Untitled - David Kronemyer

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Fadio Benla s a.d the DER, MultiBroadcasl and Foc!s chains give THOBN EMI prc eminen.e in lhe ( lK renlels markel. Togelher wilh the THOFN hlernalional Fenlals companles, ihey lom the wond s mosl exlensive and successlul business in The h ghly ellective HMV concepls n €cord relarling are be ng appried w h considerab e slccess in a growing nLrmber oi olher markels around lhe world as lar alield as Canada and UK RETAIL! The Rumbelows refurbishment programme extended the stylish 'grey look' to almost all oudets. Without exception this increased sales dramatically, in some cases by more than 30 per cent. In very competitive market conditions, Rumbelows increased overall market share. Yorkshirebased Vallances, acquired for t10 million, was successfully integrated into the Rumbelows system. Trinity House Finance continued to groq with outstanding balances increasing by 32 per cent. Major investment in new management, personnel and systems ensures that future grovth can be handled successfully. A SI00 million multi-option facility and a S50 million commercial paper funding operation were arranged. THORN INTERNATIONAI RENTALS (TIR): This business had an extremely sur-r-essful year. overr"oming adverse trading conditions in Denmark and New Zealand. Units on rent increased by 6 per cent before allowing for the acquisitions in continental Europe and lreland. These will make a major contribution to achier ing the strategic expansion of this business, bringing its units on rent to over l.l million and adding substantially to profitability. The near\ completed integration in Denmark, France and Spain is already producing substantial economies of scale and organic grov{h: Italy and Switzerland take TIR into two new markets, bringing to 15 the total number of countries served. In lreland, Murphy Telerent purchased from the Jefferson Smurfit group added 20,000 customers and has been integrated successfully into the existing operation, giving clear market leadership. FONA in Denmark performed well in a diffr cult economic environment. Sork continued on lhe neu TliRllS management information system. Already used in almost half ofTIR's markets, by the end o{ this fiscal year it will be in full use, providing a powerful marketing and management tool.
HMv INTERNATIONAI, The worldwide expansion programme continued, adding EMI retailing operations in Canada and New Zealand and making substantial progress in both countries. A new superstore is scheduled to open in 'loronto in September 1988. A 4,000 sq ft superstore was successfully opened in Christchurch and the Music Studio chain in the Auckland area was acquired. There are active plans to develop the HMV concept lurther internationally. HMV UK had another successful year; turnover increased by 33 per cent with trading profit and market share at record levels. The new Ox{ord Circus store made outstanding progress. RENT-A-CENTER (RAC), The most significant development in the rental business was the purchase in August of Rent-A-Center. US rental market leader, RAC operates in 46 states. Since acquisition its narket share has grown from l0 per cent 10 over 12 per cent. Its highly professional senior management team, excellent control systems and its rent-to-own marketing concept are ideally suited to the US market. The total rent-toown market - estimated at 92.5 to $3-0 billion a year - has been growing at 20 per cent annually. RAC has been smoothly integrated into THORN EMI's Rental and Retail operations: 106 stores, of which about 40 per cent were franchised, have been added into its system, bringing the total to 575 at lear end compared to 4oQ at ar"quisirion. Aggressive expansion will be sustained, with over I75 store openings planned system-wide in l9B8/9 and more than 1,100 operating units targeted by I99ll2. This makes major new staff training and management development programrrres critically important: computer-based distance learning programmes are now in use. The company has enjoyed local support from a strong and pro{essional body of fianchisees. New fianchise opportunities are being actively sought outside the USA, with negotiations completed The acquistion of RentA Cenler,lhe eader n the rapidly g rowing 'renl-to n THOBN EMls renta business asl year RAC is ma nlain ng an aggress ve growlh prosramme, includ ng expansion nlo markets
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 12 and 13: e seen, all key measures of perform
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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