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CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 201372
NOTES TO THE FINANCIAL STATEMENTS continued
13 INTERESTS IN JOINT VENTURES continued
b) ANALYSIS OF PROFITS AND LOSSES
The Group’s share of the results of its joint ventures is as follows:
2013 2012
Best Buy Europe £m £m
Revenue 3,694.3 3,313.1
Headline EBITDA * 216.2 219.6
Depreciation and amortisation (79.6) (84.6)
Headline EBIT 136.6 135.0
Net interest expense** (8.7) (16.4)
Taxation on Headline results (25.7) (22.0)
Headline profit after taxation 102.2 96.6
Group share of Headline profit after taxation 51.1 48.3
Group share of operating results of discontinued businesses (post-tax) (see note 4) —(9.8)
Group share of exceptional items (post-tax) (see note 4) (53.4) (77.4)
Group share of loss after taxation (2.3) (38.9)
* 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 £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 post-tax loss of £2.9m in relation to CPW Europe’s share of the start-up costs of an associate.
Ongoing trading losses from this associate have been included within EBITDA in the year ended 31 March 2013.
2013 2012
Virgin Mobile France £m £m
Revenue * 385.0 390.2
Headline EBITDA 19.7 25.7
Depreciation and amortisation (7.8) (4.2)
Headline EBIT 11.9 21.5
Net interest expense (1.4) (2.5)
Taxation on Headline results (3.9) (6.7)
Headline profit after taxation 6.6 12.3
Group share of Headline profit after taxation before change in share ownership 3.1 5.8
Gain on reduction of % share ownership 0.1 0.3
Group share of Headline profit after taxation 3.2 6.1
Group share of amortisation of acquisition intangibles (post-tax) (0.5) (1.3)
Group share of profit after taxation 2.7 4.8
* 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 £73.7m in the year ended 31 March 2013 (2012: £71.0m), are netted off
against acquisition costs within Headline EBITDA. Reported revenue on a statutory basis for the year ended 31 March 2013 is £458.7m (2012: £461.2m).
2013 2012
Total Group share £m £m
Headline 54.3 54.4
Statutory 0.4 (34.1)