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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Dixons Retail | LSE:DXNS | London | Ordinary Share | GB0000472455 | ORD 2.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 52.95 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
under its Support360 brand, as well as opportunities to extend its franchise network across Greece. We are confident, therefore, that the outlook for Kotsovolos is improving and the management team are focused on returning the business to profitability.
Proposed merger with Carphone Warehouse
Our proposed merger with Carphone Warehouse will bring together two strong businesses to provide customers with a great offer across electrical, mobile, connectivity and services for the connected world that is already upon us. Our two businesses are coming together from positions of strength which will enable us to focus on adding value in the following ways.
Firstly, in bringing two sizeable companies together we can leverage significant synergies from the combination. We believe that we can deliver at least GBP80 million of synergies on a recurring basis, with delivery expected in the 2017/18 financial year. These are a combination of costs, revenue opportunities from putting a Carphone Warehouse mobile offering in all of our stores as well as some benefits from having increased scale in administrative purchasing, such as marketing. We confirm that the synergy statements that were set out in our joint merger announcement with Carphone Warehouse on 15 May 2014 remain valid. Deloitte LLP and Deutsche Bank AG, London Branch reported on these synergy statements in that joint announcement and we expect them to confirm to Carphone Warehouse on publication of the shareholder documentation relating to the merger that their reports continue to apply.
In addition, by being a unique place for customers to experience new products that will make up the connected world as well as get advice from our highly trained colleagues we can truly be the go to expert for this new, exciting and complex world for customers. Not only can we help them in navigating their way to a truly connected home, we can bring existing and new services to them to keep their world functioning and connected. This will not only open up new products and services for us, but can take our relationship with our customers from a transactional one, to a longer term relationship.
Further, both we and Carphone Warehouse have started to explore how we can leverage the platforms we have created that support our core retailing and services expertise to further benefit our shareholders. Carphone Warehouse have made great strides in this field with their Connected World Services business that provides a selection of services to support retailers wishing to add connectivity to their offering. We already provide two man delivery logistics for certain manufacturers in the UK and are in discussions to leverage our Hong Kong white label product sourcing operations for other retailers around the World. Together we can offer a full range of services to businesses customers with the potential to build a significant operation across the Globe, adding real value for our shareholders.
Financial position
The Group has again delivered a very robust performance against the financial priorities of profitability and strengthening its financial position:
-- The Group delivered a GBP28.8 million increase in net funds at year end, to GBP70.9 million.
-- Exit of loss making businesses of Electroworld Turkey, Unieuro Italy and PIXmania completed, with disposal of Central Europe expected to complete around the end of the first quarter of 2014/15.
-- The increase in net funds was delivered after incurring cash costs of GBP156.6 million in respect of trading losses and exit costs of the discontinued operations.
-- Return on capital employed of 16.3%, up from 14.9% in the prior year. -- Positive Free Cash Flow, before restructuring items, of GBP207.3 million was generated.
-- Costs reduced by GBP45 million in the year, as part of the two year GBP90 million cost reduction programme.
-- The RCF has remained undrawn since October 2011.
Free Cash Flow
Year Year ended ended 30 April 30 April 2014 2013 GBPmillion GBPmillion ------------------------------------------ ------------ ------------ Underlying profit before tax 166.2 151.0 Depreciation and amortisation 116.4 114.0 Working capital 41.3 104.9 Taxation (49.0) (19.9) Capital expenditure (79.7) (75.9) Settlement of historical currency hedges - (62.6) Other items 12.1 2.1 ------------------------------------------ ------------ ------------ Free Cash Flow before restructuring items 207.3 213.6 Net restructuring (6.8) (5.8) ------------------------------------------ ------------ ------------ Free Cash Flow 200.5 207.8 ------------------------------------------ ------------ ------------
Free Cash Flow was GBP200.5 million (2012/13 GBP207.8 million). The working capital result in the prior year benefited from the timing of payments around year end as previously announced, and in this context the positive working capital result this year reflects a strong underlying performance. Cash tax costs increased mainly reflecting higher taxable profits.
Funding
At 30 April 2014 the Group had net funds of GBP70.9 million, compared with net funds of GBP42.1 million at 30 April 2013.
Year Year ended ended 30 April 30 April 2014 2013 GBPmillion GBPmillion ------------------------------ ------- ----------- ------- ----------- Opening net funds / (debt) 42.1 (104.0) Free Cash Flow 200.5 207.8 Special pension contributions (20.0) (20.0) Discontinued Operations (156.6) (60.5) Other items 4.9 18.8 ------- ------- Other movements in net funds (171.7) (61.7) ------------------------------ ------- ----------- ------- ----------- Closing net funds 70.9 42.1 ------------------------------ ------- ----------- ------- -----------
Net funds are stated inclusive of restricted funds of GBP103.3 million (2012/13 GBP110.2 million), which predominantly comprise funds held under trust for potential customer support agreement liabilities. The improvement in the net funding position was due to the Free Cash Flow generated, partly offset by the trading losses and exit costs associated with the discontinued operations, as well as the ongoing payments to the UK defined benefit pension scheme under the terms of the deficit reduction plan.
Adjustments to underlying results
Underlying profit before tax is reported before net non-underlying charges before tax of GBP33.3 million.
Year ended Year ended 30 April 30 April 2014 2013 Re-presented(1) GBPmillion GBPmillion --------------------------------- ------- ------------ ------- ----------------- Underlying profit before tax 166.2 151.0 Add / (deduct) non- underlying items: Net restructuring charges (2) (8.7) (24.8) Business impairments - (9.1) Other operating items (4.8) (1.9) Loss on sale of business - (9.6) Financing items: Bond redemption related costs - (4.3) Net pension interest (17.1) (13.1) Other financing items (2.7) (1.6) --------------------------------- ------- ------------ ------- ----------------- Total net non-underlying charges (33.3) (64.4) --------------------------------- ------- ------------ ------- ----------------- Profit before tax (3) 132.9 86.6 --------------------------------- ------- ------------ ------- -----------------
(1) Underlying figures for the year ended 30 April 2013 have been restated for the impact of the amendment to IAS 19 "Employee Benefits" and re-presented to exclude discontinued operations.
(2) Net restructuring charges relate to the impairment of system costs following a revision in strategy following the business disposals.
(3) Continuing operations
Discontinued operations
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