DOCSLIB.ORG

Presentation

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Presentation Dixons Carphone Interim results 2014-15 31 weeks ended 1 November 2014 17 December 2014 Agenda Highlights and strategy update Sebastian James, Group Chief Executive Financial update Humphrey Singer, Group Finance Director Page 2 Interim results 2014-15 H1 2014-15 highlights and strategy update Sebastian James Group Chief Executive H1 2014-15 highlights • Group H1 like-for-like up 5%; Q2 like-for-like up 9%, with stable gross margins in H1 – Market share gains across the largest electrical and mobile businesses – Netherlands and Germany; review and restructure underway – iPhone 6 • Group pro forma Headline PBT £78m, up 30% – Group pro forma Headline EBIT of £100m – Interim dividend of 2.5p, payable in January 2015 • Integration: now expected to deliver a minimum £80m of synergies by 2016-17, one year ahead of plan Page 4 Interim results 2014-15 Value drivers Core Synergies Services Market cap Market Core business Core business Synergies Connected World Services opportunities Services • Price • New categories • SWAS • Connected retail • Direct to consumer • Service • Int'l. portfolio review • Head office • Services & support • Leveraging platform • Market share gain • Consolidation opportunities • People • Omnichannel platform • Core services growth • Commercial • Global partnerships • MVNO Page 5 Interim results 2014-15 Market update: UK & Ireland • Strong performance in both mobile and electrical businesses • Customer satisfaction • Pricing • Continued market share gains • Network relationships • Targeted approach to gaining Phones 4U market share • Successful iPhone 6 launch • Black Friday a success • In good shape for Christmas Page 6 Interim results 2014-15 Market update: Northern Europe Nordic business • Good sales momentum, putting pressure on the competition • Market share gains • Pricing and customer service improvements Germany • Closing wholesale hardware business • Closing retail business • Continuing profitable cardware distribution business Netherlands • Significant market issues • Restructuring and reviewing business Page 7 Interim results 2014-15 Market update: Southern Europe Spain • Tough market, revenue and profit impact this year • Agreement to sell Movistar product now in place • Restructuring largely done Portugal • Building a business in quad play • Lack of scale remains key issue • Reviewing longer-term options Greece • Good top-line growth and market share gains • Some market recovery • Expect return to profitability in short term Page 8 Interim results 2014-15 Synergies accelerated • Minimum of £80m synergies by 2016-17, one year ahead of plan • Integration – Head office – A number of functions now integrated – UK structure – Sweden SAS: Stand-alone store Co-branded SAS, Skärholmen • UK SWAS programme – 32 CPW SWAS – 158 Phones 4U conversions ahead of plan SWAS: Store-within-a-store CPW SWAS, Currys PC World, Durham Page 9 Interim results 2014-15 Services • deployment for major global brand going well: improved NPS and conversion • New contract to provide services to BT • Live 3rd party discussions in US & UK • Hiccup online phone insurance launch • CWS profit growth • Team coming together Page 10 Interim results 2014-15 Pricing app now launched Page 11 Interim results 2014-15 H1 2014-15 financial update Humphrey Singer Group Finance Director Financial summary • Group H1 like-for-like up 5%; Q2 like-for-like up 9%, with stable gross margins in H1 • Pro forma Headline PBT up 30% to £78m (2013: £60m) • Pro forma Headline EBIT of £100m (2013: £85m) • Group Headline EPS 7.1p (2013: 3.2p) • Restructuring charges and asset write-offs in Germany and Netherlands • Average net debt for the period c.£300m • Dividend of 2.5p per share payable in January 2015 Page 13 Interim results 2014-15 A complicated set of financials… Pro forma Network receivables H1 14/15 H1 13/14 • Shift of network receivables interest from pro forma EBIT to finance costs Carphone April – October April – September – Decreases EBIT & finance costs – £5m impact in H1 14/15 Dixons May – October May – October – £10m anticipated impact on 14/15 full year • October 2013 EBIT from Carphone £6m – Prior year restated • Difference on cash c.