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DSG International Plc 28 November 07 - PR 160/07 Strictly embargoed For release at 07.00 hours DSG international plc INTERIM RESULTS FOR THE 24 WEEKS ENDED 13 OCTOBER 2007 DSG international plc, one of Europe’s largest specialist electrical retailers, today announces Interim results for the 24 weeks ended 13 October 2007: Financial highlights • Group sales up 8% to £3,377.6 million (2006/07(1): £3,123.5 million) • Group sales up 9% excluding PC City France(2) • Group like for like sales(3) up 5% • International sales now represent 42% of total Group sales • Underlying pre-tax profit(4) £52.4 million (2006/07: £70.3 million) • Profit after tax £37.3 million (2006/07: £29.8 million) • Underlying diluted earnings per share 2.0 pence (2006/07: 2.6 pence); Basic earnings per share 2.0 pence (2006/07: 1.9 pence) • Interim dividend per share 2.02 pence (2006/07: 2.02 pence) • 39.9 million shares repurchased for a total consideration of £61.2 million • On track to deliver over £30 million of cost savings in the full year, ahead of target • Continued focus on working capital maintaining zero average paid days stock(5) Page 1 of 32 Operational highlights • Group continues to capitalise on strong demand for digital products such as flat panel televisions, games consoles and laptops • Unique structure of five core logistics hubs now operational across Europe • The TechGuys sales doubled, responding to demand for support and service from customers • Successful launch of new large space mixed electrical format in Europe and introduction of mezzanines into Currys stores • Electro World brand launched in Greece and Turkey • Strong growth in internet sales, underpinning the Group’s multi-channel and pure play approach • Recycling and in-store take-back of used products launched in the UK with 12,000 tonnes collected so far Sir John Collins, Group Chairman commented: “We had an encouraging start to the year in terms of sales, and I am pleased with the performances of the UK Electricals businesses as well as our operations in the Nordics, Greece and Central Europe. Across the UK and Europe we continued to capitalise on strong demand for flat panel, high definition televisions, laptop computers, digital SLR cameras, games consoles and accessories. Whilst most parts of the Group performed well, overall profit was disappointing, primarily due to PC World and UniEuro. PC World performed well against a strong prior year comparative in the important back to school period, however profitability was significantly impacted in the first half as a result of the overstock of laptops and increasing hardware in the mix. Laptop stock levels are now back to normal. UniEuro remains disappointing and we are working hard to improve the operational performance of the business against the backdrop of a difficult consumer environment. We are making progress with recruiting a new managing director for Italy. Our e-commerce division of Dixons and PIXmania grew strongly with like for like sales up 26%. The Group continues to exploit, and benefit from, the systems and e-tailing skills FotoVista brings to existing online retailing operations of the Group. Page 2 of 32 During the first half our five core logistics hubs across Europe became fully operational, giving us a unique advantage over our competitors. In addition we continued to make progress in leveraging the benefits of international buying initiatives across Europe. We are looking forward to the arrival of our new chief executive, John Browett, next week. In the meantime the Group is focused on its core priorities of capital discipline, cost and margin management as well as retail innovation. We are in the middle of an exciting product cycle led by high definition televisions, i-Pods, MP3 players, laptops, digital cameras, games consoles and satellite navigation equipment. This will be a Christmas for multi-channel retailers, and we are accessible to our customers everywhere, online and in store. We are well prepared for the important Peak season ahead of us. There is much debate about the uncertain outlook in many of our markets and the economic fundamentals make it difficult to extrapolate trends into the rest of the financial year, accordingly it is appropriate to be cautious about the consumer environment in 2008.” For further information: David Lloyd-Seed Director of Investor Relations, DSGi 01727 205 065 Mark Webb Corporate Media Relations Manager, DSGi 01727 205 019 Susan Gilchrist or Laura Cummings Brunswick Group 020 7404 5959 Information on DSG international plc is available at http://www.dsgiplc.com An audio webcast of the analyst presentation being held this