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Bills payable are secured by a first mortgage over certain freehold land and buildings and by deeds of charge and mortgage debentures over inventories, trade debtors, consumer finance loans and lease receivables. The bills have an average maturity of 30 days with effective interest rates of 4.9% to 6.6% (2002: 4.3% to 5.3%).
Bills payable have been classified as non-current interest-bearing liabilities on the basis that no net principal reductions are intended to be made prior to 30 June 2004 pursuant to the existing bill facilities. The bank reserves the right to withdraw the facilities if, in the opinion of the bank, there have been material adverse changes in the financial condition or operation of the business. In addition certain ratios are to be maintained to the satisfaction of the bank.
These facilities are subject to annual review.
<img src='content_image/107679.jpg'>
Total bills payable in the consolidated entity as a proportion of total equity in the consolidated entity
<img src='content_image/107676.jpg'>
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<img src='content_image/96784.jpg'>
<img src='content_image/96785.jpg'>
## Ordinary Shares - Terms and Conditions
Ordinary shares have the right to receive dividends as declared and, in the event of winding up the company, to participate in any surplus on winding up in proportion to the number of and amounts paid up on shares held.
Each ordinary share entitles the holder to one vote, either in person or by proxy, at a meeting of the company.
## Share Options
## Harvey Norman Holdings Limited
On 21 November 2000, in accordance with a Special Resolution passed at the annual general meeting of members of the parent company, options to take up ordinary shares in the capital of the parent company at an exercise price of $4.10 per option were granted to the trustees of separate trusts for the benefit of each of John Slack-Smith and family (2,000,000 options) and Stephen Hauville and family (2,000,000 options) (collectively the “November 2000 Options”).
Each of the November 2000 Options:
(a) is not capable of being exercised prior to 1 July 2003; and
(b) expires at midnight on 30 June 2005.
The November 2000 Options have not been exercised.
For the purposes of disclosure, the Black-Scholes option pricing formula was utilised in the manner set out in the notice of general meeting of shareholders to approve the November 2000 Options, so that:
Each of the November 2000 Options was valued, as at the date of grant 21 November 2000, at $1.2665 per option;
The options issued to the trustee of the trust for the benefit of John Slack-Smith and family had a total option value of $2,533,000 as at the grant date. The value included in the disclosure of the remuneration to John Slack- Smith for the year ended 30 June 2003 is $971,161. This is calculated as the number of days in the financial year over the total number of days in the option vesting period multiplied by the number of options granted at the Black-Scholes price of $1.2665.
The options issued to the trustee of the trust for the benefit of Stephen Hauville and family had a value of $2,533,000. The value included in the disclosure of the remuneration to Stephen Hauville for the year ended 30 June 2003 is $971,161. This is calculated as the number of days in the financial year over the total number of days in the option vesting period multiplied by the number of options granted at the Black-Scholes price of $1.2665.
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## 26. Contributed Equity (continued)
On 31 August 1999, in accordance with a Special Resolution passed at a general meeting of members of the parent company, options to take up ordinary shares in the capital of the parent company at an exercise price of $3.212 per option were granted to the trustees of separate trusts for the benefit of each of Gerald Harvey and family (3,000,000 options), Kay Lesley Page and family (3,000,000 options), Raymond John Skippen and family (3,000,000 options) and Arthur Bayly Brew and family (1,500,000 options) (collectively the “August 1999 Options”).
Each of the August 1999 Options:
is not capable of being exercised prior to 1 July 2002; and
expires at midnight on 30 June 2004.
The August 1999 Options have not been exercised.
## Rebel Sport Limited
## (a) Options granted to directors of Rebel Sport Limited during the year ended 30 June 2003:
At a general meeting of shareholders of Rebel Sport Limited held on 26 September 2002, the shareholders approved the granting of 3,400,000 options to Stephen Heath, the Managing Director of Rebel Sport Limited. The options entitle the option holder to subscribe for 3,000,000 ordinary shares at $0.83 each (‘the first tranche’) and 400,000 ordinary shares at $1.75 each (‘the second tranche’). The options cannot be exercised before 1 October 2005 and they expire on 30 September 2007. The options were issued free of charge to the Managing Director. Using the Black-Scholes option pricing formula, each of the first tranche options were valued at $0.86 per option, or $2,580,000 in total, and each of the second tranche options were valued at $0.55 per option, or $220,000 in total.
Pursuant to Rebel Sport Limited’s Employee Option Incentive Scheme, on 4 April 2003, Rebel Sport Limited granted unlisted options over 500,000 unissued ordinary shares to Karen Bozic, an employee of Rebel Sport Limited, at an exercise price of $2.22 per option. The options were issued free of charge to this employee. Karen Bozic later became an executive director of Rebel Sport Limited 22 May 2003. Using the Black-Scholes Option Pricing Formula, the options issued to Karen Bozic were valued at $0.49 per option, or $247,000 in total.
## (b) Options granted to directors of Rebel Sport Limited in prior financial years:
At a general meeting of shareholders of Rebel Sport Limited held on 5 June 2001, the shareholders approved the granting of 2,000,000 options to Messrs. Dresner and Seskin, the former Joint Managing directors of Rebel Sport Limited. The options were exercisable in tranches, 800,000 at $0.70, 400,000 at $0.40, 400,000 at $0.20 and 400,000 at $0.01. The average exercise price at the date of issue was $0.402 per option and the options were issued free of charge to the former directors. For the purposes of disclosure, the Black-Scholes option pricing formula was utilised, so that:
each of the Rebel Dresner Seskin Options was valued at the date of issue 3 August 2001, at $1.2373 per option;
the Rebel Dresner Seskin Options issued to Ian Dresner had a value of $2,474,680; and
the Rebel Dresner Seskin Options issued to Hilton Seskin had a value of $2,474,680.
On 24 April 2002, Ian Dresner and Hilton Seskin exercised 400,000 options each at $0.20 per option and 400,000 options each at $0.01 per option (“Rebel Dresner Seskin Options”). A total of 800,000 ordinary shares were issued to Ian Dresner and Hilton Seskin on exercise of the options, resulting in a total cash inflow to Rebel Sport Limited of $168,000. The market value of these shares at the date of issue to Ian Dresner and Hilton Seskin was $1,840,000.
As a result of the rights issue of shares which occurred in June 2002, the exercise price of the unexercised tranches of the Rebel Dresner Seskin Options was adjusted to 800,000 options at $0.67 and 400,000 options at $0.38 in accordance with the terms of the Rebel Dresner Seskin Options.
On 16 September 2002, Ian Dresner exercised 800,000 options at $0.67 per option and 400,000 options at $0.38 per option. A total of 1,200,000 ordinary shares were issued to Ian Dresner on exercise of the options resulting in a total cash inflow to Rebel of $688,000. Ian Dresner has exercised all of the 2,000,000 options granted on 5 June 2001 and hence has no outstanding options as at 30 June 2003.
On 21 March 2003, Hilton Seskin exercised 400,000 options at $0.38 per option. A total of 400,000 ordinary shares were issued to Hilton Seskin on exercise of the options resulting in a total cash inflow to Rebel of $152,000. The balance of options granted to Hilton Seskin have not been exercised and will expire on 4 August 2006. Whilst Hilton Seskin had resigned as director of Rebel at balance date, he is still an employee of Rebel and hence the options remain exerciseable until the expiry date.
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## 26. Contributed Equity (continued)
## Pertama Holdings Limited, Singapore
On 9 July 2003, at an Extraordinary General Meeting of shareholders’, options to subscribe for up to 4,000,000 ordinary shares of par value $0.25 Singapore Dollars each in the capital of Pertama Holdings Limited, were granted to Mr Martin Dunkerley at the exercise price of $0.275 Singapore Dollars per option.
The terms of the option agreement entered into between Pertama Holdings Limited and Mr Martin Dunkerley in respect of these 4,000,000 options are:
The exercise price of these options is subject to annual review by the Board
The options are exercisable for the period commencing the third anniversary of 31 January 2003 and must be exercised before the fifth anniversary of 31 January 2003
Using the Black-Scholes option-pricing model, the value of these options at grant date is $0.0613 Singapore Dollars per option (or 5.981 cents per option in Australian dollars). Thus, at grant date, the total value of these options is $245,200 Singapore Dollars, or $239,240 Australian dollars.
On 22 November 2001, at an Extraordinary General Meeting of shareholders, options to subscribe for up to 1,000,000 ordinary shares of par value of $0.25 Singapore Dollars each in the capital of Pertama Holdings Limited, were granted to Ms Koh Kee Ai at the exercise price of $0.45 Singapore Dollars per option.
On 9 July 2003, at an Extraordinary General Meeting of shareholders’, the exercise price of these options granted to Ms Koh Kee Ai on the 22 November 2001 was revised from $0.45 Singapore Dollars to $0.275 Singapore Dollars per option.
The terms of the revised option agreement (dated 9 July 2003) entered into between Pertama Holdings Limited and Ms Koh Kee Ai in respect of these 1,000,000 options are:
The exercise price of these options is subject to annual review by the Board
The options are exercisable for the period commencing the fifth anniversary of 1 October 2000 and must be exercised before the tenth anniversary of 1 October 2000.
Using the Black-Scholes option-pricing model, the value of these options at the date the exercise price was revised is $0.0605 Singapore Dollars per option (or 5.903 cents per option in Australian dollars). Thus, at grant date, the total value of these options had a value of $60,500 Singapore Dollars, or $59,030 Australian dollars.
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Sales for the months of July and August 2003 by Harvey Norman franchisees from the franchised “Harvey Norman” complexes, Harvey Norman stores in New Zealand, Slovenia and Ireland (and excluding Pertama Holdings Limited, Singapore and Rebel Sport Limited) totalled $590.4 million compared to $487.8 million for the corresponding period last year. This represents an increase of 21.0% relative to the prior year. Like for like sales for the same period increased by 12.7%.
## Net Profit Attributable to Members
Net profit attributable to members after tax and outside equity interests increased from $128.28 million for the twelve months ended 30 June 2002, to $151.05 million for the twelve months ended 30 June 2003, an increase of 17.8%. The main factors contributing to the increase were:
gross profit margin from sales by company owned stores and controlled entities increased for the twelve months ended 30 June 2003 due to improved trading in the Harvey Norman New Zealand owned stores, Pertama Holdings Limited in Singapore and Rebel Sport Limited in Australia;
as detailed in Note 2 (page 34), gross revenue received from the franchised “Harvey Norman” complexes (excluding rent and interest received) increased $30.3 million or 13.3% to $256.6 million, for the twelve months ended 30 June 2003 (2002: $226.4 million) assisted by opening nine new Harvey Norman stores and complexes in Australia during the year and improved trading conditions experienced by Harvey Norman franchisees;
expenses as a percentage of total sales have decreased for the twelve months ended 30 June 2003.
