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Group Presentation Group Presentation Second quarter 2011 2 Second quarter Group Presentation '11 Cautionary statement ● All st at ement s oth er th an st at ement s of hi st ori cal f act mad e i n thi s present ati on, i ncl udi ng, with out limitation, those regarding Dixons Retail’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Dixons Retail’s renewal and transformation plan, the roll out of “Megastores”, its focus on increasing its presence on the web and its ongoing expansion in the Nordics and Central and Eastern Europe), are forward lookinggpj statements. 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. ● Such forward-looking statements are based on numerous assumptions regarding Dixons Retail’s present and future business strategies and the environment in which Dixons Retail will operate in the future. Among the important factors that could cause Dixons Retail’ s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, the continuing impact of the economic downturn on consumer spending, the actions of its competitors, difficulty in implementing the renewal and transformation plan, stock availability from or change in the commercial relationships with third-parties whose products we sell, failure to meet debt obligations, changing technology or consumer preferences, seasonality of our business, the effects of deflationary pricing on money margins and other such risk factors. Forward-looking statements should , therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this presentation. Unless otherwise required by applicable law, regulation or accounting standard, 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. ● The information, statements and opinions contained in this presentation do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to buy any securities or financial instruments or any advise or recommendation with respect to such securities or other financial instruments. 3Second quarter '11 Group Presentation Pan-European operations Other UK & Ireland Nordics International e-Commerce Sales £4.0bn £2.1bn £1.5bn £0.9bn Share of Group 47% 24% 18% 11% No.1 Greece Leading pure play internet Market position No.1 No.1 No.2 Italy, Czech operator across Europe No.1 Spain Computing specialist EBIT £71.1m £97.4m (£8.3m) £11.3m No. stores 683 269 323 n/a No. employees 22,323 7,296 7,573 1,413 Data for the financial year to, or as at, 1 May 2010, as appropriate 4Second quarter '11 Group Presentation Renewal & Transformation plan • Announced May 2008 • Progress to date very encouraging and ahead of expectations • Plan involves: 1. Focus on the customer 2. FthtfliiiitiFocus the portfolio on winning positions (lt)(complete) 3. Transform the business 4. Win in the internet market 5. Reduce costs Target of 3-4% EBIT return on sales in ttehe med eduium te rm 5Second quarter '11 Group Presentation 1. Focus on the customer Service led business model Customer insight After-Sale Store Internet Products Support Service •Sales advice •Multichannel •Full range •Scale •Easy to shop •Navigation •Exclusivity •Unbeatable Offer •Playtables •Specialist •Own brand •Higher standards Value Choice Service 6Second quarter '11 Group Presentation 1. Focus on the customer Four pillars supporting one integrated service offer Delivery & Setup/ Help & Protect installation upgrade support ● Market leading ● Personalised ● “Help me ● Peace of mind if delivery & hassle free set up understand it” something goes installation ● Make it easy for ● Remove the wrong ● Flexible, reliable the customer frustration of ● Always there to and unbeatable ● Range of technology help get it fixed value upgrades ● Telephone, ● Choices to suit designed to online and in- the customer maximise the home support performance of the products for customers 7Second quarter '11 Group Presentation 2. Focus the portfolio on winning positions UK & Ireland • Significant upside from R&T plan • 250 Stores refitted including 25 Megastores – 60% of sales to date – Focus on dual branded stores – Consistent first year gross profit uplift of 20% – 70-80 stores planned for 2011/12 • Transformation of service infrastructure – Improved delivery operations – Enhanced services under KNOWHOW • Stable gross margins over last 3 years • Challenging environment – Gaining market share across all major categories – Strong World Cup promotion – Launch of iPads 8Second quarter '11 Group Presentation 2. Focus the portfolio on winning positions Nordics • Significant