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Dixons Retail AR Cover with Spine.Indd Dixons Retail plc Annual Report and Accounts 2013/14 Annual Report and Accounts 2013/14 www.dixonsretail.com @DixonsRetail Dixons Retail plc Maylands Avenue Hemel Hempstead Hertfordshire HP2 7TG United Kingdom Tel: 0344 800 2030 www.dixonsretail.com “This has been a great year for the Group with some excellent performances across our multi-channel businesses, together with the achievement of a number of important strategic objectives. Our profits are up 76% from those we reported a year ago and up 10% on a restated basis. This not only reflects the fact we have now exited all of our non-core markets, meaning we are now a leader in all our core markets, but is also a testament to the creativity and hard work of our teams. The Group is in robust financial health with further cash generation resulting in a strong net cash position even after the costs incurred in exiting the non-core businesses. Best of all, our customer service metrics have again reached new records. All of this all means that the Group is stronger – both commercially and financially – than it has been for a number of years and we are well positioned to set sail into new waters. I am very excited about the opportunities that the proposed merger with Carphone Warehouse offers for the Group. We will build what I hope will be the first and best truly multi-channel proposition that allows customers not only to buy and experience the explosion of new connected products that are emerging, but to also get the advice, connectivity and services that will allow them to use technology as it should be used – to make their lives better. In turn, this will allow us profoundly to change the nature of what we do: we will move from a transactional to a lifelong relationship with customers everywhere. In the meantime the new financial year has started well, with an uplift in TV sales driven by the World Cup, but we also believe we are seeing the early glimmers of a consumer recovery. On this there is no certainty just yet, but what we know for sure is that if we maintain a tight rein on costs, our pricing sharp – against all comers – and our service levels high, customers will continue to choose us over others.” Sebastian James Group Chief Executive 25 June 2014 Cautionary statement Certain statements made in this Annual Report and Accounts are forward looking. 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. Nothing in this Annual Report and Accounts should Produced by Whitehouse Associates London be regarded as a profit forecast. ® Printed by DG3 Group (Holdings) Ltd on FSC certified paper. DG3’s Environmental Management System is certified to ISO14001. 100% of the inks used are vegetable oil based, 95% of press chemicals are recycled for further use and, on average 99% of any waste associated with this production will be recycled. This document is printed on Horizon Offset which is manufactured at an ISO14001 certified paper mill. Chlorine free. Contents Directors’ Report and Business Review Financial Statements 60 Independent Auditor’s Report Business Overview 63 Consolidated Income Statement 2 Group at a Glance and Five Year Highlights 64 Consolidated Statement of Comprehensive 3 Chairman’s Statement Income and Expense 4 Group Chief Executive’s Statement 65 Consolidated Balance Sheet Strategic Summary 66 Consolidated Cash Flow Statement 67 Consolidated Statement of Changes in Equity 6 Our Markets 68 Notes to the Consolidated Financial Statements 7 Strategy and Business Model 115 Company Balance Sheet 10 Our Resources 116 Company Cash Flow Statement 13 Key Performance Indicators 117 Company Statement of Changes in Equity 14 Principal Risks to Achieving the Group’s Objectives 118 Notes to the Company Financial Statements Performance Review Investor Information 18 Overview 126 Five Year Record 20 Divisional Summary 128 Other Shareholder Information 22 Group Financial Summary 24 Corporate Responsibility Report Corporate Governance 29 Board of Directors 31 Corporate Governance Overview 32 Statutory Information 34 Corporate Governance Report 37 Audit Committee Report 40 Nominations Committee Report 42 Remuneration Report 59 Directors’ Responsibilities Dixons Retail plc 1 Annual Report and Accounts 2013/14 Enfocus Software - Customer Support Directors’ Report Business Overview Group at a Glance We are a leading European specialist electrical retailing and services company. We trade through over 900 stores and on-line. We operate three divisions as follows: UK & Ireland Nordics Greece Currys and PC World are the The Elkjøp Group is the leading