Statement of Results for the twelve months ended 30 April A Year of Delivery -

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1 Thursday 19 June 2014 Statement of Results for the twelve months ended 30 April A Year of Delivery - Financial summary for the 12 months ended 30 April Group revenue of 3,579.4 million (2013: 3,558.9 million) - on a like-for-like basis up 1.7 per cent and up 2.8 per cent in France. Group retail profit 2 up 11.2 per cent to 73.4 million (2013: 66.0 million). EBITDA 3 of million, adjusted 4 Group profit before tax of 60.0 million and adjusted earnings per share of 6.4 cents. Exceptional charges of 29.4 million related principally to the French social plan. Reported profit after tax of 9.5 million (2013: 0.3 million) for the continuing Group. Basic continuing earnings per share of 2.4 cents (2013: 0.7 cents). Net cash outflow including discontinued operations of 39.5 million (2013: 20.6 million) including 60.4 million cash outflow related to discontinued operations. Net debt at the end of the period of million (2013: million). The Board is recommending a final dividend of cents per share (2013: cents) bringing the total dividend for the year to 3.5 cents per share (2013: 3.5 cents). Very good progress in delivering our strategic plan "Nouvelle Confiance" Good results from the '4Ds' plan: o Positive like-for-like sales and significant market share gains in France and Belgium; o Continued growth of web-generated sales, up nearly 10 per cent to over 13 per cent of total product sales; and o 50 million cost reduction programme substantially completed with benefits to be delivered in full by the end of 2014/15. Steps taken to build market share and profitability over the next three years by: o expanding the Darty portfolio into smaller catchment areas with a new franchise model. The first four stores opened in H2; o increasing our web penetration and extending the low price/pay-as-you-go services offer through the acquisition of leading French website Mistergooddeal.com; and o doubling the number of stores with the kitchen offer. Eliminating losses in our non-core markets with the managed closure of Spain and the sale of our business in Turkey. Alan Parker, Chairman, commented: "Over the past 12 months we have made very good progress with our Nouvelle Confiance plan to improve shareholder value. "After eliminating significant losses in our non-core market of Italy towards the end of the last financial year, we made further progress this year with the managed closure of Spain and the sale of our business in Turkey and we expect to resolve the future of our shareholding in Datart in the near future. We also have clear plans for medium term growth in our core businesses. "Nouvelle Confiance is creating a business that is better for our shareholders, employees, customers and suppliers and we are confident that our plans will deliver an improvement in earnings over the medium term." 1

2 Chief Executive Régis Schultz added: "I am pleased to report on the good progress we have made over the past financial year, particularly in starting to improve profitability in our core markets. Through the implementation of our '4Ds' programme, to Drive trading, Digitalise Darty, Develop the brand and Deliver cost efficiencies, we have seen overall market share gains, delivered positive like-for-like sales growth and improved our profit performance for the first time in three years. "I am also encouraged by the early results of our initiatives for future growth the launch of our franchise business, building on the acquisition of Mistergooddeal.com and expanding our successful kitchen offer. "For the coming financial year, market conditions are expected to remain challenging, but we are well placed to deliver our growth ambitions for the Group. Our aim over the medium term is to build our market share in France and increase retail profitability." 1 Constant exchange rate of 1 Euro = Czech Kr , Turkish Lira Retail profit represents total operating profit before the share of joint venture and associates interest and taxation, the movement in options and related charges over non-controlling interests, gain on disposal of available for sale investments, exceptional items and profit on disposal of business operations. 3 Retail profit before depreciation and amortisation and profit/(loss) on disposal of property, plant and equipment and intangible assets including write-offs. 4 Excludes the share of joint venture and associates interest and taxation, the movement in options and related charges over non-controlling interests, gain on disposal of available for sale investments, exceptional items, profit on disposal of business operations and net interest on pension schemes. There will be a presentation to analysts and institutions at 09:00 today at UBS, 1 Finsbury Avenue, London, EC2M 2PP. A live video webcast of the event will be available via our website and recorded for access later in the day. Darty plc will issue an Interim Management Statement on 11 September 2014 for the first quarter trading period of 1 May 2014 to 31 July Enquiries Analysts: Darty plc Simon Ward +44 (0) Press: UK - RLM Finsbury Rollo Head / Jenny Davey +44 (0) France - Le Public Système Ségolène de Saint Martin / Certain statements made in this announcement are forward looking 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 results in forward looking statements. Unless otherwise required by applicable laws, regulations or accounting standards, Darty plc does not undertake any obligation to update or revise any forward looking statements, whether as a result of new information, future developments or otherwise. 2

