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Carphone Warehouse Group plc
Annual Report 2012
CONNECTED SOLUTIONS
FOR A CONNECTED WORLD

Table of contents

  • Page 1
    CONNECTED SOLUTIONS FOR A CONNECTED WORLD Carphone Warehouse Group plc Annual Report 2012

  • Page 2
    ...of Best Buy UK, Carphone Warehouse Group now consists of: - CPW EUROPE (50% share) - the largest independent telecommunications retailer in Europe - VIRGIN MOBILE FRANCE (47% share) - the largest MVNO in France - GLOBAL CONNECT - new partnership with Best Buy which aims to replicate the successful...

  • Page 3
    ...Europe -Specialist advice in areas of product and service complexity -Customerâ€'focused, with a demonstrated track record of high quality service - Approximately 2,400 stores and a well developed online proposition Headline Group PAT - Joint venture with Virgin Group, leading experts in developing...

  • Page 4
    ... with longâ€'term leases Value at 31 March 2012 LEARN MORE CPW EUROPE £74m - In partnership with Best Buy we are aiming to replicate the success of Best Buy Mobile through partnerships in territories outside of North America and Western Europe - Partnering with existing Best Buy operations in...

  • Page 5
    ... Buy Mobile. CPW Europe and Virgin Mobile France maintained EBIT yearâ€'onâ€'year despite operating in highly competitive markets and against an uncertain economic backdrop. Returns to shareholders Group Headline EPS (pence) OVERVIEW Chairman's statement Business review 2 BUSINESS REVIEW Chief...

  • Page 6
    ... to shareholders - Launch of Global Connect, enabling the rollâ€'out of our connectivity strategy to new territories - Closure of Best Buy UK business - CPW Europe and Virgin Mobile France maintained EBIT, despite market and consumer challenges 2 Carphone Warehouse Group plc Annual Report 2012

  • Page 7
    ... Virgin Mobile France - Revenue up 18.8% to £390.2m (2011: £328.4m) - Business robust despite increased competitive pressures Global Connect - Global Connect launched in November 2011 - Expect to have 14 Best Buy Mobile branded stores in China by August 2012 under this new venture Governance...

  • Page 8
    ...five year period. CPW Europe's share of preâ€'tax profits from Best Buy Mobile for the first half of 2011-12 was £45.0m. Our share in this business ended from September 2011. We also decided to close the 11 trial Best Buy UK stores during the year and concluded this in January 2012. Whilst customer...

  • Page 9
    ...it can transform their lives. Financial statements FEATURES OF OUR WIRELESS WORLD FORMAT INCLUDE: LIVE DEVICES, DEMONSTRATIONS AND INTERACTIVE AREAS EXTENDED PRODUCT RANGE IMPROVED PLACEMENT OF A WIDER RANGE OF ACCESSORIES GEEK SQUAD AND SERVICES Carphone Warehouse Group plc Annual Report 2012 5

  • Page 10
    ... appâ€'cessories, making CPW Europe the home of technology and giving our customers many more reasons to come into our stores. Our Wireless World format stores combine a focused connected electronics range with a strong service proposition. TRANSFORMING THE SMARTPHONES The market for smartphones...

  • Page 11
    ...lifestyles, our Geek Squad agents are available to provide assistance and reassurance 24/7. The Geek Squad service offering is a complete service plan with protection and agent support, plus the tools customers need to stay securely up and running. Carphone Warehouse Group plc Annual Report 2012 7

  • Page 12
    ...has a call option to purchase Best Buy's stake in CPW Europe at a 10% discount to fair market value. If neither shareholder exercises its call option the options roll forward three years, although the Group would no longer receive the 10% discount. 8 Carphone Warehouse Group plc Annual Report 2012

  • Page 13
    ... in all CPW Europe's retail territories - Offering a range of delivery options to home, work or store - Supports the retail business allowing customers to research products and find stores online - 1.5m website visits each week in the UK alone Carphone Warehouse Group plc Annual Report 2012 9

  • Page 14
    ... affect our revenues. Downward pressure on ARPUs is being offset by increasing data usage, which may increase as the penetration of highâ€'end smartphones into the postpay market increases and smartphones move more fully into the prepay segment. 10 Carphone Warehouse Group plc Annual Report 2012

  • Page 15
    ... in connected devices MAjOR NETWORKS Strategic agreements with major networks and selected MVNOs across Europe Financial statements PARTNERS RELATIONSHIPS Working closely with manufacturers and networks to provide technology and coverage BRANDS Carphone Warehouse, Phone House and Geek Squad are...

