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News Release NEWS RELEASE FULL YEAR RESULTS 23 June 2011 Strictly embargoed For release at 07.00 hours Dixons Retail plc Robust performance in challenging markets Dixons Retail plc, one of Europe’s largest specialist electrical retailing and services companies, today announces preliminary audited results for the 52 weeks ended 30 April 2011. Key Highlights Margins and underlying profit before tax, at £85.3 million, maintained in challenging market conditions. Investment in the customer offer through the Renewal & Transformation plan is delivering. Increasing market share across most markets and sectors, particularly in the UK and Nordics. Step change to the customer focused business model, differentiating the offer for customers. Further benefits to come through rolling out refurbished and megastore formats, the transformation of the services offer through KNOWHOW, upgraded websites and a leaner operating model. John Browett, Chief Executive, commented: “Maintaining sales, margin and profits is a good performance in such challenging conditions. We are consistently outperforming our markets and gaining share because our Renewal and Transformation Plan continues to deliver a better and more compelling experience for customers. The store refit programme is progressing well and our relentless focus on customers’ needs is reinforced through our services brand KNOWHOW which gives us a differentiated offer. Self-help has put our business on firm foundations and in a strong position for when we emerge from the current weak consumer environment.” Outlook The economic backdrop remains challenging, particularly in the first half as we anniversary the World Cup and iPad launch. However the Group is well prepared for this environment. We are creating a market leading differentiated customer offer leaving us well set to emerge from the current climate ahead of the competition. Dixons Retail plc. Registered in England No. 3847921. Registered Office: Maylands Avenue, Hemel Hempstead, Hertfordshire HP2 7TG. Group media office, Telephone: +44 (0)845 609 0805 Fax: +44 (0)1727 202 688 Website: www.dixonsretail.com. All news releases are issued on a check against delivery basis and any portion of a statement not actually delivered should be regarded as private and confidential.Page 1 of 36 6851_Dixons_Retail_News_Release_1 1 23/5/11 16:28:47 Financial Highlights Total Underlying Group sales(1) (2) down 2% to £8,154.4 million (2009/10 £8,320.0 million) and down 1% on a constant currency basis. Total Group sales, including those from businesses to be closed and closed businesses, were £8,341.8 million (2009/10 £8,532.5 million). Group like for like sales(3) down 4% in the second half and down 2% in the full year. Underlying Group gross margins were flat in the second half of the year and up 0.1% in the full year. Underlying Group EBIT(4) of £127.6 million (2009/10 £133.2 million). Underlying pre-tax profit(1) of £85.3 million (2009/10 £90.9 million). Underlying diluted earnings per share(1) of 1.6 pence (2009/10(5) 1.5 pence). Basic loss per share for continuing operations of (6.6) pence (2009/10 earnings per share of 2.0 pence). Total loss before tax, after deducting non-underlying items of £(309.4) million, was £(224.1) million (2009/10 profit before tax of £112.7 million). Free Cash Flow(6) of £38.9 million before restructuring charges (2009/10 £28.1 million). As at 30 April 2011 the Group had net debt of £(206.8) million (2009/10 £(220.6) million). Rephased debt profile following issue of new 2015 Bonds and part repurchase of existing 2012 Bonds in July 2010. Impairment and restructuring Recognising challenging conditions in some of our markets, and the ongoing business restructuring under the Renewal and Transformation plan, we have reviewed the balance sheet and made impairment and other non underlying charges totalling £309.4 million. The additional cash impact of these charges is estimated as £39 million, of which approximately £8 million was incurred in 2010/11. The impairments primarily relate to the closure of operations in Spain (£70.6 million), the impairment of acquired goodwill in relation to Kotsovolos in Greece (£53.2 million) and PIXmania (£106.3 million). Business Highlights Renewal and Transformation plan delivering a market leading offer for customers. Store transformation programme on track: 360 stores reformatted at the year end; 70 Megastores now open with average annual sales of £20 million; Over 80 Megastores across the Group, including 40 in the UK and 25 in the