market share gains over last 2 years • EBIT margin of 4.6% • Favoured operating model for the Group – Efficient low cost model – Strong customer perception – FhfitFocus on cash gross profits • Internet sales are growing opportunity – Now 6% of total sales • Store refurbishment programme making progress – 19 Megastores now operational – 33 superstores in new format – Gross profit uplifts of 15% 24 weeks to 16 October 2010 vs. 24 weeks to 17 October 2009 For definitions see appendix 9Second quarter '11 Group Presentation 2. Focus the portfolio on winning positions Other International Greece Italy • Challenging market conditions • Turnaround ahead of plan • Cost reduction programme in place to • First half loss significantly reduced preserve profitability • EBITDA breakeven for the full year – Converted Electro World stores to – 1 Year ahead of target Kotsovolos Megastores • Gaining share in a difficult market • 7 Megastores operational • 2 Megastores open • Market share growth 10Second quarter '11 Group Presentation 2. Focus the portfolio on winning positions Other International CE & Turkey Spain • Strong position in Czech Republic • Announced plan to exit store operations • Developing business in Slovakia • £5m loss eliminated in 2010/11 FY • Refocused since disposal of Hungary and Poland • £30m cash exit cost • In Turkey 16 stores opened, focusing on Istanbul, Izmir and Ankara • First franchise store opened 11Second quarter '11 Group Presentation 3. Transform the business Currys - Old Store Format 12Second quarter '11 Group Presentation 3. Transform the business New Currys Superstore Format, Watford To see interactive 3600 images of new format stores go to www.dixonsretail.com/360 13 Second quarter '11 Group Presentation 4. Win in the internet market Customers and suppliers want multichannel retailers Customers Suppliers • Online research tool • Enables ranggpye display • Convenience • In store experience • Touch, feel & look of products in store important for choice • Demonstration of prod ucts • Collect@store • Sell up to higher value/quality • Reassurance and service • Colleague training • Well-known brand • Availability and pricing • Solution selling • After sales options eg delivery, • Advertising installation, repair 14Second quarter '11 Group Presentation 4. Win in the internet market Internet is a growing opportunity for Dixons Retail • Internet sales 16% of Group • Sales growth into multichannel – Multichannel driven by Reserve& Collect – Pure play brands driving higher unit growth – Integrated operating model • e-commerce investing in the platform – e-merchant – PIXplace – Underlying infrastructure – Relaunch of UK internet sites 24 weeks to 16 October 2010 vs. 24 weeks to 17 October 2009 For definitions see appendix 15Second quarter '11 Group Presentation 5. Reduce costs Reduce costs • Organisation simplification and process improvements − £150m targeted over next 3 years • Stock Management − Stock turn improvements Cost savings − Buying – local and Group − Reductions in aged stock and returns Pricing • Store operating costs Scale efficiency Product & Services − Sta ff rostitering − Optimise store footprint − From 600 to 450 stores − Mezzanines Sales growth − Energy efficiencies − POS efficiencies and simplification 16Second quarter '11 Group Presentation 5. Reduce costs Reduce costs cont’d • Central functions − Removal of duplication − Brno – central services − Call centre diagnostics − Advertising Base plan Example flex plan Cost base £1.8bn £1.8bn Inflation at 2% +£35m +£35m Cost savings -£50m -£70m Net investment in £15m £35m business and margin 17Second quarter '11 Group Presentation Flexibility in capex plans • Over 350 stores transformed to date, including 60 Megastores − Core base providing cash and profit momentum • Complete balance as soon as practical • However, retain flexibility to respond to consumer environment 2010/11 2011/12 2012/13 2013/14 Maintenance £40m £40m £40m £40m Renewal & £170m £40m to £120m £40m to £110m £100m to £150m Transformation No. stores 125 60 - 125 60 - 125 80 - 150 18Second quarter '11 Group Presentation Cash and facilities profile Pre-Christmas stock £360m Post-peak stock RCF payments pective ss Back to £54m school £310m transfer from promotions Bonds LC to cash ebt per Christmas peak DD e vv Cash erspecti Drawings on £360m RCF Equity p 19Second quarter '11 Group Presentation Bond and RCF profile 700 600 500 £360m RCF 400 £150m 300 £160m 2015
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