3 STRATEGY - NOUVELLE CONFIANCE In December 2012, following an in-depth internal review of our business, we launched our "Nouvelle Confiance" strategic plan, the principal components of which were to: identify and eliminate losses at our non-core businesses; refocus on core markets with new commercial initiatives; create value from our market leadership and efficiency savings; develop future growth opportunities. Implementation of "Nouvelle Confiance" involved identifying our core businesses based on four key conditions for success; a fundamentally sound market with solid growth prospects, demand for a high service proposition that resonates with consumers, relevant local market shares and multi-channel capabilities, and a clear path to future profit growth opportunities. We concluded upon review of our then existing businesses, that our operations in Italy, Spain, Turkey, the Czech Republic and Slovakia were non-core businesses. Following the completion of the disposal of Darty Italy to DPS Group s.r.l. toward the end of the prior financial year, we completed a managed closure of Darty Spain in June 2013, and the asset sale of Darty Turkey to Bimeks, a specialist electricals retailer in Turkey in April We expect to resolve the future of our shareholding in Datart in the near future. The 4Ds In order to create value from our leadership position in our core markets, drive greater efficiency and reduce costs, we developed a four-point plan ('4Ds'), focusing on our principal business in France to: 1. Drive trading by delivering on our promise to customers; 2. Digitalise Darty by further enhancing our multi-channel offer and leading websites; 3. Develop our brand by improving our product and market-leading service offerings as well as expanding our customer base; and 4. Deliver cost efficiency by implementing cost savings. 1. Drive trading During 2013, Darty held its first ever sale in the summer and we were pleased by our customers' response. We also introduced a Darty Days campaign where customers accumulated points through their expenditure to redeem discounts on future purchases. A number of VIP private shopping evenings were held in late November/early December. A further sale was held in January 2014, which, on the first day, generated a revenue increase of nearly one third, both in-store and online, compared to the same day last year, with Darty.com receiving nearly one million visits. We have further built on our price promise by introducing a wider range of entry-price products, including a kitchen offer at 1,990 and "Les Immédiats", a selected range of large products available to take direct from the store. These initiatives have delivered a positive impact on price image and store traffic. We have launched a number of product-specific initiatives through the year, such as a voucher campaign on white goods post-christmas before the January sale, interest-free credit offers on large appliances and kitchens and, more recently, a "Green Selection", providing money-off vouchers on the trade-in of an old appliance against a new purchase. Our price competitiveness remains strong and on a service-included basis we compare favourably against all store-based retailers and web pure players. All these activities in France have arrested the footfall decline trend, up one per cent year on year, and improved the conversion ratio in stores by 20 basis points, helping to drive positive like for like sales of 2.8 per cent. 3

4 2. Digitalise Darty We have a strong track record as a successful multi-channel retailer consistently growing profitable webgenerated sales. Multi-channel customers are growing steadily; they visit our stores and website more often, spend more with us, and buy from more categories of products than single-channel customers. We are exploiting this opportunity further with greater use of technology to connect our website, stores, sales staff, delivery and after-sales teams. We have introduced award-winning click and collect lockers, which are currently being trialled in seven high-traffic stores. Customers are able to order and pay online and are issued with a web-generated collection code that enables them to collect their purchases from lockers positioned at the front of a store. This helps to increase store traffic and enables faster order fulfilment at lower cost. Free Wi-Fi was introduced to a number of stores and sales staff are being equipped with tablets that enable them to demonstrate extended ranges and services in real time to customers. It also allows the sales staff to show how our prices and services compare to our competitors. Fourteen stores were equipped by the end of the financial year and this will be rolled out to around half the store portfolio by the end of the new financial year. During the year in France we saw an increase in visits to the web site of over eight per cent, improved conversion ratio by ten basis points and an increase in the number of web orders collected in-store. We also increased our market share of web sales by 20 basis points to 10.6 per cent. 3. Develop our brand We have been defending margins through better sourcing and growing our service revenues. Following actions taken during the year, we now have one sourcing team for France that is building better partnerships with suppliers and greater frequency of co-branding with leading manufacturers. We continue to develop exclusive, own-label and licensed products where the margin can be significantly higher. As market leader we have increasing success and support from leading manufacturers in gaining access to exclusive products, with particular emphasis on being first to market for new products, as demonstrated by our leading position in the new vision technologies, OLED and Ultra HD. We launched initiatives during the year to better integrate our market-leading services offer, including a new extended warranties pricing structure. For example, these included a voucher scheme offered on selected product purchases to be redeemed against one of our service offers, such as TV installation. We have introduced the first dedicated service desks for in-store repair and assistance of all multimedia products, Atelier Darty, into 15 stores further strengthening Darty s service image and helping to drive footfall. Initial customer response has been very favourable, with more immediate problem resolution for the majority of cases, so avoiding the need to send the product to a central service centre. The service also provides the opportunity to offer additional services and accessories. A new marketing campaign was launched in October with a new look and feel and highlighting individual elements of the Darty offer. Results show that our customers have responded well to the campaign and that it gives Darty a more contemporary image. It has also increased the purchasing intention rate. Building on our service image, we are now trialling a new initiative, "Le Bouton". This provides customers with priority access to Darty's market leading service support, 24 hours a day, seven days a week, via a 'button' which contacts Darty's service department. A service assistant then immediately contacts the customer to discuss the problem, and assistance is provided via phone or home visit if necessary. The service is available for all electrical products. For those not originally bought from Darty, or out of warranty, there will be a charge for any repairs required. The service will be available for a small monthly subscription when launched nationally in October

