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Industry Leader with a Track Record of Growth and Prudent Governance

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Industry Leader with a Track Record of Growth and Prudent Governance Annual Report and Accounts 2008 Indust ry leader I n c Inchcape plc h c 22a St James’s Square a p London SW1Y 5LP e T +44 (0) 20 7546 0022 p l F +44 (0) 20 7546 0010 c www.inchcape.com A Registered number 609782 n Solid n u a l R e p o r t a n d Responsive A c c o u n t s 2 0 0 8 Confide nt WorldReginfo - 6dd9566d-ffd9-45d8-b10b-c18a63321017 Shareholder information Company details Financial highlights 0 B 1 u - s 3 Adjusted earnings Registered office Inchcape PEPS Financial calendar i n 7 Operating profit Profit before tax per share Inchcape plc Individual Savings Accounts (ISAs) Annual General Meeting e s Revenue before exceptional items before exceptional items before exceptional items s 22a St James’s Square replaced Personal Equity Plans (PEPs) 14 May 2009 r e London SW1Y 5LP. as the vehicle for tax efficient savings. v i Announcement of 2009 interim results e £6.3 bn £240.5m £190 .7m 30.0p Tel: +44 (0) 20 7546 0022 Existing PEPs may be retained. Inchcape w July 2009 +3.4 % -9.2 % -18.9% -18.9% Fax: +44 (0) 20 7546 0010 PEPs are managed by The Share Centre Registered number 609782 Ltd, who can be contacted at PO Box n m m n b p 0 1 p b . 3 0 2000, Oxford House, Oxford Road, m m . 7 1 5 5 . 5 9 . Advisors 6 7 . 6 3 5 m 6 m m p £ 3 Aylesbury, Buckinghamshire HP21 8ZB. 0 3 2 2 n p 3 7 £ 3 9 0 . 4 1 . £ £ . Auditors 8 n . b m m . 0 2 2 0 3 p 0 8 Tel: +44 (0) 1296 414144 b 4 n 4 9 . 9 £ m £ . 9 . 1 0 3 5 PricewaterhouseCoopers LLP . 2 b 4 . 1 1 9 1 8 2 . 6 1 £ 4 £ 8 £ 6 £ . 2 2 £ 1 1 Chartered Accountants and Inchcape ISA 4 7 £ £ £ 1 £ Registered Auditors Inchcape has established a Corporate G Individual Savings Account (ISA). 3 8 o Share registrars - 5 This is managed by Equiniti Financial v e Computershare Investor Services PLC This Report is printed on Hello Silk paper. 7 r Services Limited, Aspect House, Spencer n 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 Registrar’s Department, PO Box No 82 This paper has been independently a Road, Lancing, West Sussex BN99 6DA. n Bristol BS99 7NH. certified as meeting the standards of the c Tel: 0870 300 0430 e Tel: +44 (0) 870 707 1076 Forest Stewardship Council (FSC), and was International callers: Net assets Operating profit Profit before tax Earnings per share manufactured at a mill that is certified to Solicitors +44 121 441 7560 the ISO14001 and EMAS environmental Slaughter and May £1,019.6m £158.0m £108.2 m 11.2p More information is available at standards. The inks used are all vegetable +2 1.7 % -41.5% -54 .9% -70.5% Financial advisors www.shareview.com oil based. Dresdner Kleinwort m m p p m 0 6 . 0 5 9 . m . 0 9 8 7 9 9 Corporate brokers 4 . 1 m 3 3 6 2 3 0 8 m 2 , £ . m 1 Merrill Lynch 9 £ 1 p 7 3 . 2 m . £ 0 3 p 3 £ 2 m . m 7 . 8 5 F 8 1 7 0 4 7 m . m m 3 . £ i 2 8 2 n 1 5 4 2 0 6 1 6 . £ . m . - £ 2 a 1 1 5 7 1 m 1 7 8 . £ 6 2 n 1 6 2 9 5 . 4 £ £ 1 0 c 5 1 8 1 £ £ £ i p 0 5 a 2 1 £ . l £ 1 s 1 t a t e 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 m Brand partner information e n t s www.audi.com www.jeep.com www.porsche.com Contents Front cover image Business review Financial statements Leading the way for over 160 years www.bmw.com www.kia.com www.renault.com 01-37 58-120 I S We have chosen the Inchcape lighthouse n h s as the symbol for this year’s annual report a i d 02 Our business at a glance Group financial statements r because of the significance it holds – e e h 04 Chairman’s statement 58 Consolidated income statement both for our Company’s founders and www.chrysler.com www.landrover.com www.rolls-roycemotorcars.com b o a for us today. l d 06 Group Chief Executive’s review 59 Consolidated statement of c e k Our leading founder, James Lyle Mackay, r 10 Focused on the fundamentals recognised income and expense c i n was so inspired by the building of the o f v – case studies 60 Consolidated balance sheet lighthouse on the Inchcape Rock – a lethal www.daihatsu.com www.lexus.com www.smart.com o e r m 16 Operating review 61 Consolidated cash flow statement submerged reef off the Scottish coast – r that he took the title ‘Baron Inchcape of a 16 Key performance indicators 62 Accounting