The increase in net profit attributable to members has resulted in a rise in earnings per share from 12.33 cents per share in 30 June 2002 to 14.31 cents per share as at 30 June 2003. This represents an increase of 16.1% on the prior year.
## Property Portfolio
During the year, the Directors have analysed and revalued the Group Property Portfolio resulting in an increase of $39.62 million in the asset revaluation reserve.
The Group Property Portfolio at 30 June 2003 including joint venture property interests (consolidated with property held by Pertama Holdings Limited, Singapore and Rebel Sport Limited) was valued at $771.71 million compared to $659.93 million at 30 June 2002.
The property portfolio excluding property held by Pertama Holdings Limited, Singapore and Rebel Sport Limited at 30 June 2003 was $767.13 million compared to $654.50 million for the prior year ended 30 June 2002.
As indicated in the Segment Information note (see page 28), the yield from property investments was 10.4% and the asset return was 4.6%. When accumulated revaluations to 30 June 2003 are excluded the yield was 14.0% and the asset return was 6.1%.
As at the date of this report, the adjacent table depicts the number of Harvey Norman complexes and Harvey Norman stores where land and buildings are either owned or leased by subsidiaries of Harvey Norman Holdings Limited in Australia, New Zealand, Slovenia and Ireland.
<img src='content_image/98359.jpg'>
<img src='content_image/98360.jpg'>
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<img src='content_image/8956.jpg'>
As of 1 July 2002, the new imputation system requires a company’s franking credits to be expressed on a tax-paid basis. The franking account surplus existing at 30 June 2002 has been reinstated to a tax paid amount by multiplying the Class C franking surplus by 30/70.
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## 29. Notes to the Statement of Cash Flows (continued)
<img src='content_image/23457.jpg'>
## 30. Employee Benefits
<img src='content_image/23458.jpg'>
The consolidated entity makes contributions to complying superannuation funds for the purpose of provision of superannuation benefits for eligible employees of the consolidated entity. The amount of contribution in respect of each eligible employee is not less than the prescribed minimum level of superannuation support in respect of that eligible employee. The complying superannuation funds are independent and not administered by the consolidated entity.
## Options Issued to Directors of Harvey Norman Holdings Limited and Pertama Holdings Limited, Singapore:
Other than the options issued pursuant to the Employee Option Incentive Scheme of Rebel Sport Limited (refer below), the only other options issued within the Harvey Norman Holdings Limited consolidated group are to the directors of Harvey Norman Holdings Limited and Pertama Holdings Limited, Singapore.
At balance date, the following options over unissued ordinary shares were outstanding and vested (or able to be exercised) by directors of Harvey Norman Holdings Limited and Pertama Holdings Limited, Singapore:
<img src='content_image/23459.jpg'>
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## Employee Option Incentive Scheme for Rebel Sport Limited
Rebel Sport Limited (“Rebel”) is the only entity within the Harvey Norman Holdings Limited consolidated group that offers an Employee Option Incentive Scheme. Hence the disclosure below only relates to Rebel.
Rebel operates an Employee Option Incentive Scheme which was approved by shareholders on 12 October 1993. Under the terms of this Scheme, the directors may offer options over unissued ordinary shares in Rebel to certain senior management employees of Rebel.
Pursuant to this Scheme, on 4 April 2003, Rebel granted unlisted options over 500,000 unissued ordinary shares to one employee of the consolidated entity, at an exercise price of $2.22 per option. The options were issued free of charge to this employee. This employee, Karen Bozic, later became an executive director of Rebel on 22 May 2003. Using the Black-Scholes Option Pricing Formula, the options issued were valued at $0.49 per option, or $247,000 in total.
In the prior period, Rebel granted unlisted options over 40,000 unissued ordinary shares to one employee of Rebel, at an exercise price of $0.92 per option.
Subsequent to balance date, Rebel granted unlisted options over 450,000 ordinary shares to three senior executives of Rebel, at an exercise price of $2.46 per option. These options were issued free of charge to these employees.
Under the Employee Option Incentive Scheme, each of the outstanding options will lapse after five years from the date of issue and are exercisable as follows:
In the first year after the issue, no options will be exercisable.
In the second year after the issue, 20% of the options will become exercisable.
In each successive year, 20% of the options will become exercisable.
The right to exercise the options is cumulative.
All of the unexercised options become exercisable thirty days before the fifth anniversary of the issue of the options.
If a relevant employee leaves the employment of Rebel within one year of commencing employment, all of the options held by that relevant employee will lapse. For employees with greater than one year’s service, any unexercised options will lapse thirty days after an employee ceases employment with Rebel. During the year ended 30 June 2003, 81,000 (2002: 323,000) options issued to six (2002: twelve) employees whose employment terminated, were cancelled.
## Options Issued to Directors of Rebel Sport Limited
For details on options issued to the directors of Rebel, refer to Note 26. Contributed Equity (Rebel Sport Limited section).
Options issued to employees or directors are not transferable without approval by the Board of Rebel and are not quoted on the ASX. Upon exercise, each outstanding option entitles the holder to subscribe for one fully paid ordinary share in Rebel.
The following table summarises information about options exercised by employees and directors of Rebel under the Employee Option Incentive Scheme during the year 30 June 2003:
<img src='content_image/98598.jpg'>
Subsequent to balance date, 50,000 options have been exercised by employees, resulting in the issue of 50,000 ordinary shares.
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## Employee Option Incentive Scheme for Rebel (continued)
The following table summarises information about options exercised by employees and directors of Rebel under the Employee Option Incentive Scheme during the year ended 30 June 2002:
<img src='content_image/26550.jpg'>
The fair value of shares issued is estimated to be the market price of shares of Rebel as at close of trading on their respective issue dates.
At balance date, the following options over unissued ordinary shares were outstanding and vested (or able to be exercised) by employees and directors under the Employee Option Incentive Scheme for Rebel Sports Limited:
<img src='content_image/26553.jpg'>
*Options issued to individuals who are or have been directors of Rebel Sports Limited.
## Employee Share Plan
At the Annual General Meeting of Rebel held on 8 August 1995, an Employee Share Plan (“Plan”) was approved by shareholders. Under the terms of the Plan, the directors of Rebel may propose in each financial year to issue ordinary shares to eligible employees, up to 500 ordinary shares per employee. All permanent employees of Rebel, excluding directors, with longer than one year service with the consolidated entity are classified as eligible employees under the Plan.
There were no ordinary shares issued pursuant to the Plan in the current or previous financial periods.
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<img src='content_image/30034.jpg'>
(a) These services relate to tax compliance and other assurance related services.
|
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<img src='content_image/27710.jpg'>
The income of directors for the year ended 30 June 2003 includes the current year amortisation amount for options granted to certain directors. The amortisation amount is disclosed in the Directors’ Report under Long Term Emoluments.
The income of directors for the previous financial year includes the full value of options granted to the directors during the year ended 30 June 2002.
Options granted as part of remuneration have been valued using the Black-Scholes option price model, which takes account of factors such as the option exercise price, the current level and volatility of the underlying share price and the time to maturity of the option. The details of the terms, conditions and value of options granted during that period are set out in Note 26 Contributed Equity.
<img src='content_image/27714.jpg'>
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<img src='content_image/43716.jpg'>
<img src='content_image/43717.jpg'>
The income of executives for the year ended 30 June 2003 includes the current year amortisation for options granted to certain executive directors. The amortisation amount is disclosed in the Directors’ Report under Long Term Emoluments.
The income of executives for the previous financial year includes the full value of options granted to the executive directors during the year ended 30 June 2002.
|
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] | overall_image/454c53e24437f710e7453542ad3fa1acaee227f6c8f2c0b558f3de5202c19bb0.png | ## Chairman’s Report (continued)
## Equity
Total equity at 30 June 2003 (consolidated) was $1.03 billion compared to $875.89 million – an increase of $158.14 million or 18.1%. Of the total equity of $1.03 billion, an amount of $67.89 million (2002: $69.97 million) is attributable to outside equity interests.
## Dividend
The recommended final dividend is 2.5c per share fully franked. No provision is made in the Statement of Financial Position for this recommended final dividend. The total dividend for the year will be 5.0c fully franked.
## Expansion
During the 12 months to 30 June 2003, new complexes were opened as follows:
<img src='content_image/101927.jpg'>
Since the end of this financial year new complexes have been opened at:
<img src='content_image/101928.jpg'>
The Company intends to continue to pursue a strategy of steady expansion both within Australia and overseas.
| would like to thank my fellow Directors, Harvey an employees, franchisees and their staff for their continuing efforts and loyalty.
<img src='content_image/101924.jpg'>
|
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## (c) Retirement Benefits
The following prescribed benefits were given to a prescribed superannuation fund in connection with the retirement of persons from prescribed offices in relation to a corporation in the consolidated entity during the financial year. Particulars have been summarised as the directors believe that provision of full particulars would be unreasonable given the detail required.
<img src='content_image/131465.jpg'>
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## (a) Directors
The following persons held the position of director of the parent entity during both financial years unless otherwise stated:
G. Harvey K.L. Page R.J. Skippen A.B. Brew M.J. Harvey C.H. Brown I.J. Norman J.E. Slack-Smith S.P. Hauville K. W. Gunderson-Briggs (appointed 30 June 2003)
## CONSOLIDATED
<img src='content_image/117819.jpg'>
|
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## (iii) Perth City West Retail Complex
By a contract for sale dated 31 October 2000, Gerald Harvey, as to a one half share as tenant in common, and a subsidiary of Harvey Norman Holdings Limited, as to a one half share as tenant in common, purchased the Perth City West retail complex for a purchase price of $26.6 million. In the financial report for the year ended 30 June 2003 this has been accounted for as a joint venture entity as disclosed in Note 39(b). This transaction was executed under terms and conditions no more favourable than those which it is reasonable to expect would have applied if the transaction was at arm’s length. The property was purchased subject to a lease of part of the property in favour of a subsidiary of Harvey Norman Holdings Limited (the "Lessee"). That lease had been granted by the previous owner of the property on arm's length normal terms and conditions. Gerald Harvey is entitled to one half of the rental paid by the Lessee. The amount of rental and outgoings paid by the Lessee to Gerald Harvey and the subsidiary of Harvey Norman Holdings Limited for the year ended 30 June 2003 was $1.200 million and for the year ended 30 June 2002 was $1.212 million.
