Interim Results 2020/21

RNS Number : 7755I

Dixons Carphone PLC

16 December 2020

Unaudited Results for the Half Year Ended 31 October 2020

Online success and accelerating transformation drive strong performance

Key Highlights:

· Kept colleagues safe and provided customers with vital technology during the pandemic

· Adapted quickly to overcome challenges of multiple lockdowns

· Strong trading across all markets; market share gains in every channel when open

· Electricals online sales growth +114% to £1.8bn; UK&I Electricals online +145% to £1.3bn

· Significant acceleration in omnichannel transformation

· Further development of colleague tools and training; all invested in our success through continued share awards

Group Financial Performance:

· Electricals LFL +17%, despite UK, Ireland and Greece stores shut for substantial periods

· Group adjusted* profit before tax £89m (1H 2019/20: £2m)

· Group statutory profit before tax of £45m (1H 2019/20: loss of £(86)m)

· Since start of pandemic, estimated** impact on profit before tax of store restrictions in UK&I was £155m ( 1H 2020/21: £80m, 2019/20: £75m)

· Over the same period furlough payments to colleagues and business rates tax relief was £103m (1H 2020/21: £80m, 2019/20: £23m)

· Net cash* £269m (H1 2019/20: net debt £(208)m, FY 2019/20: net debt £(204)m)

· Free cash flow* £499m (H1 2019/20: £77m), including £509m working capital* benefit (H1 2019/20: £137m)

· No Interim dividend declared

Current trade remains strong:

· Electricals LFL +16% over six weeks to 12 December, despite extensive store closures in UK and Greece

* See page 2 for the basis of preparation for all performance measures and guidance given

** See page 3 for more details. Based on management estimates.

Alex Baldock, Group Chief Executive

" I'm especially proud of our colleagues today. Thanks to them, we've come through an exceptionally challenging time and emerged a better business. Our UK stores were closed for months, but our colleagues adapted fast, continuing to help millions of people enjoy the technology that's playing an ever-more vital role in their lives, and doing so safely. We've grown sales and profits, preserving our market leadership while accelerating our transformation in the UK, and continuing to power ahead internationally.

We've achieved this performance by doing what we said we'd do. We're winning online, and have triple-digit growth and rapid market share gains to show for it. Still, most customers prefer to buy technology through a mix of online and in store, and we've innovated fast to bring the best of both digital and physical shopping to every customer. In particular, ShopLive 24/7 live video shopping points to a retail future where every customer online can get face-to-face advice from an expert store colleague. Meanwhile, we've continued to build lasting and valuable customer relationships. Our Customer Club grew spectacularly, and now has a third of Nordics households signed up. In the UK, we helped ten million credit and services customers, and we now account for more than half of all UK retail electricals recycling.

We've also been responsible in our use of government support. We used the furlough scheme to preserve jobs in the first lockdown, and didn't use the scheme at all in the second. Meanwhile, leaders have taken salary cuts and waived bonuses, and we suspended the dividend.

The outlook remains uncertain, and we're still nowhere near our full potential. Much hard work lies ahead. But this year has shown this business's qualities, especially the grit and skill of our colleagues. Our strategy has been stress-tested as never before, we've had one arm tied behind our back versus our competitors, and we've responded with stronger performance and an accelerating transformation. I'm more confident than ever that we're on the right path to create a world class business for colleagues, customers, shareholders and society. "

Divisional highlights:

· UK&I Electricals revenue +15% (LFL +16%), adjusted EBIT £95m, +£63m year on year (Statutory EBIT £69m)

o Online sales +145%, almost £800m more sales year on year, offsetting sales loss from enforced store closures and in Dixons Travel

o Online market share gain +6.5%pts, store market share up when stores open

o Lost profit from enforced temporary store closures partially offset by strong omnichannel performance

· International revenue +16% (LFL +18%), adjusted EBIT £81m, +£20m year on year (Statutory EBIT £75m)

o Online sales +57%, over £160m more sales year on year contributing 21% of sales, +5%pts year on year

o Nordics share growth +1.5%pts, gaining market share in all countries and all categories

o Nordics on course for another year of strong profit growth, Greece impacted by closures

· UK&I Mobile revenue (54)%, adjusted EBIT loss £(36)m, +£9m year on year (Statutory EBIT loss £(44)m)

o Sales decline due to UK standalone Carphone Warehouse store closures announced in March

o Network debtor unwind funding restructuring costs and drove segmental free cash flow of £2m

Transformation progress accelerating despite Covid-19 interruption:

· Omnichannel: Group online sales +53% to £3.6bn in the last twelve months

· Credit: UK Electricals Credit sales up +25% year on year, total customers over 1.3m

· Services: Nordics Customer Club to over 4.3m members and almost 40% of revenue

· Mobile: Restructuring on track, on course to deliver positive cashflow target

Basis of preparation

In the reporting of financial information, the Group uses certain measures that are not required under IFRS. We consider that these additional measures (commonly referred to as 'alternative performance measures' or "APMs") provide additional information on the performance of the business and trends to shareholders. These measures are consistent with those used internally and are considered critical to understanding the financial performance and financial health of the Group. These APMs, including adjusted results, free cash flow, net debt, currency % neutral change and like-for-like % change are defined in the glossary on page 46. The Directors consider free cash flow to be a useful measure as, unlike statutory equivalents, it is a good indicator of cash generated from continuing operations which is available to fund future growth or be distributed to shareholders. Free cash flow includes adjusted working capital as defined in the glossary on page 46.

These alternative performance measures may not be directly comparable with other similarly titled measures or 'adjusted' revenue or profit measures used by other companies, and are not intended to be a substitute for, or superior to, IFRS measures.

Items excluded from adjusted results can evolve from one financial year to the next depending on the nature of exceptional items or one-off type activities. The Group adopted IFRS 16: 'Leases' using the modified retrospective approach in the prior year. In order to aid comparability with prior year measures, the impact of IFRS 16 was included within adjusting items, which were reported under IAS 17. Following the adoption, and ability to report comparatives under IFRS 16, the impact of such is no longer considered to be an adjusting item. The adjusted results and adjusting items for the comparative reporting periods ended 26 October 2019 and 2 May 2020 have subsequently been restated in to reflect this. Details of all adjustments are included within the glossary and definitions section of the report on page 46.

During the period the Group has redefined net cash / debt to comprise only cash and cash equivalents and short-term deposits, less borrowings, excluding the previously included IAS 17 finance leases. The Directors consider the revised definition to be a more useful measure of the indebtedness of the Group. A full reconciliation to net cash / debt can be found in note A10 within the glossary and definitions.

Throughout results statement references are made to earnings before interest and tax (EBIT), as this is directly comparable to profit / (loss) before interest and taxation. The terminology used is consistent with that used historically and in external communications.

Summary of Performance

Half Year Statutory Revenue	H1 2020/21 £m	H1 2019/20 £m	Reported % change	Currency neutral* % change	Like-for- Like* % change
UK & Ireland Electricals	2,266	1,979	15%	14%	16%
International	2,209	1,904	16%	16%	18%
- Nordics	1,952	1,677	16%	17%	19%
- Greece	257	227	13%	11%	10%
Electricals	4,475	3,883	15%	15%	17%
UK & Ireland Mobile	384	830	(54)%	(54)%
Group	4,859	4,713	3%	3%

*See page 46 for further information on our alternative performance measures (APMs) and glossary. This includes definitions, purpose, changes to the prior year, and reconciliation to the nearest IFRS measures. The basis of preparation of our IFRS measures is included on page 2.

Online share of business*	H1 2020/21	H1 2019/20	YoY (%pts)
UK & Ireland Electricals	58%	27%	+31%
International	21%	16 %	+5%
- Nordics	22%	17%	+5%
- Greece	8%	5%	+3%
Electricals	40%	22%	+18%

UK & Ireland: Stores were closed from start of period on 2 May (lockdown started on 24 March), with reopening starting in Ireland from 18 May and UK from 15 June. Greece stores closed: 7 - 30 October. Sales only through internet and call centres.

Sales have been strong across all Electricals markets as we helped customers choose, afford and enjoy the vital technology we sell to keep them connected with loved ones, their families fed, clean and entertained, to work from home and home-school their children.

At the start of the pandemic, sales were particularly strong in refrigeration and TVs. As the crisis developed and customers across our markets spent more time at home, the technology they needed changed and we saw increased sales of items such as food processors and fitness trackers. All areas of computing (laptops, desktops, tablets and gaming) have been very strong throughout the period.

In the UK, Ireland and Greece we have traded into and out of multiple lockdowns, each time rapidly transferring sales from stores to online and back again. It is a testament to the scale and adaptability of our business that growth has remained so robust throughout. We have also quickly pivoted to make even more of our expert colleagues, with 2,100 now trained to use ShopLive, our video shopping service, and a further 500 having moved from retail operations to contact centres to cope with elevated demand.

The impact of Covid-19 accelerated the pace of change in the business, with new ways of working making us faster and smarter. This is evidenced by the speed and scale of innovation in some of the most important omnichannel growth areas.

In UK & Ireland our sales and profit have been impacted by Covid-19 and government closure of our stores twice, for a total of four months as we were classified as non-essential. This left us disadvantaged against our principal competitors. Grateful though we are for vital government support, we have lost more profit from lost store sales due to restrictions on stores than we have received in government support. In assessing the enforced store closures, we have estimated the impact on revenue and profits generated by stores. In doing so we have considered the movements in these metrics compared to the comparative period, historic trading patterns and the sales trends that we saw when stores were open. We estimate the cumulative impact of the enforced store closures and the reduction in our Travel business (a strong business that has effectively closed due to travel restrictions) have reduced store sales by at least £320m (1H 2020/21: £185m, 2019/20: £135m). In combination with the ongoing restrictions when stores opened and the shift towards lower margin online sales, this negatively impacted profit before tax by £155m (1H 2020/21: £80m, 2019/20: £75m), including c.£15m we have spent on keeping our colleagues and customers safe, on distancing, hygiene and protective equipment. UK and Irish government schemes paid furlough to our colleagues and allowed relief on business rates tax, totalling £103m (1H 2020/21: £80m, 2019/20: £23m). Together with executive pay cuts, bonus cancellation and suspension of dividend, this allowed us to keep thousands of colleagues employed even as our stores were required to temporarily close. Despite further store closures in the second lockdown, we have not used the Job Retention Scheme since October.

Nevertheless, the strong sales we have seen through our omnichannel model has partly enabled UK & Ireland online sales growth of +145% resulting in additional sales of almost £800m in the period. This meant that our profits areimproved against the first half last year despite the enforced store closures. This profit outturn and a focus on cash has resulted in a net positive cash position at the half year and unused committed debt facilities of £1.3bn.

Profit and EPS*	1H 2020/21 £m	1H 2019/20 £m	Reported % change	Currency neutral* % change	2019/20 £m
Adjusted EBITDA	305	216	41%	43%	556
Adjusted EBITDA margin	6.3%	4.6%	170 bps	180 bps	5.4%

Depreciation on right-of-use assets	(101)	(107)			(217)
Depreciation on other assets	(39)	(41)			(81)
Amortisation	(25)	(20)			(44)
Adjusted EBIT	140	48	192%	211%	214
Adjusted EBIT margin	2.9%	1.0%	190 bps		2.1%

UK & Ireland Electricals	95	32	197%	197%	164
International	81	61	33%	40%	147
- Nordics	74	52	42%	50%	126
- Greece	7	9	(22)%	(25)%	21
Electricals	176	93	89%	96%	311
Adjusted EBIT margin	3.9%	2.4%	150 bps		3.6%
UK & Ireland Mobile	(36)	(45)	20%	20%	(97)
Adjusted EBIT	140	48	192%	211%	214

Interest on right-of-use assets	(39)	(38)			(80)
Finance income	4	5			10
Finance costs	(16)	(13)			(28)
Adjusted PBT	89	2	4350%	n/a	116
Adjusted PBT margin	1.9%	0.0%	190 bps	n/a	1.1%

Tax	(20)	(1)			(41)
Adjusted Profit after tax	69	1			75
Adjusted EPS	6.0p	0.1p			6.5p

Statutory reconciliation
Adjusting items to EBITDA	(27)	(68)			(217)
Statutory EBITDA	278	148			339
Adjusting items to DA	(13)	(13)			(25)
Statutory EBIT	100	(33)	403%	389%	(28)
EBIT Margin	2.1%	(0.7)%	280 bps	280 bps	(0.3)%

Adjusting items to finance income	-	-			-
Adjusting items to finance costs	(4)	(7)			(14)
Statutory PBT	45	(86)			(140)
Adjusting items to Tax	(8)	17			20
Discontinued operations	-	(2)			(2)
Profit / (Loss) after tax	17	(72)			(163)
EPS	1.5p	(6.2)p			(14.1)p

*All financials include leases prepared in accordance with IFRS16 unless otherwise stated. See page 46 for further information on our alternative performance measures (APMs) and glossary. This includes definitions, purpose, changes to the prior year, and reconciliation to the nearest IFRS measures. The basis of preparation of our IFRS measures is included on page 2.

Cashflow	1H 2020/21	1H 2019/20	Reported % change	Currency neutral* % change	2019/20 £m
Adjusted EBITDA*	305	216	41%	43%	556
Leasing costs in EBITDA	4	15			40
Adjusted EBITDAR	309	231	34%	35%	596
Adjusted EBITDAR margin	6.4%	4.9%	150 bps	150 bps	5.8%

Repayment of leasing debt & interest**	(159)	(155)			(299)
Cash payments for leasing costs in EBITDA	(4)	(15)			(40)
Other non-cash items in EBIT	10	15			27
Operating cashflow	156	76	105%	112%	284
Operating cashflow margin	3.2%	1.6%	160 bps		2.8%

Capital expenditure	(58)	(98)	41%		(191)
Adjusting items to cashflow	(80)	(21)	(281)%		(79)
Free cash flow before working capital	18	(43)			14
Adjusted working capital	509	137			141
Segmental free cash flow	527	94	461%	499%	155
Cash tax paid	(16)	(5)			(20)
Cash interest paid	(12)	(12)			(26)
Free cash flow	499	77	548%	592%	109
Dividend	-	(52)			(78)
Net purchase of own shares	(3)	(5)			(12)
Pension	(23)	(46)			(46)
Other	-	-			5
Movement in net cash / (debt)	473	(26)			(22)

Net Cash / (debt)***	269	(208)			(204)

**Repayment of leasing debt and interest includes non-trading stores. The non-trading stores predominantly relate to the closed standalone UK Carphone Warehouse stores as announced on 17th March 2020 and the remaining closed stores under the Currys PC World 3-in-1 and Carphone Warehouse programme announced in 2015/16.

*** During the period the Group has redefined net debt to comprise only cash and cash equivalents and short-term deposits, less borrowings.

Impact of IFRS16

Accounts are presented using IFRS16 accounting. To aid understanding and comparability with previous periods, here we present the impact of IFRS16 accounting.

	Reported	IFRS16	Excluding IFRS16
Adjusted EBIT
UK & Ireland Electricals	95	(11)	84
International	81	(7)	74
- Nordics	74	(6)	68
- Greece	7	(1)	6
Electricals	176	(18)	158
Adjusted EBIT margin	3.9%		3.3%
UK & Ireland Mobile	(36)	(1)	(37)
Adjusted EBIT	140	(19)	121
Adjusted EBIT margin	2.9%		2.5%

Finance costs	(51)	36	(15)
Adjusted PBT	89	17	106
Adjusted PBT margin	1.9%		2.2%

Current trade

Trading since the period end has continued strongly. In UK&I Electricals, like-for-like growth was +11% despite our stores in England, Wales, Scotland and Northern Ireland having been closed for substantial periods. Online growth was +117%. International growth was +23% despite sales decline in Greece due to store closures.

