DOCSLIB.ORG

Carphone Warehouse Group

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Carphone Warehouse Group Proof 13: 26.6.14 This document comprises a prospectus relating to the New Dixons Carphone Shares and has been prepared in accordance with the Prospectus Rules made under section 73A of the Financial Services and Markets Act 2000 (as amended) (the ‘‘FSMA’’) and has been approved by the Financial Conduct Authority (the ‘‘FCA’’) under the FSMA. This document has been made available to the public in accordance with Prospectus Rule 3.2. Carphone, the Carphone Directors and the Proposed Directors whose names appear on page 43 of this document accept responsibility for the information contained in this document. To the best of the knowledge of Carphone, the Carphone Directors and the Proposed 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 contains no omission likely to affect the import of such information. Investors should read the whole of this document carefully. In particular, investors should take account of the section entitled Risk Factors on pages 21 to 36 of this document for a discussion of the risks which might affect the value of an investment in Carphone, the Combined Group, the Carphone Shares and the New Dixons Carphone Shares. Carphone Warehouse Group plc (proposed to be renamed Dixons Carphone plc) (Incorporated in England and Wales under the Companies Act 2006 with registered number 07105905) Proposed issue of up to 576,067,769 new ordinary shares in connection with the proposed recommended all-share merger of Carphone Warehouse Group plc and Dixons Retail plc to be implemented by way of a scheme of arrangement of Dixons Retail plc under Part 26 of the Companies Act 2006 and Application for admission of up to 576,067,769 new ordinary shares to the premium listing segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange The Existing Carphone Shares are currently listed on the premium listing segment of the Official List and traded on the London Stock Exchange’s main market for listed securities. Applications will be made to the FCA for the New Dixons Carphone Shares to be issued pursuant to the Merger to be admitted to the premium listing segment of the Official List and to the London Stock Exchange for the New Dixons Carphone Shares to be admitted to trading on its main market for listed securities. It is expected that Admission will become effective and that dealings in the New Dixons Carphone Shares will commence at 8.00 a.m. on the business day following the Effective Date which, subject to the satisfaction or waiver (if capable of waiver) of certain Conditions, including the sanction of the Scheme by the Court, is expected to occur on 6 August 2014. The New Dixons Carphone Shares will, when issued, rank pari passu in all respects with the Existing Carphone Shares. No application has been made for the New Dixons Carphone Shares to be admitted to listing or dealt with on any other exchange. Investors should only rely on the information contained in this document. No person has been authorised to give any information or make any representations other than those contained in this document and, if given or made, such information or representation must not be relied upon as having been so authorised by Carphone, the Carphone Directors, the Proposed Directors or the Joint Sponsors. No representation or warranty, express or implied, is made by the Joint Sponsors as to the accuracy or completeness of such information, and nothing contained in this document is, or shall be relied upon as, a promise or representation by the Joint Sponsors as to the past, present or future. In particular, the contents of Carphone’s and Dixons’ websites do not form part of this document and investors should not rely on them. Without prejudice to any legal or regulatory obligation on Carphone to publish a supplementary prospectus pursuant to section 87G of the FSMA and Prospectus Rule 3.4, neither the delivery of this document nor Admission shall, under any circumstances, create any implication that there has been no change in the business or affairs of the Combined Group taken as a whole since the date of this document or that the information in it is correct as of any time after the date of this document. Persons who come into possession of this document should inform themselves about and observe any applicable restrictions and legal, exchange control or regulatory requirements in relation to the distribution of this document and the Merger. Any failure to comply with such restrictions or requirements may constitute a violation of the securities laws of any such jurisdiction. The contents of this document should not be construed as legal, business or tax advice. Deutsche Bank AG is authorised under German Banking Law (competent authority: BaFIN – Federal Financial Supervisory Authority). Deutsche Bank AG, London Branch is further authorised in the United Kingdom by the Prudential Regulation Authority and is subject to limited regulation by the FCA and the Prudential Regulation Authority. Deutsche Bank is acting as lead financial adviser and joint sponsor for Carphone and no-one else in connection with the Merger and Admission and will not regard any other person (whether or not a recipient of this document) as its client in relation to the Merger and Admission and will not be responsible to anyone other than Carphone for providing the protections afforded to its clients nor for the giving of advice in relation to the Merger or Admission or any other matter or arrangement referred to in this document. Apart from the responsibilities and liabilities, if any, which may be imposed on Deutsche Bank by the FSMA or the regulatory regime established