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Annual Report 2013
CONNECTED SOLUTIONS
FOR A CONNECTED WORLD

Table of contents

  • Page 1
    CONNECTED SOLUTIONS FOR A CONNECTED WORLD Annual Report 2013

  • Page 2
    ... for 26 June 2013); 50/50 joint venture with Best Buy in the year to 31 March 2013 • 2,377 stores across eight countries in Western Europe together with well-developed online propositions • Specialist and independent advice in areas of product and service complexity • Customer-focused, with...

  • Page 3
    ... levels of customer service Business review 02 Chairman's statement 03 Chief Executive Officer's review 08 CPW Europe 08 Retail 11 Retail business model 12 Connected World Services 13 Marketplace 14 Strategy and KPIs 16 Performance review 19 Risk management 20 Virgin Mobile France 21 Business model...

  • Page 4
    ..., Best Buy had become more focused on their wholly-owned businesses. We both agreed, therefore, that it was a good time to bring the joint venture to an end. We expect the transaction to be earnings enhancing in the current financial year. 02 CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 2013

  • Page 5
    ... increased our share in both the postpay and prepay segments. FINaNCIaL StatEMENtS 12.1p Group Headline diluted EPS pence £136.6m CPW Europe Headline EBIT (100% basis) £m 12.1 11.6 12.1 134.6 135.0 136.6 2011 2012 2013 2011 2012 2013 ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC...

  • Page 6
    ... after the year end for £10.5m. The Group had cash balances of £116.9m and loans receivable from Virgin Mobile France with a value of £20.5m as at 31 March 2013. manaGement Following the completion of our acquisition of Best Buy's 50% share of CPW Europe, Carphone Warehouse's retail operation...

  • Page 7
    ... major operating systems 1,000s of network tariffs SIMPLIFyING COMPLEx tEChNOLOGy Ever since we opened our first store over 20 years ago, we've been working hard to offer our customers the best service in the changing world of mobile technology ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC...

  • Page 8
    ... CUSTOMER ExPERIENCE IN STORE ONLINE SMARTPHONES TABLETS ACCESSORIES LIVE DEVICES EXPERTISE GEEK SQUAD Well-developed online propositions Engaging with customers through social media 'Eye Openers', available on YouTube, features videos from CPW Europe experts giving useful tips and advice Free...

  • Page 9
    ... INCLUDE WALK OUT WORKING GEEK SQUAD Our free service that helps customers get the most from their new devices Our technical support service that provides ongoing customer assurance including: INSURANCE TECH SUPPORT REPAIRS 24/7 tech support ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC 07

  • Page 10
    ... its retail business in France, which has faced a highly challenging market and consumer environment. As a result of this review, CPW Europe will undertake an orderly exit from the market, including the disposal or closure of its 317 stores. 08 CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 2013

  • Page 11
    ... by an m-commerce site in the UK - 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, across UK websites ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC 09

  • Page 12
    ... in-house mobile phone repair facility in the UK, and has well-developed processes for managing repairs of handsets and other devices across its mainland European markets. In addition to expert advice, a number of free services are available for all customers, such as 'Walk Out Working', which...

  • Page 13
    ... support, including insurance and repairs GOVERNANCE CUSTOMER PROMISES CHOICE The best possible choice of smartphones, tablets and networks ADVICE Simple, impartial advice to help find what is best for customers PRICE Our Network Price Promise matches or beats the networks SUPPORT Support...

  • Page 14
    ... looking to develop their own connected world solutions. connected world services Plans to oPerate across: our customers include CONNECTED RETAILING Provision of consultancy and support for connected product and service propositions, both in store and online, ranging from specific managed...

  • Page 15
    ... the higher quality service being provided, as well as using tiered data packages to match charges to the level of data consumption. It is anticipated that MNOs in Western Europe may seek to adopt a similar approach in order to stimulate ARPU. ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC 13

  • Page 16
    ... the tablet market, in part through bundling with mobile phone connections - Recorded substantial growth in non-cellular revenues during the year, driven by an exciting array of new products Help consumers simplify complex areas of technology - Ran extensive training programmes and developed...

  • Page 17
    ... to find new ways to subsidise expensive products - Use CPW Europe's supplier and network relationships, and experience in connected transactions, to develop sales of 4G-enabled tablets kPIs GROWTH IN TABLET VOLUMES (%) During 2012-13 CPW Europe experienced significant year-on-year growth in...

