages2011 - Move intoWellbeing D2CBrand Ownership200180A D J U S T E D2012-20 - justed 015201620172018201911

ANNUAL REPORT 2019BRAND EXAMPLE THG is a provenbuilder and enabler ofdigital global brandsAccelerating the growth, global reach and digital presenceof brands is integral to our model, as is evidenced by thegrowth of our own brands.Now the world’s#1 online SportsNutrition brandgloballyNow the world’s#1 online pureplayPrestige BeautyretailerScaled and expandedinto a digital firsthaircare brand with30% EBITDA margin#1 beauty subscriptionprovider in Europe, withprofitability improvedfrom breakeven atacquisition to 15% EBITDA marginB R A N D P E R F O R M A N C E S I N C E O N O U R P L AT F O R MSales GrowthSales GrowthSales GrowthSales Growth(5)19.2x14.7x2.8x1.5x 45% CAGR(Since 2011) 40% CAGR(Since 2011)(3) 29% CAGR(Since 2015) 14% CAGR(Since 2016)Number of SKU’sNumber of BrandsOnline D2C %# of Subscribers(5)How we do it D igital first approach to brandbuilding and marketing,facilitated by Ingenuity’s uniqueone-business data view, withall component parts deliveredinhouse by THG E nd-to-end e-commerce solution,with internally developede-commerce, trading &marketing software, warehousemanagement system, customerrelationship management (CRM),marketing automation, influencerplatform, courier networks andpayment options   Rapid international growthdelivered through local languagecontent and localised products,payments, marketing, couriers,fulfilment, hosting and customerservices. Accelerating the growth,12global reach and digital presenceof brands is integral to our model,as is evidenced by the growth ofour own brands. THG is a provenbuilder and enabler of digitalglobal brands   A digital brand builder, witha fully integrated end-to-endcreative agency, including inhouse brand strategy, production,studios & luxury event spaces(“THG Experience”)   In-house product developmentand manufacturing, deliveringinnovative new products on amonthly basis, for THG ownbrands and 3rd parties, drivenby demand insights from THG’sglobal customer base (610m visits per annum to the ntl. SalesThen850Then150NowNowThen9%Brand Skincare367,00022,000EBITDA(5)22Now 11.6mThen 0.9mNote: (1) Since acquisition year. (2) 2019. (3) Total sales across all THG Beauty websites, excluding THG own brand website sales (e.g.espaskincare.com) and excluding Glossybox. (4) % of Brand Revenue by Category. (5) Includes organic growth of Lookfantastic Beauty Box.Subscriber numbers are THG’s pre-acquisition.13

ANNUAL REPORT 2019ANNUAL REPORT 2019Highlights& Progress in 2019Ingenuity KPIs 220mQ1 2020 newcontracts secured2019 has been another year ofexceptional delivery of the THGstrategy, with outstanding organicgrowth complemented by: o ur own-brand portfoliocontinuous improvementprogramme, most recentlywithin Myprotein;   continued expansion of ourglobal Beauty Retail platform,which is the #1 online prestigeBeauty retailer globally, andwhich represents a critical routeto market for over 850 brandsacross all the beauty strategicsand independents;   a landmark year for our Ingenuitydivision, with revenue fromSaaS Commerce clientsgrowing 213%;   significant capital investmentacross Ingenuity and ourconsumer brands;   deepening our access to longterm institutional capital marketswith an oversubscribed inaugural 1bn public debt & RCFissuance; and   selective acquisitions.Across our direct-to-consumerbrands we have continued toelevate the group’s key metrics,while strengthening our onlineleadership positions in our coreBeauty and Wellbeing markets:14Lookfantastic KPIs#1Myprotein KPIs#1 6000Annual codereleasesOnline pure play retailerPrestige BeautyOnline SportsNutrition brand40%45%Sales CAGR(2011-19)Sales CAGR(2011-19) 51 46AOV (2019)AOV (2019)37%54%25m Revenue from freemarketing chanels (2019)Revenue from freemarketing chanels (2019)Words translatedfor THG sites81%84%Revenue from returningcustomers (2019)Revenue from returningcustomers (2019)610m Annual websitevisits80m Units dispatchedannuallyOrganic GrowthEBITDA grew 41% year on year.This followed a comprehensiveWe have continued to digitallyrebrand and repositioning of theoptimise our brands in the Beautybrand in 2018 and 2019, whichand Wellness divisions, withinvolved evolving the brand from itssales increasing by 24% year onprevious single brand positioningyear to approximately 1.5bn /(Myprotein, the online leader in 1.14bn (2018: 0.92bn). Thosesports nutrition globally) into asales are well diversified, with 66%family of brands targeting adjacentinternational participation across169 countries and over 50% of sales market segments in the widerarising from THG branded products. wellbeing industry (Vitamins,Vegan, Performance Clothing).Sales growth was strong across allregions, with particularly impressive In 2019, Myvegan sales grew 51% year on year and Myvitamins.progress continuing to be madecom sales grew 81% year on yearin the Asia region, which grew at 35% YoY and which now accounts as we continued our expansionin these fast-growing adjacentfor 24% of Group revenue.categories. The standout territoryWhilst sales growth has beenwas the Asia region, in particularstrong, we have continued toJapan, where sales have grown atexpand profitably with Group 312% CAGR since 2016. Japan isEBITDA margin maintained atset to become Myprotein’s singlec.10% ( 111m EBITDA in FY19).largest territory in 2020.This is 22% higher than 2018 andThe Ingenuity e-commerce divisionthe 3-year CAGR for profit growthdelivered a landmark year ofis 31%, continuing the exceptionalprogress, as THG continues totrack record of profitable growthpenetrate the pre-eminent globalthat the Group has established.brand owners with its unique endOur Beauty and Wellness divisionsto-end e-commerce solution, withcontinued to strengthen theirrevenue growing 213% year onmarket-leading positions inyear. This progress has continued2019. Overall sales in our Beautyinto 2020, with in excess of 200mdivision grew 34% year on year.of long-term contracted technologyLookfantastic experienced strongrevenues secured in the first quartergrowth across all regions, with sales of 2020.in the UK growing 52% year onyear, as THG continued to gainExample progression of amarket share from both onlinecompetitors and traditional retailers. recent new Ingenuity clientGrowth in emerging territories2020 Forecast Revenue 11mwas also impressive, driven byfurther localisation in 2019, with2018 Launch RevenueLookfantastic’s sales in Korea 84%, 0.3mSingapore 73%, Japan 168% andThailand 282% in 2019.2018 A 2020 FMyprotein’s performance wassimilarly impressive, particularly inthe second half of the year, wheresales grew 26% year on year andBrands17Territories12415