thereunder, Deutsche Bank accepts no responsibility whatsoever for the contents of this document, including its accuracy, completeness or for any other statement made or purported to be made by it, or on its behalf, in connection with Carphone, the New Dixons Carphone Shares or the Merger. Deutsche Bank, its subsidiaries, branches and affiliates accordingly disclaim all and any duty, liability and responsibility whether arising in tort, contract or otherwise (save as referred to above) in respect of this document or any such statement or otherwise. Nothing in this document excludes, or attempts to exclude, Deutsche Bank’s liability for fraud or fraudulent misrepresentation. UBS Limited, which is authorised in the United Kingdom by the Prudential Regulation Authority and regulated by the FCA and the Prudential Regulation Authority, is acting as joint financial adviser and joint sponsor for Carphone and no-one else in connection with the Merger and Admission and will not regard any other person (whether or not a recipient of this document) as its client in relation to the Merger and Admission and will not be responsible to anyone other than Carphone for providing the protections afforded to its clients nor for the giving of advice in relation to the Merger or Admission or any other matter or arrangement referred to in this document. Apart from the responsibilities and liabilities, if any, which may be imposed on UBS by the FSMA or the regulatory regime established thereunder, UBS accepts no responsibility whatsoever for the contents of this document, including its accuracy, completeness or for any other statement made or purported to be made by it, or on its behalf, in connection with Carphone, the New Dixons Carphone Shares or the Merger. UBS, its subsidiaries, branches and affiliates accordingly disclaim all and any duty, liability and responsibility whether arising in tort, contract or otherwise (save as referred to above) in respect of this document or any such statement or otherwise. Nothing in this document excludes or attempts to exclude, UBS’s liability for fraud or fraudulent misrepresentation. Notice to overseas shareholders General The release, publication or distribution of this document in certain jurisdictions may be restricted by law. Persons who are not resident in the United Kingdom or who are subject to other jurisdictions should inform themselves of, and should observe, any applicable requirements. Any failure to comply with these requirements may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Merger disclaim any responsibility or liability for the violation of such requirements by any person. Unless otherwise determined by Carphone or required by the Code, and permitted by applicable law and regulation, the Merger will not be made, directly or indirectly, in, into or from a jurisdiction where to do so would violate the laws in that jurisdiction and no person may vote in favour of the Merger by any such use, means, instrumentality or form within any jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. Accordingly, copies of this document and all documents relating to the Merger are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in, into or from a jurisdiction where to do so would violate the laws in that jurisdiction, and persons receiving this document and all documents relating to the Merger (including custodians, nominees and trustees) must not mail or otherwise distribute or send them in, into or from such jurisdictions where to do so would violate the laws in that jurisdiction. The availability of the New Dixons Carphone Shares to Dixons Shareholders who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions in which they are 2 c110027pu010 Proof 13: 26.6.14_09:12 B/L Revision: 0 Operator YouG located.
Load more

Recommended publications
  • Strategic Report 2015
    Aviva plc Aviva plc Strategic Report 2015 Strategic Report 2015 Strategic Our33 million customers What’s important and how we help them every step of the way What makes us different? Our strategy in action and the benefits it brings to our customers CUSTOMER FOCUS Read What’s our plan of Anna’s story action? Page 4 How we’re doing – and how we’re going to do better Aviva has thought about Your absolutely Aviva everything Creating a bright and sustainable future for our customers, investors, employees and communities 14.05p Final dividend, a 15% increase £30.7bn Paid out in benefits and claims to our customers in 2015 587,000+ Number of people who have benefited from our corporate responsibility programmes in 2015 320 years Protecting our customers since 1696 29,600 Number of employees worldwide 39% Reduction in our carbon footprint since 2010 Who we are At Aviva, we help our 33 million customers save for the future and manage the risks of everyday life. Our 29,600 people are focused on helping to free our customers from fear of uncertainty Read more on Our businesses pages 30-45 We have businesses across 16 markets in: UK, Europe, Asia and Canada We offer: Life insurance Retirement income, Savings & Pensions, Life cover, Protection General insurance Home, Motor, Travel, Pet and Commercial Accident & health insurance Private Medical Insurance, Accident & Health Asset management Investing for Aviva and external clients 1 Read more on Our performance pages 12-13 Our investment thesis of cash flow plus growth sets out why investors should choose us: £2,665m £1,507m £1,192m Operating profit on Cash remittances up 5%1 Value of new IFRS basis up 20%1,2 business up 19%1 94.6% 50.0% Combined operating Operating expense ratio ratio improved by 1.1pp improved by 1.1pp1,2 1 2015 numbers include Friends Life from 10 April 2015, the acquisition completion date.
