Kingfisher PLC 15 September 2005 EMBARGOED UNTIL 0700 HOURS Thursday 15 September 2005 Kingfisher plc Interim results for the 26 weeks ended 30 July 2005 Group Financial Highlights 2005/06 2004/05 Change Constant Currency Retail sales £4,079.4m £3,947.9m +3.3% +1.8% LFL sales - 3.4% +6.1% Retail profit (1) £289.1m £367.3m -21.3% -22.8% Adjusted pre-tax profit (2) £254.3m £329.3m -22.8% Pre-tax profit £250.8m £287.6m -12.8% Post-tax profit (3) £165.5m £193.6m -14.5% Adjusted basic EPS (2) 7.2p 9.7p -25.8% Basic EPS 7.1p 8.4p -15.5% Interim dividend 3.85p 3.85p - Net debt £1,048.3m (£841.1m as at 29 January 2005) (1) Retail profit is stated before central costs, exceptional items and share of joint venture and associate interest and tax (2) Before exceptionals (see note 3 of interim financial report) and gains & losses on retranslation of intercompany loan balances included within financing (see note 4) (3) Profit for the period attributable to equity shareholders First Half Highlights • Difficult trading conditions in the UK and France impact sales and profits; • Maintained share in a declining UK RMI market; • Continuing overall growth in challenging French market; • Expansion in Rest of Europe and Asia proceeding well; • Purchase of OBI stores in China completed; • Increased debt reflects the acquisition of OBI and weaker trading; • Interim dividend maintained at 3.85p. Update • UK market conditions have continued to deteriorate into the second half; • New B&Q management acts to cut costs, stimulate sales and re-position the business; • One-off charge of around £200 million for B&Q head office and store rationalisation in the second half; • UK Trade project underway through Screwfix Trade Counters and new Trade Depot format. Gerry Murphy, Chief Executive, said: "Whilst these are the toughest markets Kingfisher has faced in many years, particularly in the UK, B&Q UK and Castorama France are acting to drive sales and improve cost productivity. At the same time, we are continuing to invest in new growth areas, such as the expanding home improvement markets in the rest of Europe and Asia, and the trade market in the UK. We remain convinced that our home improvement markets are fundamentally attractive and that the actions we are taking will position Kingfisher well for the future." FIRST HALF TRADING (all figures are in constant currency unless otherwise stated) It has been a challenging period for Kingfisher. Difficult trading conditions in the UK and France had a clear impact on the first half trading performance with retail sales up 1.8% (down 3.4% like-for-like (LFL)) and retail profit down 22.8%. In the UK in particular, B&Q has faced some of the toughest trading conditions in many years as escalating energy costs, higher taxes and pension contributions, rising debt burdens and a weak housing market impact consumer confidence and spending power. Continuing space expansion by UK retailers and price deflation have also impacted LFL sales. 'Higher ticket' projects, such as kitchens, bathrooms and bedrooms have been particularly affected, reflecting both weaker spending and the significant downturn in housing transactions. As a result, the UK Repair, Maintenance and Improvement market declined by 2% in the first half. B&Q's sales were similarly affected with customer footfall down year on year. In June, Ian Cheshire was appointed Chief Executive of B&Q UK. He and his new management team have launched a comprehensive programme of actions to improve trading performance and reposition the business for the future. In France, the DIY market grew at its slowest rate for eight years. Rising unemployment caused demand to soften, whilst price deflation and increased competition had a further impact on DIY like-for-like sales. Total Kingfisher sales in France grew 4.7% (up 1.0% LFL) with retail profit down 2.2%, after higher revitalisation costs and the roll out of improved Showroom and Decorative ranges at Castorama. The Brico Depot discount format continued to expand and traded well against strong comparisons. In the Rest of Europe and Asia, Kingfisher's sales grew by 15.2% (down 5.2% LFL) with retail profit down 16.0%. A strong performance from Castorama Italy was offset by Castorama Poland, which faced tough comparatives in a market continuing to be affected by the introduction of higher VAT rates in 2004. B&Q China consolidated its position as market leader, completing the purchase of OBI China which will result in B&Q China operating around 50 stores by the end of the year. The first B&Q store in South Korea opened in June, taking the number of countries in which Kingfisher operates to 10. Development costs in the new markets of Spain, South Korea and Russia increased by £3 million. For the full year this investment is expected to increase by £7 million. FUTURE DIRECTION Kingfisher aims to provide attractive returns for shareholders, whilst at the same time investing new capital in developing longer term