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Dixons Group plc Interim Statement 1999/2000
Dixons Group plc
M AY L A N D S AV E N U E , H E M E L H E M P S T E A D, HERTS H P2 7TG TEL 014 42 353 000 http:/ /www. d i x o n s - g r o u p - p l c . c o . u k

Financial Highlights
T h rough all our brands we aim to provide unrivalled value to our
customers by the range and quality of our products, our
competitive prices and our high standards of serv i c e .
28 weeks
ended
13 November
1999
£million
28 weeks
ended
14 November
1998
£million
Change
%
We specialise in the sale of high technology consumer
e l e c t ronics, personal computers, domestic appliances,
photographic equipment, communications products and after
sales service through Dixons, Currys, PC World, The Link,
@ j a k a rta and Masterc a re. Elkjøp is the leading consumer
e l e c t ronics retailer in the Nordic re g i o n . ● T h rough Fre e s e rv e ,
we provide the UK’s leading internet service, offering fre e
i n t e rnet connection, a comprehensive selection of UK content
and e-commerc e . ● Our European Pro p e rty division, Codic, has
established a reputation for high quality retail and off i c e
developments in Belgium, Luxembourg and France.
Our objective is to create value for our shareholders, care e r
o p p o rtunities for our employees and the best value and service for
our customers.
Turnover 1,720.7 1,455.2 +18%
Profit before taxation, exceptional items and Freeserve 92.5 81.4 +14%
Profit on ordinary activities before
taxation and exceptional items 83.9 80.9 +4%
Profit on ordinary activities before taxation 299.4 68.9 +335%
Pence Pence %
Adjusted diluted earnings per Ordinary share 12.8 13.2 -3%
Diluted earnings per Ordinary share 56.7 11.3 +402%
Dividends per Ordinary share 4.2 3.5 +20%
● P rofit before taxation of £299.4 million
● Underlying profit before taxation (before exceptional items and Fre e s e rv e
losses) of £92.5 million, up 14%
● Interim dividend 4.20 pence per Ord i n a ry share, up 20%
● Retail sales up 18%, to £1,676 million, up 8% like for like
● Successful flotation of Fre e s e rve yields £219 million exceptional profit. Dixons
G roup retains 80% stake in the UK’s largest internet business
● Over £30 million investment planned in e-commerce over the next two years
● S h o rtly after the half-year end, the Group acquired Elkjøp, the leading
consumer electronics retailer in the Nordic re g i o n
Contents 1 Financial highlights 2 Chairman’s statement 6 Consolidated profit
and loss account 7 Consolidated balance sheet 8 Consolidated cash flow
statement 9 Notes to the interim financial report 16 Investor information
● Corporate re s t ructuring announced. £121 million to be re t u rned to
s h a re h o l d e r s
Dixons Group plc Dixons Group plc 1

Chairman’s Statement
Results and Dividends
Profit on ordinary activities before taxation
for the 28 weeks ended 13 November
1999 was £299.4 million (1998/99
£68.9 million). Diluted earnings per
Ordinary share were 56.7 pence (11.3
pence).
The exceptional credit of £215.5 million
mainly relates to the profit arising from the
sale of approximately 20 per cent of
Freeserve. Excluding the exceptional profit
and the loss incurred by Freeserve, the
underlying profit before tax increased by
14 per cent to £92.5 million (£81.4
million).
Despite the positive operating performance,
adjusted diluted earnings per
share, which exclude exceptional items,
fell slightly to 12.8 pence (13.2 pence),
reflecting the Group's share of Freeserve
losses and an increase in the Group's
effective tax rate.
The directors have declared an interim
dividend of 4.20 pence per Ordinary share
(3.50 pence), an increase of 20 per cent,
payable on 6 March 2000 to shareholders
registered on 4 February 2000.
Retail
The Retail division made an operating
profit before exceptional items of £71.5
million (£63.1 million), an increase of 13
per cent. Total sales in the period
increased by 18 per cent to £1,676 million
(£1,426 million), with like for like sales 8
per cent higher than in the first 28 weeks
of 1998/99.
