Thorn-EMI 1995 Annual Report

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Tlte nz,er and bus;flut otnlaieu pas\ aft pr;nted on Mep Mau pa?el uhich t nadeJron 500k /eclcbd and 50% chhlinetee ?LIp fron nantriet ubicb operak an i tensi?e rlu fe?lant;ns poliJ. Tbe reriew oJtbeyar and'tnandal p/rse' a'e plinted on%nohaukuhirh ue! ? lp.fron counnlesubich opelate a/' inknsite D.siAr, - %t Peuen.n O Paineft Ltd. Pbotogtdpbr Lo.at;on: Pa"l Conltdnt, Dereh Richards. NeillY/alhet Michael Hatdias; Strdio' Pa BradJbth; Channar Pa lCoflsta t. Page 92: Phato co ltery ofTum.r Etterraianext Co.Jion the notie lv;zdld ofoz.A /i4hk lesetued. Ilta"ratio,' - Dircdot afld Exec,tioes:Job" Lawftna. Cdrtoon (i,t'idefont cooe/).o|ltu'r ofP"bt h;ks Ntu!. TJpet.tti's lvo Do'hpL. Plifttcd in E"gla,'d b Litho T.h . THORN EMI gatdrlb achnouhdges the klp oJ THORN c ltonen in conflettior loith photostupb, palti"kiJ Mane Belsh Oale 17). dftdWajrle a"dAnita Mittz a"d Enna (pas6 94 and 9s).
From Turnover by burinesi 1985 (ft,2o4.4m, to Turnover by bu3inesr 1995 (t4,5O7.tm' oiher 4.9% Today's THORN EMI is focuse d on three businesses - EMI, THORN and HMV- each with strong growth potential in dynamic worldwide markets, It would have been unrecognisable a decade ago' EMI HMV ln 1985,THORN EMI had a sprawling portfolio of businesses, which stretched from the rental ofhome electronics products to hydraulic equipment; from machine tools to music; from semiconductors to domestic central heating. It was heavily dependent on the UK economy; and its declining financial performance was putting its future in jeopardy. The transformation began with a new strategy- to locus on a small number ofbusinesses with real potential for prohtable growth in the international arena. In an aggressive programme of disposals some 100 businesses with combined sales of more than !2.6 billion were shed over the years. At the same time,THORN EMI concentrated on building and strengthening its selected businesses by acquisition and investment in organic growth. Now, ten years later, THORN EMI and its performance have changed radically. Focused on growth THORN EMI is now firmly concentrated on three exciting international businesses with the competitiveness and resources to deliver sustained, high quality growth. EMI,THORN and HMVare distinct businesses, with their individual strategies for growth in their different markets. Yet they each demonstrate creative thinking, innovation, and deep professionalism. Each holds a leading position and exerts substantial competitive influence in its international market-place. In the following pages, we portray the scope and excitement of EMI,THORN and HMV, beyond just the facts and figures ofthe year in review.
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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
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 88 and 89: Five year summary for the years to
Page 90 and 91: lnvestor information Financial cale
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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