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ANNUAL REPORT & ACCOUNTS 2020/21 Dixons Carphone plc Annual Report & Accounts 2020/21 DIXONS CARPHONE WHAT WE DO A LEADING OMNICHANNEL RETAILER OF TECHNOLOGY PRODUCTS AND SERVICES Dixons Carphone plc is a leading We are the market leader in the UK omnichannel retailer of technology and Ireland, throughout the Nordics products and services, operating and in Greece, employing 35,000 through 829 stores and 16 websites in capable and committed colleagues 7 countries. We Help Everyone Enjoy across the Group. By offering the best Amazing Technology, however they range of products, credit and services choose to shop with us. through digital-first omnichannel we are building customer relationships that are stickier and more valuable over time. This will benefit our www.dixonscarphone.com/investors customers, our colleagues, our For the latest news visit our website. shareholders and society. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS INVESTOR INFORMATION 01 2020/21 HIGHLIGHTS CONTENTS FINANCIAL HIGHLIGHTS Strategic Report Revenue Free Cash flow 01 Highlights 02 Overview – Our Vision 04 The importance of Technology £10,344m £438m 06 Our Business at a Glance 08 Our Business Model +2% +302% 10 Chair’s Statement 12 Chief Executive’s Statement 2020/21 £10,344m 2020/21 £438m 14 Strategy in Action 2019/20 £10,170m 2019/20 £109m 22 Capable and Committed Colleagues 2018/19 £10,433m 2018/19 £153m 28 Our Stakeholders and s172(1) 32 Sustainable Business 46 Risk Management Adjusted profit before tax Statutory profit before tax 47 Principal Risks and Uncertainties 53 Going Concern and Viability Statement 54 Key Performance Indicators £156m £33m 56 Performance Review Governance +34% 2020/21 £33m 68 Board of Directors 70 Directors’ Report 2020/21 £156m 2019/20 (£140m) 73 Corporate Governance Report 2019/20 £116m 2018/19 (Pre-IFRS 16) (£259m) 87 Audit Committee Report 2018/19 (Pre-IFRS 16) £339m 96 Disclosure Committee Report 97 Nominations Committee Report 100 Remuneration Report Adjusted EPS Statutory EPS 104 Remuneration Policy 113 Remuneration Committee Report 115 Annual Remuneration Report 10.7p 0p 130 Statement of Directors’ Responsibilities 2020/21 0p Financial Statements +60% 2019/20 (13.9p) 131 Independent Auditor’s Report 143 Consolidated Income Statement 2020/21 10.7p 2018/19 (Pre-IFRS 16) (26.8p) 144 Consolidated Statement of 2019/20 6.7p Comprehensive Income 2018/19 (Pre-IFRS 16) 23.2p 145 Consolidated Balance Sheet See our Key Performance Indicators on pages 54 to 55. 146 Consolidated Statement of Changes in Equity 147 Consolidated Cash Flow Statement OPERATIONAL HIGHLIGHTS 148 Notes to the Group Financial Statements 205 Company Balance Sheet Kept colleagues safe and provided Electricals online sales growth 206 Company Statement of Changes in Equity customers with vital technology +103% to £4.7bn 207 Notes to the Company Financial during the pandemic Statements Further development of colleague 214 Five Year Record (unaudited) Adapted quickly to overcome tools and training; all invested in our challenges of multiple enforced success through share-award schemes Investor Information store closures 215 Shareholder and Corporate CustomersInformation are the heart of everything we do. Constant focus on New commitments to reach net zero CUSTOMERS improving customer experience is key to achieving our objectives and 216 Glossary and Definitions delivering value for all stakeholders Strong trading across all markets; emissions by 2040 and to help end share gains in every open channel digital poverty in the UK ENJOY FOR LIFE CHOOSE QUICK LINKS We help customers make the most of their We help customers choose the right technology, across amazing tech through our unique Services. a huge range of products and through stores or online. We get product working, keep it working, help Our capable and committed colleagues provide expert customers make the most out of it and at the E end of the lifecycle, trade in and recycle products. advice to help customers F GET IT WORKING I We are uniquely positioned to help customers L C throughout their life, and by doing so we drive Installation and set up R H relationships that are long-lasting and more KEEP IT WORKING Our Business O Strategyvaluable to our customers and to us. Performance Protection and repair O O RIGHT PRODUCTS MAKE MOST OUT OF IT F Model Largein and relevantAction range of products including Review Connectivity and subscriptions S more sustainable products in every market Y END OF LIFE E EXPERT ADVICE Trade in and recycle O Our [15,000] highly trained, capable and 8 J 14 committed 56 colleagues provide expert advice to help N customers shop where and when they want E OMNICHANNEL We help customers choose the right technology, across a huge range of products and through stores or online. SHOPLIVE 24/7 on demand live shopping service RD AFFORD FO Customers find technology exciting but confusing and expensive. We F help everyone afford the technology they want. We won't be beaten A on price and we can spread the cost of tech through responsible use of credit. 