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Dixons Retail Plc Page 1 of 37 PR 16/13 7.00Am PR 16/13 7.00am, Tuesday, 17 December 2013 DIXONS RETAIL PLC ENCOURAGING FIRST HALF EXCELLENT PROGRESS MADE ON STREAMLINING THE GROUP Dixons Retail plc, Europe’s leading specialist multi-channel electrical retailing and services company, today announces Interim results for the 6 months to 31 October 2013. KEY HIGHLIGHTS Encouraging first half with Group like for like sales(3) up 6%. Improved profitability with Underlying Group EBIT(6) up 52% to £48.1 million. - UK & Ireland delivered a strong performance, with underlying operating profits up five-fold to £31.4 million. - Northern Europe continues to perform well in competitive markets, delivering an underlying operating profit of £45.5 million. Good cash generation, achieving net cash of £55.4 million compared to a net debt position of £21.9 million in the first half of last year. Excellent progress made on the strategic goal to focus on our leading market positions: - Completed the disposals of Electroworld operations in Turkey and Unieuro in Italy. - Completion of the disposal of PIXmania expected by the end of December. On track to reduce costs by our targeted £45 million in the current year. Return on Capital Employed(8) in the 12 months to 31 October 2013 has improved to 15.6%, up from the 11.6% reported at 30 April 2013. Sebastian James, Chief Executive commented: “I am pleased to report that we have had a successful first half with customer satisfaction and profitability up considerably year on year. In fact, as a Group we are reporting an underlying profit for the first time in six years. The UK & Ireland, in particular, has performed very well while our Nordic business is more than holding its own in a - somewhat - more competitive market. Our Greek business continues to grow market share against some gusty headwinds. I am very happy that, in the last few months, we have been able to streamline the Group substantially. The transactions that we have announced with PIXmania, Unieuro and Electroworld in Turkey represent a real achievement and will leave Dixons in a leadership position in all of our major markets. Quite apart from removing a significant profit-drag on the business, these changes mean that we can really focus on new and exciting opportunities to do more for our customers and suppliers, and on working more closely to drive tangible benefits from being part of our Group. Dixons Retail plc Page 1 of 37 We remain cautious about the outlook for consumers in our markets; very strong trading this time last year, together with the fact that we have now annualised Comet’s exit makes the second half more challenging. Nevertheless, we have had a great first half and our stores have never looked better - or had better offers for customers.” FINANCIAL HIGHLIGHTS Total Underlying Group sales(1) of £3.43 billion (2012/13(2) £3.20 billion), up 5% on a currency neutral basis. Underlying(1) Group gross margins down 0.6%. Underlying pre-tax profit(1) of £30.2 million (2012/13(2) £14.0 million). - Total profit before tax from continuing operations of £22.7 million (2012/13(2) £0.6 million), after net non-underlying charges of £7.5 million. Underlying diluted earnings per share(1) of 0.5 pence (2012/13(2) 0.2 pence). Basic earnings per share for continuing operations of 0.3 pence (2012/13(2) nil pence). Total loss after tax, including the discontinued operations of Electroworld Turkey, Unieuro and PIXmania, of £83.5 million (2012/13 £101.0 million). 6 months ended 31 October 2013 Underlying Sales Total sales Total sales Like for like Sterling Local currency sales UK & Ireland +7% +7% +9% Northern Europe +8% +4% +3% Nordics & Central Europe Greece (1)% (7)% (14)% Total Underlying Group +7% +5% +6% — Ends — For further information David Lloyd-Seed IR & Corporate Affairs Director, Dixons Retail 01727 205 065 Hannah Collyer Head of Media Relations, Dixons Retail 01727 203 041 Nick Cosgrove / Helen Smith Brunswick Group 020 7404 5959 A live video webcast of the presentation being held this morning will be available from www.dixonsretail.com/webcast at 09:00 (click "Investors", then "Results, Reports & Presentations"). Information on Dixons Retail plc is available at http://www.dixonsretail.com Follow us on Twitter @DixonsRetail Information contained on the Dixons Retail plc website or the Twitter feed does not form part of this announcement and should not be relied on as such. Dixons Retail plc Page 2 of 37 Underlying sales and profit analysis(2) Underlying sales Underlying profit/(loss) 6 months ended 6 months ended Like for 6 months ended 6 months ended 31 October 2013 31 October 2012 like(3) 31 October 2013 31 October 2012 Note £million £million % change % change £million £million UK & Ireland (4) 1,856.4 1,732.8 7% 9% 31.4 6.9 Northern