  • Page 16
    ...- Improved functionality to help support our retail business, allowing customers to check if a product is in stock before they visit a store - Developed mâ€'commerce sites to allow customers to research and buy products on their mobile phone - Substantial increase in social media activity as we seek...

  • Page 17
    ... with minimal capital investment. Wireless World 1,997 243 106 Franchise 392 1,663 338 11.8m 10.4m Standard stores Includes franchise stores Excludes Phone House Belgium and Best Buy UK 2010 2011 2012 Excludes Phone House Belgium 2011 2012 13 Carphone Warehouse Group plc Annual Report 2012

  • Page 18
    ... of discounts for the time value of money on network commissions receivable over the life of the customer. This unwind is treated as interest income in the joint venture's statutory results. Further details can be found in note 13 to the Group financial statements. CPW Europe generated revenues of...

  • Page 19
    ... in relation to property leases, £10.7m in relation to redundancies and other employeeâ€'related costs, and other costs of £32.7m, primarily reflecting stock writeâ€'downs and contract exit costs. Business review Governance Financial statements Carphone Warehouse Group plc Annual Report 2012 15

  • Page 20
    ... to the closure costs of Best Buy UK and lower profits from Best Buy Mobile. Exceptional cash costs of £10.4m were incurred in the year in relation to the Best Buy Mobile Disposal, principally in relation to the incentive schemes described above. 16 Carphone Warehouse Group plc Annual Report 2012

  • Page 21
    ... territories in order to achieve additional scale. REGULATION Financial statements CPW Europe is subject to regulation in a number of areas, including insurance operations, information security and customer management. The business has internal committees and control structures to manage these...

  • Page 22
    ... Best Buy or the Group exercises their respective call options in respect of CPW Europe the options over the Global Connect business may be exercised at defined times. Under these options the Global Connect business will be valued at fair market value. 18 Carphone Warehouse Group plc Annual Report...

  • Page 23
    ... portfolio of Virgin branded stores, and a wellâ€'established online platform. Business review MANAGEMENT STRUCTURE Virgin Mobile France has its own experienced management team, led by Chairman Geoffroy Roux de Bezieux and CEO Pascal Rialland. Geoffroy joined Carphone Warehouse in 1995, founding...

  • Page 24
    ... households on such packages. Virgin Mobile France launched its own competitively priced quadâ€'play offer in the spring of 2012. While this venture is in its infancy, it provides another potential opportunity for the business to increase its reach. 20 Carphone Warehouse Group plc Annual Report 2012

  • Page 25
    ... other mobile handsets SERVICES High quality customer support, through contract centres and developing store portfolio CUSTOMER VALUES SIMPLE AND HONEST Offers that are both simple and clear, with no surprises ACCESSIBLE Offers that are affordable and best value for money FAIR Customers benefit...

  • Page 26
    ... targeting continued growth in the postpay base. HEADLINE EBIT (£M) The business has achieved strong profitability despite operating in a highly competitive environment. 1,715 1,917 1,917 20.6 21.5 (22.2) 2010 22 2011 2012 2010 2011 2012 Carphone Warehouse Group plc Annual Report 2012

  • Page 27
    ... market. Business review Headline income statement (100% basis)* Revenue EBITDA Depreciation and amortisation EBIT EBIT % Interest Taxation PAT Group share 2012 £m 2011 £m Cash flow (100% basis) EBITDA Working capital Capex Operating free cash flow Other Movement in net debt Opening net...

  • Page 28
    ... Full MVNO infrastructure and quadâ€'play proposition place further reliance on these IT systems. A significant investment has been made over recent years in the IT infrastructure of the business, supported by evolving business continuity plans. 24 Carphone Warehouse Group plc Annual Report 2012

  • Page 29
    ... share of results of discontinued businesses and exceptional items within CPW Europe were a net expense of £9.8m (2011: net income of £13.1m) and £77.4m (2011: nil) respectively. Financial statements The Group's postâ€'tax share of amortisation of acquisition intangibles in Virgin Mobile France...

  • Page 30
    ...in line with our share of Best Buy Europe statutory losses after tax along with some impact of foreign exchange on the joint venture's net assets. The Group's interests in Virgin Mobile France include loans due to the Group as well as our share of the venture's net liabilities. Continued strong cash...

