Interim Results
Kingfisher PLC
12 September 2001
PART 1
EMBARGOED UNTIL 0700 HOURS
Wednesday 12 September 2001
Kingfisher reports first half sales and operating profit growth from continuing
operations
Interim results for 26 weeks ended 4 August 2001
2001 2000
£m £m Change
Continuing operations (1)
Retail sales continuing operations 4,607.9 4,094.1 +12.5%
Operating profit (2) 237.8 228.0 +4.3%
Profit before tax (2) 217.2 219.5 -1.0%
Net operating cashflow 432.7 388.8 +11.3%
Earnings per share (2) 6.9p 8.1p -14.8%
Dividends per share 4.345p(3) (4) 4.25p n/a
Total group as reported
Profit before tax (2) 182.2 204.0 -10.7%
(1) Excluding the results for the demerged Woolworths Group and adjusted for
the disposals of Superdrug, LibertySurf and the General Merchandise
properties together with interest and taxation attributable to these
operations.
(2) Before exceptional items and acquisition goodwill amortisation.
(3) Adjusted to reflect the recent 10 for 11 share consolidation.
(4) Woolworths Group is paying a dividend of 0.3p a share and has not
consolidated its shares.
* Continuing operations total sales growth of 12.5%, with
like-for-like sales growth of 4.7%.
* Demerger completed within timetable, with £1.1 billion cash being
realised.
* Net debt falls to £938 million, on a pro forma basis, with
gearing falling to 32%.
* B&Q Warehouse target number of stores raised from 125 to 175 by
2006.
* Exceptional charges of £526 million relate to disposals and other
provisions, of which £394 million are non cash costs.
Kingfisher, the leading European retailer, today announced first half results,
with retail sales from continuing operations up 12.5% to £4.6 billion and
operating profit growing by 4.3% to £238 million.
The Group's Home Improvement sector enjoyed a strong half year with sales up
15.2% (like-for-like 7.6%) and retail profit ahead by 7.1% at £205 million.
Electrical and Furniture sales rose by 8%, however retail profit was down 15%
at £41 million, mainly due to the losses incurred in Germany where a turn
around plan is now underway.
On a continuing basis, excluding the now separated Woolworths Group, Superdrug
business and General Merchandise properties, profits before tax and
exceptionals were broadly unchanged at £217 million.
A total of £526 million of exceptional items has been charged in the Group's
profit and loss account. The majority of this relates to the sale of
Superdrug. A further charge has been made against the remaining goodwill in
respect of the loss-making ProMarkt business, along with other provisions in
respect of various e-commerce and other investments. The total also includes £
41 million of costs relating to the successful completion of the demerger.
Pre-exceptional earnings per share from continuing operations, before taking
into account the 10 for 11 share consolidation, declined by 14.8% to 6.9p,
principally due to the increased minority interests.
The interim dividend to Kingfisher shareholders will be maintained at last
year's total level of 4.25p before adjusting for the share consolidation and of
this amount 0.3p will be paid directly by the newly floated Woolworths Group.
Kingfisher will pay an interim dividend of 4.345p on the current shares, after
adjusting for the consolidation.
After taking into account the cash proceeds from the debt taken on by the
Woolworths Group on demerger and the sale of the high street property
portfolio, pro forma net debt was £938 million at the half year stage. This
gives gearing of 32%.
Sir Geoffrey Mulcahy, Group Chief Executive, said:
'During the first half of the year, we have successfully completed the complex
process of separating Kingfisher's UK-based General Merchandise businesses from
our core international activities as a retailer of Home Improvement and
Electrical and Furniture products. This has been delivered on time and
generates £1.1 billion of cash for the Group.
'With a strengthened balance sheet, Kingfisher will continue to focus on its
development as a leading international retailer of products for the home. We
are now clearly focused on growing the profits of the Group and thus realising
the full potential of our leading retail brands. Also, B&Q is increasing its
target number of Warehouses from 125 to 175, underlining the growth potential
of our strategy. '
Commenting on the outlook for the rest of the year, Sir Geoffrey added:
'We are confident that, with our strong brands and market leading positions,
Kingfisher is well placed to succeed in spite of the uncertain economic
outlook.'