Like-for-like growth*	6 Weeks to 12 December
UK&I Electricals	+11%
International	+23%
Nordics	+29%
Greece	(12)%
Total Electricals	+16%

UK&I: England stores closed 5 November to 1 December, with stores in Wales, Scotland and Northern Ireland closed for meaningful periods
Greece stores closed: November 7 and reopened on 14 December for collection-only.

Outlook & Financial Guidance

Millions of customers increasingly recognise the vital role that technology plays in their lives and we continue to make it easier for them to shop with us via digital-first omnichannel, and build customers for life. This is our route to sustainable profits and cashflow through credit and services that help customers get tech working, keep it working, get the most out of it and recycle it.

The immediate outlook is less certain. There will be further economic consequences of the pandemic, continued impact on International travel, we may face further enforced store closures and there could be disruption from Brexit. While the relief from business rate taxation in the period has been beneficial, we urge the Government to carefully review business rates which are a significant and unbalanced tax on a store retail sector which has seen an accelerated shift to online. Specifically, we urge a resettlement of business rates based on current rental values. This will increase the rates burden on warehousing and reduce it on retail stores. It could be self-financing, would preserve hundreds of thousands of viable retail jobs, also help the hard-pressed leisure and hospitality sector, and oblige everyone to pay their fair share.

We continue to discuss the possibility of listing a minority stake of our Nordics business in 2021 with our shareholders and other stakeholders.

Current year guidance - as previously guided:

· Mobile adjusted EBIT losses to be slightly worse than 2019/20 and cashflow from Mobile to be slightly negative as operating losses and restructuring costs will be largely offset by net working capital unwind

· Transformation cash costs to be c.£175m, mainly related to previously announced Mobile restructuring

· Group capital expenditure to be around £175m

Medium term guidance - as previously guided:

· Group to generate cumulative free cash flow of more than £1bn over FY20 to FY24

· No change to previous profitability expectations (at least 3.5% EBIT margin on pre-IFRS16 basis). Group moving to cashflow based targets at year end

· Total positive cashflow from UK&I Mobile will be in the range of £125m-175m

· Annual pension contributions will rise to £78m from 2021/22, from £46m this year

Results presentation webcast

There will be a recorded presentation for investors and analysts available at 8:00am today, followed by a live Q&A at 9:00am. The presentation slides will be available via the webcast and on www.dixonscarphone.com

Next scheduled announcement

The Group is scheduled to publish its Peak trading statement covering the 10 weeks to 9 January 2021 on Wednesday 20 January 2020.

For further information

Assad Malic	Group Strategy & Corporate Affairs Director	+44 (0)7414 191044
Dan Homan	Head of Investor Relations	+44 (0)7400 401442
Amy Shields	Director of External Communications	+44 (0)7588 201442
Tim Danaher, Sam Chiene	Brunswick Group	+44 (0)207 4045959

Information on Dixons Carphone plc is available at www.dixonscarphone.com

About Dixons Carphone

Dixons Carphone plc is a leading omnichannel retailer of technology products and services, operating through 932 stores and 16 websites in eight countries. We Help Everyone Enjoy Amazing Technology, however they choose to shop with us.

We are the market leader in the UK & Ireland, throughout the Nordics and in Greece, employing over 22,000 capable and committed colleagues in the UK & Ireland and approximately 32,500 globally across the Group. Our full range of services and support makes it easy for our customers to discover, choose, afford and enjoy the right technology for them, throughout their lives. The Group's core operations are supported by an extensive distribution network, enabling delivery to stores and homes, a sourcing office in Hong Kong and a state-of-the-art repair facility in Newark, UK.

Our brands include Currys PC World and Carphone Warehouse in the UK & Ireland and iD Mobile in the UK; Elkjøp, Elgiganten and Gigantti in the Nordics; and Kotsovolos in Greece. Our Dixons Travel brand has a presence across several UK airports as well as in Dublin and Oslo, and our services are provided through Team Knowhow.

Certain statements made in this announcement are forward-looking. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from any expected future events or results referred to in these forward-looking statements. Unless otherwise required by applicable laws, regulations or accounting standards, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Information contained on the Dixons Carphone plc website or the Twitter feed does not form part of this announcement and should not be relied on as such.

We Help Everyone Enjoy Amazing Technology

Choose, Afford, Enjoy. For Life

Our vision is to help customers choose, afford and enjoy amazing technology however they choose to shop with us. By offering the best range of products, credit and services through digital-first omnichannel we will build customer relationships that are stickier and more valuable over time. This will benefit our customers, our colleagues, our shareholders and society.

Strategic Review

Omnichannel

Omnichannel is our way of bringing the strengths of all our channels, stores and online, to all our customers, however they may be shopping.

In the period, our omnichannel capabilities were tested as never before. We innovated and improved our offer at unprecedented speed, driving our already large online business to grow significantly faster than the market.

In UK & Ireland, we landed multiple improvements to the website, app and our stores to deliver a better experience for customers. These enabled UK & Ireland online sales growth of +145%, additional sales of almost £800m in the period. We grew online market share by 6.5%pts while also gaining share in stores during the periods they were able to open. This means we have considerably narrowed the gap between our overall market share of 25% and our online market share which is now 22%.

We have achieved this through delivering the plan for stronger online we first set out in December 2018. We have grown our online range by 42%. In UK & Ireland we now sell 17,000 products, having added 5,000 in the period, and expect to have over 20,000 on sale by year end. We are now more authoritative in such categories as heating and cooling, musical instruments, personal care, PC gaming and smart home. We remain on track to reach our target of 40,000 products in the medium term, with the Nordics now at 80,000 products.

We have maintained our leading market position on availability despite strong demand from customers. The past six months show the advantages of being number one. As the most important retail customer to our suppliers, we have consistently been first in the queue for sometimes scarce stock.

We are also now on the money on price. Two years ago, we were c.5% more expensive than the competition. We have now made the necessary investment to substantiate our unambiguous price promise: "You won't get it cheaper. Full stop". Together with necessary investment in catching up on delivery (where we've seen a +30%pts improvement in customer satisfaction in two years), and some marketing investment, we've now substantially completed the necessary gross margin investment in the customer proposition that we flagged two years ago.

We've also made online an easier place to shop, with the introduction of new capabilities such as contactless order & collect, which allows customers to buy online and collect in an hour from stores, straight into the boot of the car if the customer wants.

Our UK & Ireland business faced sharply increased demand at the same time as unprecedented disruption and substantial change. The vast majority of our customers still had a good experience as evidenced by stable overall customer satisfaction, which is a great credit to our colleagues. Nevertheless, some stresses and strains were evident to some customers, for which we've apologised. We've taken urgent and effective action throughout the period, directed substantial further resources into customer service, including an extra 1,000 colleagues managing customer queries. Customers have seen the improvement.

Even now, when we have seen a shift to customers shopping online, 60% of our customers still prefer to use both online and stores channels. Customers value stores for the face-to-face advice and product demonstrations they get from our 22,000 expert store colleagues.

But it's the combination of our stores and online working together that customers value the most. Customers in stores can access our full range online for delivery to their home through 'Order Online In-Store' via our StoreMode tablets. Sales through this rose +245% when stores were open. Meanwhile, customers can order online and collect in store, with such sales growing +76% post-lockdown. Customers online can also, of course, use our in-store services to get this tech working (eg setting up a laptop), keep it working (repair), trade it in, and recycle it.

We now have strong foundations in omnichannel but there is a lot more to go for here. We will continue to build on our progress, as demonstrated by innovations like ShopLive. This allows every store, whatever its size and stock, to offer our full range to every customer. This service brings the best of stores (face-to-face advice from trusted experts) to customers online. Customers prefer this to unassisted online sales: they are four times as likely to purchase, spend 50% more, and tell us they are more satisfied. We also like ShopLive as an innovation competitors will struggle to copy at scale: only we already have thousands of expert colleagues, as well as hundreds of stores (our ready-made stage sets). With digital technology, we can match a customer's specific need with a relevant store expert, anywhere in the country, and who's free that moment. And our scale (thousands of colleagues, millions of customers) allows this to be cost-efficient as well as effective (in producing incremental sales over and above unassisted online). That's why we are scaling this up. Initially starting with 12 colleagues, we have now trained 2,100 colleagues on ShopLive. These colleagues can serve customers both online and in store, flexing according to how our customers wish to shop. The platform was developed in the UK and the Nordics business is now using the UK platform - an example of the cross-fertilisation possible in a Group such as ours.

In Nordics, our stores remained open and generated like-for-like growth despite some acceleration in the shift towards online shopping. Our online business grew +55%, driven by increased traffic and big improvements in conversion and average basket value. Collect@store online sales grew +65% and now contribute 41% of all online sales. We expect significant improvements in omnichannel as a result of the rollout of our Next Generation Retail platform in the coming months.

In Greece, online grew +84% from a low base, with each store developing a back of house logistics capability to serve remote orders and fast Pay & Collect orders, payments and returns. Four new regional hubs mean we now have capacity to handle four times as many big box deliveries per day than we did a year ago.

Credit

Credit appeals to customers as technology is exciting but expensive, and it makes the amazing technology customers want more affordable by allowing them to spread the cost.

UK credit adoption is now over 11.5% (+60bps year on year) and the number of active credit customers is over 1.3m, +31% year on year, resulting in +25% growth in Credit sales. Credit adoption increased across both channels with the online adoption rate now above 10%.

In Nordics, we are also developing credit, with new agreements with strategic partners to give customers more flexible payment options.

Services

We are uniquely positioned to provide services to our customers to help them enjoy technology for life. We can provide this range of services at scale in ways no competitor can match.

We can get the products working through delivery, installation and set-up. Last year, we delivered 15m products, including almost 5m large products through our own two-person delivery network, installed over 1.3m products, including 600,000 technical installs, and set up over 700,000 products for customers.

We keep the products working, and in the UK alone, our 1,500-person repair team fixes over 1 million products each year, including nearly half a million computing and vision repairs, over 250,000 mobile phones and more than 350,000 white goods repairs, most of these in customers' homes.

We also help customers get the most out of their products: through cloud subscriptions and lifestyle subscriptions, such as the Apple bundle of Apple Music, Apple Arcade and Apple News+ that has just launched. We are also the only nationwide retailer to offer broadband switching from a range of suppliers.

We are also there for customers at the end of the product life. Our trade-in enables customers to get value from old products, making new technology more affordable and preventing items entering the waste stream. Through our reuse partners we repair and refurbish products to support low-income families, including over 10,000 families in the UK last year.

We recycle over 100,000 tonnes of Waste Electrical and Electronic Equipment (WEEE) each year. We will recycle all tech brought into stores for free, whether you bought it from us or not, and now account for more than half of all UK retail recycling. We are also committed to a 'Greener' product range in the UK and Nordics to help customers make more sustainable choices. In the UK, our 'Go Greener' campaign included free recycling, resulting in a +76% growth in the number of appliances collected from customers' homes. Finally, we are the first specialist electricals retailer in the UK to commit to net zero carbon by 2040 and to electric vehicles by 2030.

We are continuing to join up these services with improved data to create customers for life. Our Nordics Customer Club continues to grow, and we had 4.3m members at the end of the period which contributed 38% of sales, well up on the 32% in H2 2019/20.

Mobile

Our UK & Ireland Mobile sales declined (54)% given the permanent closure of our standalone Carphone Warehouse UK stores announced in March. In the UK, the contract we had with EE expired at the end of September and our only remaining volume-based contract is with Vodafone. In the spring we will launch our own Mobile offer which will be much more relevant for the needs of today's mobile customers and subsequently we will be able to streamline much of the legacy cost base of Mobile.

Capable and Committed Colleagues

There remains no bigger priority than colleague and customer safety. During the various lockdowns across the Group operating countries, we have protected colleagues while meeting high customer demand. We have implemented extensive hygiene and social distancing measures at our facilities and stores to ensure our sites are Covid-secure. This has enabled our colleagues to safely continue delivering vital technology to customers.

We continue to make all our colleagues shareholders, ensuring we're all invested in our future success. Over these last six months we have repeatedly seen just how capable and committed our colleagues are. The examples of colleagues going above and beyond are numerous and humbling: from our installation teams making sure that vulnerable customers had access to cooking equipment at the height of the first lockdown; to supply chain colleagues adapting to Peak sales levels every day; to store colleagues coping with reopening stores with such enthusiasm while maintaining rigorous hygiene standards.

The crisis has also driven new and better ways of working. We have combined the online, technology and transformation teams together. This has enabled the faster rollout of ideas with test-and-learn becoming our normal model. Order & Collect and ShopLive were instigated this way and took only weeks to get from idea to test to rollout.

Our central commercial and operation teams moved into new "category squads" during the first lockdown and found it far more agile and effective. This is now a permanent change. These cross-functional teams can better solve for a good end-to-end customer experience and profitability and are empowered to do so. We're making faster and better decisions as a result.

A top priority for our business is colleague engagement, as happier colleagues make for happier customers. To support this, we implemented a new colleague listening strategy alongside our new performance management system, which closely aligns reward to personal performance. This complements our colleague shareholder scheme which saw a further 2,500 newly eligible colleagues granted share awards. To thank our capable and committed colleagues for everything they do for our business, we're closing the UK business on New Year's Day to give colleagues an additional day off over the festive period.

One Business & Stronger Infrastructure

We are making progress in becoming One Business that is a clearer, simpler and faster place to work. Long overdue, we have moved all UK & Ireland colleagues to a single payroll system (previously 7 different systems) with harmonised employment terms.

The foundation of our strength is our significant infrastructure which serves stores and customers' homes while providing services wherever they are wanted. We have over 100 warehousing and logistics facilities in 8 countries covering 5m sqft of space. Across our supply chain and IT infrastructure in every market we've scaled up our operations to respond to strong demand, including trebling IT capacity in the UK.

Our investment in our future infrastructure was suspended during the early months of the crisis but has resumed since. We have recently opened a new Regional Distribution Centre (RDC) in Bolton to amalgamate existing centres in Leeds and Manchester which will improve efficiency and increase delivery capacity. Across the UK & Ireland supply chain we have also started to replace our decade-old Warehouse Management System, driving better forecasting and more efficient operating across Newark and our four RDCs.

In stores we launched a suite of enhanced and more efficient marketing tools for colleagues, these make much of the instore marketing faster, with less chance of error and at lower costs. During the period, we started the roll-out of our Next Generation Retail platform in the Nordics. This is an update of many of our online and store systems and an overhaul of processes that will generate a seamless omnichannel experience for our customers. The systems were successfully rolled out to stores in Denmark in Q1, followed by our call centres and our B2B platform. The remaining countries and all the websites will be updated through 2021. Delivery of this programme is on time despite the impact of Covid-19.

