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DSG Internationalplc Annualreport and a Ccounts 2006/07 Annual Annual Report and Accounts 2006/07 Accounts and Report Annual DSG international plc Annual Report and Accounts 2006/07 Financial Highlights Underlying Group sales* Underlying profit before taxation* £million £million 2006/07 7,929.7 2006/07 295.1 Group Overview Group 2005/06 6,984.4 2005/06 311.0 2004/05 6,451.8 2004/05 289.9 2003/04 5,947.3 2003/04 289.8 2002/03 5,294.4 2002/03 251.2 Contents 4 Our Markets 11 Business Performance 19 Customer Service 24 Corporate Responsibility Review 34 Directors’ Report 124 Five Year Record Underlying diluted earnings per share* Dividends per share pence pence 2006/07 10.9 2006/07 8.870 Group Overview Group 2005/06 11.8 2005/06 8.450 2004/05 10.9 2004/05 8.050 2003/04 11.1 2003/04 7.320 2002/03 10.0 2002/03 6.655 *Underlying results exclude the effects of 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. Figures for 2006/07, 2005/06 and 2004/05 are presented under International Financial Reporting Standards (IFRS). Figures for 2003/04 and 2002/03 are presented under UK GAAP as previously reported and whilst have been restated to exclude discontinued operations have not been restated for any new UK accounting standards which may now apply. 1 Group Overview 60 Consolidated Financial Statements 1 Financial Highlights 60 Statement of Directors’ Responsibilities 2 Our Brands 61 Independent Auditors’ Report 4 Our Markets 63 Consolidated Income Statement 6 Chairman’s Statement 64 Consolidated Statement of Recognised Income and Expense 8 Business and Financial Review 65 Consolidated Balance Sheet 8 Group Chief Executive’s Overview 66 Consolidated Cash Flow Statement 10 Key Financials and Developments 67 Notes to the Financial Statements 11 Business Performance 13 Electricals Division 114 Parent Company Financial Statements 17 Computing Division 114 Independent Auditors’ Report 19 e-commerce Division on the Parent Company Financial Statements 19 Customer Service 116 Balance Sheet of the Parent Company 21 Financial Position 117 Notes to the Parent Company Financial Statements 24 Corporate Responsibility Review 124 Shareholder Information 30 Directors and Management 124 Five Year Record 30 Board of Directors 126 Shareholder Information 32 Senior Management 34 Governance 34 Directors’ Report 43 Corporate Governance Report 48 Audit Committee Report 50 Nominations Committee Report 51 Remuneration Report 1 Our Brands Sales (£ million) The UK’s biggest electricals chain, combining £2,677.0m superstores and Currys.digital on the High Street. Group Overview Group Dixons Tax Free stores are based at UK airports and at Eurotunnel. Electrical stores in Hungary, the Czech Republic, £160.3m and Poland. The leading Nordic electrical retailer. £1,394.3m Greece’s leading electrical retailer. £295.6m Italy’s second largest electrical retailing specialist. £621.4m Ireland Ireland’s leading electrical retailer. £131.9m Electricals Specialist computing superstores in Spain, Italy, £347.0m France and Sweden. UK’s biggest chain of computing superstores. £1,443.4m DSGi Business specialises in B2B activities and comprises PC £407.4m World Business, Equanet, MacWarehouse and Microwarehouse. It is a specialist provider of business IT solutions. Computing PIXmania.com is a Pan-European online electricals £451.3m retailer. Dixons.co.uk is one of the leading UK electrical e-tailers. e-commerce 2 DSG international plc Annual Report and Accounts 2006/07 Average Selling selling space area per Stores (000 sq ft) store (sq ft) Employees Website www.currys.co.uk 535 4,966 9,283 13,714 www.dixonstaxfree.co.uk Group Overview Group www.electroworld.cz 24 810 33,732 1,289 www.electroworld.hu www.electroworld.pl www.elkjop.no www.elko.is 251* 3,493* 13,916* 5,306 www.elgiganten.se www.lefdal.com www.elgiganten.dk www.markantalo.fi www.gigantti.fi 85* 789* 9,278* 1,772 www.kotsovolos.gr 153* 2,505* 16,371* 2,643 www.unieuro.com www.pcworld.ie 28 281 10,043 684 www.currys.ie www.dixons.ie www.pccity.es 59 999 16,926 1,770 www.pccity.it www.pccity.se www.pccity.fr † www.pcworld.co.uk 157 2,505 15,959 7,906 www.thetechguys.com www.pcwb.com – – – 908 www.equanet.com www.macwarehouse.co.uk www.microwarehouse.co.uk www.pixmania.com – – – 1,294 www.dixons.co.uk *Includes franchises †Includes The TechGuys DSG international plc 3 Annual Report and Accounts 2006/07 Our Markets Our international scale provides opportunities to deliver improved operating efficiencies and better buying as well as the development of Group exclusive brands and product propositions.We will continue to grow operations within Europe. Shaded area indicates online presence with PIXmania.com Shaded area indicates multi-channel and pure play online operations £1,443m Distribution hubs Nordic sales £4,790m UK & Ireland sales £204m Central Europe sales £451m