-ends-
Note to Editors
Kingfisher plc is one of Europe's leading retailers operating principally in
the International Home Improvement, Electrical and Furniture markets. More than
half of the Group's turnover arises overseas, making it the UK's most
international retailer. Kingfisher employs around 90,000 people in over 1,300
stores across 16 countries and includes some of the best retail brands in
Europe including B&Q, Castorama, Comet, Darty and BUT.
Further enquiries:
Media Enquiries
Andrew Mills, Director of Corporate Affairs +44 (0) 20 7725 5776
Jonathan Miller, Head of External Relations +44 (0) 20 7725 5713
Broker and Institutional Enquiries
Ian Harding, Director of Investor Relations +44 (0) 20 7725 4889
France
Graham Fairbank, Head of Corporate Communications +33 (0) 1 43 18 52 26
Kingfisher plc +44 (0) 20 7724 7749
Kingfisher Website www.kingfisher.com
KINGFISHER PLC
SUMMARY PROFIT AND LOSS ACCOUNT - CONTINUING OPERATIONS
Before goodwill amortisation & exceptional items
Half year
Half year ended Year ended
ended 29 July 3 February
£millions 4 August 2000 2001
2001
Retail sales 4,607.9 4,094.1 8,658.4
Other 37.9 40.4 107.0
Turnover 4,645.8 4,134.5 8,765.4
Operating profit:
Home Improvement 205.0 191.4 398.5
Electrical and Furniture 40.7 48.1 184.0
Property 24.8 18.5 43.7
E-Commerce & other new channels (11.0) (7.1) (20.6)
Other operating costs (21.7) (22.9) (44.8)
237.8 228.0 560.8
Interest (20.6) (8.5) (29.0)
Profit before tax 217.2 219.5 531.8
Taxation (65.8) (64.8) (157.2)
Profit after tax 151.4 154.7 374.6
Minority interests (56.9) (44.5) (102.2)
Profit attributable to shareholders of 94.5 110.2 272.4
Kingfisher plc
Earnings per share
- basic adjusted 6.9p 8.1p 19.9p
Page 17 onwards contain the full interim unaudited financial review for the
total Group, including discontinued operations, together with further
continuing operations information.
Continuing operations exclude the results for the demerged Woolworths Group,
and those operations now divested (Superdrug, LibertySurf and the General
Merchandise properties) together with the interest and taxation attributable to
these operations.
Earnings per share calculations are based on the weighted average number of
shares in issue during the period and are not adjusted for the impact of the
recent 10 for 11 share consolidation that occurred after the end of the half
year period.
KINGFISHER PLC
SUMMARY PRO FORMA BALANCE SHEET
As reported Pro forma
pre demerger post demerger
£millions
Property 3,198 2,591
Other fixed assets 1,520 1,087
Net current assets less non current liabilities 366 155
Capital employed 5,084 3,833
Shareholders' funds 2,728 2,272
Equity minority interests 623 623
Net debt 1,733 938
5,084 3,833
Gearing 52% 32%
The pro forma balance sheet set out above shows the Kingfisher Group balance
sheet at 4 August 2001 after adjusting for the demerger of the net assets of
the Woolworths Group business and the General Merchandise properties.
The full unaudited interim balance sheet is set out on page 21.
SUMMARY RESULTS
SECTOR Retail sales (£m)
%
% total like-for-like change
2001 2000 change
HOME IMPROVEMENT 2,985.0 2,591.3 +15.2 +7.6
ELECTRICAL &
FURNITURE 1,622.9 1,502.8 +8.0 -0.4
TOTAL 4,607.9 4,094.1 +12.5 +4.7
Retail profit (£m)
%
SECTOR 2001 2000 change
HOME IMPROVEMENT 205.0 191.4 +7.1
ELECTRICAL & 40.7 48.1 -15.4
FURNITURE
TOTAL 245.7 239.5 +2.6
Retail sectors only, excluding property, financial services, acquisition
goodwill amortisation and other operating costs.
