Statement of Results for the six months ended 31 October 2014

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1 Thursday 11 December 2014 Statement of Results for the six months ended 31 October 2014 Revenue growth of 3.5 per cent as we accelerate our strategic plans Significant progress on our Strategic Plan - 'Nouvelle Confiance' Completed the elimination of losses in our non-core markets with the disposal of our majority shareholding in Datart in the Czech Republic and Slovakia. Market share gains in both France and the Netherlands. Building on an improved performance at BCC, proposed acquisition of 18 profitable stores from HiM Retail in the Netherlands, scheduled to be completed by February Successful implementation of our growth initiatives: o 22 franchise stores opened in the period with strong sales uplift; 50 expected to be trading by the end of the year; o Over 25 per cent increase in web generated sales in France following the acquisition of Mistergooddeal.com, bringing web penetration to 18 per cent of product sales. Plans in place to improve profitability; o Expanded the successful kitchen offer into 16 further stores to a total of 71 stores. Financial Summary for the six months ended 31 October Group revenue up 3.5 per cent to 1,644.4 million (2014: 1,588.4 million). Group like-for-like sales down 1.2 per cent against strong comparatives in the second quarter and more challenging market conditions. Operating profit increased to 9.3 million (2014: loss 1.0 million) with a reduction in exceptional charges as we conclude our restructuring, more than offsetting a decline in retail profit. Group retail profit 2 of 13.9 million, reflecting the acquisition of Mistergooddeal.com to grow our web business and the in year phasing of our property and promotional activity (2014: retail profit 22.6 million). Adjusted 3 Group profit before tax of 1.7 million, reflecting increased finance costs following the refinancing. Reported loss before tax of 5.5 million (2014: loss 8.6 million). Net cash outflow including discontinued operations of 99.5 million (2014: outflow million) with net debt at the end of the period of million (2014: net debt million). The Board has declared an unchanged interim dividend of cents per share, to be paid on 1 April Chief Executive Régis Schultz, commented: We are now fully focussed on our core businesses in France, Belgium and the Netherlands following the sale of our interest in Datart in the Czech Republic and Slovakia. The proposed acquisition in the Netherlands will enable us to strengthen our position and accelerate the return to profitability in this market. Our growth initiatives in France are ahead of schedule. The franchise operation is rolling out faster than we first anticipated, the kitchen offer is already in over 70 stores and our web generated sales have increased by over 25 per cent following the acquisition of Mistergooddeal.com. We are gaining market share in France and the Netherlands. The increase in our operating profit reflects the end of our restructuring plans in our core markets and the acceleration of our growth initiatives. 1

2 "We remain cautious about the market environment in the short term but we are well placed and prepared to maximise our performance in the important peak period and remain focussed on improving productivity in the cost base. Looking to the medium term, we are in a strong position with the further development of our growth initiatives." 1 Excluding results of discontinued operations except where stated otherwise. 2 Retail profit/(loss) represents total operating profit/(loss) 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 financial assets and exceptional items. 3 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 financial assets, exceptional items, and net interest on pension schemes. There will be a presentation to analysts and institutions at 08:30 today at UBS, 1 Finsbury Avenue, London, EC2M 2PP. A live video and audio 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 12 February 2015 for the third quarter trading period of 1 November 2014 to 31 January Enquiries Analysts: Darty plc Simon Ward +44 (0) Press: UK RLM Finsbury 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 NOUVELLE CONFIANCE UPDATE 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 and refocus on core markets; create value from our market leadership and efficiency savings; develop future growth opportunities. We completed the elimination of losses in our non-core markets with the disposal of our majority shareholding in Datart in the Czech Republic and Slovakia in August 2014 and we are now totally focussed on our core businesses in France, Belgium and the Netherlands. In November 2014, our business in the Netherlands, BCC, announced the proposed acquisition of up to 18 profitable stores from HiM Retail, strengthening its market position. All the stores complement the current portfolio and will bring the total number of BCC stores to nearly 80 and make it the leading multi-channel electrical retailer in the market. The acquisition is expected to be completed by February The 4Ds In order to create value from our market leadership, 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 the period Darty held a number of events to drive trading. A successful World Cup campaign helped deliver strong vision sales during May and June and the Summer Sale in July received another positive response from customers. A Back to school campaign was run from late August through September with gift cards issued against certain purchases and, towards the end of the period, an evolved Darty Days campaign was held for selected kitchen appliances with bundled deals and gift cards. As a result, further market share gains were achieved, footfall was stable and store conversion rate improved. We monitor our in-store and on-line prices on a weekly basis to confirm our competitiveness. On a 'service included' basis we continue to compare very favourably against all store based retailers and almost all web pure players. 2. Digitalise Darty As a successful multi-channel retailer, we continue to develop a seamless approach between web and stores. During the period we continued the programme of digitalising the store network which includes free wi-fi, equipping sales staff with tablets to demonstrate products and provide price and availability and large display screens. In addition to the 14 stores completed last year a further 46 stores were digitalised in the first half of this year, including one franchise store, with a total of over 100 stores expected to be completed by the end of the financial year. 3