Europe (5) 1,435.4 1,324.9 8% 3% 45.5 48.5 Greece 139.6 141.2 (1)% (14)% (5.8) (4.1) Central costs (7.5) (7.6) Total Group Retail 3,431.4 3,198.9 7% 6% 63.6 43.7 Property losses (15.5) (12.1) EBIT (6) 48.1 31.6 Underlying net finance costs (17.9) (17.6) Group underlying profit before tax 30.2 14.0 Notes (1) Throughout this report, references are made to ‘underlying’ performance measures. Underlying results are defined as excluding trading results from businesses exited (PC City Spain and Equanet), amortisation of acquired intangibles, net restructuring and business impairment charges and other one off non-recurring items, profits / (losses) on sale of investments or businesses, net interest on defined benefit pension schemes, net fair value remeasurements of financial instruments and, where applicable, discontinued operations (Electroworld Turkey, Unieuro and PIXmania). These excluded items are described as ‘non-underlying’. The financial effect of these items is shown in the analyses on the face of the income statement and in notes 3 and 8 to the financial information. (2) Historically, the Group has prepared its financial statements to the Saturday closest to its accounting reference date of 30 April, meaning that financial years have comprised 13 four week financial periods. This has resulted in the interim financial statements historically being drawn up for 24 weeks ended in mid October. Commencing 30 April 2013, the Group now draws up its accounts for years ending on 30 April comprising twelve calendar monthly periods and accordingly, the Group’s interim period now ends on 31 October. As a result, financial information for the 6 months ended 31 October 2012 has been presented for the first time as a comparative. (3) Like for like sales are calculated based on underlying store and internet sales using constant exchange rates. New stores are included where they have been open for a full financial year both at the beginning and end of the financial period. Closed stores are excluded for any period of closure. Customer support agreement sales are excluded from all UK like for like calculations. (4) UK & Ireland comprises Currys, PC World, CurrysDigital, Dixons Travel, Harrods concession, operations in Ireland, PC World Business and KNOWHOW. (5) Northern Europe comprises the Elkjøp group and Electroworld in the Czech Republic and Slovakia. (6) Earnings Before Interest and Tax (EBIT) equates to underlying operating profit and is defined as underlying earnings from continuing retail operations, after property losses, before deduction of net finance costs and tax. (7) Free Cash Flow relates to continuing operations and comprises net cash flow from operating activities before special pension contributions, less net finance costs, less income tax paid and net capital expenditure. (8) The Group calculates ROCE on a pre tax and lease adjusted basis. The return is based on underlying operating profit, adjusted to add back the estimated interest component associated with capitalising operating lease costs. Capital employed is based on net assets including capitalised leases, but excluding goodwill, cash, tax and the defined benefit pension obligations. The calculation is performed on a moving annual total in order to best match the return on assets in a year with the assets in use during the year to generate the return . (9) Unless otherwise noted, throughout this statement figures relate to continuing operations. Discontinued operations comprise Electroworld Turkey, Unieuro and PIXmania. Total revenue including discontinued operations was £3,892.1 million (2012/13 £3,819.7 million). (10) Certain statements made in this announcement 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 referred to in these forward looking statements. Unless otherwise required by applicable laws, regulations or accounting standards, we do not undertake any obligation to update or revise any forward looking statements, whether as a result of new information, future developments or otherwise. Dixons Retail plc Page 3 of 37 Strategic Priorities 1) Deliver a sustainable business model in a multi-channel world We believe that we have created a sustainable business model for a multi-channel world by focusing on what our customers, and suppliers, want. Customers tell us that, as well as great value, they want advice on technology and to experience products to ensure they choose the right one. Suppliers want customers to experience their products, particularly their latest innovations. We are very well placed to meet the needs of both, to create an exciting and engaging shopping trip for customers. In building this sustainable model we have achieved the following: i. We monitor over 20,000 products daily to ensure that we offer very competitive prices every day.
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