SUMMARY OTHER DATA
Selling space Employees
SECTOR Store nos. (000s sq. m.) (FTE)
2001 2000 2001 2000 2001 2000
HOME IMPROVEMENT 557 531 3,504.4 3,183.0 48,603 44,306
ELECTRICAL & FURNITURE 806 785 965.4 894.7 25,012 24,055
TOTAL 1,363 1,316 4,469.8 4,077.7 73,615 68,361
HOME IMPROVEMENT
% increase/decrease
%
£m Sales % like-for-like
2001 2000 total change change
UK (1) 1,672.0 1,420.4 +17.7 +12.3
France 930.6 868.7 +7.1 +3.7
Other 382.4 302.2 +26.5 -1.8
Total 2,985.0 2,591.3 +15.2 +7.6
£m Retail Profit %
2001 2000 change
UK (1) 140.9 117.3 +20.1
France 61.3 58.8 +4.3
Other 2.8 15.3 n/a
Total 205.0 191.4 +7.1
(1) Includes Screwfix
UK
The Repair, Maintenance and Improvement (RMI) market continued to show healthy
growth, up 6% for the first half, with accelerated growth in the second
quarter.
B&Q, the market leader, continued to grow its overall market share with
particularly strong performances in building, hardware and seasonal product
categories. Total sales grew by 17.7%, up 12.3% on a like for like basis, with
both Warehouses and Supercentres performing strongly.
There was significant product innovation at B&Q in the first six months of this
year. New initiatives included a new higher quality take-away kitchen range,
designer paint ranges exclusive to B&Q, the trial of a tool hire service and
the replacement of glue based laminate flooring with the simpler to install '
LOC' snap together laminate flooring. B&Q is now the world's largest retailer
of laminate flooring.
B&Q continues to lower the cost of DIY for its customers through its successful
EDLP (every day low prices) strategy, with prices overall falling by over 2% in
the period. Gross margins as a percentage were held constant, benefiting from
the major cost price reduction programme currently underway.
A further six B&Q Warehouses were opened in the first half, four of which were
conversions of recently acquired Homebase stores. This takes the total trading
to 65 at the end of the first half. Investments in Warehouse continue to
deliver very strong returns for the Group and a further 15 are planned to open
in the second half, most of which will open in the fourth quarter. The B&Q
Warehouse target number of stores has been raised from 125 to 175 by 2006.
At the same time as driving ahead with this growth agenda, basic operational
improvements were made. Stock levels for comparable stores are down year on
year which is driving an improved stock turn. Investment in people has
resulted in labour turnover rates in stores falling by over 20%.
Screwfix, the specialist catalogue and internet supplier to trade customers,
continued to perform well with sales and profits up strongly in the first half.
France
The French DIY market grew by 3.2% (for the five months February to June 2001,
Banque de France) with the Group's DIY brands growing sales by 6.0% at constant
exchange rates in the first half. On a like for like basis, sales grew 3.7%
with the majority of this growth again coming from the highly successful,
EDLP-based Brico Depot format.
A number of strategic growth initiatives were progressed in the first half.
Seven Castorama stores were closed, of which five have since been reformatted
and reopened as Brico Depots, and one as the new French Warehouse format.
There are now 40 Brico Depots in France and a further four are planned to open
in the second half, two of which will be conversions from Castorama stores.
A second French Warehouse was opened at Chambery, building on the experience
gained from the first store opened last year, which stocks an additional 15% of
softer product lines. A further two stores are planned to open in the second
half. The original Warehouse store has the highest average basket size in the
French store network.
A number of product range reviews were implemented in the period in the
Castorama main chain and some own label ranges were introduced for the first
time, including paints and tools under the 'Casto' brand name.
Central buying is now established in France and centralised distribution has
been introduced on a trial basis. Obtaining the buying and efficiency benefits
that centralisation brings is a key priority. There is now a Castorama
purchasing team permanently based at Kingfisher's Asian sourcing office in Hong
Kong (KAL) following B&Q's success with direct sourcing. The process for
appointing a new managing director for Castorama France is progressing.
Other
Overall sales grew by 26.5% with all countries showing growth with the
exception of Germany where the temporary store closures associated with the
store reformatting programme adversely impacted sales. Like for like sales
declined by 1.8% reflecting tougher market conditions in several countries.
Overall profit declined reflecting the increase in development costs. In
Canada, Reno Depot's profits were depressed by the marketing and pre-opening
costs associated with the roll out of the new Building Box stores in Ontario
and two store openings in its main market, Quebec. Of the 16 Canadian stores,
five have been trading for less than one year.
Notable international successes include Castorama Poland which continued to
perform well, opening three new stores and growing profits in local currency.
