16th Sep 2010 07:00
Thursday 16 September 2010
Kesa Electricals' First Quarter Interim Management Statement
Kesa Electricals plc today announces an interim management statement for the period 1 May 2010 to 31 July 2010. As previously announced the Group has changed its reporting currency from sterling to euros.
·; Strong total revenue growth of 8.2%, up 4.3% on a like-for-like basis, driven by a successful World Cup campaign
·; 28% growth in web-generated sales with strong double-digit increases in all markets, particularly Darty France at 43%
·; Gross margin down 50 basis points reflecting the mix effect from the strong performance in both TV sales across the Group and multimedia sales at Comet during the period
·; 19 stores now successfully rebranded to Darty in Spain, nine Comet core stores refitted and a further 30 planned for Q2
Revenue growth as reported Revenue growth in local currency
in Euros
|
|
Total |
|
|
Total |
Like-for-like |
|
Darty France |
7.8% |
|
Darty France |
7.8% |
5.1% |
|
Comet |
9.8% |
|
Comet |
6.3% |
4.3% |
|
Other established* |
4.0% |
|
Other established* |
3.4% |
1.1% |
|
Developing** |
13.2% |
|
Developing** |
10.9% |
5.3% |
|
Group Total |
8.2% |
|
Group Total |
6.9% |
4.3% |
* BCC, Vanden Borre and Datart
**Darty Italy, Darty Turkey and Darty Spain
Commenting on the Group's performance, Chief Executive Thierry Falque-Pierrotin said,
"We delivered the plans set for the World Cup with excellent TV sales in all our markets during the period, and demonstrated the strength of our concept with significantly above market sales penetration of 3D TVs. In line with our strategy there was also very strong growth in our web-generated sales and good results from the stores rebranded to Darty in Spain.
"After a positive first quarter we still anticipate that our markets will remain challenging for the remainder of this financial year, but we will maintain our momentum in delivering the benefits of the Darty concept in all our markets."
Total Group revenue increased by 8.2 per cent in euros, up 6.9 per cent in local currency, and up 4.3 per cent on a like-for-like basis. Overall web-generated sales increased by 28 per cent and now represent nearly 10 per cent of total product sales. Revenue growth reflected the successful implementation of our World Cup campaigns, during which we gained market share in TVs in all our major markets. This, together with growth in multimedia at Comet, led to an overall gross margin decline of 50 basis points during the period.
At Darty France, revenue increased by 7.8 per cent in local currency and by 5.1 per cent on a like-for-like basis. Sales growth benefited from increased sales of large screen TVs and a strong performance in small domestic appliances. Gross margin remained stable. Web-generated sales continued to grow strongly, by 43 per cent, and now represent nearly 10 per cent of total product sales. During the quarter, one store was relocated and four new kitchen corners were opened.
Revenue at Comet increased by 6.3 per cent in local currency and by 4.3 per cent on a like-for-like basis. TV sales benefited from a particularly strong World Cup campaign and successful delivery of one-off initiatives in multimedia with significant market share gains in both product categories. These together resulted in downward pressure on gross margin of 180 basis points for the quarter. Web-generated sales increased by over 13 per cent and now represent 14 per cent of total product sales. During the period one store was relocated and nine core stores were refitted, with a further 30 refits to be completed by the end of the first half. In addition, Comet has started to implement the initiatives outlined in June on product mix, rebranding and a new internet platform, all in readiness for the peak trading season.
The quarterly sales performance at the Other established businesses, BCC, Vanden Borre and Datart, improved. Revenue increased by 3.4 per cent in local currency and by 1.1 per cent on a like-for-like basis. Vanden Borre continued to deliver strong sales growth and there were improved trends at both BCC and Datart with an overall increase in gross margin. Web generated sales increased by 37 per cent and now represent 6.5 per cent of total product sales. During the period Vanden Borre completed two refurbishments and Datart opened one new store.
The Developing businesses, Darty Italy, Darty Turkey and Darty Spain, increased total revenue by 10.9 per cent in local currency and by 5.3 per cent on a like-for-like basis, with a significant gross margin improvement. Darty Italy benefitted from the digital switch over in the Milan area at the end of May. In the face of increasingly difficult economic conditions Darty Spain has now successfully rebranded 19 stores which are delivering significant sales uplifts. During the period, Darty Italy opened one store while Darty Spain closed one store. By the end of the first half, Darty Italy will have opened a further five new stores and Darty Turkey four new stores.