  • Page 31
    ... it is appropriate to prepare the Group financial statements on the going concern basis. In arriving at this conclusion, they have noted that at 31 March 2012 the Group had net funds of £102.7m. Business review Governance Financial statements Carphone Warehouse Group plc Annual Report 2012 27

  • Page 32
    ... purpose. We aim to attract and retain best people. CEO of CPW Europe, CPW Europe sponsored Get the Connected's most successful Andrew Harrison, makes an avid award to an employee at the Expo. auction ever with help from supporter Daniel Radcliffe. 28 Carphone Warehouse Group plc Annual Report 2012

  • Page 33
    ... party support. In 2011-12, CPW Europe contributed £179,000 to the running costs of Get Connected and committed £105,000 to improve their office space and upgrade their telecommunication systems to cope with increasing demand. During the next financial year our inâ€'house corporate responsibility...

  • Page 34
    ... are used positively and productively. During early 2012 the business released a revised version so that parents are as upâ€'toâ€'date as technology today. MOBILE WEB SAFETY Carphone Warehouse has developed an advice booklet, packed with tips to help parents keep their children safe online. It aims...

  • Page 35
    ... senior leadership strategic workshops. We want our people to enjoy working at CPW Europe. Social activities support our company camaraderie and are regular and varied. As a 'thank you' for hard work over the year, all Carphone Warehouse employees were invited to one of seventeen Christmas parties...

  • Page 36
    ... a quarterly magazine called Ecoâ€'zine to help employees understand corporate responsibility and increase an understanding of the partnership with Get Connected. It also provides visibility of donations by The Carphone Warehouse Foundation. 32 Carphone Warehouse Group plc Annual Report 2012

  • Page 37
    ...Interim management statement Q1 2012-13 Intended dividend payment date (final dividend 2011-12) Interim results 2012-13 31 March 14 June 4 July 6 July 27 July 27 July 3 August 14 November Business review INFORMATION FOR INVESTORS STOCK SyMBOL CPWâ€'LN MARKET London Stock Exchange, Main Market FTSE...

  • Page 38
    ...Charles Dunstone Chairman Roger Taylor Chief Executive Officer Nigel Langstaff Chief Financial Officer John Gildersleeve Nonâ€'Executive Deputy Chairman Baroness Morgan of Huyton Nonâ€'Executive Director John Allwood Nonâ€'Executive Director 34 Carphone Warehouse Group plc Annual Report 2012

  • Page 39
    ... is responsible for new business development, strategic initiatives and investor relations. He was appointed Nonâ€'Executive Deputy Chairman of TalkTalk Telecom Group PLC in 2010. He is also a director of Virgin Mobile France and chairman of the Global Connect Board. Nigel Langstaff Chief Financial...

  • Page 40
    ... standards of corporate governance and in accordance with the Listing Rules of the UK Listing Authority ("Listing Rules") the Board confirms that, except to the extent stated below, the Company has throughout the year and as at the date of this annual report complied with the provisions set out in...

  • Page 41
    ... out during the year ending 31 March 2013. Business review Governance EXTERNAL APPOINTMENTS The Board supports executive directors taking up nonâ€'executive directorships as part of their continuing development, and the Board believes that this will ultimately benefit the Company. Further details...

  • Page 42
    ... at the previous Audit Committee meeting. - External auditors have direct access to the Audit Committee during formal meetings and time will be set aside for them to have private discussions with the Audit Committee, in the absence of management. 38 Carphone Warehouse Group plc Annual Report 2012

  • Page 43
    ... the year ended 31 March 2012 relate primarily to tax advisory and reporting accountant services associated with the Best Buy Mobile Disposal and the B/C Share Scheme. In addition to the fees above, the Group's share of the external auditors' statutory audit fees for joint ventures was £0.6m (2011...

  • Page 44
    .... JOINT VENTURE CONTROL PROCESSES A dedicated team of risk specialists, including internal auditors, form the Best Buy Europe Risk and Business Assurance function. Members of this team conduct risk workshops and reviews within each of the main Best Buy Europe operating divisions and assist Virgin...

