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Delivering Through Leadership

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Delivering Through Leadership Annual Report and Financial Statements 2003 Delivering through leadership GUS is delivering long-term shareholder value by focusing on businesses with above average growth potential and by establishing leadership positions in our chosen markets. Contents 1 Financial highlights 2 Chairman’s statement 4 Chief executive’s review 16 Operational review – Experian 19 Operational review – Argos Retail Group 24 Operational review – Burberry 25 Operational review – Other businesses 26 Financial review 30 Board of directors 32 Directors’ report 34 Corporate governance 40 Statement of directors’ responsibilities 41 Report on directors’ remuneration and related matters 51 Corporate social responsibility 53 Report of the auditors 54 Group profit and loss account 55 Statement of total recognised gains and losses 55 Note of historical cost profits 55 Reconciliation of movement in shareholders’ funds 56 Group balance sheet 57 Parent company balance sheet 58 Group cash flow statement 59 Notes to the financial statements 90 Five year summary 91 Principal subsidiary undertakings and joint venture 92 Shareholder information In December 2002, GUS acquired Homebase, the UK’s second largest brand in the do-it-yourself market. Group overview GUS is a retail and business services group. We provide information and customer relationship management services through Experian, general merchandise retailing through Argos Retail Group and luxury goods through a majority shareholding in Burberry Group plc. We continue to reposition the Group around these major businesses. April 2002: acquisition of ConsumerInfo.com July 2002: partial flotation of Burberry December 2002: acquisition of Homebase January 2003: acquisition of Nordic Info Group March 2003: acquisition of outstanding stakes in Scorex May 2003: disposal of Home Shopping and Reality May 2003: planned partial flotation of South African Retailing during calendar 2004 256 285 224 255 217 201 217 192 00 01 02 03 00 01 02 03 Experian operating profit ARG operating profit £ million £ million Experian Argos Retail Group A leading global business solutions company. The UK’s leading general merchandise retailing group. Experian helps organisations to target, acquire and Argos Retail Group (ARG) is focused on providing manage new customers and develop successful customers with choice, value and convenience. customer relationships. The company operates market-leading brands: The company does this by leveraging its: ■ Argos for general merchandise ■ specialist strategic knowledge ■ Homebase for DIY and home furnishings ■ skills in managing client processes ■ Wehkamp, the leading home shopping catalogue ■ ability to develop analytical solutions in the Netherlands ■ ownership of core data assets ■ A range of financial services, including the Argos store card Experian has become a strategic partner for more than 40,000 clients across diverse industries, The combination of stores, catalogues, websites including financial services, telecommunications, and home delivery options enables customers to healthcare, insurance, retailing, automotive, choose the shopping experience that suits their manufacturing, leisure, utilities, property, e-commerce particular lifestyle. and government. ARG’s competitive advantages lie in its: The company employs 13,100 people, supporting ■ purchasing scale clients in more than 60 countries. Experian’s ■ multiple brands headquarters are in Costa Mesa, California and ■ multiple channels Nottingham, UK. The company employs 45,700 people in the UK and Holland. Profit by Division Proforma profit by Division* 39% 8% 33% Year ended March 2000 Year ended March 2003 ■ Experian ■ Experian 20% ■ Argos Retail Group ■ Argos Retail Group 15 % ■ 4% ■ Burberry Burberry ■ Other ■ Other * Including a full year of 44% Homebase and excluding Home Shopping and Reality 37% 117 105 90 68 66 70 62 22 00 01 02 03 00 01 02 03 Burberry operating profit Other businesses operating profit £ million £ million Burberry Other businesses A leading international luxury goods business. Other GUS businesses include principally South African Retailing, a leading retailer operating out of Burberry designs and markets a comprehensive stores throughout Southern Africa. range of clothing and accessories, which appeal to style-conscious consumers around the world. ■ 398 Lewis stores offering a wide range of domestic furniture and appliances Burberry products are sold through 132 ■ 45 Best Electric stores offering specialist electronic directly-operated stores, concessions and outlets, goods and appliances and through partnerships with key retailers in the world’s leading economies. The company employs 6,000 people. The company employs 3,600 people around the world. Burberry’s principal strengths are its: ■ unique history and positioning ■ international recognition and broad appeal ■ diversified distribution channels ■ multiple product and geographic growth opportunities Annual Report 2003 Financial highlights 1 Financial highlights ■ Delivering