REG - Kingfisher PLC - Final Results (Part 1 of 2) <Origin Href="QuoteRef">KGF.L</Origin> - Part 2

KingfisherAnnouncement

23/03/2016 08:17

- Part 2: For the preceding part double click  ID:nRSW9666Sa 

Retail Profit %                     8.2%    6.7%          11.5%   
 Adjustment to Leasehold Basis       (2.5)%  (0.8)%        (3.5)%  
 Retail Profit % on Leasehold Basis  5.7%    5.9%          8.0%    
 
 
Sustainability and integrated reporting 
 
Kingfisher is committed to being a truly sustainable company, one which has a
positive impact on people and the environment. To achieve this, we are working
to integrate sustainability at every stage of the value chain - from the way
we design and source our customer offer, to the way we run our operations and
work with suppliers. This includes integrating sustainability considerations
into our capital expenditure processes. 
 
Section 5: Glossary (terms are listed in alphabetical order) 
 
Adjusted measures are before exceptional items, financing fair value
remeasurements, amortisation of acquisition intangibles, related tax items and
tax on prior year items including the impact of rate changes on deferred tax.
Full year 2014/15 comparatives have been restated to exclude B&Q China's
results. A reconciliation to statutory amounts is set out in the Financial
Review (Section 4). 
 
Adjusted sales excludes B&Q China sales. 
 
Banque de France data includes relocated and extended stores. 
 
http://webstat.banque-france.fr/en/browse.do?node=5384326 
 
Cut existing product tail - plan to reduce the number of delisted and
ex-promotional ranges which do not form part of existing retail planograms. 
 
EBITDA (earnings before interest, tax, depreciation and amortisation) is
calculated as retail profit less central costs and before depreciation and
amortisation. 
 
EBITDAR (earnings before interest, tax, depreciation, amortisation and
property operating lease rentals) is calculated as retail profit less central
costs, before depreciation and amortisation and property operating lease
rentals. 
 
France consists of Castorama France and Brico Dépôt France. 
 
Free cash flow represents cash generated from operations less the amount spent
on tax, interest and capital expenditure during the year (excluding business
acquisitions and disposals and asset disposals). A reconciliation from
operating profit (before exceptional items) is set out in the Financial Review
(Section 4). 
 
French house building market - new housing starts and planning consent data
for the 12 months to January 2016 according to the Ministry of Housing. 
 

ttp://www.statistiques.developpement-durable.gouv.fr/logement-construction/s/construction-logements.html 
 
FFVR (financing fair value remeasurements) represents changes in the fair
value of financing derivatives, excluding interest accruals, offset by fair
value adjustments to the carrying value of borrowings and other hedged items
under fair value hedge relationships. 
 
GNFR (Goods Not For Resale) covers the procurement of all goods and services a
retailer needs (including e.g. media buying, mechanical handling equipment,
printing & paper). 
 
KEP (Kingfisher Economic Profit) represents earnings after a charge for the
annual cost of capital employed in the business and is derived from the
concept of Economic Value Added. 
 
Lease adjusted ROCE - Post-tax retail profit less central costs, excluding
exceptional items and property lease costs, divided by lease adjusted capital
employed excluding historic goodwill, net cash and exceptional restructuring
provision. Capital employed is adjusted to include capitalised property
leases. Kingfisher believes 8x property operating lease rent is a reasonable
industry standard for estimating the economic value of its leased assets.
Capital employed except for capitalised leases, is calculated as a two point
average. The calculation excludes disposed businesses e.g. China. 
 
LFL stands for like-for-like sales growth representing the constant currency,
year on year sales growth for stores that have been open for more than a
year. 
 
Net cash comprises borrowings and financing derivatives (excluding accrued
interest), less cash and cash equivalents and short term deposits. It excludes
balances classified as held for sale. 
 
New Country Development consists of Screwfix Europe, Brico Dépôt Portugal and
Brico Dépôt Romania. 
 
Omnichannel - allowing customers to shop with us in any way they prefer. 
 
Online sales are sales derived from online transactions, including click &
collect. This includes sales transacted on any device, however not sales
through a call centre. 
 
Other International consists of Germany, Poland, Portugal, Romania, Russia,
Spain and Turkey (Koçtaş JV). 
 
Planogram - a diagram that shows how and where specific retail products should
be placed on retail shelves or displays. 
 
Retail profit is operating profit stated before central costs, exceptional
items, amortisation of acquisition intangibles and the Group's share of
interest and tax of JVs and associates. Full year 2014/15 comparatives have
been restated to exclude B&Q China's operating loss. 
 
Screwfix Europe -  Screwfix outside of UK in continental Europe. 
 
Statutory sales - Group sales exclude Joint Venture (Koçtaş JV) sales. 
 
SKU (Stock Keeping Unit) - the number of individual variants of products sold
or remaining in stock. It is a distinct type of item for sale, such as a
product and all attributes associated with the item type that distinguish it
from others. These attributes could include, but are not limited to,
manufacturer, description, material, size, colour, packaging, and warranty
terms. 
 
UK & Ireland consists of B&Q in the UK & Ireland and Screwfix UK. 
 
Section 6: Forward-looking statements 
 
You are not to construe the content of this announcement as investment, legal
or tax advice and you should make you own evaluation of the Company and the
market.  If you are in any doubt about the contents of this announcement or
the action you should take, you should consult a person authorised under the
Financial Services and Markets Act 2000 (as amended) (or if you are a person
outside the UK, otherwise duly qualified in your jurisdiction). 
 
This announcement has been prepared in relation to the financial results for
the full year ended 31 January 2016. The financial information referenced in
this announcement is not audited and does not contain sufficient detail to
allow a full understanding of the results of the group.  Nothing in this
announcement should be construed as either an offer or invitation to sell or
any offering of securities or any invitation or inducement to any person to
underwrite, subscribe for or otherwise acquire securities in any company
within the group or an invitation or inducement to engage in investment
activity under section 21 of the Financial Services and Markets Act 2000 (as
amended). 
 
Certain information contained in this announcement may constitute
"forward-looking statements" (including within the meaning of the safe harbour
provisions of the United States Private Securities Litigation Reform Act of
1995), which can be identified by the use of terms such as "may", "will",
"would", "could", "should", "expect", "anticipate", "project", "estimate",
"intend", "continue," "target", "plan", "goal", "aim" or "believe" (or the
negatives thereof) or other variations thereon or comparable terminology.
These forward-looking statements include all matters that are not historical
facts and include statements regarding the Company's intentions, beliefs or
current expectations concerning, among other things, the Company's results of
operations, financial condition, changes in tax rates, liquidity, prospects,
growth and strategies.  By their nature, forward-looking statements involve
risks, assumptions and uncertainties that could cause actual events or results
or actual performance of the Company to differ materially from those reflected
or contemplated in such forward-looking statements. No representation or
warranty is made as to the achievement or reasonableness of and no reliance
should be placed on such forward-looking statements. 
 
The Company does not undertake any obligation to update or revise any
forward-looking statement to reflect any change in circumstances or in the
Company's expectations. 
 
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