## (iv) Byron Bay Everglades Resort
By a contract for sale dated 15 May 2002, Gerald Harvey, as to a one half share as tenant in common, and a subsidiary of Harvey Norman Holdings Limited, as to a one half share as tenant in common, purchased the Byron Bay Everglades Resort for a purchase price of $7.1 million. In the financial report for the year ended 30 June 2003, this has been accounted for as a joint venture entity as disclosed in Note 39 (b). This transaction was executed under terms and conditions no more favourable than those which it is reasonable to expect would have applied if the transaction was at arms length.
<img src='content_image/38362.jpg'>
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## 33. Related Party Transactions (continued)
<img src='content_image/32991.jpg'>
## (e) Directors’ Shareholdings
<img src='content_image/32992.jpg'>
Share options were issued by other entities within the group. For details of share options refer to Note 26.
## (f) Ultimate Controlling Entity
The ultimate controlling entity of the consolidated entity is Harvey Norman Holdings Limited, a company incorporated in Australia.
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## 34. Commitments
## (a) Capital expenditure contracted for but not provided is payable as follows:
<img src='content_image/109183.jpg'>
## (b) Lease expenditure commitments
(i) Finance lease rentals are payable as follows:
<img src='content_image/109184.jpg'>
Rebel leases certain store fit-out assets, computers, motor vehicles and ski hire equipment under finance leases expiring from one to five years. At the end of the lease term, Rebel has the right to purchase the assets at an agreed residual value. All lease payments are determined at the commencement of the lease and remain fixed for the lease term. The finance lease liabilities are secured by charges over the underlying assets financed (refer to Note 14 for net book value of capitalised lease assets) but rank behind the security held by the bankers of Rebel.
(ii) Operating lease expenditure contracted for is payable as follows:
<img src='content_image/109185.jpg'>
Operating leases are entered into as a means of acquiring access to retail property and warehouse facilities. Rental payments are renewed annually in line with rental agreements.
The directors do not consider turnover rents or CPI contingent rentals to be significant, hence, turnover rents are excluded from contingent rentals. The average lease term is 5 - 7 years with the majority of leases having options for further terms. There are no restrictions imposed by lease arrangements on dividends, additional debt or further leasing.
(c) Capital expenditure commitments on behalf of joint ventures are payable as follows:
<img src='content_image/109186.jpg'>
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<img src='content_image/104151.jpg'>
## 35. Contingent Liabilities
Contingent liabilities at balance date, not otherwise provided for in these financial statements are categorised as follows
<img src='content_image/104152.jpg'>
## 36. Foreign Currency Exposure
<img src='content_image/104153.jpg'>
The Australian dollar equivalents of foreign currency monetary items included in the Statement of Financial Position headings to the extent that they are not effectively hedged, are set out above. These amounts include the payables and receivables of foreign subsidiaries which are not effectively hedged by other foreign currency denominated items.
|
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] | overall_image/edafcf38640049c08e330d1e46093c8a3a20c66332f81d5acdcb566c8dbf4212.png | ## 37. Financing Arrangements
Companies in the consolidated entity have access to the following financing facilities with a financial institution:
<img src='content_image/51872.jpg'>
<img src='content_image/51871.jpg'>
<img src='content_image/51870.jpg'>
The remaining facilities are subject to annual review. The bank reserves the right to withdraw the facilities if in the opinion of the bank, there have been material adverse changes in the financial condition or operations of the business. The company can cancel the facilities at any review date.
For additional financing facilities not disclosed above, refer to Notes 18 and 33(b) for details in relation to loans by directors to Derni Pty Limited (a wholly owned subsidiary of Harvey Norman Holdings Limited) and other financing.
## 38. Financial Instruments
(a) Objectives for Holding Derivative Financial Instruments
The consolidated entity uses derivative financial instruments to manage specifically identified interest rate and foreign currency risks. The purposes for which specific derivative instruments are used are as follows:
Forward exchange contracts are purchased to hedge the Australian dollar value of purchases of products denominated in foreign currency.
Interest rate swap agreements are used to convert floating rate exposures on certain debt to fixed rates. These swaps entitle the consolidated entity to receive, or oblige it to pay, the amounts, if any, by which actual interest payments on nominated loan amounts exceed or fall below specified interest amounts.
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## 38. Financial Instruments (continued)
## (b) Interest Rate Risk Exposures
The consolidated entity is exposed to interest rate risk through primary financial assets and liabilities, modified through derivative financial instruments such as interest rate and cross currency swaps. The following table summarises interest rate risk for the consolidated entity, together with effective interest rates as at balance date.
<img src='content_image/47691.jpg'>
<img src='content_image/47690.jpg'>
Floating interest rates represent the most recently determined rate applicable to the instrument at balance date.
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] | overall_image/0074e58881ac888a31ef94800e42b9ac4a888bebf69eb82d7e103bb609b9b243.png | ## Notes to the Financial Statements (continued)
## 38. Financial Instruments (continued)
## (c) Foreign Exchange
The following table summarises by currency the Australian dollar value of forward foreign exchange agreements. Foreign currency amounts are translated at rates current at the reporting date. The ‘buy’ amounts represent the Australian dollar equivalent of commitments to purchase foreign currencies. Contracts to buy and sell foreign currency are entered into from time to time to offset purchase and sale obligations so as to maintain a properly hedged position.
<img src='content_image/111141.jpg'>
## (d) Net fair value of financial assets and liabilities
The carrying amounts of trade receivables, trade creditors, bank loans, investment securities (current) and outstanding forward foreign exchange contracts approximate their fair values. The carrying amounts and estimated net fair values of other financial assets (and financial liabilities) held at balance date are given below. Short term instruments where carrying amounts approximate net fair values, are omitted. The net fair value of a financial asset (or a financial liability) is the amount at which the asset could be exchanged, or liability settled in a current transaction between willing parties after allowing for transaction costs.
<img src='content_image/111142.jpg'>
The carrying amounts shown in the table are included in the Statement of Financial Position under the indicated captions. In the current year, investment securities carried at cost in "Other Financial Assets" (Non-Current) are:
Briscoe Group Limited, with a carrying value of $4,583,552 and a net fair value, based on the market value at 30 June 2003, of $9,440,093.
Gazal Corporation Limited, with a carrying value and net fair value of $2,350,000.
The interest rate swaps are recorded in the books at $300,000,000 and the fair value, based on the market value at 30 June 2003, is $295,736,109 (2002: $101,155,969 on a fixed interest rate swap of $100 million).
The following methods and assumptions were used to estimate the net fair value of each class of financial instrument:
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## Investment securities
The net fair values of listed investments are based on quoted market bid prices less estimated disposal costs which are expected to be minimal.
## Interest rate swap
The net fair value is estimated by discounting the anticipated future cash flows to their present value, based on interest rates existing at the respective balance dates.
## (e) Credit risk exposure
The consolidated entity’s exposures to on balance sheet credit risk are as indicated by the carrying amounts of its financial assets. The consolidated entity does not have a significant exposure to any individual counterparty.
The consolidated entity minimises concentrations of credit risk by undertaking transactions with a large number of debtors in various countries and industries.
The major geographic concentration of credit risk arises from the location of the counterparties to the consolidated entity’s financial assets as shown in the following table:
<img src='content_image/65265.jpg'>
Credit risk on financial assets is spread over the financial services and retail industries.
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} | https://cdla.io/permissive-1-0/ | [] | overall_image/203ff492b2c8b353358dc15787a6f92f939c3b5c651ba40731c4ec1dabc21094.png | Your directors submit their report for the year ended 30 June 2003.
## Directors
The names and details of the directors in office during or since the end of the financial year and until the date of this report are as follows:
## Gerald Harvey – Executive Chairman
Mr. G. Harvey, aged 64, was the co-founder of Harvey Norman in 1982 with Mr. I. Norman. Mr. G. Harvey has overall executive responsibility for the strategic direction of the consolidated entity, and in particular, property investments.
## Kay Lesley Page - Managing Director
Ms. Page, aged 46, joined Harvey Norman in 1983 and was appointed a director of Harvey Norman Holdings Limited in 1987.
Ms. Page became Managing Director of the company in February 1999 and has overall executive responsibility for the operations of the consolidated entity, and in particular, marketing.
## Raymond John Skippen - Finance Director and Company Secretary
Mr. Skippen, aged 55, became a director of the company in September 1994. Mr. Skippen has over 30 years experience as a chartered accountant, and has overall executive responsibility for the financial, commercial and secretarial management of the consolidated entity.
## Arthur Bayly Brew - Director
Mr. Brew, aged 53, joined the company in 1983. He is responsible for the security and shopfitting operations of the group. Mr. Brew was appointed a director in September 1994.
## John Evyn Slack-Smith - Director
Mr. Slack-Smith, aged 34, was a Harvey Norman computer franchisee between 1993 and 1999. Mr. Slack-Smith became a director on 5 February 2001. Mr. Slack-Smith has overall executive responsibility for the relationship between the company, Harvey Norman computer franchisees and strategic relationships.
## Stephen Patrick Hauville - Director
Mr. Hauville, aged 46, has extensive experience as a Harvey Norman franchisee and retailer, and became a director on 5 February 2001. Mr. Hauville has overall executive responsibility for the relationship between the company, Harvey Norman electrical franchisees and strategic relationships.
## Michael John Harvey - Non-Executive Director
Mr. M. Harvey, aged 38, joined Harvey Norman in 1987, having completed a Bachelor of Commerce degree. Mr. M. Harvey gained extensive experience as a Harvey Norman franchisee from 1989 to 1994. Mr. M. Harvey became a director of the company in 1993 and was appointed Managing Director in July 1994. Mr. M. Harvey ceased to be an Executive Director on 30 June 1998. Mr. M. Harvey is a member of the Audit, Remuneration and Nomination Committees.
## Christopher Herbert Brown - Non-Executive Director
Mr. Brown, aged 53, holds the degree of Master of Laws from the Sydney University. Mr. Brown is the senior partner in Gillis Delaney Brown, Lawyers. Gillis Delaney Brown has acted as lawyers for the Harvey Norman group since 1982. Mr. Brown was appointed a director in 1987, when the company became a listed public company. Mr. Brown is Chairman of the Audit, Remuneration and Nomination Committees.
## Ian John Norman - Non-Executive Director
Mr. Norman, aged 64, was co-founder of Harvey Norman with Mr. Gerald Harvey in 1982. Mr. Norman is a member of the Remuneration Committee.