growth opportunities. This will be delivered by: • building on strong leadership positions in the UK and France, and driving new growth opportunities in these markets; • expanding established businesses like Poland, Italy and China; • investing in development opportunities in new markets, currently Spain, Turkey, South Korea and Russia; • using Kingfisher's buying scale and international diversity to offer customers better value and innovation. In support of the overall Group objectives, priorities have been set by region as follows: UK Against the background of a UK market which has continued to deteriorate into the second half, the new management team at B&Q has launched an action programme to address B&Q's trading and longer-term positioning: • Firstly, driving higher sales per square metre from existing stores. This means updating key ranges, emphasising its leading value credentials, and improving product availability and customer service. In the longer-term, the larger B&Q Warehouse stores will be adapted to offer a broader range of products needed for complete home improvement projects and the associated finishing touches, alongside existing core DIY products. This initiative is well advanced and two further trial stores will open in the second half in Gloucester and Milton Keynes. • Secondly, reducing its operating cost base. The recently announced streamlining of B&Q's Store Support Office in Southampton was a first step. • Thirdly, B&Q will close 22 stores in markets already well served by other B&Q stores. Around 16 of B&Q's larger Warehouse stores will be converted to the new mini-Warehouse format, releasing space which will be marketed to other retailers. This will represent a reduction of around 7% of total selling space. With B&Q stores already accessible to most of the UK population and property costs inflating significantly, future store development will focus principally on revamping existing stores and opening new lower cost, higher return mini-Warehouses. The new management expects to be able to transfer most of the staff affected to other stores. The pre-tax exceptional costs of rationalising the store portfolio and reducing the cost base are expected to be around £200 million, of which around £50 million is non-cash. In aggregate the programme is expected to pay back within five years. To complement B&Q's largely retail consumer business, Kingfisher has established a UK Trade division to target the £50 billion UK market for trade and building materials. In addition to its established on-line and catalogue-based offer, Screwfix Direct opened six Trade Counter branches which are performing well. Two 'Trade Depot' branches, based on the highly successful Brico Depot discount format in France, will be trialled later in the year, principally targeting general builders and specialist trade customers. FRANCE Kingfisher will continue to target market share growth through a twin-track development of its full range Castorama home improvement format and the discount Brico Depot format. Revitalisation of the Castorama business is on track with improvements delivered in product ranges, pricing and cost productivity. A quarter of the store network is now in the new format and these stores are showing good economic returns. Revamps of existing stores will continue alongside new openings. The Brico Depot discount format has proved popular with consumer and trade customers and now operates 67 stores, including 26 transferred from Castorama. The roll-out of new stores will continue towards an objective of 100 stores in France. REST OF EUROPE AND ASIA Expansion across the rest of Europe and Asia provides Kingfisher with opportunities to grow and improve economic returns over the medium-term. Those businesses that have already achieved critical mass and market leadership are contributing strongly to overall growth and are delivering above average economic returns. New stores will continue to be added in these markets as quickly as possible. In China, for example, B&Q recently acquired the stores of OBI, one of its main competitors, and by the year end will have doubled in size to around 50 stores. Kingfisher will also enter new markets where the future growth and economic returns potential look attractive. In the first half B&Q opened its first store in South Korea and work continues on the opening of the first Castorama store in Russia in early 2006. BUYING SCALE AND INTERNATIONAL DIVERSITY Kingfisher will continue to build on its Strategic Supplier Management (SSM) programme which, over the last three years, has enabled the Group to combine the buying power of all its businesses, source more product direct from suppliers in Asia and elsewhere, and to develop private label products exclusive to Kingfisher companies. Kingfisher businesses will also continue to share experiences and capabilities from operating in 10 different countries. UK For the 26 weeks ended 30 July 2005 Retail Sales £m % Total % LFL