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Kingfisher Annual Report and Accounts 2006/07

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Kingfisher Annual Report and Accounts 2006/07 Annual Report and Accounts 2006/07 International retail local detail WorldReginfo - fa9f81ec-af44-4d5d-9962-f22fd7998484 Kingfisher plc Kingfisher is building a strong, international home improvement business to provide shareholders with sustainable, long-term growth and returns. Kingfisher is the leading home improvement retailer in Europe and Asia, and the third largest in the world. Kingfisher operates over 700 stores in 11 countries, with leading market positions in the UK, France, Poland, Italy, Turkey, China and Taiwan, as well as developing businesses in another four countries. Contents 2 Strategy at a glance 36 Directors’ report 4 Chairman’s statement 38 Directors’ responsibility statement 6 Chief Executive’s review 39 Corporate Governance report 8 Markets 43 Remuneration report 10 Customers 52 Audit Committee report 11 Stores 52 Nomination Committee report 12 People 53 Consolidated income statement Dow Jones 14 Suppliers and Kingfisher 54 Consolidated statement of Sustainability Indexes 16 Innovation recognised income and expense Member 2006/07 18 Corporate responsibility 55 Consolidated balance sheet 56 Consolidated cash flow statement Kingfisher is included in two Operating review socially responsible indices, 20 UK 57 Notes to the consolidated the FTSE4Good and Dow 24 France financial statements Jones Sustainability Indexes. 26 Rest of Europe 90 Independent auditors’ report 28 Asia 91 Company balance sheet 30 Financial review 92 Notes to the Company financial statements 32 Risks 102 Independent auditors’ report 34 Board of Directors and Senior management 103 Kingfisher plc Five year history 104 Shareholder information WorldReginfo - fa9f81ec-af44-4d5d-9962-f22fd7998484 Kingfisher plc Annual Report and Accounts 2006/07 1 Market Brands Stores Selling space Employees* position (000s sq m) (full-time equivalent) UK No.1 324 2,315 26,273 49% of retail sales 38 4 2,033 See page 20 4 15 179 France No.1 98 959 11,943 34% of retail sales 81 434 5,641 See page 24 Rest of Poland No.1 34 287 6,085 Europe 12% of 1471 retail sales See page 26 Italy No.2 27 171 2,043 Turkey No.1 10 55 1,139 Ireland 7 46 494 Spain 10 51 557 Russia 3 27 773 Strategic alliance. A 21% interest in Hornbach, Germany which operates over 120 stores in Germany and seven neighbouring countries. Asia China No.1 58 553 10,675 5% of retail sales Taiwan No.1 21 97 1,841 See page 28 South Korea 2 12 182 *All figures as at 3 February 2007 Total 718 5,030 69,929 WorldReginfo - fa9f81ec-af44-4d5d-9962-f22fd7998484 2 Kingfisher plc Annual Report and Accounts 2006/07 Strategy at a glance Four strategic priorities Strengthening B&Q and Castorama’s leadership positions in the UK and France, mainly by improving sales, margin and cost productivity in existing stores. Expanding proven growth businesses, with significant scope to expand their store network and grow market share. Establishing new opportunities for growth. Capitalising on key competitive advantages: buying scale and international diversity. WorldReginfo - fa9f81ec-af44-4d5d-9962-f22fd7998484 Kingfisher plc Annual Report and Accounts 2006/07 3 Progress in 2006/07 B&Q UK and Castorama France two new stores and nine revamped stores were B&Q UK made progress with its four operational trading in the new format. B&Q plans to convert drivers – price competitiveness, customer service, all the remaining large stores to this format over new products and store environment. A key the next four years, with a further 25 conversions development in the year was the successful trial planned for 2007/08 (see pages 20 to 23 for of a new large-store format which will form the more details). blueprint for revamping all of B&Q’s 115 large In France, Castorama continued its revitalisation stores. With new customer service initiatives and programme with two new store openings and new ranges also performing well, management a further seven stores converted to the new format. remains confident that an eventual 25% Castorama now trades from 98 stores and it will improvement in sales productivity from existing continue its programme of revamping or relocating larger stores is achievable. By the end of the year, its remaining 65 older stores over the coming years. Brico Dépôt France, Castorama Poland and productivity. In the UK, Screwfix Direct opened 31 Italy, B&Q China, Taiwan and Ireland and new trade counter stores, taking the total to 38. Screwfix Direct in the UK Castorama Poland continued to grow strongly To support continued expansion, £182 million, 40% and the first trial Brico Dépôt store was opened in of Kingfisher’s total capital investment for the year, Warsaw to target trade