5 The quality of our service offer was again confirmed with the recent award from IREF for overall customer satisfaction. 4. Deliver cost efficiency Throughout the Group, we had targeted annualised gross cost savings of 50 million by 2015/16, from delivering a more efficient operating model, continuing to adapt our cost structure and leveraging synergies between our operating companies. Building on progress made in 2012/13, when the first 20 million cost savings were achieved, the majority of cost actions this financial year were to rationalise the Group and Darty France head office functions, including sourcing, and the merger of regions from five to three in France to deliver an expected 30 million of savings. To accelerate the cost savings, a social plan was implemented in France in the first half of this year and is on track to be completed as planned. As a consequence, cost savings of 10 million were delivered in the second half of the year, and the remaining 20 million will be realised in 2014/15, totalling the 50 million one year ahead of schedule. Our freehold property underpins the operating and credit strength of the Group, supporting good relationships with our suppliers and finance providers. It also provides flexibility to adapt our store portfolio as the business evolves, but it requires active management to ensure maximum value to the Group. Following over 15 million of proceeds in 2012/13 we realised further proceeds of 29 million this year. During the period we also sold our small shareholding in French sports retailer, Go Sport, for 2.7 million. Future growth opportunities As previously announced, we have identified and introduced initiatives to help secure our future growth, including: expanding the Darty portfolio into smaller catchment areas with a new franchise model; extending our low price/pay-as-you-go services offer through the Mistergooddeal.com channel; and a programme to double the number of stores in France with the kitchen offer. Franchise stores Darty is the market leader in France with 70 per cent of consumers within a 30-minute drive time of a store. The remaining 30 per cent represent an opportunity to further exploit the existing infrastructure of our multi-channel offer. Typically these consumers will reside in smaller catchment areas, usually below 100,000 inhabitants where it is uneconomic to open a typical Darty store. To address these smaller catchment areas we have established a franchise operation. Following refurbishment investment by the franchisee, the first store opened in early March 2014 in Challans, a 700 sqm store in a town of c.20,000 inhabitants. A further three stores were opened before the year end at Lannion, Bergerac and Montceau. Initial trading is very encouraging. At the end of May we had opened a further four stores and we expect to have a total of 30 stores open by the end of this new financial year. The potential over a four-year period is around 100 to 150 stores with an average store revenue of at least 3 million and retail contribution in line with the core business. 5

6 Mistergooddeal.com Given its full service offer, Darty France has been less successful in taking market share and trading profitably in the entry price end of the market. Its market share in the first price quartile is lower than its overall market share for a particular product category. To increase our share of the growing market for an entry price offer, we acquired Mistergooddeal.com on 31 March Mistergooddeal.com is a leading French electricals website, generating around 120 million revenue per annum, predominantly in white goods at the price entry end of the market, with no service included. We have retained the brand name and will extend the product offer. Darty s existing service infrastructure is being used to offer Mistergooddeal.com customers additional services on a payas-you-go basis, typically home delivery and extended warranties, and we will roll out the use of selected Darty stores as collection points. We expect that this, together with Darty s superior buying terms, direct sourcing and own-brand capabilities, will create a profitable channel by year two of ownership. We have already made a start on the integration with collection of Mistergooddeal orders already possible in some Darty stores. Kitchens Our kitchens business at Darty France is an example of our ability to develop the brand further, to move into a new product area, build a relevant market position and drive profitability. The kitchen offer is now in 55 stores, generating over 80 million of revenue and has already taken around five per cent of the installed kitchen market in France and helps generate additional sales of high-end white goods. As a result of densifying merchandising in other product categories, we are now able to install the kitchen offer in smaller stores in the portfolio. We have reduced the implementation cost, and cost to serve, and launched more focused marketing campaigns including an entry price and interest-free credit offer. The introduction of the offer will be in a further 11 stores by the end of the current financial year. The medium term target is for the offer to be in around 120 stores. Conclusion We have made good progress over the past financial year, particularly in arresting the recent decline in the Group's profitability in our core markets. Through the implementation of our '4Ds' programme we have made overall market share gains, delivered positive like-for-like growth and improved our profit performance. Early results of our initiatives for future growth, the launch of our franchise business, building on the acquisition of Mistergooddeal.com and expanding our successful kitchen offer, are encouraging and we will continue to build momentum. Outlook For the coming financial year, market conditions are expected to remain challenging, but our plans position us well to deliver our growth ambitions for the Group and build our market share in France and increase retail profitability over the medium term. 6