Financial position
No material events or transactions impacting the Group's strong financial position have taken place since the previously announced 30 April 2010 balance sheet date.
Change of reporting currency
As previously announced, from the 2010/11 financial year the Group has changed its reporting currency from sterling to euros. Proforma summary financials for the financial years ending 30 April 2010 and 30 April 2009 plus the half year ending 31 October 2009 are provided as appendices to this announcement.
ENDS
Basis of preparation
The above statement is based on unaudited management accounts and excludes Darty Switzerland, which was disposed of on 6 July 2009.
Store numbers and selling space as at 31 July 2010
|
|
Store numbers |
Selling space (000 sqm) |
|
Darty France |
223 |
300.3 |
|
Comet |
251 |
277.8 |
|
Other established |
151 |
167.4 |
|
Developing |
84 |
98.5 |
|
Group Total |
709 |
844.0 |
There will be a telephone conference call for analysts at 07:45 on 16 September 2010. If you would like to listen to a recording of this call, please visit the company's website www.kesaelectricals.com after 10.00am.
The Group will issue its half year results on Wednesday 8 December 2010.
Enquiries
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Analysts |
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Kesa Electricals plc |
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Simon Ward |
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+44 (0) 20 7269 1400 |
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Media |
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| Kesa Electricals plc | ||
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Annabel Donaldson |
UK |
+44 (0) 20 7269 1400 |
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Vinciane Beurlet |
France |
+33 (0) 1 43 18 52 00 |
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Finsbury |
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Charles Watenphul |
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+44 (0) 20 7251 3801 |
Appendix 1: Proforma summary financials for the years ended 30 April 2010 and 30 April 2009
|
Group Income statement |
|
|
|
|
|
|
for the year ended 30 April 2010 |
|
|
|
||
|
|
|
|
|
Year ended 30 April 2010 |
Year ended 30 April 2009 |
|
Continuing operations |
|
|
|
€m |
€m |
|
|
|
|
|
|
|
|
Revenue |
|
|
|
5,789.1 |
5,857.5 |
|
Group operating (loss)/profit |
|
|
|
87.2 |
(97.4) |
|
Share of post tax profit in joint venture and associates |
|
6.3 |
8.7 |
||
|
Total operating profit/(loss) |
|
|
|
93.5 |
(88.7) |
|
|
|
|
|
|
|
|
Analysed as: |
|
|
|
|
|
|
Retail profit |
|
|
|
110.0 |
88.0 |
|
Share of joint venture and associates interest and taxation |
|
(0.9) |
(0.8) |
||
|
Valuation (losses)/gains |
|
|
|
(5.3) |
0.4 |
|
Profit on disposal of business operation |
|
5.2 |
- |
||
|
Exceptional restructuring costs |
|
(14.8) |
(26.2) |
||
|
Amortisation and impairment of acquisition related intangible assets |
|
(0.7) |
(150.1) |
||
|
Total operating profit/(loss) |
|
|
|
93.5 |
(88.7) |
|
|
|
|
|
|
|
|
Finance costs |
|
|
|
(20.5) |
(15.9) |
|
Finance income |
|
|
|
1.6 |
7.5 |
|
Exceptional finance costs |
|
|
|
3.2 |
(10.5) |
|
Profit/(loss) before income tax |
|
|
|
77.8 |
(107.6) |
|
|
|
|
|
|
|
|
UK taxation |
|
|
|
3.3 |
7.9 |
|
Overseas taxation |
|
|
|
(36.1) |
(45.9) |
|
Total Taxation |
|
|
|
(32.8) |
(38.0) |
|
|
|
|
|
|
|
|
Profit/(loss) for the financial year from continuing operations |
45.0 |
(145.6) |
|||
|
(Loss)/profit for the financial year from discontinued operations |
|
(2.0) |
4.1 |
||
|
Profit/(loss) for the financial year |
|
|
43.0 |
(141.5) |
|
|
|
|
