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GUS R&A Financials 04 New GUS_05–complete.qxd 15/6/05 11:18 am Page 1 Annual Report and Financial Statements 2005 GUS_05–complete.qxd 15/6/05 11:18 am Page 2 GUS is committed to creating long-term shareholder value by focusing on businesses with above average growth potential and establishing leadership positions in its chosen markets. Financial highlights 1 Chairman’s statement 2 Chief executive’s review 4 Group strategy 16 Operational review – Argos Retail Group 17 Operational review – Experian 21 Operational review – Burberry 24 Operational review – Lewis Group 25 Financial review 26 Board of directors 30 Directors’ report 32 Corporate governance 34 Statement of directors’ responsibilities 40 Report on directors’ remuneration and related matters 41 Corporate responsibility 51 Report of the auditors 53 Group profit and loss account 54 Statement of Group total recognised gains and losses 55 Note of Group historical cost profits 55 Reconciliation of movement in Group shareholders’ funds 55 Group balance sheet 56 Parent company balance sheet 57 Group cash flow statement 58 Experian’s Business Notes to the financial statements 59 Strategies division Five year summary 90 is a market leader in consumer profiling, International Financial Reporting Standards 91 market segmentation Principal subsidiary undertakings 95 and economic forecasting Shareholder information 96 Sarah Willatts joined the Business Strategies division three years ago and is part of the team that markets Experian’s leading consumer classification system, Mosaic. GUS_05–complete.qxd 15/6/05 11:18 am Page 3 0 01 02 03 04 05 00 Experian operating profit £ million 422 416 285 255 217 0 0 0 0 0 1 2 3 4 5 ARG operating profit Group overview £ million GUS is a retail and business services Argos Retail Group group. Its activities comprise general General merchandise retailing Argos Retail Group 000 (ARG) is the UK’s leading multi- merchandise retailing through brand, multi-channel retailer. It delivers choice, Argos Retail Group, information and value and convenience through a unique and award-winning combination of stores, catalogues, customer relationship management websites and home000 delivery options. ARG provides services through Experian and this through000 its market leading brands: n Argos000 – the UK’s most successful general 000 luxury goods through a majority merchandise retailer shareholding in Burberry Group plc. n Homebase – one of the UK’s leading home enhancement companies n ARG Financial Services – providing financial 0 0 0 0 0 0 ser1 vices,2 including3 4 the Argos and Homebase store cards nFinancialsWehkamp graph – the largest home shopping £ millioncatalogue in the Netherlands ARG leads its markets by leveraging its size and strength to integrate166 and improve purchasing scale, to share services and to provide multi-channel capability across141 the business. ARG employs 46,000 people in the UK, Holland and the Republic117 of Ireland. 90 69 01 02 03 04 05 Burberry operating profit £ million Key events May 04 June / July 04 August / September 04 October 04 GUS employees share in Experian launches the UK’s Experian acquires Americas Experian acquires QAS, the £10m payout from GUS first national credit score Software Corporation, a leader in address management Sharesave scheme for consumers leader in anti-money software, for £90m ARG opens new buying office Sara Weller joins Argos as laundering software Experian acquires Simmons in Shanghai managing director Partial flotation of Lewis Research, consumer research Group in South Africa specialists Experian secures £40m Homebase launches trial of contract from HBOS Furniture Direct Launch of Burberry Brit for Men 000 000 GUS_05–complete.qxd 15/6/05 11:18 am Page 4 0 0 0 0 0 0 1 2 3 4 Financials graph £ million 166 318 282 141 256 224 117 217 90 69 01 02 03 04 05 0 02 03 04 05 01 00 Experian operating profit Burberry operating profit Operating profit* – £ million £ million continuing operations Year ended 31 March 2005 £905m Experian Burberry 422 Information solutions416 International luxury goods Experian has an unrivalled understanding of Burberry designs and markets a comprehensive range individuals, markets and economies around the of luxury clothing and accessories, which appeal to world. It helps organisations to develop and manage style-conscious consumers around the world. profitable 285 customer relationships by providing Burberry products are sold through 157 directly- information,255 analysis, decision management solutions operated stores, concessions and outlets, and and processing services. 217 through partnerships with key retailers in the world’s Experian also promotes the financial wellbeing of leading economies. consumers by helping them to understand and The company employs approximately 4,000 people protect their personal information and to manage around the world. the financial aspects of key life events. 