7 GROUP OVERVIEW Results Revenue 12 months ended 30 April months ended 30 April 2013 Change Constant currency change Like-for-like Darty France 2, , % 1.1% 2.8% Belgium and the Netherlands (0.3)% (0.3)% (1.2)% Other businesses* (4.6)% 0.5% (1.9)% Total** 3, , % 0.8% 1.7% Retail profit/(loss) 12 months ended 30 April months ended 30 April 2013 Darty France Belgium and the Netherlands Other businesses* (1.0) (3.7) Central (11.0) (12.0) Total** * Datart. ** Continuing Group, excluding Darty Spain and Darty Turkey. Financial review Revenue and retail profit Group revenue at 3,579.4 million, was up 0.5 per cent on a reported basis and 0.8 per cent in constant currency. On a like-for-like basis Group revenue was up 1.7 per cent, with a strong improvement in the second and third quarter trading periods. We saw significant growth in smartphones and tablets, small domestic appliances saw some growth and large white goods were stable. Vision volumes initially remained weak, but saw an improving trend throughout the year until the final quarter, where we saw some weakness ahead of the expected World Cup driven demand in the first quarter of the new financial year. We continued to grow web-generated sales successfully with growth of 9.6 per cent, now representing 13.6 per cent of total product sales. Gross margin declined by 60 basis points for the period, in line with our expectations. This reflected ongoing product category margin pressure in challenging and promotional market conditions and strong performance of lower margin multimedia and communications products in the sales mix. Total operating costs were down 25 million, over two per cent, reflecting in part asset impairments across the Group in the prior year and reduced depreciation as a result of the new Darty Telecom agreement. Underlying costs were down around one per cent before these benefits with our cost savings programme in France more than off-setting inflation and increased volume. Group retail profit increased to 73.4 million compared to 66.0 million for the same period last year, with an improvement in all reported segments. Head office costs reduced from 12.0 million to 11.0 million. Net finance costs The net finance costs were 13.4 million (2013: 9.5 million) excluding IAS 19 pension interest of 4.0 million (2013: 4.6 million). The increase reflects the costs under our new financing arrangement, which is expected to increase net finance costs to around 21 million for 2014/15. 7

