DFS Furniture PLC Statement re LTIP Awards Targets (6113R)
09 Marzo 2021 - 12:00PM
UK Regulatory
TIDMDFS
RNS Number : 6113R
DFS Furniture PLC
09 March 2021
DFS Furniture plc
(the "Company")
PERFORMANCE CONDITIONS FOR AWARDS GRANTED ON 6 OCTOBER 2020
UNDER DFS FURNITURE PLC'S UNDER THE LONG-TERM INCENTIVE PLAN (THE
"LTIP")
As previously announced, DFS Furniture plc (the Company) granted
a Nil-Cost Option over shares (the FY21 Award) under the LTIP on 6
October 2020 to the CEO and CFO as listed in the table below.
Details of the conditional share awards under the LTIP are as
follows:
Name Role Number of conditional
shares awarded
Tim Stacey CEO 337,711
------ ----------------------
Mike Schmidt CFO 202, 626
------ ----------------------
As disclosed in the FY2020 Directors' Remuneration Report, the
Committee felt it was unlikely that it would be able to robustly
set three-year EPS targets for the FY21 Award at the grant date,
given the significant uncertainty in the wider economic
environment. On this basis, the Committee agreed to determine the
EPS targets applicable to the FY21 Award within six months from the
Date of Grant, in line with the Investment Association's
concession.
The Committee has now conducted a review of the targets taking
account of the Group's strategic plan as well as the outlook for
the sector and general macroeconomic conditions. Following careful
consideration, the Committee approved the target range set out
below with EPS stated as an absolute figure which needs to be
achieved in the financial year ending 25 June 2023. The Committee
is cognisant that the threshold and maximum level of EPS in FY2023
is beneath that set for the previous award under the FY2020 LTIP
scheme. The Committee considered that the significant impact that
Covid-19 has had on the economy, resulting in the increased number
of shares in issue, made a rebasing of the target range for the
FY21 Award appropriate.
In determining the appropriate target range, the Committee took
account of the Group's strategic plan targets over the performance
period. The proposed performance targets represent significant
growth in total profitability upon the pre-Covid-19 FY2019
financial performance. The Committee was also comfortable that the
threshold performance target was in line with the arithmetic mean
of analysts' consensus forecast for FY2023.
FY21 LTIP Award - Performance targets
(i) Adjusted EPS (50% of the FY21 Award)
Percentage of this portion of the Award vesting
Between 20%
and 100% on
a straight line
Nil 20% 100% basis
-------- ---------------- ---------------------
Less than 18.7p 24.7p or more Between 18.7p
18.7p and 24.7p
-------- ---------------- ---------------------
(ii) Relative TSR (50% of the FY21 Award)
The proposed performance target for the Relative TSR element
mirror the last two LTIP awards (FY19 and FY20).
Percentage of this portion of the Award vesting
Between 20% and
100% on a straight
Weighting Nil 20% 100% line basis
---------------- ---------------- ------------------- ----------------------
15% (FTSE 250 Below FTSE Equal to FTSE 10% p.a. above Between FTSE 250
Index) 250 Index 250 Index the FTSE 250 Index return and
Index return 10% p.a.
---------------- ---------------- ------------------- ----------------------
35% (FTSE 350 Below FTSE Equal to FTSE 10% p.a. above Between FTSE 350
General Retailers 350 General 350 General the FTSE 350 General Retailers
Index) Retailers Retailers General Retailers Index return and
Index Index Index return 10% p.a.
---------------- ---------------- ------------------- ----------------------
The performance period for the FY21 Award began at the beginning
of the Company's 2021 Financial Year and will finish at financial
year ending 25 June 2023.
In line with the Directors' Remuneration Policy, the Committee
will have overriding discretion to adjust the formulaic vesting
outcome of this award if it is deemed necessary in order to ensure
an equitable outcome for all stakeholders and the business.
Enquiries:
DFS: (enquiries via Tulchan) TULCHAN
Liz McDonald (Group Company James Macey-White
Secretary)
Jessica Reid
Phil Hutchinson (Investor Relations) Amber Ahluwalia
investor.relations@dfs.co.uk dfs@tulchangroup.com
About DFS Furniture plc
The Group is the clear market-leading retailer of living room
furniture in the United Kingdom. We design, manufacture, sell and
deliver to our customers an extensive range of furniture products.
The business operates an integrated physical and digital retail
network of living room furniture showrooms and web sites in the
United Kingdom and other European countries, trading through our
leading brands. The Group has been established and developed
gradually over 50 years of operating history. We attract customers
through our substantial and continued investment in nationwide
marketing activities and our reputation for high quality products
and service, breadth of product ranges and price points and
favourable consumer financing options.
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END
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