4 We have launched a market place offering where selected complementary products are now available direct from third party suppliers. During the period we saw significant increases in penetration of our click and collect service, for which we won another award from LSA, and the number of website visits to Darty.com. 3. Develop our brand This year we are proud to celebrate 40 years of the Contrat de Confiance, Darty s price, choice and service promises to its customers. The Contrat de Confiance has very strong consumer awareness (78 per cent) and even stronger association with Darty (90 per cent), but far fewer consumers (26 per cent) are aware of its content. The Contrat has now been simplified and modernised, while continuing to highlight Darty s unique offer and competitive advantages. Building on Darty s long heritage for service, a new initiative, Le Bouton, was launched nationwide in October. By pushing a dedicated wireless 'button' or via a mobile app, customers can make direct contact with Darty s market leading after sales service support, 24 hours a day, seven days a week. We aim for a service assistant to call the customer back within two minutes to assess and solve the problem either over the phone or by a home visit. The service is available for all electrical products but for those not originally bought from Darty or out of warranty there is be a charge for any repairs required. The service is available for a small monthly subscription of 3/month, or 8/month including multimedia products, plus 25 for the wireless button. The button is proving popular for a number of customers taking an extended warranty on purchasing a product. During last year we introduced the first dedicated service desks, 'Atelier Darty', for in store repair and assistance for all multimedia products, into 15 stores. These have helped strengthen Darty's service image while also driving footfall and providing the opportunity to offer additional services and accessories. Customer response to such immediate problem solution has been very favourable. As market leader in France we continue to receive support from leading manufacturers in gaining access to exclusive products, with particular emphasis on being 'first to market' for new products. During the period this was evidenced by significant sales of large screen OLED and Ultra HD/4K televisions, particularly ahead of the football World Cup. Increasingly connected products are being introduced into the offer for both the home and health, such as connected security, lighting and thermostats and fitness trackers. 4. Deliver cost efficiency Throughout the Group, we had targeted annual gross cost savings over three years of 50 million per annum by 2014/15, from delivering a more efficient operating model, continuing to adapt our cost structure and leveraging synergies between our operating companies. To accelerate the achievement of savings a social plan was implemented in France last year and proceeded as planned. 30 million of benefits were achieved over the prior two years with the final benefit of 20 million expected to be achieved in full this financial year. In the first half of the year underlying costs (excluding the Mistergooddeal.com acquisition) were down two per cent, 10 million despite incremental costs related to our increased store activity. While this major programme has now been completed, we continue to work on all opportunities to improve cost efficiency in the business. There is also scope to improve our balance sheet efficiency. We continue to manage our freehold property to ensure maximum value to the Group. Following over 45 million of total proceeds in the prior two years we expect around 10 million this financial year, all to be achieved in the second half of the year. 4

