Annual Financial Report 2013-14

RNS Number : 0943L

Carphone Warehouse Group PLC

01 July 2014

 



RNS Announcement

Tuesday 1 July 2014

FOR IMMEDIATE RELEASE

Carphone Warehouse Group plc ("Company")

Publication of annual report & accounts 2014

The following documents have today been posted or otherwise made available to shareholders:

·      annual report and accounts 2014

·      notice of 2014 annual general meeting

·      form of proxy for the 2014 annual general meeting

In accordance with Listing Rule 9.6.1 a copy of each of these documents has been uploaded to the National Storage Mechanism and will be available for viewing shortly at www.hemscott.com/nsm.do. 

These documents are also available to view and download from the Company's website at www.cpwplc.com/agm2014.

Copies of the annual report and accounts 2014 and notice of 2014 annual general meeting may also be obtained from:

The Company Secretary's Office

1 Portal Way

London

W3 6RS

United Kingdom

Compliance with the Disclosure and Transparency Rule 6.3.5 ('DTR 6.3.5') - Extracts from the annual report and accounts 2014

The information below, which is extracted from the annual report and accounts 2014, is included solely for the purpose of complying with DTR 6.3.5. It should be read in conjunction with the Company's Preliminary results announcement for the year ended 29 March 2014 issued on 26 June 2014 (available at www.cpwplc.com). Togetherthese constitute the material required by DTR 6.3.5 to be communicated to the media in unedited full text through a Regulatory Information Service. This material is not a substitute for reading the full annual report and accounts 2014. All page numbers and cross-references in the extracted information below refer to page numbers in the annual report and accounts 2014.

For further information please contact:

Tim Morris

[phone]

Directors' Responsibilities

The Directors' responsibility statement below has been prepared in conjunction with the annual report and accounts 2014 whereas this dissemination document contains extracts from the annual report and accounts 2014 to comply with DTR 6.3.5.

Sir Charles Dunstone: Chairman

Roger Taylor: Deputy Chairman

Andrew Harrison: Chief Executive Officer

Nigel Langstaff: Chief Financial Officer

John Gildersleeve: Non-executive Director

Baroness Morgan of Huyton: Non-executive Director

John Allwood: Non-executive Director

Gerry Murphy: Non-executive Director

We confirm to the best of our knowledge:

1.  the financial statements, prepared in accordance with the relevant financial reporting framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole;

2.  the Strategic Report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the  consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face; and

3.  the annual report and financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's performance, business model and strategy.

Principle risks and uncertainties

In common with other organisations, we are affected by a number of risks, not all of which are in our control. Some risks, such as UK macroeconomic factors, are likely to affect the performance of UK businesses generally, while others are particular to our operations. This section sets out the material risks to the Group and how we seek to mitigate them in the day to day running of our business.

Risk within the Carphone Warehouse (CPW) business

Description	Risk	Mitigation
Consumer environment	CPW's major markets have experienced economic headwinds since 2009. There still remains some uncertainty around the economic outlook for some markets. The products and services offered by CPW may be viewed as discretionary, and consequently affected by consumer confidence.	CPW continues to focus on strong cost control to try to ensure that it is well positioned to deal with an uncertain environment.
Dependence on key suppliers and customers	CPW's principal revenue streams are from MNOs. Changes in MNO strategies in relation to CPW or more generally, and/or their performance, could materially affect the revenues and profits of the business. CPW is dependent on relationships with key suppliers to source products on which availability may be limited.	CPW prioritises commercial arrangements that are closely aligned with the interests of MNOs and focuses on high-value segments to help drive economic value for the networks. CPW seeks to increase and leverage the scale of its operations to support strategic relationships.
Competition	CPW operates in markets that are highly competitive and competitor behaviour may damage revenues and margins. In some markets CPW may not have the scale required to compete effectively against increased competition.	The business has sought to differentiate itself through innovative propositions, high quality customer service, and a good supply of scarce products. The business is working to build partnerships with other retailers in certain territories in order to achieve additional scale.
Regulation	The business has sought to differentiate itself through innovative propositions, high quality customer service, and a good supply of scarce products. The business is working to build partnerships with other retailers in certain territories in order to achieve additional scale.	The business has internal committees and control structures to manage these requirements, to ensure appropriate compliance, and to react swiftly should issues arise.
Operations	CPW is dependent on internal and external IT systems which could fail or be unable to keep pace with the needs of the business.	A significant investment has been made over recent years in the IT infrastructure of the business, supported by testing processes and ongoing business continuity planning. CPW mitigates the risk of being dependent on outsourced IT systems by partnering with 'tier 1' application and infrastructure providers with best-in-class credentials, whilst also retaining key intellectual property and know-how in-house.
Foreign exchange	A material part of CPW's activities and earnings are denominated in Euros, giving rise to exposure to foreign currency fluctuations.	The business may hedge a proportion of such earnings, to provide certainty of their value.

 

END

 

 

ACSUAVURSAABRAR