ANNUAL REPORT 2019Continuous BrandDevelopmentTHG has a long track record of brand development,rebranding and expansion. Myprotein and Exantedemonstrate the Group’s commitment to brand progressionto drive scalable, profitable and enduring market positions.Myprotein rebrand   During 2018 and into 2019,Myprotein undertook acomprehensive rebrand andrepositioning to broaden theappeal of the brand to a widercustomer demographic andreposition the brand for the nextstage of global expansion. As aresult of the rebrand, sales to last12 months (LTM) to March 2020were 22% year on year   This involved the creation ofnew sub-brands (Myvitamins,Myvegan, MyPro, MP Clothing),with the goal of replicating thesuccesses seen in the core sportsnutrition market across theseadjacent, fast-growing markets. In2019, Myvegan sales grew 51%year on year and Myvitamins.comsales grew 81% year on year   THG has taken a localisedapproach to brand building asMyprotein continues to takemarket share in all regions.Examples include a range ofspecially developed productsto suit Asian taste palates andreformulation to appeal to USnutritional demands, which aresupported by a fully localisedmarketing strategy. As a resultof these initiatives, internationalsales now account for 80% ofMyprotein revenue   Myprotein has fully in-houseNew Product Development,delivering innovative newproducts on a monthly basisacross all sub-brands, driven bydemand insights from Myprotein’sglobal customer base1617

Exante Diet rebrand   The Exante Diet rebrand across2017 and 2018 resulted in thebrand delivering 42% salesCAGR and 63% EBITDA CAGRFY17-19   THG undertook a full rebrandof all products and packaging,with each now reflecting itsown distinct personality andflavouring profile   Full realignment of marketingstrategy, with a decision madeto lead with Product Quality& Success Stories, after customerand data insights indicatingthat this was the highest impactcontent   New Product Developmentthrough a new Vegan range andtwo and four week boxes (actingas a “One Stop Shop” solution toDiet plans)   Increased use of selectedstrategic “high impact”campaigns to drive brandawareness   Increased targeting of digitalcampaigns, with the brand’sonline communities (including itsclosed Facebook group) provinga powerful feedback tool   As a result of the rebrand,Exante now leads the market interms of number of products,micronutrient & macronutrientprofiles and ‘clean’ ingredientcredentials, all of which issupported by in-house newproduct development andmanufacturing1819