5 Growth initiatives 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 the opening of franchise stores; 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 of consumers 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 established a franchise operation last financial year. The independent owner invests to refurbish their own store to a Darty store, consistent in terms of both branding and offer with the rest of the store portfolio. Darty charges the franchisee for the supply of product ranges and provision of home delivery and after sales services. A franchise fee is also charged for use of the brand and marketing support. Four stores were opened at the end of the prior financial year and a further 19 stores were opened in the first half of this year as well as three overseas stores in Martinique, Guadeloupe and Guiana. Initial performance has been very encouraging with significant sales uplifts for all stores and excellent customer satisfaction feedback. We now expect our opening programme to be ahead of schedule at the end of the financial year when a total of around 50 stores will be opened. We remain on track to have around 100 to 150 stores by the end of 2016/17 with retail contribution in line with the core business. Mistergooddeal.com To increase Darty s share of the fast growing market for an entry price offer, we acquired Mistergooddeal.com towards the end of the last financial year. Mistergooddeal.com is a leading French electricals website, which generated 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 are extending the product offer with the introduction of own label brands. Darty s existing service infrastructure is now being used to offer Mistergooddeal.com customers additional services on a pay-as-you-go basis, with home delivery being offered from October and over 150 Darty stores can now be used as customer collection points, already representing over a quarter of all collections. Initial trading has been weaker than expected due to very competitive activity in the entry price end of the market. With a new management team in place, we have deepened and accelerated the integration of the business into the main Darty operation to help speed up and deliver further cost savings. The head office will be integrated in January 2015 and the IT and warehousing in April The retail loss for 2014/15 is expected to be around 9 million but with the actions being taken commercially and on the cost base, we expect to move towards break even for 2015/16. 5

6 Kitchens Our kitchens business in France is an example of our ability to develop the Darty brand further, and move into a new, related product area, build a relevant market position and drive profitability. The kitchen market has solid fundamentals with the fitted kitchen equipment rate in France being only 62 per cent compared to a European average of around 80 per cent while the electricals built-in market has grown in France from 1.4 billion in 2005 to 1.75 billion in At the same time competitors are consolidating and as Darty builds scale consumer recognition of our kitchens offer is consistently improving year on year. At the end of the last financial year the kitchen offer was in 55 stores, generating over 80 million of revenue and had already taken around five per cent of the installed kitchen market in France and helped generate additional sales of high-end white goods. As a result of increasing the density of merchandising in other product categories, we are now able to install the kitchen offer in smaller stores in the portfolio. We now have 71 stores with the offer and this will be extended to a further six stores by the end of the financial year, ahead of our original plan. Commercial initiatives during the period included an interest free credit offer during September and October as well as a partnership with house builder, Bouygues Immobilier for customers to select a Darty kitchen to be installed in their new property. We remain on track for our medium term target for the offer to be in around 120 stores and the offer will be in all catchments of over 200,000 inhabitants. Outlook We remain cautious about the market environment in the short term but we are well placed and prepared to maximise our performance in the important peak period and remain focussed on improving productivity in the cost base. We will continue to focus on our '4Ds' programme in the medium term and the further development of our growth initiatives puts us in a strong position for the future. 6

7 GROUP OVERVIEW Results Revenue 6 months ended 31 October 2014 m 6 months ended 31 October 2013 m Likefor-like Change France 1, ,266.6 (1.7)% 4.0% Belgium and the Netherlands % 1.8% Continuing Group 1, ,588.4 (1.2)% 3.5% Retail profit 6 months ended 31 October 2014 m 6 months ended 31 October 2013 m France* Belgium and the Netherlands Central (4.7) (5.4) Continuing Group *including Mistergooddeal.com in 2014 Financial review Revenue and retail profit Group revenue at 1,644.4 million, was up 3.5 per cent including Mistergooddeal.com and the franchise stores. On a like-for-like basis Group revenue was down 1.2 per cent, with a slower second quarter against much stronger comparatives from the prior year (quarterly revenue performance is provided as an appendix to this statement). We saw strong sales in Vision in May and June reflecting a successful football World Cup campaign and further growth in Communication. White Goods were stable, not benefitting to the same extent as last year from weather related purchases of refrigeration and air conditioning products. We saw a decline in Multimedia due to slowing volume growth and declining average selling prices for Tablets and a poor Digital Camera market. Our web-generated sales continued to grow, and including Mistergooddeal.com were up over 23 per cent, now representing over 16 per cent of total product sales. Underlying gross margin declined by around 50 basis points for the period. This reflected ongoing product category margin pressure in challenging and promotional market conditions. Total gross margin was down 140 basis points due to Mistergooddeal.com and the franchise business which each represented around a further 40 basis points dilutive impact. Underlying costs, excluding Mistergoodeal.com, were down 10 million, two per cent, reflecting the benefits of our cost savings programme in France which offset increased pre-opening costs related to our store and kitchen programmes. Total costs including Mistergooddeal.com were broadly flat. Group retail profit fell to 13.9 million compared to 22.6 million for the same period last year, including 4.8 million losses from Mistergooddeal.com, phasing of store and promotional activity in France, an overall improvement in Belgium and the Netherlands and a reduction in head office costs from 5.4 million to 4.7 million. 7