  • Page 45
    ...exceptional performance and shareholder value creation; and - require executive directors to retain a shareholding in the Company, including share options and shares associated with other incentive schemes, of at least 200% of their annual salary. Carphone Warehouse Group plc Annual Report 2012 41

  • Page 46
    ...related bonus schemes, in which senior management of these joint ventures participate. Directors of the Company do not participate in these schemes. LONGâ€'TERM INCENTIVES VAlUE ENHANCEMENT SCHEMES BEST BUY EUROPE VES Prior to the Demerger during the year ended 31 March 2010, Old Carphone Warehouse...

  • Page 47
    ...marketâ€'priced and nilâ€'priced share options in Omer Telecom Limited, the parent company of Virgin Mobile France, to certain employees of the business. These options vest over periods of two to four years. Business review Governance Financial statements Carphone Warehouse Group plc Annual Report...

  • Page 48
    ...to build up and retain a shareholding in the Company of at least 200% of their annual salary. DIRECTORS' INTERESTS IN SHARES AND SERVICE CONTRACTS Details of directors' interests in shares of the Company and their service contracts are shown in the following table: Ordinary shares 2012 2011 Date of...

  • Page 49
    ... Warehouse, as described on page 43. PENSION CONTRIBUTIONS The schedule below sets out payments by the Group to pension schemes on behalf of executive directors: Nigel Langstaff Roger Taylor 2012 £000 2011 £000 14 22 14 22 Financial statements Carphone Warehouse Group plc Annual Report 2012...

  • Page 50
    ...2012. As noted on pages 42 to 43 in Part 1 of this Report, these shares were exchanged for shares in the Company in January 2012, to facilitate the Best Buy Mobile Disposal and B/C Share Scheme. John Gildersleeve Chairman, Remuneration Committee 46 Carphone Warehouse Group plc Annual Report 2012

  • Page 51
    ... the Group financial statements. The Group's ESOT held 0.2m shares on 31 March 2012 (2011: 2.9m); it does not vote or receive dividends. The shareholder agreements of Best Buy Europe and Virgin Mobile France include change of control clauses, whereby if there is a change of control event in relation...

  • Page 52
    ... and equipment are set out in note 11 to the Group financial statements. In the opinion of the directors the current open market value of the Group's interests in freehold land and buildings exceeds the book value by £8.0m at 31 March 2012. SIGNIFICANT SHAREHOLDINGS The Company had been notified...

  • Page 53
    ... with a description of the principal risks and uncertainties that they face. By order of the Board on 13 June 2012 Business review Governance Roger Taylor Chief Executive Officer Nigel langstaff Chief Financial Officer Financial statements Carphone Warehouse Group plc Annual Report 2012 49

  • Page 54
    ... the UK Corporate Governance Code specified for our review; and - certain elements of the Remuneration Report. John Adam (Senior statutory auditor) for and on behalf of Deloitte LLP Chartered Accountants and Statutory Auditor London, United Kingdom 13 June 2012 Carphone Warehouse Group plc Annual...

  • Page 55
    ...* 2011 2011 £m £m Statutory 2011 £m Revenue Cost of sales Gross profit Operating expenses Share of results of joint ventures Profit (loss) before investment income, interest and taxation Interest income Interest expense Investment income Profit before taxation Taxation Net profit for the year...

  • Page 56
    ... of the year Total recognised income and expenses for the year Issue of shares Redemption of shares Equity dividends Net purchase of own shares Tax on items recognised directly in reserves Share of other reserve movements of joint ventures Net movement in relation to share schemes At the end of the...

  • Page 57
    ...Capital redemption reserve Funds attributable to equity shareholders The accompanying notes are an integral part of this Consolidated Balance Sheet. The financial statements on pages 51 to 78 were approved by the Board on 13 June 2012 and signed on its behalf by: Roger Taylor Chief Executive Officer...

  • Page 58
    ...STATEMENT FOR THE YEARS ENDED 31 MARCH 2012 AND 31 MARCH 2011 2012 £m 2011 £m Operating activities (Loss) profit before investment income, interest and taxation Adjustments for nonâ€'cash items: Shareâ€'based payments Nonâ€'cash movements on joint ventures Depreciation Impairment Operating cash...

  • Page 59
    ... of joint ventures to bring accounting policies used into line with those used by the Group. The accounting policies below also relate to those applied to the Group's joint ventures. b) Basis of consolidation The financial statements reflect the Group's results for the year from 1 April 2011 to...