Kotsovolos is Greece’s leading largest specialist electrical specialist electrical retailer specialist electrical retailer. retailing and services operators across the Nordics. in the UK and Ireland. KNOWHOW is our market Elkjøp and Lefdal stores operate leading services brand. in Norway, El Giganten in Sweden and Denmark and Dixons Travel operates in all Gigantti in Finland. major UK airports as well as Dublin, Copenhagen, Rome, Milan and Brussels. PC World Business provides computing products and services to business to business customers. Brands Currys, PC World, Elkjøp, El Giganten, Gigantti, Kotsovolos KNOWHOW, Dixons Travel, Lefdal PC World Business Underlying sales 4,148.6 2,789.8 279.2 (£million) Underlying operating 141.0 116.9 (10.5) profit / (loss) (£million) Number of 524 294 99 stores Average number of 21,420 8,798 1,750 employees Selling space 7,480 4,639 1,018 (‘000 sq ft) Average selling area 14,275 15,779 10,283 per store (sq ft) Websites www.currys.co.uk www.elkjop.no www.kotsovolos.gr www.pcworld.co.uk www.elgiganten.se www.knowhow.co.uk www.elgiganten.dk www.currys.ie www.gigantti.fi www.pcworld.ie www.lefdal.com www.pcworldbusiness.co.uk Five Year Highlights Underlying Group revenues* EBIT* Underlying profit before tax* Underlying diluted earnings per share* £million £million £million Pence 2013/14 7,217.6 202.8 166.2 3.0p 2012/13† 7,026.6 186.4 151.0 2.6p 2011/12† 6,521.4 158.1 124.7 2.2p 2010/11† 6,393.9 142.8 109.3 2.1p 2009/10† 6,506.0 154.2 117.9 2.5p * Underlying performance measures are as defined in the Performance Review. † Underlying figures for 2012/13 and prior years have been re-presented to exclude the results of discontinued operations. Dixons Retail plc 2 Annual Report and Accounts 2013/14 Enfocus Software - Customer Support Directors’ Report Business Overview Chairman’s Statement Your Group has made considerable progress this year in In streamlining the Group and disposing of non-core businesses delivering our key priorities. We also announced a proposed we did incur non-underlying charges and with other items merger with Carphone Warehouse Group plc (Carphone) to these totalled £186.0 million, resulting in a total loss after tax take us on the next phase of growth. of £70.3 million. However, underlying Group profit before tax of £166.2 million was a significant improvement year on year On top of this, the fundamentals of the business have become and enabled us to enjoy another year of cash generation. stronger than ever. Customers are increasingly recognising our While net cash was positive in the year we remain focused on improved offer and our financial position continues to be reducing the financial leverage of the Group to improve the strengthened through good cash generation. balance sheet as well as returns for shareholders. I am confident that the Group is now in a better position than This puts the Group in a strong and healthy financial position it has been for a number of years, and I am again pleased from which to embark on our next phase of growth. With the that these actions are being reflected in the overall value of products we sell becoming increasingly connected, the internet our shares. of things is upon us and rapidly evolving. With this in mind one of our objectives has been to bring a market leading mobile The Group is now focused on those markets where it has a and connectivity offer to our customers. While we have good leadership position. Sebastian James and his team have ably positions in the Nordics and Greece, we need to strengthen negotiated transactions that have seen us exit from Turkey, our position in the UK & Ireland. The proposed merger with Italy, Central Europe and the pure play business of PIXmania. Carphone, if completed, will bring two market leading All operations which we couldn’t see a clear economic path to businesses together with an unrivalled offer for this new leadership and which were a drag on the overall performance connected world for customers, not just in products and of the Group. We have also put our UK & Ireland, Nordics and connectivity, but in the great service platforms we both have. Greek operations on the road to delivering a sustainable Documentation giving details of the proposed merger and business for the long term. Our suppliers, customers and seeking your approval is being sent out on or around 26 June. colleagues all recognise the improvements we have made and we are leading the field in how a specialist electrical retailing During the year the Group continued to raise money for various and services company should operate.
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