  • Page 18
    ... 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. 16 CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 2013

  • Page 19
    ...the derecognition of deferred tax liabilities. BUSINESS REVIEW GOVERNANCE cash Flow (100% basis) 2013 £m 2012 £m Headline EBITDA Working capital Capex Operating free cash flow Best Buy Mobile Best Buy UK Other Movement in net funds (debt) Opening net (debt) funds Closing net funds (debt) 216...

  • Page 20
    ... expect increased levels of capex investment, particularly in IT, to support the continued development of the retail proposition and to facilitate the development of the Connected World Services business. Nigel Langstaff Chief Financial Officer 18 CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 2013

  • Page 21
    ... in a number of areas, including insurance operations, information security and customer management. Non-compliance with regulation could result in financial loss and/or reputational damage to the business. The business has internal committees and control structures to manage these requirements...

  • Page 22
    ... chief executive officer 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...

  • Page 23
    ... brand to MNOs in the French market DISTRIBUTION A network with over 2,000 third party handset sales points, 37,000 distribution points for prepay vouchers, a portfolio of Virgin Mobile branded stores and a well-established online platform ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC...

  • Page 24
    ... stores from 31 to 43 during the year (excluding Virgin Megastores) CONTINUE TO INVEST LONG-TERM Migration of customers onto the Full MVNO platform - Achieved our target of 50% of customers on the Full MVNO infrastructure by the end of the year CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 2013

  • Page 25
    ... provide a more flexible strategic platform 852 - Further migration to the Full MVNO planned in order to maximise value; expect to have the large majority of customers on this platform by the end of the year 581 317 154 Q1 Q2 2012-13 Q3 Q4 ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC 23

  • Page 26
    virGin moBile France PERFORMANCE REVIEW The business has shown remarkable resilience in a fiercely competitive market. Nigel Langstaff Chief Financial Officer headline income statement (100% basis) 2013 £m 2012 £m Revenue* EBITDA Depreciation and amortisation EBIT EBIT % Interest Tax PAT ...

  • Page 27
    ... repayments of shareholder loans, supported by a recently negotiated finance lease facility, which will be used to fund capex in the forthcoming year. Nigel Langstaff Chief Financial Officer GOVERNANCE FINANCIAL StAtEMENtS Headline EBITDA Working capital Capex Operating free cash flow Other...

  • Page 28
    ...Full MVNO infrastructure and quad-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 ongoing business continuity planning. 26 CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 2013

  • Page 29
    ... acquisition of Best Buy's interest in CPW Europe provides significant earnings accretion, and gives us complete control over our decision-making. Nigel Langstaff Chief Financial Officer headline GrouP income statement 2013 £m 2012 £m statutory results 2013 £m 2012 £m GOVERNANCE Revenue...

  • Page 30
    ... the year-on-year increase in its value is broadly in line with our share of Best Buy Europe statutory results and movements on its other reserves. 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. The year-on-year...

  • Page 31
    ... cash flows and changes to the Group's financing facilities. Based on these forecasts, the directors consider that it is appropriate to prepare the Group financial statements on the going concern basis. Nigel Langstaff Chief Financial Officer ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC...

  • Page 32
    ... of our trusted brand - 'Always on your side'. We are progressively looking at all aspects of our business and aim to conduct all areas responsibly. The Board is committed to operating a responsible and ethical business. We listen to our customers, shareholders and employees, as well as local and...

  • Page 33
    ... through educating children and supporting various local projects. FINANCIAL StAtEMENtS Our dedicated Get Connected Week in June raised £63,000 Carphone Warehouse employees helped build a shelter for children attending school in Nakuru, Kenya ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC 31

  • Page 34
    ...and launched the 'Bill Angel' app to help raise awareness and cut consumers' phone bills. Our most exciting not-for-profit initiative of 2012-13 is the Government-backed 'Tablets for Schools' programme Carol Vorderman at the 'Bill Angel' launch 32 CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 2013

  • Page 35
    ... for financial year ends falling covering 50,000 acres, most of which are open to the public. after 1 October 2013 and will be applied in our 2013-14 annual report. emPloyee Behaviours 'take Back' scheme and trade-in service Our 'bin free' policy in support and contact centres helps to ensure...

  • Page 36
    .... The Employee Assistance Programme offers a 24/7 online and telephone helpline for all of our employees, and an opportunity to speak to an independent, impartial third party. Our teams are central to delivering our strategy for the business 34 CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 2013

  • Page 37
    ... market of the London Stock Exchange, and as such is not required to comply with the UK Corporate Governance Code (the "Code") published by the UK Financial reporting Council. however, the Board is committed to the highest standards of corporate governance and in accordance with the Listing rules...

