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Annual Report and Accounts Annual Report and Accounts 2 0 17 / 18 www.dixonscarphone.com @DixonsCarphone Contents Strategic Report 2 Business at a glance 4 Chairman’s Statement 5 Group Chief Executive’s Statement 8 Strategy, KPIs and Risks overview 10 Our markets, business model and strategy 14 Key Performance Indicators 15 Principal risks to achieving the Group’s objectives 19 Performance review 25 Corporate Responsibility Corporate Governance 36 Board of Directors 38 Corporate Governance Report 48 Directors’ Report 51 Audit Committee Report 59 Disclosure Committee Report 60 Nominations Committee Report 63 Remuneration Report 65 Remuneration Report – Remuneration Policy 76 Remuneration Report – Annual Remuneration Report 92 Statement of Directors’ responsibilities Financial statements 93 Independent Auditor’s Report 100 Consolidated income statement 101 Consolidated statement of comprehensive income 102 Consolidated balance sheet 103 Consolidated statement of changes in equity 104 Consolidated cash flow statement 105 Notes to the Group financial statements 152 Company balance sheet 153 Company statement of changes in equity 154 Notes to the Company financial statements Investor information 161 Five year record (unaudited) 162 Shareholder and corporate information 163 Glossary and definitions Dixons Carphone plc Annual Report and Accounts 2017/18 1 Business at a glance Dixons Carphone plc is Europe’s leading specialist electrical and mobile phone retailer and services company, employing over 42,000 people in nine countries. Strategic Report • Group like-for-like* revenue up 4%, statutory revenue up 3%, maintained market leading share • UK & Ireland like-for-like revenue up 2% • Strong growth in International; Nordics like-for-like up 9%, Greece up 11% • Group headline* PBT of £382 million (2016/17: £500 million): • Headline basic EPS* 26.2p (2016/17: 33.5p), statutory basic EPS 14.4p (2016/17: 25.6p) • Total statutory profit before tax of £289 million (2016/17: £404 million) after non-headline charges of £93 million (2016/17: £96 million) • Free cash flows* of £172 million (2016/17: £178 million) and net debt reduced by £22 million to £249 million • Final dividend of 7.75p proposed, maintaining full year dividend at 11.25p (2016/17: 11.25p) Headline* revenue (£ millions) Headline* EBIT (£ millions) Headline* basic EPS (pence) 12000 600 35 33.5 10000 500 30 10,525 10,242 516 30.6 30.2 486 9,445 9,394 9,258 25 8000 400 26.2 420 400 20 6000 300 344 15 17.0 4000 200 10 2000 100 5 0 0 0 2017/18 2016/17 2015/16 2014/15 2013/14 2017/18 2016/17 2015/16 2014/15 2013/14 2017/18 2016/17 2015/16 2014/15 2013/14 Headline* revenue by Headline* EBIT by Division (2017/18) Division (2017/18) Greece Greece £410m £18m Nordics Nordics £3,470m £101m UK & Ireland UK & Ireland £6,645m £281m * See glossary for definition of terms including headline performance measures. Results for 2016/17 have been restated as set out in note 31 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 2017/18 Business segments Our European store presence Strategic Report UK & IRELAND NORDICS GREECE Own Franchise Total Own Franchise Total Own Franchise Total 1,103 – 1,103 251 150 401 69 26 95 We operate three segments as follows: Brands Websites UK & Ireland Currys PC World currys.co.uk currys.ie • Currys PC World is the largest specialist electrical retailing and 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 • Dixons Travel is a leading airport electrical retailer, with stores across the UK carphonewarehouse.ie & Ireland and Oslo. Dixons Travel dixonstravel.com • Team Knowhow is our services brand. Team Knowhow teamknowhow.com • iD Mobile is our MVNO offering innovative and flexible propositions. iD Mobile idmobile.co.uk • Simplifydigital is a leading UK price comparison and switching service for broadband, digital TV and home phone services. Simplifydigital simplifydigital.co.uk • PC World Business provides computing products and services to business to PC World Business pcworldbusiness.co.uk business (‘B2B’) customers. Carphone Warehouse business.carphonewarehouse.com • Carphone Warehouse Business provides telecommunications products and Business services to business to business (‘B2B’) customers. Nordics Elkjøp elkjop.no • The Elkjøp Group is the leading specialist electrical retailer across the Elgiganten elgiganten.se Nordics. elgiganten.dk • Elkjøp and Elkjøp Phonehouse stores operate in Norway, Elgiganten and Gigantti gigantti.fi Elgiganten Phone House in Sweden and Denmark and Gigantti in Finland. Phone House phonehouse.se • Knowhow has been introduced in the Nordic region. phonehouse.no • InfoCare is the largest consumer electrical repair company in the region, operating in Norway, Sweden, Denmark and Finland. InfoCare infocareworkshop.no Greece Kotsovolos kotsovolos.gr • Kotsovolos is Greece’s leading specialist