Carphone Warehouse 2012 Annual Report Download - page 23

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Carphone Warehouse Group plc Annual Report 2012 19
Overview Business review Governance Financial statements
KEY FACTS
CPW share 47%
Partner Virgin Group
Founded 2006
Virgin Mobile is by far the largest MVNO in the French market,
withareputation for innovation and high quality customerservice.
It has a strong distribution network with over 2,500 third party handset sales points, some 53,000
distribution points for prepay vouchers, asmall but growing portfolio ofVirgin branded stores,
anda well‑established onlineplatform.
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 its retail business in France, and was
a member of the Old Carphone Warehouse
board before leaving to set up this venture,
inwhich he is also a minority shareholder.
Pascal joined Virgin Mobile France in 2010
having previously worked at SAP, SFR andXerox
.
A shareholder board meets formally
onaregular basis to agree strategy
andreviewperformance.
FUNDING AND DIVIDENDS
Funding is provided through shareholder
loans which are provided in proportion
toeach party’s shareholding.
When it is available, excess cash is used
topay down thisdebt.
47%
VIRGIN GROUP
The Virgin Group was founded by entrepreneur
Sir Richard Branson, and operates across
arange of sectors globally.
It has become one of the leading exponents
of the MVNO business model worldwide,
having also set up Virgin Mobile operations
in the UK, US, Australia, Canada, India,
South Africa and Latin America.
FULL MVNO
The business has invested in the development of a Full MVNO
infrastructure, which is now fully live.
The Full MVNO infrastructure enables the business to participate
more fully in customer revenue streams, including termination
revenues, and to reduce its operating costs. It also provides
additionalstrategic flexibility by giving the business greater
controlofitscustomers.
The business is targeting to have 50% of its customers
onthisinfrastructure by March 2013.
OVERVIEW
VIRGIN MOBILE FRANCE