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Preliminary Results 52 Weeks to 28 April 2012

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Preliminary Results 52 weeks to 28 April 2012 21 June 2012 Sebastian James Chief Executive INTRODUCTION • Encouraging progress in tough markets • Profit growth in Northern Europe and UK & Ireland • Managing weaker markets • Encouraging start to the year • Underlying profit of £70.8 million • Group sales flat • Like for like sales down 3% • Gross margins down 30bpts • Delivering for customers • Three strategic priorities 52 weeks to 28 April 2012 vs 52 weeks to 30 April 2011 For definitions see appendix 3 21 June 2012 Preliminary Results 2011/12 DELIVERING IMPROVEMENTS IN THE UK & IRELAND • Continuing to trade ahead of the market • Performance improving through the year • Q4 like for like up 8% • Operating profit up 15% • 269 stores in new format – 3/4’s of sales by Peak – 3-4 years to complete stores • Focus on multi-channel delivering 48% growth in H2 52 weeks to 28 April 2012 vs 52 weeks to 30 April 2011 For definitions see appendix 4 21 June 2012 Preliminary Results 2011/12 DELIVERING FOR THE CUSTOMER 5 21 June 2012 Preliminary Results 2011/12 NORTHERN EUROPE EXCEEDED EXPECTATIONS • Strong sales momentum • Like for like sales up 6% • Denmark +20% • Growing market share • Gross margin down 0.5% • Flat gross margin in H2 • Operating profit up 12% at £113.9m • Central Europe benefitting from Nordic business model 52 weeks to 28 April 2012 vs 52 weeks to 30 April 2011 For definitions see appendix 6 21 June 2012 Preliminary Results 2011/12 SOUTHERN EUROPE Greece Italy Turkey •Challenging market •Market downturn during •Exciting and growing conditions the year market •Market share gains •Cost reduction initiatives • 15 own stores in place • 15 Franchise stores •Reduce costs •Work to improve overall •Support from suppliers proposition 7 21 June 2012 Preliminary Results 2011/12 PIXMANIA – MEETING THE CHALLENGES • Impact of external factors on business performance • Camera components and hard drives • Weak Southern European markets • Evolving business model • Growing store network • 20 PIXmania branded stores now open • Reducing costs • Further investments in E-merchant • Carrefour, Celio 8 21 June 2012 Preliminary Results 2011/12 Humphrey Singer Group Finance Director FINANCIAL SUMMARY • Underlying profit before tax of £70.8 million • Impairments relating to Kotsovolos, Unieuro & PIXmania of £196.0 million • Group loss of £118.8 million • Group gross margins down 0.3% • UK flat across the year • Northern Europe down 0.5%, but recovering in H2 • Positive free cash flow of £174.1 million, before restructuring items • Net debt significantly reduced to £104.0 million (last year £206.8 million) • £300 million RCF in place until 2015 • Reducing to £200 million by September 2014. • £60 million cost reduction achieved • Part of £150 million 3 year programme 52 weeks to 28 April 2012 vs 52 weeks to 30 April 2011 For definitions see appendix 10 21 June 2012 Preliminary Results 2011/12 SALES PERFORMANCE AHEAD OF OUR MARKETS • Underlying sales flat at £8,186.7 million • Down 3% like for like. £ million 11/12 10/11 YOY LfL UK & Ireland 3,833.9 3,925.3 (2%) (4%) Northern Europe 2,628.0 2,375.6 +11% +6% Southern Europe 1,059.8 1,120.0 (5%) (8%) PIXmania 665.0 733.5 (9%) (10%) Total Group 8,186.7 8,154.4 Flat (3%) 52 weeks to 28 April 2012 vs 52 weeks to 30 April 2011 For definitions see appendix 11 21 June 2012 Preliminary Results 2011/12 UNDERLYING PROFIT BEFORE TAX IN LINE WITH EXPECTATIONS £ million 11/12 10/11 UK & Ireland 78.8 68.7 Northern Europe 113.9 102.1 Southern Europe (30.4) (18.1) PIXmania (19.8) 3.5 Central Costs (13.8) (15.8) Property losses (13.6) (12.8) EBIT 115.1 127.6 Underlying net finance cost (44.3) (42.3) Underlying profit before tax 70.8 85.3 52 weeks to 28 April 2012 vs 52 weeks to 30 April 2011 For definitions see appendix 12 21 June 2012 Preliminary Results 2011/12 NON UNDERLYING ITEMS - PREDOMINANTLY NON-CASH £ million 11/12 10/11 Underlying profit before tax 70.8 85.3 Closed Business (2.9) (8.5) Business impairment - Italy (131.1) - Business impairment - Greece (36.5) (53.2) Business impairment - Pixmania (28.4) (106.3) Business impairment - Spain - (70.6) Amortisation of acquired intangibles (4.5) (4.5) Net restructuring charges (16.3) (17.1) Business impairment - F-Group - (21.5) Jönköping disposal 37.2 - Other items (4.3) (24.9) Net fair value remeasurement (2.8) (2.8) Total net non-underlying charges (189.6) (309.4) Total (loss) / profit before tax (118.8) (224.1) 52 weeks to 28 April 2012 vs 52 weeks to 30 April 2011 For definitions see appendix 13 21 June 2012 Preliminary Results 2011/12 POSITIVE FREE