AdjustedAdjusted measures are before exceptional items, financing fair
value remeasurements, amortisation of acquisition intangibles, related tax items and tax on prior year items including the impact of rate changes on deferred tax.
AGMThe Annual General Meeting (AGM) is the meeting for shareholders which a company must hold every year within a set period following the end of the financial year. Shareholders of the company vote on routine agenda items such as the election of directors and the approval of year-end reports and accounts.
AMPA company's asset management plan (AMP) sets out how it intends to optimise the use of its assets in terms of service benefits and financial return. The plan runs over an agreed period of time and is reviewed at agreed intervals.
Banque de FranceBanque de France data includes relocated and extended stores.
BearAn investor or dealer on a stock exchange, currency market or commodity market who expects prices to fall.
Bear marketA market in which prices are falling or expected to fall.
BondA certificate of debt issued by a borrower to a lender to raise funds. Bonds typically pay a fixed rate of interest and are repayable at a fixed date.
Brico Dépôt comparable marketBrico Dépôt comparable market is a rolling 12 month average of Banque de France (60%) and I+C (www.iplusc.com) trade data (40%) February 2013 – January 2014.
Broker's forecastEstimates, normally in the form of a written note, issued by stockbrokers and bank analysts about a company's performance.
BullAn investor or dealer on a stock exchange, currency market or commodity market who expects prices to rise.
Bull marketA market in which prices are rising or expected to rise.
Capital gainProfit made on the sale of shares, commodities, property or land. In the UK, capital gains tax may be payable on the profit.
Capital gains tax (CGT)Capital gains tax (CGT) is a tax on a capital gain. A gain is an increase in value. You normally only have to pay CGT when you no longer own an asset, that is when you have disposed of it. In the UK, capital gains tax applies to the net gains (after deducting losses) accruing to individual in any tax year. There is an exemption to liability if the individual's gains do not exceed a specified figure.
Closed periodThe period prior to the company’s release of its interim or preliminary results during which the directors and other employees deemed to be aware of price-sensitive information, are prohibited from dealing in the shares of the company. For a company reporting results six-monthly the close periods are normally the two months before results.
CommonCommon means two or more operating companies selling the
same product or a similar product but from the same supplier
where the same product is not possible due to market / legal
reasons (e.g. electrical extension cable which is the same
supplier but with different electrical sockets).
Constant currency 13 week basisConstant currency 13 week basis In the UK & Ireland Kingfisher
reports each financial year up to the nearest Saturday to 31
January. In 2012/13 this resulted in a 14 week fourth quarter.
Constant currency change 52 week basisConstant currency change 52 week basis In the UK & Ireland
Kingfisher reports each financial year up to the nearest Saturday
to 31 January. In 2012/13 this resulted in a 53 week year.
CovenantProvisions in a bond indenture or preferred stock agreement that require the bond or preferred stock issuer to take certain specified actions (affirmative covenants) or to refrain from taking certain specified actions (negative covenants).
CRESTAn electronic share settlement system created by the Bank of England for the securities industry. The system is run by CRESTCo. Shares are registered electronically and allows the purchase and sales to be settled instantaneously on the due date. Dividends can be paid electronically direct to the shareholder's bank.
There are no paper share certificates issued to shareholders in CREST, however their names appear on the company register of shareholders. As with paper shares, it is the company register that provides proof of ownership.
Dividend coverThe number of times a company's dividend could be paid out of its net profits after tax in the same period.
EBITDAEBITDA (earnings before interest, tax, depreciation and
amortisation) which is calculated as Retail profit less central
costs and before depreciation and amortisation.
EBITDAREBITDAR (earnings before interest, tax, depreciation,
amortisation and property operating lease rentals) which is
calculated as Retail profit less central costs, before depreciation
and amortisation and property operating lease rentals.
EPSEarnings per share (EPS). A company's profit divided by its number of outstanding shares. In calculating EPS, the company often uses a weighted average of shares outstanding over the reporting term.
EquityThe voting capital in the company, represented by the ordinary shares.
Ex dividendLiterally meaning 'without dividend'. A share is said to be 'ex dividend' between the record date and the payment date. The buyer of a stock selling ex-dividend does not receive the recently declared dividend, but would be eligible for future dividends.
