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Screwfix Sell Side Trip

Screwfix Sell Side Trip on 12 October 2012

Glossary

 

A

  • Adjusted Adjusted 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.
  • AGM The 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.
  • AMP A 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.

B

  • Banque de France Banque de France data includes relocated and extended stores.
  • Bear An investor or dealer on a stock exchange, currency market or commodity market who expects prices to fall.
  • Bear market A market in which prices are falling or expected to fall.
  • Bond A 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 market Brico 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 forecast Estimates, normally in the form of a written note, issued by stockbrokers and bank analysts about a company's performance.
  • Bull An investor or dealer on a stock exchange, currency market or commodity market who expects prices to rise.
  • Bull market A market in which prices are rising or expected to rise.

C

  • Capital gain Profit 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 period The 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.
  • Common Common 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 basis Constant 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 basis Constant 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.
  • Covenant Provisions 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).
  • CREST An 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.

D

  • Dividend cover The number of times a company's dividend could be paid out of its net profits after tax in the same period.

E

  • EBITDA EBITDA (earnings before interest, tax, depreciation and amortisation) which is calculated as Retail profit less central costs and before depreciation and amortisation.
  • EBITDAR EBITDAR (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.
  • EPS Earnings 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.
  • Equity The voting capital in the company, represented by the ordinary shares.
  • Ex dividend Literally 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.

F

  • FFVR FFVR (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 hedge relationships.
  • Financial Year The 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.
  • France France consists of Castorama France and Brico Dépôt France.
  • Free cash flow Free cash flow represents cash generated from operations less the amount spent on tax, interest and capital expenditure during the year (excluding acquisitions).
  • FSA Financial Services Authority (FSA) is an independent, non-governmental body that regulates the financial services industry in the UK.

G

  • Gearing Used 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.

H

  • Holding company A holding company (or parent company) is one that holds shares in other companies.

I

  • Interim results Unaudited 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 date The date from which interest accrued on a security is calculated.

J

  • Joint venture Joint venture (JV). Co-operation on a project or business between two or more parties.

K

  • KEP KEP (Kingfisher Economic Profit) represents earnings after a charge for the annual cost of capital employed in the business.

L

  • LFL LFL 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.
  • LIBOR London 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.
  • LME LME is the legislative change shortening payment terms in France, implemented over the three years to 2012.

M

  • Market for the UK's leading home improvement retailers Kingfisher 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 Programme A 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.

N

  • Net cash Net cash comprises borrowings and financing derivatives (excluding accrued interest), less cash and cash equivalents and current other investments.

O

  • Omnichannel Allowing customers to shop with us in any way they prefer (via shops, the internet or catalogues).
  • Ordinary share The most common class of share representing the owners interest in a company.
  • Other International Other International consists of China, Poland, Romania, Russia, Spain, Turkey (Koçtaş JV) and Hornbach in Germany.

P

  • P/E ratio Ratio 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).

R

  • Record date The date, set by the issuing company, on which a shareholder must own shares in order to be eligible to receive a declared dividend.
  • Retail profit Retail 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 Facility A bank credit facility which has a fixed maturity date and which allows the company to draw and repay loans to meet its funding requirements.

S

  • Sales Joint Venture (Koçtaş JV) and Associate (Hornbach) sales are not consolidated.
  • Smaller tradesman market Kingfisher 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 (shed) data).

T

  • TradePoint B&Q UK & Ireland's trade-only offer.

U

  • UK & Ireland UK & Ireland consists of B&Q in the UK & Ireland and Screwfix.
  • US Private Placement An 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.

Y

  • Yield The 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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