B&Q Taiwan opened another two stores and also grew profits. Another new store
was opened in China taking the total to three at the end of the first half. A
few days after the half year end, B&Q's fourth store was opened which, at
18,000 square metres, is the biggest B&Q in the world. Whilst not expected to
be profitable in the short term, losses in China are small and in line with the
strategic plan.
ELECTRICAL AND FURNITURE SECTOR
% increase/decrease
%
£m Sales % like-for- like change
2001 2000 total change
France 731.8 684.3 +6.9 +0.7
UK 518.5 455.4 +13.9 +5.0
Germany (1) 285.0 265.0 +7.5 -8.4
Other 87.6 98.1 -10.7 -9.5
Total 1,622.9 1,502.8 +8.0 -0.4
£m Retail Profit %
2001 2000 change
France 65.2 61.5 +6.0
UK 3.4 3.4 -
Germany (1) (23.4) (13.9) n/a
Other (4.5) (2.9) n/a
Total 40.7 48.1 -15.4
(1) Includes 7 months to 31 July 2001; comparative results are for the 6
months to 30 June 2000
France
Banque de France figures show that the French brown goods electricals market
grew by 5.2% for the first half of 2001. However, the white goods market
declined by 0.1% over the same period.
Against this background, market leading specialist Darty was able to grow total
sales by 2.7% in local currency, up 0.3% on a like-for-like basis despite being
up against very tough year on year growth comparatives of 16.4% and 14.8%
respectively last year.
Furthermore, as in previous years, growth was held back by the ongoing
programme of store refurbishment. During the period, eight stores - including
four in Paris - were temporarily closed in part or in full to allow
refurbishment and/or extension. This programme is a key element of the growth
agenda for Darty, along with the opening of new stores. A further four stores
were opened in the first half and two relocated. In total just under 10,000
square metres of space was added. Another four openings and one extension
are planned for the second half.
Technological innovation has again been a driver of sales growth, although the
growth in DVD, large screen TV and mobile phones has been slower than that seen
last year. The PC market has continued to decline sharply following last
year's exceptionally high growth in the aftermath of the Year 2000 'millennium
bug' scare, but Darty has been able to position its offer towards the more
profitable laptop products.
The percentage gross margin decline experienced last year has been reversed,
with a slight increase achieved reflecting management action to shift the
product mix.
Overall, Darty's sales were £557.7 million and retail profit was £42.3 million.
BUT capitalised on a more buoyant furniture market. Merchandise initiatives in
sofas, mattresses and multimedia all proved successful. Sales grew overall by
17.5% in local currency, up 2.2% on a like-for-like basis.
During the first half, BUT opened one new store, acquired a further three
franchise stores and continued the roll out of its successful store
refurbishing programme, which will continue in 2002.
Overall, BUT's sales were £174.1 million and retail profit was £22.9 million.
UK
Conditions in the UK electricals market were more favourable than France with
the core market (GFK white and brown only) growing overall by 11.0% for the
first half. Of this white goods grew by 8.6% and brown by 13.9%. Comet
continued its trend of growing market share, up 0.3% compared with the same
period in 2000.
Sales continue to be fuelled by demand for new technology products including
wide screen TVs, energy efficient laundry and refrigeration products and
multi-media games and software. Personal computers declined sharply in the
first half following record growth last year, as did mobile phones.
There are now 28 Comet Interactive Stores trading following the opening of
another four in the first half. A further three interactive stores are expected
to open in the second half.
Comet has also been trialing an in-store programme designed to increase
operational performance and meet customer needs more effectively by improving
product knowledge among staff and providing better in-store product
information. Significant increases in average selling prices and margins have
been achieved in the trial areas and the programme is to be extended
nationally. Furthermore, a successful trial reorganisation of store roles,
which places more emphasis on customer facing jobs in store, has been extended
from 31 to 126 stores.
A further five after-sales service centres were opened taking the total to 17.
A same day call out service is now available across 80% of the country.
Particular emphasis is being placed on improving margins and reducing supply
chain costs.
Comet sales grew strongly by 13.9% and percentage gross margins improved,
however, first half profit remained flat at £3.4 million reflecting significant
investment costs.
