Thorn-EMI 1995 Annual Report

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Directors'Report for the year ended 31 March 1995 The Chairman's Statement on pages 2 to 5 togetherwith the Financial Review on pages 6 to 9 and the review ofbusiness activities on pages l0 to 19 in this Annual Report contain details ofthe principal operations ofthe Group during the year and likely future developments. Dividends An interim dividend of 9.75p per share (1994: 9.0p) was paid in March 1995. The Board is recommending a final dividend of26.75p per share (1994: 25.0p), payable on 6 October 1995 to Ordinary Shareholders on the register as at 15 August 1995, making a total of36.5p (1994: 34.0p) for the full year.It is proposed that the retained loss of!49.4m be transferred to the profit and loss reserve. Scrip dividend The Scrip Dividend Scheme, which enables Ordinary Shareholders to elect to receive new Ordinary Shares in lieu ofa cash dividend, continued to be ofinterest to certain shareholders. During the year under review, 466,537 new Ordinary Shares were issued under the Scheme, which resulted in a cash saving to the Company in respect ofdividends forgone ofapproximately f4.7m. ln addition, there was a cash flow saving in respect ofadvance corporation tax. Details of the scrip dividend in respect of the llnal dividend for the year ended 31 March 1995 will be despatched to shareholders in August. Resear
Board and reports regularly to the membership, as do the smaller funds in other counties, as appropriate. Share option schemes Information on share options granted to employees is given in Note 23 on page 58. The 1984 Executive Share Option Scheme expired on 14 September 1994 and it is proposed to seek shareholder approval for a new Executive Share Option Scheme at the 1995 Annual General Meeting. Charitable and political (ontributions As indicated in the Corporate Activities section on page 21, charitable, sponsorship and fundraising activities carried out during the yearwithin the Group contributed in excess off9.5m to charitable organisations and communities around the world. These included UK charitable donations amounting to I0.7m. No political contributions were made. Directors and auditors The present Directors ofthe Company are named on page 28. All served as Directors throughout the year. MrJ D F Barnes retired as a Director at the conclusion ofthe Annual General Meeting on t5 July 1994. Mr S P DufS', MrJ G Fifreld and Sir PeterWalters now retire by rotation pursuant to Article 109 at the Annual General Meeting and, being eligible, each oflers himself for re-election. Mr Duffy has a service contract with the Company which is terminable in normal circumstances at the option ofthe Company on 24 months'prior notice in writing and by Mr Duf!' on 12 months' prior notice in writing. Mr Fifield has a service contract with a subsidiary companywhich is terminable in normal circumstances by either party on 35 months'prior notice in writing. SirPeterWalters does not have a service agreement with the Company. No Director had a material interest in any contract ofsignificance, other than a service contract, subsisting at the end ofor during the year, involving any Group company. Details of Directors' interests in the shares ofthe Company are set out in Note 32 on pages 66 to 75. Ernst&Young have expressed their willingness to continue in office as auditors and a resolution proposing their reappointment and authorising the Directors to determine their remuneration will be put to the Annual General Meeting. Directors' and Offlcers' liability insurance The Company has maintained insurance to cover Directors' and Officers' liability as permitted by Section 310(3) ofthe Companies Act 1985. Corpoiate Governan
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 28 and 29: Reshaping business NewZealand was e
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 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 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
Page 109 and 110:
to ownership opportunity. The intro
Page 111 and 112:
to idcntif,v and exploit synerg-r;
Page 113 and 114:
Curtomer 5atisfa
Page 115:
Street, HMV's UK 1-lagship store re
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Thorn-EMI 1995 Annual Report

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