morning will be available from 3.00pm today at http://www.dsgiplc.com (click "financial information", then "presentations"). Page 3 of 32 NOTES (1) Throughout the highlights and the business review, references to 2006/07 results are to proforma figures for the 24 weeks ended 14 October 2006, unless otherwise stated. (2) As reported in the Interim trading announcement on 18 October 2007 the percentage change for the Group excluding PC City France is 9%. On the same basis the percentage change for the Computing division and International Computing is 4% and 16% respectively. (3) Like for like sales are calculated based on stores that have been open for a full financial year both at the commencement and end of the financial period. Customer support agreement sales are excluded from all UK like for like calculations. Operations that are subject to closure have sales excluded as of the announcement date. (4) Throughout this statement, references are made to ‘underlying’ performance measures. Underlying results are defined as being before amortisation of acquired intangibles, exceptional asset impairments, net restructuring charges and other one off items, profit on sale of investments, net fair value remeasurements of financial instruments and, where applicable, discontinued operations. The financial effect of these items is shown in the analyses on the face of the income statement and in note 3 to the interim financial statements. (5) Average paid days stock is a measure of average period stock days across the year less average period trade creditor days. (6) Free Cash Flow relates to continuing operations and comprises cash generated from operations before special pension contributions, plus net finance income, cash flows related to finance leases, less income tax paid and net capital expenditure. (7) Unless otherwise noted, throughout this statement figures relate to continuing operations. Total revenue including discontinued operations was £3,383.7 million (2006/07: £3,242.7 million). (8) Certain statements made in this announcement are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from any expected future events or results referred to in these forward looking statements. Unless otherwise required by applicable laws, regulations or accounting standards, we do not undertake any obligation to update or revise any forward looking statements, whether as a result of new information, future developments or otherwise. Page 4 of 32 Underlying sales and profit analysis Sales Underlying profit / (loss) Proforma Proforma 24 weeks 24 weeks 24 weeks 24 weeks ended 13 ended 14 ended 13 ended 14 October October October October 2007 2006 Total(1) Like for like 2007 2006 £million £million % change % change £million £million Electricals UK & Ireland Electricals 1,191.5 1,133.9 5% 6% 14.1 8.9 Nordic(2) 598.1 546.9 8% 4% 35.2 36.5 Southern Europe(3) 396.0 371.8 6% (3)% (4.3) 1.6 Central Europe(4) 66.8 55.4 16% n/a (5.7) (6.0) Total Electricals 2,252.4 2,108.0 7% 4% 39.3 41.0 Computing UK Computing(5) 772.0 757.0 2% 2% 14.8 38.4 International Computing(6) 128.6 130.9 (2)% n/a (8.9) (14.9) Total Computing 900.6 887.9 1% 1% 5.9 23.5 Int’l Computing – excl PC City France 128.6 110.4 16% n/a Total Computing – excl PC City France 900.6 867.4 4% 1% e-commerce 224.6 127.6 n/a 26% 0.9 1.9 TOTAL RETAIL 3,377.6 3,123.5 8% 5% 46.1 66.4 Corporate and Group shared services - - - - (10.2) (10.8) Property profits - - - - 6.8 5.9 Corporate Centre - - - - (3.4) (4.9) Group 3,377.6 3,123.5 8% 5% 42.7 61.5 Group – excl PC City France 3,337.6 3,103.0 9% 5% Underlying net finance income 9.7 8.8 GROUP UNDERLYING PROFIT BEFORE TAX 52.4 70.3 (1) Total sales percentage change is reported in local currency for regional sales and in pounds sterling for divisional and Group totals. (2) Nordic comprises the Elkjøp Group, which operates in Norway, Sweden, Finland, Denmark, Iceland and Faroe Islands. (3) Southern Europe comprises Italy, Greece and, for the first time, Turkey. (4) Central Europe comprises Electro World that operates in Hungary, the Czech Republic and Poland. (5) UK Computing comprises PC World, DSGi Business and The TechGuys. (6) International Computing comprises the PC City operations in Spain, Sweden and Italy. The 24 weeks ended 14 October 2006 also included France. Page 5 of 32 BUSINESS PERFORMANCE Group sales were up 8% to £3,377.6 million (2006/07: £3,123.5 million). Excluding the PC City France operations, total sales were up 9%. Like for like sales were up 5%. Group underlying profit before tax was £52.4 million (2006/07: £70.3 million). Total Group profit after tax was £37.3 million (2006/07: £29.8 million).
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