Germany
The market declined in the first half reflecting consumer concerns over
recession in Germany. Against this backdrop, the new management team at
ProMarkt have been implementing a turnaround plan which aims to return the
business to profit.
During the first half a range standardisation programme was successfully
completed. This followed the introduction of centralised buying and enabled
major benefits in working capital utilisation to be achieved. Stock levels are
now more than 20% lower than at the start of the year.
A staff reduction programme has also been implemented and this, along with
other cost control measures, has reduced the year on year running rate of
costs. Central distribution is due to commence shortly.
The main focus for the balance of the year is to secure cost savings whilst
growing the gross margins. Overall, losses in the first half increased from £
13.9 million to £23.4 million reflecting a tougher market together with the
impact of the turnaround plan. Of the total store operating losses, around
half came from 13 new stores out of a total of 193 stores.
Other
This includes Vanden Borre in Belgium, BCC in the Netherlands and Datart in the
Czech and Slovak republics. The year on year decrease in sales reflects
primarily the disposal of Electric City, but also a tougher environment in the
Netherlands.
E-COMMERCE
Dedicated e-commerce division, e-Kingfisher, was formed just over one year ago
to drive the rapid development and growth of the Group's e-commerce and other
alternative channels businesses. This centralised approach has ensured that
best practice is shared across the Group and has been very successful. Since
the creation of e-Kingfisher, all the Group's major brands are now sell online,
and in June Castorama became the last main Kingfisher brand to become
transactional.
All the transactional web sites are performing well, with Comet's being most
successful to date. As the first example of full multi channel retail, Comet
has the combination of national store base, home delivery platform, call
centre, and an easy-to-use web site which is proving popular with customers. A
customer survey has shown that over 10% of Comet store-based customers have
pre-researched products on the web site and 80% of Comet's web sales are to new
customers to Comet. The web site, which is the fourth largest online retailer
in the UK, is expected to break even next year.
The next objective for e-Kingfisher is to increase significantly the use of
web-based processes to improve the internal efficiencies of the organisation.
Work is ongoing to drive the benefits from the Group's membership of the World
Wide Retail Exchange and initial auctions have now taken place online with
promising results.
PROPERTY
In the first half Chartwell Land, the Group's specialist property development
and investment business, increased income by 20% to £46.2m. Since the half
year the business completed the disposal of a portfolio of high street stores
for £614 million. The sale price represents a £19 million premium to the
book value as at 3rd February 2001. In total, the increase in value of these
properties during Kingfisher's ownership has been over £200 million.
Chartwell will now become a focused owner and developer of retail warehouse
assets, a sector of the retail property market in which it has a strong track
record.
CENTRAL COSTS
These include the costs of centralised functions including business
development, merger and acquisition, tax, treasury and financial control. Also
included are the statutory costs associated with a public listing, including
company secretariat and corporate communications.
In the first half, central costs fell by 5% to £21.7m.
DISCONTINUED OPERATIONS
Discontinued operations include the results of:
* Superdrug to 20 July 2001, being the date it was sold;
* the Woolworths Group companies, that were demerged on 28 August
2001, for the six month period;
* the costs of their related e-commerce activities;
* the net rental income on the high street property portfolio for
which the sale has now been completed;
* interest attributable to these operations and assets; and
* the exceptional losses and costs arising from the demerger, the
loss on the sale of Superdrug and provisions for the loss on
disposal of Tiscali and Think Natural.
In the period leading up to its sale, Superdrug made further progress and
achieved like for like sales growth of over 7%.
The results of the Woolworths Group businesses were impacted by the stock
reduction programme. At the end of last year, stocks were £93 million higher
than the previous year. This excess level of stock was reduced by £58 million
by the half year.
The continued development of Big W and Woolworths General Store also progressed
well during the period.
KINGFISHER DATA BY SECTOR AND MARKET
HOME IMPROVEMENT SECTOR
Store nos. Selling space Employees
(000s sq.m.) (FTE)
UK 307 1,691.0 21,355
France 150 1,119.4 16,069
Other 100 694.0 11,179
TOTAL 557 3,504.4 48,603
ELECTRICAL & FURNITURE SECTOR
Store nos. Selling space Employees (FTE)
(000s sq.m.)