8 Exceptional items Exceptional items of 4.1 million (2014: 24.9 million) were incurred as a result of the integration of Mistergooddeal.com and relate primarily to staff reorganisation costs. Operating profit Operating profit increased to 9.3 million (2014: loss 1.0 million) principally as a result of reduced exceptional charges of 4.1 million (2014: 24.9 million). Net finance costs The net finance costs were 12.2 million (2014: 5.5 million) excluding IAS 19 pension interest of 2.6 million (2014: 2.1 million). The net finance cost increase reflects the refinancing of the Group in February Adjusted profit before tax The adjusted profit before tax was 1.7 million (2014: 17.1 million). Taxation The tax credit for the first half is accrued using the expected full year 2014/15 effective tax rate of 30 per cent, on adjusted profit, net of tax credits arising on exceptional items and interest on pensions for the Continuing Group. The full year tax rate is based on currently enacted legislation. Profit for the period The loss for the period from continuing operations reduced to 3.7 million (2014: loss 9.0 million). Loss for the period from discontinued operations reduced to 1.0 million (2014: loss 10.8 million). Total loss for the period reduced to 4.7 million (2014: loss 19.8 million). Earnings per share Adjusted earnings per share, excluding the IAS 19 net interest on pension schemes, was 0.2 cents (2014: 1.8 cents). Continuing basic and diluted losses per share was 0.7 cents (2014: continuing losses per share 1.7 cents). Cash flow Free cash outflow 4 was 69.6 million (2014: 95.2 million outflow). Cash generated from operations was an outflow of 52.6 million (2014: 81.3 million). Net capital expenditure was 25.2 million (2014: 19.8 million). Proceeds from the sale of operations relating to the sale of our Turkish business and Datart was 8.6 million (2014: 5.9 million). Interest paid was 11.3 million (2014: 5.4 million) reflecting the refinancing completed in February Tax paid was 4.0 million (2014: cash tax received 11.8 million). The final dividend payment remained unchanged at cents per share, but the strengthening of sterling against the euro for shareholders electing a sterling dividend payment increased the cash payment to 14.0 million (2014: 13.4 million). Net cash outflow was 99.5 million (2014: million). Net debt Closing net debt was million (31 October 2013: million) compared to million on 30 April As at 31 October million of the Group s 225 million revolving credit facility was drawn down (31 October 2013: 300 million under the previous 455 million revolving credit facility) in addition to the Group s 250 million High Yield Bond. Retirement benefit obligations The IAS 19 net pension liability decreased from million at the year end to million (31 October 2013: million), split 48.9 million (31 October 2013: 54.3 million) in the UK and 52.8 million (31 October 2013: 46.0 million) in France. The movement in the UK net liability since 31 October 2013 reflects higher than expected asset returns and contributions made by the Group, partially offset by a fall in corporate bond yields and adverse exchange rate movements on translation to euros. The increase in the net liability in the French schemes mainly reflects a fall in corporate bond yields. 8

9 Dividends The Board has declared an unchanged interim dividend of cents per share. The ex-dividend date will be 5 March 2015, the record date will be 6 March 2015 and the payment date will be 1 April Discontinued operations Datart has been reclassified as a discontinued operation following the completed agreement to sell the Group s 60 per cent shareholding on 7 August The prior year comparatives have been restated accordingly. 4 Free cash flow defined as cash generated from operations and net sale of business operations and subsidiary and net capital expenditure. 9