02 Dixons Carphone plc Annual Report & Accounts 2020/21 OVERVIEW OUR VISION We help customers choose, afford and enjoy amazing technology however they choose to shop with us. As a market leading consumer electrical, Customers find technology incredibly We put our purpose at the heart of what mobile phone and services retailer, our exciting, but also confusing and we do, using our expertise, scale and vision drives everything we do in all expensive. Our vision goes beyond reach, to bring technology to everyone. countries in which we operate. ensuring customers can choose, The assets, colleagues, capabilities and afford and enjoy the right tech. scale that we have means that no one is better placed than Dixons Carphone to help customers do all this. OUR BUSINESS MODEL CHOOSE AFFORD ENJOY FOR LIFE We help customers choose the right Customers find technology exciting We help customers make the most of technology, across a huge range but confusing and expensive. We help their amazing tech through our unique of products and through stores or everyone afford the technology they services. We get the product working, online. Our capable and committed want. We won't be beaten on price keep it working, help customers make colleagues provide expert advice to and we can spread the cost of tech the most out of it and at the end of the help customers make the right choice. through the responsible use of credit. lifecycle, trade in and recycle products. We are uniquely positioned to help customers throughout their life, and by doing so we will drive relationships that Read more about our business model on page 8. are long-lasting and more valuable to our customers and to us. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS INVESTOR INFORMATION 03 OUR STRATEGIC PRIORITIES Technology plays a more important role in our lives today than ever. We provide the vital technology our customers need, to keep them connected with loved ones, their families fed, clean, healthy and entertained, to work from home and home-school their children. Our strategy sets out to build on our strengths to help everyone enjoy amazing technology. Executing on these priorities will enable the Group to achieve an EBIT margin of at least 4.0% and to generate free cash flow of more than £1bn over 2019/20 to 2023/24. OMNICHANNEL CREDIT Omnichannel is our way of Credit appeals to customers bringing the strengths of all as technology is exciting but our channels, stores and online, expensive, and credit makes to all our customers, however it more affordable by allowing they choose to shop. them to spread the cost. Read more on page 14. Read more on page 20. SERVICES MOBILE We are uniquely positioned to Mobile is essential technology provide services to our customers for customers. We are on to help them enjoy technology for track to restore mobile life. We can provide this range to profitability and cash of services at scale in ways no generation. competitor can match. Read more on page 21. Read more on page 18. OUR VALUES Our values unite us, helping us achieve our strategic objectives. We put our We win We customers first together own it We put the customer at the We welcome diversity We are aligned to our vision, heart of everything we do, and are always learning, growing, clear and accountable on our goals we are passionate about technology developing, having fun and and are super helpful. We are all and proud to sell it to customers to celebrating our successes together owners and spend every pound help them throughout their lives. to deliver as part of one business. as if it is our own. 04 Dixons Carphone plc Annual Report & Accounts 2020/21 THE IMPORTANCE OF TECHNOLOGY TO OUR CUSTOMERS THE AMAZING TECHNOLOGY WE SELL PLAYS A VITAL ROLE IN OUR CUSTOMERS’ LIVES FED Sales have been strong in all markets as we helped customers choose, afford and enjoy the vital technology we sell to keep them connected with loved ones, their families fed, clean, healthy and entertained, to work from home and home- school their children. CONNECTED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS INVESTOR INFORMATION 05 HEALTHY PRODUCTIVE CLEAN ENTERTAINED 06 Dixons Carphone plc Annual Report & Accounts 2020/21 OUR BUSINESS AT A GLANCE DIXONS CARPHONE IS A LEADING OMNICHANNEL RETAILER OF TECHNOLOGY PRODUCTS AND SERVICES, OPERATING THROUGH 829 STORES AND 16 WEBSITES IN 7 COUNTRIES. WE HELP EVERYONE ENJOY AMAZING TECHNOLOGY, HOWEVER THEY CHOOSE TO SHOP WITH US. We are the market leader in the UK and Ireland, throughout the Nordics and in Greece, employing 35,000 capable and 829 Stores committed colleagues across the Group. Our full range of services and support makes it easy for our customers to discover, choose, afford and enjoy 11.4m sq ft the right technology for them, throughout their lives.
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