Performance Review

UK & Ireland Electricals

	1H 2020/21	1H 2019/20	Reported % change	Currency neutral % change*	FY 2019/20
INCOME STATEMENT
Revenue	2,266	1,979	15%	14%	4,538

Adjusted EBITDA*	184	120	53%	54%	344
Adjusted EBITDA margin	8.1%	6.1%	200 bps		7.6%

Depreciation on right-of-use assets	(54)	(55)			(111)
Depreciation on other assets	(20)	(22)			(44)
Amortisation	(15)	(11)			(25)
Adjusted EBIT	95	32	197%	197%	164
Adjusted EBIT margin	4.2%	1.6%	260 bps		3.6%

Adjusting items to EBIT	(26)	(13)			(45)
Statutory EBIT	69	19	263%	263%	119
Margin	3.0%	1.0%	200 bps		2.6%

CASHFLOW
Adjusted EBITDA	184	120	53%		344
Leasing costs in EBITDA	-	3			24
Adjusted EBITDAR	184	123	50%		368
Adjusted EBITDAR margin	8.1%	6.2%	190 bps		8.1%

Repayment of leasing debt & interest**	(77)	(82)			(155)
Cash payments for leasing costs in EBITDA	-	(3)			(24)
Other non-cash items in EBIT	3	7			12
Operating cashflow	110	45	144%	144%	201
Operating cashflow margin	4.9%	2.3%	260 bps		4.4%

Capital expenditure	(27)	(48)	44%		(106)
Adjusting* items to cashflow	(28)	(12)	(133)%		(37)
Free cash flow before working capital	55	(15)			58
Adjusted working capital	309	78			34
Segmental free cash flow	364	63	478%	478%	92

**Repayment of leasing debt and interest includes non-trading stores. The non-trading stores predominantly relate the remaining closed stores under the CurrysPCWorld 3-in-1 and Carphone Warehouse programme announced in 2015/16.

Sales increased +15%, as the impact of temporary store closures was more than offset by strong online sales growth. In total, we estimate that the enforced store closures and the closure of our Dixons Travel stores reduced sales by at least £150m, or 8%, for the half year, this includes the impact of increased online sales while the stores were closed.

Over the period, online sales grew +145% and were 58% of our total sales, +31%pts higher than last year. During the four months when our stores were open online sales grew at +119% and were 55% of our total sales, +23%pts higher than last year.

At the start of the pandemic, sales were particularly strong in refrigeration and TVs. As the situation developed and customers across our markets were spending more time at home, we saw increased sales in items such as food processors and hair clippers. All areas of computing; laptops, desktops, tablets and gaming, have been incredibly strong throughout the period.

The market grew +23% over the period as the store channel declined (40)% and the online market grew +105%. Currys PC World lost (1.0)% of share due to the enforced store closures. Our online market share grew +6.5%pts and, in the periods when they were open, our market share in stores also grew.

Gross margin declined (350)bps predominantly driven by the shift of sales to our lower margin online business and the loss of higher margin Dixons Travel sales. The operating expense to sales ratio improved by +610bps, with around +300bps of improvement coming from government schemes, with the UK&I business rates tax relief and Coronavirus Job Retention Scheme lowering operating costs by £30m (FY 2019/20: £4m) and £38m (FY2019/20: £16m) respectively. We estimate that the enforced store closures, the accelerated shift to online sales and reduction in our Travel sales net of the operating expense reduction as a result of the schemes, reduced profit in the period by c.£10m. The remaining +310bps improvement came from operating leverage and other savings.

As a result, adjusted EBIT increased +£63m to £95m in 1H 2020/21, from £32m in 1H 2019/20. We estimate that the adjusted EBIT under pre-IFRS16 accounting would have been £84m, at a margin of 3.7%, a £53m improvement on prior year.

In the period, adjusting items to EBIT totalled £(26)m. These primarily related to the ongoing strategic change programme and amortisation of acquisition intangibles. Alongside previously provided amounts these had a cash impact of £(28)m in the period. The statutory EBIT increased by £50m to £69m.

	H1 2020/21		H1 2019/20		2019/20
	P&L	Cash	P&L	Cash	P&L	Cash
Acquisition / disposal related items	(7)	-	(7)	-	(14)	-
Strategic change programmes	(24)	(32)	(6)	(8)	(13)	(32)
Data incident costs	-	(1)	-	(4)	-	(5)
Impairment losses			-		(18)	-
Other	5	5
	(26)	(28)	(13)	(12)	(45)	(37)

The operating cashflow increased by +144% to £110m, mostly driven by the better profit outturn. Capital expenditure was £27m, with significant areas of expenditure including supply chain investments in our new distribution centres and IT investments. Expenditure was down from last year due to the suspension of projects during the first UK lockdown. Adjusting items are described above. Adjusted working capital inflow of £309m was driven by strong trading and higher stock turn. There was a temporary benefit from deferral of £64m VAT payments in the period. In combination this resulted in segmental free cash flow of £364m.

Nordics

	1H 2020/21	1H 2019/20	Reported % change	Currency neutral % change*	FY 2019/20
Income Statement
Revenue	1,952	1,677	16%	17%	3,573

Adjusted EBITDA*	131	109	20%	25%	240
Adjusted EBITDA margin	6.7%	6.5%	20 bps		6.7%

Depreciation on right-of-use assets	(38)	(36)			(74)
Depreciation on other assets	(13)	(13)			(25)
Amortisation	(6)	(8)			(15)
Adjusted EBIT	74	52	42%	50%	126
Adjusted EBIT margin	3.8%	3.1%	70 bps		3.5%

Adjusting items to EBIT	(6)	(6)			(11)
Statutory EBIT	68	46	48%	57%	115
Margin	3.5%	2.7%	80 bps		3.2%

CASHFLOW
Adjusted EBITDA	131	109	20%		240
Leasing costs in EBITDA	2	4			8
Adjusted EBITDAR	133	113	18%		248
Adjusted EBITDAR margin	6.8%	6.7%	10 bps		6.9%

Repayment of leasing debt & interest	(47)	(44)			(83)
Cash payments for leasing costs in EBITDA	(2)	(4)			(8)
Other non-cash items in EBIT	3	3			5
Operating cashflow	87	68	28%	34%	162
Operating cashflow margin	4.5%	4.1%	40 bps		4.5%

Capital expenditure	(26)	(35)	26%		(63)
Adjusting items to cashflow:	(2)	-	-		-
Free cash flow before working capital	59	33			99
Adjusted working capital	59	21			117
Segmental free cash flow	118	54	119%	150%	216

Revenue grew by +17% on a currency neutral basis, with double digit growth in all markets. This was driven by like-for-like growth of +19% and included online growth of +55% as online sales grew to 22% of total sales, +5%pts higher than last year. Our store sales also saw like-for-like growth for the period as almost all stores were open for the entire period. This resulted in overall market share increasing +1.5%pts to 27.2%, with share gains across every market and every category.

Sales of laptops, smart TVs and gaming equipment saw significant increases as people spent more time working and more leisure time at home. Fitness wearables had good growth due to public gym closures and people working out on their own, while domestic appliances were strong as customers upgraded their homes.

Gross margin declined (70)bps predominantly driven by the shift of sales towards the lower margin online channel. The operating expense to sales ratio improved by +140bps, due to operating leverage.

As a result, adjusted EBIT increased +£22m to £74m in 1H 2020/21, from £52m in 2019/20. We estimate that the EBIT under pre-IFRS16 accounting would have been £68m, at a margin of 3.5%, a +70bps improvement on prior year.

In the period, adjusting items to EBIT totalled £6m. The related to amortisation of acquisition intangibles and have no cash impact, although there was £2m cash adjusting items related to other costs. The statutory EBIT increased £22m to £68m

The operating cashflow increased by 28% to £87m, driven by the better profit outturn. Capital expenditure was £26m, with significant areas of expenditure including our Next Generation Retail platform and store refits. The total spend was down on last year as we held back on some spend at the start of the Covid crisis and a couple of investments, including electronic shelf edge labelling, were finished last year. Adjusted working capital inflow of £59m was driven by improved stock turn due to strong trading.

Greece

	1H 2020/21	1H 2019/20	Reported % change	Currency neutral % change*	FY 2019/20
Income Statement
Revenue	257	227	13%	11%	470

Adjusted EBITDA*	17	17	-%	(6)%	40
Adjusted EBITDA margin	6.6%	7.5%	(90) bps		8.5%

Depreciation on right-of-use assets	(6)	(6)			(13)
Depreciation on other assets	(3)	(2)			(5)
Amortisation	(1)	-			(1)
Adjusted EBIT	7	9	(22)%	(25)%	21
Adjusted EBIT margin	2.7%	4.0%	(130) bps		4.5%

Adjusting items to EBIT	-	-			(1)
Statutory EBIT	7	9	(22)%	(22)%	20
Margin	2.7%	4.0%	(130) bps		4.3%

CASHFLOW
Adjusted EBITDA	17	17	-%		40
Leasing costs in EBITDA	1	1			2
Adjusted EBITDAR	18	18	-%		42
Adjusted EBITDAR margin	7.0%	7.9%	(90) bps		8.9%

Repayment of leasing debt & interest	(7)	(6)			(13)
Cash payments for leasing costs in EBITDA	(1)	(1)			(2)
Share-based payments	1	-			1
Operating cashflow	11	11	-%	(9)%	28
Operating cashflow margin	4.3%	4.8%	(50) bps		6.0%

Capital expenditure	(4)	(8)	50%		(15)
Adjusting items to cashflow	-	-	-%		-
Free cash flow before working capital	7	3			13
Adjusted working capital	36	1			(57)
Segmental free cash flow	43	4	975%	925%	(44)

Revenue increased +11% on a currency neutral basis, with like-for-like sales +10% over the period. Across the period, online sales grew +84% and contributed 8% of sales. Stores were open for the majority of the period having originally been shut on March 10 to May 11 and again after the period end on November 7 to 14 December when they reopened for outside collection only. Stores will not open for normal trading until at least 7 January 2021.

At the start of the pandemic sales were particularly strong in white goods and services. As the situation developed and customers spent more time at home we saw increased sales in all areas of computing, laptops, desktops, tablets, gaming and gym equipment.

Gross margin was down (290)bps over prior year as a result of lower achieved product margin due to channel and category mix and additional costs of fulfilling online sales as well as collection costs for consumer credit. Operating costs decreased due to enforcement by government of a 40% rental reduction for May and June and general expenses reductions like travel and consulting.

As a result, adjusted EBIT decreased (22)% to £7m in 1H 2020/21, from £9m in 1H 2019/20. We estimate that the EBIT under pre-IFRS16 accounting would have been £6m, at a margin of 2.3%, a (70)bps reduction on prior year.

In the period, adjusting items totalled £1m. These primarily related to the ongoing strategic change programme and had no cash impact in the period. The statutory EBIT declined £(2)m to £7m.

The operating cashflow was unchanged at £11m. Capital expenditure was £(4)m, with significant areas of expenditure including digital transformation and property. Adjusted working capital inflow of £36m was driven by strong trading.

UK & Ireland Mobile

	1H 2020/21	1H 2019/20	Reported % change	Currency neutral % change*	FY 2019/20
Income Statement
Adjusted Revenue	384	856	(55)%	(55)%	1,636
Statutory revenue	384	830	(54)%	(54)%	1,589

Adjusted EBITDA*	(27)	(30)	10%	7%	(68)
Adjusted EBITDA margin	(7.0)%	(3.5)%	(350) bps		(4.2)%

Depreciation on right-of-use assets	(3)	(10)			(19)
Depreciation on other assets	(3)	(4)			(7)
Amortisation	(3)	(1)			(3)
Adjusted EBIT	(36)	(45)	20%	20%	(97)
Adjusted EBIT margin	(9.4)%	(5.3)%	(410) bps		(5.9)%

Adjusting items to EBIT	(8)	(62)			(185)
Statutory EBIT	(44)	(107)	59%	59%	(282)
Margin	(11.5)%	(12.9)%	140 bps		(17.7)%

CASHFLOW
Adjusted EBITDA	(27)	(30)	10%		(68)
Leasing costs in EBITDA	1	7			6
Adjusted EBITDAR	(26)	(23)	(13)%		(62)
Adjusted EBITDAR margin	(6.8)%	(2.7)%	(410) bps		(3.8)%

Repayment of leasing debt & interest**	(28)	(23)			(48)
Cash payments for leasing costs in EBITDA	(1)	(7)			(6)
Share-based payments	3	5			9
Operating cashflow	(52)	(48)	(8)%	(11)%	(107)
Operating cashflow margin	(13.5)%	(5.6)%	(790) bps		(6.5)%

Capital expenditure	(1)	(7)	86%		(7)
Adjusting items to cashflow	(50)	(9)	(456)%		(42)
Free cash flow before working capital	(103)	(64)			(156)
Network debtor	83	(15)			133
Other adjusted working capital	22	52			(86)
Segmental free cash flow	2	(27)	107%	108%	(109)

Revenue decreased by (54)% reflecting our decision in March 2020 to close the Carphone Warehouse standalone stores in the UK and the negative impact from the enforced closures of our larger stores in the UK due to Covid-19.

The slight improvement in adjusted EBIT to a £(36)m loss mostly reflects the substantial cost savings due to the closure of our UK standalone stores announced in March of this year which offset the lost gross profit. We estimate that sales and profit loss from enforced store closures was broadly equal to the reduction in costs as a result of the UK Job Retention Scheme and business rates tax relief. We estimate that the EBIT loss under pre-IFRS16 accounting would have been £(37)m loss, compared to £(49)m loss in the prior year.

In the period, adjusting items to EBIT totalled £(8)m. These primarily related to the ongoing strategic change programme. Together with previously provided items the adjusting items to cashflow were £(50)m in the period. Statutory EBIT loss was £(44)m, an improvement on £(107)m loss in H1 2019/20.

	H1 2020/21		H1 2020/21		2019/20
	P&L	Cash	P&L	Cash	P&L	Cash
Mobile network debtor revaluations	-		(26)		(47)
Acquisition / disposal related items	-	(2)	(1)	(1)	(1)	-
Strategic change programmes	(6)	(43)	(5)	(6)	(107)	(30)
Regulatory	-	(3)	(30)	(2)	(30)	(12)
Other	(2)	(2)
	(8)	(50)	(62)	(9)	(185)	(42)

The operating cashflow decreased from £(48)m to £(52)m. Capital expenditure was almost nil. Adjusting items are described above. The network debtor unwound by £83m and other adjusted working capital inflow was £22m, with deferral of £69m of VAT payments in the period.

Finance costs
Interest on lease liabilities was £39m, a slight decrease on prior year due to lower capitalised leases, the cash impact of this interest is included with segmental free cash flow.

The net adjusted finance income and finance costs were broadly stable on last year, as the improved debt position was offset by amortisation of new facility arrangement fees. The net cash impact of these costs was £16m. The finance costs on the defined benefit pension scheme is an adjusting item and has declined in line with the assumptions used in the valuation of the pension obligations.

	1H 2020/21	1H 2019/20	FY 2019/20
Interest on lease liabilities	(39)	(38)	(80)
Finance income	4	5	10
Finance costs	(16)	(13)	(28)
Adjusted net finance costs	(51)	(46)	(98)

Finance costs on defined benefit pension schemes	(4)	(7)	(14)
Net finance costs	(55)	(53)	(112)

Tax
The full year adjusted effective tax rate at 24% was higher than the prior year rate of 21% due to a higher proportion of International profits, together with the impact of prior period adjustments. The cash tax paid in the period was £16m.

Cash flow

Cashflow	1H 2020/21	1H 2019/20	Reported % change	Currency neutral* % change	2019/20 £m
Operating cashflow*	156	76	105%	112%	284
Capital expenditure	(58)	(98)	41%		(191)
Adjusting items to cashflow	(80)	(21)	(281)%		(79)
Free cash flow before working capital	18	(43)			14
Adjusted working capital and network commissions	509	137			141
Segmental free cash flow	527	94	461%	499%	155
Cash tax paid	(16)	(5)			(20)
Cash interest paid	(12)	(12)			(26)
Free cash flow	499	77	548%	592%	109
Dividend	-	(52)			(78)
Net purchase of own shares	(3)	(5)			(12)
Pension	(23)	(46)			(46)
Other	-	-			5
Movement in net debt	473	(26)			(22)

Opening net cash / (debt)	(204)	(182)			(182)
Closing net cash / (debt)**	269	(208)			(204)

** During the period the Group has redefined net debt to comprise only cash and cash equivalents and short-term deposits, less borrowings.