UK 258 225.2 7,385
France (1) 262 447.7 12,561
Germany 188 204.3 3,144
Other 98 88.2 1,922
TOTAL 806 965.4 25,012
TOTAL 1,363 4,469.8 73,615
(1) The figures for Electrical and Furniture France include only those stores
consolidated in the Group's figures. Electrical and Furniture France also
operates 150 non-consolidated franchise stores with 387.5 000's sq metres
of selling space and 3,000 FTE employees.
KINGFISHER PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED)
For the half year ended 4 August 2001
Discontinued Continuing
Notes Total Operations Operations
£millions
Turnover including share of joint 6,091.7 1,397.7 4,694.0
ventures
Less: share of joint ventures' turnover (51.5) (3.3) (48.2)
1 6,040.2 1,394.4 4,645.8
Group operating profit/(loss) 100.7 (26.2) 126.9
Share of operating profit in:
Joint ventures 3.5 - 3.5
Associates 1.8 - 1.8
Total operating profit/(loss) including
share of joint ventures and associates 106.0 (26.2) 132.2
Analysed as:
Home Improvement 205.0 - 205.0
Electrical and Furniture 40.7 - 40.7
General Merchandise (23.1) (23.1) -
Property 46.2 21.4 24.8
E-commerce and other new channels (22.1) (11.1) (11.0)
Other operating costs (21.7) - (21.7)
Exceptional items - operating 2 (107.5) (9.6) (97.9)
Acquisition goodwill amortisation (11.5) (3.8) (7.7)
Total operating profit/(loss) including
share of joint ventures and associates 106.0 (26.2) 132.2
Exceptional items - non operating:
Demerger costs 2 (27.2) (27.2) -
Loss on the sale of operations 2 (342.5) (342.5) -
Loss on the disposal of fixed assets 2 (48.8) (17.5) (31.3)
(Loss)/profit on ordinary activities (312.5) (413.4) 100.9
before interest
Net interest payable (42.8) (22.2) (20.6)
(Loss)/profit on ordinary activities (355.3) (435.6) 80.3
before tax
Taxation on ordinary activities (43.7) 21.2 (64.9)
(Loss)/profit on ordinary activities (399.0) (414.4) 15.4
after tax
Equity minority interests (54.8) - (54.8)
Loss attributable to the members of (453.8) (414.4) (39.4)
Kingfisher plc
Dividends on equity shares 3 (53.4) - (53.4)
Retained loss for the period (507.2) (414.4) (92.8)
(Loss)/earnings per share (pence): 4
Basic (32.9) (2.9)
Diluted (32.9) (3.0)
Adjusted basic 5.2 6.9
Adjusted diluted 5.0 6.6
KINGFISHER PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED)
Continuing operations for the half year ended 4 August 2001
Before Goodwill
Amortisation &
Goodwill Exceptional Items
Amortisation &
Exceptional Items
£millions Notes Total
Turnover including 4,694.0 - 4,694.0
share of joint
ventures
Less: share of joint (48.2) - (48.2)
ventures' turnover
1 4,645.8 - 4,645.8
Group operating profit 126.9 (105.6) 232.5
/(loss)
Share of operating
profit in:
Joint ventures 3.5 - 3.5
Associates 1.8 - 1.8
Total operating profit
/(loss) including 132.2 (105.6) 237.8
share of joint
ventures and
associates
Analysed as:
Home Improvement 205.0 - 205.0
Electrical and 40.7 - 40.7
Furniture
Property 24.8 - 24.8
E-commerce and other (11.0) - (11.0)
new channels
Other operating costs (21.7) - (21.7)
Exceptional items - 2 (97.9) (97.9) -
operating
Acquisition goodwill (7.7) (7.7) -
amortisation
Total operating profit
/(loss) including 132.2 (105.6) 237.8
share of joint
ventures and
associates
Exceptional items -
non operating:
Loss on the disposal 2 (31.3) (31.3) -
of fixed assets
Profit/(loss) on 100.9 (136.9) 237.8
ordinary activities
before
interest
Net interest payable (20.6) - (20.6)