  • Page 38
    ... mobile industry and general business experience, strong personal skills and independence of thought and perspective. John Gildersleeve is the Senior Independent Director. John allwood is the nonâ€'executive director with relevant financial experience. 36 CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT...

  • Page 39
    ... with Best Buy. he is responsible for new business development, strategic initiatives and investor relations at Carphone Warehouse. he is also a director of Virgin mobile France and was nonâ€'executive deputy chairman of TalkTalk from 2010 until 2012. Nigel Langstaff Chief Financial Officer nigel...

  • Page 40
    ...account of the progress of the business over the last year, a review of current issues, and provides the opportunity for shareholders to ask questions. Further financial and business information is available on the Group's website, www.cpwplc.com. 38 CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 2013

  • Page 41
    ... met three times during the year. all members attended each of these meetings except for Baroness morgan who was absent from the meeting held on 30 October 2012 due to a prior engagement that could not be changed. - The Chief Executive Officer, Chief Financial Officer, other senior management and...

  • Page 42
    ...members are nonâ€'executive directors who have no dayâ€'toâ€'day involvement in running the Group's business. a detailed description of the remuneration Committee's work during the period is contained in the remuneration report on pages 42 to 46. 40 CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 2013

  • Page 43
    ... for strategic, operational, risk and compliance matters for the business. - There is frequent informal interaction between shareholders and management on strategic and operational matters, with respect to Best Buy Europe and Virgin mobile France. ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC 41

  • Page 44
    ... annual salary. Such share ownership helps to reinforce focus on the Group's success, risk management and shareholder returns. Following the completion of our acquisition of Best Buy's interest in CPW Europe we will reassess the Group's remuneration policy, and new or amended longâ€'term incentive...

  • Page 45
    ... the vesting of the Best Buy Europe VES in the year ended 31 march 2012, there were no longâ€'term incentive schemes in place during the year just ended. The shares issued under the Best Buy Europe VES remain restricted from sale until 2015. ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC 43

  • Page 46
    ... Limited, the parent company of Virgin mobile France, to certain employees of the business. These options vest over periods of two to four years. Directors of the Company do not participate in the share option schemes of Virgin mobile France. 44 CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 2013

  • Page 47
    ... share placing which completed on 3 may 2013 resulting in their interest in shares of the Company increasing to 135,083,481 ordinary shares, 9,808,554 ordinary shares and 3,654,180 ordinary shares respectively. FINANCIAL StAtEMENtS eXternal aPPointments The Board supports executive directors taking...

  • Page 48
    ... the regulations, a resolution to approve this remuneration report will be proposed at the annual general meeting to be held on 24 July 2013. This report was approved by the Board on 25 June 2013. John Gildersleeve Chairman, remuneration Committee 46 CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 2013

  • Page 49
    ...the Group financial statements. The Group's ESOT held 0.04m shares on 31 march 2013 (2012: 0.2m) and has waived its right receive dividends. The shareholder agreement of Virgin mobile France includes a change of control clause, whereby if there is a change of control event in relation to the Company...

  • Page 50
    ...included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face. By order of the Board on 25 June 2013 Roger Taylor Chief Executive Officer Nigel Langstaff Chief Financial Officer 48 CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 2013

  • Page 51
    ...- certain elements of the remuneration report. John Adam (Senior Statutory auditor) for and on behalf of Deloitte LLP Chartered accountants and Statutory auditors London, United Kingdom 25 June 2013 BUSINESS REVIEW GOVERNANCE FINANCIAL STATEMENTS ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC 49

  • Page 52
    ...income statement FOR thE yEARS ENDED 31 MARCh 2013 AND 31 MARCh 2012 Headline Non-Headline* 2013 2013 £m £m Statutory 2013 £m headline nonâ€'headline* 2012 2012 £m £m Statutory 2012 £m notes revenue Cost of sales Gross profit Operating expenses Share of results of joint ventures Profit (loss...

  • Page 53
    ... £m Total £m FINANCIAL STATEMENTS at the beginning of the year Total recognised income and expenses for the year redemption of shares Equity dividends Capital reduction Share of other reserve movements of joint ventures net movement in relation to share schemes at the end of the year 33.4 - (32...

  • Page 54
    ...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 50 to 77 were approved by the Board on 25 June 2013 and signed on its behalf by: Roger Taylor Chief Executive Officer...

  • Page 55
    consolidated cash Flow statement FOR thE yEARS ENDED 31 MARCh 2013 AND 31 MARCh 2012 2013 £m 2012 £m BUSINESS REVIEW Operating activities Profit (loss) before investment income, interest and taxation adjustments for nonâ€'cash items: Shareâ€'based payments nonâ€'cash movements on joint ventures ...