New technology and price deflation were
the key factors affecting the consumer
e l e c t ronics market. Mobile phones,
w i d e s c reen televisions and digital
products including camcorders, minidisc
and DVD players enjoyed strong growth.
H o w e v e r, markets such as games
consoles and VCRs suff e red fro m
particularly heavy price deflation that was
not fully offset by volume growth.
Retail gross margin declined by 0.7
p e rcentage points reflecting aggre s s i v e
pricing action and the growth of lower
margin areas of the business such as PC
World Business.
The continuing downward pre s s u re on
margins was partially offset by a reduction
in costs as a proportion of sales. The
reduction of 0.5 percentage points
reflected improved operating efficiencies
and the benefits of leveraging the Group's
costs against the higher sales base. Retail
rents remain a source of cost inflation,
although there is some evidence that
rents are moderating on new leases.
Dixons sales, at £368 million (£334
million), were up 10 per cent overall and 7
per cent like for like. Sales of new
technology products were strong, although
the decline in the games console market,
which fell by 25 per cent over the period,
had an adverse effect. Eight stores were
opened in the period and a further two
were resited. A new concept store was
trialled with an improved layout and
product merchandising designed for easier
shopping for the customer and more
efficient management. Initial results are
encouraging.
Currys sales were £688 million (£629
million), an increase of 9 per cent in total
and 4 per cent like for like. Currys gained
market share in the period with particularly
s t rong perf o rmances in domestic
appliances and widescreen televisions.
Exclusive brands allow Currys to offer the
widest available range of pro d u c t s
supported by a market leading service
proposition. This was further enhanced by
the availability of next day delivery, seven
days a week on some 2,000 product lines.
In June, Currys piloted a range of fitted
kitchens in four stores, offering the
consumer a wide range of quality kitchens
in conjunction with the widest selection of
appliances in the UK. The trial stores have
achieved good sales levels. As a result,
kitchens have been rolled out to a further
20 stores with further expansion planned.
Currys continued to increase both the
number of stores (7 Superstores opened
during the period) and the size of stores,
with 3 stores extended and a further 5
resited into larger units.
PC World sales, at £454 million (£362
million), increased by 26 per cent overall
and 8 per cent like for like. PC World's
growth in sales and market share reflects
its combination of market beating prices,
the widest product range and an unrivalled
service proposition. PC Health Check has
been introduced into all stores, offering
customers the opportunity to have their PC
performance optimised and upgraded. A
further 11 new Superstores were opened.
Of these, 3 were in a new format of around
12,000 square feet designed for smaller
markets. Their success confirms PC
World's potential to expand its store base
into smaller towns.
Despite a cautious business market
ahead of the millennium, PC Wo r l d
Business continued to achieve stro n g
growth with sales up 35 per cent at £53
million.
The Link sales were £125 million (£71
million), an increase of 77 per cent in total
and 43 per cent on a like for like basis. 20
new stores were opened, taking the total
to 195. The Link benefited from the strong
growth in pre-pay mobile phones. There is
now a vast combination of handsets,
tariffs and networks available, reinforcing
the need for a specialist communications
store. To assist the customer, The Link
has installed, EasyLink, an advanced
computer facility that, on the basis of each
customer's individual re q u i re m e n t s ,
recommends the most appro p r i a t e
selection of tariff, network and handset.
E-commerce
The Group continues to develop its e-
commerce strategy. Total on-line sales in
the first half, although a very small
proportion of turnover, were six times
higher than the same period last year. This
t rend accelerated over the Christmas
period.
@jakarta, the Group's combined 'bricks
and mortar' and e-commerce games and
s o f t w a re retailer successfully launched
its transactional web site
(www.jakarta.co.uk). In November, the site
was incorporated within the games
channel on Freeserve, supported by an
extensive advertising campaign.
Downloadable software was also made
available shortly thereafter.
2 Dixons Group plc
Dixons Group plc 3

The Group believes that software is a
category in which on-line sales will capture
a large share of the market. It is less clear
how many customers will be willing to
purchase other products without seeing
them and obtaining appropriate advice and
after sales back up. However, e-commerce
will take a share of traditional retail sales
within an expanding retail market.