8 Adjusted profit before tax The adjusted profit before tax was 60.0 million (2013: 56.5 million). Exceptional items During the period a social plan was launched in France to accelerate the delivery of our 50 million cost saving programme. Exceptional costs of 26.0 million were incurred to rationalise the head office and sourcing functions plus the reduction in the number of regions from five to three. The costs relate to redundancies ( 16.5 million) onerous lease costs ( 3.2 million) and other costs and asset write offs ( 6.3 million). In addition, 3.1 million exceptional costs were incurred in the Netherlands, principally redundancy costs as we restructure the business and onerous lease provisions as a result of warehouse consolidation. Cash costs of these exceptional items and the cash costs for exceptional restructuring items booked last year totalled 23.4 million, with a further 7 million cash cost expected in 2014/15. The total cash costs for our restructuring plans under Nouvelle Confiance were 36 million at the end of 2013/14. Profit before tax As a result of the exceptional charges of 29.4 million detailed above (2013: 64.3 million), the reported profit before tax from continuing operations was 25.3 million (2013: 4.0 million). Taxation The effective tax rate for the continuing group on adjusted profit before exceptional items, including the share of joint venture and associates tax was 45.2 per cent (2013: 31.0 per cent). This rate, which is sensitive to changes in geographical mix of profits and losses takes into account changes to French corporation tax legislation made during the year. Based on a total charge of 15.8 million (2013: 3.7 million) the total tax rate is 62.4 per cent (2013: 92.5 per cent) on unadjusted profits, reflecting that tax relief is not recognised on all exceptional and other non-retail profit items. The effective tax rate for the Continuing Group on adjusted profit before exceptional items, including the share of joint venture and associates tax is expected to fall to around the mid 30s per cent in 2014/15. Profit for the period The profit for the period from continuing operations was 9.5 million (2013: 0.3 million). Earnings per share Continuing basic earnings per share was 2.4 cents (2013: 0.7 cents). Total losses per share was 0.7 cents (2013: 19.8 cents). Adjusted earnings per share, excluding the IAS 19 net interest on pension schemes, was 6.4 cents (2013: 7.2 cents). Cash flow Net cash outflow was 39.5 million (2013: 20.6 million), with a cash inflow of 20.9 million ( 2013: 23.6 million) related to continuing operations offset by a cash outflow of 60.4 million (2013: 44.2 million) related to the discontinued businesses, which have principally been impacted by the closure of Darty Spain and the pre-disposal losses and impact of the Darty Turkey disposal this year. The net cash inflow from continuing operations of 20.9 million reflects cash flow from the continuing business of 50.1 million, less cash interest of 22.8 million including 13.6 million of fees related to the refinancing, a cash tax inflow of 1.6 million resulting from payment phasing in France, dividends to shareholders of 18.0 million and other items, mainly related to disposals and acquisitions, which show an inflow of 10.0 million. Free cash flow from continuing operations of 50.1 million reflects free cash flow 5 of 85.4 million (2013: 43.6 million) less 23.4 million (2013: 18.1 million) of exceptional cash costs related principally to the reorganisation in France and 11.9 million of payments related to the UK pension recovery plan. The free cash-flow of 85.4 million includes dividends received from joint ventures of 11.0 million (2013: 2.5 million) and net capital expenditure of 30.5 million (2013: 47.9 million) after proceeds from disposal of property, plant and equipment of 29.7million (2013: 15.7 million). 8

9 2013/ /13 EBITDA Working capital/other (14.8) (38.5) Dividends from joint venture Capital expenditure (30.5) (47.9) Free cash flow Exceptional costs UK Pension Recovery Plan payments 85.4 (23.4) 43.6 (18.1) (11.9) (16.6) Cash flow from continuing operations Other (acquisition and disposals) Interest and tax (21.2) (12.2) Dividends paid to shareholders (18.0) (12.2) Net cash flow from continuing operations Net cash flow from discontinued operations (60.4) (44.2) Net cash flow (39.5) (20.6) Net debt The Group successfully completed its refinancing on 28 February 2014, comprising 250 million Senior Notes due 2021 and a new revolving five-year committed multi-currency revolving credit facility of 225 million, replacing the 455 million credit facility due to mature in December Closing net debt was million compared to million on 30 April In addition to the 250 million Senior Notes, as at 30 April 2014, 20 million of the Group s 225 million revolving credit facility was drawn down (30 April 2013: 220 million drawn down on the previous 455 million revolving credit facility). Retirement benefit obligations The IAS 19 (revised) net pension liability increased from 84.8 million to million, split 60.1 million (30 April 2013: 40.4 million) in the UK and 44.5 million (30 April 2013: 44.4 million) in France. The increase in the UK was largely due to updated mortality rates as part of the triennial valuation which was completed in the year. In order to make good the 73 million funding deficit, a schedule of contribution has been agreed with the trustees as part of the recent triennial valuation to continue to pay 10 million per annum until Balance sheet Following the disposal and closure of discontinued operations from 2012 onwards including Comet, Darty Italy, Darty Spain and Darty Turkey and exceptional items from recent restructuring, we have reported net liabilities. At 30 April 2014 net liabilities totalled million. Under our accounting policies, freehold property is carried at cost. Our freehold property portfolio in France, representing in the main around one third of the store portfolio, has a carrying value of 112 million, compared with a market valuation of approximately 380 million. In addition we carry no internally generated goodwill for our market leading brands. 9

10 Dividends The Board is recommending an unchanged final dividend of cents per share. The final dividend date will be 10 September 2014, the record date will be 12 September 2014 and the payment date will be 3 October Discontinued operations Darty Spain has been reclassified as a discontinued operation following the managed closure of the business with all stores closing by the end of June Darty Turkey has been reclassified as a discontinued operation following the asset sale agreement signed on 22 January Losses for the year from discontinued operations were 16.4 million. The prior year comparatives have been restated accordingly. 5 Free cash flow defined as cash generated from continuing operations less net capex plus dividends received from joint ventures. 10

