Thorn-EMI 1995 Annual Report

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Five year summary for the years to 31 March Results Tirrnover Continuing operations Discontinued operations Operating profit Continuing operations - normal Continuing operations - exceptional Discontinued operations Exceptional items 328.5 Profits (losses) on businesses disposed or terminate d (35.3) Cost of fundamental reorganisations and restructuring Profits (losses) on disposal offixed assets 9,7 Profit before frnance charges Finance charges Profit on ordinary activities before taxation Taxation on profit on ordinary activities Profrt on ordinary activities after taxation Minority interests Profrt attributable to members of the Holding Company Key statistiGs Net cash flow from operating activities Crpital expenditure: property. planr, equipment Total capital expenditure and vehicles rental equipment Basic earnings per Ordinary Share Fully diluted earnings per Ordinary Share Adjusted basic earnings per Ordinary Share Adjusted fully diluted earnings per Ordinary Share Free cash flow per Ordinary Share Dividends per Ordinary Share lnternational proportion of operating profrt before operating exceptional items Return on sales (continuing operations) Effective tax rate (before exceptional items) Interest cover Dividend cover l.7x Debt: Shareholders' funds (inc. Minority interests) 5520/0 Debt: Capital employed
Employment of capital Music publishing copyrights Property, plant, equipment and vehicles Rental equipment Fixed asset investments Stock' and debror:. excluding taxation and interest Investments: own shares Creditors and provisions, excluding borrowings, taxation, dividends and interest payable Operating assets Deferred taxation Corporate taxation Dividends and net interest payable Capital employed Share capital Share premium account Profit and loss reserve Other reserves Goodwill Convertible Unsecured Loan Stock Shareholders' funds Minority interests Net borrowings Change in accountlng policies and presentation of financlal lnformation During the year the Accounting Standards Board issued Financial Reporting Standard 5 - Reporting the Sabstance ofTiansactions (FRS 5), Financial Reporting Standad 6 - Acqaisitions and Mergers (FRS 5) and Financial Reporting Standard 7 - Fair Valaes in Acquisition Accounting (FRS 7\. FRS 5 requires the substance, rather than the legal form, of a transaction to be reflected in the accounts. The assets, liabilities, income and costs of THORN EMI Group General Employee Benefit Trust (EBT) have therefore been incorporated in the accounts. The Ordinary Shares of the Company held by the EBT are included in current asset investments and written down to nil over the minimum period of service to which the conditions of shares awarded to employees relate. The borrowings ofthe EBT, which have been guaranteed by the Company, are included in borrowings with the net financing costs of the EBT being shown as finance charges in the profit and loss account. FRS 7 provides rules on the recognition of assets and liabilities acquired and the measurement of their fair values under acquisition accounting. Certain costs associated with the reorganisation and integration of acquired businesses are now required to be taken to the proht and loss account (previously charged to goodwill) and these are shown as operating exceptional items. The comparatives have been restated where applicable.
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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
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 84 and 85: Notes to the a
Page 86 and 87: Notes to the a(counts 32, Directors
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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