    [Show full text]
  • BEST BUY CO., INC. (Exact Name of Registrant As Specified in Its Charter)
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________ FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 1, 2014 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-9595 ________________________________ BEST BUY CO., INC. (Exact name of registrant as specified in its charter) Minnesota 41-0907483 State or other jurisdiction of (I.R.S. Employer incorporation or organization Identification No.) 7601 Penn Avenue South 55423 Richfield, Minnesota (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code 612-291-1000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, par value $.10 per share New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None ____________________________________________________________________________ Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. x Yes o No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. o Yes x No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • Ben Terry Location Planning Manager -- More Than Just Shops
    Ben Terry Location Planning Manager -- more than just shops Dixons Carphone plc is Europe’s leading specialist electrical and telecommunications retailer and services company, employing over 42,000 people in twelve countries Shop keepers? Have to be more than Shop Keepers Increasingly complexity and cost Retail supply chains Diversity of goods and how customers want them Store Reserve & Store Same day Online Installed setup collect ✓ ✓ ✓ ✓ ✗ ✓ ✓ ✓ ✓ ✓ ✗ ✓ ✓ Some ✓ ✓ Some ✓ ✓ Some ✓ ✗ ✓ ✓ How we currently do things - Newark o Centre of our UK&I Operations o Serves all UK&I Brands o Over 1.5m sq. ft. with max 4000 colleagues on site o Home Fulfillment Centre via CSC’s o Branch Fulfillment Centre o Small Products Warehouse o Customer Repair Centre Building 1 Overview Building 1 Building 1 o HFC (Home Fulfilment Centre); 440,000 sq. ft. in Chambers 2 and 3, a small portion of which is also utilised by Newark CSC. o Reverse Logistics (Returns) and Spares; 220,000 Chamber 1 Chamber 2 Chamber 3 sq. ft. on the ground floor of Chamber 1 o Customer Repair Centre; 184,000 sq. ft. on the mezzanine in Chamber 1. How we currently do things - CSCs o 22 Customer Service Centres o 5m+ home visits per year o 250 Specialist Engineers o +250,000 white goods repair in home o 7am to 9pm delivery slots o Enhanced Service Capability o Detailed Property Requirements Repair; Service; Install; Upgrade; Membership Ben Terry - Introduction Career History: 15 years experience in site location / retail analysis GeoBusiness Solutions – retail & leisure consultancy PinPoint
    [Show full text]
  • Appointment of Group Finance Director
    27 March 2018 Embargoed until 7.00am Appointment of Group Finance Director Dixons Carphone plc (the "Company") announces the appointment of Jonny Mason to its Board as Group Finance Director, with effect from a date to be confirmed. Jonny has been Chief Financial Officer of Halfords plc since 2015 and was Interim Chief Executive Officer between September 2017 and January 2018. Prior to that Jonny was CFO of Scandi Standard AB, a Scandinavian company which successfully listed in Stockholm in June 2014. Jonny’s early career included CFO at Odeon and UCI Cinemas, Finance Director of Sainsbury’s Supermarkets and finance roles at Shell and Hanson plc. Ian Livingston, Chairman of Dixons Carphone, said: “The Board and I are very pleased to welcome Jonny Mason to the Group. Together with Alex Baldock, we now have a great new team to lead Dixons Carphone.” Alex Baldock, incoming Chief Executive Officer of Dixons Carphone, said: “I am delighted to have Jonny by my side. He has an outstanding track record and brings the experience and qualities we need to take Dixons Carphone into the next phase of its transformation.” Jonny Mason said: “I am thrilled to be joining Dixons Carphone. The business has undergone a tremendous journey over recent years and is well placed to meet customers’ ever growing and complex needs for technology. I have experienced first-hand as a customer the quality of our shops, product and services, from my time living in both the UK and Norway, and I feel proud to join the Group to work with Alex, the Board and our great team of colleagues.” There is no information which is required to be disclosed pursuant to Listing Rule 9.6.13.