  • Page 60
    ... part of the fair value of the scheme is expensed through the income statement. If a shareâ€'based payment scheme is forfeited, no further expense is recognised and any charges previously recognised through the income statement are reversed. 56 Carphone Warehouse Group plc Annual Report 2012

  • Page 61
    ... useful lives of up to five years. The value attributed to such assets is based on the future economic benefit that is expected to be derived from them, calculated as the present value of future cash flows after a deduction for contributory assets. Carphone Warehouse Group plc Annual Report 2012...

  • Page 62
    ...impaired. n) Interests in joint ventures Interests in joint ventures are accounted for using the equity method. The consolidated income statement includes the Group's share of the postâ€'tax profits or losses of the joint ventures based on their financial statements for the year. In the consolidated...

  • Page 63
    ... warranties provided in relation to the Best Buy Europe Joint Venture Transaction. Provisions in Best Buy Europe and Virgin Mobile France include the following categories: Sales Sales provisions relate to 'cashâ€'back' and similar promotions, product warranties, product returns, and network operator...

  • Page 64
    ... for the year ending 31 March 2013. - IAS 19 (Revised) 'Employee Benefits' makes a number of amendments, primarily regarding defined benefit plans, of which the Group has none. It is expected to be effective for the year ending 31 March 2014. 60 Carphone Warehouse Group plc Annual Report 2012

  • Page 65
    ...: Virgin Best Buy Mobile Europe France (see note 13) (see note 13) £m £m Whollyâ€' owned operations £m 2012 Revenue Headline EBIT before share of results of joint ventures Share of Headline results of joint ventures (postâ€'tax) Headline EBIT Exceptional items * Share of operating results of...

  • Page 66
    ...The Group's share of audit fees for Best Buy Europe and Virgin Mobile France was £0.6m (2011: £0.7m) in the year and the Group's share of fees for their tax and other services was £0.2m (2011: £0.1m). Other assurance services relate to reporting accountant work in respect of the Best Buy Mobile...

  • Page 67
    ...schemes were cancelled, and in recognition of the value that had built up in relation to Best Buy Mobile, the Company gifted 7.0m shares to senior Best Buy Europe executives. This gift resulted in a nonâ€'cash accounting charge of £11.4m and employer taxes of £1.6m for the Group as Best Buy Europe...

  • Page 68
    ... Employee redundancies and other employeeâ€'related costs Nonâ€'cash asset writeâ€'downs (net) Other exit costs Exceptional charge before tax Tax credit Exceptional charge after tax Group share Other exit costs predominantly reflect stock writeâ€'downs and contract exit costs. Virgin Mobile France...

  • Page 69
    ...5 Employee costs and shareâ€'based payments continued Shareâ€'based payments a) Value enhancement schemes Prior to the Demerger during the year ended 31 March 2010, Old Carphone Warehouse introduced the Best Buy Europe VES, to provide longâ€'term incentives to its senior management group in relation...

  • Page 70
    ... a longâ€'term incentive scheme, in which certain members of the joint venture's senior management team participated, which enabled participants to share in incremental profits generated by Best Buy Europe (based in part on Best Buy Mobile) over a base defined in respect of the year to 3 April 2010...

  • Page 71
    ... liability relate primarily to the Group's share of results of joint ventures and exceptional items associated with the Best Buy Mobile Disposal. Taxation associated with the Group's interests in joint ventures is recognised within their results. Carphone Warehouse Group plc Annual Report 2012 67

  • Page 72
    ... receive dividends (see note 5f). The redemption of B shares which had not been effected at 31 March 2012 is in respect of shares where an election was made for the deferred capital option under the B/C Share Scheme and was effected in April 2012. 68 Carphone Warehouse Group plc Annual Report 2012

  • Page 73
    ... this scheme would also be met using the Company's shares. As further detailed in note 5a, the Best Buy Europe VES shares were exchanged for 15.7m shares in the Company in January 2012, from which time the Best Buy Europe VES was no longer dilutive. Carphone Warehouse Group plc Annual Report 2012...

  • Page 74
    ... CPW Consultancy Limited Isle of Man England and Wales England and Wales England and Wales England and Wales Property holding company Property holding company Property holding company Property holding company Provider of consultancy services 70 Carphone Warehouse Group plc Annual Report 2012

  • Page 75
    ... in joint ventures are as follows: Business Principal activities Country of incorporation 2012 interest 2011 interest Best Buy Europe Virgin Mobile France Retail, distribution, insurance, telecoms services MVNO England and Wales England and Wales 50.0% 46.6% 50.0% 47.1% The Group's interest...

