Carphone Warehouse 2012 Annual Report Download - page 29

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Carphone Warehouse Group plc Annual Report 2012 25
Overview Business review Governance Financial statements
2012 2011
Headline Group income statement £m £m
Revenue 6.4 5.6
Operating expenses (5.4) (8.7)
CPW Europe148.3 47.3
Virgin Mobile France26.1 8.2
EBIT 55.4 52.4
Interest 2.9 3.9
PBT 58.3 56.3
Taxation (0.6) (1.6)
PAT 57.7 54.7
EPS 12.6p 12.1p
1 See page 14.
2 See page 23.
Revenue increased from £5.6m in 2010–11 to £6.4m in 2011–12,
reflecting consultancy income associated with the Best Buy Mobile
Disposal. Operating expenses reduced to £5.4m (2011: £8.7m)
reflecting provision releases following the resolution of various
uncertainties during the year.
Net interest income for the year decreased to £2.9m (2011: £3.9m)
principally reflecting a reduction in loans to Virgin Mobile France
and a reduction in shareholder facilities provided to CPW Europe
during 2011–12.
Revenue is expected to increase further in the year to March 2013,
asthe Group benefits from a full year of consultancy income
inrelation to the Best Buy Mobile Disposal.
Operating expenses are also expected to increase year‑on‑year,
with incremental investment in Global Connect, and lower levels
ofprovision releases.
2012 2011
Statutory results £m £m
Headline PAT 57.7 54.7
Best Buy Mobile Disposal
Initial consideration 813.0 —
Operating expenses (post‑tax) (19.7) —
Share of CPW Europe
Discontinued businesses (9.8) 13.1
Exceptionals (77.4) —
Share of Virgin Mobile France
Amortisation of acquisition intangibles (1.3) (2.2)
Statutory PAT 762.5 65.6
EPS 167.0p 14.5p
During the year the Group received initial consideration of £813.0m
from the Best Buy Mobile Disposal.
Operating expenses associated with the BestBuy Mobile Disposal
relate principally to the award of shares to CPW Europe employees
described on page15, together with the crystallisation ofvalue
oncertain Group incentive schemes as a result of the disposal.
Thisresulted in the acceleration of non‑cash accounting charges
for therelevant schemes. Total charges relating to incentive schemes
were £17.5m. Professional fees of £3.1m were alsoincurred in
relation to the disposal. A tax credit of £0.9m arose in relation
tothe Best Buy Mobile Disposal.
As further described on page 15 the Group’s 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.
The Group's post‑tax share of amortisation of acquisition intangibles
in Virgin Mobile France was £1.3m (2011: £2.2m).
These items are excluded from Headline results in order to provide
visibility of the underlying performance of the continuing business.
Areconciliation between Headline results and statutory results
isprovided in note 9 to the Group financial statements.
OTHER
GROUP FINANCIALS