Carphone Warehouse 2016 Annual Report Download - page 154

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Dixons Carphone plc Annual Report and Accounts 2015/16
Investor information
Pro forma information (unaudited)
152
2014/15 Pro forma cash flow statement reconciliation
Statutory
basis(1)
£million
Net funds
(debt)
basis(2)
£million
Non-
headline
items(3)
£million
Dixons
Retail
Merger(4)
£million
Pro Forma
basis(5)
£million
Carphone
Warehouse
April 2014(6)
£million
Restated
Pro Forma
basis(7)
£million
EBIT 324 — 76 14 414 (1) 413
Depreciation and amortisation 149 — (35) 27 141 (4) 137
Working capital (377) — (16) 27 (366) 207 (159)
Capital expenditure (166) — — (20) (186) 4 (182)
Taxation (39) — — (26) (65) 3 (62)
Interest (36) — — (11) (47) 1 (46)
Other items – Free cash flows 25 — — (12) 13 (9) 4
Free cash flow before restructuring items –
continuing operations (120) — 25 (1) (96) 201 105
Restructuring costs — — (16) — (16) — (16)
Free Cash Flow (120) — 9 (1) (112) 201 89
Dividends (52) — — — (52) — (52)
Merger transaction costs (42) — (9) (39) (90) — (90)
A
cquisitions, disposals, discontinued operations 333 — — (374) (41) 43 2
Pension contributions (28) — — — (28) — (28)
(Decrease) / increase in borrowings (211) 211 — — — — —
Other items — — — — — — —
Movement in net funds / (debt) (120) 211 — (414) (323) 244 (79)
Opening net funds 283 (291) — 71 63 (244) (181)
Closing net (debt) / funds 163 (80) — (343) (260) — (260)
(1) Total statutory cash flows as reported on pages 92 and 138, using the presentation provided in the performance review on pages 26 to 27.
Cash flows from the statutory cash flow statement have been aggregated as described below:
• Interest comprises interest received, interest paid and repayment of obligations under finance leases.
• Other items – Free cash flows comprise share based payment charge, non-cash movements on joint ventures, impairment and other
non-cash items and proceeds from disposal of property, plant & equipment.
• Acquisitions, disposals, discontinued operations comprise net cash outflow arising from CPW Europe Acquisition, cash acquired on the
Merger, proceeds on sale of business and short term investments and discontinued operations.
• Merger transaction costs comprise bond redemption premium and facility arrangement fees paid.
• Opening, closing and movement in net funds (debt) relate to the opening, closing and movement in cash and cash equivalents.
(2) Adjustment to present the cash flows on the basis of net funds (debt) rather than cash and cash equivalents, consistent with the
performance review on page 25 of the 2014/15 annual report and accounts.
(3) Non-Headline cash flows as described in notes 4 and 24 to the Group’s 2014/15 financial statements are excluded from pro forma free
cash flows.
(4) Consolidated cash flows of Dixons Retail plc for the period prior to 6 August 2014 have been extracted without material adjustment from the
consolidation schedules which support the Group’s 2014/15 financial statements and are included in pro forma cash flows.
(5) Pro forma cash flow statement as reported on page 25 of the 2014/15 annual report and accounts.
(6) Cash flows for the five weeks to 3 May 2014 for the Carphone Warehouse business have been extracted without material adjustment
from the consolidation schedules which support the Group’s 2014/15 financial statements and are excluded from the restated pro forma
cash flows.
(7) Pro forma cash flow statement as reported in the Performance Review on pages 26 to 27.
00_DC 2016 Annual Report.pdf 152 11/07/2016 18:34