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Dixons Retail plc Retail Dixons Ann ual Report and Accounts 2011/12 Accounts and Report ual Dixons Retail plc Annual Report and Accounts 2011/12 Dixons Retail plc Maylands Avenue Hemel Hempstead Hertfordshire HP2 7TG United Kingdom Tel: 0844 800 2030 www.dixonsretail.com About us Dixons Retail plc is a specialist electrical retailer and services company which sells consumer electronics, personal computers, domestic appliances, photographic equipment, communication products and related services. We are one of Europe’s leading specialist electrical retailing groups. We trade through over 1,200 stores and online, spanning 28 countries and we employ 36,500 people. Scan here to download our Investor Relations app onto your iPad or iPhone Cautionary statement Designed and produced by MerchantCantos: www.merchantcantos.com Certain statements in this Annual Report and Accounts are forward looking statements. Such statements are based on Photography: current expectations and are subject to a number of risks and Dixons Retail plc Digital studio uncertainties that could cause actual results to differ materially from any expected future events or results referred to in these Dennis Davis: Dennis Davis Photography forward looking statements. Unless otherwise required by Isaac Newman: www.isaac.uk.com applicable laws, regulations or accounting standards, we do ® not undertake any obligation to update or revise any forward Printed by Park Communications on FSC certified paper. Park is an EMAS looking statements, whether as a result of new information, certified CarbonNeutral® Company and its Environmental Management System future developments or otherwise. Nothing in this Annual is certified to ISO14001. 100% of the inks used are vegetable oil based, 95% of Report and Accounts should be regarded as a profit forecast. press chemicals are recycled for further use and, on average, 99% of any waste associated with this production will be recycled. Read the Annual Report and much more at This document is printed on Revive 50:50 Silk and Revive 100 Offset, papers containing a minimum of 50% recycled fibre and the balance 50% virgin fibre www.dixonsretail.com sourced from well managed, sustainable, FSC® certified forests. Contents FOCUS CHOICE 12 14 EXPERTISE RELIABILITY 16 18 Directors’ report and business review Financial Statements Business Overview Performance Review 68 Independent Auditor’s Report 69 Consolidated Income Statement 02 Delivering transformation and renewal 31 Overview 70 Consolidated Statement of 04 Group at a Glance 33 UK & Ireland Comprehensive Income and Expense 06 Chairman’s Statement and 34 Northern Europe 71 Consolidated Balance Sheet Financial Highlights 35 Southern Europe 72 Consolidated Cash Flow Statement 08 Interview with the Group Chief Executive 36 PIXmania 73 Consolidated Statement of Changes 37 Group Financial Summary in Equity Strategic Summary 40 Corporate Responsibility Report 74 Notes to the Consolidated Financial Statements 11 The customer experience 120 Company Balance Sheet 12 FOCUS Corporate Governance 121 Company Cash Flow Statement 14 CHOICE 44 Board of Directors 122 Company Statement of Changes in 16 EXPERTISE 46 Chairman’s Introduction Equity 18 RELIABILITY 47 Statutory Information 123 Notes to the Company Financial Statements 20 Our Markets 49 Corporate Governance Report 21 Business Model and Strategy 52 Audit Committee Report 24 Resources 54 Nominations Committee Report 26 Looking Forward 56 Remuneration Report Shareholder Information 27 Key Performance Indicators 67 Directors’ Responsibilities 132 Five Year Record 28 Principal Risks to Achieving the 134 Shareholder Information Group’s Objectives 135 Index Annual Report and Accounts 2011/12 Dixons Retail plc 01 Directors’ Report Business Overview Delivering transformation and renewal £8.2bn total Group sales No.1 36,500 selling product of the year in the UK was the iPad2 colleagues employed across the Group 97 m GB of data equating to 155,000 Knowhow™ Clouds have been purchased by customers to protect their photos, music and documents 128,252 tonnes of WEEE collected and recycled in UK & Ireland and Nordics Annual Report and Accounts 2011/12 Dixons Retail plc Business Overview Business 1,211 stores and online operations spanning 28 countries 7 own brands: Currys and PC World essentials, Logik, Goji, Advent, Sandstrøm and iWantit 97 % right first time deliveries increased from 88% to 97% Annual Report and Accounts 2011/12 Dixons Retail plc 03 Directors’ Report Business Overview Group at a Glance We are a leading European electrical retailing and services company UK & Ireland Northern Europe For more information For more information please turn to page: 33 please turn to page: 34 www.currys.co.uk www.pcworld.co.uk www.elkjøp.no www.dixons.co.uk