Profit/(loss) on 80.3 (136.9) 217.2
ordinary activities
before
tax
Taxation on ordinary (64.9) 0.9 (65.8)
activities
Profit/(loss) on 15.4 (136.0) 151.4
ordinary activities
after tax
Equity minority (54.8) 2.1 (56.9)
interests
(Loss)/profit
attributable to the
members (39.4) (133.9) 94.5
of Kingfisher plc
(Loss)/earnings per 4
share (pence):
Basic (2.9) -
Diluted (3.0) -
Adjusted basic - 6.9
Adjusted diluted - 6.6
KINGFISHER PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED)
For the half year ended 29 July 2000 (as restated*)
Discontinued Continuing
Notes Total Operations Operations
£million
Turnover including share of joint 5,496.6 1,326.9 4,169.7
ventures
Less: share of joint ventures' (37.7) (2.5) (35.2)
turnover
1 5,458.9 1,324.4 4,134.5
Group operating profit 236.0 17.7 218.3
Share of operating profit/(loss) in:
Joint ventures 2.1 - 2.1
Associates (13.3) (14.5) 1.2
Total operating profit including
share of joint ventures and
associates 224.8 3.2 221.6
Analysed as:
Home Improvement 191.4 - 191.4
Electrical and Furniture 48.1 - 48.1
General Merchandise 6.3 6.3 -
Property 38.5 20.0 18.5
E-commerce and other new channels (28.5) (21.4) (7.1)
Other operating costs (22.9) - (22.9)
Acquisition goodwill amortisation (8.1) (1.7) (6.4)
Total operating profit including
share of joint ventures and
associates 224.8 3.2 221.6
Exceptional items - non operating:
Loss on the disposal of fixed assets 2 (0.9) - (0.9)
Gain on deemed disposal of Liberty 120.8 120.8 -
Surf Group S.A.
Profit on ordinary activities before 344.7 124.0 220.7
interest
Net interest payable (28.9) (20.4) (8.5)
Profit on ordinary activities before 315.8 103.6 212.2
tax
Taxation on ordinary activities (60.8) 4.2 (65.0)
Profit on ordinary activities after 255.0 107.8 147.2
tax
Equity minority interests (44.5) - (44.5)
Profit attributable to the members 210.5 107.8 102.7
of Kingfisher plc
Dividends on equity shares 3 (58.4) - (58.4)
Retained profit for the period 152.1 107.8 44.3
Earnings per share (pence): 4
Basic 15.4 7.5
Diluted 15.2 7.4
Adjusted basic 8.3 8.1
Adjusted diluted 8.2 7.9
* As restated for the implementation of FRS 19 'Deferred Tax' (see note 7)
KINGFISHER PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED)
For the year ended 3 February 2001(as restated*)
Discontinued Continuing
£millions Total Operations Operations
Notes
Turnover including share of joint 12,219.9 3,375.6 8,844.3
ventures
Less: share of joint ventures' (85.7) (6.8) (78.9)
turnover
1 12,134.2 3,368.8 8,765.4
Group operating profit 704.5 160.3 544.2
Share of operating profit/(loss)
in:
Joint ventures 5.7 - 5.7
Associates (39.9) (42.0) 2.1
Total operating profit including
share of joint ventures
and associates 670.3 118.3 552.0
Analysed as:
Home Improvement 398.5 - 398.5
Electrical and Furniture 184.0 - 184.0
General Merchandise 140.7 140.7 -
Property 85.9 42.2 43.7
E-commerce and other new channels (81.9) (61.3) (20.6)
Other operating costs (44.8) - (44.8)
Exceptional items - operating 2 5.8 - 5.8
Acquisition goodwill amortisation (17.9) (3.3) (14.6)
Total operating profit including
share of joint ventures
and associates 670.3 118.3 552.0
Exceptional items - non operating:
Demerger costs 2 (8.8) (8.8) -
Loss on the sale of operations 2 (14.7) (1.4) (13.3)
Profit on the disposal of fixed 2 0.2 - 0.2
assets
Gain on deemed disposal of Liberty 120.8 120.8 -
Surf Group S.A.