professionals. Castorama was invested in these businesses. Fifty-six new Italy and B&Q Ireland achieved strong growth. stores were opened in the year taking the total in In China, B&Q completed the integration of the this category to nearly 270, with a similar number OBI stores acquired in 2005 and returned to planned to open in 2007/08. profitability. With 58 stores B&Q China has In France, Brico Dépôt added 10 new stores consolidated its position as market leader. B&Q taking its total to 81. A major new system upgrade Taiwan operates 21 stores. A smaller store format was implemented to enhance competitiveness and has been successfully trialled. Brico Dépôt in Spain, Castorama in Russia, UK professional market. In Russia, three stores Koctas5 5 in Turkey, B&Q Home in South Korea opened during the year, marking Kingfisher’s entry and Trade Depot in the UK. into this fast-developing market. During the year, £51 million was invested in these A further 12 stores are planned to open in developing businesses, 11% of Kingfisher’s total 2007/08 in these development businesses. capital spend. Twelve stores opened in the year taking the total trading to 29. In Turkey, Koctas5 5 is now profitable after expansion costs and Brico Dépôt Spain is also on track to overall profitability within the next 12-18 months. Trials continued into the second year at Trade Depot, which opened two more stores to serve the During the year, Kingfisher continued to bring Kingfisher companies also continued to share new products to market, develop its own-brands ideas, management talent and best practice, and extend direct sourcing from low-cost countries. as shown during the year in the development Kingfisher continued to develop its network of the new B&Q large-store format in the UK, of overseas sourcing offices in Europe and Asia. the launch of Brico Dépôt in Poland and the entry Direct sourcing shipments totalled around of Castorama into Russia. US$700 million, an increase of over 20% on the previous year. WorldReginfo - fa9f81ec-af44-4d5d-9962-f22fd7998484 4 Kingfisher plc Annual Report and Accounts 2006/07 Chairman’s statement I believe is now beginning to bear fruit. over £200 million of property. In addition, I am encouraged by B&Q’s momentum there was a 9% increase in the valuation into 2007, in both adapting to an ongoing of the Group’s property portfolio, in tougher market and developing its offer constant currencies, and a significant for the future. reduction in the pension fund deficit to At the same time, Kingfisher’s increasingly important international Strategically, I believe businesses have continued to grow and Kingfisher is doing the right develop. Outside the UK, sales rose by 15.1% in the year and profits rose by things, building on its 2.7%, in constant currencies. Within established businesses in the the UK, consumer spending on home UK and France, whilst improvement was held back by rising interest rates and utility bills, inevitably investing in growth impacting B&Q’s trading. However, B&Q’s opportunities in other markets I was delighted to become Chairman of ambitious development programme and a in Europe and Asia. Kingfisher in May 2006, during an progressive stabilisation of the UK market important and challenging period for both during the year combined to show £28 million, compared with £211 million in the Group and its shareholders. encouraging signs of progress in the the previous year. Despite the fall in profits, The sharp decline in the UK home second half. the Board has recommended a maintained improvement market over the last two Overall, total reported Group sales dividend for the year of 10.65p per share, years has seriously impacted sales and grew 8.3% to £8.7 billion in the year, with after considering the Group’s medium- profits at B&Q, Kingfisher’s biggest adjusted pre-tax profit down 11% to term trading outlook, its overall financial business. However, vigorous and sustained £396.6 million. Net debt was reduced strength and current investment needs. management action has been taken which during the year, following the disposal of In my first year as Chairman I have Group financial performance indicators Reported Constant £ millions 2006/07 1 2005/06 change currency Retail sales 8,676 8,010 +8.3% +7.4% Retail profit 2 503.7 533.1 -5.5% -5.3% Adjusted pre-tax profit 3 396.6 445.7 -11.0% Adjusted post-tax profit 3 277.0 285.1 -2.8% Adjusted basic EPS 3 11.9p 12.3p -3.3% Pre-tax profit 450.5 231.8 +94.3% Post-tax profit 4 336.8 139.5 +141.4% Basic EPS 14.4p 6.0p +140.0% Full year dividend 10.65p 10.65p – Like-for-like sales growth +0.9% -2.2% Net debt 1,293.8 1,355.2 -4.5% Underlying return on invested capital 6.9% 7.3% -0.4pps 1 For the UK businesses, reported results are for the 53 weeks ended 3 February 2007.
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