Segmental free cash flow was an inflow of £ 527 m (1H 2019/20: £94m) and interest and tax totalled £(28)m as described, resulting in free cash flow of £499m (1H 2019/20: £77m)

The Board decided not to pay a final year dividend for the previous year and no cash was returned to shareholders in the period. The employee benefit trust acquired £3m of shares to satisfy share awards to colleagues.

Pension contributions of £(23)m in the period are lower than previous year as payments are now made in monthly instalments rather than an annual lump sum. Annual contribution will rise to £78m from FY 2021/ 22 , in line with the current agreement with the Trustees of the fund.

The closing net cash position was £269m, compared to a net debt position of £(204)m at 2 May 2020 and £(208)m at 26 October 2019. T his included £36m of restricted cash (2 May 20: £32m, 26 October 19: £44m). The average net cash over the period was £194m, compared to an average net debt position of £(359)m over H1 2019/20 and £(355)m over FY 2019/20.

During the period the Group has redefined net debt to comprise cash and cash equivalents and short-term deposits, less borrowings but exclude IAS17 Finance leases. Including these in net cash/(debt) would have reduced the balance by £71m to £198m (2 May 20: £(284)m debt).

Balance sheet

	31 October 2020	26 October 2019	2 May 2020
	£m	£m	£m
Goodwill	2,845	2,821	2,803
Other fixed assets	1,803	1,835	1,823
Network commission receivables and contract assets	533	785	616
Working capital	(1,102)	(819)	(645)
Net debt**	269	(208)	(204)
Capitalised leases*	(1,393)	(1,384)	(1,439)
Pension	(585)	(586)	(550)
Deferred tax	81	143	97
Provisions	(99)	(118)	(150)
Other	(53)	(41)	(71)
	2,299	2,428	2,280

** During the period the Group has redefined net debt to comprise only cash and cash equivalents and short-term deposits, less borrowings.

Goodwill increased in the period as a due to currency revaluation of Nordics goodwill.

Other fixed assets decreased in the period by £20m with a depreciation charge of £(39)m offset by additions.

Network commission receivables and contract assets decreased by £83m as the scale of our mobile business reduced and the amount of new revenue capitalised revenue was lower than the payments received.

At 31 October total working capital was £(1,102)m. Group inventory was £1,306m, slightly lower than prior year as stock turn increased to 6.6x (H1 2019/20: 5.8x) due to strong trading and due to the growing portion of sales fulfilled by our less stock intensive online business. Trade receivables decreased by £53m to £303m (H1 2019/20: £356m) as a result of the Mobile balance sheet winding down. Trade payables decreased by £74m to £(1,947)m (H1 2019/20 £(2,021)m) also driven by Mobile, as payables days fell from 82 to 77 in H1 2020/21. At the period end, and throughout the period, the supplier financing facility utilisation was £nil ( 2 May 20: £51m, 26 October 19: £165m) .

Other receivables decreased by £55m compared to H1 2019/20 due to prepayment and accrued income decline with reduced Mobile operation. Other payables increased by £140m compared to H1 2019/20 due to the VAT deferrals in UK&I, the total working capital benefit from VAT deferrals in the period was £133m and total period end VAT deferral was £145m.

	31 October 2020	26 October 2019	2 May 2020
	£m	£m	£m
Inventory	1,306	1,387	970
Trade Receivables	303	356	340
Trade Payables	(1,947)	(2,021)	(1,232)
Trade working capital	(338)	(278)	78
Other Receivables	190	245	169
Other Payables	(945)	(805)	(916)
Derivatives	(9)	19	24
Working capital	(1,102)	(819)	(645)

Capitalised leases reduced slightly due to a small number of store closures in the period and a small decrease in the average lease length outstanding.

The IAS 19 accounting deficit of the defined benefit section of the UK pension scheme amounted to £585m at 31 October 2020 (2 May 2020: £550m, 26 October 2019: £585m). Contributions during the period under the terms of the deficit reduction plan amounted to £23m (2018/19: £46m).

The deficit increased largely as a result of increases in inflation rate assumptions reflecting changes in long term RPI expectations, offset by increased values of underlying assets and the contributions in the period. Pension contributions are tax deductible and there is a £59m deferred tax asset associated with the pension liabilities.

Deferred tax decreased as a result of a reassessment of the deferred tax asset position due to the loss in year.

Provisions primarily relate to reorganisation and property provisions. In the period the balance reduced by £(51)m primarily as a result of utilisation of strategic change provisions, mainly related to Mobile restructuring.

Comprehensive income / changes in equity

Total equity for the Group increased from £2,280m to £2,299m in the period, driven by the statutory profit of £17m, gain on retranslation of overseas operations of £53m and other gains of £10m offset by the actuarial loss (net of taxation) on the defined benefit pension deficit for the UK pension scheme of £(45)m and hedging losses of £(16)m.

Financial information

Consolidated income statement


	Note	26 weeks ended 31 October 2020 Unaudited £m	26 weeks ended 26 October 2019 Unaudited £m	Year ended 2 May 2020 Audited £m
Continuing operations
Revenue	2	4,859	4,713	10,170

Profit / (loss) before interest and tax	2	100	(33)	(28)

Finance income		4	5	10
Finance costs		(59)	(58)	(122)
Net finance costs		(55)	(53)	(112)

Profit / (loss) before tax		45	(86)	(140)

Income tax (expense) / credit		(28)	16	(21)
Profit / (loss) after tax - continuing operations		17	(70)	(161)

Loss after tax - discontinued operations	8	-	(2)	(2)

Profit / (loss) after tax for the period		17	(72)	(163)

Earnings / (loss) per share (pence)	3
Basic - continuing operations		1.5p	(6.0)p	(13.9)p
Diluted - continuing operations		1.4 p	(6.0)p	(13.9)p
Basic - total		1.5 p	(6.2)p	(14.1)p
Diluted - total		1.4 p	(6.2)p	(14.1)p

Financial information

Consolidated statement of comprehensive income

	26 weeks ended 31 October 2020 Unaudited £m	26 weeks ended 26 October 2019 Unaudited £m	Year ended 2 May 2020 Audited £m
Profit / (loss) after tax for the period	17	(72)	( 163 )

Items that may be reclassified to the income statement in subsequent years:
Cash flow hedges
Fair value movements recognised in other comprehensive income	(15)	14	26
Reclassified and reported in income statement	15	(12)	12
Exchange gains / (losses) arising on translation of foreign operations	53	(22)	(3 9 )
Tax on items that may be subsequently reclassified to profit or loss	-	-	-
	53	(20)	( 1 )

Items that will not be reclassified to the income statement in subsequent years:
Actuarial losses on defined benefit pension schemes: - UK	(54)	(46)	( 3 )
- Overseas	-	-	(1)
Tax on actuarial losses on defined benefit pension schemes	9	9	(39)
Fair value through other comprehensive income financial assets
Gains / (losses) arising during the period	3	(1)	(8)
	(42)	(38)	( 5 1)

Other comprehensive income / (expense) for the period (taken to equity)	11	(58)	( 52 )

Total comprehensive income / (expense) for the period	28	(130)	( 215 )

Financial information

Consolidated balance sheet

	Note	31 October 2020 Unaudited £m	26 October 2019 (restated) Unaudited £m	2 May 2020 Audited £m
Non-current assets
Goodwill		2,845	2,821	2,803
Intangible assets		471	478	469
Property, plant & equipment		226	236	240
Right-of-use assets		1,106	1,121	1,114
Lease receivable		4	5	4
Investments	6	13	17	10
Trade and other receivables		245	366	294
Deferred tax assets		239	296	259
		5,149	5,340	5,193
Current assets
Inventory		1,306	1,387	970
Lease receivable		1	1	1
Trade and other receivables		781	1,020	831
Derivative assets	6	38	39	76
Cash and cash equivalents*		340	691	660
		2,466	3,138	2,538
Total assets		7,615	8,478	7,731
Current liabilities
Trade and other payables		(2,780)	(2,717)	(2,017)
Derivative liabilities	6	(47)	(20)	(52)
Contingent consideration	6	(2)	(1)	(1)
Income tax payable		(64)	(55)	(78)
Loans and other borrowings*		(1)	(599)	(584)
Lease liabilities		(225)	(226)	(258)
Provisions		(81)	(112)	(114)
		(3,200)	(3,730)	(3,104)
Non-current liabilities
Trade and other payables		(112)	(109)	(131)
Contingent consideration	6	-	(2)	(2)
Loans and other borrowings		(70)	(300)	(280)
Lease liabilities		(1,173)	(1,164)	(1,186)
Retirement benefit obligations	5	(585)	(586)	(550)
Deferred tax liabilities		(158)	(153)	(162)
Provisions		(18)	(6)	(36)
		(2,116)	(2,320)	(2,347)
Total liabilities		(5,316)	(6,050)	(5,451)
Net assets		2,299	2,428	2,280
Capital and reserves
Share capital		1	1	1
Share premium account		2,263	2,263	2,263
Accumulated profits**		770	905	791
Other reserves**		(735)	(741)	(775)
Equity attributable to equity holders of the parent company		2,299	2,428	2,280

* Cash and cash equivalents and loans and other borrowings have been restated as at 26 October 2019 to meet the presentational requirements of IAS 32 as further described in note 12. This has had no impact on net assets.

** In order to provide better visibility of reserves, the position as at 26 October 2019 has been restated to reclassify certain reserves balances, separately presenting 'other reserves'. This is to separately disclose the hedging, investment in own shares and investment revaluation reserve which were previously presented within accumulated profits. Other reserves also include the previously disclosed translation and demerger reserves. A full reconciliation of these reserves as at 26 October 2019 is provided in note 12.

Financial information

Consolidated statement of changes in equity

	Note	Share capital £m	Share premium account £m	Other reserves £m	Accumulated profits £m	Total equity £m
At 2 May 2020		1	2,263	(775)	791	2,280
Profit for the period		-	-	-	17	17
Other comprehensive income / (expense) recognised directly in equity		-	-	56	(45)	11
Total comprehensive income / (expense) for the period		-	-	56	(28)	28
Cash flow hedge amounts transferred to the carrying value of inventory		-	-	(16)	-	(16)
Net movement in relation to share schemes		-	-	(3)	7	4
Purchase of own shares		-	-	3	-	3
At 31 October 2020		1	2,263	(735)	770	2,299

	Note	Share capital £m	Share premium account £m	Other reserves* £m	Accumulated profits £m	Total equity £m
As reported at 27 April 2019		1	2,263	(713)	1,089	2,640
Adjustment on initial application of IFRS 16		-	-	-	(45)	(45)
Taxation on IFRS 16 transition adjustment		-	-	-	8	8
Adjusted balance at 27 April 2019		1	2,263	(713)	1,052	2,603
Loss for the period		-	-	-	(72)	(72)
Other comprehensive income and expense recognised directly in equity		-	-	(21)	(37)	(58)
Total comprehensive income and expense for the period		-	-	(21)	(109)	(130)
Cash flow hedge amounts transferred to the carrying value of inventory		-	-	(2)	-	(2)
Equity dividends	4	-	-	-	(52)	(52)
Net movement in relation to share schemes		-	-	-	14	14
Purchase of own shares		-	-	(5)	-	(5)
At 26 October 2019		1	2,263	(741)	905	2,428

* In order to provide better visibility of reserves, the position as at 26 October 2019 has been restated to reclassify certain reserves balances, separately presenting 'other reserves'. This is to separately disclose the hedging, investment in own shares and investment revaluation reserve which were previously presented within accumulated profits. Other reserves also include the previously disclosed translation and demerger reserves. A full reconciliation of these reserves as at 26 October 2019 is provided in note 12.

	Note	Share capital £m	Share premium account £m	Other reserves £m	Accumulated profits £m	Total equity £m
As reported at 27 April 2019		1	2,263	(713)	1,089	2,640
Adjustment on initial application of IFRS 16		-	-	-	(45)	(45)
Taxation on IFRS 16 transition adjustment		-	-	-	8	8
Adjusted balance at 27 April 2019		1	2,263	(713)	1,052	2,603
Loss for the period		-	-	-	(163)	(163)
Other comprehensive expense recognised directly in equity		-	-	(9)	(43)	(52)
Total comprehensive expense for the period		-	-	(9)	(206)	(215)

Cash flow hedge amounts transferred to the carrying value of inventory purchased during the year		-	-	(41)	-	(41)
Equity dividends	4	-	-	-	(78)	(78)
Net movement in relation to share schemes		-	-	-	23	23
Purchase of own shares		-	-	(12)	-	(12)
At 2 May 2020		1	2,263	(775)	791	2,280

Financial information

Consolidated cash flow statement

	Note	26 weeks ended 31 October 2020 Unaudited £m	26 weeks ended 26 October 2019 Unaudited £m	Year ended 2 May 2020 Audited £m
Operating activities
Cash generated from operations	7	745	347	649
Special contributions to defined benefit pension scheme		(23)	(46)	(46)
Income tax paid		(16)	(5)	(20)
Net cash flows from operating activities		706	296	583
Investing activities
Net cash outflow arising from acquisitions		(1)	(2)	(3)
Proceeds on sale of business		2	-	2
Acquisition of property, plant & equipment and other intangibles		(58)	(98)	(191)
Net cash flows from investing activities		(57)	(100)	(192)
Financing activities
Interest paid		(52)	(52)	(106)
Capital repayment of lease liabilities		(119)	(116)	(219)
Purchase of ordinary shares		(3)	(5)	(12)
Equity dividends paid		-	(52)	(78)
(Repayment) / drawdown of borrowings		(249)	53	36
Facility arrangement fees paid		-	-	(4)
Net cash flows from financing activities		(423)	(172)	(383)

Increase in cash and cash equivalents and bank overdrafts		226	24	8


Cash and cash equivalents and bank overdrafts at beginning of the period		120	106	106
Currency translation differences		(7)	5	6
Cash and cash equivalents and bank overdrafts at end of the period		339	135	120

Financial information

Notes to the financial information

1 Accounting policies

a) Basis of preparation

The interim financial information for the 26 weeks ended 31 October 2020 was approved by the directors on 15 December 2020. The interim financial information, which is a condensed set of financial statements, has been prepared in accordance with the Listing Rules of the Financial Conduct Authority and International Accounting Standard 34 "Interim Financial Reporting" (IAS 34) as adopted by the European Union and has been prepared on the going concern basis as described further in the section on risks to achieving the Group's objectives.

The accounting policies adopted are those set out in the Group's Annual Report and Accounts for the year ended 2 May 2020 which were prepared in accordance with IFRS as adopted by the European Union. New accounting standards, amendments to standards and IFRIC interpretations which became applicable during the period were either not relevant or had not impact on the Group's net results or net assets.

In preparing the condensed consolidated financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the 53 week period ended 2 May 2020.

The interim financial information uses definitions that are set out on page 46 of this document.