## Kenneth William Gunderson-Briggs – Non-Executive Director
Mr. Gunderson-Briggs, aged 42, was appointed a director of Harvey Norman Holdings Limited on 30 June 2003. Mr. Gunderson-Briggs is a chartered accountant and a registered company auditor. He has been involved in public practice since 1982 and a partner in a chartered accounting firm since 1990. His qualifications include a Bachelor of Business and he is a fellow of the Institute of Chartered Accountants. Mr. Gunderson-Briggs is a member of the Audit, Remuneration and Nomination Committees.
Unless otherwise indicated, all directors held their position as a director throughout the entire financial year and up to the date of this report.
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<img src='content_image/46847.jpg'>
## 39. Associates and Joint Venture Entities
<img src='content_image/46848.jpg'>
## Investments in Partnerships:
Details of material interests in partnerships are as follows:
<img src='content_image/46849.jpg'>
## Financial Summary of Partnerships
<img src='content_image/46850.jpg'>
(a) In 2002 the consolidated entity had a 50% ownership interest in the Lighting Partnership. The Lighting Partnership was equity accounted in 2002 as the consolidated entity did not have control over the financial and operating decisions of the partnership. During 2003, the consolidated entity’s ownership interest in the Lighting Partnership had increased to 99.9% resulting in effective control over financing and operating decisions. The results of the partnership have been consolidated in accordance with AASB 1024 “Principles of Consolidation” for the year ended 30 June 2003.
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"content_image/56908.jpg"
] | overall_image/a6f1133503843ed1f3df61836d4839543c4ac772fb0adbf5dd85101aa68af68a.png | ## Investments in joint venture entities:
Details of material interests in joint venture entities are as follows:
<img src='content_image/56908.jpg'>
These joint ventures have not been consolidated as the consolidated entity does not have control over operating and financing decisions, and all joint venture parties participate equally in decision making.
|
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"content_image/16964.jpg"
] | overall_image/b9cbdb3ff241047076c62fd8f59c81f93a02c2d7d8981df3b86adbd2abcb1857.png | ## Notes to the Financial Statements (continued)
39. Details of Associates and Joint Venture Entities (continued)
## Aggregate carrying amounts of joint entities
<img src='content_image/16961.jpg'>
<img src='content_image/16962.jpg'>
## Financial summary of joint venture entities
<img src='content_image/16964.jpg'>
|
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] | overall_image/2f1bdefdbfcde04cde90f22c996c3685e81302283fad1dbdf2a746a69bfa8f52.png | ## Notes to the Financial Statements (continued)
## 39. Details of Associates and Joint Venture Entities (continued)
## Investments in associated entities:
Details of material interests in associates are as follows:
<img src='content_image/95646.jpg'>
(A) Due to increase in percentage ownership during the current year, this entity has been consolidated as at 30 June 2003
|
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The following companies are 100% owned by Harvey Norman Holdings Limited and incorporated in Australia unless marked otherwise. The financial years of all controlled entities are the same as that of the parent entity.
## Name
250 Brompton Road Limited$^{1,12,14}$ A.C.N. 098 004 570 Pty Limited$^{1}$ Abari Pty Limited$^{1,6}$ Achiever Computers Pty Ltd$^{1}$ Albwood Pty Limited$^{1,6,7}$ Aloku Pty Limited Anwarah Pty Limited Applect Pty Limited$^{1,6,7}$ Apptoo Pty Limited$^{1,6}$ Arisit Pty Limited$^{1,2,18}$ Arlenu Pty Limited Armidale Holdings Pty Limited$^{1,22}$ Arpayo Pty Limited Aubdirect Pty Limited$^{1}$ Auburnapp Pty Limited$^{1,6,7}$ Auburnbed Pty Limited$^{1,6,7}$ Australian Business Skills Centre Pty Limited$^{1,6}$ Balwondu Pty Limited Barrayork Pty Limited$^{1}$ Becto Pty Limited$^{19}$ Beddington Pty Limited$^{1,6,7}$ Bellevue Hill Pty Limited$^{1}$ Belmcom Pty Limited$^{1,6}$ Bernlect Pty Limited$^{1,6}$ Bestest Pty Limited Bossee Pty Limited$^{1,2}$ Bradiz Pty Limited Braxpine Pty Limited Broadmall Pty Limited$^{1,7}$ Bundall Computers Pty Limited$^{1,7}$ Bundallbed Pty Limited$^{1,6}$ Bundcomm Pty Limited$^{1,6}$ Caesar Mosaics Pty Limited$^{1,6}$ Cairnsel Pty Limited$^{1,6,7}$ Calardu Pty Limited Calardu Alexandria DM Pty Limited Calardu Alice Springs Pty Limited$^{1}$ Calardu Armadale WA Pty Limited$^{1}$ Calardu Armidale Pty Limited$^{1}$ Calardu Auburn Pty Limited$^{1}$ Calardu Ballarat Pty Limited$^{1}$ Calardu Ballina Pty Limited$^{1}$ Calardu Bathurst Pty Limited$^{1}$ Calardu Beaufort Street Pty Limited$^{1,6}$ Calardu Belrose DM Pty Limited$^{1}$ Calardu Berri (SA) Pty Limited$^{1}$ Calardu Berrimah Pty Limited$^{1}$ Calardu Broadmeadow Pty Limited$^{1}$ Calardu Broadmeadows VIC Pty Limited$^{1,6}$ Calardu Browns Plains Pty Limited$^{1,6}$ Calardu Bunbury (WA) Pty Limited Calardu Bundall Pty Limited$^{1}$ Calardu Campbelltown Pty Limited$^{1}$ Calardu Cannington Pty Limited
## Name
Calardu Caringbah Pty Limited$^{1}$ Calardu Caringbah (Taren Point) Pty Limited$^{1}$ Calardu Chatswood Pty Limited$^{1}$ Calardu Crows Nest Pty Limited$^{1}$ Calardu Darwin Pty Limited$^{1}$ Calardu Frankston Pty Limited$^{1}$ Calardu Fyshwick DM Pty Limited$^{1}$ Calardu Gordon Pty Limited$^{1}$ Calardu Guildford Pty Limited$^{1}$ Calardu Hobart Pty Limited$^{1}$ Calardu Hoppers Crossing Pty Limited$^{1}$ Calardu Horsham Pty Limited$^{1}$ Calardu Joondalup Pty Limited Calardu Kalgoorlie Pty Limited$^{1}$ Calardu Karana Downs Pty Limited$^{1}$ Calardu Kemblawarra Pty Limited$^{1}$ Calardu Launceston Pty Limited$^{1}$ Calardu Loganholme Pty Limited$^{1}$ Calardu Maitland Pty Limited$^{1}$ Calardu Mandurah Pty Limited$^{1}$ Calardu Maribyrnong Pty Limited Calardu Marion Pty Limited Calardu Maryborough Pty Limited$^{1}$ Calardu Melville Pty Limited Calardu Mentone Pty Limited$^{1,6}$ Calardu Midland Pty Limited$^{1,6}$ Calardu Milton Pty Limited$^{1}$ Calardu Morayfield Pty Limited$^{1}$ Calardu Moss Vale Pty Limited$^{1}$ Calardu Mount Isa Pty Limited$^{1}$ Calardu Mt Gambier Pty Limited$^{1}$ Calardu Mudgee Pty Limited$^{1}$ Calardu Munno Para Pty Limited$^{1}$ Calardu Noarlunga Pty Limited$^{1}$ Calardu Noosa Pty Limited Calardu North Ryde Pty Limited$^{1}$ Calardu Northbridge Pty Limited$^{6}$ Calardu Nowra Pty Limited$^{1}$ Calardu Penrith Pty Limited Calardu Perth City West Pty Limited$^{1}$ Calardu Port Macquarie Pty Limited Calardu Preston Pty Limited Calardu Queensland Pty Limited Calardu Richmond Pty Limited Calardu Rockingham Pty Limited Calardu Roselands Pty Limited$^{1}$ Calardu Sale Pty Limited$^{1}$ Calardu Silverwater Pty Limited$^{1,6}$ Calardu South Australia Pty Limited Calardu Swan Hill Pty Limited$^{1,6}$ Calardu Sylvania Pty Limited$^{1}$ Calardu Taree Pty Limited$^{1}$ Calardu Thebarton Pty Limited$^{1}$ Calardu Tweed Heads Pty Limited
|
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] | overall_image/808c63f12dc56007c6ec6cbe714c6c0e54178c7cda4f377a8aed13c704230250.png | ## 40. Controlled Entities and Unit Trusts (continued)
## Shares held by Harvey Norman Holdings Limited (continued)
<img src='content_image/124636.jpg'>
|
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## Shares held by Harvey Norman Holdings Limited (continued)