£200m Opening balance sheet for 13/14 Segmental reporting • New segmental structure • Carphone opening balance sheet adjustments increase pro forma Headline EBIT by £14m in H1 – UK & Ireland (includes Dixons Travel) last year – Northern Europe (Nordics, Germany & Netherlands) – Positive impact in H1 from information received – Southern Europe (Greece, Spain & Portugal) in H2 last year – Connected World Services – No impact on full year result • Allocations to segments for full year 14/15 – Dixons central costs of c.£20m (allocated on revenue) – Dixons property losses of c.£20m (largely UK) Page 14 Interim results 2014-15 Prior period pro forma comparatives £m 100 (4) 80 14 6 60 48 40 85 20 21 - CPW Dixons Central Europe Opening Discount Comparative balance sheet unwind Pro forma Headline EBIT Page 15 Interim results 2014-15 Strong H1 earnings growth £m YoY +£19m -£4m -£3m +£3m +£15m +£3m +£18m 120 (4) 4 100 20 22 80 60 100 40 80 78 20 - UK & Ireland Northern Southern Connected EBIT Net finance PBT Europe Europe World cost Services Pro forma Headline Page 16 Interim results 2014-15 Statutory result reflects restructuring costs in Netherlands and Germany Amortisation of £m Pro forma Dixons pre- Headline PBT Asset write- Net pension acquisition Headline PBT Merger (statutory basis) Merger downs Restructuring interest intangibles Statutory PBT 100 2 80 (11) 60 40 78 80 (58) 20 (4) (9) - (18) (20) (20) (40) Page 17 Interim results 2014-15 Free cash flow £m Headline EBIT D&A W. Cap Capex Tax Interest Restructuring Other Free cash flow 200 150 77 100 (216) 50 100 - (50) (95) (100) (211) (150) (42) (14) (200) (30) 9 (250) Pro forma basis Page 18 Interim results 2014-15 Closing net debt broadly in line with average of c.£300m for the year £m Acquisitions, Opening net Free cash disposals and Pension Closing net funds flow Dividends Merger disc ops contributions Other debt 100 50 63 - (50) (211) (100) (150) (23) (293) (200) (71) (250) (31) (13) (7) (300) (350) Pro forma basis Page 19 Interim results 2014-15 Full year guidance • Comfortable with market expectations in advance of crucial Christmas period • Full year interest c.£30m • Effective tax rate (pro forma Headline) c.25% • Capex c.£200m although dependent on speed of integration work • Average net debt c.£300m • Year end net debt expected to be broadly in line with the average Page 20 Interim results 2014-15 Priorities • Business as usual • Focus on core and partnership opportunities • Integration benefits • Cash management and capex discipline • Strong internal control environment Page 21 Interim results 2014-15 In summary • The business is in robust shape today • Integration progressing well • Tangible plans for future growth • Plenty left to do Page 22 Interim results 2014-15 Q&A .
Load more

Recommended publications
  • Broadcast Bulletin Issue Number 229 07/05/13
    Ofcom Broadcast Bulletin Issue number 229 7 May 2013 1 Ofcom Broadcast Bulletin, Issue 229 7 May 2013 Contents Introduction 3 Standards cases In Breach Phones 4U’s sponsorship of network films on Channel 4 Channel 4, 26 December 2012, 23:32 6 Kobots Federation: Kobots Dual Action Game sponsorship credits Cartoon Network, Cartoon Network Too, Boomerang, 18 February 2013 to 17 March 2013, various times 9 The Daily Show Comedy Central Extra, 5 March 2013, 20:00 13 Cross promotion for Sky Sports Sky News, 13 February 2013, 23:47 15 Resolved Viewer competitions Channel 5 and 5*, September to November 2012, various times 17 Viewer competitions ITV1 and ITV2 channels, September to November 2012, various times 19 Advertising Scheduling cases In Breach Advertising scheduling Bloomberg Television, various dates and times 21 Breach findings table Code on the Scheduling of Television Advertising compliance reports 25 Fairness and Privacy cases Upheld Complaint by Mr C Panorama: Gambling Nation, BBC 1, 5 November 2012 26 2 Ofcom Broadcast Bulletin, Issue 229 7 May 2013 Other Programmes Not in Breach 31 Complaints Assessed, Not Investigated 32 Investigations List 40 3 Ofcom Broadcast Bulletin, Issue 229 7 May 2013 Introduction Under the Communications Act 2003 (“the Act”), Ofcom has a duty to set standards for broadcast content as appear to it best calculated to secure the standards objectives1. Ofcom must include these standards in a code or codes. These are listed below. Ofcom also has a duty to secure that every provider of a notifiable On Demand Programme Services (“ODPS”) complies with certain standards requirements as set out in the Act2.