Customers will use the net to assist in
making product decisions and for after
sales service information.
The Group aims to be a market leader both
in ‘bricks and mortar’ retailing and e-
commerce. It will exploit the opportunities
to provide enhanced customer service and
i n c rease market share through both
mediums. The Group expects to invest in
excess of £30 million over the next two
years in developing its e-commerc e
activities. The Group's expertise, marketleading
brands and links with Freeserve
give it a unique position to cre a t e
additional profit streams from e-
commerce.
Elkjøp
Shortly after the end of the half-year, the
Group acquired, for £444 million, Elkjøp
ASA, the leading consumer electronics
retailer in the Nordic region. Elkjøp is a
profitable and fast growing company with
over 150 stores in 5 countries. We
believe that this growth can be further
enhanced as part of the Dixons Group.
The acquisition represents a significant
step in the Group's European expansion
strategy.
Freeserve
Freeserve strengthened its position as the
UK's leading internet company. By the end
of the period it had 1.575 million active
users, an increase of almost 400,000
since the beginning of the financial year.
Total minutes on-line in the first half were
4.1 billion. In line with Fre e s e rv e ' s
strategy of building on its position as the
UK's largest ISP to become the UK's
leading internet portal, page impressions
increased to 110 million in November, an
increase of 72 per cent from the beginning
of the half year. Total revenue was £7.2
million, an increase of 184 per cent on the
second half of last year. In line with
expectations, advertising and e-commerce
have now grown to 50 per cent of total
revenue.
On 26 July 1999, the Group made an
Initial Public Offering of a minority interest
in Freeserve. Approximately 20 per cent
of the shares were made available in the
offer, with Dixons retaining 80 per cent. Of
the £242 million raised net of fees and
stamp duty, £123 million went directly to
F re e s e rve to fund its growth and
investment plans.
European Property
The European Property division made an
operating profit of £6.3 million (£4.0
million) on sales of £39 million (£29
million). The 58 per cent increase in
profits on lower operating assets reflects
the success of the re-focus of activity into
Belgium, Luxembourg and France, where
Codic has a strong record of successful
projects.
Financial position
At the end of the period, net funds,
excluding amounts held under trust to
fund extended warranty liabilities and
funds held by Fre e s e rve, were £403
million (£32 million). The increase on last
year reflects the funds raised for Dixons
Group plc from the flotation of Freeserve
together with cash generated fro m
operations. Working capital was tightly
managed, with average stock weeks cover
falling by 14 per cent, whilst stock
availability improved.
Net interest receivable increased to £16.1
million (£14.3 million), reflecting the
higher cash balances, largely offset by
lower year on year interest rates.
On 13 December 1999, the Group paid a
special interim dividend of 7.5 pence per
Ordinary share. In order to qualify for this
dividend, over 75 per cent of the holders
of the Convertible Pre f e rence share s
elected to convert their holdings into
O rd i n a ry shares. The balance has
subsequently been converted resulting in
the total conversion of 177 million
C o n v e rtible Pre f e rence shares into 47
million Ordinary shares.
It was announced on 28 June 1999 that,
following the flotation of Freeserve, Dixons
was considering a corporate restructuring
to give greater strategic and financial
flexibility and a capital structure more
appropriate to its needs. It has now been
decided to proceed. As part of the
restructuring, the Board intends to return
25 pence per Ord i n a ry share to
shareholders, equivalent to £121 million
in aggregate. There will also be a share
split.
Year 2000
The extensive programme, started in
1997, to ensure that the Group's systems
and operations were Year 2000 compliant
has cost approximately £10 million. No
material problems or failures were
identified over the New Year period.
Christmas trading
Over the Christmas period, the growth of
digital technology and lower prices
ensured sales remained strong, although
there was a further reduction in gross
margins. Retail sales for the first eight
weeks of the second half to 8 January
2000 increased by 15 per cent in total and
5 per cent on a like for like basis.