www.elgiganten.se www.knowhow.co.uk www.elgiganten.dk www.equanet.co.uk www.gigantti.fi www.currys.ie www.lefdal.com www.pcworld.ie www.electroworld.cz Our brands Our brands Currys and PC World are the largest specialist Elkjøp is the leading specialist electrical retailer electrical retailing and services operators in the across the Nordics. UK and Ireland. Elkjøp and Lefdal stores operate in Norway, Knowhow™ is our market leading services brand El Giganten in Sweden and Denmark and Gigantti which puts customers at the heart of everything we do. in Finland. Dixons Travel operates in all major UK airports as In the Czech Republic and Slovakia, we operate well as Dublin, Copenhagen, Rome and Milan. under the Electroworld brand. DSGi Business provides computing products and services to business to business customers. Highlights Highlights We are well positioned to continue to deliver world-class value, choice The Nordic management team continues to drive the Elkjøp business and service to our customers as we execute the Customer Plan. Stores forward, retaining market leader status and growing share across the are being refitted so customers can enjoy the best of both Currys and Nordics. The division continues to perform well as more stores are PC World formats under one roof. extended or refitted and Superstores are refurbished to the new We are improving the Customer Journey for each category to help Group format. customers purchase the right product with the right solution for their needs. First class customer service, a cost effective supply chain structure, strong Our multi-channel offering provides customers with the convenience of retail sites in all countries and great relationships with suppliers delivers an online together with the accessibility of stores, particularly through the excellent shopping trip for Elkjøp customers. reserve&collect facility, and grew 28% during the year. During the year, Elkjøp delivered a strong performance across all four Under the Knowhow™ brand, we offer the most comprehensive range countries with total sales up 10% with a particularly strong performance of services to customers such as delivery and installation, set-up, Cloud in Denmark. back-up and Knowhow™ Movies. The Electroworld operations in the Czech Republic and Slovakia are now Dixons Travel stores deliver a wide range of products aimed at the managed alongside the Nordic operations to benefit from the successful travelling customer. Nordic business model. An agreement was signed with Harrods to sell leading edge electrical products as well as Knowhow™ services from their iconic London store. Underlying sales Number of stores Selling space Underlying sales Number of stores Selling space (£million) (‘000 sq ft) (£million) (‘000 sq ft) 3,834 587 7,978 2,628 315 5,038 Average selling Average employees Average selling Average employees area per store (sq ft) area per store (sq ft) 13,591 20,851 15,994 8,748 04 Dixons Retail plc Annual Report and Accounts 2011/12 Annual Report and Accounts 2011/12 Dixons Retail plc 05 Business Overview Business Underlying sales by division 4. 1. 1. UK & Ireland £3,834m 3. 2. Northern Europe £2,628m 3. Southern Europe £1,060m 4. PIXmania £665m 2. Southern PIXmania For more information Europe please turn to page: 36 For more information please turn to page: 35 www.kotsovolos.gr www.unieuro.it www.electroworld.gr www.electroworld.com.tr www.pixmania.com Our brands Our brands Kotsovolos is Greece’s leading specialist PIXmania is one of the largest pure play electrical electrical retailer. retailers in Europe operating in 26 countries. In Italy, we operate Unieuro electrical stores with some as combined 2-in-1 Unieuro and PC City stores. In Turkey, we operate the Electroworld brand with a local joint venture partner. Highlights Highlights Despite the economic instability across Southern Europe, Unieuro’s PIXmania has experienced a difficult year with a number of factors impacting customer offer has improved and the turnaround of the business has enabled performance, some of which could not have been foreseen. The natural Unieuro to trade ahead of its competitors. In the difficult trading environment, disasters in Japan and Thailand severely limited the supply of key product further cost reduction has been identified to strengthen the business. lines in photography and digital storage. A difficult trading environment in Greece remains challenging for Kotsovolos. PIXmania has been transforming its operating model and widening its The business, however, remains the market leader and further actions product categories. PIXplace, its market place, continues to grow strongly to reduce costs in the business have limited the impact of the weak with over 1,500 active third party resellers offering
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