Thorn-EMI 1995 Annual Report

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Reshaping business NewZealand was established in the final quarter to improve overall efficiency without detracting from the business focus. Elsewhere, the business in Hong Kong achieved further profit growth in local currency through tight cost control while testing a new proposition aimed at the hirepurchase seginent. Europe THORN Europe operating profit rose 30.0 per cent at constant exchang€ rates, helped by earlier restructuing activity as well as the continuing success of the recently launched new propositions. At 31 March 1995, total domestic rental and credit agreements were 3.1 per cent higher than the prior year, while Institutional sales remained buoyantwith a 4.6 percent increase in units on rent over the year. The performance ofthe Danish business was excellent, with like-for-like sales in the (lary George" "New 8uy Scheme' qnderplnr lt'.t.on9
Focusing o" growth units on rent.This reversal ofthe revenue decline apparent in recent years reflects the successful introduction ofthe Option-2-Own proposition combined with the extended product range: rentto-own contracts accounted for 50 per cent ofrental revenues arising on new installations over the year.rVith encouraging volume performance in PCs, home enteltainment centres and mobile phones, THORN UK further improved its market share of all installations to 54.8 per cent from 60.4 per cent in the previous year.The CrazyGeorge's concept, launched in April 1994 to meet the needs ofcash and credit constrained households, has proved extraordinarily successful.It was pleasing that, of the six stores operating by the year-end, two were already trading profitably. A further 22 stores are planned for1.995/96. Closure of Rumbelows retail operations It was announced in February 1995 that the UKbusiness would make an accelerated exit from the remaining Rumbelows stores, the trial Fona concept and certain in-store concessions, with consequent rationalisation ofservice, distribution and administrative support facilities. Store activity had ceased, ahead of schedule, by 31 March 1995. Of the 321stores,2TI are being sold to third parties, 30 have imminent lease ends, 19 are being transferred to Radio Rentals or Crazy George's, leaving just one still available.This satisfactory outcome was particularly helped by the acquisition of231 stores by Escom AG (the German-owned PC retailer). It was also heartening The avallability of the d.nMAX proposltion a.roir a wide produd range has be€n w€l
Page 1 and 2: accounts
Page 3 and 4: Operating profit
Page 5 and 6: ETHoRN EMt Annual General Meeting T
Page 7 and 8: It is the Remuneration Committee's
Page 9 and 10: (d) On exercise of options the Comp
Page 11: 7. Ordinary Resolution THAT the Dir
Page 14 and 15: Chairman's statement The year was o
Page 16 and 17: Chairman's statement economy and to
Page 18 and 19: Financial review Simon Duffy Group
Page 20 and 21: Financial review Other exceptional
Page 22 and 23: EMI a repeat performance Country su
Page 24 and 25: strong releases Steven Crlftls Chap
Page 26 and 27: increasing Pace of THORN achieved
Page 30 and 31: HMV customer-driven performance An
Page 32 and 33: lnvestih$ in tomorrow's world...
Page 34 and 35: A ta rg eted programme of community
Page 36 and 37: Prog ress towa rds env:ronmental im
Page 38 and 39: controlling key impacts CO, emifted
Page 40 and 41: Board of Directors Sir Colin Southg
Page 42 and 43: Directors'Report for the year ended
Page 44 and 45: Directors' Report The internal cont
Page 46 and 47: Auditors'report Report of the Audit
Page 48 and 49: Accounting policies Depreciation of
Page 50 and 51: Consolidated profit and loss accoun
Page 52 and 53: Group Fixed arsetr Music publis
Page 54 and 55: Statement of total recognised galns
Page 56 and 57: Notes to the accountr 2. Analysis o
Page 58 and 59: Notes to the accounts 8. Exceptlona
Page 60 and 61: Noter to the accounts I l.Tanglble
Page 62 and 63: 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 80 and 81:
Page 82 and 83:
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
Page 99:
iii0 . ,'.' H'] .I . ar
Page 103 and 104:
develop a unique catalogue of recor
Page 105:
thc,rcore,rudielceorlttr,rctrl,rrge
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to ownership opportunity. The intro
Page 111 and 112:
to idcntif,v and exploit synerg-r;
Page 113 and 114:
Curtomer 5atisfa
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Street, HMV's UK 1-lagship store re
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Thorn-EMI 1995 Annual Report

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