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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 20-F

 

 

☐			REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

 

☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended July 31, 2021

OR

 

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

 

☐			SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report                     

For the transition period from                      to                     

Commission file number: 001-40066

Ferguson plc

(Exact name of registrant as specified in its charter)

 

N/A

(Translation of Registrant’s name into English)

Jersey, Channel Islands

(Jurisdiction of incorporation or organization)

1020 Eskdale Road, Winnersh Triangle, Wokingham,

Berkshire, RG41 5TS. United Kingdom

(Address of principal executive offices)

Kevin Murphy

Group Chief Executive

Ferguson plc

c/o 1020 Eskdale Road, Winnersh Triangle, Wokingham,

Berkshire, RG41 5TS. United Kingdom +44 (0) 118 927 3800

investor@fergusonplc.com

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

 

 

Securities registered or to be registered pursuant to Section 12(g) of the Act: None.

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None.

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: As of July 31, 2021, the number of outstanding ordinary shares was 222,308,366.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☐  No  ☒

If this is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    Yes  ☐  No  ☒

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒   No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ☒   No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

 

TABLE OF CONTENTS

 

						Page
PART I						1
Item 1.			Identity of Directors, Senior Management and Advisers			1
Item 2.			Offer Statistics and Expected Timetable			1
Item 3.			Key Information			1
Item 4.			Information on the Company			18
Item 4A.			Unresolved Staff Comments			23
Item 5.			Operating and Financial Review and Prospects			23
Item 6.			Directors, Senior Management and Employees			35
Item 7.			Major Shareholders and Related Party Transactions			50
Item 8.			Financial Information			50
Item 9.			The Offer and Listing			51
Item 10.			Additional Information			51
Item 11.			Quantitative and Qualitative Disclosures about Market Risk			56
Item 12.			Description of Securities Other Than Equity Securities			57
PART II						57
Item 13.			Defaults, Dividend Arrearages and Delinquencies			57
Item 14.			Material Modifications to the Rights of Security Holders and Use of Proceeds			57
Item 15.			Controls and Procedures			57
Item 16.			[Reserved]			58
Item 16A.			Audit Committee Financial Expert			58
Item 16B.			Code of Ethics			58
Item 16C.			Principal Accountant Fees and Services			59
Item 16D.			Exemptions from the Listing Standards for Audit Committees			59
Item 16E.			Purchase of Equity Securities by Issuer & Affiliated Purchasers			60
Item 16F.			Change in Registrant’s Certifying Accountant			60
Item 16G.			Corporate Governance			60
Item 16H.			Mine Safety Disclosure			60
PART III						60
Item 17.			Financial Statements			60
Item 18.			Financial Statements			60
Item 19.			Exhibits			61

CERTAIN REFERENCES

Unless otherwise specified or the context otherwise requires, the term “the Company” refers to Ferguson plc, and the terms “Ferguson,” “Group,” “we,” “us,” and “our” and other similar terms refer to Ferguson plc and its subsidiaries.

FORWARD-LOOKING STATEMENTS

Certain information included in this annual report is forward-looking, including within the meaning of the Private Securities Litigation Reform Act of 1995, and involves risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements. Forward-looking statements cover all matters which are not historical facts and include, without limitation, statements or guidance regarding or relating to our future financial position, results of operations and growth, projected interest in and ownership of our shares by domestic U.S. investors, plans and objectives for future capabilities, risks associated with changes in global and regional economic, market and political conditions, ability to manage supply chain challenges, ability to manage the impact of product price fluctuations, our financial condition and liquidity, including our ability to repay our indebtedness and obtain financing in the future to fund capital expenditures and other general corporate activities, legal or regulatory development changes, and other statements concerning the success of our business and strategies.

Forward-looking statements can be identified by the use of forward looking terminology, including terms such as “believes,” “estimates,” “anticipates,” “expects,” “forecasts,” “intends,” “continues,” “plans,” “projects,” “goal,” “target,” “aim,” “may,” “will,” “would,” “could” or “should” or, in each case, their negative or other variations or comparable terminology and other similar references to future periods. Forward-looking statements speak only as of the date on which they are made. They are not assurances of future performance and are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Therefore, you should not place undue reliance on any of these forward-looking statements. Although we believe that the forward-looking statements contained in this annual report are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results or results of operations and could cause actual results to differ materially from those in such forward-looking statements, including but not limited to:

•weakness in the economy, market trends, uncertainty and other conditions in the markets in which we operate, and other factors beyond our control;

•adverse impacts caused by the COVID-19 pandemic or related variants;

•decreased demand for our products as a result of operating in highly competitive industries and the impact of declines in the residential and non-residential repair, maintenance and improvement (“RMI”) markets as well as the new construction market;

•failure to rapidly identify or effectively respond to consumer wants, expectations or trends;

•failure of a key information technology system or process as well as exposure to fraud or theft resulting from payment-related risks;

•unsuccessful execution of our operational strategies;

•failure to attract, retain and motivate key associates;

•ineffectiveness of or disruption in our international supply chain or our fulfillment network, including delays in inventory, increased delivery costs or lack of availability;

•fluctuations in foreign currency and fluctuating product prices (inflation/deflation);

•inherent risks associated with acquisitions, partnerships, joint ventures and other business combinations, dispositions or strategic transactions;

•regulatory, product liability and reputational risks and the failure to achieve and maintain a high level of product quality as a result of our suppliers’ or manufacturers’ mistakes or inefficiencies;

•legal proceedings as well as failure to comply with domestic and foreign laws and regulations or the occurrence of unforeseen developments such as litigation;

•changes in, interpretations of, or compliance with tax laws in the United States, the United Kingdom, Switzerland or Canada;

•privacy and protection of sensitive data failures, including failures due to data corruption, cybersecurity incidents or network security breaches;

•exposure of associates, contractors, customers, suppliers and other individuals to health and safety risks;

•funding risks related to our defined benefit pension plans;

•inability to renew leases on favorable terms or at all as well as any obligation under the applicable lease;

•failure to effectively manage and protect our facilities and inventory;

•our indebtedness and changes in our credit ratings and outlook;

•risks associated with our intention to relocate our primary listing to the United States and any volatility in our share price and shareholder base in connection therewith; and

•other risks and uncertainties set forth under the heading “Risk Factors” in this annual report.

Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with our legal or regulatory obligations, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

(1)The Group disposed of its shares in Wolseley UK Limited (“UK business”) on January 29, 2021. The UK results have been reclassified to discontinued operations and the prior year comparative results have been restated throughout the consolidated financial statements. See note 6 for further details.

(2)The Group adopted IFRS 16 “Leases” on August 1, 2019 applying the modified retrospective transition method. As a result, comparatives have not been restated and are shown on an IAS 17 “Leases” basis. See note 1 for further details.

Consolidated Group statement of comprehensive income

(1)Impacting the translation reserve.

(2)Impacting retained earnings.

Consolidated Group statement of changes in equity