|
|
|
|
|
Profit/(loss) attributable to: |
|
|
|
|
|
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- Equity shareholders |
|
|
|
44.6 |
(141.5) |
|
- Minority interests |
|
|
|
(1.6) |
- |
|
|
|
|
|
43.0 |
(141.5) |
|
Earnings/(losses) per share - basic and diluted (pence) |
|
|
|
||
|
Continuing operations |
|
8.8 |
(27.5) |
||
|
Discontinued operations |
(0.4) |
0.8 |
|||
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Total earnings/(losses) per share |
|
|
8.4 |
(26.7) |
|
|
|
|
|
|
||
|
Earnings per share - adjusted (pence) |
|
|
|
||
|
Continuing operations |
|
11.0 |
6.6 |
||
|
Discontinued operations |
|
(0.4) |
0.8 |
||
|
Total adjusted earnings per share |
|
10.6 |
7.4 |
||
|
Group balance sheet |
|
|
|
|
|
|
as at 30 April 2010 |
|
|
|
|
|
|
|
|
|
|
30 April 2010 |
30 April 2009 |
|
|
|
|
|
€m |
€m |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Intangible assets |
|
|
|
126.0 |
131.1 |
|
Property, plant and equipment |
|
|
|
571.4 |
593.6 |
|
Available for sale financial assets |
|
|
|
8.9 |
4.6 |
|
Investments in joint venture and associates |
|
|
|
21.4 |
23.5 |
|
Other receivables |
|
|
|
21.4 |
17.6 |
|
Deferred income tax assets |
|
|
|
44.7 |
33.8 |
|
Total non-current assets |
|
|
|
793.8 |
804.2 |
|
|
|
|
|
|
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Current assets |
|
|
|
|
|
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Inventories |
|
|
|
797.0 |
743.4 |
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Trade and other receivables |
|
|
|
261.6 |
271.7 |
|
Income tax |
|
|
|
8.4 |
0.6 |
|
Other investments |
|
|
|
11.9 |
26.6 |
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Derivative financial instruments |
|
|
|
1.0 |
0.1 |
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Cash and cash equivalents |
|
|
|
147.7 |
145.4 |
|
Total current assets |
|
|
|
1,227.6 |
1,187.8 |
|
|
|
|
|
|
|
|
Total assets |
|
|
|
2,021.4 |
1,992.0 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Borrowings |
|
|
|
(10.8) |
(0.8) |
|
Income tax liabilities |
|
|
|
(5.9) |
(9.1) |
|
Trade and other payables |
|
|
|
(1,163.5) |
(1,069.4) |
|
Derivative financial instruments |
|
|
|
- |
(0.5) |
|
Provisions |
|
|
|
(2.8) |
(3.2) |
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Total current liabilities |
|
|
|
(1,183.0) |
(1,083.0) |
|
|
|
|
|
|
|
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Non-current liabilities |
|
|
|
|
|
|
Borrowings |
|
|
|
(54.1) |
(157.6) |
|
Other payables |
|
|
|
(403.0) |
(399.0) |
|
Deferred income tax liabilities |
|
|
|
(61.4) |
(60.7) |
|
Retirement benefits |
|
|
|
(85.0) |
(61.7) |
|
Provisions |
|
|
|
(2.0) |
(4.5) |
|
Total non-current liabilities |
|
|
|
(605.5) |
(683.5) |
|
|
|
|
|
|
|
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Total liabilities |
|
|
|
(1,788.5) |
(1,766.5) |
|
|
|
|
|
|
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Net assets |
|
|
|
232.9 |
225.5 |
|
|
|
|
|
30 April 2010 |
30 April 2009 |
|
|
|
|
|
|
€m |
€m |
|
|
Equity |
|
|
|
|
|
|
|
Share capital |
|
|
|
152.0 |
148.1 |
|
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Other reserves |
|
|
|
970.5 |
963.9 |
|
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Retained earnings |
|
|
|
(884.5) |
(885.7) |
|
|
Total equity shareholders' funds |
|
|
|
238.0 |
226.3 |
|
|
|
|
|
|
|
|
|
|
Minority interests |
|
|
|
(5.1) |
(0.8) |
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
|
232.9 |
225.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
Group cash flow statement |
|
|
|
|
for the year ended 30 April 2010 |
|
||
|
|
|
|
Year ended 30 April 2010
|
|
|
|
|
€m |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities |
|
||
|
Cash generated from operations |
253.0 |
||
|
Interest paid |
|
|
(17.7) |
|
Tax paid |
|
|
(46.5) |
|
Net cash flows from operating activities |
188.8 |
||
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Acquisition of subsidiaries, net of cash acquired |
(0.4) |
||
|
Proceeds from sale of subsidiary, net of cash disposed |
11.9 |
||
|
Purchase of property, plant and equipment |
(73.9) |
||
|
Proceeds from sale of property, plant and equipment |
6.8 |
||
|
Purchase of available for sale investments |
- |
||
|
Purchase of intangible assets |
|
|
(32.0) |
|
Cash inflow from other current investments |
15.2 |
||
|
Interest received |
|
|
1.6 |
|
Dividends received from joint venture |
8.4 |
||
|
Net cash from/(used in) investing activities |
(62.4) |
||
|
|
|
|
|
|
Cash flows from financing activities |
|
||
|
Net repayment of borrowings |
(101.8) |
||
|
Dividends paid to shareholders |
|
|
(29.1) |
|
Dividends paid to minority interests |
(2.6) |
||
|
Net cash used in financing activities |
(133.5) |
||
|
|
|
|
|
|
Net cash inflow from cash, cash equivalents and bank overdrafts |
(7.1) |
||
|
|
|
|
|
|
Effects of exchange rate changes |
|
(0.6) |
|
|
|
|
|
|
|
Net (decrease)/increase in cash, cash equivalents and bank overdrafts |
(7.7) |
||
|
|
|
|
|
|
Cash, cash equivalents and bank overdrafts at start of year |
144.6 |
||
|
|
|
|
|
|
Cash, cash equivalents and bank overdrafts at end of year |
136.9 |
||
|
|
|
|
|
|
|
|
|
|
|
Segmental analysis |
|
|
|
Year ended 30 April 2010 |
|
|
France |
UK |
Other established |
Developing |
|
|
|
|
Darty |
Comet |
Businesses |
Businesses |
Unallocated |
Group |
|
|
€m |
€m |
€m |
€m |
€m |
€m |
|
|
|
|
|
|
|
|
|
Revenue |
2,791.6 |
1,864.1 |
774.4 |
359.0 |
- |
5,789.1 |
|
Retail profit/(loss) |
133.3 |
12.4 |
16.1 |
(33.1) |
(18.7) |
110.0 |
|
Share of joint venture and associates interest and taxation |
(0.9) |
- |
- |
- |
- |
(0.9) |
|
Valuation gains/(losses) |
- |
- |
- |
- |
(5.3) |
(5.3) |
|
Profit on disposal |
- |
- |
- |
5.2 |
- |
5.2 |
|
Amortisation and impairment of acquisition related intangible assets |
- |
- |
- |
(0.7) |
- |
(0.7) |
|
Exceptional restructuring costs |
(3.4) |
(0.5) |
- |
(10.9) |
- |
(14.8) |
|
Operating profit/(loss) |
129.0 |
11.9 |
16.1 |
(39.5) |
(24.0) |
93.5 |
|
|
|
|
|
|
|
|
|
Finance costs |
|
|
|
|
|
(20.5) |
|
Finance income |
|
|
|
|
|
1.6 |
|
Exceptional finance costs |
|
|
|
|
|
3.2 |
|
Finance costs - net |
|
|
|
|
|
(15.7) |
|
|
|
|
|
|
|
|
|
Profit before income tax |
|
|
|
|
|
77.8 |
|
Income tax credit |
|
|
|
|
|
(32.8) |
|
Profit for the year from continuing operations |
|
|
|
|
|
45.0 |
|
|
|
|
|
|
|
|
|
Loss for the year from discontinued operations |
|
|
|
|
|
(2.0) |
|
Profit for the year |
|
|
|
|
|
43.0 |
The share of operating profits of the joint venture and associates included within the retail profit for Darty France is €7.2m.
The share of post tax profits of the joint venture and associates included within the operating profit for Darty France is €6.3m.
|
|
France |
UK |
Other established |
Developing |
|
|
|
|
Darty |
Comet |
Businesses |
Businesses |
Unallocated |
Group |
|
|
€m |
€m |
€m |
€m |
€m |
€m |
|
|
|
|
|
|
|
|
|
Segmental assets |
974.7 |
442.4 |
260.9 |
154.8 |
188.6 |
2,021.4 |
|
Segmental liabilities |
(878.3) |
(451.1) |
(166.8) |
(100.6) |
(191.7) |
(1,788.5) |
|
Segmental depreciation and amortisation |
(66.4) |
(30.9) |
(15.9) |
(10.8) |
(1.4) |
(125.4) |
|
Segmental capital expenditure |
54.6 |
16.8 |
16.9 |
14.9 |
3.2 |
106.4 |
Investments in equity accounted joint ventures and associates of €21.4m are included within the segment assets of Darty France.