  • Page 56
    ...'s joint ventures. b) BASiS OF CONSOLidATiON The financial statements reflect the Group's results for the year from 1 april 2012 to 31 march 2013 and comparative information for the year from 1 april 2011 to 31 march 2012. Best Buy Europe reports to a retail calendar, whereby its yearâ€'end date is...

  • Page 57
    ... exchange rates against UK Sterling used in these financial statements are as follows: average 2013 2012 Closing 2013 2012 BUSINESS REVIEW Euro United States Dollar 1.22 1.58 1.16 1.60 1.19 1.52 1.20 1.60 If a foreign operation is sold, the gain or loss on disposal recognised in the income...

  • Page 58
    ...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. 56 CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 2013

  • Page 59
    ... amortised over the term of the relevant facility. Borrowing costs associated with qualifying assets are included in the cost of the asset. all other borrowing costs are recognised in the income statement in the period in which they are incurred. ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC 57

  • Page 60
    ... discounted where the time value of money is considered to be material. Provisions in the Group relate primarily to 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...

  • Page 61
    ... and liabilities of the Group, but otherwise the directors do not expect that the adoption of these standards, amendments or interpretations in future periods will have a material impact on the financial statements of the Group in future periods. ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC 59

  • Page 62
    ...statements continued 2 seGmental rePortinG Segmental results are analysed as follows: Best Buy Europe (see note 13) £m Virgin Mobile France (see note 13) £m Whollyowned operations £m 2013 revenue headline EBIT before share of results of joint ventures Share of headline results of joint ventures...

  • Page 63
    ...£0.6m) in the year and the Group's share of fees for their tax and other services was £0.2m (2012: £0.2m). Other assurance services for the year ended 31 march 2012 relate to reporting accountant work in respect of the Best Buy mobile Disposal. ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC 61

  • Page 64
    ... Best Buy UK closure and Virgin mobile France amortisation. nonâ€'headline items are analysed as follows: notes 2013 £m 2012 £m Operating expenses: Best Buy mobile disposal Costs associated with the Best Buy mobile Disposal Share of results of joint ventures (post-tax): Best Buy Europe CPW Europe...

  • Page 65
    ... GOVERNANCE Group share (53.4) The operating results of discontinued businesses within joint ventures for the year ended 31 march 2012 are further analysed as follows: 2012 £m Best Buy Mobile EBIT Tax 45.0 FINANCIAL STATEMENTS (11.7) 33.3 Best Buy Uk EBIT Tax (72.5) 19.5 (53.0) Group share...

  • Page 66
    ... Group recognised a tax credit of £0.9m in relation to costs associated with the Best Buy mobile Disposal. BESt BUy UK CLOSURE During the year ended 31 march 2012 Best Buy Europe closed its Best Buy UK business. While the 11 stores that had been opened had delivered positive customer satisfaction...

  • Page 67
    ...market rates. 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 to Best Buy Europe. The Best Buy Europe...

  • Page 68
    ... 0.04% (2012: 2.3%) of the Group's issued share capital. The ESOT has waived its rights to receive dividends and its shares have not been allocated to specific schemes. at 31 march 2013 the shares had a market value of £0.1m (2012: £0.3m). 66 CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 2013

  • Page 69
    ...the year ended 31 march 2012, items attracting no tax relief or liability also reflect exceptional items associated with the Best Buy mobile Disposal. Taxation associated with the Group's interests in joint ventures is recognised within their results. ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC...

  • Page 70
    ... Financial statements continued 7 taXation continued Deferred tax balances recognised by the Group and movements thereon during the year are as follows: 2013 £m 2012 £m Opening balance (Charge) credit to the income statement movements through accumulated profits Current year tax losses carried...

  • Page 71
    ... Profit (loss) before investment income, interest and taxation £m Profit before taxation £m net profit for the year £m BUSINESS REVIEW 2012 headline results Group exceptional items* Share of operating results of discontinued businesses within joint ventures (postâ€'tax)* Share of joint venture...

  • Page 72
    ...during march 2013, CPW acton One Limited is nonâ€'trading. For the year ended 31 march 2013, the subsidiaries incorporated in England and Wales intend to take advantage of the audit exemption available under section 394c of the Companies act 2006. 70 CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 2013

  • Page 73
    ... BALANCE SHEET iNTERESTS The Group's interests in joint ventures are analysed as follows: 2013 Opening balance Share of results Loans repaid (net) Share of other reserve movements acquisition of shares Foreign exchange Closing balance Best Buy Europe Virgin mobile France Closing balance Net assets...