    [Show full text]
  • Annual Report and Accounts Annual Report and Accounts and 2015/16 Report Annual 2 015 /16
    Dixons Carphone plc Carphone Dixons Annual Report and Accounts Annual Report 2015/16 and Accounts 2 015 /16 www.dixonscarphone.com @DixonsCarphone “I am very pleased to be announcing another year of significant earnings growth, with profits before tax up more than 17%. In this momentous year we have largely completed our merger activities, driven customer satisfaction and market share to all-time highs in virtually all of our markets, made our shops more interactive and exciting while becoming ever more competitive with pure-play retailers, launched a new joint venture in the US, launched a new UK mobile network, and embarked on an ambitious property plan in the UK and Ireland. We also had our biggest ever trading day on Black Friday last year. We are far from done, though. We have very ambitious plans this year which include making every one of the former Dixons stores one of the new 3-in-1 shops, introducing a lively and interactive new e-Commerce platform to Carphone Warehouse, opening Europe’s most modern distribution centre in Sweden, introducing same-day delivery, rolling out c.150 new stores in the US with Sprint, delivering our honeyBee platform to major global clients, launching our new home services division with a mandate to become a true emergency service for customers across the UK, and continuing to drive market share, price competitiveness and customer satisfaction everywhere. It is likely to be busy. I am truly grateful to all of my colleagues – right across the world – for their hard work and dedication. I am also very proud to be able to say that I work alongside such a creative and dedicated group of men and women.
    [Show full text]
  • Case No COMP/M.6314 – Telefónica UK/ Vodafone UK/ Everything Everywhere/ JV
    EN This text is made available for information purposes only. A summary of this decision is published in all EU languages in the Official Journal of the European Union. Case No COMP/M.6314 – Telefónica UK/ Vodafone UK/ Everything Everywhere/ JV Only the EN text is authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 8 (1) Date: 4/09/2012 EUROPEAN COMMISSION Brussels, 4.9.2012 C(2012) 6063 final PUBLIC VERSION COMMISSION DECISION of 4.9.2012 addressed to: - Telefónica UK - Vodafone Group - Everything Everywhere declaring a concentration to be compatible with the internal market and the functioning of the EEA Agreement (Case No COMP/M.6314 – Telefónica UK / Vodafone UK / Everything Everywhere / JV) (Only the EN version is authentic) TABLE OF CONTENTS COMMISSION DECISION addressed to: - Telefónica UK - Vodafone Group - Everything Everywhere declaring a concentration to be compatible with the internal market and the functioning of the EEA Agreement (Case No COMP/M.6314 – Telefónica UK / Vodafone UK / Everything Everywhere / JV) ............................................................................................ 7 1. NOTIFICATION.......................................................................................................... 7 2. THE NOTIFYING PARTIES ...................................................................................... 8 3. THE OPERATION AND THE CONCENTRATION ............................................... 10 4. UNION DIMENSION ..............................................................................................