Maylands Avenue Sir Stanley Kalms
Hemel Hempstead
Chairman
Hertfordshire HP2 7TG 12 January 2000
4 Dixons Group plc
Dixons Group plc 5

Consolidated Profit and Loss Account
Note
Turnover 2 1,720.7 - 1,720.7 1,455.2 3,156.3
Operating profit from
continuing operations 2 67.8 (4.9) 62.9 54.6 195.7
Exceptional profit on partial sales 3 - 220.4 220.4 - 7.5
Profit on ordinary activities before interest 67.8 215.5 283.3 54.6 203.2
Net interest 4 16.1 - 16.1 14.3 28.1
Profit on ordinary activities before
taxation 83.9 215.5 299.4 68.9 231.3
Dixons Group (excluding Freeserve) 92.5 215.5 308.0 69.4 232.8
Freeserve (8.6) - (8.6) (0.5) (1.5)
83.9 215.5 299.4 68.9 231.3
Taxation on profit on ordinary activities 5 (19.6) 0.7 (18.9) (13.9) (42.1)
Profit on ordinary activities after
taxation 64.3 216.2 280.5 55.0 189.2
Equity minority interests (1.5) - (1.5) (0.3) (3.0)
Profit for the period 62.8 216.2 279.0 54.7 186.2
Dividends - Preference 6 (2.2) (4.7) (8.9)
- Ordinar y 6 (56.6) (15.1) (66.3)
Retained profit for the period 220.2 34.9 111.0
Earnings per Ordinary share (pence)
Before
exceptional
items
£million
Exceptional
items
£million
28 weeks
ended
13 November
1999
Total
£million
Basic 7 62.9p 11.6p 41.1p
Adjusted basic 7 13.8p 13.7p 41.7p
Diluted 7 56.7p 11.3p 38.2p
Adjusted diluted 7 12.8p 13.2p 38.7p
Statement of Total Recognised Gains and Losses
28 weeks
ended
14 November
1998
Total
£million
52 weeks
ended
1 May
1999
Total
£million
Consolidated Balance Sheet
Fixed assets
Intangible assets 3.4 - -
Tangible assets 387.1 363.2 363.8
Investments 14.6 1.1 1.9
Current assets
Note
405.1 364.3 365.7
Stocks 8 609.9 643.0 427.3
Debtors 292.0 291.9 288.0
Investments 864.9 573.9 746.3
Cash at bank and in hand 185.1 16.7 11.0
Creditors - due within one year
1,951.9 1,525.5 1,472.6
Borrowing (46.7) (57.8) (42.9)
Other creditors (873.4) (731.7) (620.1)
(920.1) (789.5) (663.0)
Net current assets 1,031.8 736.0 809.6
Total assets less current liabilities 1,436.9 1,100.3 1,175.3
Creditors - due after more than one year
13 November
1999
£million
14 November
1998
£million
1 May
1999
£million
Borrowing (199.3) (227.6) (202.5)
Other creditors (182.4) (166.3) (173.7)
(381.7) (393.9) (376.2)
Provisions for liabilities and charges (34.7) (24.4) (34.4)
2 1,020.5 682.0 764.7
Shareholders’ funds 9 986.0 674.9 754.9
Equity minority interests 34.5 7.1 9.8
1,020.5 682.0 764.7
28 weeks
ended
13 November
1999
£million
28 weeks
ended
14 November
1998
£million
52 weeks
ended
1 May
1999
£million
Profit for the period 279.0 54.7 186.2
Translation adjustments (0.2) - 0.1
Prior period adjustment - 2.4 2.4
Total gains recognised in the period 278.8 57.1 188.7
6 Dixons Group plc
Dixons Group plc 7

Consolidated Cash Flow Statement
Net cash inflow/(outflow) from operating activities 11 140.9 (0.5) 300.8
Returns on investments and servicing of finance
Interest received 24.4 21.7 45.4
Interest paid (1.8) (0.6) (19.7)
Preference dividends paid (2.2) (4.4) (8.9)
Note
20.4 16.7 16.8
Taxation paid (1.0) (1.4) (58.7)
Capital expenditure and financial investment
Purchase of fixed asset investments (13.0) - -
Purchase of tangible fixed assets (64.6) (58.9) (88.8)
Sale of tangible fixed assets 10.1 1.2 3.3
Acquisitions and disposals
(67.5) (57.7) (85.5)
Cash consideration for acquisitions (2.2) (18.0) (18.0)