Nordics will have been reformatted by Peak; Newly reformatted stores continue to deliver gross profit uplifts of 20% versus the unreformatted stores in the UK and 15% in the Nordics; Second year trading for reformatted stores maintained. Elkjøp performed strongly in all of its markets, gaining significant market share. New customer services brand KNOWHOW launched in the UK encompassing all after sales and support services. Page 2 of 36 Multichannel internet sales up 13% across the Group, reflecting the continued shift of sales to the multichannel brands. Closure of loss making PC City operations in Spain ahead of plan. Cost savings on track: £50 million savings delivered in the financial year; £50 million of additional cost savings expected in each of the next three years. UNDERLYING SALES AND PROFIT ANALYSIS Underlying sales Underlying profit / (loss) 52 weeks 52 weeks 52 weeks Currency ended 52 weeks ended ended Neutral (7) Like for 30 April ended 30 April 2011 1 May 2010 % change like(3) 2011 1 May 2010 £million £million % change £million £million UK & Ireland (8) 3,816.1 4,013.5 (5)% (3)% 71.3 71.1 Nordics (9) 2,268.9 2,093.7 +7% +5% 105.6 97.4 Other International (10) 1,226.7 1,291.6 (2)% (5)% (21.6) (8.3) Pure play e-commerce (11) 842.7 921.2 (5)% (5)% 0.9 11.3 Central Costs - - (15.8) (19.5) Total Group Retail 8,154.4 8,320.0 (1)% (2)% 140.4 152.0 Property losses (12.8) (18.8) EBIT 127.6 133.2 Underlying net finance costs (42.3) (42.3) Group underlying profit before tax 85.3 90.9 Page 3 of 36 Notes (1) Throughout this statement, references are made to ‘underlying’ performance measures. Underlying results are defined as excluding trading results from businesses to be closed, closed businesses, the amortisation of acquired intangibles, net restructuring and business impairment charges and other one off non-recurring items, profit on sale of investments, net fair value remeasurements of financial instruments and, where applicable, discontinued operations. 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 note 3 to the financial information. (2) Business to be closed comprises PC City Spain. Closed businesses comprise the operations of PC City Sweden and Markantalo in Finland. Discontinued operations comprise operations in Poland and Hungary. (3) Like for like sales are calculated based on stores that have been open for a full financial year both at the beginning and end of the financial period and are calculated using constant exchange rates. Customer support agreement sales are excluded from all UK like for like calculations. Operations that are subject to closure have sales excluded as of the announcement date. Stores subject to a refurbishment are excluded during the period of refurbishment. All e- commerce pick up store sales are included in like for like sales. (4) Underlying Earnings Before Interest and Tax (EBIT) equates to underlying operating profit and is defined as underlying earnings from retail operations, after property losses, before deduction of net finance costs and tax. (5) The weighted average number of shares used in the calculation of earnings per share for the period prior to the rights issue, which completed on 9 June 2009, has been multiplied by an adjustment factor to reflect the bonus element of the shares issued under the terms of the rights issue (as described in note 6 to the financial information). The adjustment factor used was 1.2138. (6) 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. (7) Currency neutral change percentage reflects the year on year growth or decline in Underlying Sales, calculated excluding the effect of currency movements. (8) UK & Ireland comprises Currys, CurrysDigital, Dixons Travel, PC World, operations in Ireland, DSGi Business and KNOWHOW. Like for like sales exclude DSGi Business. (9) Nordics comprises the Elkjøp group and Dixons Travel Denmark. (10) Other International comprises Greece (Kotsovolos), Italy (Unieuro, combined 2-in-1 Unieuro and PC City stores and Dixons Travel Italy), Czech Republic (ElectroWorld), Slovakia (ElectroWorld) and Turkey (ElectroWorld). (11) Pure play e-commerce division comprises Dixons.co.uk and PIXmania. (12) Unless otherwise noted, throughout this statement figures relate to continuing operations, excluding the results of business to be closed / closed businesses. Total revenue including discontinued operations and business to be closed / closed businesses was £8,341.8 million (2009/10 £8,543.4 million). (13) 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
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