REG - Kingfisher PLC - Preliminary Results Part 1 <Origin Href="QuoteRef">KGF.L</Origin> - Part 2

KingfisherAnnouncement

31/03/2015 07:13

- Part 2: For the preceding part double click  ID:nRSe9250Ia 


 
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. 
 
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. Management is focused on KEP as a main
measure of return on capital. It is used in the capital investment process to
assess performance and drive returns in strategic plans. Earnings are defined
as adjusted post-tax profit, excluding interest, property lease costs and
exceptional items. A charge is then deducted by applying the weighted average
cost of capital (WACC) to capital employed. For the purposes of consistency
both WACC and capital employed are lease adjusted and are adjusted for
exceptional items. Leases are capitalised based on an estimate of their
long-term property yields. In order to focus on controllable factors both WACC
and long term property yields are based on those in place when KEP was
introduced. 
 
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. 
 
MTN - Medium Term Note. 
 
Net cash comprises borrowings and financing derivatives (excluding accrued
interest), less cash and cash equivalents and other short term deposits. 
 
New country development consists of Germany, Portugal and Romania. 
 
Omnichannel - allowing customers to shop with us in any way they prefer. 
 
Other International consists of China, 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. 2013/14 comparatives have been
restated to exclude the share of Hornbach operating profit. 
 
Right-size refers to the space optimisation programme of B&Q's property estate
(covering downsizing, relocations and closures). 
 
Sales - Group sales exclude Joint Venture (Koçtaş JV) sales. 
 
Smaller tradesman market - Kingfisher estimate for the UK smaller tradesman
market is a weighted average incorporating 70% trade (using the most recent
public data available for the big trade merchants as a proxy) and 30% retail
(using the UK RMI (Repairs, Maintenance & Improvement) GfK large chain (shed)
data). 
 
UK home improvement leader market- Kingfisher estimate for the UK RMI
(Repairs, Maintenance & Improvement) market incorporates GfK data, which
includes new space but excludes B&Q Ireland and private retailers e.g. IKEA
and other smaller independents. Kingfisher data is submitted on a cash sales
basis and is adjusted for discounts. 
 
UK & Ireland consists of B&Q in the UK & Ireland and Screwfix. 
 
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 31st January 2015.  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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