e-commerce sales £1,493m Southern Europe sales 4 Retail operations in 14 countries and pure play online operations in 26. Austria Iceland Slovakia – PIXmania.at – Elko – PIXmania.sk 1,300 Overview Group Stores Belgium Ireland Slovenia – PIXmania.be – Currys – PIXmania.com – Dixons.co.uk Czech Republic – PC World Spain – Electro World – PC World Business – PC City 100m – PIXmania.cz – PIXmania.ie – PC City Empresas Customers – PIXmania.es Cyprus Italy – PIXmania.com – UniEuro Sweden – PC City – El Giganten 38,600 Denmark – PC City Business – PC City Employees – El Giganten – PIXmania.it – PC City Business – PIXmania.com – PIXmania.se Latvia Estonia – PIXmania.lv Switzerland – PIXmania.com – PIXmania.com Lithuania Finland – PIXmania.lt UK – Gigantti – Currys – Markantalo Luxembourg – Currys.digital – PIXmania.com – PIXmania.lu – Dixons.co.uk – Dixons Tax Free France Netherlands – PC World – PC City – PIXmania.nl – PC World Business – PIXmania.fr – The TechGuys Norway – PIXmania.co.uk Germany – Elkjøp – PIXmania.de – Lefdal Lavpris – PIXmania.com Greece – Kotsovolos Poland – PIXmania.com – Electro World – PIXmania.pl Hungary – Electro World Portugal – PIXmania.hu – PIXmania.pt DSG international plc 5 Annual Report and Accounts 2006/07 Chairman’s Statement Many of our businesses performed well this year. However, the Group’s overall performance was marred by losses in Italy and France. No excuses will be made for the performance in these two countries and Group Overview Group important lessons have been learned.With these in mind, we focus on growing your Group into an international business delivering the returns to you that it is capable of. In the case of UniEuro in Italy we are determined that the business will return to profit, and a new management team has an appropriate plan to do so with the right sense of urgency. In France the main problem was in finding sites for our stores that allowed fair competition with established players. PIXmania, our e-commerce business, is doing well in France and this is how we will now compete and grow in this important market. Sir John Collins The Nordic countries maintained their record of delivering or bettering their Chairman targets and both the management and the stores remain a valued asset to the Group. Currys in the UK outperformed its peers in its profit growth with earnings up by nearly 30 per cent and it managed a tough market astutely. The businesses both in Ireland and UK airports delivered good results. Currys.digital on the A year of High Street successfully transitioned from the Dixons brand and improved its contribution. PC World grew its share against resurgent competition. PC City significant Spain moved into profit, and sister companies in Italy and Sweden made good progress. Kotsovolos in Greece did well and Electro World in Central Europe is change moving in the right direction. An important milestone was reached with our business in the Czech Republic moving into profitability for the first time. The launch of The TechGuys further differentiates our service to customers and is a very important initiative for the Group. Our ambition to be a major player in electricals through the internet led to the acquisition of PIXmania. The company, based in Paris, operates in 26 countries in Europe and, together with Dixons.co.uk, delivered strong revenue growth and positions us well in this fast growing sector. The warehouse and control issues at PIXmania have now been resolved and measures have been put in place to avoid any repetition. Operational efficiency improved further with the opening of major new warehouses in Newark in the UK and in Piacenza in Italy. International buying became a reality, and we further strengthened relationships with our principal suppliers. Our balance sheet remains ungeared and is a major strength for expansion as and when the right opportunities appear.We have acted responsibly in accounting for the full effects of exiting PC City in France and the impairment of UniEuro in Italy. Our priority over the new financial year is to grow earnings. Improving customer service remains a priority. Staff training and development, the move to team bonuses, the launch of The TechGuys and the introduction of reserve and collect facilities are just some of the actions we have been taking this year to deliver on this.We also continue to encourage and increase the interchange of people between the countries in which we operate. 6 DSG international plc Annual Report and Accounts 2006/07 We again reviewed Board performance, and identified scope for further concentrating debate and discussion on key issues.Written briefings serve well with the executive directors taking questions for clarification. The Nominations, Remuneration and Audit Committees dealt with a variety of issues during the Group Overview Group year.
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