Net cash acquired with subsidiary 0.1 - -
Cash consideration for partial sales of subsidiaries 3 242.2 7.5 7.5
240.1 (10.5) (10.5)
Equity dividends paid (53.4) (42.1) (57.3)
Net cash inflow/(outflow) before management of liquid
28 weeks
ended
13 November
1999
£million
28 weeks
ended
14 November
1998
£million
52 weeks
ended
1 May
1999
£million
resources and financing 279.5 (95.5) 105.6
Notes to the Interim Financial Report
1 Basis of preparation
The interim financial report has been prepared using accounting policies consistent with those set
out in the financial statements for the 52 weeks ended 1 May 1999. During the period, Financial
Reporting Standard 15 (FRS 15) “Tangible Fixed Assets” was adopted by the Group. This has not
resulted in any material change in the Group’s treatment of fixed assets.
The interim financial report does not constitute statutory accounts within the meaning of section
240 of the Companies Act 1985. It is unaudited but has been reviewed by the auditors. Their
report is on page 15.
The financial information for the 52 weeks ended 1 May 1999 has been extracted from the financial
statements for that period. Those statements, which contain an unqualified auditors’ report, have
been delivered to the Registrar of Companies.
The Interim Statement for the 28 weeks ended 13 November 1999 was approved by the directors
on 12 January 2000.
2 Segmental analysis of turnover and operating profit
28 weeks 1999/00
Turnover
£million
Operating
profit
£million
Turnover
£million
28 weeks 1998/99
Operating
profit
£million
Turnover
£million
52 weeks 1998/99
Operating
profit
£million
Retail - base 1,675.7 71.5 1,425.9 63.1 3,089.9 202.5
- exceptional - (4.9) - (12.0) - (13.3)
European Property 38.6 6.3 29.3 4.0 64.1 8.0
Freeserve 7.2 (10.0) 0.2 (0.5) 2.7 (1.5)
Intragroup adjustments (0.8) - (0.2) - (0.4) -
1,720.7 62.9 1,455.2 54.6 3,156.3 195.7
Management of liquid resources
(Increase)/decrease in current asset investments (117.7) 42.6 (131.7)
Financing
Issue of Ordinary share capital 11.1 5.0 8.8
Decrease in debt due within one year (1.8) (7.0) (12.1)
(Decrease)/increase in debt due after more than one year (3.3) 7.9 (15.8)
6.0 5.9 (19.1)
Increase/(decrease) in cash in the period 12 167.8 (47.0) (45.2)
Segmental analysis of net assets
13 November
1999
£million
14 November
1998
£million
1 May
1999
£million
Retail 295.2 383.6 275.8
European Property 61.1 116.8 88.5
Freeserve 10.4 (0.3) (1.5)
Net operating assets 366.7 500.1 362.8
Net non-operating liabilities (150.2) (123.3) (110.0)
Net funds 804.0 305.2 511.9
Net assets 1,020.5 682.0 764.7
8 Dixons Group plc
Dixons Group plc 9

Notes to the Interim Financial Report continued
Net funds include investments of £304.0 million (14 November 1998 £273.0 million) held under trust to fund
extended warranty liabilities, resulting in a net free cash balance of £500.0 million (14 November 1998 £32.2
million).
All turnover and operating profit are derived from continuing operations.
The Retail division operates in the United Kingdom and the Republic of Ireland. The European Property
division operates mainly in Belgium, Luxembourg, Germany and France. Freeserve operates in the United
Kingdom as an internet service provider and portal. There were no material exports from the locations in
which the Group operates.