0 0 0 0 0 Burberry’s principal strengths are its: Experian1 2 is3 a strategic4 5 partner to more than 50,000 Operating profit* business clients across diverse industries, including n unique history and positioning Year ended 31 March 2000 financial services, telecommunications, healthcare, ARG operating profit n international recognition and broad appeal £519m insurance,£ million retail, automotive, manufacturing, leisure, utilities, e-commerce, property and government. n diversified distribution channels The company employs 12,000 people in 28 countries, n multiple product and geographic growth supporting clients in more than 60 countries. opportunities Experian’s headquarters are in Nottingham, UK and Costa Mesa, California. 000 Lewis Group South African retailing * Before central activities 000 Lewis Group is a leading retailer in Southern Africa Operating profit is before amortisation of goodwill 000 selling household and electrical goods, mainly on and exceptional items 000 credit, together with associated financial products. 000 GUS undertook a partial flotation of Lewis Group in October 2004. Its remaining 50% stake was successfully placed in May 2005. 0 0 0 0 0 0 1 2 3 4 Financials graph £ million November / December 04 January 05 March 05 April 05 May 05 GUS reports record 166 Argos Spring/Summer GUS completes £200m Don Robert and John GUS places remaining half-year profits catalogue cuts the cost share buyback programme Coombe join board of GUS 50% stake in Lewis Group of over 2,000 products Burberry announces141 £250m Argos scoops Store Manager of Argos buys 33 Index stores Experian acquires share repurchase programme Homebase becomes first UK DIY the Year at Retail Week Awards Experian launches credit LowerMyBills.com Argos website is again the retailer to achieve FSC Chain of Homebase launches new bureau in Russia GUS reports fourth year of 117 Custody most frequently visited UK advertising campaign Experian develops China’s first double-digit profit growth high street retail website consumer classification system in the run-up to Christmas 90 69 01 02 03 04 05 Burberry operating profit £ million GUS_05–complete.qxd 15/6/05 11:18 am Page 5 GUS Annual Report 2005 1 Financial highlights 29.5 7,787 636 910 63.8 7,548 60.7 27.0 7,108 827 6,457 23.3 6,041 48 478 47.8 21.7 21.0 1 642 41.7 552 374 37.2 354 487 01 02 03 04 05 01 02 03 04 05 01 02 03 04 05 01 02 03 04 05 01 02 03 04 05 Total sales Profit before tax1 Free cash flow Earnings per share1 Dividend per share £ million £ million £ million pence pence 1 before amortisation of goodwill and exceptional items n 10% increase in profit before amortisation of n 9% increase in full year dividend to 29.5p goodwill, exceptional items and taxation to (2004:27.0p) £910m (2004: £827m) n 10.3% post-tax return on capital (2004:10.2%) n Profit before tax increased to £693m (2004: £692m) n Record profits again at Argos, Experian and Burberry n 5% increase in basic earnings per share before amortisation of goodwill and exceptional items n Further initiatives to enhance shareholder value to 63.8p (2004: 60.7p) n Basic earnings per share 42.3p (2004: 47.4p) Financial highlights for the years ended 31 March 2005 2004 Change Total sales £7.8bn £7.5bn up 3% Profit before tax before amortisation of goodwill and exceptional items* £910m £827m up10% Earnings per share before amortisation of goodwill and exceptional items 63.8p 60.7p up 5% Dividend per share 29.5p 27.0p up 9% * One-off charges have been made covering the Argos OFT fine (£16.2m) and Homebase reorganisation costs (£18.3m). Excluding these one-off charges, Group PBT was £945m (up 14%). 1 April 2000 31 May 2005 GUS share price performance 1,000p 150% GUS share price FTSE General Retailers sector 900p FTSE 100 125% 800p 100% 700p 75% 600p 50% 25% 500p 0% 400p -25% 300p -50% 200p -75% 100p GUS_05–complete.qxd 15/6/05 11:18 am Page 6 2 GUS Annual Report 2005 Chairman’s statement GUS has made good progress again this year. Through such investment we are building businesses The Group has delivered another strong set of capable of delivering sustainable growth. This is how results, achieving its fourth consecutive year of we can best serve all our stakeholders – customers, double-digit profit growth. Profit before amortisation suppliers, employees and shareholders. of goodwill, exceptional items and taxation was Attracting talented people £910m, an increase of 10% on the previous year. Our ability to attract talented people to our We continued to invest in our businesses to drive businesses underpins everything we do and I would profit growth, spending over £650m during the year, like to pay tribute to everyone at GUS for their largely on capital expenditure and acquisitions. enthusiasm and dedication. Our success is down to We also returned £200m to shareholders in a share them. I am therefore especially pleased by the results buyback programme, in addition to the proposed of our Group-wide Sharesave scheme, which this year full-year dividend of 29.5p (2004: 27.0p).
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