  • Page 76
    ... for the time value of money on network commissions receivable over the life of the customer. This unwind has a value of £8.7m in the year ended 31 March 2012 (2011: £10.0m) and is treated as interest income in the joint venture's statutory results. 2012 £m 2011 £m Virgin Mobile France Revenue...

  • Page 77
    ... in relation to the Group's joint ventures. Best Buy Europe had no capital commitments at 31 March 2012 (2011: £4.0m). Virgin Mobile France had no capital commitments at the end of either period. Within the cash and overdrafts of Best Buy Europe, £37.0m (2011: £45.0m) is held by its insurance...

  • Page 78
    ...committed RCF which was due to mature in July 2012. The facility remained undrawn throughout both periods, and was cancelled in August 2011 following the cancellation of the Company's formal financing obligations to Best Buy Europe (see note 13a). 74 Carphone Warehouse Group plc Annual Report 2012

  • Page 79
    ... through the Best Buy Mobile profit share arrangement and purchases of stock. Best Buy Europe uses foreign exchange contracts to mitigate against foreign currency fluctuations arising on these transactions. Governance Financial statements Carphone Warehouse Group plc Annual Report 2012 75

  • Page 80
    ... rate would result in a £1.0m (2011: £1.2m) movement in profit before taxation. liquidity risk The Group manages its exposure to liquidity risk by regularly reviewing the longâ€'term and shortâ€'term cash flow projections for the business against the resources available to it. Regular reports...

  • Page 81
    ... of the year Net profit for the year Currency translation Issue of shares Redemption of shares Equity dividends Net purchase of own shares Tax on items recognised directly in reserves Share of other reserve movements of joint ventures Net movements in relation to share schemes At the end of the...

  • Page 82
    ... party transactions During the year, the Group had the following disclosable transactions with its joint ventures (see also note 13): 2012 Best Buy Europe £m Virgin Mobile France £m Best Buy Europe £m 2011 Virgin Mobile France £m Revenue for services provided Net interest and other finance...

  • Page 83
    ...at Demerger had been in place for the duration of all periods reported. Headline results for previous periods have been restated to exclude the results of businesses which have been discontinued by the Group's joint ventures. Financial statements Carphone Warehouse Group plc Annual Report 2012 79

  • Page 84
    ... Provisions Net assets Equity Share capital Share premium reserve Profit and loss account Capital redemption reserve Total capital employed The accompanying notes are an integral part of this Company Balance Sheet. The financial statements on pages 80 to 84 were approved by the Board on 13 June 2012...

  • Page 85
    ... the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in reserves. If a shareâ€'based payment scheme is cancelled, any remaining part of the fair value of the scheme is expensed through the profit and loss account. If a shareâ€'based payment scheme...

  • Page 86
    ... Limited subsequently paid a dividend to the Company resulting in the impairment of the Company's investment in that company. Disposals for the year ended 31 March 2012 reflect the sale of shares in Virgin Mobile France to management of that business. 82 Carphone Warehouse Group plc Annual Report...

  • Page 87
    ...Provisions Governance 2012 £m 2011 £m Opening balance Transferred from Old Carphone Warehouse Charge to the profit and loss account Released in the period Closing balance Provisions relate principally to warranties provided in relation to the Best Buy Europe Joint Venture Transaction. 8 Financial...

  • Page 88
    ...and balances with its joint ventures and other related parties: 2012 Best Buy Europe £m Virgin Mobile France £m TalkTalk Group £m Best Buy Europe £m 2011 Virgin Mobile France £m Net interest and other finance income Loans owed to the Company Other amounts owed to the Company Other amounts owed...

  • Page 89
    ... Buy Europe had a profit share arrangement. The disposal of the Group's interest in Best Buy Mobile to Best Buy. Best Buy Europe's Best Buy branded 'Big Box' stores and online business. The Board of directors of the Company. Cash generating unit. Carphone Warehouse Group plc (incorporated in England...

  • Page 90
    Carphone Warehouse Group plc 1 Portal Way London W3 6RS United Kingdom Telephone: +44 (0)20 8617 6002 Email: [email protected] Registered no. 07105905 www.cpwplc.com