|
Segmental analysis |
|
|
|
Year ended 30 April 2009 |
|
|
France |
UK |
Other established |
Developing |
|
|
|
|
Darty |
Comet |
Businesses |
Businesses |
Unallocated |
Group |
|
|
€m |
€m |
€m |
€m |
€m |
€m |
|
|
|
|
|
|
|
|
|
Revenue |
2,718.0 |
1,962.6 |
812.3 |
364.6 |
- |
5,857.5 |
|
Retail profit/(loss) |
121.6 |
10.4 |
23.3 |
(51.1) |
(16.2) |
88.0 |
|
Share of joint venture and associates interest and taxation |
(0.8) |
- |
- |
- |
- |
(0.8) |
|
Valuation losses |
- |
- |
- |
- |
0.4 |
0.4 |
|
Amortisaition and impairment of acquisition related intangible assets |
- |
- |
- |
(150.1) |
- |
(150.1) |
|
Exceptional restructuring costs |
- |
(11.1) |
- |
(15.1) |
- |
(26.2) |
|
Operating profit/(loss) |
120.8 |
(0.7) |
23.3 |
(216.3) |
(15.8) |
(88.7) |
|
|
|
|
|
|
|
|
|
Finance costs |
|
|
|
|
|
(15.9) |
|
Finance income |
|
|
|
|
|
7.5 |
|
Exceptional finance costs |
|
|
|
|
|
(10.5) |
|
Finance costs - net |
|
|
|
|
|
(18.9) |
|
|
|
|
|
|
|
|
|
Loss before income tax |
|
|
|
|
|
(107.6) |
|
Income tax credit |
|
|
|
|
|
(38.0) |
|
Loss for the year from continuing operations |
|
|
|
|
|
(145.6) |
|
|
|
|
|
|
|
|
|
Taxation credit arising on the sale of discontinued operations |
|
|
|
|
|
0.5 |
|
Profit for the year from discontinued operations |
|
|
|
|
|
3.6 |
|
Loss for the year |
|
|
|
|
|
(141.5) |
The share of operating profits of the joint venture and associates included within the retail profit for Darty France is €9.5m.
The share of post tax profits of the joint venture and associates included within the operating profit for Darty France is €8.7m.
|
|
France |
UK |
Other established |
Developing |
|
|
|
|
Darty |
Comet |
Businesses |
Businesses |
Unallocated |
Group |
|
|
€m |
€m |
€m |
€m |
€m |
€m |
|
|
|
|
|
|
|
|
|
Segmental assets |
970.1 |
406.9 |
250.5 |
152.1 |
212.4 |
1,992.0 |
|
Segmental liabilities |
(832.8) |
(402.7) |
(150.0) |
(87.5) |
(293.5) |
(1,766.5) |
|
Segmental depreciation and amortisation |
(58.1) |
(31.6) |
(14.3) |
(9.1) |
(1.0) |
(114.1) |
|
Segmental capital expenditure |
85.5 |
45.8 |
19.4 |
16.6 |
1.3 |
168.6 |
Investments in equity accounted joint ventures and associates of €23.5m are included within the segment assets of Darty France.