## Name
H.N. Belmont Franchisor Pty Limited H.N. Belmont Leasing Pty Limited$^{1}$ H.N. Bendigo Franchisor Pty Limited H.N. Bendigo Leasing Pty Limited$^{1}$ H.N. Bernoth Franchisor Pty Limited H.N. Bernoth Leasing Pty Limited$^{1}$ H.N. Bernoth Plant & Equipment Pty Limited H.N. Blacktown Franchisor Pty Limited H.N. Blacktown Leasing Pty Limited$^{1}$ H.N. Broadway on the Mall Franchisor Pty Limited H.N. Broadway on the Mall Leasing Pty Limited$^{1}$ H.N. Broadway (Sydney) Franchisor Pty Limited H.N. Broadway (Sydney) Leasing Pty Limited$^{1}$ H.N. Browns Plains Franchisor Pty Limited H.N. Browns Plains Leasing Pty Limited$^{1}$ H.N. Bunbury Franchisor Pty Limited H.N. Bunbury Leasing Pty Limited$^{1}$ H.N. Bundaberg Franchisor Pty Limited H.N. Bundaberg Leasing Pty Limited$^{1}$ H.N. Bundall Franchisor Pty Limited H.N. Bundall Leasing Pty Limited$^{1}$ H.N. Busselton Franchisor Pty Limited H.N. Busselton Leasing Pty Limited$^{1}$ H.N. Cairns Franchisor Pty Limited H.N. Cairns Leasing Pty Limited$^{1}$ H.N. Campbelltown Franchisor Pty Limited H.N. Campbelltown Leasing Pty Limited$^{1}$ H.N. Cannington W.A. Franchisor Pty Limited H.N. Cannington W.A. Leasing Pty Limited$^{1}$ H.N. Carindale Franchisor Pty Limited H.N. Carindale Leasing Pty Limited$^{1}$ H.N. Caringbah Franchisor Pty Limited H.N. Caringbah Leasing Pty Limited$^{1}$ H.N. Chatswood Franchisor Pty Limited H.N. Chatswood Leasing Pty Limited$^{1}$ H.N. City West Franchisor Pty Limited H.N. City West Leasing Pty Limited$^{1}$ H.N. Coffs Harbour Franchisor Pty Limited H.N. Coffs Harbour Leasing Pty Limited$^{1}$ H.N. Cranbourne Franchisor Pty Limited H.N. Cranbourne Leasing Pty Limited$^{1}$ H.N. Dalby Franchisor Pty Limited H.N. Dalby Leasing Pty Limited$^{1}$ H.N. Dandenong Franchisor Pty Limited H.N. Dandenong Leasing Pty Limited$^{1}$ H.N. Darwin Franchisor Pty Limited H.N. Darwin Leasing Pty Limited$^{1}$ H.N. Deniliquin Franchisor Pty Limited H.N. Deniliquin Leasing Pty Limited$^{1}$ H.N. Dubbo Franchisor Pty Limited H.N. Dubbo Leasing Pty Limited$^{1}$ H.N. Enfield Franchisor Pty Limited H.N. Enfield Leasing Pty Limited$^{1}$ H.N. Everton Park Franchisor Pty Limited H.N. Everton Park Leasing Pty Limited$^{1}$ H.N. Fortitude Valley Franchisor Pty Limited$^{6}$ H.N. Fortitude Valley Leasing Pty Limited$^{1,6}$ H.N. Fremantle Franchisor Pty Limited
## Name
H.N. Fremantle Leasing Pty Limited$^{1}$ H.N. Fyshwick Franchisor Pty Limited H.N. Fyshwick Leasing Pty Limited$^{1}$ H.N. Geelong Franchisor Pty Limited H.N. Geelong Leasing Pty Limited$^{1}$ H.N. Geraldton Leasing Pty Limited$^{1}$ H.N. Geraldton WA Franchisor Pty Limited H.N. Gladstone Franchisor Pty Limited H.N. Gladstone Leasing Pty Limited$^{1}$ H.N. Gordon Franchisor Pty Limited H.N. Gordon Leasing Pty Limited$^{1}$ H.N. Gosford Leasing Pty Limited$^{1}$ H.N. Grafton Franchisor Pty Limited H.N. Grafton Leasing Pty Limited$^{1}$ H.N. Greensborough Franchisor Pty Limited H.N. Greensborough Leasing Pty Limited$^{1}$ H.N. Griffith Franchisor Pty Limited H.N. Griffith Leasing Pty Limited$^{1}$ H.N. Hamilton Franchisor Pty Limited H.N. Hamilton Leasing Pty Limited$^{1}$ H.N. Hervey Bay Franchisor Pty Limited H.N. Hervey Bay Leasing Pty Limited$^{1}$ H.N. Hoppers Crossing Franchisor Pty Limited$^{6}$ H.N. Hoppers Crossing Leasing Pty Limited$^{1,6}$ H.N. Indooroopilly Franchisor Pty Limited H.N. Indooroopilly Leasing Pty Limited$^{1}$ H.N. Innisfail Franchisor Pty Limited H.N. Innisfail Leasing Pty Limited$^{1}$ H.N. Inverell Franchisor Pty Limited H.N. Inverell Leasing Pty Limited$^{1}$ H.N. Joondalup Franchisor Pty Limited H.N. Joondalup Leasing Pty Limited$^{1}$ H.N. Kalgoorlie Franchisor Pty Limited H.N. Kalgoorlie Leasing Pty Limited$^{1}$ H.N. Karratha Franchisor Pty Limited H.N. Karratha Leasing Pty Limited$^{1}$ H.N. Kawana Waters Franchisor Pty Limited H.N. Kawana Waters Leasing Pty Limited$^{1}$ H.N. Knox Towerpoint Franchisor Pty Limited H.N. Knox Towerpoint Leasing Pty Limited$^{1}$ H.N. Leichhardt Franchisor Pty Limited H.N. Leichhardt Leasing Pty Limited$^{1}$ H.N. Lismore Franchisor Pty Limited H.N. Lismore Leasing Pty Limited$^{1}$ H.N. Liverpool Franchisor Pty Limited H.N. Liverpool Leasing Pty Limited$^{1}$ H.N. Loughran Contracting Pty Limited$^{1}$ H.N. Mackay Franchisor Pty Limited H.N. Mackay Leasing Pty Limited$^{1}$ H.N. Maddington Franchisor Pty Limited H.N. Maddington Leasing Pty Limited$^{1}$ H.N. Maitland Franchisor Pty Limited H.N. Maitland Leasing Pty Limited$^{1}$ H.N. Mandurah Franchisor Pty Limited H.N. Mandurah Leasing Pty Limited 1 H.N. Maribyrnong Franchisor Pty Limited H.N. Maribyrnong Leasing Pty Limited$^{1}$ H.N. Marion Franchisor Pty Limited
|
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## Shares held by Harvey Norman Holdings Limited (continued)
<img src='content_image/10305.jpg'>
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## Shares held by Harvey Norman Holdings Limited (continued)
## Name
Hamptonfurn Pty Limited$^{1,6,7}$ Hardly Normal Discounts Pty Limited Hardly Normal Pty Limited Hardly Normal Limited$^{1,8,9}$ Harvey Cellars Pty Limited 1 Harvey Liquor Pty Limited$^{1}$ Harvey Norman (ACT) Pty Limited Harvey Norman Burnie Franchisor Pty Limited Harvey Norman Burnie Leasing Pty Limited$^{1}$ Harvey Norman Commercial Your Solution Provider Pty Limited$^{1}$ Harvey Norman Computer Club Pty Limited$^{1}$ Harvey Norman Computer Training Pty Limited$^{1}$ Harvey Norman Contracting Pty Limited 1 Harvey Norman Corporate Air Pty Limited$^{1,6}$ Harvey Norman Devonport Franchisor Pty Limited Harvey Norman Devonport Leasing Pty Limited$^{1}$ Harvey Norman Energy Pty Limited Harvey Norman Export Pty Limited$^{1}$ Harvey Norman Europe d.o.o.$^{1,11}$ Harvey Norman Fitouts Pty Limited 1 Harvey Norman Gamezone Pty Limited 1 Harvey Norman Glenorchy Franchisor Pty Limited Harvey Norman Glenorchy Leasing Pty Limited 1 Harvey Norman Hobart Franchisor Pty Limited Harvey Norman Hobart Leasing Pty Limited 1 Harvey Norman Holdings (Ireland) Limited$^{1,6,20}$ Harvey Norman Home Cellars Pty Limited$^{1}$ Harvey Norman Home Loans Pty Limited 1 Harvey Norman Home Starters Pty Limited$^{1}$ Harvey Norman Launceston Franchisor Pty Limited Harvey Norman Launceston Leasing Pty Limited 1 Harvey Norman Leasing Pty Limited 1 Harvey Norman Leasing (Dublin) Limited 1,6,20 Harvey Norman Leasing (Dundalk) Limited 1,6,20 Harvey Norman Leasing (N.Z.) Limited 1,8,9 Harvey Norman Limited 1,9 Harvey Norman Loughran Plant & Equipment Pty Limited$^{1}$ Harvey Norman Mortgage Service Pty Limited 1 Harvey Norman Music Pty Limited 1 Harvey Norman Net. Works Pty Limited Harvey Norman (N.S.W.) Pty Limited$^{1}$ Harvey Norman Online.com Pty Limited$^{1}$ Harvey Norman Ossia (Asia) Pte Limited 1,10,16,17 Harvey Norman P.E.M. Pty Limited 1 Harvey Norman Plant and Equipment Pty Limited 1 Harvey Norman Properties (N.Z.) Limited$^{1,8,9}$ Harvey Norman (QLD) Pty Limited 5 Harvey Norman Rental Pty Limited 1 Harvey Norman Retailing Pty Limited Harvey Norman Rosney Franchisor Pty Limited Harvey Norman Rosney Leasing Pty Limited$^{1}$ Harvey Norman Security Pty Limited$^{1}$ (formerly H.N. Fairfield Franchisor Pty Limited) Harvey Norman Shopfitting Pty Limited Harvey Norman Singapore Pte Limited$^{1,10,15,16}$ Harvey Norman Stores Pty Limited