    [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]
  • Economic Martyrs and Moralised Others: Mass Media Constructions of Social Class in the ‘Age of Austerity’
    Lee Marsden. Supervisors: Matthias Benzer, Lorna Warren Economic Martyrs and Moralised Others: Mass Media Constructions of Social Class in the ‘Age of Austerity’ Lee Marsden A thesis submitted in partial fulfilment of the requirements for the degree of Doctor of Philosophy The University of Sheffield Department of Sociological Studies Date: 20 September 2020 1 Lee Marsden. Supervisors: Matthias Benzer, Lorna Warren Declaration I, the author, confirm that the Thesis is my own work. I am aware of the University’s Guidance on the Use of Unfair Means (www.sheffield.ac.uk/ssid/unfair-means). This work has not previously been presented for an award at this, or any other, university. 2 Lee Marsden. Supervisors: Matthias Benzer, Lorna Warren “If public attitudes are informed by inaccurate, ideological and stigmatising representations of the poor, then policies preferred by the public (and political elites) are unlikely to seek to tackle the structural causes of inequality [...] In essence, this works to ensure that the working / underclass are positioned in a top-down society created for them, and they are expected to involve themselves in that society under those prearranged social constructs” (Power, 2011 p3). “For a long time the quarry was full of snowdrifts and nothing could be done. Some progress was made in the dry frosty weather that followed, but it was cruel work, and the animals could not feel so hopeful about it as they had felt before. They were always cold, and usually hungry as well. Only Boxer and Clover never lost heart. Squealer made excellent speeches on the joy of service and the dignity of labour, but the other animals found more inspiration in Boxer's strength and his never-failing cry of "I will work harder!” (George Orwell: Animal farm, 1945 p80) 3 Lee Marsden.
    [Show full text]
  • Mintel Reports Brochure
    Electrical Goods Retailing - UK - February 2018 The above prices are correct at the time of publication, but are subject to Report Price: £1995.00 | $2693.85 | €2245.17 change due to currency fluctuations. “Spending on electricals held up well in 2017 despite increased pressure on consumers’ finances. However, it was again the non-specialists that were the driver, particularly those with a strong presence online as spending increasingly moves to online channels.” – Nick Carroll, Senior Retail Analyst This report looks at the following areas: BUY THIS Demand is equally being driven by high levels of promotional activity, which whilst successful in driving REPORT NOW short-term sales has the potential in the long run to undermine the pricing integrity of those within the sector. VISIT: • Discounting: friend or foe? store.mintel.com • How can retailers continue to grow if discretionary spending falls? • How can specialists best utilise their expertise in a digital world? CALL: EMEA +44 (0) 20 7606 4533 Brazil 0800 095 9094 Americas +1 (312) 943 5250 China +86 (21) 6032 7300 APAC +61 (0) 2 8284 8100 EMAIL: [email protected] This report is part of a series of reports, produced to provide you with a DID YOU KNOW? more holistic view of this market reports.mintel.com © 2018 Mintel Group Ltd. All Rights Reserved. Confidential to Mintel. Electrical Goods Retailing - UK - February 2018 The above prices are correct at the time of publication, but are subject to Report Price: £1995.00 | $2693.85 | €2245.17 change due to currency fluctuations. Table of Contents Overview What you need to know Products covered in this Report Executive Summary The market Real incomes feeling the squeeze Figure 1: Real wage growth: wages growth vs inflation, January 2014-December 2017 Spending on electricals accelerates in 2017 Figure 2: Consumer spending on all electrical products: market size and forecast (including VAT), 2012-22 Specialists continue to lose share Figure 3: Electrical goods specialists as a % of all consumer spending on electrical goods (incl.