The interim financial information is unaudited and does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006, but has been reviewed by the auditor. The financial information for the year ended 2 May 2020 does not constitute the Company's statutory accounts for that period but has been extracted from those accounts which have been filed with the Registrar of Companies and are also available on the Group's corporate website www.dixonscarphone.com . The auditor has reported on those accounts, their report was unqualified, did not draw attention to any matters by way of emphasis, and did not contain statements under Sections 498 (2) or (3) of the Companies Act 2006.

In the prior 26 weeks ended 26 October 2019, the financial statements included presentation of alternative performance measures in addition to IFRS measures. In the current reporting period, the financial statements present only IFRS measures which are in line with the basis of preparation disclosed above. The alternative performance measures used by the Group are included within the glossary and decision section on page 46. This includes further information on the definitions, purpose and reconciliations to IFRS measures.

Going Concern

The directors have prepared the interim financial information on a going concern basis. In considering the going concern basis, the directors have considered the principal risks and uncertainties as detailed on page 42, especially in the context of the ongoing uncertainty regarding the impact of Covid-19, future relationships with the European Union as well as the wider macro-economic environment and how these factors might influence future revenue, earnings and the Group's objectives and strategy.

The directors have reviewed the Group's cash forecasts and profit projections over the outlook period to the end of FY23. These derive from the board approved budget and 3-year plan and are based on observable market data and recent past experience, including the effect of lockdown periods where stores have been impacted by government restrictions, changing consumer trends and consumer shopping habits.

In addition to their outlook for the financial performance of the Group, the Directors have reviewed a reasonable 'worst case' scenario, assuming a resurgence of the pandemic in the new year and mandatory closure of all stores in the UK and Greece in January followed by a further mandatory closure for 2 weeks in March. The scenario also models an increase in recessionary impact across all territories. The scenario models approximately £550m lower sales over a 12 month going concern period compared to a similar 12 month period of the board approved budget which includes management's assumptions around Covid-19. Within this scenario there are a number of mitigating actions available to the Group that have been included to offset the potential impacts. These include, but are not limited to; cost savings through adjustments in variable costs and benefitting from government assistance where it has been confirmed to remain in place.

The directors also reviewed a reverse stress test scenario that models the estimated decline in sales that the Group would be able absorb before the current available credit facilities or covenants are breached. Such a scenario, and the sequence of events which could lead to it, are considered to be remote.

As at 31 October 2020, the Group had a net cash position of £269m representing an improvement of £473m against the year end reporting date. The Group had access to £1,050m of revolving credit facilities, of which £70m was drawn, which are not set to expire until October 2022. As announced in April 2020, the Group had also secured a further £266m under a one-year revolving credit facility with a number of relationship banks to help mitigate any potential impact of Covid-19. This is additional to the £1,050m stated above and remains undrawn.

The financing facilities contain financial covenants relating to fixed charge cover (1.75x) and leverage (2.5x) ratios that are tested bi-annually. As at 31 October 2020 these financial covenants were met. Under the reasonable 'worst case' scenario described above, factoring in the mitigations within the Group's control, the Group is forecast to comply with all financial covenants throughout the going concern period.

As a result, the directors are of the opinion that the Group's forecast and projections, which take into account reasonably possible changes in trading performance, show that the Group is able to operate within its current facilities and comply with its banking covenants for the foreseeable future.

1 Accounting policies (continued)

a) Basis of preparation (continued)

Accordingly, the directors have reasonable expectation that the Group has adequate resources to continue in operation for the foreseeable future and consequently the directors have applied the going concern basis in the preparation of the financial statements. The long-term impact of Covid-19 is uncertain and should the impacts of the pandemic on trading conditions be more prolonged or severe than what the Directors consider to be reasonably possible, the Group would need to implement additional operational or financial measures.

2 Segmental analysis

The Group's operating segments reflect the segments routinely reviewed by the Board and which are used to manage performance and allocate resources. This information is predominantly based on geographical areas which are either managed separately or have similar trading characteristics such that they can be aggregated together into one segment.

The Group's operating and reportable segments have therefore been identified as follows:

· UK & Ireland Electricals comprises operations of Currys PCWorld and the Dixons Travel business.

· UK & Ireland Mobile comprises the Carphone Warehouse, iD Mobile and Simplify Digital businesses and the Connected World Services B2B operations.

· Nordics operates in Norway, Sweden, Finland, Denmark with franchise operations in Iceland, Greenland and Faroe Islands.

· Greece, consisting of our ongoing operations in Greece.

UK & Ireland Electricals, UK & Ireland Mobile, Nordics and Greece are involved in the sale of consumer electronics and mobile technology products and services, primarily through stores or online channels.

Transactions between segments are on an arm's length basis.

In accordance with IFRS 5, discontinued operations are disclosed separately as a single amount within the Group's consolidated income statement after profit after tax for continuing operations. Discontinued operations are therefore excluded from the segmental analysis. Further information on the Group's operations classified as discontinued in outlined in note 8.

2 Segmental analysis (continued)

(a) Segmental results

					26 weeks ended 31 October 2020
	UK & Ireland Electricals £m	UK & Ireland Mobile £m	Nordics £m	Greece £m		Eliminations £m	Total m
External revenue	2,266	384	1,952	257		-	4,859
Inter-segmental revenue	34	53	-	-		(87)	-
Total revenue	2,300	437	1,952	257		(87)	4,859

Profit / (loss) before interest and tax	69	(44)	68	7		-	100

			26 weeks ended 26 October 2019
	UK & Ireland Electricals £m	UK & Ireland Mobile £m		Nordics £m	Greece £m	Eliminations £m	Total m
External revenue	1,979	830		1,677	227	-	4,713
Inter-segmental revenue	43	42		-	-	(85)	-
Total revenue	2,022	872		1,677	227	(85)	4,713

Profit / (loss) before interest and tax	19	(107)		46	9	-	(33)

			Year ended 2 May 2020
	UK & Ireland Electricals £m	UK & Ireland Mobile £m		Nordics £m	Greece £m	Eliminations £m	Total m
External revenue	4,538	1,589		3,573	470	-	10,170
Inter-segmental revenue	86	98		-	-	(184)	-
Total revenue	4,624	1,687		3,573	470	(184)	10,170

Profit / (loss) before interest and tax	119	(282)		115	20	-	(28)

2 Segmental analysis (continued)

(a) Segmental results (continued)


	26 weeks ended 31 October 2020 £m	26 weeks ended 26 October 2019 £m	Year ended 2 May 2020 £m
UK & Ireland Electricals	69	19	119
UK & Ireland Mobile	(44)	(107)	(282)
Nordics	68	46	115
Greece	7	9	20
Profit / (loss) before interest and tax	100	(33)	(28)
Finance income	4	5	10
Finance costs	(59)	(58)	(122)
Profit / (loss) before tax	45	(86)	(140)

(b) Seasonality

The Group's business is highly seasonal, with a substantial proportion of its revenue and profit / (loss) before interest and tax generated during its third quarter, which includes Black Friday and the Christmas and New Year season.

Revenues are allocated to countries according to the entity's country of domicile. Revenue by destination is not materially different to that shown by domicile. Non-current assets exclude financial instruments and deferred tax assets.

	26 weeks ended 31 October 2020					26 weeks ended 26 October 2019
	UK £m	Norway £m	Sweden £m	Other £m	Total £m	UK £m	Norway £m	Sweden £m	Other £m	Total £m
Revenue	2,522	592	641	1,104	4,859	2,694	537	507	975	4,713
Non-current assets	3,131	535	414	783	4,863	3,254	564	401	768	4,987
Capital expenditure	27	18	3	10	58	55	25	6	12	98

	Year ended 2 May 2020
	UK £m	Norway £m	Sweden £m	Other £m	Total £m
Revenue	5,865	1,119	1,121	2,065	10,170
Non-current assets	3,184	519	453	729	4,885
Capital expenditure	111	43	13	24	191

2 Segmental analysis (continued)

(d) Disaggregation of revenues

26 weeks ended 31 October 2020


	UK & Ireland Electricals £m	UK & Ireland Mobile £m	Nordics £m	Greece £m	Total m
Sales of goods	2,083	99	1,771	244	4,197
Commission revenue	3	249	132	1	385
Support services revenue	132	-	18	8	158
Other services revenue	46	35	31	4	116
Other revenue	2	1	-	-	3
Total revenue	2,266	384	1,952	257	4,859

26 weeks ended 26 October 2019


	UK & Ireland Electricals £m	UK & Ireland Mobile £m	Nordics £m	Greece £m	Total m
Sales of goods	1,789	196	1,506	215	3,706
Commission revenue	2	576	126	1	705
Support services revenue	140	-	14	8	162
Other services revenue	46	57	31	3	137
Other revenue	2	1	-	-	3
Total revenue	1,979	830	1,677	227	4,713

Year ended 2 May 2020


	UK & Ireland Electricals £m	UK & Ireland Mobile £m	Nordics £m	Greece £m	Total m
Sales of goods	4,147	397	3,218	446	8,208
Commission revenue	5	1,090	268	1	1,364
Support services revenue	285	-	30	17	332
Other services revenue	97	102	57	6	262
Other revenue	4	-	-	-	4
Total revenue	4,538	1,589	3,573	470	10,170

3 Earnings / (loss) per share

	26 weeks ended 31 October 2020 £m	26 weeks ended 26 October 2019 £m	Year ended 2 May 2020 £m
Total profit / (loss)
Continuing operations	17	(70)	(161)
Discontinued operations	-	(2)	(2)
Total	17	(72)	(163)

	Million	Million	Million
Weighted average number of shares
Average shares in issue	1,165	1,162	1,162
Less average holding by Group EBT	(10)	(2)	(5)
For basic earnings per share	1,155	1,160	1,157
Dilutive effect of share options and other incentive schemes	22	18	25
For diluted earnings per share	1,177	1,178	1,182

	Pence	Pence	Pence
Basic earnings / (loss) per share
Total (continuing and discontinued operations)	1.5	(6.2)	(14.1)
Adjustment in respect of discontinued operations	-	0.2	0.2
Continuing operations	1.5	(6.0)	(13.9)

Diluted earnings / (loss) per share
Total (continuing and discontinued operations)	1.4	(6.2)	(14.1)
Adjustment in respect of discontinued operations	-	0.2	0.2
Continuing operations	1.4	(6.0)	(13.9)

Basic and diluted earnings per share are based on the profit for the period attributable to equity shareholders.

4 Dividends

	26 weeks ended 31 October 2020 £m	26 weeks ended 26 October 2019 £m	Year ended 2 May 2020 £m
Amounts recognised as distributions to equity shareholders in the period - on ordinary shares of 0.1p each
Final dividend for the year ended 27 April 2019 of 4.50p	-	52	52
Interim dividend for the year ended 2 May 2020 of 2.25p	-	-	26
Final dividend for the year ended 2 May 2020 of nil	-	-	-
	-	52	78

No interim dividend is proposed for the year ending 1 May 2021.

5 Retirement benefit obligations

	31 October 2020 £m	26 October 2019 £m	2 May 2020 £m
Retirement benefit obligations - UK	585	585	550
- Nordics	-	1	-
Net obligation	585	586	550

The Group operates a number of defined contribution and defined benefit pension schemes. The principal scheme operates in the UK and includes a funded defined benefit section, the assets of which are held in a separate trustee administered fund. The defined benefit section of the scheme was closed to future accrual on 30 April 2010. The net obligations of this scheme, calculated in accordance with IAS 19 "Employee Benefits", are analysed as follows:

	31 October 2020 £m	26 October 2019 £m	2 May 2020 £m
Fair value of plan assets	1,359	1,324	1,300
Present value of defined benefit obligations	(1,944)	(1,909)	(1,850)
Net obligation	(585)	(585)	(550)

The value of obligations is particularly sensitive to the discount rate applied to liabilities at the assessment date as well as mortality rates. The value of the plan assets is sensitive to market conditions, particularly equity values. The assumptions used in the valuation of obligations are listed below:

		31 October 2020	26 October 2019	2 May 2020
Rates per annum:
Discount rate		1.65%	1.95%	1.60%
Rate of increase in pensions in payment / deferred pensions	- pre April 2006	2.95%	2.95%	2.55%
	- post April 2006	2.10%	2.10%	1.95%
Inflation		3.00%	2.95%	2.55%

Mortality rates are based on historical experience and standard actuarial tables and include an allowance for future improvements in longevity.

On 20 November 2020, the High Court issued a judgement in relation to historical transfer values impacted by Guaranteed Minimum Pensions (GMPs) equalisation in the Lloyds Banking Group's defined benefits pension schemes. This judgement is in addition to an earlier judgement on unequal GMPs in October 2018. The Group is assessing the impact of this ruling on the DSG Retirement and Employee Security Scheme, however does not expect this decision to materially impact the liability valuation of the Scheme.

6 Financial instruments, loans and other borrowings

The Group holds the following financial instruments at fair value:

	31 October 2020 £m	26 October 2019 £m	2 May 2020 £m
Investments	13	17	10
Derivative financial assets	38	39	76
Derivative financial liabilities	(47)	(20)	(52)
Deferred and contingent consideration	(2)	(3)	(3)

The fair value of short-term investments has values determined by 'Level 1' inputs as defined by the fair value hierarchy of IFRS 13 "Fair Value Measurement". Investments comprise shares indirectly held in Unieuro S.p.A., an omni-channel distributor of consumer electronics and household appliances, listed on the Borsa Italiana.

The significant inputs required to fair value the Group's net derivatives are observable and are classified as 'Level 2' in the fair value hierarchy.

Deferred and contingent consideration is categorised as 'Level 3' in the fair value hierarchy as the valuation requires the use of significant unobservable inputs. The fair value of contingent consideration arrangements has been estimated by applying the income approach. A reduction in growth assumptions used in the fair value methodology would result in a reduction in the amount of contingent consideration payable. The movement in deferred and contingent consideration during the period is due to cash payments of the amounts due.

Fair values have been arrived at by discounting future cash flows (where the impact of discounting is material), assuming no early redemption, or by revaluing forward currency contracts and interest rate swaps to period end market rates as appropriate to the instrument.

The Group has assessed network commission receivables to be accounted for at amortised cost under IFRS 9 "Financial Instruments: Recognition and Measurement". The carrying value of such ongoing network commission contract receivables (net of commission received at the point of connection) is £533m (26 October 2019: £785m, 2 May 2020: £616m). If network receivables were alternatively classified at fair value through profit or loss these receivables would be categorised as level 3 in the fair value hierarchy as the valuation requires the use of significant unobservable inputs. Under this alternative measurement basis their fair value is approximately equal to their current carrying value.

There have been no transfers of assets or liabilities between levels of the fair value hierarchy. For all other financial assets and liabilities, the carrying amount approximates their fair value.

In October 2015, the Group signed a five-year £800m Revolving Credit Facility ('RCF') with a number of relationship banks; this facility was extended in October 2016 and December 2017 by an additional year and the facility currently expires in October 2022. The interest rate payable for drawings under this facility is at a margin over LIBOR (or other applicable interest basis) for the relevant currency and for the appropriate period. The actual margin applicable to any drawing depends on the fixed charges cover ratio calculated in respect of the most recent accounting period. A non-utilisation fee is payable in respect of amounts available but undrawn under this facility and a utilisation fee is payable when aggregate drawings exceed certain levels. At 31 October 2020 the Group had drawn down on this facility by £70m (26 October 2019: £300m, 2 May 2020: £280m)

In October 2016, the Group signed a four year £250m RCF with a group of relationship banks; this facility is on broadly similar terms to the £800m RCF; this facility was extended in February 2019 by an additional two years and the facility expires October 2022. This facility was undrawn at 31 October 2020 (26 October 2019 and 2 May 2020: undrawn).