11 BUSINESS REVIEW Darty France 12 months ended 30 April months ended 30 April 2013 Revenue 2, ,686.8 Retail profit Margin % % No of stores Sales space (000s sqm) Franchise stores At Darty France total revenue was up 1.1 per cent, 2.8 per cent on a like-for-like basis, ahead of a market estimated to have declined by two per cent. At a product category level, growth was seen in white goods, which benefited from weather-related purchases of refrigeration and air conditioning products in July; multimedia from continued, but slowing growth in tablets; and, in particular, communications from very strong sales of smartphones. Vision volumes initially remained weak, but saw an improving trend throughout the year, aided by strong sales of new Ultra HD/4K and OLED screens demonstrating the quality of our offer and our sales colleagues, until the final quarter where we saw some weakness ahead of the expected World Cup driven demand in the first quarter of the new financial year. Our plans to drive trading had a positive impact on footfall during the period. We launched our Darty Days campaign where customers could accumulate points through their level of expenditure and specifically promoted products to redeem discounts on purchases during the second quarter. Darty also held its first ever sales in July and January and we were pleased by the customer response and traffic generated. Additional targeted campaigns were run throughout the year on specific product categories. Web-generated sales continued to outperform the market, growing 8.9 per cent to 14.1 per cent of total product sales. Darty.com is consistently one of the top 15 most visited websites in France. During the period, it won a FEVAD award for best technical product website and was recently ranked the second fastest for users (JDN / Fasterize). Gross margin was down 90 basis points for the period, in line with expectations, resulting from the impact of strong growth of lower margin smartphones and tablets in the mix and ongoing price pressure in challenging and promotional markets. Total costs reduced by 19 million, over two per cent, reflecting in part reduced depreciation following the new Darty Telecom agreement. Underlying costs were down around one per cent, more than offsetting inflation and increased volumes. Retail profit was 76.1 million compared to 74.2 million in the prior year. 11

12 During the period three new stores were opened, two were extended and eight stores were closed, including the three loss-making stores in Luxembourg that were sold to a local trade buyer. Four stores were relocated, including a store at Beaugrenelle, Paris where all the latest merchandising, digitalisation and service initiatives were introduced in October A further three stores were refurbished. The first four franchise stores were opened towards the end of the financial year with around 30 to be expected to be open by the end of 2014/15. For 2014/15 the store portfolio is expected to remain broadly unchanged with five new stores, four closures, five relocations, three refurbishments and three rightsizings. For more detail on the initiatives implemented at Darty France, please refer to the '4Ds' on pages 4 to 6 of this document. 12

13 Belgium and the Netherlands 12 months ended 30 April months ended 30 April 2013 Revenue Retail profit Margin % % No of stores Sales space (000s sqm) At Vanden Borre in Belgium and BCC in the Netherlands, total revenue fell by 0.3 per cent and by 1.2 per cent on a like-for-like basis. Vanden Borre, with its strong service position, delivered another good performance, taking significant share across nearly all product categories in a market estimated to be down by over three per cent. BCC lost some market share against a strong performance last year in what remains a highly promotional market, estimated to be down by two per cent. Overall, web-generated sales continued to grow strongly, up over 24 per cent to over 11 per cent of total product sales. Strong growth of lower margin communications products in the sales mix had a negative impact on gross margin in both markets which was overall down 30 basis points. In the Netherlands, BCC saw an improving trend on annualising the move to free delivery with gross margin slightly up for the full financial year. Total costs were down over two per cent, reflecting a small increase at Vanden Borre as the business continues to grow, more than offset by a reduced depreciation charge at BCC following asset impairments in the prior year. Actions were taken in the period to reduce costs at BCC, with initial benefits seen from reducing headcount and combining warehouses. These actions are estimated to have a 6 million annualised benefit in 2014/15. Retail profit improved to 9.3 million compared to 7.5 million in the prior year, from continued strong profitability at Vanden Borre and a small loss reduction at BCC. During the period five stores were refurbished and one closed at Vanden Borre. At BCC, two stores were opened, one store closed and one store was relocated. During 2014/15, one new store will be opened at Vanden Borre, plus two extensions and three refurbishments. One store will close at BCC. 13