    [Show full text]
  • ICO Issues Monetary Penalty Notice Under DPR 1998
    ICO Issues Monetary Penalty Notice under DPR 1998 Released : 09 Jan 2020 RNS Number : 2698Z Dixons Carphone PLC 09 January 2020 Information Commissioner's Office issues Monetary Penalty Notice under Data Protection Act 1998 DSG Retail Limited, a subsidiary of Dixons Carphone plc, has today received a Monetary Penalty Notice from the UK Information Commissioner's Office (ICO) in relation to the historic unauthorised access of customer data previously announced on 13 June 2018 and 31 July 2018. The ICO has imposed a fine of £500,000 under the Data Protection Act 1998. Dixons Carphone Chief Executive, Alex Baldock, said: "We are very sorry for any inconvenience this historic incident caused to our customers. When we found the unauthorised access to data, we promptly launched an investigation, added extra security measures and contained the incident. We duly notified regulators and the police and communicated with all our customers. We have no confirmed evidence of any customers suffering fraud or financial loss as a result. We have upgraded our detection and response capabilities and, as the ICO acknowledges, we have made significant investment in our Information Security systems and processes. We are disappointed in some of the ICO's key findings which we have previously challenged and continue to dispute. We're studying their conclusions in detail and considering our grounds for appeal." Next announcement The Group will publish its Peak Trading Statement on Tuesday 21 January 2020. For further informa on Assad Malic Group Strategy & Corporate Affairs Director +44 (0)7414 191044 Dan Homan Head of Investor Relations +44 (0)7400 401442 Amy Shields Head of External Communications +44 (0)7588 201442 Tim Danaher Brunswick Group +44 (0)207 404 5959 Information on Dixons Carphone plc is available at www.dixonscarphone.com Follow us on Twi er: @dixonscarphone About Dixons Carphone Dixons Carphone plc is a leading mul channel retailer of technology products and services, opera ng 1,500 stores and 16 websites in eight countries.
    [Show full text]
  • INTERNET RETAILING in DENMARK 11 Jan 2012 HEADLINES
    INTERNET RETAILING IN DENMARK 11 Jan 2012 HEADLINES Internet retailing grows by 14% in current value terms to reach DKK16 billion in 2011 Convenience, accessibility and lower prices are the key reasons behind internet sales growth in 2011 Internet retailing is a very fragmented channel with the leader Bestseller A/S holding a 6% value share Internet retailing is expected to record a 10% constant value CAGR over the forecast period COMPETITIVE LANDSCAPE Internet retailing is a very fragmented market area in Denmark. The leading player, Bestseller A/S, only held a 6% current value share in 2011. The 68% share held by “others” is accounted for by a large number of small operators. Bestseller A/S is a trusted “bricks-and-clicks” retailer and is skilled and experienced in providing an excellent online shopping experience for consumers. The other leading operators such as Apple, Coop NETtorvet, Elgiganten and H&M were originally store-based operators and are thus online with well-known and trusted brands, and large price-competitive product offers. This creates greater consumer trust as the brands are known beforehand. All of the leading operators rely on strong retail and product brand names, as well as wide product offers. Elbodan, Apple and Dell offered competitive prices on consumer electronics and domestic electrical appliances. In addition, Apple also recorded strong growth in sales of digital music. Bestseller, Hennes & Mauritz (H&M) and Ellos targeted the dynamic growth trend in clothing and footwear internet retailing. © Euromonitor
    [Show full text]
  • Distributed Tuning of Boundary Resources: the Case of Apple's Ios Service System
    Ben Eaton, Silvia Elaluf-Calderwood, Carsten Sørensen and Youngjin Yoo Distributed tuning of boundary resources: the case of Apple's iOS service system Article (Published version) (Refereed) Original citation: Eaton, Ben, Elaluf-Calderwood, Silvia, Sorensen, Carsten and Yoo, Youngjin (2015) Distributed tuning of boundary resources: the case of Apple's iOS service system. MIS Quarterly, 39 (1). pp. 217-243. ISSN 0276-7783 Reuse of this item is permitted through licensing under the Creative Commons: © 2015 The Authors CC-BY This version available at: http://eprints.lse.ac.uk/63272/ Available in LSE Research Online: August 2015 LSE has developed LSE Research Online so that users may access research output of the School. Copyright © and Moral Rights for the papers on this site are retained by the individual authors and/or other copyright owners. You may freely distribute the URL (http://eprints.lse.ac.uk) of the LSE Research Online website. SPECIAL ISSUE: SERVICE INNOVATION IN THE DIGITAL AGE DISTRIBUTED TUNING OF BOUNDARY RESOURCES: THE CASE OF APPLE’S IOS SERVICE SYSTEM1 Ben Eaton Department of IT Management, Copenhagen Business School, Copenhagen, DENMARK {[email protected]} Silvia Elaluf-Calderwood and Carsten Sørensen Department of Management, The London School of Economics and Political Science, London, GREAT BRITAIN {[email protected]} {[email protected]} Youngjin Yoo Fox School of Business, Temple University, Philadelphia, PA 19140 UNITED STATES {[email protected]} The digital age has seen the rise of service systems involving highly distributed, heterogeneous, and resource- integrating actors whose relationships are governed by shared institutional logics, standards, and digital technology.