policies t i Strathnaver’ and so named the company o 18 Group and regional reviews 68 Notes to the accounts that he led. www.dodge.com www.mazda.com www.subaru.com n 26 Financial review 112 Five year record From our Company’s earliest days as an 27 Principal business risk factors 113 Report of the Auditors – Group intrepid trading pioneer to today’s status 30 Corporate responsibility as a leader in the highly competitive Company financial statements automotive industry, Inchcape has been a www.hino.com www.mercedes.com www.suzuki.com 114 Company balance sheet beacon of performance, even in the midst Governance of the most disruptive economic storms. 115 Accounting policies 38-57 116 Notes to the accounts Solid, responsive, confident, the qualities on which Inchcape was founded, are precisely www.honda.com www.mini.com www.toyota.com 38 Board of Directors 120 Report of the Auditors – Company those that have seen the Company thrive 40 Directors’ report and prosper through more than 16 0 often turbulent years. 43 Executive Committee Shareholder information www.hyundai.com www.mitsubishi.com www.volkswagen.com 45 Corporate governance report Inside back cover As we face challenging times, we too are inspired by the Inchcape lighthouse. With its 51 Remuneration report robust structure that stands strong against Company details the North Sea and the pioneering spirit Financial calendar of those that built this lasting wonder of the www.jaguar.com www.peugeot.com www.volvo.com industrial age that even now continues to save lives, its guiding light illuminates the journey ahead. Produced by Black Sun Plc WorldReginfo - 6dd9566d-ffd9-45d8-b10b-c18a63321017 1 0 B 1 u - s 3 i n 7 e s Inchcape’s key strengths… s r e v i e Several factors combine to give Inchcape strength in the w global automotive retail and distribution industry: • An industry leader with a track record of growth and prudent governance. • A proven and resilient business model with broad geographic G 3 8 o - 5 coverage across 26 mature and emerging markets, with scale v e 7 r n operations and a leading position in 14 markets . a n c • Long-standing relationships with strong brand partners who e have a history of outperforming the market, providing access to a pipeline of attractive new car models. • A passionate and relentless focus on superior customer service that underpins a history of industry-leading performance. 5 F i 8 n - a • A proactive management team, with a blend of industry 1 2 n 0 c expertise and blue-chip company experience, which has i a l s t responded decisively to the rapid and unprecedented a t e downturn in the automotive industry. m e n t • Well positioned to benefit from opportunities when the market s recovers – a leaner business with scale presence, broad geographic spread, partnered with strong automotive brands. I As an industry leader, we see opportunity today as we build S n h s a i d r the platform to emerge even stronger tomorrow. e e h b o a l d c e We are solid, responsive and confident. k r c i n o f v o e r m r a t i o n André Lacroix Group Chief Executive www.inchcape.com WorldReginfo - 6dd9566d-ffd9-45d8-b10b-c18a63321017 2 Business review Our business at a glance Region Operations Core brand partners Australia One of the top car retailers in Australia, Inchcape operates a multi-brand retail strategy as well as exclusive distribution of Subaru. AutoNexus is Inchcape’s logistics specialist, providing services to the Australian automotive industry. Europe Inchcape operates distribution and retail across four European markets – Belgium, Greece, Finland and Luxembourg. Hong Kong Operating a multi-brand Vertically Integrated Retail (VIR) model in Hong Kong, Inchcape is the first company in the world to represent all four Toyota brands in one market. Singapore Inchcape operates a multi-brand VIR model in Singapore which has one of the youngest car parcs in the world. United Kingdom The second largest car retailer in the UK based on revenue, Inchcape has a scale presence with premium brand partners in key regions. Inchcape Fleet Solutions is one of the largest independent vehicle management companies in the UK. Russia and Emerging Markets Inchcape operates VIR in the Baltics, distribution and retail in the Balkans and retail in Russia, China and Poland.
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