  • Page 74
    ...the customer. This unwind has a value of £8.6m in the year ended 31 march 2013 (2012: £8.0m) and is treated as interest income in the joint venture's statutory results. ** net interest expense in the year ended 31 march 2012 includes a postâ€'tax loss of £2.9m in relation to CPW Europe's share of...

  • Page 75
    ...material contingent liabilities in relation to the Group's joint ventures. Best Buy Europe and Virgin mobile France had no capital commitments at the end of either period. Within the cash and overdrafts of Best Buy Europe, £28.0m (2012: £37.0m) is held by its insurance business to cover regulatory...

  • Page 76
    ...UK Sterling, Euro and US Dollar. 17 Financial risk manaGement and derivative Financial instruments The book value and fair value of the Group's financial assets, liabilities and derivative financial instruments is as follows: 2013 £m 2012 £m Cash and cash equivalents Loans to Virgin mobile France...

  • Page 77
    ... an impact on the income statement, as they are matched by the value of foreign exchange contracts, assuming the hedges remain fully effective. Best Buy Europe's policies for translational risk are consistent with those of the Group. Virgin mobile France has limited translational risk exposures as...

  • Page 78
    ... Financial statements continued 18 Provisions 2013 £m 2012 £m Opening balance Charge in the income statement released in the year Closing balance Provisions relate principally to warranties provided in relation to the Best Buy Europe Joint Venture Transaction. 19 share caPital 2013 million 2012...

  • Page 79
    ....0m. BUSINESS REVIEW GOVERNANCE FINANCIAL STATEMENTS 22 related Party transactions During the year, the Group had the following disclosable transactions and balances with its joint ventures (see also note 13): 2013 Best Buy Europe £m Virgin Mobile France £m Best Buy Europe £m 2012 Virgin mobile...

  • Page 80
    ... 38.2 (8.2) (7.2) 28.3 5.1 28.3 (8.4) (7.0) 18.0 The financial results for the periods prior to the Demerger have been prepared on the basis that the structure of the Group at Demerger had been in place for the duration of all periods reported. 78 CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 2013

  • Page 81
    ...0.5 170.0 705.0 - 875.5 33.4 170.0 175.3 556.9 935.6 The financial statements on pages 79 to 83 were approved by the Board on 25 June 2013 and signed on its behalf by: Roger Taylor Chief Executive Officer Nigel Langstaff Chief Financial Officer ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC 79

  • Page 82
    ... an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are discounted where the time value of money is considered to be material. 80 CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 2013

  • Page 83
    ... ended 31 march 2013 and 31 march 2012 resulting in the impairment of the Company's investment in that company in both years. Disposals for the year ended 31 march 2012 reflect the sale of shares in Virgin mobile France to management of that business. ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC...

  • Page 84
    ...financial statements. The Company has provided guarantees to third party suppliers of Virgin mobile France, alongside the other shareholders of the business. The Company's maximum potential exposure on these guarantees is £1.2m (2012: £19.8m). 9 share caPital, reserves and accumulated ProFits 2013...

  • Page 85
    ... France £m Best Buy Europe £m 2012 Virgin mobile France £m net interest and other finance income Loans owed to the Company Other amounts owed to the Company Other amounts owed by the Company - - 0.1 (6.4) 0.8 20.5 - - 0.3 - 0.4 - 1.2 24.3 - - ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC...

  • Page 86
    ...2 new Street Square London EC4a 3BZ jOiNT STOCkBROkERS DEUtSChE BANK AG 1 Great Winchester Street London EC2n 2DB UBS INVEStMENt BANK 1 Finsbury avenue London EC2m 2PP fiNANCiAL AdviSORS CREDIt SUISSE (EUROPE) LIMItED 1 Cabot Square London E14 4QJ 84 CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 2013

  • Page 87
    ...EUROPE JOINT VENTURE TRANSACTION MTR NEW BBED NONâ€'HEADlinE RESUlTS BEST BUY MOBILE BEST BUY MOBILE DISPOSAL BEST BUY Uk BOARD CGU OlD CARPHOnE WAREHOUSE GROUP CPW EUROPE CPW EUROPE ACQUISITION DEMERGER EBITDA VES ViRGin mObilE FRAnCE EPS ESOT ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP...

  • Page 88
    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 Printed by Park Communications on FSC® certified paper. Park is EMAS certified; its Environmental Management System is certified to ...