## Name
Harvey Norman Stores (N.Z.) Pty Limited Harvey Norman Stores (W.A.) Pty Limited 1 Harvey Norman Superlink Pty Limited 1 Harvey Norman Tasmania Pty Limited Harvey Norman Technology Pty Limited Harvey Norman The Bedding Specialists Pty Limited$^{1,6}$ Harvey Norman The Computer Specialists Pty Limited$^{1,6}$ Harvey Norman The Electrical Specialists Pty Limited$^{1,6}$ Harvey Norman The Furniture Specialists Pty Limited$^{1,6}$ Harvey Norman Trading (Ireland) Limited$^{1,6,20}$ Harvey Norman Trading d.o.o.$^{1,11}$ Harvey Norman Ulverstone Franchisor Pty Limited Harvey Norman Ulverstone Leasing Pty Limited$^{1}$ Harvey Norman Victoria Pty Limited Havnet Pty Limited 1,6,7 Havrex Pty Limited 5 Herveycom Pty Limited 1,6,7 HNL Pty Limited 1 Hobart City Computers Pty Limited 1,7 Hodberg Pty Limited 4 Hodvale Pty Limited$^{4}$ Home Mart Furniture Pty Limited$^{1}$ Home Mart Pty Limited$^{1}$ Hoxco Pty Limited$^{5}$ Igniz Pty Limited$^{1,6,7}$ Indorel Pty Limited$^{1,6,7}$ Jartoso Pty Limited J.M. Auburn Franchisor Pty Limited J.M. Campbelltown Franchisor Pty Limited J.M. Campbelltown Leasing Pty Limited 1 J.M. Caringbah Franchisor Pty Limited J.M. Caringbah Leasing Pty Limited$^{1}$ J.M. Contracting Services Pty Limited J.M. Leasing Pty Limited$^{1}$ J.M. Marrickville Franchisor Pty Limited J.M. Marrickville Leasing Pty Limited$^{1}$ J.M. Newcastle Franchisor Pty Limited J.M. Plant & Equipment Hire Pty Limited$^{1}$ J.M. Share Investment Pty Limited$^{1}$ J.M. West Gosford Franchisor Pty Limited J.M. West Gosford Leasing Pty Limited$^{1}$ Jondarlo Pty Limited Joonbed Pty Limited$^{1,6,7}$ Jooncom Pty Limited$^{1,6,7}$ Joondalup Administrative Services Pty Limited$^{1,7}$ Joondalup Warehousing Services Pty Limited$^{1,7}$ Joonfurn Pty Limited$^{1,6,7}$ Joyce Mayne Home Cellars Pty Limited$^{1}$ Joyce Mayne Kotara Leasing Pty Limited$^{1}$ Joyce Mayne Liverpool Leasing Pty Limited$^{1}$ Joyce Mayne Penrith Pty Limited$^{1}$ Joyce Mayne Shopping Complex Pty Limited$^{1}$ Kalinya Development Pty Limited$^{1}$ Kambaldu Pty Limited Karra WA Pty Limited$^{1,7}$ Kawel Pty Limited$^{1,6}$ Kennybed Pty Limited$^{1,7}$ Kita Pty Limited 1
|
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## Shares held by Harvey Norman Holdings Limited (continued)
## Name
Koodero Pty Limited Korinti Pty Limited Lamino Pty Limited Lesandu Pty Limited Lesandu Adelaide City Pty Limited$^{1,6}$ Lesandu Adelaide CK Pty Limited$^{1,6}$ Lesandu Albany Pty Limited 1 Lesandu Alexandria DM Pty Limited 1,6 Lesandu Ayr Pty Limited 1 Lesandu Bairnsdale Pty Limited 1 Lesandu Balgowlah Pty Limited$^{1}$ Lesandu Bathurst Pty Limited 1 Lesandu Belmont Pty Limited 1 Lesandu Brisbane City Pty Limited$^{1}$ Lesandu Broadway Pty Limited 1 Lesandu Browns Plains Pty Limited 1 Lesandu Burleigh Heads Flooring Pty Limited 1,6 Lesandu Busselton Pty Limited$^{1}$ Lesandu Carindale Pty Limited 1 Lesandu Castle Hill DM Pty Limited$^{1}$ Lesandu Chatswood Express Pty Limited$^{1,6}$ Lesandu Chatswood Pty Limited$^{1}$ Lesandu Cheltenham Pty Limited 1 Lesandu Chirnside Park Pty Limited 1,6 Lesandu Cranbourne Pty Limited$^{1}$ Lesandu Dalby Pty Limited 1 Lesandu Deniliquin Pty Limited$^{1}$ Lesandu Engadine Pty Limited$^{1}$ (formerly Lesandu Engadine Floorcoverings Pty Limited) Lesandu Fremantle Pty Limited 1 Lesandu Fyshwick Pty Limited$^{1}$ Lesandu Grafton Pty Limited 1 Lesandu Griffith Pty Limited$^{1}$ Lesandu Hamilton (VIC) Pty Limited 1 Lesandu Hamilton Pty Limited 1 Lesandu Hervey Bay Pty Limited 1 Lesandu Indooroopilly Pty Limited Lesandu Innisfail Pty Limited 1 Lesandu Joondalup Pty Limited$^{1,6}$ Lesandu Kalgoorlie Pty Limited$^{1}$ Lesandu Knox Towerpoint Pty Limited 1 Lesandu Leichhardt M Pty Limited$^{1}$ Lesandu Light Street DM Pty Limited 1 Lesandu Lismore Pty Limited 1 Lesandu Maddington Pty Limited 1 Lesandu Mandurah Pty Limited 1 Lesandu Marion Pty Limited$^{1}$ Lesandu Maroochydore Flooring Pty Limited$^{1,6}$ Lesandu Melbourne City DM Pty Limited 1 Lesandu Midland Pty Limited 1 Lesandu Moe Pty Limited 1 Lesandu Morley Pty Limited 1 Lesandu Mornington Pty Limited$^{1}$ Lesandu Moss Vale Pty Limited$^{1}$ Lesandu Mt Gravatt Pty Limited 1 Lesandu Mt Isa Pty Limited 1,6 Lesandu Noarlunga Pty Limited$^{1}$ Lesandu Noosa Pty Limited$^{1}$
## Name
Lesandu Nowra Pty Limited$^{1}$ Lesandu Oakleigh CK Pty Limited$^{1,6}$ Lesandu Orange Pty Limited$^{1}$ Lesandu Penrith DM Pty Limited$^{1}$ Lesandu Peppermint Grove Pty Limited$^{1,6}$ Lesandu Perth City West Pty Limited$^{1}$ Lesandu Richmond (VIC) Pty Limited$^{1}$ Lesandu Riverwood Pty Limited$^{1,6}$ Lesandu S.A. Pty Limited$^{1}$ Lesandu Sale Pty Limited 1 Lesandu Silverwater Pty Limited 1,6 Lesandu Stanmore Pty Limited 1 Lesandu Swan Hill Pty Limited 1 Lesandu Sydenham Pty Limited 1 Lesandu Tamworth Pty Limited$^{1}$ Lesandu Tasmania Pty Limited$^{1}$ Lesandu Townsville Pty Limited 1 Lesandu Tweed Heads Pty Limited Lesandu Underwood Pty Limited$^{1}$ Lesandu W.A. Pty Limited Lesandu Wagga Wagga Pty Limited$^{1}$ Lesandu Wangaratta Pty Limited 1 Lesandu Warragul Pty Limited 1 Lesandu Warwick (WA) Pty Limited 1 Lesandu Warwick Pty Limited 1 Lesandu Waurn Ponds Pty Limited$^{1,6}$ Lesandu West Gosford DM Pty Limited$^{1}$ Lesandu Wonthaggi Pty Limited 1 Lexeri Pty Limited Lightcorp Pty Limited 1 Lighting Venture Pty Limited$^{1}$ Lodare Pty Limited Loreste Pty Limited Mackayfurn Pty Limited$^{1,6}$ Macklect Pty Limited$^{1,6}$ Maddel Pty Limited$^{1,6,7}$ Maddingcom Pty Limited$^{1,6,7}$ Malvis Pty Limited Manutu Pty Limited Maradoni Pty Limited Marinski Pty Limited Marionbed Pty Limited 1,7 Marionfurn Pty Limited$^{1,7}$ Mayfurn Pty Limited$^{1,7}$ Meadowel Pty Limited$^{1,7}$ Mega Flooring Depot Pty Limited$^{1,6}$ Midlancom Pty Limited$^{1,7}$ Misstar Pty Limited$^{1,2}$ Moralect Pty Limited$^{1,6}$ Moraybed Pty Limited$^{1,6,7}$ Morlel Pty Limited$^{1,6,7}$ Mountfurn Pty Limited$^{1,6,7}$ Munnocom Pty Limited$^{1,6,7}$ Murray Street Development Pty Limited$^{1}$ Nedcroft Pty Limited Network Consumer Finance Pty Limited Network Consumer Finance (Ireland) Limited$^{1,6,20}$ Network Consumer Finance (N.Z.) Limited$^{1,8,9}$
|
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] | overall_image/7a5def924d8a1a55d429e716b9afd370815415e8a12e8bdcf24287738423931a.png | ## Committee Membership
As at the date of this report, the company had an Audit Committee, a Remuneration Committee and a Nomination Committee.
Members acting on the committees of the board during the year were:
## Audit Committee
R.J. Skippen
A.B. Brew
J.E. Slack-Smith
S.P. Hauville
M.J. Harvey
C.H. Brown (Chairman)
As at 1 July 2003, a new Audit Committee was formed. The members are:
C.H. Brown (Chairman)
M.J. Harvey
K.W. Gunderson-Briggs
## Remuneration Committee
C.H. Brown
M.J. Harvey
I.J. Norman
As at 1 July 2003, K.W. Gunderson-Briggs joined the Remuneration Committee.
## Nomination Committee
C.H. Brown
M.J. Harvey
I.J. Norman
As at 1 July 2003, I.J. Norman retired from the Nomination Committee and K.W Gunderson-Briggs joined the Nomination Committee.
## Directors’ Meetings
The number of meetings of the Board of directors and of its Board committee during the year were:
<img src='content_image/93590.jpg'>
The attendances of directors at meetings of the Board and its committee were:
<img src='content_image/93588.jpg'>
Where a director did not attend all meetings of the Board or its committee, the number of meetings for which the director was eligible to attend is shown in brackets.
In addition, the executive directors held regular meetings for the purpose of signing various documentation. A total of one hundred and twenty three (123) such meetings were held during the year. The details of the functions and memberships of the Audit Committee of the Board are presented in the Statement of Corporate Governance Practices.