Retail Profit £m % Total Change Change Change 2005/6 2004/5 2005/6 2004/5 UK(1) 2,224.9 2,275.4 (2.2)% (6.4)% 149.2 225.1 (33.7)% (1) UK includes B&Q in the UK, Screwfix Direct and Trade Depot development costs. It excludes B&Q in Ireland, which is now reported within 'Rest of Europe'. UK Market. British Retail Consortium data for the six months to July showed a decline in 'other non-food' LFL sales of 3.8%, with the three months to July being the third consecutive quarter of declining LFL sales. Home improvement related categories such as furniture, flooring and household textiles showed a steeper decline, driven by falling sales of big ticket items, impacted by reduced consumer demand, a significant downturn in housing transactions, more competition and widespread, deep price promotion. B&Q estimates that the overall UK Repair, Maintenance and Improvement market declined by 2% in the first half and Kingfisher broadly maintained its market share at 14.7%. B&Q's total sales fell 2.6% to £2,096.7 million (down 7.0% LFL) reflecting reduced footfall, although average transaction values remained steady. Trade categories performed relatively better, being less impacted by weather and retail consumption trends. Sales of seasonal products improved in the second quarter, boosted by good weather in June, resulting in stock levels at the end of the first half being in line with plans. New product ranges including the new 'Airforce' DIY fixed air conditioning unit, new 'Fun' garden leisure products, and new outdoor paint ranges sold well. Sales of kitchens, bathrooms, ceramic tiling and flooring were weak, compared with a strong market last year. Store development - B&Q opened three new Warehouse stores, closed one and extended one during the first six months. B&Q also opened four new mini-Warehouses and extended one. Five Supercentres were converted to the mini-Warehouse format. B&Q now has 113 Warehouse stores, 70 mini-Warehouses and 152 of the original Supercentres. The mini-Warehouse format continues to outperform the rest of the store estate. B&Q will create a further 14 mini-Warehouses in the second half including one new location, two relocations and 11 revamps of existing Supercentres. The programme of store space rationalisation announced today will also commence in the second half. Retail profit declined 34.2% to £144.1 million and retail profit margin declined from 10.2% to 6.9%. Gross margins fell due to higher shrinkage and lower rebates, mainly as a result of lower than expected sales. A 7% increase in existing store rents and a 14% increase in business rates, together with higher distribution costs for home fulfilment, and higher utility and fuel bills, were only partly offset by some overhead savings, £6 million lower pre-opening costs and one-off £4 million rate refunds. LFL cost inflation, before adding 5% new selling space, is estimated to be around 4% for the full year before the exceptional action. In the second half, B&Q will continue to update its product ranges with new, more contemporary ceramics and wall decor ranges being rolled-out across all stores by the end of the year. Stronger marketing and price activity will continue, including more events to drive footfall. B&Q expects to invest more in lowering prices for customers in addition to extending its over 60s discount card. UK TRADE Screwfix Direct started to rebuild customer demand following the complete reconfiguration of its fulfilment operations last year. The six trial 'Trade Counters' opened in the first six months of this year are proving very popular with customers. Sales increased 4.1% to £128.2 million, with growth of 7.6% in the three months to July. Range development and improvements to the catalogue drove strong growth in plumbing, hand tools and bathrooms. Retail profit of £6.2 million is in line with last year and includes £1 million of costs related to the set-up of Trade Counters. Trade Depot - Two new 'Trade Depot' branches will open later in the year with a similar product offering to Brico Depot in France, including a focused range of doors and windows, heating and plumbing equipment, and kitchens and bathrooms. Development costs are expected to reach £4 million in 2005/06. FRANCE For the 26 weeks ended 30 July 2005 Retail sales £m 2005/6 2004/5 % Change % Change % LFL (Reported) (Constant) Change France 1,381.7 1,290.6 7.1% 4.7% 1.0% Retail profit £m 2005/6 2004/5 % Change % Change (Reported) (Constant) France 102.0 102.0 (0.0)% (2.2)% 2005/06 £1 =1.4622 euro 2004/05 £1 = 1.4952 euro In France, total sales grew 7.1% (+4.7% constant currency) to £1,381.7 million (up 1.0% LFL) with retail profit of £102.0 million (-2.2% constant currency). The continued growth of the Brico Depot discount format was offset by increased investment in store modernisation and new range implementation by Castorama. French Market - According to Banque de France, DIY comparable store sales growth in France declined 0.3% in the six months