14 Other businesses Datart 12 months ended 30 April months ended 30 April 2013 Revenue Retail profit Margin (1.0) (0.6)% (3.7) (2.0)% No of stores Sales space (000s sqm) At Datart in the Czech Republic and Slovakia, revenue grew by 0.5 per cent in constant currency and fell by 1.9 per cent on a like-for-like basis. Gross margin was up 150 basis points for the period and, with total costs flat, the retail loss fell from 3.7 million to 1.0 million. During the period four stores were refurbished. 14

15 BOARD CHANGES Alain Grisay was an Independent Non-Executive Director from 23 September 2013 until his death in January

16 Group income statement for the year ended 30 April 2014 Note restated b) Revenue 2 3, ,558.9 Group operating profit Share of post tax profit in joint venture and associates Total operating profit Analysed as: Retail profit a) Share of joint venture and associates' interest and taxation (0.8) (0.7) Movement in options and related charges over non-controlling interests (3.2) 9.7 Gain on disposal of available for sale investments Exceptional items 9 (29.4) (64.3) Profit on disposal of business operation Total operating profit Finance costs 4 (17.4) (14.1) Profit before income tax Taxation 5 (15.8) (3.7) Profit for the year from continuing operations Loss for the year from discontinued operations 8 (16.4) (108.2) Loss for the year (6.9) (107.9) Loss attributable to: - Owners of the parent (3.7) (104.7) - Non-controlling interests (3.2) (3.2) Earnings/(losses) per share - basic and diluted (cents) (6.9) (107.9) Continuing operations Discontinued operations (3.1) (20.5) Total losses per share 7 (0.7) (19.8) Notes a) Retail profit represents total operating profit before the share of joint venture and associates' interest and taxation, movement in options and related charges over non-controlling interests, gain on disposal of available for sale investments, exceptional items and profit on disposal of business operations. b) Restated following the sale of the Spain and Turkey operations, now classified as discontinued operations, and the adoption of IAS19 revised on retirement benefits. c) The notes on pages 21 to 34 form part of these financial statements. 16

17 Group statement of comprehensive income for the year ended 30 April 2014 Note restated a) Profit for the financial year - continuing operations Loss for the financial year - discontinued operations (16.4) (108.2) Other comprehensive income/(expense) Items that will not be reclassified to profit or loss: Remeasurements of post employment benefit obligations (25.3) (28.5) Tax on other comprehensive (expense)/income (1.1) 4.0 (26.4) (24.5) Items that may be reclassified subsequently to profit or loss: Exchange differences (2.3) 0.7 Fair value gains/(losses) on cash flow hedges (0.3) 0.2 Tax on other comprehensive income/(expense) (2.5) 0.9 Other comprehensive expense for the year (28.9) (23.6) Total comprehensive expense for the year (35.8) (131.5) Attributable to: - Owners of the parent (34.8) (128.4) - Non-controlling Interests (1.0) (3.1) Total comprehensive expense for the year (35.8) (131.5) a) Restated following the sale of the Spain and Turkey operations, now classified as discontinued operations, and the adoption of IAS19 revised on retirement benefits. b) The notes on pages 21 to 34 form part of these financial statements. 17

18 Group statement of changes in equity for the year ended 30 April 2014 Share Demerger and Translation Accumulated Total shareholders' Non - controlling Total capital other reserves reserve losses deficit interests deficit At 1 May (1,401.3) (251.9) (10.9) (262.8) Profit for the period from continuing operations (3.2) 9.5 Loss for the period from discontinued operations (16.4) (16.4) - (16.4) Other comprehensive income/(expense): Items that will not be reclassified to profit or loss: Remeasurements of post employment benefit obligations (25.3) (25.3) - (25.3) Tax on other comprehensive expense (1.1) (1.1) - (1.1) (26.4) (26.4) 0.0 (26.4) Items that may be reclassified subsequently to profit or loss: Exchange differences (0.0) - (4.5) - (4.5) 2.2 (2.3) Fair value losses on cash flow hedges - (0.3) - - (0.3) - (0.3) Tax on other comprehensive income/(expense) (0.0) (0.2) (4.5) 0.0 (4.7) 2.2 (2.5) Total comprehensive expense for the period (0.0) (0.2) (4.5) (30.1) (34.8) (1.0) (35.8) Transactions with owners: Dividends (note 6) (18.0) (18.0) - (18.0) Employee share schemes Re-purchase of non-controlling interest (2.3) (2.3) At 30 April (1,451.3) (306.6) (9.6) (316.2) Share capital Demerger and other reserves Translation reserve Accumulated losses Total shareholders' deficit Non - controlling interests Total deficit restated a) At 1 May (1,258.8) (110.2) (6.8) (117.0) Prior year adjustment in respect of IAS 19 amendment (1.7) (1.7) - (1.7) At 1 May 2012 restated (1,260.5) (111.9) (6.8) (118.7) Profit for the period from continuing operations (3.2) 0.3 Loss for the period from discontinued operations (108.2) (108.2) - (108.2) Other comprehensive income/(expense): Items that will not be reclassified to profit or loss: Remeasurements of post employment benefit obligations (28.5) (28.5) - (28.5) Tax on other comprehensive income/(expense) (24.5) (24.5) 0.0 (24.5) Items that may be reclassified subsequently to profit or loss: Exchange differences Fair value gains on cash flow hedges Tax on other comprehensive income/(expense) Total comprehensive income/(expense) for the period (129.2) (128.4) (3.1) (131.5) Transactions with owners: Dividends (note 6) (11.2) (11.2) (1.0) (12.2) Employee share schemes (0.4) (0.4) - (0.4) At 30 April (1,401.3) (251.9) (10.9) (262.8) a) Restated following the sale of the Spain and Turkey operations, now classified as discontinued operations, and the adoption of IAS19 revised on retirement benefits. The demerger reserve represents a reserve created on demerger and is non-distributable. Other reserves comprise a reserve arising from the first time adoption of IAS 39 in February 2006, a redenomination reserve created upon the redenomination of ordinary shares in September 2010 and the hedging reserve comprising the fair value movements on forward foreign exchange contracts. 18