growth in sales and profits across the Group ■ 16% increase in profit before amortisation of goodwill, exceptional items and taxation to £642m (2002: £552m) ■ Profit before tax increased to £409m (2002: £380m) ■ 15% increase in basic earnings per share before amortisation of goodwill and exceptional items to 47.8p (2002: 41.7p) ■ Basic earnings per share 25.1p (2002: 25.7p) ■ 7% increase in full year dividend to 23.3p (2002: 21.7p) 7,146 642 618 47 .8 23.3 21.7 6,457 20.6 21.0 6,041 552 41.7 5,658 487 481 478 37 .2 448 34.5 272 00 01 02 03 00 01 02 03 00 01 02 03 00 01 02 03 00 01 02 03 Group sales Underlying profit before tax Free cash flow Adjusted basic earnings Dividend per share £ million £ million £ million per share pence pence for the years ended 31 March 2003 2002 Change Group sales £7.1bn £6.5bn up 11% Underlying group profit before tax1 £642m £552m up 16% Adjusted earnings per share1 47.8p 41.7p up 15% Dividend per share 23.3p 21.7p up 7 % 1 Before amortisation of goodwill and exceptional items 1April 2000 30 May 2003 GUS share price performance 800p 100% ■ GUS share price ■ FTSE General Retailers sector 700p 75% ■ FTSE 100 600p 50% 500p 25% 0% 400p -25% 300p -50% 200p -75% 100p 2 Annual Report 2003 Chairman’s statement Chairman’s statement: GUS has had another successful year, with profits up 16% to £642m. This is the third consecutive year of growth and Our aim is to grow the value of these businesses for reflects the strength of the Group’s main businesses, the benefit of shareholders. GUS acts as strategic each of which has reported increased sales and architect in ensuring that each business has clear profits. Earnings per share rose by 15% to 47.8p and plans, high quality management and a strong capital cash flow was strong. resource. ARG, Experian and Burberry are each pursuing exciting strategies, with considerable scope Our continued progress has been achieved in the face for development over the next few years. of challenging conditions in many of our major markets. This progress has been greatly to the credit During the last year we have continued to reshape the of GUS people at all levels and I would like to thank GUS portfolio around these major businesses. The them for their tremendous endeavour. most notable changes have been the acquisition of Homebase, a leading retailer in the growing DIY and The Board has declared a final dividend of 16.4p, home furnishings market; the disposal of our Home making 23.3p for the year (2002: 21.7p). Shopping and Reality businesses; and the partial Group strategy flotation of Burberry. Experian has also strengthened GUS is committed to the growth and development of its position in the marketplace with a new global three major businesses: Experian, Argos Retail Group management structure and the strategically important (ARG) and Burberry. Each of these businesses is acquisitions of Scorex, ConsumerInfo.com, Nordic Info already – or has the potential to be – the leader in its Group and 11 affiliate bureaux in the United States. chosen sectors. Furthermore, the markets in which Our commitment to shareholders is to create long- they operate have significant growth characteristics. term value at all times and the Board continues to review options in this regard. In floating Burberry, for example, we recognised that it was the right time in the growth and development of this business for part of its ownership to be held more widely. Our decision to arrange a partial IPO for our South African Retailing business is another example of how we are realising value for the benefit of shareholders. Board change I believe that we have a strong Board at GUS, with an excellent mix of skills and experience. Just as important is our ability to work together as a team. In March 2003, the Board was further strengthened by the addition of Craig Smith, who had recently been appointed Chairman of Experian worldwide. Craig joined Experian in 2000 as CEO of Experian North America, where he played a key role in successfully repositioning the business. I am delighted to welcome him to the Board. Annual Report 2003 Chairman’s statement 3 Governance The issue of corporate governance has been a recurring theme in the world’s stock markets during the year. The Board of GUS is committed to being as transparent as any business can reasonably be and is determined to fulfil shareholders’ expectations on matters of disclosure. At the same time, we recognise that the role of governance embraces a much wider remit. It is about having clear strategies, attracting the best talent, encouraging creativity and commitment, fulfilling our responsibilities to the community and maintaining the highest standards of integrity. Together, these are prerequisites for corporate success that enable us to create value for our shareholders through sustained profitable growth. Sir Victor Blank Chairman 27 May 2003 Sir Victor Blank Chairman 4 Annual Report 2003 Chief executive’s review Chief executive’s review: GUS has delivered another strong financial performance. Our major businesses are positioned for long-term growth and sector leadership.
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