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    DC.   GB00B4Y7R145

CURRYS PLC

(DC.)
  Report
Delayed Quote. Delayed London Stock Exchange - 12/01 11:35:25 am
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Currys : Proforma numbers for Interim APMs

10/08/2021 | 10:22am EST

7 October 2021

Currys plc

Proforma numbers for interim alternative performance measures

This document contains the historic proforma alternative performance measures and statutory results of Currys plc. Selected alternative performance measures have been changed from previously reported interim results as follows:

  1. H1 2020/21 profits and cashflow now reflect performance excluding the benefit of Government furlough support which was repaid in the second half of the year
  2. H1 2019/20 and H1 2020/21 cashflows have been reclassified to include all cash lease costs on non-trading stores as adjusting items to cashflow

In addition, UK & Ireland results are displayed as a combined segment, reflecting how business will report results in the future.

1

7 October 2021

Group Income Statement

Income Statement

H1

H2

2019/20

H1

H2

2020/21

2019/20

2019/20

2020/21

2020/21

Revenue

4,739

5,478

10,217

4,859

5,471

10,330

Adjusted EBITDA

216

340

556

256

342

598

Adjusted EBITDA margin

4.6%

6.2%

5.4%

5.3%

6.3%

5.8%

Depreciation on right-of-use

(107)

(110)

(217)

(101)

(99)

(200)

assets

Depreciation on other assets

(41)

(40)

(81)

(39)

(40)

(79)

Amortisation

(20)

(24)

(44)

(25)

(32)

(57)

Adjusted EBIT

48

166

214

91

171

262

Adjusted EBIT margin

1.0%

3.0%

2.1%

1.9%

3.1%

2.5%

Interest on right-of-use assets

(38)

(42)

(80)

(39)

(38)

(77)

Finance income

5

5

10

4

2

6

Adjusted finance costs

(13)

(15)

(28)

(16)

(19)

(35)

Adjusted PBT

2

114

116

40

116

156

Adjusted PBT margin

0.0%

2.1%

1.1%

0.8%

2.1%

1.5%

Adjusted tax

(1)

(37)

(38)

(12)

(21)

(33)

Adjusted Profit after tax

1

77

78

28

95

123

Adjusted EPS

0.1p

6.6p

6.7p

2.4p

8.2p

10.7p

Statutory reconciliation

Adjusting items to EBITDA

(68)

(149)

(217)

22

(111)

(89)

Statutory EBITDA

148

191

339

278

231

509

Adjusting items to depreciation

(13)

(12)

(25)

(13)

(13)

(26)

and amortisation

Statutory EBIT

(33)

5

(28)

100

47

147

EBIT Margin

(0.7)%

0.1%

(0.3)%

2.1%

0.9%

1.4%

Adjusting items to finance costs

(7)

(7)

(14)

(4)

(4)

(8)

Statutory PBT

(86)

(54)

(140)

45

(12)

33

Adjusting items to Tax

17

-

17

(16)

16

-

Discontinued operations

(2)

-

(2)

-

12

12

Profit / (Loss) after tax

(72)

(91)

(163)

17

(5)

12

EPS - total

(6.2)p

(7.9)p

(14.1)p

1.5p

(0.5)p

1.0p

2

7 October 2021

Group Cashflow statement

Cashflow

H2

H2

H1 2019/20

2019/20

2019/20

H1 2020/21

2020/21

2020/21

Adjusted EBITDAR

231

365

596

260

351

611

Adjusted EBITDAR margin

4.9%

6.7%

5.8%

5.4%

6.4%

5.8%

Cash payments of leasing costs,

(165)

(159)

(324)

(137)

(151)

(288)

debt & interest

Other non-cash items in EBIT

15

12

27

10

5

15

Operating cashflow

81

218

299

133

205

338

Operating cashflow margin

1.7%

4.0%

2.9%

2.7%

3.7%

3.3%

Capital expenditure

(98)

(93)

(191)

(58)

(64)

(122)

Adjusting items to cashflow

(26)

(68)

(94)

(57)

(116)

(173)

Free cash flow before working

(43)

57

14

18

25

43

capital

Working capital

137

4

141

509

(55)

454

Segmental free cash flow

94

61

155

527

(30)

497

Cash tax paid

(5)

(15)

(20)

(16)

(19)

(35)

Cash interest paid

(12)

(14)

(26)

(12)

(12)

(24)

Free cash flow

77

32

109

499

(61)

438

Dividend

(52)

(26)

(78)

-

-

-

Purchase of own shares

(5)

(7)

(12)

(3)

(10)

(13)

Pension

(46)

-

(46)

(23)

(24)

(47)

Other

-

5

5

-

(5)

(5)

Movement in net cash / (debt)

(26)

4

(22)

473

(100)

373

Net Cash / (debt)

(208)

(204)

(204)

269

169

169

3

7 October 2021

UK & Ireland Total

H1

H2

H1

H2

2019/20

2019/20

2019/20

2020/21

2020/21

2020/21

INCOME STATEMENT

Adjusted Revenue

2,835

3,339

6,174

2,650

2,978

5,628

Adjusted EBITDA

90

186

276

108

183

291

Adjusted EBITDA margin

3.2%

5.6%

4.5%

4.1%

6.1%

5.2%

Depreciation on right-of-use assets

(65)

