Thorn-EMI 1995 Annual Report

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Notes to the a(counts 3O. Purchase of bullnesses continued Otber acquisitions - Several other smaller acquisitions have been made in the year, principally Intercord inJuly 1994 and Star Song Communications in October 1994. Integration costs of L6.2m have been accrued as operating exceptional items in the current year results. The combined fair value balance sheet is provided below. Book v.luc of ..s.ts.cquired Adiurtmdtr the Group Music copyrights Tangible fixed assets Stock Debtors Creditors Provisions Minority interest Net liabilities acquired (before cash) Total consideration Satisfied by: Cash Net cash acquired Net cash consideration The adjustments to book value of f3.0m were made to bring the valuation of the assets acquired in line with the Group's accounting policies. Goodwill arising on acquisitions in the year comprises: Purchase price Cash acquired Net cash consideration Fair value to the Group (before cash acquired)
3l, tlgnificant investments The businesses set out below are those which, in the opinion ofthe Directors, significantly affected the Group's results and net assets during the year. Except where otherwise stated, the country of incorporation is England, the operations are within the United Kingdom, the shares are in equity share capital and the businesses are wholly owned. Subsidiary undertaklngs THORN THORN UK Ltd UK Rental Division THORN High Street Properties Ltd THORN EMI International A/S (Denmark) THORN EMI (Australia) Ltd Radio Rentals Division (Australia) THORN Svenska AB (Sweden) THORN Americas Inc. (USA) Visea THORN EMI S.A. (France) Remco America Inc. (USA) Consumer Electronics Insurance Company Ltd Other businesses THORN EMI Home Electronics (UK) Ltd" HMV Division Dillons the Bookstore Division THORN EMI Electronics Ltd Corporate THORN EMI Finance plc* THORN EMI North America Holdings lnc. (USA) THORN EMI North America lnc. (USA) THORN EMI International Holdings Ltd*' EMI Music EMI Records Ltd EMI Music Publishing Ltd Capitol-EMl Music lnc. (USA) EMI Entertainment World Inc. (USA) EMI France S.A. (France) EMI ltaliana SpA (Italy) EMI Electrola GmbH (Germany) THORN EMI (Australia) Ltd EMI Records Division (Australia) Chrysalis Records Ltd Capitol Records Inc. (USA) Virgin Records Ltd Virgin Records America Inc. (USA) Virgin Schallplatten GmbH (Germany) Groupe Virgin Disques S.A. (France) Toshiba-EMI Ltd [apan) AJJociated undertakings (550/o ouned) The principal investment of the Group shown below: " Held directly by Company. in the equity share capital of associated undertakings is Is5ued.aprirl ro.r'onl Thorn Security Group Ltd Security services and appliances !31,040 England 43.20lo The Group also holds 50.00/o of the !2739,557 issued non-voting preference shares of Thorn Securiry Group Ltd. t Principal country of incorporation and operation.
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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
Page 22 and 23:
EMI a repeat performance Country su
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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 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 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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