CASH FLOW • Strongly cash generative • Closing net debt £104.0 million, down from £206.8 million last year • including £114.0 million restricted funds £ million 11/12 10/11 Underlying profit before tax 70.8 85.3 Closed Businesses loss before tax (2.9) (8.5) Depreciation & amortisation 138.8 139.4 Working capital 15.8 40.4 Taxation (26.8) (26.2) Capital expenditure (101.5) (223.2) Property Disposal Proceeds 70.2 2.0 Other 9.7 29.7 Free Cash Flow before restructuring items 174.1 38.9 Net restructuring (43.8) (28.9) Free Cash Flow 130.3 10.0 52 weeks to 28 April 2012 vs 52 weeks to 30 April 2011 For definitions see appendix 14 21 June 2012 Preliminary Results 2011/12 REPHASED MATURITY PROFILE OF BONDS AND RCF • November 2012 • £160m Bond repayment • Approximately £65m hedge cost • June 2015 • RCF working capital facility matures • £300m reduces to £200m by September 2014 • In line with Group’s capital requirements • Covenants relaxed • August 2015 • £150m Bond repayment 15 21 June 2012 Preliminary Results 2011/12 Sebastian James Chief Executive KEY PRIORITIES SUSTAINABLE LEADING ALIGNED RETURNS 17 21 June 2012 Preliminary Results 2011/12 SUSTAINABLE BUSINESS MODEL • Evolving shopping trip • Internet is now properly helping customers • 82% of purchases involve on-line • Even more involve a store Mass Merchants 21% Specialists 62% • Argos and • Customers want advice • Dixons Retail 19% Supermarkets • Comet, John Lewis, Independents and others • Single channel Internet Single channel 12% Internet • 10% cost benefit • Amazon and others • Brand agnostic • Price corrosive Others 5% • Suppliers want customers to experience products Source: Dixons Retail estimates 18 21 June 2012 Preliminary Results 2011/12 FOCUS ON FOUR KEY DIFFERENTIATING ACTIVITIES WORK WITH SUPPLIERS • Newer products and technology • 40 million conversations • Explain features and benefits • Display and demonstrations • Own brands COMPLETE SOLUTIONS • Delivery • Peace of mind • Accessories • KnowhowTM Services • £500m market • 40% growth 19 21 June 2012 Preliminary Results 2011/12 FOCUS ON FOUR KEY DIFFERENTIATING ACTIVITIES SERVICE • Embed and be famous for service • Knowledgeable advice • Small premium • Reducing the difference REDUCE COSTS • Store refurbishments • Processes improvements year on year • 400 – 420 stores in the UK • £285 million last 5 years • £90 million next 2 years 20 21 June 2012 Preliminary Results 2011/12 LEADER IN OUR MARKETS UK & Ireland and Greece Northern Europe • Leaders in their markets • Strong market position • Capacity exiting • Cost reductions • Distressed competitors • Market share gains Italy PIXmania • Fragmented market • Evolving business model • Cost reductions • E-merchant platform • Stock and cash • Cost reductions 21 21 June 2012 Preliminary Results 2011/12 ALIGN BUSINESSES PRACTICES BUYING • Customer win • Group deals • Solutions • Exclusives and deals 22 21 June 2012 Preliminary Results 2011/12 RETURNS • Improve EBIT • UK&I and Northern Europe: 3-4% • Reduce losses •Cash • Net debt reduction • Uses of cash, eg Stock 23 21 June 2012 Preliminary Results 2011/12 SUMMARY • Group is in a stronger position • Growing market shares • Balance sheet rapidly improving • Cautious about the outlook 24 21 June 2012 Preliminary Results 2011/12 Appendices Appendices 1. Group LFL Sales Trends 2. Group Store Numbers and Space Trends 3. Shares in issue 4. Notes and definitions 26 21 June 2012 Preliminary Results 2011/12 1. Group like for like sales trend 11/12 11/12 11/12 10/11 10/11 10/11 09/10 09/10 09/10 FY H2 H1 FY H2 H1 FY H2 H1 UK & Ireland (4%) 0% (8%) (4%) (7%) 1% (3%) 3% (11%) Northern Europe 6% 6% 5% 5% 8% 1% 11% 14% 9% Southern Europe * (8%) (10%) (5%) (6%) (6%) (5%) 1% 5% (3%) PIXmania (10%) (7%) (16%) (1%) (4%) 3% 13% 15% 11% Total Group (Underlying) * (3%) (1%) (5%) (2%) (4%) 1% 2% 6% (4%) * Note: Comparatives restated to exclude PC City Spain 27 21 June 2012 Preliminary Results 2011/12 2. Group - stores & space total Store numbers 11/12 11/12 10/11 10/11 09/10 09/10 FY H1 FY H1 FY H1 UK & Ireland 587 605 642 653 683 697 Northern Europe 315 312 307 296 288 278 Southern Europe 282 287 286 273 272 264 PIXmania 27 24 24 24 23 23 Closed Business - - 34 32 32 32 Total Group 1,211 1,228 1,293 1,278 1,298 1,294 Space 000 sq ft 11/12 11/12 10/11 10/11 09/10 09/10 FY H1 FY H1 FY H1 UK & Ireland 7,978 8,011 8,187 7,957 7,889 7,897 Northern Europe 5,038 4,888 4,753 4,701 4,544 4,315 Southern Europe 3,863 3,843 3,899 3,697 3,828 3,796 PIXmania 43 36 34 34 33 33 Closed Business - - 414 408 408 408 Total Group 16,922 16,778 17,287 16,797 16,702 16,449 * Note PIXmania comparatives are restated to include Webhallen stores and space.
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