    [Show full text]
  • Joint Administrators' Proposals for Achieving the Purpose Of
    www.pwc.co.uk/phones4u Joint Administrators’ proposals for achieving the purpose of administration Phones 4U Limited Phones 4 U Group Limited Phones4U Finance plc 6 November 2014 Policy Administration Services Limited MobileServ Limited Phosphorus Acquisition Limited Phosphorus Holdco plc (all in administration) Contents 1. Key messages ................................................................................................................................................. 2 2. Abbreviations used in this report ................................................................................................................. 4 3. Purpose of this report.................................................................................................................................... 5 4. Summary of the possible outcome for creditors .......................................................................................... 7 5. Background, strategy and progress .............................................................................................................. 8 5.1 Background............................................................................................................................................... 8 5.2 The circumstances giving rise to our appointments ............................................................................ 10 5.3 Pre-administration costs........................................................................................................................ 10 5.4 Connected party transactions................................................................................................................
    [Show full text]
  • Virgin Mobile Chooses Infospace for World's Most Comprehensive Mobile Search
    Virgin Mobile Chooses InfoSpace for World's Most Comprehensive Mobile Search Agreement with InfoSpace Enables Virgin Mobile to Significantly Extend Its Mobile Offering for Customers Through On-Portal and Internet Search Capabilities LONDON, Jun 02, 2007 (BUSINESS WIRE) -- InfoSpace, Inc. (Nasdaq:INSP), a leading developer of mobile technologies, will today announce that it is supplying Virgin Mobile with its complete suite of mobile platform services, including the addition of a customized, integrated mobile search solution. As a result, Virgin Mobile will be able to offer its subscribers the ability to search the web, WAP sites and Virgin Mobile's own portal and storefront providing access to ringtones, games and other premium content. InfoSpace's next generation mobile search solution for Virgin Mobile will reflect the company's recent partnerships with FAST Search & Transfer, a leading developer of search technologies, and InfoGin, a leader in the field of Web-to-mobile content adaptation. Virgin Mobile will benefit from FAST's superior search software, relevancy algorithms, crawling and indexing technologies and InfoGin's Web-to-mobile content adaptation technology to deliver the most comprehensive and commercially deployed mobile search solution. InfoSpace's industry-leading metasearch technology seamlessly blends results from several sources including Storefronts, WAP and Web indexing, as well as Portal Search. With the InfoSpace's mobile search solution, operators can maintain visibility while providing users the advantages of a comprehensive mobile search experience that enables searching for any content or information, regardless of its origin or format, using a single search box. Nick White, Head of Digital Services and NPD at Virgin Mobile, said: "If the impact of the internet on our daily lives, as well as the global economy, has taught the mobile world anything, it is that it's no longer about searching for the next killer application - - search itself is the killer application.
    [Show full text]
  • Virgin Mobile Holdings (Uk)
    A copy of this document, comprising listing particulars relating to Virgin Mobile Holdings (UK) plc (the Company) prepared solely in connection with the proposed offer to certain institutional and professional investors (the Global Offer) of ordinary shares (the Ordinary Shares) in the Company in accordance with the Listing Rules made under section 74 of the Financial Services and Markets Act 2000 (FSMA), has been delivered for registration to the Registrar of Companies in England and Wales pursuant to section 83 of FSMA. Application has been made to the UK Listing Authority for the ordinary share capital of Virgin Mobile Holdings (UK) plc to be admitted to the Official List of the UK Listing Authority and to the London Stock Exchange for such share capital to be admitted to trading on the London Stock Exchange’s market for listed securities. It is expected that admission to listing and trading will become effective and that unconditional dealings will commence at 8.00 a.m. on 26 July 2004. All dealings in Ordinary Shares prior to the commencement of unconditional dealings will be on a ‘‘when issued’’ basis and of no effect if Admission does not take place and will be at the sole risk of the parties concerned. The Directors of Virgin Mobile Holdings (UK) plc, whose names appear on page 8 of this document, accept responsibility for the information contained in this document. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case), the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information.