to July. The market was impacted by strong price-competition, adverse weather and general uncertainty, particularly evident during the European Constitution referendum campaign. Kingfisher's market share continued to grow with LFL sales up 1.0%. CASTORAMA's revitalisation also continued with the full roll-out of new, more contemporary decorative, shower and kitchen ranges. In total, over 6,000 new products were introduced. Six store revamps were completed. This activity caused some disruption, reducing LFL sales growth by around 2 percentage points. Sales declined by 1.1% (-3.3% constant currency) to £818.0 million (down 3.2% LFL), reflecting the above disruption and a higher participation of cheaper own-brand and direct-sourced product. Sales were strongest in those product categories least affected by significant range change during the period. Seasonal products did well, boosted by the launch of a new 200 page catalogue in March and strong sales of new ranges of outdoor pools and garden furniture. Air conditioning units sold well during warm weather in June and July. Pricing and marketing - Following the introduction of new ranges, a Showroom catalogue was launched in June, and a Decorative catalogue will be launched in the second half, with an associated billboard campaign. The initial response from customers has been encouraging. In an increasingly price-conscious market, Castorama further improved its price perception ranking from fifth to third. Store development - Six stores were revamped in the first six months, one store was relocated and two new stores were opened, taking the number of new format Castorama stores to 22, with results continuing to improve. During the six months, three stores were closed, one due to relocation, whilst another was converted to the Brico Depot format, continuing the transfer of stores not suitable for revitalisation to its new format. In the second half, Castorama will open two more relocations. Cost productivity - Castorama continued to develop its integrated logistics network to improve the efficiency of the business. The proportion of deliveries made through the centralised distribution network increased and this, together with improved in-store delivery processes, is enabling cost savings within stores and better availability for customers. Retail profit of £56.0 million declined 16.2% (-18.0% constant currency). Retail profit margin declined from 8.1% to 6.8%. The benefits of Strategic Supplier Management (SSM) and other cost-productivity savings were more than offset by lower sales, the cost of lowering selling prices for customers, over £3 million additional investment in marketing towards the end of the second quarter, and investment in store refurbishment and new ranges. Castorama France increased its participation in Kingfisher's SSM sourcing programmes; own brand product sales grew to over 15% and direct imports to 9%. BRICO DEPOT continued to deliver growth against strong comparatives, driven by the introduction of new products into existing ranges, and the distribution of its second annual catalogue. Sales increased by 21.6% (+18.9% constant currency) to £563.7 million (up 8.3% LFL). Sales were strong in all categories, boosted in July with the launch of a 120-page summer catalogue. Retail profit increased 30.7% (+27.8% constant currency) to £46.0 million, with retail profit margins increasing from 7.6% to 8.2%. Margins benefited from improving scale efficiencies and SSM buying synergies. These gains were partially offset by £1 million higher pre-opening costs and £2.5 million investment in new distribution and IT systems. Store development - Brico Depot opened three new stores, including one transfer from Castorama. Four new stores are planned for the remainder of the year. REST OF EUROPE For the 26 weeks ended 30 July 2005 Retail sales £m 2005/6 2004/5 % Change % Change % LFL (Reported) (Constant) Change Rest of Europe(1) (2) 361.5 297.4 21.6 10.1% (8.7)% Retail profit £m 2005/6 2004/5 % Change % Change (Reported) (Constant) Rest of Europe(1) 38.3 41.4 (7.5)% (17.3)% (1) Rest of Europe includes Castorama Poland, Castorama Italy, Brico Depot in Spain, Koctas in Turkey, B&Q in Ireland, Castorama in Russia and Hornbach in Germany (2) Joint Venture sales are not consolidated. Rest of Europe sales increased 21.6% (+10.1% constant currency) to £361.5 million (down 8.7% LFL), and profits fell 7.5% (-17.3% constant currency) to £38.3 million. Another strong performance from Castorama Italy was offset by Castorama Poland, which faced tough comparatives, and a lower contribution from Hornbach. Castorama Poland - In the first six months of the year, trading conditions in Poland were difficult, with weak consumer spending, an increasingly price competitive market and adverse weather conditions. Castorama Poland returned to growth in the second quarter with a LFL sales increase of 4.9%, with flat retail profit (in constant currency). This followed a decline in