    [Show full text]
  • Dixons Retail Plc a Year of Strong Performance
    PR 06/14 7.00am, Thursday, 26 June 2014 DIXONS RETAIL PLC A YEAR OF STRONG PERFORMANCE Dixons Retail plc, one of Europe’s leading specialist multi-channel electrical retail and services companies, today announces preliminary audited results for the financial year ended 30 April 2014. Key highlights Group underlying profit before tax increased by 76% to £166.2 million versus £94.5 million reported last year and up 10% on a restated basis (1), (2). – Further strong progress in the UK & Ireland with underlying operating profits up 24%(1) – Elkjøp delivered another strong year with record sales – Greece delivered an improved performance with some signs of stability returning to the market Another successful year for the Group, delivering on its key objectives: – Firm establishment of a sustainable business in a multi-channel world – Disposals of all non-core operations, leaving the Group with leading positions in all our core markets Proposed merger with Carphone Warehouse announced to develop a leading position across electricals, mobiles and connectivity. – European Commission has confirmed that it has unconditionally cleared the proposed merger Group online sales increased by 16% to £1 billion. Customer service metrics at their highest ever recorded levels in all markets. Return on capital employed of 16.3%, up from 14.9% in the prior year. Group costs reduced by a further £45 million completing the two year £90 million cost reduction initiative. Very strong cash generation with the Group ending the year with net cash increasing to £70.9 million. Financial highlights Total underlying Group sales up 3% at £7.22 billion (2012/13 £7.03 billion) (1).
    [Show full text]
  • Chief Executive's Review Group Turnover for the 52 Weeks Ended 27
    Chief Executive’s review Group turnover for the 52 weeks ended 27 April 2002 increased by 5 per cent to £4,888 million (2000/01 £4,643 million excluding Freeserve). Like for like sales were unchanged across the Group in challenging markets. Group profit before tax and exceptional The Group continued to grow market telecoms solutions provider for the items increased by 7 per cent to £297.2 share, showing particularly strong gains business to business market. million (2000/01 £277.8 million before in widescreen televisions, large domestic taxation, exceptional items and Freeserve). appliances, games, personal computers International and PC related products. The International Retail division achieved UK Retail an operating profit of £15.2 million UK Retail division operating profit before The product cycle is a major determinant (£22.3 million) on sales ahead 14 per cent exceptional items was £253.6 million of sales growth. New products have at £688 million (£602 million). (£244.8 million), an increase of 4 per cent. driven sales even during the recessions Total UK Retail sales were £4,122 million of the early 1980s and 1990s. Looking Our expansion into Continental (£3,979 million), a 4 per cent increase ahead, the product outlook appears Europe continued, with investments year on year and unchanged like for like. positive with new technologies coming in eight markets. The Group now has onto the market, from large flat screen retail operations in 11 countries. Although Currys and PC World made televisions to wireless home networks, As anticipated, start-up losses were strong contributions to the divisional and the potential for a recovery in the incurred in new businesses in France, performance, these were largely personal computer market.
    [Show full text]