## Directors’ Interests
At the date of this report, the relevant interest of each director in the shares, options or other instruments of the company and related bodies corporate is:
<img src='content_image/93589.jpg'>
|
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## Shares held by Harvey Norman Holdings Limited (continued)
## Name
Noarbed Pty Limited$^{1,6,7}$ Noarcom Pty Limited$^{1,6,7}$ Nomadale Pty Limited$^{5}$ Norrap Pty Limited$^{1,6}$ Norman Ross Pty Limited Noxfurn Pty Limited$^{1,6,7}$ Oldmist Pty Limited Osbeds Pty Limited$^{1,6}$ Oslect Pty Limited$^{1,7}$ Oslek Developments Pty Limited$^{1}$ Osraidi Pty Limited Oxapel Pty Limited$^{1,6}$ Oxleyel Pty Limited$^{1,6,7}$ Oxleyfurn Pty Limited$^{1,6,7}$ Parkapp Pty Limited$^{1,6,7}$ Parklect Pty Limited$^{1,6,7}$ Pertama Holdings Limited$^{1,10,16,17}$ P & E Adelaide CK Pty Limited$^{1,6}$ P & E Albany Pty Limited$^{1}$ P & E Albury Pty Limited$^{1}$ P & E Armadale WA Pty Limited$^{1,6}$ P & E Armidale Pty Limited$^{1}$ P & E Aspley Pty Limited$^{1}$ P & E Auburn Pty Limited P & E Ayr Pty Limited$^{1}$ P & E Bairnsdale Pty Limited$^{1}$ P & E Balgowlah Pty Limited P & E Ballarat Pty Limited$^{1}$ P & E Bathurst Pty Limited$^{1}$ P & E Belmont Pty Limited$^{1}$ P & E Bendigo Pty Limited$^{1}$ P & E Blacktown Pty Limited$^{1}$ P & E Broadmeadow Pty Limited$^{1}$ P & E Broadway on The Mall Pty Limited$^{1}$ P & E Broadway Pty Limited$^{1}$ P & E Browns Plains Pty Limited$^{1}$ P & E Bunbury Pty Limited$^{1}$ P & E Bundaberg Pty Limited$^{1}$ P & E Bundall Pty Limited P & E Burnie Pty Limited$^{1}$ P & E Busselton Pty Limited$^{1}$ P & E Cairns Pty Limited$^{1}$ P & E Campbelltown Pty Limited$^{1}$ P & E Cannington Pty Limited$^{1}$ P & E Carindale Pty Limited$^{1}$ P & E Caringbah Pty Limited$^{1}$ P & E Chatswood Pty Limited$^{1}$ P & E City West Pty Limited$^{1}$ P & E Coffs Harbour Pty Limited$^{1}$ P & E Cranbourne Pty Limited$^{1}$ P & E Crows Nest Pty Limited$^{1}$ P & E Dalby Pty Limited$^{1}$ P & E Dandenong Pty Limited$^{1}$ P & E Darwin Pty Limited$^{1}$ P & E Deniliquin Pty Limited$^{1}$ P & E Devonport Pty Limited$^{1}$ P & E Dili Pty Limited$^{1}$ P & E Dubbo Pty Limited$^{1}$
## Name
P & E Enfield Pty Limited$^{1}$ P & E Everton Park Pty Limited$^{1}$ P & E Fortitude Valley Pty Limited$^{1,6}$ P & E Fremantle Pty Limited$^{1}$ P & E Fyshwick Pty Limited$^{1}$ P & E Geelong Pty Limited$^{1}$ P & E Geraldton Pty Limited$^{1}$ P & E Gladstone Pty Limited$^{1}$ P & E Glenorchy Pty Limited$^{1}$ P & E Gordon Pty Limited$^{1}$ P & E Gosford Pty Limited$^{1}$ P & E Grafton Pty Limited$^{1}$ P & E Greensborough Plaza Pty Limited$^{1}$ P & E Griffith Pty Limited$^{1}$ P & E Hamilton Pty Limited$^{1}$ P & E Hervey Bay Pty Limited$^{1}$ P & E Hobart City Pty Limited$^{1}$ P & E Homewest Pty Limited$^{1}$ P & E Hoppers Crossing Pty Limited$^{1,6}$ P & E Indooroopilly Pty Limited$^{1}$ P & E Innisfail Pty Limited$^{1}$ P & E Inverell Pty Limited$^{1}$ P & E Joondalup Pty Limited$^{1}$ P & E Kalgoorlie Pty Limited$^{1}$ P & E Karratha Pty Limited$^{1}$ P & E Kawana Waters Pty Limited$^{1}$ P & E Knox Towerpoint Pty Limited$^{1}$ P & E Launceston Pty Limited$^{1}$ P & E Leichhardt Pty Limited$^{1}$ P & E Lismore Pty Limited$^{1}$ P & E Liverpool Pty Limited$^{1}$ P & E Mackay Pty Limited$^{1}$ P & E Maclean Pty Limited$^{1}$ P & E Maddington Pty Limited$^{1}$ P & E Maitland Pty Limited$^{1}$ P & E Mandurah Pty Limited$^{1}$ P & E Maribyrnong Pty Limited$^{1}$ P & E Marion Pty Limited$^{1}$ P & E Maroochydore Pty Limited$^{1,6}$ P & E Marrickville Pty Limited$^{1}$ P & E Martin Place Sydney Pty Limited$^{1,6}$ P & E Midland Pty Limited$^{1}$ P & E Mildura Pty Limited$^{1}$ P & E Moe Pty Limited$^{1,6}$ P & E Moorabbin Pty Limited$^{1}$ P & E Moore Park Pty Limited$^{1}$ P & E Morayfield Pty Limited$^{1}$ P & E Moree Pty Limited$^{1}$ P & E Morley Pty Limited$^{1}$ P & E Moss Vale Pty Limited$^{1}$ P & E Mt Gambier Pty Limited$^{1}$ P & E Mt Gravatt Pty Limited$^{1}$ P & E Mudgee Pty Limited$^{1}$ P & E Munno Para Pty Limited$^{1,6}$ P & E Newcastle Pty Limited$^{1}$ P & E Noarlunga Pty Limited$^{1}$ P & E Noosa Pty Limited$^{1}$ P & E Nowra Pty Limited$^{1}$
|
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## Shares held by Harvey Norman Holdings Limited (continued)
## Name
P & E Nunawading Pty Limited$^{1}$ P & E O'Connor Pty Limited$^{1}$ P & E Oakleigh CK Pty Limited$^{1,6}$ P & E Orange Pty Limited$^{1}$ P & E Osborne Park Pty Limited$^{1}$ P & E Oxley Pty Limited$^{1}$ P & E Parkes Pty Limited$^{1}$ P & E Penrith Pty Limited$^{1}$ P & E Peppermint Grove Pty Limited$^{1,6}$ P & E Port Hedland Pty Limited$^{1}$ P & E Port Kennedy Pty Limited$^{1}$ P & E Port Macquarie Pty Limited$^{1}$ P & E Preston Pty Limited$^{1}$ P & E Riverwood Pty Limited$^{1}$ P & E Rockhampton Pty Limited$^{1}$ P & E Rosny Pty Limited$^{1}$ P & E Sale Pty Limited$^{1}$ P & E Shepparton Pty Limited$^{1}$ P & E Shopfitters Pty Limited$^{1}$ P & E Southland Pty Limited$^{1}$ P & E Swan Hill Pty Limited$^{1}$ P & E Tamworth Pty Limited$^{1}$ P & E Taree Pty Limited$^{1}$ P & E Toowoomba (B) Pty Limited$^{1}$ P & E Toowoomba Pty Limited$^{1}$ P & E Townsville Pty Limited$^{1}$ P & E Traralgon Pty Limited$^{1}$ P & E Tweed Heads Pty Limited$^{1}$ P & E Ulverstone Pty Limited$^{1}$ P & E Wagga Pty Limited$^{1}$ P & E Wangaratta Pty Limited$^{1}$ P & E Warragul Pty Limited$^{1}$ P & E Warrawong Pty Limited$^{1}$ P & E Warrnambool Pty Limited$^{1}$ P & E Warwick (Qld) Pty Limited$^{1}$ P & E Warwick (WA) Pty Limited$^{1}$ P & E Watergardens Pty Limited$^{1}$ P & E Whyalla Pty Limited$^{1}$ P & E Wiley Park Pty Limited$^{1}$ P & E Woden Pty Limited$^{1}$ P & E Wonthaggi Pty Limited$^{1}$ P & E Young Pty Limited$^{1}$ PEM Alexandria Pty Limited$^{1,6}$ PEM Auburn Pty Limited$^{1}$ PEM Bundall Pty Limited$^{1,6}$ PEM Campbelltown Pty Limited$^{1}$ PEM Caringbah Pty Limited$^{1,6}$ PEM Corporate Pty Limited$^{1}$ PEM Fyshwick Pty Limited$^{1,6}$ PEM Gosford Pty Limited$^{1}$ PEM Kotara Pty Limited$^{1}$ PEM Liverpool Pty Limited$^{1}$ PEM Penrith Pty Limited$^{1}$ PEM QVH Pty Limited$^{1,6}$ PEM Warrawong Pty Limited$^{1}$ Plezero Pty Limited Plainsel Pty Limited$^{1,6,7}$ Portlandel Pty Limited$^{1,6,7}$
## Name
R. Reynolds Nominees Pty Limited$^{1}$ Rosieway Pty Limited Rocfurn Pty Limited$^{1,7}$ Rockcom Pty Limited$^{1,6,7}$ Salel Pty Limited$^{1,6,7}$ Sarsha Pty Limited Setto Pty Limited Signature Computers Pty Limited$^{1}$ Solaro Pty Limited Space Furniture Limited$^{1,12,14}$ Space Furniture Pte Limited$^{1,10,16}$ Space Furniture Pty Limited$^{1,2,18}$ Spirarzo Pty Limited$^{1,6,7}$ Stonetess Pty Limited Strathloro Pty Limited Stupendous Pty Limited$^{21}$ Supagard Pty Limited$^{1}$ Swaneto Pty Limited Swanpark Pty Limited$^{5}$ Tatroko Pty Limited Tessera Stones & Tiles Pty Limited$^{1,13}$ The Byron At Byron Pty Limited$^{1}$ (formerly A.C.N. 098 004 721 Pty Limited) Tisira Pty Limited Toofurn Pty Limited$^{1,6,7}$ Townel Pty Limited$^{1,6}$ Tralgfurn Pty Limited$^{1,6}$ Ventama Pty Limited$^{3}$ Waccom Pty Limited$^{1,6,7}$ Wadins Pty Limited Wanalti Pty Limited Waggafurn Pty Limited$^{1}$ Warel Pty Limited$^{1,6,7}$ Warwickel Pty Limited$^{1,6}$ Warungi Pty Limited Waytango Pty Limited Webzone Pty Limited$^{1}$ Whyfurn Pty Limited$^{1,7}$ Whylect Pty Limited$^{1,7}$ Wickcom Pty Limited$^{1,7}$ Wickfurn Pty Limited$^{1,6,7}$ Windsor Commercial Pty Limited$^{1,6,7}$ Wytharra Pty Limited Yallect Pty Limited$^{1,6,7}$ Yoogalu Pty Limited Zabella Pty Limited Zavarte Pty Limited Zirdano Pty Limited Zirdanu Pty Limited
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## Shares held by Harvey Norman Holdings Limited (continued)
1. Company is not part of the class order described in Note 40.
2. Harvey Norman Holdings Limited owns 99.9% of shares in Misstar Pty Limited and 50% of Bossee Pty Limited, and 51% of the shares in Space Furniture Pty Limited and Arisit Pty Limited.
3. Shares held by Sarsha Pty Limited.
4. Shares held by Harvey Norman Retailing Pty Limited.
5. Shares held by Harvey Norman Stores Pty Limited.
6. These companies were acquired during the year.
7. These companies were disposed of during the year.
8. Shares held by Harvey Norman Limited.
9. These companies are incorporated in New Zealand.
10. This company is incorporated in Singapore.
11. This company is incorporated in Slovenia.
12. This company is incorporated in the UK.
13. Shares held by Stonetess Pty Limited.
14. Space Furniture Pty Limited owns 70% of shares in 250 Brompton Road Limited and 100% of shares in Space Furniture Limited.
15. Shares held by Setto Pty Limited.
16. Harvey Norman Singapore Pte Limited owns 60% of the shares in Harvey Norman Ossia (Asia) Pte Limited, 75% of the shares in Space Furniture Pte Limited and 2.23% of the shares in Pertama Holdings Limited.
17. Harvey Norman Ossia (Asia) Pte Limited holds 50.21% of the shares in Pertama Holdings Limited.
18. Harvey Norman Holdings Limited has a controlling interest in this entity. The results of this entity have been included in the consolidated financial report of Harvey Norman Holdings Limited from 1 July 2000.
19. On 28 July 2001, Becto Pty Limited, a wholly owned subsidiary of Harvey Norman Holdings Limited, acquired a controlling interest in Rebel Sport Limited. From this date the financial statements of Rebel Sport Limited have been consolidated into the financial statements of the consolidated entity. As at 30 June 2003 Becto Pty Limited held 55.99% of the shares in Rebel Sport Limited.
