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Annual Report and Accounts Annual Report and Accounts 2016/17 2 016 /17 Dixons Carphone plc Annual Report and Accounts Annual Report and Accounts 2016/17 2 016 /17 Dixons Carphone plc 1 Portal Way London W3 6RS United Kingdom Telephone: +44 (0) 345 013 0345 Email: [email protected] www.dixonscarphone.com www.dixonscarphone.com @DixonsCarphone “Over the last few years a great deal of work has been done to make the company stronger, lower risk and more resilient. We are seeing the upside of these efforts now as we declare record headline profits before tax of over half a billion pounds – up 10%. More importantly, the improvement in our cost base, the strong leadership position that we have built, the investment that we have made in our digital business and, above all, the enormous shift in customer satisfaction and price competitiveness that we have driven leave us well positioned to flourish in the years ahead. While the UK consumer environment seems to be holding up for us, there will undoubtedly continue to be changes in the way people buy all of the products that we sell from phones to washing machines. Change always represents opportunity, and our job is to find the propositions that keep us compelling to our customers forever. We are excited about our plans in services and about the myriad of initiatives that will drive long- term relationships with our customers. In short, it has been a good year for Dixons Carphone and it gives me great pleasure once again to thank my 43,000 colleagues for the work that they have done to deliver so well and so energetically for our customers.” Sebastian James Group Chief Executive 27 June 2017 Cautionary statement Designed and printed by Black&Callow 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 This report is printed on Oxygen Offset 100% Recycled board and referred to in these forward looking statements. Unless otherwise required by applicable laws, regulations or accounting standards, we do not Soporset paper. Both papers are FSC certified and produced in ISO 9001 and ISO 14001 certified paper mills. 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 be regarded as a profit forecast. Contents Strategic Report 2 Highlights of the year 3 Business segments 4 Chairman’s Statement 6 Group Chief Executive’s Statement 8 Strategy, KPIs and Risks overview 10 Our markets 12 Business model and strategy 15 Key Performance Indicators 16 Principal risks to achieving the Group’s objectives 22 Performance review 28 Corporate Responsibility Corporate Governance 36 Board of Directors 38 Corporate Governance Report 47 Directors’ Report 50 Audit Committee Report 58 Disclosure Committee Report 59 Nominations Committee Report 61 Remuneration Report 63 Remuneration Report – Remuneration Policy 74 Remuneration Report – Annual Remuneration Report 87 Statement of Directors’ responsibilities Financial statements 88 Independent Auditor’s Report 95 Consolidated income statement 96 Consolidated statement of comprehensive income 97 Consolidated balance sheet 98 Consolidated statement of changes in equity 99 Consolidated cash flow statement 100 Notes to the Group financial statements 145 Company balance sheet 146 Company statement of changes in equity 147 Notes to the Company financial statements Investor information 154 Five year record (unaudited) 155 Shareholder and corporate information 156 Glossary and definitions Dixons Carphone plc Annual Report and Accounts 2016/17 1 Highlights of the year Dixons Carphone plc is Europe’s leading specialist electrical and mobile phone retailer and services company, employing over 43,000 people in 10 countries. Strategic Report • Group like-for-like* revenue up 4% • Total statutory revenue up 9% • Group headline* PBT of £501 million, up 10%, total statutory PBT of £386 million • Group headline* basic EPS of 33.8p, statutory basic EPS 25.6p • Free cash flow* of £160 million • Year end net debt* at £271 million • Final dividend of 7.75p proposed, taking total dividends for the year to 11.25p Headline* revenue (£million) Headline* EBIT (£million) Headline* basic EPS (pence) 12,000 600 35 33.8 30 10,000 10,580 500 517 30.2 9,736 9,750 9,752 9,517 478 25 8,000 400 25.5 413 359 20 6,000 300 310 18.6 15 4,000 200 10 10.9 2,000 100 5 0 0 0 2016/17 2015/16 2014/15 2013/14 2012/13 2016/17 2015/16 2014/15 2013/14 2012/13 2016/17 2015/16 2014/15 2013/14 2012/13 Our European store presence Store numbers Own Franchise Total • UK and Ireland 1,148 — 1,148 • Nordics 249 144 393 • Southern Europe 311 287 598 1,708 431 2,139 * See glossary for definition of terms including headline performance measures. Results for 2015/16 have been restated as set out in note 32 to the Group financial statements. Figures presented in charts for 2014/15 and previous