In April 2020, the Group signed a one-year £266m RCF to mitigate any potential impact of the Covid-19 crisis with a group of relationship banks; this facility is on broadly similar terms to the £800m and £250m RCF. This facility was undrawn at 31 October 2020 and no amounts were drawn down between April 2020 and 31 October 2020.

The Group also has overdrafts and short-term money market lines from UK and European banks denominated in various currencies, all of which are repayable on demand. Interest is charged at the market rates applicable in the countries concerned and these facilities are used to assist in short term liquidity management. Total available facilities are £50m (26 October 2019: £109m, 2 May 2020: £57m).

For the comparative periods the Group had access to a €50m term loan with BBVA. The terms of this facility were broadly similar to the £800m and £250m RCF and was fully drawn at 26 October 2019 and 2 May 2020. The facility expired in October 2020.

7 Note to the cash flow statement

	26 weeks ended 31 October 2020 £m	26 weeks ended 26 October 2019 £m	Year ended 2 May 2020 £m
Profit / (loss) before interest and tax - continuing operations	100	(33)	(28)
Loss before interest and tax - discontinued operations	-	(2)	(2)
Depreciation and amortisation	178	181	367
Share-based payment charge	12	15	23
(Profit) / loss on disposal of fixed assets	(2)	1	3
Impairments and other non-cash items	-	-	51
Operating cash flows before movements in working capital	288	162	414

Movements in working capital:
(Increase) / decrease in inventory	(318)	(246)	156
Decrease in receivables	106	15	284
Increase / (decrease) in payables	721	400	(248)
(Decrease) / increase in provisions	(52)	16	43
	457	185	235


Cash inflow from operations	745	347	649

Restricted funds, which predominantly comprise funds held by the Group's insurance business for regulatory reserve requirements, were £36m (26 October 2019: £44m; 2 May 2020: £32m).

For the comparative periods trade payables include amounts due where extended payment terms have been agreed with the supplier using a supplier financing facility. These payment terms are customary in the industry and in line with credit terms offered by our other suppliers of similar products. These terms are made available and administered under arrangements between the supplier and third-part banks selected by the supplier. The total amount outstanding on such extended payment terms at 26 October 2019 was £165m and 2 May 2020 was £51m.

7 Note to the cash flow statement (continued)

Changes in liabilities arising from financing activities

The table below details changes in the Group's liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group's consolidated cash flow statement as cash flows from financing activities.

	3 May 2020 £m	Financing cash flows £m	New leases £m	Other changes £m	31 October 2020 £m
Loans and other borrowings	(324)	262	-	(8)	(70)
Lease liabilities	(1,444)	160	(62)	(52)	(1,398)
Total liabilities arising from financing activities	(1,768)	422	(62)	(60)	(1,468)

	28 April 2019 £m	Adjustment on initial application of IFRS 16 £m	Financing cash flows £m	New leases £m	Other changes £m	26 October 2019 £m
Loans and other borrowings	(288)	-	(40)	-	(15 )	(343)
Lease liabilities	(83)	(1,403)	155	(29)	(30)	(1,390)
Total liabilities arising from financing activities	(371)	(1,403)	115	(29)	(45)	(1,733)

	28 April 2019 £m	Adjustment on initial application of IFRS 16 £m	Financing cash flows £m	New leases £m	Other changes £m	2 May 2020 £m
Loans and other borrowings	(288)	-	(10)	-	(26)	(324)
Lease liabilities	(83)	(1,403)	299	(194)	(63)	(1,444)
Total liabilities arising from financing activities	(371)	(1,403)	289	(194)	(89)	(1,768)

8 Discontinued operations

honeybee

No profit or loss has been recognised in relation to the disposal of the honeybee operation in the 26 weeks ended 31 October 2020 nor in either comparative reporting period.

For the 26 weeks ended 31 October 2020 the Group received £2m (26 weeks ended 26 October 2019: £2m, year ended 2 May 2020: £2m) fixed payments in relation to the disposal.

Spain

On 29 September 2017, the Group completed the disposal of The Phone House Spain S.L.U., Connected World Services Europe S.L. and Smarthouse Spain S.A. which together represented the trading operations in Spain. For the 26 weeks ended 31 October 2020, a credit of £2m was recognised in relation to the reversal of previously held provisions.

8 Discontinued operations (continued)

Other

During the prior year, VAT assessments were issued for historical periods relating to the disposed Phonehouse Germany business. These assessments fall under warranties given as part of the sale agreement and as such, it is probable that the Group will need to pay these amounts. Therefore, the full amount of these assessment has been provided, resulting in a current year charge of £2m (26 weeks ended 26 October 2019: £6m, year ended 2 May 2020: £6m).

During the 26 weeks ended 31 October 2020 no profit or loss has been recognised in relation to other previously disposed operations (26 weeks ended 26 October 2019: £4m credit, year ended 2 May 2020: £4m credit in relation to other legacy European Carphone operations which are now in liquidation).

(a) Loss after tax - discontinued operations

		26 weeks ended 31 October 2020
	honeybee £m		Spain £m	Other m	Total £m
Revenue	-		-	-	-
Expenses	-		2	(2)	-
Loss before tax	-		2	(2)	-
Income tax	-		-	-	-
	-		2	(2)	-

	26 weeks ended 26 October 2019
		honeybee £m	Other m	Total £m
Revenue		-	-	-
Expenses		-	(2)	(2)
Loss before tax		-	(2)	(2)
Income tax		-	-	-
		-	(2)	(2)

	Year ended 2 May 2020
		honeybee £m	Other £m	Total £m
Revenue		-	-	-
Expenses		-	(2)	(2)
Loss before tax		-	(2)	(2)
Income tax		-	-	-
		-	(2)	(2)

8 Discontinued operations (continued)

(b) Cash flows from discontinued operations

	26 weeks ended 31 October 2020
	honeybee £m	Spain £m	Other £m	Total £m
Operating activities	-	-	-	-
Investing activities	2	-	-	2
	2	-	-	2

	26 weeks ended 26 October 2019
		honeybee £m	Other £m	Total £m
Operating activities		2	-	2
Investing activities		-	-	-
		2	-	2

	Year ended 2 May 2020
		honeybee £m	Other £m	Total £m
Operating activities		-	(1)	(1)
Investing activities		2	-	2
		2	(1)	1

9 Contingent liabilities

The Group continues to cooperate with HMRC in relation to open tax enquiries arising from pre-merger legacy corporate transactions in the Carphone Warehouse group. There are two separate material underlying transactions where there are open enquiries. One of the enquiries has resulted in a contingent liability being disclosed. This determination is based on the strength of third-party legal advice on the matter and therefore the Group does not consider it "more likely than not" that these enquiries will result in an economic outflow. The potential range of tax exposures relating to this enquiry is estimated to be approximately £nil - £220m excluding interest and penalties. Interest on the upper end of the range is approximately £50m to 31 October 2020. Penalties could range from nil to 30% of the principal amount of any tax.

10 Related party transactions

Transactions between the Group's subsidiary undertakings, which are related parties, have been eliminated on consolidation and accordingly are not disclosed.

The Group had the following transactions and balances with its associates:

26 weeks ended 31 October

2020

£m

26 weeks ended 26 October

2019

£m

Year ended

2 May

2020

£m

Revenue for services provided

Amounts owed to the Group

All transactions entered into with related parties were completed on an arm's length basis.

11 Government support

During the 26 weeks ended 31 October 2020, the Group has received further government support designed to mitigate the impact of Covid-19 in several countries in which the Group operates.

In the United Kingdom, the Group received government grants to cover the salaries for those employees who had been 'furloughed' through the Coronavirus Job Retention Scheme. All colleagues furloughed under this scheme were paid at 80% of their salary, with the Group making up any difference beyond the subsidy limit of £2,500. A total of £47m has been recognised in the period (year ended 2 May 2020: £18m) and has been recorded against employee costs.

A further £4m (year ended 2 May 2020: £1m) in government grant income has been recognised related to similar employment cost subsidy schemes in Ireland and the Nordics.

The UK government introduced a business rates tax holiday for the retail, hospitality and leisure industry for the 2020-21 tax year. This has allowed the Group to reduce operating costs by £30m in the period (year ended 2 May 2020: £4m).

In addition, the Group has made use of government-backed tax, VAT and social security payment deferral schemes. Under this arrangement tax of £133m that was due between May and June 2020 can be deferred until March 2021 in the UK, and a further £6m of tax, VAT and social security has been deferred in the Nordics. At the reporting date, the Group had an amount deferred on the balance sheet totalling £151m (year ended 2 May 2020: 88m).

Government grants are recognised in profit or loss on a systematic basis over the periods in which the Group recognises as expenses the related costs for which the grants are intended to compensate. There are no unfulfilled conditions or contingencies attached to these grants.

12 Restatement of comparative information

(a) Capital and reserves

As set out in the consolidated balance sheet and statement of changes in equity, in order to provide better visibility of reserves and accumulated profits, the Group has reclassified certain balances. This is to separately disclose the hedging, investment in own shares, and investment revaluation reserves which were previously included within accumulated profits. Other reserves also include the previously disclosed translation and demerger reserves. In accordance with the requirements, the position as at 26 October 2019 has been restated. The results for the year ended 2 May 2020 already reflected this reclassification. The restatement has had no impact on equity attributable to equity holders of the parent company.

The impact of the restatement on the Group's consolidated reserves has been set out below:

	Share capital £m	Share premium account £m	Other reserves £m	Accumulated profits £m	Translation reserve £m	Demerger reserve £m	Total equity £m
As reported at 26 October 2019	1	2,263	-	927	(13)	(750)	2,428
Demerger reserve	-	-	(750)	-	-	750	-
Translation reserve	-	-	(13)	-	13	-	-
Investments revaluation reserve	-	-	17	(17)	-	-	-
Hedging reserve	-	-	11	(11)	-	-	-
Investments in own shares	-	-	(6)	6	-	-	-
26 October 2019 restated	1	2,263	(741)	905	-	-	2,428

(b) Cash and cash equivalents and loans and other borrowings

It has also been determined that the Group's cash and overdrafts within notional cash pooling arrangements did not meet the requirements for offsetting in accordance with IAS 32: "Financial Instruments: Presentation" and should not have been presented net on the balance sheet. For presentational purposes, amounts have therefore been restated for the 26 weeks ended 26 October 2019. The impact of this change is to increase cash and cash equivalents and overdrafts within loans and other borrowings by £556m in the Group's consolidated balance sheet. The results for the year ended 2 May 2020 have not been restated as already reflect the correct presentational requirements of IAS 32.

During the 26 weeks ended 31 October 2020, the Group adjusted its cash pooling so that all material balances meet the presentational requirements for offsetting in accordance with IAS 32.

This has had no impact on net assets as seen on the face of the Consolidated balance sheet.

Risks to achieving the Group's objectives

The Board continually reviews and monitors the risks and uncertainties which could have a material effect on the Group's results. The updated risks and uncertainties, which are consistent with those detailed in the 2019-20 Annual Report and Accounts, are listed below. The Group's risks, and the factors which mitigate them, are set out in more detail in the 2019-20 Annual Report and Accounts on pages 20 to 23 and remain relevant in the current period.

1. Failure to appropriately safeguard against cyber risks and associated attacks could result in reputational damage, customer compensation, financial penalties and a resultant deterioration in financial performance;

2. Failure in appropriately safeguarding sensitive information and failure to comply with legislation could result in reputational damage, financial penalties and a resultant deterioration in financial performance;

3. Failure to deliver an effective business transformation programme in response to a changing consumer environment could result in a loss of competitive advantage impacting financial performance;

4. Responding to the circumstances of Covid-19 which impacts all areas of the business with risks to Customer and Colleague wellbeing, Group revenue and profit;

5. Uncertainty over future relationships with the European Union could lead to a period of economic uncertainty and a loss of consumer confidence, foreign exchange volatility and long-term changes in tax and other regulations which may impact the Group's operations and financial performance;

6. Failure to comply with Financial Services regulation could result in reputational damage, customer compensation, financial penalties and a resultant deterioration in financial performance;

7. Failure to adequately invest in and integrate the Group's IT systems and infrastructure could result in restricted growth and reputational damage impacting financial performance;

8. Crystallisation of potential tax exposures resulting from legacy corporate transactions, employee and sales taxes arising from periodic tax audits and investigations across various jurisdictions in which the Group operates may impact cash flows for the Group;

9. Failure to action appropriate Health and Safety measures resulting in injury could give rise to reputational damage and financial penalties;

10. Dependence on key suppliers in driving profitability, cash flow and market share;

11. Business continuity plans are not effective and major incident response is inadequate resulting in reputational damage and a loss of competitive advantage;

12. Failure to sufficiently diversify the Group's long term funding could result in restricted growth and reputational damage; and

13. Failure to employ adequate procedures and due diligence regarding product quality and safety could result in the provision of products which pose a risk to customer health, resulting in fines, prosecution and significant reputational damage.

The directors have continued to prepare the interim financial information on a going concern basis. In considering the going concern basis, the directors have considered the above mentioned principal risks and uncertainties especially in the context of the ongoing uncertainty regarding the impact of Covid-19, future relationships with the European Union as well as the wider macro-economic environment and how these factors might influence future revenue, earnings and the Groups objectives and strategy.

The directors have reviewed the Group's future cash flow forecasts and profit projections, along with the financial position of the Group, cash flows, liquidity position and borrowing facilities as presented in the balance sheet, cash flow statement and accompanying notes to the financial statements.

The assessment approach for going concern is outlined within the accounting policy disclosure in note 1 of the consolidated financial statements. Accordingly the directors have a reasonable expectation that the Group has adequate resources to continue in operations for the foreseeable future and consequently the directors continue to apply the going concern basis in the preparation of the financial statements.

The directors confirm that to the best of their knowledge:

• the interim financial information has been prepared in accordance with IAS 34 as adopted by the European Union;

• the financial highlights, performance review and interim financial information include a fair review of the information required by DTR 4.2.7R (indication of important events during the first 26 weeks and description of principal risks and uncertainties for the remaining 26 weeks of the year); and

• the financial highlights and performance review includes a fair review of the information required by DTR 4.2.8R (disclosure of related party transactions and changes therein).

At the date of this statement, the directors are those listed in the Group's 2019-20 Annual Report and Accounts.

By order of the Board

Alex Baldock

Group Chief Executive

15 December 2020

Jonny Mason

Group Chief Financial Officer

15 December 2020

Independent review report

To Dixons Carphone plc

Introduction

We have been engaged by the Company to review the condensed set of financial statements in the interim statement for the 26 weeks ended 31 October 2020 which comprises the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated cash flow statement and related notes 1 to 12. We have read the other information contained in the interim statement and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the Company in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council. Our work has been undertaken so that we might state to the Company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have formed.

Directors' responsibilities

The interim statement, including the condensed set of financial statements contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim statement in accordance with the Disclosure and Transparency Rules of the UK Financial Conduct Authority.

As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this interim statement has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting" (IAS 34) as adopted by the European Union.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the interim statement based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council for use in the UK. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed set of financial statements in the interim statement for the 26 weeks ended 31 October 2020 is not prepared, in all material respects, in accordance with IAS 34 as adopted by the European Union and the Disclosure and Transparency Rules of the UK Financial Conduct Authority.