LFL sales of 36.1% in the first quarter against a very strong comparative last year (up 52.7% LFL) as customers purchased ahead of higher VAT rates. Total sales increased 14.2% (-2.8% constant currency) to £180.6 million (down 17.3% LFL). Retail profit fell 21.2% (-33.0% constant currency) to £20.1 million, reflecting lower sales and falling gross margins due to strong competition on prices and consumers trading down to lower margin products. This was partially offset by good cost control and SSM benefits. Castorama continued to consolidate its position as market leader, opening three new stores. One further store is expected to open in the remainder of the year. Castorama Italy - In a generally challenging market, Castorama Italy grew strongly, boosted by the continued success of new price-focused marketing and merchandising initiatives. Total sales increased 17.9% (+15.3% constant currency) to £129.9 million (up 5.6% LFL). All categories improved on last year. Retail profit increased 70.4% (+66.3% constant currency) to £13.8 million, benefiting from the SSM programme, volume-related cost efficiencies and £1.5 million lower pre-opening costs, which more than offset investment in promotional activity. Castorama Italy opened one new store. It will open two Warehouse stores and one 'medium box' Castorama Market store in the remainder of the year. B&Q Ireland will open three mini-Warehouse stores by the end of the year, taking total stores to seven. Brico Depot in Spain opened two further stores and is on track to have eight stores by the end of the year. Development continued at Castorama in Russia, with the first store expected to open in early 2006. Koctas in Turkey, a 50% joint venture, almost doubled profits in the first six months of the year, benefiting from SSM and a significant increase in own-brand penetration. A new Warehouse store will open in Istanbul in the second half. Hornbach, the leading German DIY Warehouse retailer in which Kingfisher has a 21% economic interest, contributed £4.8 million to profit, £3.5 million lower than last year due to adverse weather and a difficult retail market in Germany. ASIA For the 26 weeks ended 30 July 2005 Retail sales £m 2005/6 2004/5 % Change % Change % LFL (Reported) (Constant) Change Asia(1) (2) 111.3 84.5 31.7% 35.6% 8.5% Retail profit £m 2005/6 2004/5 % Change % Change (Reported) (Constant) Asia(1) (0.4) (1.2) 66.7% 66.7% (1) Asia includes B&Q China, B&Q Taiwan, and B&Q Home in South Korea. (2) Joint Venture sales are not consolidated. Asia sales increased 31.7% (+35.6% constant currency) to £111.3 million (up 8.5% LFL). Retail losses of £0.4 million are £0.8 million lower than last year as progress in China and Taiwan more than covered higher start-up costs in South Korea. B&Q China B&Q China consolidated its position as market leader, completing the purchase of OBI's majority equity interest in its Chinese operations on 30 June. This acquisition will accelerate B&Q China's growth, with around 50 stores trading by the year end. B&Q China sales were £110.7 million, up 31.0% (+34.8% in constant currency). LFL growth of 8.5% reflects successful promotional activity in a price competitive market. Retail profit of £0.8 million was £1.4 million higher than last year, benefiting from volume scale efficiencies and lower pre-opening costs. Costs of integrating OBI's systems and infrastructure and transitioning to B&Q's identity and customer offer are expected to be around £10 million in the second half. B&Q in South Korea opened its first store in June 2005. The 7,200 square metre store offers 35,000 products and a full 'Home Project Service', building on the experience of B&Q China, whose home decoration service designed and fitted-out 10,000 apartments in China last year. B&Q Taiwan, a 50% joint venture, delivered 30.0% profit growth (+25.8% constant currency), driven by good sales growth, benefits of the SSM programme and strong cost control. LFL sales growth was supported by nearly 10% growth in the Hardware category driven by the launch of a range of Performance Power own-brand power tools and by strong growth in the 'Total Solutions' installation service. One new store opened during the period and another opening is planned in the remainder of the year. GROUP FINANCIAL REVIEW Total reported sales grew 3.3% to £4.1 billion (2004/05: £3.9 billion), up 1.8% on a constant currency basis. During the first half an additional 29 net new stores were added, taking the store network to 628. On an LFL basis, Group sales were down by 3.4% (2004/05: 6.1% increase). Retail profit fell 21.3% to £289.1 million (2004/05: £367.3 million), down by 22.8% on a constant currency basis. The profit decline was driven by lower LFL's, operating cost inflation and investment in developing businesses. Central costs fell 14.0% to £16.0 million (2004/05: £18.6 million) due to phasing. For the full year central costs are expected to be broadly in line with last year (2004/05: £37.3 