FFVRFFVR (financing fair value remeasurements) represents
changes in the fair value of financing derivatives, excluding
interest accruals, offset by fair value adjustments to the carrying
value of borrowings and other hedged items under fair value
Financial YearThe accounting period of a company. Kingfisher plc’s financial year is for 52 weeks from the beginning of February to the end of January. For financial reporting dates please visit out Financial calendar.
FranceFrance consists of Castorama France and Brico Dépôt France.
Free cash flowFree cash flow represents cash generated from operations less
the amount spent on tax, interest and capital expenditure during
the year (excluding acquisitions).
FSAFinancial Services Authority (FSA) is an independent, non-governmental body that regulates the financial services industry in the UK.
GearingUsed to describe the relationship between debt and equity and is calculated by dividing the company debt by shareholders’ equity. A highly geared company is one that carries a high proportion of debt.
Holding companyA holding company (or parent company) is one that holds shares in other companies.
Interim resultsUnaudited first six months of the company's financial year figures that provide an indication of the company’s trading and profit performance since the last full year accounting period.
Issue dateThe date from which interest accrued on a security is calculated.
Joint ventureJoint venture (JV). Co-operation on a project or business between two or more parties.
KEPKEP (Kingfisher Economic Profit) represents earnings after a
charge for the annual cost of capital employed in the business.
LFLLFL stands for like-for-like sales growth which represents the
constant currency, year-on-year sales growth for stores that
have been open for more than a year.
LIBORLondon Inter Bank Offered Rate (LIBOR). The rate of interest that major international banks in London charge each other for borrowings.
Unredeemed redeemable shares held by shareholders receive a dividend calculated on 75 per cent of six months' LIBOR.
LMELME is the legislative change shortening payment terms in
France, implemented over the three years to 2012.
Market for the UK's leading home improvement retailersKingfisher estimate for the UK RMI (Repairs, Maintenance &
Improvement) market incorporates GfK data, which includes
new space but which excludes B&Q Ireland and private retailers
e.g. IKEA and other smaller independents. It is on a cash sales
basis and is adjusted for discounts.
MTN ProgrammeA programme which is used to issue debt in the euro and sterling bond markets. The programme includes a standard form of issue documents and a prospectus, which is updated regularly.
Net cashNet cash comprises borrowings and financing derivatives
(excluding accrued interest), less cash and cash equivalents
and current other investments.
OmnichannelAllowing customers to shop with us in any way
they prefer (via shops, the internet or catalogues).
Ordinary shareThe most common class of share representing the owners interest in a company.
Other InternationalOther International consists of China, Poland, Romania,
Russia, Spain, Turkey (Koçtaş JV) and Hornbach in Germany.
P/E ratioRatio or multiple calculated by dividing the price per share (p) by the earnings per share (e). The A simple measure for comparing the relative valuations of different companies. The P/E ratio is an indicator used by analysts to decide the value of shares relative to the market.
Preliminary results (prelims)The first release of a company’s results for the full financial year to the stock exchange (unaudited).
Record dateThe date, set by the issuing company, on which a shareholder must own shares in order to be eligible to receive a declared dividend.
Retail profitRetail profit is operating profit stated before central costs,
exceptional items, amortisation of acquisition intangibles and
the Group's share of interest and tax of JVs and associates.
2012/13 Group and UK retail profit comparatives restated by
£3 million to reflect reclassification of pension administrative
expenses from finance costs to retail profit in the UK, as per
the amended IAS 19.
Revolving Credit FacilityA bank credit facility which has a fixed maturity date and which allows the company to draw and repay loans to meet its funding requirements.
SalesJoint Venture (Koçtaş JV) and Associate (Hornbach) sales
are not consolidated.
Smaller tradesman marketKingfisher estimate for the UK
smaller tradesman market is a weighted average incorporating
70% trade (using the most recent public data available for the
big trade merchants as a proxy) and 30% DIY (using the UK
RMI (Repairs, Maintenance & Improvement) GfK large chain
TradePointB&Q UK & Ireland's trade-only offer.
UK & IrelandUK & Ireland consists of B&Q in the UK & Ireland and Screwfix.
US Private PlacementAn issue of debt in the US in the private rather than the public debt market. The debt is usually issued in US dollars for fixed periods, with a fixed coupon.
YieldThe rate of return gained on an investment. It also refers to the dividend payable on a share (expressed as a percentage of the market price).
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