Deloitte LLP

Statutory Auditor

London, UK

15 December 2020

Retail store data (unaudited)

Number of stores
	At 31 October 2020			At 2 May 2020
	Own stores	Franchise stores	Total	Own stores	Franchise stores	Total

UK Dixons	304	-	304	309	-	309
UK Dixons Travel	33	-	33	33	-	33
Ireland Dixons	16	-	16	16	-	16
UK & Ireland Electricals	353	-	353	358	-	358
UK Carphone	-	-	-	-	-	-
Ireland Carphone	68	-	68	70	-	70
UK & Ireland Mobile	68	-	68	70	-	70
Total UK & Ireland	421	-	421	428	-	428

Norway	86	68	154	83	67	150
Sweden	102	70	172	104	70	174
Denmark	38	-	38	38	-	38
Finland	22	20	42	22	19	41
Other Nordics	-	13	13	-	13	13
Nordics	248	171	419	247	169	416

Greece	73	19	92	75	20	95
Greece	73	19	92	75	20	95

Total	742	190	932	750	189	939

Selling space '000 sq ft
	At 31 October 2020			At 2 May 2020
	Own stores	Franchise stores	Total	Own stores	Franchise stores	Total

UK Dixons	5,477	-	5,477	5,542	-	5,542
UK Dixons Travel	40	-	40	40	-	40
Ireland Dixons	207	-	207	207	-	207
UK & Ireland Electricals	5,724	-	5,724	5,789	-	5,789
UK Carphone	-	-	-	-	-	-
Ireland Carphone	43	-	43	44	-	44
UK & Ireland Mobile	43	-	43	44	-	44
Total UK & Ireland	5,767	-	5,767	5,833	-	5,833

Norway	1,090	674	1,764	1,096	637	1,733
Sweden	1,243	368	1,611	1,194	371	1,565
Denmark	667	-	667	691	-	691
Finland	512	179	691	530	163	693
Other Nordics	-	90	90	-	90	90
Nordics	3,512	1,311	4,823	3,511	1,261	4,772

Greece	941	71	1,012	953	76	1,029

Total	10,220	1,382	11,602	10,297	1,337	11,634

Glossary and definitions

Alternative performance measures ('APMs')

In the reporting of financial information, the Group uses certain measures that are not required under IFRS. These are presented in accordance with the Guidelines on APMs issued by the European Securities and Markets Authority ("ESMA"). We consider that these additional measures (commonly referred to as 'alternative performance measures') provide additional information on the performance of the business and trends to shareholders. These measures are consistent with those used internally, and are considered critical to understanding the financial performance and financial health of the Group. APMs are also used to enhance the comparability of information between reporting periods, by adjusting for non-recurring or items considered to be distortive on trading performance which may affect IFRS measures, to aid the user in understanding the Group's performance. These alternative performance measures may not be directly comparable with other similarly titled measures or 'adjusted' revenue or profit measures used by other companies, and are not intended to be a substitute for, or superior to, IFRS measures.

Adjusting items

Included within our APMs we report adjusted revenue, adjusted PBT, adjusted EBIT, adjusted EBITDA, adjusted EBITDAR and adjusted EPS. These measures exclude items which are significant in size or volatility or by nature are non-trading or highly infrequent. Adjusted results are stated before the results of discontinued operations or exited / to be exited businesses, amortisation of acquisition intangibles, acquisition related costs, any items considered so material that they distort underlying performance (such as reorganisation costs, impairment charges and property rationalisation costs, out of period mobile network debtor revaluations and non-recurring charges), income from previously disposed operations, finance costs related to the unwind of lease liabilities for non-trading stores and net pension interest costs. There are no adjustments made to exclude the impact of Covid-19. Businesses exited or to be exited are those which the Group has exited or committed to or commenced to exit through disposal or closure but do not meet the definition of discontinued operations as stipulated by IFRS and are material to the results and / or operations of the Group.

Items excluded from adjusted results can evolve from one financial year to the next depending on the nature of exceptional items or one-off type activities. Where appropriate, for example where a business is classified as exited / to be exited, comparative information is restated accordingly.

Impact of IFRS 16: 'Leases'

The Group adopted IFRS 16: 'Leases' using the modified retrospective approach in the prior year. In order to aid comparability with prior year measures, the impact of IFRS 16 was included within adjusting items, which are reported under IAS 17.

Following the adoption, and ability to report comparatives under IFRS 16, the impact of such is no longer considered to be an adjusting item. The adjusted results and adjusting items for the comparative reporting periods ended 26 October 2019 and 2 May 2020 have subsequently been restated in to reflect this.

Currency neutral

Some comparative performance measures are translated at constant exchange rates, called 'currency neutral' measures. This restates the prior period results at a common exchange rate to the current year in order to provide appropriate year-on-year movement measures without the impact of foreign exchange movements.

Definitions and reconciliations

In line with the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority ('ESMA'), we have provided additional information on the APMs used by the Group below, including full reconciliations back to the closest equivalent statutory measure.

Alternative performance measure	Closest equivalent GAAP measure	Reconciliation to IFRS measure	Definition and purpose
Revenue measures
Adjusted revenue	Revenue	See notes A1	Adjusted revenues are adjusted to remove out of period mobile network debtor revaluations and the revenues of those operations in which the Group classifies as exited or to be exited but do not meet the definition of discontinued in accordance with IFRS 5 "Non-Current Assets Held for Sale and Discontinued Operations".
Like-for-like (LFL) % change	No direct equivalent	Not applicable	Like-for-like revenue is calculated based on adjusted store and online revenue (including order & collect, Online In-Store and ShopLive) using constant exchange rates. New stores are included where they have been open for a full financial year both at the beginning and end of the financial period. Revenue from franchise stores are excluded and closed stores (where closed by the Company's decision and not where closed due to government imposed restrictions related to the global Covid-19 pandemic) are excluded for any period of closure during either period. Customer support agreement, insurance and wholesale revenues along with revenue other non-retail businesses are excluded from like-for-like calculations. We consider that LFL revenue represents a useful measure of the trading performance of our underlying and ongoing store and online portfolio.
Currency neutral % change	Revenue compared to prior period consolidated at a constant exchange rate.	Not applicable	Reflects total revenues on a constant currency and period basis. Provides a measure of performance excluding the impact of foreign exchange rate movements.
Profit measures
Adjusted profit / (loss) before tax, adjusted EBIT and adjusted profit / (loss) after tax	Profit / (loss) before interest and tax, profit / (loss) after interest and tax.	See notes A2 and A5	As discussed above, the Group uses adjusted profit measures in order to provide a useful measure of the ongoing performance of the Group. These are adjusted from total measures to remove adjusting items, the nature of which are disclosed above.
EBIT	Profit / (loss) before interest and tax	No reconciling items	Earnings before interest and tax (EBIT) is directly comparable to profit / (loss) before tax. The terminology used is consistent with that used historically and in external communications.
Adjusted EBITDA	Profit / (loss) before interest and tax	See note A4	As discussed above, the Group uses adjusted profit measures in order to provide a useful measure of the ongoing performance of the Group. These are adjusted from total measures to remove adjusting items, the nature of which are disclosed above.
EBITDA	Profit / (loss) before interest and tax	See note A3	Earnings before interest, tax, depreciation and amortisation (EBITDA). Provides a measure of profitability based on profit / (loss) before tax, and after adding back depreciation and amortisation expense. The terminology used is consistent with that used historically and in external communications.
Adjusted EBITDAR	Profit / (loss) before interest and tax	See note A4	As discussed above, the Group uses adjusted profit measures in order to provide a useful measure of the ongoing performance of the Group. These are adjusted from total measures to remove adjusting items, the nature of which are disclosed above.
EBITDAR	Profit / (loss) before interest and tax	See note A3	Earnings before interest, tax, depreciation, amortisation and rental expense (EBITDAR). Provides a measure of profitability based on profit / (loss) before tax, and after adding back depreciation, amortisation and rental expenses outside the scope of IFRS 16.
Other earnings measures
Adjusted net finance costs	Net finance costs	See note A5 and A7	Adjusted net finance costs exclude certain adjusted finance cost items from total finance costs. The adjusting items include the finance charge of businesses to be exited, net pension interest costs, finance income from previously disposed operations not classified as discontinued, and other exceptional items considered so one-off or material that they distort underlying finance costs of the Group. Under IAS 19 'Employee Benefits', the net interest charge on defined benefit pension schemes is calculated based on corporate bond yield rates at a specific date, which, as can vary over time, creates volatility in the income statement and is unrepresentative of the actual investment gains or losses made on the liabilities. Therefore, this item has been removed from our adjusted earnings measure in order to remove this non-cash volatility.
Adjusted income tax expense / (credit)	Income tax expense / (credit)	See notes A5	Adjusted income tax expense / (credit) represents the income tax on adjusted earnings. Income tax expense / (credit) on adjusting items represents the tax on items classified as 'adjusted', either in the current year, or the current year effect of prior year tax adjustments on items previously classified as adjusted. We consider the adjusted income tax measures represent a useful measure of the ongoing tax charge / credit of the Group.
Adjusted / Total effective tax rate	No direct equivalent	See note A6	The effective tax rate measures provide a useful indication of the tax rate of the Group. Adjusted effective tax is the rate of tax recognised on adjusting earnings, and total effective tax is the rate of tax recognised on total earnings.
Adjusted basic EPS - continuing operations, adjusted diluted EPS - continuing operations, adjusted basic EPS - total, adjusted diluted EPS - total	Statutory EPS figures	See note A8	EPS measures are presented to reflect the impact of adjusting items in order to show an adjusted EPS figure, which reflects the adjusted earnings per share of the Group. We consider the adjusted EPS provides a useful measure of the ongoing earnings of the underlying Group.
Cash flow measures
Adjusted working capital	No direct equivalent	See note A11	Adjusted working capital comprises movements in inventory, trade receivables, trade payables and provisions and is adjusted to remove movements arising from adjusting items, the nature of which are disclosed above.
Free cash flow	Cash generated from operations	See note A9	Free cash flow comprises cash generated from / (utilised by) continuing operations including restructuring costs, but before cash generated from / (utilised by) businesses exited / to be exited, less net finance expense, less income tax paid, less net capital expenditure and before any special pension contributions and dividends. Free cash flow is derived from adjusted EBIT which excludes adjusting items as described above.
Operating cash flow	Cash generated from operations	See page 5	Operating cash flow comprises cash generated from / (utilised by) continuing operations, but before cash generated from / (utilised by) discontinued operations, adjusting items, the nature of which are disclosed above, and movements in working capital.
Net debt	Cash and cash equivalents less loans and other borrowings.	See note A10	Comprises cash and cash equivalents and short-term deposits, less borrowings. We consider that this provides a useful measure of the indebtedness of the Group.

A1 Reconciliation from statutory to adjusted revenue

					26 weeks ended 31 October 2020
	UK & Ireland Electricals £m	UK & Ireland Mobile £m	Nordics £m	Greece £m		Eliminations £m	Total m
Statutory and adjusted external revenue	2,266	384	1,952	257		-	4,859
Inter-segmental revenue	34	53	-	-		(87)	-
Total statutory and adjusted external revenue	2,300	437	1,952	257		(87)	4,859

			26 weeks ended 26 October 2019
	UK & Ireland Electricals £m	UK & Ireland Mobile £m		Nordics £m	Greece £m	Eliminations £m	Total m
Statutory external revenue	1,979	830		1,677	227	-	4,713
Out of period mobile network debtor revaluation	-	26		-	-	-	26
Adjusted external revenue	1,979	856		1,677	227	-	4,739
Inter-segmental revenue	43	42		-	-	(85)	-
Total adjusted revenue	2,022	898		1,677	227	(85)	4,739

A1 Reconciliation from statutory to adjusted revenue (continued)

			Year ended 2 May 2020
	UK & Ireland Electricals £m	UK & Ireland Mobile £m		Nordics £m	Greece £m	Eliminations £m	Total m
Statutory External revenue	4,538	1,589		3,573	470	-	10,170
Out of period mobile network debtor revaluation	-	47		-	-	-	47
Adjusted external revenue	4,538	1,636		3,573	470	-	10,217
Inter-segmental revenue	86	98		-	-	(184)	-
Total adjusted revenue	4,624	1,734		3,573	470	(184)	10,217

A2 Reconciliation from statutory profit / (loss) before interest and tax to adjusted EBIT and adjusted PBT

26 weeks ended 31 October 2020
	Total profit / (loss) £m	Acquisition / disposal related items m	Strategic change programmes £m	Other £m	Pension scheme interest £m	Adjusted profit / (loss) £m
UK & Ireland Electricals	69	7	24	(5)	-	95
UK & Ireland Mobile	(44)	-	6	2	-	(36)
Nordics	68	6	-	-	-	74
Greece	7	-	-	-	-	7
EBIT	100	13	30	(3)	-	140
Finance income	4	-	-	-	-	4
Finance costs	(59)	-	-	-	4	(55)
Profit / (loss) before tax	45	13	30	(3)	4	89

26 weeks ended 26 October 2019
	Total profit / (loss) £m	Mobile network debtor revaluations £m	Acquisition / disposal related items m	Strategic change programmes £m	Regulatory costs £m	Pension scheme interest £m	Adjusted profit / (loss) (restated)* £m
UK & Ireland Electricals	19	-	7	6	-	-	32
UK & Ireland Mobile	(107)	26	1	5	30	-	(45)
Nordics	46	-	6	-	-	-	52
Greece	9	-	-	-	-	-	9
EBIT	(33)	26	14	11	30	-	48
Finance income	5	-	-	-	-	-	5
Finance costs	(58)	-	-	-	-	7	(51)
(Loss) / profit before tax	(86)	26	14	11	30	7	2

A2 Reconciliation from statutory profit / (loss) before interest and tax to adjusted EBIT and adjusted PBT (continued)

	Year ended 2 May 2020
		Total profit / (loss) £m	Mobile network debtor revaluations £m	Acquisition / disposal related items m	Strategic change programmes £m	Regulatory costs £m	Impairment losses £m	Pension scheme interest £m	Adjusted profit / (loss) (restated)* £m
UK & Ireland Electricals		119	-	14	13	-	18	-	164
UK & Ireland Mobile		(282)	47	1	107	30	-	-	(97)
Nordics		115	-	11	-	-	-	-	126
Greece		20	-	-	1	-	-	-	21
EBIT		(28)	47	26	121	30	18	-	214
Finance income		10	-	-	-	-	-	-	10
Finance costs		(122)	-	-	-	-	-	14	(108)
(Loss) / profit before tax		(140)	47	26	121	30	18	14	116

* Adjusted results for the 26 weeks ended 26 October 2019 and the year ended 2 May 2020 have been restated from those previously announced to exclude the impact of IFRS 16 from adjusting items.

A3 Reconciliation from statutory profit / (loss) before interest and tax to EBITDA and EBITDAR

	31 October 2020 £m	26 October 2019 £m	2 May 2020 £m
Profit / (loss) before interest and tax	100	(33)	(28)
Depreciation	140	148	298
Amortisation	38	33	69
EBITDA	278	148	339
Leasing costs in EBITDA	4	15	40
EBITDAR	282	163	379

A4 Reconciliation from adjusted EBIT to adjusted EBITDA and adjusted EBITDAR

	31 October 2020 £m	26 October 2019 (restated)* £m	2 May 2020 (restated)* £m
Adjusted EBIT	140	48	214
Depreciation	140	148	298
Amortisation	25	20	44
Adjusted EBITDA	305	216	556
Leasing costs in EBITDA	4	15	40
Adjusted EBITDAR	309	231	596

* Adjusted results for the 26 weeks ended 26 October 2019 and the year ended 2 May 2020 have been restated from those previously announced to exclude the impact of IFRS 16 from adjusting items.