ANNUAL REPORT 2019Myprotein – LocalisedAsia InfluencerCampaignsInfluencer eventsA key success factor of our Asiastrategy has been to leverage ourrelationships with local influencers.The evolution of this model hasseen us begin to host regularevents for Asian ambassadors andinfluencers locally within marketand at head office with fourkey objectives:   Content creation: for both ourchannels and theirs   Education: on the brand andour products. We also take theopportunity to get their input intoupcoming NPD pipeline   Relationship Building: to helpdrive increased engagement andbuild loyalty   Return on investment (ROI):All events so far have seen asignificant ROI as a result of all ofthe above1Experience, Video-FirstApproach2Mid-tier focusedactivations3Creative & EngagingContents4Community &Brand LoveLA Event (Influencerfocused)SEOUL Pop-up Store(Customer facing)   Experience-first contentscreation   60 Influencers along withfans   Train like US Navy, Gold’s Gym,Muscle Beach   Lifestlye x Products tie-in   Celebration of 11/11 & NPDrange launch20Quality AssuranceCampaign (Influencerfocused)   Manufacturing Processshowcase   Influencer involvement inNew Product Development21

ANNUAL REPORT 2019Significant CapitalInvestment for Ingenuity& the Group’s brandsDuring 2019 we invested over 160million across capital projects, withthe following highlights: O ver 120m of capital oninfrastructure projects includingacquiring the freehold for our800,000 sq. ft. Polish fulfilmentcentre; making substantialprogress on the development ofour new world leading contentstudio (ICON); as well as othercapital investment includingmanufacturing, supply chain andoffice accommodation 37 million spent on Ingenuityenhancements, funding over850,000 developer hours and anaverage of 100 code releases perweek. Development highlightsinclude:   4 new distributioncentres, with three furtherinternational distributioncentres to launch in H1 2020   Over 140 courier servicesand 50 payment providersintegrated into the platformby the end of 2019   25 million words translatedfor THG brands, ensuringrapid deployment of globalmarketing campaigns withhighly localised content22 T he rollout of our bespokein-house Warehouse ManagementSystem (WMS) system, “Voyager”,to Group fulfilment sites inKentucky, Melbourne and Poland Development of new ownedData Centres in Dallas and LosAngeles, USA, as well as furtherinvestment in our Frankfurt,Germany facility I nternationalisation of ourproprietary influencer platform,which now accounts for 11%of online sales vs 1% inJanuary 2018 Continued investment in ourBest-in-Class in-house productionacross our Beauty (BRC GradeA) and Nutrition (BRC Grade AA)facilities, with c.80m productsmanufactured annually 1 billion capital issuanceIn December 2019 THG closed a 1bn capital raising, delivering astep-change to its balance sheetahead of anticipated macroeconomic and political changesarising from the UK general electionand Brexit.The total capital raising comprised:   Significantly oversubscribed 600m Term Loan B (TLB) debtissuance which received 150mof excess demand in only threeweeks of marketing   A new five-year 150m revolvingcredit facility provided by Citi,Barclays, HSBC, Santander,NatWest and JP Morgan   A new 197m secured debt &development facilities providedby Citi and CBRE InvestmentAdvisory to THG’s newly created,wholly owned subsidiary Propcoholding company. The Propcocomprises THG’s propertyassets totalling 1.5m sq. ft. offreehold offices, distributionand manufacturing centresand the “THG Experience”division properties (KingStreet Townhouse, Great JohnStreet Hotel and Hale CountryClub). This will also facilitatedevelopment of THG’s 1m sq. ft.HQ office campus   66m of primary equity raisedfrom global investment manager,BlackRock, and Belgium-basedinvestment company, Sofina23