(65)

(130)

(57)

(53)

(110)

Depreciation on other assets

(26)

(25)

(51)

(23)

(23)

(46)

Amortisation

(12)

(16)

(28)

(18)

(25)

(43)

Adjusted EBIT

(13)

80

67

10

82

92

Adjusted EBIT margin

(0.5)%

2.4%

1.1%

0.4%

2.8%

1.6%

Adjusting items to EBIT

(75)

(155)

(230)

15

(118)

(103)

Statutory EBIT

(88)

(75)

(163)

25

(36)

(11)

Statutory EBIT margin

(3.1)%

(2.3)%

(2.7)%

0.9%

(1.2)%

(0.2)%

CASHFLOW

Adjusted EBITDAR

100

206

306

109

189

298

Adjusted EBITDAR margin

3.5%

6.2%

5.0%

4.1%

6.3%

5.3%

Cash payments of leasing costs,

(110)

(108)

(218)

(80)

(88)

(168)

debt & interest

Other non-cash items in EBIT

12

9

21

6

2

8

Operating cashflow

2

107

109

35

103

138

Operating cashflow margin

0.1%

3.2%

1.8%

1.3%

3.5%

2.5%

Capital expenditure

(55)

(58)

(113)

(28)

(32)

(60)

Adjusting items to cashflow

(26)

(68)

(94)

(55)

(118)

(173)

Free cash flow before working

(79)

(19)

(98)

(48)

(47)

(95)

capital

Network debtor

(15)

148

133

83

308

391

Working capital

130

(182)

(52)

331

(357)

(26)

Segmental free cash flow

36

(53)

(17)

366

(96)

270

4

7 October 2021

UK & Ireland Electricals (shown for historic reference only)

H1

H2

H1

H2

2019/20

2019/20

2019/20

2020/21

2020/21

2020/21

INCOME STATEMENT

Revenue

1,979

2,559

4,538

2,266

2,655

4,921

Adjusted EBITDA

120

224

344

146

247

393

Adjusted EBITDA margin

6.1%

8.8%

7.6%

6.4%

9.3%

8.0%

Depreciation on right-of-use assets

(55)

(56)

(111)

(54)

(50)

(104)

Depreciation on other assets

(22)

(22)

(44)

(20)

(22)

(42)

Amortisation

(11)

(14)

(25)

(15)

(23)

(38)

Adjusted EBIT

32

132

164

57

152

209

Adjusted EBIT margin

1.6%

5.2%

3.6%

2.5%

5.7%

4.2%

Adjusting items to EBIT

(13)

(32)

(45)

12

(143)

(131)

Statutory EBIT

19

100

119

69

9

78

Statutory EBIT margin

1.0%

3.9%

2.6%

3.0%

0.3%

1.6%

CASHFLOW

Adjusted EBITDAR

123

245

368

146

255

401

Adjusted EBITDAR margin

6.2%

9.6%

8.1%

6.4%

9.6%

8.1%

Cash payments of leasing costs,

(80)

(90)

(170)

(73)

(82)

(155)

debt & interest

Other non-cash items in EBIT

7

5

12

3

(3)

-

Operating cashflow

50

160

210

76

170

246

Operating cashflow margin

2.5%

6.3%

4.6%

3.4%

6.4%

5.0%

Capital expenditure

(48)

(58)

(106)

(27)

(32)

(59)

Adjusting items to cashflow

(17)

(29)

(46)

6

(69)

(63)

Free cash flow before working

(15)

73

58

55

69

124

capital

Network debtor

-

-

-

-

-

-

Working capital

78

(44)

34

309

(306)

3

Segmental free cash flow

63

29

92

364

(237)

127

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Currys plc published this content on 08 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 October 2021 14:21:05 UTC.


ę Publicnow 2021
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Analyst Recommendations on CURRYS PLC
More recommendations
Financials
Sales 2022 9 734 M 12 964 M 12 964 M
Net income 2022 124 M 165 M 165 M
Net Debt 2022 1 179 M 1 570 M 1 570 M
P/E ratio 2022 12,9x
Yield 2022 2,90%
Capitalization 1 497 M 1 983 M 1 994 M
EV / Sales 2022 0,27x
EV / Sales 2023 0,27x
Nbr of Employees 35 046
Free-Float 90,7%
Chart CURRYS PLC
Duration : Period :
Currys Plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CURRYS PLC
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 130,60 GBX
Average target price 153,00 GBX
Spread / Average Target 17,2%
EPS Revisions
Managers and Directors
Alexander Lewis Baldock Group Chief Executive Officer & Director
Bruce Marsh Group Chief Financial Officer & Director
Ian Paul Livingston Non-Executive Chairman
Mark Allsop Chief Operating & Digital Officer
Gerry Murphy Independent Non-Executive Director
Sector and Competitors
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UNITED ELECTRONICS COMPANY45.66%1 935