The Retail exceptional item for the 28 weeks ended 13 November 1999 includes a charge of £1.6 million
(28 weeks ended 14 November 1998 £1.7 million, 52 weeks ended 1 May 1999 £3.0 million) for the cost of
ensuring that the Group’s computer and other operating systems are able to function effectively in the Year
2000 and beyond. The 1998/99 Retail exceptional items also include a charge of £10.3 million for the
post-acquisition integration of the retail business of Seeboard plc with the Retail division.
A further £3.3 million exceptional charge has been incurred on additional integration costs of prior years’
acquisitions.
3 Exceptional profit on partial sales of subsidiaries
On 26 July 1999 the Group made an Initial Public Offering of a minority interest in Freeserve plc and on 2
August 1999 Freeserve plc was admitted to the London Stock Exchange and Nasdaq. Net proceeds of
£242.2 million were received after deducting all issue costs, flotation fees, expenses and marketing costs.
A consolidated net gain of £219.3 million arises after deduction of minority interests.
A further consolidated net gain of £1.1 million arose on the deemed disposal in respect of shares issued by
Freeserve plc as part of the purchase consideration for Babyworld.com Limited acquired on 6 August 1999.
As at 13 November 1999 Dixons Group plc owned 80.04% of the issued share capital of Freeserve.
In the 52 weeks ended 1 May 1999 an exceptional credit of £7.5 million was recognised in respect of further
consideration receivable on the sale of 40% of The Link Stores Limited in 1997/98.
6 Dividends
Per Ordinary share
Special interim of 7.5 pence paid (1998/99 nil) 36.3 - -
Interim of 4.2 pence proposed (1998/99 3.5 pence) 20.3 15.1 15.1
Final for 1998/99 of 11.8 pence paid 51.2
Ordinary dividends paid and proposed 56.6 15.1 66.3
Preference dividends paid 2.2 4.7 8.9
58.8 19.8 75.2
As a result of the conversion of the Preference shares into Ordinary shares the Preference dividend paid on 31
July 1999 will be the final such payment.
7 Earnings per Ordinary share
28 weeks
1999/00
£million
28 weeks
1999/00
£million
28 weeks
1998/99
£million
28 weeks
1998/99
£million
52 weeks
1998/99
£million
52 weeks
1998/99
£million
Profit for the period 279.0 54.7 186.2
Preference dividends (2.2) (4.7) (8.9)
Basic earnings 276.8 50.0 177.3
Preference dividends 2.2 4.7 8.9
Diluted earnings 279.0 54.7 186.2
million million million
Basic weighted average number of shares 439.8 431.0 431.7
4 Net interest
28 weeks
1999/00
£million
28 weeks
1998/99
£million
52 weeks
1998/99
£million
Convertible Preference shares 42.2 47.3 47.3
Employee share options and incentive schemes 9.8 3.7 8.8
Diluted weighted average number of shares 491.8 482.0 487.8
Interest receivable and similar income 26.4 22.8 44.5
Interest payable (10.6) (9.8) (18.4)
15.8 13.0 26.1
Interest capitalised 0.3 1.3 2.0
5 Taxation on profit on ordinary activities
16.1 14.3 28.1
The taxation charge on profit on ordinary activities before exceptional items is based on the estimated effective
rate of taxation of 23.4 per cent for the 52 weeks ending 29 April 2000. There is an exceptional tax credit of
£0.7 million in respect of the charges for Year 2000 costs and integration costs.
pence pence pence
Basic earnings per Ordinary share 62.9 11.6 41.1
Exceptional items, net of taxation (49.1) 2.1 0.6
Adjusted basic earnings per Ordinary share 13.8 13.7 41.7
Diluted earnings per Ordinary share 56.7 11.3 38.2
Exceptional items, net of taxation (43.9) 1.9 0.5
Adjusted diluted earnings per Ordinary share 12.8 13.2 38.7
Adjusted earnings per Ordinary share exclude exceptional items.