million). Net interest costs excluding the loss on the retranslation of intercompany loan balances, increased to £13.8 million (2004/05: £13.1 million). The increased interest costs incurred from the higher average net debt was mostly offset by non-recurring interest receipts of £5.5 million relating to refunds on proposed property acquisitions and tax refunds. The effective tax rate on profit before exceptional items and prior year tax adjustments is 34.2% (2004/05: 32.7%) based on current expectations for the 2005 /06 full year. This increase is primarily driven by the lower proportion of UK generated profits compared to the prior year and an increase in development losses in South Korea and Russia for which no tax relief is currently available. Profit after tax (attributable to equity shareholders) decreased 14.4% to £165.7 million (2004/05: £193.5 million). Exceptional items during the period related to £1.9 million of property disposal profits. Kingfisher expects to take a pre-tax exceptional charge of around £200 million in the second half from rationalising B&Q UK's store portfolio and reducing its cost base, of which around £50 million is non-cash. Adjusted basic earnings per share were down 25.8% to 7.2p (2004/05: 9.7p) reflecting the decline in retail profit and increased interest costs, offset in part by lower central costs. The interim dividend is proposed at 3.85p per share (2004/05: 3.85p) and will be paid on 11 November 2005 to those shareholders on the register on 23 September 2005. Cash generated by operations were £103.9 million lower compared to the prior period driven by reduced operating profits and a lower inflow from working capital. Tax paid during the period was £32.3 million higher this period due to payments in the prior period being impacted by one-off timing benefits. Net debt increased 24.6% to £1,048.3 million (£841.1 million at 29 January 2005), reflecting lower operating cashflow, higher capital expenditure and business acquisitions during the period. Net capital expenditure on new and better stores and supporting infrastructure was £256.5 million (2004/05: £207.7 million). Payments to acquire businesses in the period amounted to £152.1 million (2004/05: £nil) which principally related to the acquisition of the OBI China business at the end of the period. Following the acquisition of the OBI China business and in anticipation of the additional contribution to the UK pension fund in the second half, Kingfisher entered into a new committed bank revolving credit facility totalling £300 million in July 2005. This facility matures in July 2006, but Kingfisher has an option to extend it for a further 12 months. Enquiries: Ian Harding, Group Communications Director 020 7644 1029 Nigel Cope, Head of Communications 020 7644 1030 Heather Ward, Head of Investor Relations 020 7644 1032 Further copies of this announcement can be downloaded from www.kingfisher.com or by application to: The Company Secretary, Kingfisher plc, 3 Sheldon Square, London, W2 6PX. Company Profile Kingfisher plc is Europe's leading home improvement retail group and the third largest in the world, with nearly 630 stores in 10 countries in Europe and Asia. Its main retail brands are B&Q, Castorama, Brico Depot and Screwfix Direct. Kingfisher also has a 21% interest in, and strategic alliance with, Hornbach, Germany's leading DIY Warehouse retailer, with 119 stores across Europe DATA BY COUNTRY as at 30 July 2005 Store numbers Selling space Employees (000s sq.m.) (FTE) B&Q 335 2,305 27,207 Other - - 1,387 Total UK 335 2,305 28,594 Castorama 102 1,056 13,808 Brico Depot 67 346 4,802 Total France 169 1,402 18,610 Castorama Poland 28 247 5,056 Castorama Italy 23 144 1,835 Other 15 79 1,373 Total Rest of Europe 66 470 8,264 B&Q China (including OBI) 38 415 7,617 B&Q Taiwan 19 95 1,824 Other 1 7 255 Total Asia 58 517 9,696 Total 628 4,694 65,164 SECOND QUARTER -13 weeks to 30 July 2005 Retail Sales £m % Total % LFL Retail Profit £m % Total 2005/06 2004/05 Change Change 2005/06 2004/05 Change (Reported) (Reported) B&Q 1,072.1 1,093.4 (1.9)% (6.4)% Screwfix Direct 63.5 59.0 7.6% 7.6% Trade Depot - - - - Total UK 1,135.6 1,152.4 (1.5)% (5.6)% 75.5 134.0 (43.7)% Castorama 435.7 437.2 (0.3)% (2.1)% Brico Depot 294.4 250.1 17.7% 6.1% Total France 730.1 687.3 6.2% 0.9% 61.8 58.6 5.5% Castorama Poland 105.1 77.4 35.8% 4.9% Castorama Italy 73.3 64.4 13.8% 4.2% Other Europe(1) 27.6 16.8 64.3% Rest of Europe (1)(3) 206.0 158.6 29.9% 3.8% 25.8 25.0 3.2% B&Q China 66.6 51.8 28.6% 11.5% Other Asia(2) (3) 0.6 - - - Asia 67.2 51.8 29.7% 11.5% 0.1 0.5 (80.0)% Total 2,138.9 2,050.1 4.3% (2.7)% 163.2 218.1 (25.2)% (1) Other Europe includes Brico Depot in Spain, Koctas in Turkey, B&Q in Ireland, Castorama in Russia and Hornbach in Germany (2) Other Asia includes B&Q Home in South Korea. (3) Joint venture sales are not consolidated This information is provided by RNS The company news service from the London Stock Exchange MORE TO FOLLOW