Profit on ordinary activities 767.8 228.9 538.9
before interest
Net interest payable (76.6) (47.6) (29.0)
Profit on ordinary activities 691.2 181.3 509.9
before tax
Taxation on ordinary activities (177.3) (17.5) (159.8)
Profit on ordinary activities 513.9 163.8 350.1
after tax
Equity minority interests (103.8) - (103.8)
Profit attributable to the members 410.1 163.8 246.3
of Kingfisher plc
Dividends on equity shares 3 (214.8) - (214.8)
Retained profit for the financial year 195.3 163.8 31.5
* As restated for the implementation of FRS 19 'Deferred Tax' (see note 7)
KINGFISHER PLC
CONSOLIDATED BALANCE SHEET (UNAUDITED)
As at 4 August 2001
4 August As Restated* As Restated*
£ millions 2001 29 July 2000 3 February 2001
Fixed assets
Intangible assets 389.9 468.0 508.9
Tangible assets 4,177.9 3,598.1 4,139.6
Investments 150.2 272.0 294.5
4,718.0 4,338.1 4,943.0
Current assets
Development work in 104.1 123.9 89.2
progress
Stocks 1,951.8 1,946.5 2,095.5
Debtors 796.9 876.7 995.7
Securitised consumer 275.8 289.9 261.1
receivables
Less: non-recourse (225.1) 50.7 (222.4) 67.5 (211.8) 49.3
secured notes
Investments 191.7 185.1 168.6
Cash at bank and in hand 123.9 203.8 120.1
3,219.1 3,403.5 3,518.4
Creditors
Amounts falling due (3,725.1) (3,646.4) (4,003.9)
within one year
Net current liabilities (506.0) (242.9) (485.5)
Total assets less 4,212.0 4,095.2 4,457.5
current liabilities
Creditors
Amounts falling due
after more than one year (800.0) (689.6) (881.1)
Provisions for (61.0) (69.5) (73.7)
liabilities and charges
3,351.0 3,336.1 3,502.7
Called up share capital 175.8 173.7 174.6
Reserves 2,552.5 2,669.1 2,762.1
Equity shareholders' 2,728.3 2,842.8 2,936.7
funds
Equity minority 622.7 493.3 566.0
interests
3,351.0 3,336.1 3,502.7
* As restated for the implementation of FRS 19 'Deferred Tax' (see note 7)
Approved by the Board
Sir Geoffrey Mulcahy Director
Helen Weir Director
12 September 2001
KINGFISHER PLC
SUMMARY CONSOLIDATED CASH FLOW STATEMENT
(UNAUDITED)
For the half year ended 4 August 2001
Half year Half year Year ended
ended ended 3 February
£ millions Notes 4 August 2001 29 July 2000 2001
Net cash inflow from 389.2 312.6 563.2
operating
activities 5
Returns on investment and
servicing of finance
Net interest paid (54.1) (42.1) (86.4)
Dividends received from joint 2.0 - -
ventures
Dividends paid by (30.2) (26.3) (27.9)
subsidiaries to
minorities
Net cash outflow from returns on
investment and servicing of finance (82.3) (68.4) (114.3)
Taxation
Tax paid (78.4) (86.6) (161.4)
Capital expenditure and
financial
investment
Net purchase of fixed assets (343.2) (237.4) (832.2)
Net sale/(purchase) of 113.3 (76.9) (95.6)
investments
Net cash outflow from
capital (229.9) (314.3) (927.8)
expenditure and financial
investment
Acquisitions and disposals
Purchase of subsidiary and (10.2) (52.4) (117.3)
business undertakings
Sale of subsidiary and 252.0 - 2.7
business undertakings
Sale/(purchase) of joint 2.4 (9.6) (15.7)
ventures/associated
undertakings
Issue of shares by group
companies to 3.7 - 29.1
minority shareholders
Net cash inflow/(outflow)
from 247.9 (62.0) (101.2)
acquisitions and disposals
Equity dividends paid to (125.2) (89.4) (146.6)
shareholders
Net cash inflow/(outflow)
before 121.3 (308.1) (888.1)
use of liquid resources and
financing
Management of liquid
resources
Net movement in short-term - (5.5) 4.2
deposits
Net movement in short-term (23.1) 169.3 183.7
investments
Net cash (outflow)/inflow (23.1) 163.8 187.9
from
management of liquid
resources
Financing
Issue of ordinary share 6.9 62.6 53.2
capital
Capital element of finance (4.4) (3.3) (2.4)
lease
rental payments
Net movement in loans (114.4) 80.3 630.5
Net cash (outflow)/inflow (111.9) 139.6 681.3
from financing
Decrease in cash 6 (13.7) (4.7) (18.9)
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