10 Dixons Group plc
Dixons Group plc 11

Notes to the Interim Financial Report continued
8 Stocks
13 November
1999
£million
14 November
1998
£million
1 May
1999
£million
10 Reconciliation of movements in shareholders’ funds
13 November
1999
£million
14 November
1998
£million
1 May
1999
£million
Finished goods and goods for resale 565.6 586.7 378.4
Properties held for development or resale 44.3 56.3 48.9
9 Shareholders’ Funds
609.9 643.0 427.3
At 1 May 1999 43.4 125.1 - 409.1 8.9 168.4
Retained profit for the period 220.2
Translation adjustments (0.2)
Ordinary shares issued:
Ordinary
share
capital
£million
Share
premium
account
£million
Share options - employees 0.3 10.8
Capital
reserve
£million
Profit
and loss
account
£million
- employee trusts 15.5 (15.5)
Conversion of Preference shares 4.7 4.2 168.4 (8.9) (168.4)
Transfer to capital reserve 104.7 (104.7)
Preference
share
capital
£million
At 13 November 1999 48.4 155.6 104.7 677.3 - -
Total shareholders’ funds at 13 November 1999 are £986.0 million (1 May 1999 £754.9 million).
Special
reserve
£million
By 13 November 1999, Preference shareholders had received compulsory notice to convert their shareholdings
into Ordinary shares and conversion took place shortly thereafter. The above note shows the conversion into
Ordinary shares as if it had taken place prior to 13 November 1999.
The transfer to a capital reserve represents the profit on the deemed disposals relating to the issue of shares by
Freeserve.
Opening shareholders’ funds 754.9 635.0 635.0
Profit for the period 279.0 54.7 186.2
Dividends - Preference (2.2) (4.7) (8.9)
- Ordinary (56.6) (15.1) (66.3)
220.2 34.9 111.0
Other recognised gains and losses relating to the period (0.2) - 0.1
Ordinary shares issued:
Share options 11.1 5.0 8.8
Conversion of Preference shares 8.9 - -
Preference shares converted (8.9) - -
Net additions to shareholders’ funds 231.1 39.9 119.9
Closing shareholders’ funds 986.0 674.9 754.9
11 Net cash inflow/(outflow) from operating activities
28 weeks
1999/00
£million
28 weeks
1998/99
£million
52 weeks
1998/99
£million
Operating profit before exceptional operating items 67.8 66.6 209.0
Utilisation of provisions for exceptional costs (5.4) (11.0) (18.5)
Depreciation 40.3 37.0 73.2
Amortisation of goodwill 0.2 - -
Amortisation of own shares 0.2 0.3 0.7
Shares retained in lieu of income tax liability - - (1.2)
(Increase)/decrease in stocks (183.5) (204.0) 9.3
Increase in debtors (3.8) (21.8) (13.9)
Increase in creditors 225.1 132.4 42.2
140.9 (0.5) 300.8
12 Dixons Group plc
Dixons Group plc 13

Notes to the Interim Financial Report continued
12 Reconciliation of net cash flow to movement in net funds
Increase/(decrease) in cash in the period 167.8 (47.0) (45.2)
Cash movement from increase/(decrease) in current asset 117.7 (42.6) 131.7
investments
Cash movement from decrease in debt due within one year 1.8 7.0 12.1
Cash movement from decrease/(increase) in debt due after 3.3 (7.9) 15.8
more than one year
28 weeks
1999/00
£million
28 weeks
1998/99
£million
52 weeks
1998/99
£million
Increase/(decrease) in net funds resulting from cash movements 290.6 (90.5) 114.4
Other adjustments 1.2 - (1.6)
Translation adjustments 0.3 (2.7) 0.7
Movement in net funds in the period 292.1 (93.2) 113.5
Opening net funds 511.9 398.4 398.4
Closing net funds 804.0 305.2 511.9
Independent Review Report by the Auditors
to Dixons Group plc
Introduction
We have been instructed by the Company to review the financial information set out on pages 6 to 14 and we have
read the other information contained in the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.
Directors’ responsibilities
The interim report, including the financial information contained therein, is the responsibility of, and has been approved
by, the directors. The Listing Rules of the London Stock Exchange require that the accounting policies and presentation
applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts
except where any changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices
Board. A review consists principally of making enquiries of group management and applying analytical procedures to
the financial information and underlying financial data and based thereon, assessing whether the accounting policies
and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such
as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit.