periods are ‘pro forma’ results as defined in the glossary 2 Dixons Carphone plc Annual Report and Accounts 2016/17 Business segments We operate four segments as follows: Brands Websites UK & Ireland CurrysPCWorld currys.co.uk currys.ie • CurrysPCWorld is the largest specialist electrical retailing and Strategic Report services operator in the UK & Ireland. pcworld.co.uk pcworld.ie • Carphone Warehouse is the largest independent telecommunications retailer in the UK & Ireland. Carphone Warehouse carphonewarehouse.com carphonewarehouse.ie • Dixons Travel operates in major UK airports, Dublin and Oslo. • Team Knowhow is our market-leading services brand. Dixons Travel dixonstravel.com • Geek Squad is the repairs and support provider for Team Knowhow knowhow.com Carphone Warehouse. Geek Squad geeksquad.co.uk • iD Mobile is one of the UK’s fastest growing MVNOs offering innovative and flexible propositions. iD Mobile idmobile.co.uk • Simplifydigital is the UK’s largest, and fastest growing, multi- Simplifydigital simplifydigital.co.uk channel broadband, phone and TV switching platform. PC World Business pcworldbusiness.co.uk • PC World Business provides computing products and services to business to business (‘B2B’) customers. Nordics Elkjøp elkjop.no • The Elkjøp Group is the leading specialist electrical retailer Elgiganten elgiganten.se across the Nordics. elgiganten.dk • Elkjøp, Elkjøp Phonehouse and Lefdal stores operate in Norway, Gigantti gigantti.fi Elgiganten and Elgiganten Phone House in Sweden and Denmark and Gigantti in Finland. Lefdal lefdal.com • Knowhow has been introduced in the Nordic region. Phone House phonehouse.se • InfoCare is the largest consumer electrical repair company in InfoCare infocareworkshop.no the region, operating in Norway, Sweden, Denmark and Finland. Southern Europe Kotsovolos kotsovolos.gr • Kotsovolos is Greece’s leading specialist electrical retailer. Phone House phonehouse.es • Phone House is the leading independent telecommunications Geek Squad geeksquad.es retailer in Spain. • Geek Squad is the repairs and support provider for the Phone House in Spain. Connected World Services (‘CWS’) connectedworldservices.com • CWS aims to leverage the Group’s existing expertise, operating honeybeesolutions.com processes and technology to provide a range of services to businesses. • CWS organises its services into two product towers: — Value Chain Services — honeybee platform Dixons Carphone plc Annual Report and Accounts 2016/17 3 Chairman’s Statement Strategic Report I am delighted to be reporting to you as the newly appointed Chairman of Dixons Carphone plc. It is great to be back at a business I served for more than a decade. Importantly, I would like to pay tribute to the achievements of my predecessor, Sir Charles Dunstone, one of the UK’s great entrepreneurs, who founded half of this business that has gone on to be one of the world’s major retailers, serving millions of customers every year in 10 countries and employing more than 43,000 people. It has been a remarkable and sometimes challenging year. In the Nordic region, our expanded distribution centre in In the days after the referendum on the UK’s membership of Jönköping, Sweden, one of the largest in Northern Europe, the EU, the Company’s share price fell by as much as 34%, was completed to time and on budget with its own railway as retailers were considered vulnerable to a post Brexit station inside the centre. It distributes across the Nordics slowdown. In this environment and despite the uncertainty, and we expect to see benefits in stock availability and the team got on with their job of making the business efficiency. stronger by serving our customers better. We continue to gain market share across our businesses. In the UK & Ireland our new 3-in-1 stores bring together A particular mention should be made of Kotsovolos in Currys, PC World and Carphone Warehouse in an exciting Greece which further enhanced its position as market leader shopping environment and we are very pleased with the with 3ppts market share growth against a clearly difficult initial results of these stores. We have also improved economic environment. our online capabilities, particularly with a new Carphone The hard work of all our people and the management team Warehouse web platform and we have experienced strong led by Seb – and a huge thank you to all of them - have online sales growth across all our brands. helped deliver a 10% growth in headline profit before tax And it’s not just about great products. Team Knowhow, our on 9% higher revenue with total profit before tax increasing new services brand, is piloting a range of expanded services £123 million. This is an excellent achievement at a time in the Leeds and London conurbations.
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