Thorn-EMI 1995 Annual Report

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From Mino[*" Few industries are as iast-noving and d,vnamic as music retailing. So it might seem a paradox that HMV, the organisation setting the pace in nanv of the rvorld's ke_v music nurkets, wrrs lounded almost 75 ye:rrs ago. The HMV Group l.ras e arned a reputatio1r as the most authoritative nusic retailer in its chosen, and higl.rl-v conpetitive, narket-places. HMV has combinec{ its long experiencc rvith the most imaginitive lpproaches to attracting and satisiying the interest of lovers of music ofall kinds. Our 'formula', which hirs take n us to r rss rn tl.< rrrjor ntu.i. nt.rrlet. rr 'uL both herrispheres, goes much deeper than the razzmrtazz and bustle ofour superstores. Underlying it is a hard headed polic,v of investment: in prime sites in tl.re prinary markets; in the sophisticated systems essential to efficienc,v and profitabilit,v in a business rvhere margins are slender; and, most inportantly, in the quality ar.rd skills of our people. lh. rr'r HVV rc, o1.l .191q \r!d. set up in London's Oxfbrd Street in 1921. Arguably the most famous record store in the rvorld, it still flourishes on the s:rme site while:1 short distance away, also in Oxfbrd 122 stores HMV Group store growth 97 stores 1985/86 -1994/95 56 stores 43 stores 102
Street, HMV's UK 1-lagship store remains the rvorld's largest. As rvell as being HMV's birthplace, a few years ago the UK was our only market-p1ace. The 43 store now account fbr over halfofthe total store network and ,18.8 per cent of HMV's total turnover. f ron small beginr.rings, HMV has grown to be a big noise and a 201 stores UK chain ofthat time is now a 200- plus chain in markets extending from the USA and Canada toJapan, Hong Kong and Australia, as rvell as the UK anJ L
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accounts
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Operating profit
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ETHoRN EMt Annual General Meeting T
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It is the Remuneration Committee's
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(d) On exercise of options the Comp
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7. Ordinary Resolution THAT the Dir
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Chairman's statement The year was o
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Chairman's statement economy and to
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Financial review Simon Duffy Group
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Financial review Other exceptional
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EMI a repeat performance Country su
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strong releases Steven Crlftls Chap
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increasing Pace of THORN achieved
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Reshaping business NewZealand was e
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HMV customer-driven performance An
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lnvestih$ in tomorrow's world...
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A ta rg eted programme of community
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Prog ress towa rds env:ronmental im
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controlling key impacts CO, emifted
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Board of Directors Sir Colin Southg
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Directors'Report for the year ended
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Directors' Report The internal cont
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Auditors'report Report of the Audit
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Accounting policies Depreciation of
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Consolidated profit and loss accoun
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Group Fixed arsetr Music publis
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Statement of total recognised galns
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Notes to the accountr 2. Analysis o
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Notes to the accounts 8. Exceptlona
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Noter to the accounts I l.Tanglble
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Notes to the accounts 12, Flxed ass
Page 64 and 65: Notes to the account3 15. lnvestmen
Page 66 and 67: Noter to the accounts 16. Borrowing
Page 68 and 69: Notes to the accounts of changer i
Page 70 and 71: Notes to the a(counts 23.5hare capi
Page 72 and 73: NoteJ to the accounts 26. tinancial
Page 74 and 75: Notes to the accounts 29, Dispotal
Page 76 and 77: Notes to the a(counts 3O. Purchase
Page 78 and 79: Notes to the accounts 32. Directors
Page 84 and 85: Notes to the a
Page 86 and 87: Notes to the a(counts 32, Directors
Page 88 and 89: Five year summary for the years to
Page 90 and 91: lnvestor information Financial cale
Page 92 and 93: Tlte nz,er and bus;flut otnlaieu pa
Page 95 and 96: "The British music scene is enioyin
Page 97 and 98: From {\ "Alternative music is quick
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Page 103 and 104: develop a unique catalogue of recor
Page 105: thc,rcore,rudielceorlttr,rctrl,rrge
Page 109 and 110: to ownership opportunity. The intro
Page 111 and 112: to idcntif,v and exploit synerg-r;
Page 113: Curtomer 5atisfa
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Thorn-EMI 1995 Annual Report

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