    [Show full text]
  • Can I Cancel? Mobile Coverage and Contract Cancellation
    Can I cancel? Mobile coverage and contract cancellation Consumer Research Report |July 2010 Can I cancel? Mobile coverage and contract cancellation The Communications Consumer Panel is an independent panel of experts established under the Communications Act 2003. Its role is to influence Ofcom, Government, the EU and service and equipment providers, so that the communications interests of consumers and citizens are protected and promoted. The Panel pays particular attention to the needs of older people and people with disabilities, to the needs of people in rural areas and people on low incomes, and to the needs of small businesses, which face many of the same problems as individual consumers. The Consumer Panel is made up of part-time members with a balance of expertise in consumer issues in the communications sector. There are members representing the interests of consumers in Scotland, Wales, Northern Ireland and England. Consumer Panel Members are appointed by Ofcom, subject to approval by the relevant Secretaries of State. They are appointed in accordance with Nolan principles and are eligible for re-appointment. The Consumer Panel is assisted by a small advisory team. Research conducted by Synovate www.synovate.com Can I cancel? Mobile coverage and contract cancellation Contents Section 1: Foreword ......................................................................... 4 Section 2: Executive Summary ............................................................. 6 Section 3: Key Findings ...................................................................
    [Show full text]
  • BT Group Plc Annual Report 2020 BT Group Plc Annual Report 2020 Strategic Report 1
    BT Group plc Group BT Annual Report 2020 Beyond Limits BT Group plc Annual Report 2020 BT Group plc Annual Report 2020 Strategic report 1 New BT Halo. ... of new products and services Contents Combining the We launched BT Halo, We’re best of 4G, 5G our best ever converged Strategic report connectivity package. and fibre. ... of flexible TV A message from our Chairman 2 A message from our Chief Executive 4 packages About BT 6 investing Our range of new flexible TV Executive Committee 8 packages aims to disrupt the Customers and markets 10 UK’s pay TV market and keep Regulatory update 12 pace with the rising tide of in the streamers. Our business model 14 Our strategy 16 Strategic progress 18 ... of next generation Our stakeholders 24 future... fibre broadband Culture and colleagues 30 We expect to invest around Introducing the Colleague Board 32 £12bn to connect 20m Section 172 statement 34 premises by mid-to-late-20s Non-financial information statement 35 if the conditions are right. Digital impact and sustainability 36 Our key performance indicators 40 Our performance as a sustainable and responsible business 42 ... of our Group performance 43 A letter from the Chair of Openreach 51 best-in-class How we manage risk 52 network ... to keep us all Our principal risks and uncertainties 53 5G makes a measurable connected Viability statement 64 difference to everyday During the pandemic, experiences and opens we’re helping those who up even more exciting need us the most. Corporate governance report 65 new experiences. Financial statements 117 ..
    [Show full text]
  • Phones 4U Care
    Phones 4u Care Damage and Breakdown cover Phones 4u Care Summary of Cover Please read through this Summary of Cover as it contains important information you need to know when you purchase Phones 4u Care. Your sales consultant will also explain what’s included, what’s not included and the monthly price. Please refer to the Policy Document for the full terms and conditions. What’s covered The mobile device and SIM card purchased from Phones 4u will be covered for: • Damage • Breakdown The benefits of this policy are: • We will repair or replace your mobile device where damage has been caused • We will repair or replace your mobile device where it has suffered a breakdown • When we assess a claim we’ll decide whether your mobile device can be fixed there and then, or whether we need to replace it. Should you need to make a claim, bring your mobile device to your nearest Phones 4u store and we’ll assess it there and then. You can also make a claim by telephone. If we need to replace your mobile device, the replacement will be either the same make and model, or of an equivalent specification, and the replacement may come from refurbished stock. What’s not covered • Loss or theft of your mobile device and/or SIM card • A payment is required if you make a claim and we need to exchange your mobile device. The amount depends on the type of claim: • £50 for damage claims • £25 for breakdown claims • Cosmetic repairs which don’t affect day to day use or damage which has been caused in multiple incidents which you want to make a single claim for • Damage to your mobile device which has been caused deliberately by you • The replacement of any content or data on your mobile device.
