Untitled - David Kronemyer

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e seen, all key measures of performance improved significantly last year. We are proud of the gains we have achieved but by no means satisfied; we are aware of the scale of our task. Last October's turrnoil in world Enancial markets affected con$dence in many intemationally operating businesses. Ve know that currency fluchrations will continue to impact on future earnings and the cost o{ future acquisitions. There is no shelter however in depending heavily on a single geographic rnarket or economy' THORN EMI's operational style and structure are now fiily geared to intemational opportunities. Our pordolio of companies today provides us with a remarkable set of businesses. Their diversity greatly reduces our exposure to any significant downtum. We intend not only to increase our worldwide earnings but to improve the balance in our earnings mix, which will cushion still further the adverse impact o{ economic uncertainty. We will do this by continuing controlled expansion of our activities in world markets, by both acquisition and organic growth Reassuringly, the year's upheavals demonstrated the resilience of our main international operations, notably Music, Lighting, and International Rentals. The profits of Rent-A-Center in the US, for example, stayed on target. Enthusiasm and optimism are growing at THORN EMI. We have profoundly changed the Group's culture. Ve have reinvested in our core businesses, strengthened their competitiveness and improved their world market positions. And we have streamlined our organisation and strengthened line management. People throughout THORN EMI are operating with less bureaucracy and more openness. The results are encouraging for everyone concemed with THORN EMI - for customers, employees and above all shareholders. They reaffrrm our confidence in the growth strategy we are pursuing. Today, at THORN EMI, our plans are amlitious - and realistic. We have our sights set firmly on an even more prosperous future. Bob Nellist (pictured right)
INNOVATIVf, MARKETING GIVING GLOBAL CAPABILITY in the rentaVretail o{ consumer electronics and consumer durables, and the retailing of recorded music. 'Exponsion continues in all our businesses: we ore consta.ntly looking for grcwth or arquisition opportunities utorldu:ide.In the nnxt fne years wv are aimingfor at least half our eamings to comn from outsid.e the UK. Already, uith neorly 3,000 stores a,round. the world,we a.rc the world\ Leoninq renter/retailer. Rentol operatiorc now extentJ to 17 counties. Acquiing Rent-A-C,enter brought the soug!.ttfter brealtthrough in Ameica and. its strong performanrc will hclp w to meet our growth objectioes. 'We uirnally doublcil profx sirce 1984 $, applying professional marketing te dtniEtes th.roughnut our businesses, b1, explniting oul world.wide purdusi;ng pu:er, and lry rigid cost controls.These measures, together with our simplif.ed, mntagement structures and, d.ecentralised. field oper atinrc responding imagirntiuely to laca.l. market uaiation,Iune ennbled us n mnke th* mnst of our world strength and bing about 1 big improuem.ens in our proftability.' I ::Hil::'JilLi'",0,,o"*wasmadein J u^ .[*"*** the UK market. All the UK rental companies again reported increases in market share and significandy improved levels of customer retentiono so that the UK rental assets showed marginal grorth {or the first time in recent years. A major decentralisation programme to improve the operating companies' responses to the marketplace and customer requirements has eliminated duplication o{ functions, shortened lines o{ communication and given staff at local level greater job satisfaction through greater responsibility. High levels of investment in new rental assets and shops continued with over 9180 million invested in 1987/8. "
Page 3 and 4: Tirrnover lrom continuing operation
Page 7 and 8: THORN EMI is a rad :ally duutgerl b
Page 9 and 10: single purchasers of consumer elect
Page 14 and 15: Fadio Benla s a.d the DER, MultiBro
Page 16 and 17: successfully in the Ottawa and Toro
Page 18 and 19: successfully in the Ottawa and Toro
Page 20 and 21: THoRN EMI ELECTRONICS, With divisio
Page 22 and 23: Before the year-end, THORN EMI Elec
Page 24 and 25: Before the year-end, THORN EMI Elec
Page 26 and 27: to seclrily syslems and spe. a sed
Page 28 and 29: increase of I per cent. THORN EMI G
Page 31 and 32: ARTISTS, STUDIOS. RECORD MANUFACTUR
Page 33 and 34: INTERNATIoNAL, EMI Australia's subs
Page 37 and 38: A MAJOR INTERNATIONAL FORCE PROVIDI
Page 39 and 40: PRoDUCTS: A threefold increase in t
Page 43 and 44: The Directors submit their annual r
Page 45 and 46: FIXEI] ASSETS The Directors are of
Page 47 and 48: REPORT OF THE AUDTTORS TO THE MEMBE
Page 49 and 50: Tirrnover Coet of sales Gross proli
Page 51 and 52: Total frrnds from operatione
Page 53 and 54: Operating profit is stated after ch
Page 55 and 56: Employee costs, including Directors
Page 57 and 58: Investments comP 6e: Subsidiary com
Page 59 and 60: Tiade debtors: Due urithin one year
Page 61 and 62:
Between one and two years Between t
Page 63 and 64:
Authorised Ordinary Shares of 25p
Page 65 and 66:
fuising on acquisition of Rent-A-Ce
Page 67 and 68:
24. PENSION ARNANGEMf,NTS A signifi
Page 69 and 70:
Erecutive Committe€ uK Fentrr and
Page 71 and 72:
Non'execllve D reclor s ncel984 whe
Page 75 and 76:
THORN EMI plc Annual General Meetin
Page 77 and 78:
3. REDUCTION OF SHARE CAPITAL The 4
Page 79 and 80:
The return of the appropriate Form
Page 81 and 82:
Taxation Consequences (i) Sharehold
Page 83 and 84:
(i) Overall Scheme Limits Ir is pro
Page 85 and 86:
NOTICE OI' MEETINC OF THE HOLDERS O
Page 87 and 88:
(ii) the allotment (otherwise than
Page 89:
Clause 5(a) to be replaced by the f
Page 92 and 93:
In certain circumstances, where an
Page 94 and 95:
Efl NAORDINARY RESOLUTION THAT this
Page 97 and 98:
THIS DocuMEN'I Is IMPORTANT AND Rxe
Page 99 and 100:
M€€tings You will find attached
Page 101:
THORN EMI plc NOTICE OF EXTRAORDINA
Page 104 and 105:
. TERMS Ordinary Shareholders who w
Page 106:
Il you do not specily in the Notice
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Untitled - David Kronemyer

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