ANNUAL REPORT 2019SelectiveAcquisitionsTo accelerate the developmentof the THG business model, wecarefully selected acquisitions inkey vertical markets, investing over 80m in strategic acquisitions inthe year.In April 2019, we expanded ourportfolio of THG Beauty brands,with the acquisition of ChristopheRobin, a luxury natural haircarebrand. The brands sit within anestablished and fast-growingsegment of the beauty industry andhave seen sales increase by over40% for each of the last two years.With more than 70 products across10 product ranges, ChristopheRobin is retailed internationally,through distinguished retailerssuch as Sephora and Space NK,as well as being available directto customers online throughwww.christophe-robin.com andTHG-owned www.lookfantastic.com. THG now boasts 7 prestigeBeauty brands in its portfolioand, with the 2018 acquisition ofAcheson & Acheson, a pre-eminentBritish beauty product developerand contract manufacturer. Theacquisition of Acheson & Achesonallowed us to bring the productdevelopment and manufacturing ofour own brands in-house. Acheson& Acheson manufactures a numberof category leading beauty brands,with this Best-in-Class expertisenow being leveraged across THG’s24beauty brands, while also deliveringgreater margin retention and controlof production.With social content creatorsand influencers having an everincreasing impact on consumerproduct choices, THG is focusedon becoming a global leader inconnecting creators with brands.We have invested heavily in ourExperience division, acquiring theEclectic Hotels Group, comprisingtwo luxury boutique hotels, inMay 2019 for almost 40m. Thesesites provide bespoke luxuryevent space in a fully customisableenvironment, allowing brandsto showcase their products andengage with influencers to producehighly engaging content, withup to five brand events at eachlocation daily. This investmenthas been accompanied by furtherdevelopment of our influencermodel in 2019, which via ourproprietary influencer platform nowaccounts for 11% of online sales vs1% in January 2018.The past 18 months have seensignificant investment in THG’sinternational fulfilment centrenetwork, with this investmentenabling THG to reach all customersacross major territories with expressdelivery services, and positioningthe Group for its next stage ofinternational growth.EmployeesCoronavirus PandemicBy the end of the year, THGemployed over 7,000 people, morethan double the number employedat the end of 2016. World classtalent supports the unparalleledgrowth that THG has achieved and,to this end, we are progressingwith our new landmark businesscampus – THQ – which at 1 millionsq. ft. in total represents the UK’slargest owner-occupied officedevelopment. We made substantialprogress building our ICON facility(a 135m THG investment) whichwill launch in early 2021 and whichwill become THG’s bespoke digitalcontent hub, creating cost effective,optimised digital content.Finally, the Coronavirus pandemicis clearly of major global concern.THG however has a provenbusiness model centred aroundnon-discretionary and recessionproof products and servicesacross Personal Care, Nutritionand Technology. In 2020, theCoronavirus has significantlyincreased demand for THGproducts year-on-year whilstthe Ingenuity platform providessignificant control over our supplychain. Given the strength of theGroup, THG was able to announcea 10 million aid package, includingmillions of units of personalprotective equipment ( 20 tonnes)to support vulnerable communities,key workers and emergencyservices in Manchester, the UK andits international markets during theCovid-19 crisis.25

ANNUAL REPORT 2019ShareholdersFully diluted shareholding of any party with a 5% orgreater shareholding in THG (as at 31 December 2019):Name%Matthew Moulding & Controlled Management Equity¹25.7Kohlberg Kravis Roberts & Co14.4Balderton Capital13.7BlackRock Funds9.6Sofina Capital S.A.9.1Merian Funds7.6Zedra Trust Company (Jersey) Limited7.3Others12.6Total100.0Matthew Moulding has the beneficial interest in 20.5% of the 25.7% shareholding,although he has full control of the whole 25.7%.12627

ANNUAL REPORT 2019E N D - T O - E N D P R O P R I E TA R YT H G ’ S V E R T I C A L LY I N T E G R AT E D F R A M E W O R KBEAUTYThe THGBusiness ModelFounded in 2004 by CEO Matthew Moulding, THG hasdeveloped a unique globally scalable e-commerce technologyplatform, Ingenuity. THG uses this technology to digitalisebrands in the Beauty and Wellbeing sectors, operating 200 websites across 195 territories.THG has been investing in thedevelopment of Ingenuity, its whollyin-house developed, proprietary,end-to-end e-commerce technologyand operating ecosystem for over15 years, with this unique anddisruptive platform now beingrapidly adopted by other brandowners and retailers to power theirown online direct to consumeroperations, with THG deliveringthese services through long-termSaaS technology contracts.THG’s global footprintincludes best-in-class hosting,manufacturing, fulfilment centresand content creation studios, allof which are critical to the Group’svertically integrated end-to-endmodel. By owning the whole28customer journey, from productmanufacturing to online direct salesto consumers via its proprietarytechnology platform, andshowcasing its brands through itsluxury hotel/leisure assets,THG has full control of thecustomer experience.Through its presence on 4continents, 23m global customerdatabase, 155 courier partners,195 shipping destinations and 60supported languages, THG is preeminent in the global online Beautyand Wellbeing sectors. Today, THGemploys over 7,000 people (morethan doubled since 2016).THG continues to invest in itstechnology platform, businessmodel and global infrastructure tostrengthen its position as the globaldigital strategic across Beautyand Wellbeing.WELLBEINGTECHNOLOGYO P E R AT I O N SBRANDD ATAFully integratedproprietary platform14 warehouses across4 continents300 strong team dedicatedto curating digital-firstcreative contentReal-time proprietaryplatform monitoring &analytics100,000 assetsproduced every year200 localised websitesProprietary warehousemanagement system,Voyager3m visitors on our sitesdaily, 6m in peakHosting capabilitywith 29 global datacentersDriven by its proprietary end-toend technology platform, Ingenuity,THG is the digital strategic acrossthe glob

ANNUAL REPORT 2019 ANNUAL REPORT 2019 BEAUTY TECHNOLOGY WELLBEING Sales 2017 2018 2019 1,140m 916m 736m EBITDA 2017 2018 2019 111m 91m 69m Banking Facility 2017 2018 2019 883m 795m 515m 34% United Kingdom 26% Europe 24% Asia Pacific 16% North America Group Sales by R

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