Carphone Warehouse 2011 Annual Report Download - page 71

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Carphone Warehouse Group plc Annual Report 2011 67
FINANCIAL STATEMENTS
b) Analysis of profits and losses
The Group’s share of the results of its joint ventures is as follows:
Best Buy Europe 2011
£m
2010
£m
Revenue 3,572.0 3,528.8
Headline EBITDA * 257.4 231.7
Depreciation and amortisation (87.1) (91.9)
Headline EBIT 170.3 139.8
Net interest expense (15.2) (16.3)
Taxation (34.3) (28.9)
Profit after taxation 120.8 94.6
Group share of profit after taxation 60.4 47.3
* Headline EBITDA includes the unwinding of discounts for the time value of money on network commissions receivable over the life of the customer. This unwind has a value of £10.0m in the year ended
31 March 2011 (2010: £8.0m) and is treated as interest income in the joint venture’s statutory results.
Virgin Mobile France 2011
£m
2010
£m
Revenue * 328.4 232.8
Headline EBITDA 24.3 (19.3)
Depreciation and amortisation (3.7) (2.9)
Headline EBIT 20.6 (22.2)
Net interest expense (2.9) (1.5)
Taxation on Headline results (0.7) 5.1
Headline profit (loss) after taxation 17.0 (18.6)
Group share of Headline profit (loss) after taxation before change in share ownership 8.0 (9.0)
Gain on reduction of % share ownership 0.2 0.8
Group share of Headline profit (loss) after taxation 8.2 (8.2)
Group share of amortisation of acquisition intangibles (post-tax) (2.2) (0.6)
Group share of profit (loss) after taxation 6.0 (8.8)
* Revenue excludes contributions towards subscriber acquisition costs from network operators and customers, as the directors consider that this provides a better representation of underlying
performance. These items, which have a value of £55.1m in the year ended 31 March 2011 (2010: £41.6m), are netted off against acquisition costs within EBITDA. Reported revenue on a statutory basis
for the year ended 31 March 2011 is £383.5m (2010: £274.4m).
Total Group share 2011
£m
2010
£m
Headline 68.6 39.1
Statutory 66.4 38.5