19 Group balance sheet As at 30 April 2014 Note restated a) restated a) a) Assets Non-current assets Intangible assets Property, plant and equipment Investments Other receivables Deferred income tax assets Total non-current assets Current assets Inventories Trade and other receivables Income tax receivable Cash and cash equivalents Assets of disposal group held for sale Total current assets Total assets 1, , ,449.4 Liabilities Current liabilities Borrowings (1.5) (0.3) (6.6) Income tax liabilities (8.3) (4.0) (3.5) Trade and other payables (890.5) (887.5) (905.3) Derivative financial instruments (0.3) - (0.3) Provisions (3.7) (14.6) (4.3) Liabilities of disposal group held for sale - - (34.9) Total current liabilities (904.3) (906.4) (954.9) Non-current liabilities Borrowings (259.2) (218.3) (217.3) Other payables (227.1) (241.8) (271.6) Deferred income tax liabilities (30.0) (41.8) (52.1) Retirement benefits 12 (104.6) (84.8) (72.2) Provisions (1.4) (0.6) - Total non-current liabilities (622.3) (587.3) (613.2) Total liabilities Net liabilities (1,526.6) (1,493.7) (1,568.1) (316.2) (262.8) (118.7) Equity attributable to owners of the parent Share capital Other reserves Accumulated losses (1,451.3) (1,401.3) (1,260.5) Total shareholders' deficit (306.6) (251.9) (111.9) Non-controlling interests (9.6) (10.9) (6.8) Total equity (316.2) (262.8) (118.7) a) Restated following the adoption of IAS19 revised - Retirement Benefits b) The notes on pages 21 to 34 form part of these financial statements. The financial statements on pages 16 to 34 were approved by the Board of Directors on 18 June 2014 and signed on its behalf by Regis Schultz Director Dominic Platt Director 19

20 Group cash flow statement for the year ended 30 April 2014 Note Cash flows from operating activities Cash generated from operations Interest paid (22.8) (9.1) Tax paid 1.6 (3.1) Net cash flows from/(used in) operating activities (12.9) 7.8 Cash flows from investing activities Acquisition of subsidiaries, net of cash acquired Sale of discontinued operations, including cash and overdrafts disposed 2.6 (4.4) Sale of business operation, including cash and overdrafts disposed Sale of available for sale investments Purchase of property, plant and equipment (48.5) (46.5) Proceeds from sale of property, plant and equipment Purchase of intangible assets (13.4) (22.7) Interest received Dividends received from associates/joint ventures Net cash from/(used in) investing activities (8.6) (16.2) Cash flows from financing activities Proceeds from borrowings Repayments of borrowings (340.0) (7.7) Dividends paid to shareholders 6 (18.0) (11.2) Dividends paid to non-controlling interests - (1.0) Net cash from/(used in) financing activities 32.0 (19.9) Net increase/(decrease) in cash, cash equivalents and bank overdrafts 10.5 (28.3) Cash, cash equivalents and bank overdrafts at start of year Effects of exchange rate changes 11 (4.2) (2.5) Cash, cash equivalents and bank overdrafts at end of year a) The notes on pages 21 to 34 form part of these financial statements 20

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