10 BUSINESS REVIEW France 6 months ended 31 October 2014 m 6 months ended 31 October 2013 m Revenue 1, ,266.6 Excl. Mistergooddeal.com 1, ,266.6 Retail profit Margin % % Excl. Mistergooddeal.com No of stores Total revenue was up 4.0 per cent including Mistergooddeal.com and the franchise business and the Darty brand again outperformed the market for the period. Like-for-like sales fell 1.7 per cent after a positive first quarter against far stronger comparatives of nearly six per cent from the prior year in the second quarter. We saw strong sales in Vision, due to a successful World Cup campaign, and further growth in Communication. Sales of White goods were stable, with large white goods not benefitting from weather related purchases to the same extent as last year. We saw a decline in Multimedia sales due to slowing volume growth and decline in average selling price for Tablets and a poor Digital Camera market. Overall web-generated sales continued to grow, albeit in a slower market, to 15 per cent of total product sales, and to nearly 18 per cent including Mistergooddeal.com. Underlying gross margin was down around 70 basis points, in the range of our expectations, excluding the dilutive impact from Mistergooddeal.com and the franchise business, reflecting competitive market conditions. Overall gross margin for France was down 180 basis points. Underlying total costs (excluding Mistergooddeal.com) reduced by 9 million, over two per cent, reflecting the benefit of the cost programme implemented last year. Total costs were up one per cent. Retail profit was 15.3 million compared to 26.9 million in the prior year. This included 4.8 million (2014: nil) retail loss for Mistergooddeal.com, the adverse impact of the timing of Darty Days promotions and property activity and a break-even performance from the franchise operation. During the period four stores were opened, one closed, three relocated and one extended and we added 16 new kitchen ranges to our stores. For additional detail of the initiatives implemented in France, please refer to the 4Ds section on pages 3 to 4 of this announcement. 10

11 Belgium and the Netherlands 6 months ended 31 October 2014 m 6 months ended 31 October 2013 m Revenue Retail profit Margin % % No of stores At Vanden Borre in Belgium and BCC in the Netherlands overall revenue was up 1.8 per cent, and up 0.8 per cent on a like-for-like basis. Web-generated sales continued to grow, up over 13 per cent, to nearly 12 per cent of total product sales. With a new management team in place, BCC saw a continued improvement in performance, first seen at the end of last year with positive like-for-like sales, market share gains in all major product categories and a stable gross margin. Vanden Borre focused trading on margin in a more promotional market and saw a strong improvement in margin, with inevitably some impact on revenue against a strong performance last year. During the period the business further enhanced its leading service proposition with the launch of a Multimedia Service Pack. Overall for the period gross margin was flat with an improvement at Vanden Borre off setting growth in the lower margin BCC business. Total costs were also flat. Retail profit improved to 3.3 million compared to 1.1 million in the prior year with a strong reduction in losses at BCC partially offset by a small reduction in profits at Vanden Borre. There were no changes to the store portfolios of either business during the period. 11

12 KEY EVENTS Directorate change On 18 July Darty announced that it will be transferring a number of the central support functions based in London to Paris over the coming year as it further consolidates its head office function. Dominic Platt also informed the Board of his intention to step down as Finance Director but agreed to continue in his role until the September 2015 AGM at the latest. Sale of shareholding in Datart On 8 August Darty announced that it had completed an agreement to sell its 60 per cent shareholding in Datart International SA to SEW 1001 a.s. in a deal valued at 5 million. This completed the Group s elimination of losses in its non-core markets. Board change Eric Knight resigned as a Non-Executive Director on 11 September. POST BALANCE SHEET EVENTS New Finance Director appointed On 18 November Darty announced that it has recruited Albin Jacquemont as its new Finance Director, who will be based in France. Albin joins from Carrefour, the French food retailer, where he has been Chief Financial Officer for Carrefour France since November Since joining Carrefour in 1998 Albin has held a number of senior roles including Group Controller and Consolidation Director and Chief Financial Officer of Carrefour Poland. Prior to Carrefour he held a number of finance positions at Lyonnaise des Eaux, who he joined from auditors Arthur Andersen. Albin is expected to join Darty in early 2015 and will join the Board. Dominic Platt will remain as Finance Director until the announcement of the Full Year Results in June 2015 to enable him to oversee the transition of various finance roles to France, when Albin will replace him as Finance Director. Proposed acquisition of stores from HiM Retail in the Netherlands On 18 November, BCC announced the proposed acquisition of up to 18 profitable stores from HiM Retail, strengthening its market position. All the stores complement the current portfolio and will bring the total number of BCC stores to nearly 80 and make it the leading multi-channel electrical retailer in the market. The proposed acquisition has been submitted to both BCC's and HiM Retail's Works Councils for approval and is expected to be completed by February NON- GAAP FINANCIAL MEASURES The Group has prepared its consolidated financial statements under International Financial Reporting Standards for the 6 months ended 31 October The basis of preparation is outlined in Note 1 to the Financial Information on page 26. The Group has identified certain measures that it believes provide additional useful information on the underlying performance of the Group. These measures are applied consistently but as they are not defined under GAAP they may not be directly comparable with other companies adjusted measures. The non-gaap measures, and their definitions, are outlined in Note 1 to the Financial Information on page

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