electrical retailer. Dixons Carphone plc Annual Report and Accounts 2017/18 3 Chairman’s Statement Strategic Report 2017/18 has been a difficult year for Dixons Carphone, both for colleagues and for our shareholders. We are all disappointed with the financial results but are determined to build on the many strengths of the Group to drive the business forward. We are the clear market leaders in seven countries, have colleagues’ roles in contributing to good causes. Dixons great people and stores, and a strong financial position. We Carphone is proud to be one of three Founding Corporate were delighted to welcome Alex Baldock as the Group’s Partners of Heads Together. This mental health initiative new Chief Executive Officer. He brings an outstanding of The Royal Foundation, spearheaded by The Duke and record of value creation across a range of businesses by Duchess of Cambridge and The Duke of Sussex, combines focussing on customers, people and delivery. Already he a campaign to tackle stigma and change the conversation has made significant changes to the business and the on mental health with fundraising for a series of innovative energy this is releasing within the business is apparent. mental health services. Heads Together has made a Shortly we will also welcome Jonny Mason as the Group’s significant progress with tackling stigma and continues to Chief Financial Officer, Jonny brings a wealth of retail and strengthen the mental health support sector. consumer experience The security of our data is also hugely significant to the Despite issues in the UK, we have delivered a strong business and in light of the unauthorised data access performance in our International businesses. We are one we recently became aware of, we will further bolster our of the largest international retailers in Europe, with terrific information security capabilities and review procedures by stores from Aberdeen to Athens, Trondheim to Tralee. improving IT security controls, training, monitoring, testing Our UK & Ireland 3-in-1 stores are in great shape and our and oversight. infrastructure unmatched. We continue to grow revenues I would also like to record my thanks to the more than and gain market share. However, profitability in the UK & 42,000 colleagues at Dixons Carphone. Their hard work, Ireland has been disappointing and our performance has not enthusiasm and dedication to providing great customer been good enough. This is a resilient Group and we know service is one of the Group’s enduring strengths. we can do a lot better. The composition of the Board has also seen significant Headline profit before tax was £382 million (£289 million on change this year. I would like to take this opportunity to a statutory basis), with good cash flow conversion and net express my thanks to Sebastian James, Humphrey Singer, debt declining year-on-year to £249 million. The Board has Andrew Harrison and Katie Bickerstaffe who have led this recommended that the Company will maintain a dividend of Group since its merger. Andrew, although no longer on the 11.25 pence per share for the full year, with final payment of Board remains with us as he focuses once again on The 7.75p to be paid on 21 September 2018. Carphone Warehouse Limited. I believe that businesses should be about more than just Looking ahead, the coming year brings with it some making sales, profits, helping customers and providing good further challenges and as a result we have guided market jobs although these are all very important. Good businesses expectations lower, but we remain optimistic about the should help the communities in which they operate. To be longer term. We have though taken the decision to invest effective, Corporate Social Responsibility (‘CSR’) must be further in the coming year, providing our colleagues with at the core of our business. Done well, it can enhance our the right tools and our customers with even better service. brand, create new business opportunities, reduce costs I strongly believe that this is the way to drive long-term and engage our employees. It matters not just to the people shareholder value. we help, but to our colleagues, customers, suppliers and shareholders. To this end, we have recently launched our new CSR strategy and programme, ‘Live Earth Neutral’. We believe that our unique expertise in technology can be used to help Lord Livingston of Parkhead tackle social issues and we are hugely supportive of our Chairman 20 June 2018 4 Dixons Carphone plc Annual Report and Accounts 2017/18 Group Chief Executive’s Statement Strategic Report I came to Dixons Carphone because I was convinced that this business had many strengths and plenty of opportunities. A few months in the business have only cemented that view. We’re number one in each of our markets, with people and capability our competitors can only dream of.
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