A5 Further information on the adjusting items between statutory profit to adjusted profit measures noted above

	Note	26 weeks ended 31 October 2020 £m	26 weeks ended 26 October 2019 (restated)* £m	Year ended 2 May 2020 (restated)* £m

Included in revenue:
Mobile network debtor revaluation	(i)	-	26	47
		-	26	47

Included in profit / (loss) before interest and tax:
Mobile network debtor revaluation	(i)	-	26	47
Acquisition / disposal related items	(ii)	13	14	26
Strategic change programmes	(iii)	30	11	121
Regulatory costs	(iv)	-	30	30
Impairment losses	(v)	-	-	18
Other	(vi)	(3)	-	-
		40	81	242

Included in net finance costs:
Net non-cash finance costs on defined benefit pension schemes	(vii)	4	7	14
Total impact on profit / (loss) before tax - continuing operations		44	88	256

Tax regulatory matters	(viii)	-	-	(17)
Tax on other adjusting items	(ix)	8	(17)	(3)
Total impact on profit / (loss) after tax - continuing operations		52	71	236

Discontinued operations	8	-	2	2
Total impact on profit / (loss) after tax		52	73	238

* Adjusted results for the 26 weeks ended 26 October 2019 and the year ended 2 May 2020 have been restated from those previously announced to exclude the impact of IFRS 16 from adjusting items.

(i) Mobile network debtor revaluations

Changes in consumer behaviour and legislative impacts on previously recognised transactions have led to negative revaluations of network receivables of £26m in the 26 weeks ended 26 October 2019 and £47m for the year ended 2 May 2020. There has been no further impact for the current period.

(ii) Acquisition / disposal related items

A charge of £13m (half 26 weeks ended 26 October 2019: £14m, year ended 2 May 2020: £26m) relates primarily to amortisation of acquisition intangibles arising on the Dixons Retail Merger.

A5 Further information on the adjusting items between statutory profit to adjusted profit measures noted above (continued)

(iii) Strategic change programmes:

During the current period the Group announced that it would be streamlining the store management structure across the UK & Ireland to improve the customer experience by becoming clearer, simpler and faster. As a result of this announcement a charge of £22m was recognised.

Further charges of £13m have also been recognised in relation to restructuring and redundancy costs for central operations organisational design (26 weeks ended 26 October 2019: £11m, year ended 2 May 2020: £56m) and £3m related to the initial transfer of contact centre operations.

Property rationalisation:

The Group has released £14m (2 May 2020: £6m credit) of property provisions related to previously announced store and concession programmes that were no longer required following the exit. This has primarily been offset by £4m related to business rates and other property related costs for previously closed and non-trading stores which are not provided.

For the year ended 2 May 2020, a further £71m of property costs was recognised following the closure of the Carphone Warehouse standalone stores in the United Kingdom.

(iv) Regulatory costs:

In the comparative periods, the Group provided £30m for redress related to the mis-selling of Geek Squad mobile phone insurance policies following the FCA investigation for periods prior to June 2015. All customer claims are carefully considered by the Group on a case by case basis with the majority of claims received being invalid. The Group has paid no further amounts in respect of customer compensation in the period.

(v) Impairment losses:

For the year ended 2 May 2020, an impairment indicator was identified following the unprecedented effects of Covid-19 and the enforced closure of the UK & Ireland store estate. Management considered future cash flow forecasts and adjusted for the negative impact of Covid-19 using the best available information at the time. This resulted in an impairment of £18m being recorded over right-of-use assets in the UK & Ireland Electricals operating segment.

For the 26 weeks ended 31 October 2020, management have closely reviewed the trading performance of the omnichannel business against the expected impact of Covid-19 and identified no impairment.

(vi) Other:

Credits of £3m primarily relate to compensation received following the settlement of a legal case in relation to anti-competitive behaviour engaged by the counterparty.

(vii) Net non-cash financing costs on defined benefit pension schemes:

The net interest charge on defined benefit pension schemes represents the non-cash remeasurement calculated by applying the corporate bond yield rates applicable on the last day of the previous financial year to the net defined benefit obligation. As a non-cash remeasurement cost which is unrepresentative of the actual investment gains or losses made or the liabilities paid and payable the accounting effect of this is excluded from adjusted earnings.

(viii) Tax regulatory matters:

As previously disclosed, the Group has been co-operating with HMRC in relation to the tax treatment arising due to pre-merger legacy corporate transactions. The Group maintains the tax treatment was appropriate, however, one of the underlying pre-merger transactions under enquiry is considered to have a 'more likely than not' chance resulting in settlement and a provision was recognised. The enquiry is still open and a release of £17m was made in the year ended 2 May 2020 to reflect the status of discussions.

(ix) Tax on other adjusting items:

For the 26 weeks ended 31 October 2020, a credit of £10m was recognised in relation to tax on adjusting items which has been more than offset following the derecognition of deferred tax assets in the period.

A6 Adjusted effective tax rate

The Group's adjusted effective rate of taxation for the full year has been estimated at 24% (2019/20: 21%). A rate of 22% (2019/20: 23%) has been applied to the adjusted half year results due to the weighting of profit in different jurisdictions.

A7 Reconciliation from Statutory net finance costs to adjusted net finance costs

	31 October 2020 £m	26 October 2019 (restated)* £m	2 May 2020 (restated)* £m
Total net finance costs	(55)	(53)	(112)
Net interest on defined benefit pension	4	7	14
Adjusted total net finance costs	(51)	(46)	(98)

* Adjusted results for the 26 weeks ended 26 October 2019 and the year ended 2 May 2020 have been restated from those previously announced to exclude the impact of IFRS 16 from adjusting items.

A8 Adjusted earnings per share

	26 weeks ended 31 October 2020 £m	26 weeks ended 26 October 2019 (restated)* £m	Year ended 2 May 2020 (restated)* £m
Adjusted earnings
Continuing operations	69	1	75

Total earnings / (loss)
Continuing operations	17	(70)	(161)
Discontinued operations	-	(2)	(2)
Total	17	(72)	(163)

	Million	Million	Million
Weighted average number of shares
Average shares in issue	1,165	1,162	1,162
Less average holding by Group EBT	(10)	(2)	(5)
For basic earnings per share	1,155	1,160	1,157
Dilutive effect of share options and other incentive schemes	22	18	25
For diluted earnings per share	1,177	1,178	1,182

	Pence	Pence	Pence
Basic earnings / (loss) per share
Total (continuing and discontinued operations)	1.5	(6.2)	(14.1)
Adjustment in respect of discontinued operations	-	0.2	0.2
Continuing operations	1.5	(6.0)	(13.9)
Adjustments - continuing operations (net of taxation)	4.5	6.1	20.4
Adjusted basic earnings per share	6.0	0.1	6.5

A8 Adjusted earnings per share (continued) Diluted earnings / (loss) per share
Total (continuing and discontinued operations)	1.4	(6.2)	(14.1)
Adjustment in respect of discontinued operations	-	0.2	0.2
Continuing operations	1.4	(6.0)	(13.9)
Adjustments - continuing operations (net of taxation)	4.5	6.1	20.3
Adjusted diluted earnings per share	5.9	0.1	6.4

* Adjusted results for the 26 weeks ended 26 October 2019 and the year ended 2 May 2020 have been restated from those previously announced to exclude the impact of IFRS 16 from adjusting items.

Basic and diluted earnings per share are based on the profit for the period attributable to equity shareholders. Adjusted earnings per share is presented in order to show the underlying performance of the Group. Adjustments used to determine adjusted earnings are described further in note A5.

A9 Reconciliation of cash inflow from operations to free cash flow

	26 weeks ended 31 October 2020 £m	26 weeks ended 26 October 2019 £m	Year ended 2 May 2020 £m
Cash inflow from operations	745	347	649
Operating cash flows from discontinued operations*	-	(2)	1
Taxation	(16)	(5)	(20)
Interest, facility arrangement fees, dividends from investments and other	(13)	(10)	(31)
Repayment of leases	(159)	(155)	(299)
Capital expenditure	(58)	(98)	(191)
Free cash flow	499	77	109

* Operating cash flows from discontinued operations are removed in the above reconciliation as free cash flow is presented on a continuing basis.

A9 Reconciliation of cash inflow from operations to free cash flow (continued)

Reconciliation of adjusted EBIT to free cash flow

	31 October 2020 £m	26 October 2019 (restated)* £m	2 May 2020 (restated)* £m
Adjusted EBIT (note A2)	140	48	214
Depreciation and amortisation (note A4)	165	168	342
Adjusted working capital (note A11)	5 09	137	141
Share based payments**	12	15	23
Capital expenditure	(58)	(98)	(191)
Taxation	(16)	(5)	(20)
Interest	(12)	(12)	(26)
Repayment of leases	(159)	(155)	(299)
Other**	(2)	-	4
Free cash flow before exceptional items	579	98	188
Exceptional costs	(80)	(21)	(79)
Free cash flow	499	77	109

* Adjusted results for the 26 weeks ended 26 October 2019 and the year ended 2 May 2020 have been restated from those previously announced to exclude the impact of IFRS 16 from adjusting items.

** Other non-cash items in EBIT, as disclosed within the Summary of Performance section, comprises share-based payments and other items in the above reconciliation to free cash flow.

A10 Reconciliation from liabilities arising from financing activities to net debt

	31 October 2020 £m	26 October 2019 (restated)* £m	2 May 2020 (restated)* £m
Loans and other borrowings	(70)	(343)	(324)
Lease liabilities	(1,398)	(1,390)	(1,444)
Total liabilities from financing activities	(1,468)	(1,733)	(1,768)
Cash and cash equivalents	340	691	660
Overdrafts	(1)	(556)	(540)
Add back lease liabilities	1,398	1,390	1,444
Net cash / (debt)	269	(208)	(204)

* Net cash / (debt) as at 26 October 2019 and 2 May 2020 has been restated from the amounts previously announced to reflect the new definition as discussed on page 2 in the Basis of Preparation.

A11 Reconciliation of statutory working capital cash inflow to adjusted working capital cash inflow

	31 October 2020 £m	26 October 2019 (restated)* £m	2 May 2020 (restated)* £m
Working capital cash inflow	457	185	235
Discontinued operations	-	(2)	-
Exceptional provision	52	(20)	(43)
Network debtor out of period revaluation	-	(26)	(47)
Facility arrangement fee	-	-	(4)
Adjusted working capital	509	137	141

* Adjusted results for the 26 weeks ended 26 October 2019 and the year ended 2 May 2020 have been restated from those previously announced to exclude the impact of IFRS 16 from adjusting items.

A12 Summary of working capital presented within the performance review

	31 October 2020 £m	26 October 2019 (restated)* £m	2 May 2020 (restated)* £m
Non-current assets
Trade and other receivables**	30	35	35

Current assets
Inventory	1,306	1,387	970
Trade and other receivables**	463	566	474
Derivative assets	38	39	76

Current liabilities
Trade and other payables	(2,780)	(2,717)	(2,017)
Derivative liabilities	(47)	(20)	(52)

Non-current liabilities
Trade and other payables	(112)	(109)	(131)
Working capital presented within the performance review	(1,102)	(819)	(645)

* Working capital presented within the performance review as at 26 October 2019 and 2 May 2020 has been restated from the amounts previously announced to reflect the separate presentation of provision balances within the performance review balance sheet summary.

** Trade and other receivables excludes network commission receivables and contract assets of £533m (26 October 2019: £785, 2 May 2020: £616m) as these are presented separately within the condensed balance sheet in the performance review.

Other definitions

The following definitions may apply throughout this interim statement and the Annual Report and Accounts 2019/20 previously published:

Acquisition intangibles	Acquired intangible assets such as customer bases, brands and other intangible assets acquired through a business combination capitalised separately from goodwill. Where businesses have grown organically rather than through acquisition, there is no amortisation of acquired intangibles and therefore the non-cash amortisation charge is removed from our headline earnings measures in order to increase comparability between segments
Active credit customers	Customers with an open "Your Plan" account
ADRs	American Depositary Receipts
ARPU	Average revenue per user
B2B	Business to business
Board	The Board of directors of the Company
Businesses to be exited	Businesses exited or to be exited are those which the Group has exited or committed to or commenced to exit through disposal or closure but do not meet the definition of discontinued operations as stipulated by IFRS and are material to the results or operations of the Group. Comparative results in the statement of comprehensive income and the notes are restated accordingly for the impact of businesses exited or to be exited.
Carphone, Carphone Warehouse or Carphone Group	The Company or Group prior to the Merger on 6 August 2014
CGU	Cash Generating Unit
Colleague engagement	Measured using 'Make a Difference' survey in Greece and UK & Ireland and a colleague engagement survey in the Nordics
Company or the Company	Dixons Carphone plc (incorporated in England & Wales under the Act, with registered number 07105905)‌, whose registered office is at 1 Portal Way, London W3 6RS
CPW	The continuing business of the Carphone Group
CPW Europe	Best Buy Europe's core continuing operations
CPW Europe Acquisition	The Company's acquisition of Best Buy's interest in CPW Europe, which completed on 26 June 2013
Credit adoption	Sales on Credit as a proportion of total sales
CRM	Customer Relationship Management
CWS	The Connected World Services division of the Company
Dixons or Dixons Retail	Dixons Retail plc and its subsidiary companies
Dixons Carphone or Group	The Company, its subsidiaries, interests in joint ventures and other investments
Dixons Retail Merger or Merger	The all share merger of Dixons Retail plc and Carphone Warehouse plc which occurred on 6 August 2014
EBT	Employee benefit trust

Electricals	Represents the combination of our UK & Ireland Electricals, Nordics and Greece operating segments
GfK	Growth from Knowledge
HMRC	Her Majesty's Revenue and Customs
honeybee	honeybee was our proprietary IT software for which an asset sale was completed on 31 May 2018
IFRS	International Financial Reporting Standards as adopted by the European Union
Market position	Ranking against competitors in the electrical and mobile retail market, measured by market share. Market share is measured for each of the Group's markets by comparing data for revenue or volume of units sold relative to similar metrics for competitors in the same market
MNO	Mobile network operator
Mobile	Represents sales made from legacy Carphone brands, iD Mobile and SimplifyDigital
MVNO	Mobile virtual network operator
NPS	Net promoter score, a rating used by the Group to measure customers' likelihood to recommend its operations
Online	Online sales and Online market share relate to all sales where the journey is completed via the website or app. This includes online home delivered, order and collect, Online In-Store and ShopLive
Online In-Store	Online-in-store is the term used for sales that are generated through in-store tablets for product that is not stocked in the store
Order & Collect	Order & Collect is the term used for sales where the sale is made via the website or app and collected in store
Peak / post peak	Peak refers to the 10 week trading period ending on 9 January 2021 as to be announced in the Group's Christmas Trading statement in January 2021. Post peak refers to the trading period from 10 January 2020 to the Group's year end on 1 May 2021
RCF	Revolving credit facility
Sharesave or SAYE	Save as you earn share scheme
ShopLive	The Group's own video shopping service where store colleagues can assist, advise and demonstrate the use of products to customers online face-to-face
SIMO	Sales of SIM-only contracts, without attached handset
SWAS	Stores-within-a-store
TSR	Total shareholder return
UK GAAP	United Kingdom Accounting Standards and applicable law
Virgin Mobile France	Omer Telecom Limited (incorporated in England & Wales)‌ and its subsidiaries, operating an MVNO in France as a joint venture between the Company, Bluebottle UK Limited and Financom S.A.S.
WAEP	Weighted average exercise price

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