Accordingly, we do not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that should be made to the financial
information as presented for the 28 weeks ended 13 November 1999.
13 Analysis of movement in net funds
1 May
1999
£million
Cash flow
£million
Other
adjustments
£million
Translation
adjustments
£million
13 November
1999
£million
Hill House
Deloitte & Touche
1 Little New Street Chartered Accountants
London EC4A 3TR 12 January 2000
Cash at bank and in hand 11.0 174.1 - - 185.1
Overdrafts (17.9) (6.3) - - (24.2)
167.8
Current asset investments 746.3 117.7 1.3 (0.4) 864.9
Debt due within one year (25.0) 1.8 - 0.7 (22.5)
Debt due after more than one year (202.5) 3.3 (0.1) - (199.3)
Net funds 511.9 290.6 1.2 0.3 804.0
14 Post balance sheet event
On 29 November 1999 the Group announced a recommended cash offer for 100% of the share capital of
Elkjøp ASA, the leading consumer electronics retailer in the Nordic region, at a price of NOK160 per share. This
values Elkjøp at £444 million.
Retail Sales Analysis
28 weeks
1999/00
£million
Dixons 368.4 333.7 10 7
Currys 688.4 629.1 9 4
PC World 454.2 361.9 26 8
The Link 125.3 70.7 77 43
@jakarta 2.4 - N/A N/A
Other 37.0 30.5 21 N/A
1,675.7 1,425.9 18 8
Retail Store Data Number of stores Sales area
13 Nov e m b e r
1 9 9 9
28 weeks
1998/99
£million
Change since
1 May 1999
Change
%
13 Nov e m b e r
1 9 9 9
000 sq. ft.
Like for
like change
%
Change since
1 May 1999
000 sq.ft.
Dixons 353 7 885 22
Currys – Superstores 262 6 3,101 118
– High Street 138 (1) 248 (1)
PC World 77 11 1,391 166
The Link 195 20 175 18
@jakarta 5 - 11 -
1,030 43 5,811 323
14 Dixons Group plc
Dixons Group plc 15

Investor Information
Registrars and transfer office
IRG plc
Balfour House
390/398 High Road
Ilford
Essex IG1 1NQ
Tel: 0181 639 2000
Registered office
Maylands Avenue
Hemel Hempstead
Hertfordshire HP2 7TG
Registered No. 333031
Low cost share dealing service
Cazenove & Co. operates a low cost share
dealing service for private investors who
wish to buy or sell the Company’s shares.
Details are available from Cazenove & Co.
Tel: 0171 606 1768
Internet
The 1998/99 Annual Report and other
information is available through the internet
on http://www.dixons-group-plc.co.uk
Dividend Reinvestment Plan
The Group operates a Dividend Reinvestment
Plan, details of which are available from the
Registrars.
Dividend mandate
Shareholders who wish dividends to be paid
directly into a bank or building society
account should contact the Registrars for a
dividend mandate form.
16 Dixons Group plc
This method of payment reduces the risk
of delay or loss of dividend cheques in
the post and ensures the account is
credited on the dividend payment date.
Individual Savings Account
A corporate ISA is available for investors
wishing to take advantage of preferential
tax treatment in relation to their
shareholdings. Details are available from
Brewin Dolphin Bell Lawrie Limited.
Tel: 0131 225 2566 and ask for the
Dixons Group helpline.
ADR depositary
The company’s ordinary shares are
available in the form of American
Depositary Receipts (ADRs). The
company’s depositary is Bank of New
York. Tel: 001 212 815 2051 (from the
United States of America 888-BNY-ADRS
toll-free).
Financial calendar
Interim Ordinary dividend record date
4 February 2000
Payment of Interim Ordinary dividend
6 March 2000
1999/2000 preliminary results
announcement
July 2000
1999/2000 annual report publication
August 2000
Annual general meeting
6 September 2000
Payment of 1999/2000 final dividend
October 2000