Appendix 2: Proforma summary financials for the six months ended 31 October 2009
|
Group Income statement |
|||
|
for the six months ended 31 October 2009 |
|||
|
|
|
|
Six months ended 31 October 2009 |
|
Continuing operations |
|
|
€m |
|
|
|
|
|
|
Revenue |
|
|
2,669.2 |
|
Group operating (loss)/profit |
|
|
14.3 |
|
Share of post tax profit in joint venture and associates |
|
2.7 |
|
|
Total operating profit/(loss) |
|
|
17.0 |
|
|
|
|
|
|
Analysed as: |
|
|
|
|
Retail profit |
|
|
27.1 |
|
Share of joint venture and associates interest and taxation |
(0.4) |
||
|
Valuation (losses)/gains |
|
|
(5.0) |
|
Profit on disposal of business operation |
5.4 |
||
|
Exceptional costs |
(10.0) |
||
|
Amortisation and impairment of acquisition related intangible assets |
(0.1) |
||
|
Total operating profit/(loss) |
|
|
17.0 |
|
|
|
|
|
|
Finance costs |
|
|
(11.9) |
|
Finance income |
|
|
1.2 |
|
Exceptional finance income/(costs) |
|
|
0.8 |
|
Profit/(loss) before income tax |
|
|
7.1 |
|
|
|
|
|
|
UK taxation |
|
|
7.0 |
|
Overseas taxation |
|
|
(11.1) |
|
Total Taxation |
|
|
(4.1) |
|
|
|
|
|
|
Profit/(loss) for the financial year from continuing operations |
3.0 |
||
|
(Loss)/profit for the financial year from discontinued operations |
(2.0) |
||
|
Profit/(loss) for the financial year |
|
1.0 |
|
|
|
|
|
|
|
Profit/(loss) attributable to: |
|
|
|
|
- Equity shareholders |
|
|
2.3 |
|
- Minority interests |
|
|
(1.3) |
|
|
|
|
1.0 |
|
Earnings/(losses) per share - basic and diluted (pence) |
|
||
|
Continuing operations |
0.8 |
||
|
Discontinued operations |
(0.4) |
||
|
Total earnings/(losses) per share |
|
|
0.4 |
|
|
|
|
|
|
Earnings per share - adjusted (pence) |
|
||
|
Continuing operations |
2.3 |
||
|
Discontinued operations |
(0.4) |
||
|
Total adjusted earnings per share |
1.9 |
||
|
Group balance sheet |
|
|
|
|
|
as at 31 October 2009 |
|
|
|
|
|
|
|
|
|
31 October 2009 |
|
|
|
|
|
€m |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Intangible assets |
|
|
|
125.5 |
|
Property, plant and equipment |
|
|
|
576.1 |
|
Available for sale financial assets |
|
|
|
10.2 |
|
Investments in joint venture and associates |
|
|
|
22.4 |
|
Other receivables |
|
|
|
20.2 |
|
Deferred income tax assets |
|
|
|
47.8 |
|
Total non-current assets |
|
|
|
802.2 |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
Inventories |
|
|
|
897.2 |
|
Trade and other receivables |
|
|
|
308.2 |
|
Income tax |
|
|
|
12.9 |
|
Other investments |
|
|
|
25.6 |
|
Derivative financial instruments |
|
|
|
0.3 |
|
Cash and cash equivalents |
|
|
|
164.8 |
|
Total current assets |
|
|
|
1,409.0 |
|
|
|
|
|
|
|
Total assets |
|
|
|
2,211.2 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Borrowings |
|
|
|
(3.6) |
|
Income tax liabilities |
|
|
|
(5.0) |
|
Trade and other payables |
|
|
|
(1,334.1) |
|
Derivative financial instruments |
|
|
|
(0.4) |
|
Provisions |
|
|
|
(2.6) |
|
Total current liabilities |
|
|
|
(1,345.7) |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Borrowings |
|
|
|
(123.2) |
|
Other payables |
|
|
|
(392.4) |
|
Deferred income tax liabilities |
|
|
|
(61.6) |
|
Retirement benefits |
|
|
|
(101.8) |
|
Provisions |
|
|
|
(3.6) |
|
Total non-current liabilities |
|
|
|
(682.6) |
|
|
|
|
|
|
|
Total liabilities |
|
|
|
(2,028.3) |
|
|
|
|
|
|
|
Net assets |
|
|
|
182.9 |
|
|
|
|
|
31 October 2009 |
|
|
|
|
|
|
€m |
|
|
Equity |
|
|
|
|
|
|
Share capital |
|
|
|
147.9 |
|
|
Other reserves |
|
|
|
969.0 |
|
|
Retained earnings |
|
|
|
(929.8) |
|
|
Total equity shareholders' funds |
|
|
|
187.1 |
|
|
|
|
|
|
|
|
|
Minority interests |
|
|
|
(4.2) |
|
|
|
|
|
|
|
|
|
Total equity |
|
|
|
182.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Group cash flow statement |
|||
|