    [Show full text]
  • Complaint Against BT's Pricing of Digital Cordless
    Competition Act 1998 Complaint against BT’s pricing of digital cordless phones Final decision of the Office of Communications ("Ofcom") This is the non-confidential version. Confidential information and data have been redacted. Redactions are indicated either by “[]” or “[“ text ”]” Issued: 1 August 2006 Contents Contents......................................................................................................................................2 Summary ....................................................................................................................................3 Section 1 ..............................................................................................................................4 Background ................................................................................................................................4 Section 2 ..............................................................................................................................7 The Facts ....................................................................................................................................7 Section 3 ............................................................................................................................13 Market Definition .....................................................................................................................13 Dominance Assessment............................................................................................................36
    [Show full text]
  • Here Is No Available Case Law with Available in German and Italian, Respect to the Interpretation of Sub- Which Are Also Official Languages
    FROM THE IBA INTERNATIONAL CONSTRUCTION PROJECTS COMMITTEE OF THE ENERGY ENVIRONMENT, NATURAL RESOURCES AND INFRASTRUCTURE LAW SECTION (SEERIL) Vol 13 ISSUE 4 ISSN 1819-1371 JANUARY 2019 Focus on key aspects for successful project establishment, contract termination and use of expert evidence Use and misuse Key steps for Construction of expert a successful contract evidence project termination CONTENTS Vol 13 ISSUE 4 A Committee publication from the IBA Energy, Environment, Natural Resources and Infrastructure January 2019 Law Section tinyurl.com/IBA-SEERIL FEATURE ARTICLES 2 FROM THE EDITORS 3 FROM THE CO-CHAIRS Use and misuse of expert evidence 4 FIDIC AROUND THE WORLD 13 Kenneth Figueroa, Christian Johansen, Kim Rosenberg and Russell Thirgood address issues relating to the use of expert 4 Switzerland evidence in common law and civil law proceedings. 7 FIDIC COMMENTARIES 7 Adding the best bits of FIDIC 2017 to the 1999 Forms The key steps to successful project 31 establishment 9 How does the new German Polina Chtchelok, Aarta Alkarimi, Phillip Greenham construction law affect the and Tuomas Lehtinen of the Project Establishment implementation of the 2017 Subcommittee of the International Construction Projects Committee summarise key operational, FIDIC Silver Book? legal and financial issues to consider, and steps to take, when launching a major infrastructure or construction project. Issues arising on termination of a 46 construction contract Dimitris Kourkoumelis, Ian de Vaz, Thomas Stickler, Edward Corbett, Virginie Colaiuta and Shona Frame address termination for default versus termination for convenience; requirements as to the substance and form of a termination notice; and the legal consequences of a wrongful termination.
    [Show full text]
  • MVNO Performance
    MVNO Performance Evolution, Business Models, and Optimization www.cartesian.com Copyright © 2017 Cartesian, Inc. All rights reserved. “MVNO Performance” was delivered at a workshop during the Annual MVNOs World Congress in April 2017. This presentation covers the history, evolution, and current developments of the MVNO market; MVNO objectives and strategy, and the implications for the MVNO model; and, MVNO business optimization, covering acquisition costs, ARPU, operational costs, churn, retention, and the customer lifetime value. Confidential and Proprietary — Copyright © 2017 Cartesian, Inc. All rights reserved. 2 Agenda 1 Introduction 2 Evolution of MVNO 3 MVNO Business Model 4 MVNO Business Optimisation 5 Follow-Up Confidential and Proprietary — Copyright © 2017 Cartesian, Inc. All rights reserved. 3 Cartesian is a specialist consulting firm in the telecoms, media and technology sector Confidential and Proprietary — Copyright © 2017 Cartesian, Inc. All rights reserved. 4 Our services help clients think, plan and operate faster and smarter Confidential and Proprietary — Copyright © 2017 Cartesian, Inc. All rights reserved. 5 We have experience from over 50 MVNO projects across the US, Europe, Middle East and Asia • Strategy and business case support including detailed cost and revenue modelling • Negotiation support for contracts and commercial terms • Securing funding MVNOs • Vendor evaluation and selection (e.g. MVNE, content, etc.) • OSS, BSS and network planning and design • PMO and launch support (e.g. proposition development,
    [Show full text]