for the six months ended 31 October 2009 |
|||
|
|
|
|
Six months ended 31 October 2009
|
|
|
|
|
€m |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities |
|
||
|
Cash generated from operations |
128.7 |
||
|
Interest paid |
|
|
(14.8) |
|
Tax paid |
|
|
(22.0) |
|
Net cash flows from operating activities |
91.9 |
||
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Proceeds from sale of business operation, net of cash disposed |
11.9 |
||
|
Purchase of property, plant and equipment |
(33.0) |
||
|
Proceeds from sale of property, plant and equipment |
5.7 |
||
|
Purchase of available for sale investments |
- |
||
|
Purchase of intangible assets |
|
|
(11.9) |
|
Cash inflow from other current investments |
0.9 |
||
|
Interest received |
|
|
2.1 |
|
Dividends received from joint venture |
3.8 |
||
|
Net cash from/(used in) investing activities |
(20.5) |
||
|
|
|
|
|
|
Cash flows from financing activities |
|
||
|
Net repayment of borrowings |
(31.8) |
||
|
Dividends paid to shareholders |
|
|
(18.8) |
|
Dividends paid to minority interests |
(2.5) |
||
|
Net cash used in financing activities |
(53.1) |
||
|
|
|
|
|
|
Net cash inflow from cash, cash equivalents and bank overdrafts |
18.3 |
||
|
|
|
|
|
|
Effects of exchange rate changes |
|
(1.7) |
|
|
|
|
|
|
|
Net increase in cash, cash equivalents and bank overdrafts |
16.6 |
||
|
|
|
|
|
|
Cash, cash equivalents and bank overdrafts at start of year |
144.6 |
||
|
|
|
|
|
|
Cash, cash equivalents and bank overdrafts at end of year |
161.2 |
||
|
|
|
|
|
|
|
|
|
|
|
Segmental analysis |
|
|||||
|
|
|
|||||
|
Six months ended 31 October 2009 |
|
|||||
|
|
France |
UK |
Other established |
Developing |
|
|
|
|
Darty |
Comet |
Businesses |
Businesses |
Unallocated |
Group |
|
|
€m |
€m |
€m |
€m |
€m |
€m |
|
|
|
|
|
|
|
|
|
Revenue |
1,289.8 |
851.3 |
361.0 |
167.1 |
- |
2,669.2 |
|
Retail profit/(loss) |
51.4 |
(1.8) |
4.5 |
(18.5) |
(8.5) |
27.1 |
|
Share of joint venture and associates interest and taxation |
(0.4) |
- |
- |
- |
- |
(0.4) |
|
Valuation gains/(losses) |
- |
- |
- |
- |
(5.0) |
(5.0) |
|
Profit on disposal |
- |
- |
- |
5.4 |
- |
5.4 |
|
Amortisation and impairment of acquisition related intangible assets |
- |
- |
- |
(0.1) |
- |
(0.1) |
|
Exceptional restructuring costs |
(3.2) |
(0.5) |
- |
(6.3) |
- |
(10.0) |
|
Operating profit/(loss) |
47.8 |
(2.3) |
4.5 |
(19.5) |
(13.5) |
17.0 |
|
|
|
|
|
|
|
|
|
Finance costs |
|
|
|
|
|
(11.9) |
|
Finance income |
|
|
|
|
|
1.2 |
|
Exceptional finance costs |
|
|
|
|
|
0.8 |
|
Finance costs - net |
|
|
|
|
|
(9.9) |
|
|
|
|
|
|
|
|
|
Profit before income tax |
|
|
|
|
|
7.1 |
|
Income tax credit |
|
|
|
|
|
(4.1) |
|
Profit for the financial year from continuing operations |
|
|
|
|
|
3.0 |
|
|
|
|
|
|
|
|
|
Loss for the year from discontinued operations |
|
|
|
|
|
(2.0) |
|
Profit for the year |
|
|
|
|
|
1.0 |
The share of operating profits of the joint venture and associates included within the retail profit for Darty France is €3.1m.
The share of post tax profits of the joint venture and associates included within the operating profit for Darty France is €2.7m.
|
|
France |
UK |
Other established |
Developing |
|
|
|
|
Darty |
Comet |
Businesses |
Businesses |
Unallocated |
Group |
|
|
€m |
€m |
€m |
€m |
€m |
€m |
|
|
|
|
|
|
|
|
|
Segmental assets |
1,064.6 |
495.2 |
261.6 |
158.4 |
231.0 |
2,210.8 |
|
Segmental liabilities |
(941.6) |
(529.2) |
(172.1) |
(106.5) |
(278.6) |
(2,028.0) |
|
Segmental depreciation and amortisation |
(32.3) |
(15.5) |
(7.8) |
(4.5) |
(0.7) |
(60.8) |
|
Segmental capital expenditure |
23.3 |
5.5 |
7.8 |
6.5 |
2.0 |
45.1 |
Investments in equity accounted joint ventures and associates of €22.4m are included within the segment assets of Darty France.
Related Shares:
DRTY.L