20. These companies are incorporated in Ireland.
21. Shares held by Calardu Pty Limited.
22. Shares held by Calardu Armidale Pty Limited.
23. Lighting Venture Pty Limited owns 50.1% of shares in Glo Light Pty Limited.
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## $^{ }$Units in Unit Trusts held by Harvey Norman Holdings Limited
## Name
098 004 570 No. 2 Trust Abari No. 3 Trust** Albany Stores No. 2 Trust Alblect No. 2 Trust Albstore No. 2 Trust Albwood No. 2 Trust** Aldrum No. 2 Trust Altcrest No. 2 Trust Anwarah No. 2 Trust Appcann No. 2 Trust Appconn No. 2 Trust Appjoon No. 2 Trust Applect No. 2 Trust** Apptoo No. 2 Trust** Artza No. 2 Trust Aspelect No. 2 Trust Aspleybed No. 2 Trust Aspleyel No. 2 Trust Aspleyfurn No. 2 Trust Aubdirect No. 2 Trust Auburnapp No. 2 Trust** Auburnbed No. 2 Trust** Auburncom No. 2 Trust Auburnfloor No. 2 Trust Australian Business Skills Centre Trust*** Avocoe No. 2 Trust Bagron No. 2 Trust Bathard No. 2 Trust Becto Trust Beddington No. 2 Trust** Bedmac No. 2 Trust Belmcom No. 2 Trust** Bena No. 2 Trust Bernel No. 2 Trust Bernlect No. 2 Trust** Bertoli No. 2 Trust Big Apple Trust Blanrex No. 2 Trust Bogardo No. 2 Trust Bowes No. 2 Trust Bradiz No. 2 Trust Broadmall No. 2 Trust Bunburyfurn No. 2 Trust Bundafurn No. 2 Trust Bundall Computers No. 2 Trust Bundallbed No. 2 Trust Bundallcom No. 2 Trust Bundallcom (Qld) No. 2 Trust Bundcomm No. 2 Trust** Busselton WA No. 2 Trust Cairncom No. 2 Trust Cairnfurn No. 2 Trust Cairnsel No. 2 Trust** Calardu ACT Trust Calardu Adderley Street Trust Calardu Alexandria DM Trust
## Name
Calardu Alice Springs Trust Calardu Armadale WA Trust Calardu Armidale Trust Calardu Aspley Trust Calardu Auburn No. 1 Trust Calardu Auburn No. 2 Trust Calardu Auburn No. 3 Trust Calardu Auburn No. 4 Trust Calardu Auburn No. 5 Trust Calardu Auburn No. 6 Trust Calardu Auburn No. 7 Trust Calardu Auburn No. 8 Trust Calardu Auburn No. 9 Trust Calardu Ballarat Trust Calardu Ballina Trust Calardu Bathurst Trust Calardu Beaufort Street Trust** Calardu Belrose DM Trust Calardu Bellevue Hill Trust Calardu Bennetts Green Trust Calardu Bennetts Green Warehouse Trust Calardu Berri Trust Calardu Berrimah Trust Calardu Moss Vale Trust Calardu Brickworks (S.A.) Trust Calardu Broadmeadow No. 1 Trust Calardu Broadmeadow No. 2 Trust Calardu Broadmeadows VIC Trust** Calardu Brookvale Trust Calardu Browns Plains Trust Calardu Bunbury Trust Calardu Bundaberg Trust Calardu Bundall Trust Calardu Campbelltown Trust Calardu Cannington Trust Calardu Caringbah Trust Calardu Caringbah (Taren Point) Trust Calardu Crows Nest Trust Calardu Crows Nest No. 2 Trust Calardu Darwin Trust Calardu Denuo Berri Trust Calardu Fyshwick DM Trust Calardu Frankston Trust Calardu Gordon Trust Calardu Guildford Trust Calardu Hobart Trust Calardu Hoppers Crossing Trust Calardu Horsham Trust Calardu Joondalup Trust Calardu Kalgoorlie Trust Calardu Karana Downs Trust Calardu Kemblawarra Trust Calardu Launceston Trust Calardu Loganholme Trust Calardu Mackay Trust Calardu Maitland Trust
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Units in Unit Trusts held by Harvey Norman Holdings Limited (continued)
## Name
Calardu Mandurah Trust Calardu Maribyrnong Trust Calardu Maribyrnong 1995 Trust Calardu Marion Trust Calardu Maryborough Trust Calardu Melville Trust Calardu Mentone Trust** Calardu Milton Trust Calardu Morayfield Trust Calardu Mt Isa Trust Calardu Mt. Gambier Trust Calardu Mudgee Trust Calardu Munno Para Trust Calardu Noarlunga Trust Calardu Noosa Trust Calardu North Ryde Trust Calardu Northbridge Trust** Calardu Nowra Trust Calardu No. 1 Trust Calardu No. 2 Trust Calardu No. 3 Trust Calardu Oxley Trust Calardu Penrith Trust Calardu Perth City West Trust Calardu Port Macquarie Trust Calardu Preston Trust Calardu Richmond Trust Calardu Rockingham Trust Calardu Rockhampton Trust Calardu Rosebery Trust Calardu Roselands Trust Calardu Sale Trust Calardu Silverwater Trust** Calardu Swan Hill Trust** Calardu Sylvania Trust Calardu Taree Trust Calardu Thebarton Trust Calardu Thomastown Trust Calardu Thomastown Victoria Trust** Calardu Toowoomba Trust Calardu Townsville Trust** Calardu Tweed Heads Trust Calardu Tweed Heads Traders Way Trust Calardu Vicfurn Trust Calardu Warrawong Trust Calardu Warrawong (Home Starters) Trust Calardu Warrawong No. 1 Trust Calardu Warrnambool Trust Calardu Warwick Trust Calardu West Gosford Trust Calardu Whyalla Trust Calardu Wivenhoe Trust Cannapp No. 2 Trust Cannbed No. 2 Trust Canncomp No. 2 Trust** Cannfurn No. 2 Trust Cannfurn WA No. 2 Trust Canntapp No. 2 Trust**
## Name
Canntur No. 2 Trust Cardfurn No. 2 Trust** Carincom No. 2 Trust Carinel No. 2 Trust** Carinfurn No. 2 Trust Caringel No. 2 Trust** CBG Trust Charmela No. 2 Trust Cherrion No. 2 Trust Cityfurn No. 2 Trust** Cityslik No. 2 Trust Claret No. 2 Trust Comben Nominees No. 2 Trust Comberg No. 2 Trust Comborne No. 2 Trust Combun WA No. 2 Trust** Combund No. 2 Trust Combund Qld No. 2 Trust Comkalg No. 2 Trust** Comken No. 2 Trust Commac No. 2 Trust Commount No. 2 Trust Commwin No. 2 Trust Compcall No. 2 Trust** Computawin No. 2 Trust Comtown No. 2 Trust** Connap No. 2 Trust Connel No. 2 Trust Connorfurn No. 2 Trust** Connrap No. 2 Trust Copee No. 2 Trust Cosgrove Shopfitting Services No. 2 Trust Dalel No. 2 Trust Darwinel No. 2 Trust** Elbunda No. 2 Trust Elcann No. 2 Trust Electapp No. 2 Trust Electberg No. 2 Trust Electbern No. 2 Trust Electbund No. 2 Trust Electmac No. 2 Trust Electoo No. 2 Trust Electos No. 2 Trust Electown No. 2 Trust Electpark No. 2 Trust** Electway No. 2 Trust Electwind No. 2 Trust Elenfield No. 2 Trust Elgrav No. 2 Trust** Emohy No. 2 Trust** Enbed No. 2 Trust Encomp No. 2 Trust Encomputers No. 2 Trust** Evcom No. 2 Trust Everlect No. 2 Trust** Evertoncomp No. 2 Trust** Evfurn No. 2 Trust** Evtel No. 2 Trust
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## Units in Unit Trusts held by Harvey Norman Holdings Limited (continued)
## Name
Fashdash No. 2 Trust Fieldcom No. 2 Trust** Fillinde No. 2 Trust Finab No. 2 Trust Floorchat No. 2 Trust Fremcom No. 2 Trust** Furncairn No. 2 Trust** Furnchat No. 2 Trust Furncon No. 2 Trust Furncom No. 2 Trust Furnley No. 2 Trust Furnliv No. 2 Trust** Furnmac No. 2 Trust Furnmac QLD No. 2 Trust Furnmount No. 2 Trust Furnmil No. 2 Trust Furnpark No. 2 Trust** Furntown No. 2 Trust Furnwind No. 2 Trust Galdcom No. 2 Trust** Gambcom No. 2 Trust** Geevarne No. 2 Trust Geraldcom No. 2 Trust Geraldton Store No. 2 Trust Geraldton WA No. 1 Trust Geraldton WA No. 2 Trust Gerel No. 2 Trust** Gladstone FEC No. 2 Trust Gladstone Retailers No. 2 Trust** Gladstone Stores Trust Gladstores No. 2 Trust** Gladstores Qld No. 2 Trust Glaydon No. 2 Trust Gordinia No. 2 Trust Gravcomp No. 2 Trust Hamptonfurn No. 2 Trust** Hangova No. 2 Trust Happee No. 2 Trust Harbund No. 2 Trust Harmise No. 2 Trust Harvey Norman Burnie Franchisor Unit Trust Harvey Norman Devonport Franchisor Unit Trust Harvey Norman Discounts No. 1 Trust Harvey Norman Glenorchy Franchisor Unit Trust Harvey Norman Hobart Franchisor Unit Trust Harvey Norman Launceston Franchisor Unit Trust Harvey Norman Lighting Asset Trust Harvey Norman Lighting No. 1 Trust Harvey Norman Liquor Unit Trust Harvey Norman Rosney Franchisor Unit Trust Harvey Norman Shopfitting Trust Harvey Norman Tasmania Agent Unit Trust Harvey Norman Ulverstone Franchisor Unit Trust Harvey Norman No. 1 Trust Havnet No. 2 Trust** Havoscu No. 2 Trust Herveycom No. 2 Trust**
## Name
HNMS No. 2 Trust HNMS Production No. 2 Trust Hobart City Computers No. 2 Trust Hopcorp No. 2 Trust Hoxgold No. 2 Trust Igniz No. 2 Trust** Indorel No. 2 Trust** Jamacar No. 2 Trust Jinfurn No. 2 Trust Joonapp No. 2 Trust Joonbed No. 2 Trust** Jooncom No. 2 Trust** Joondalup Warehousing Services Trust Joondalup Administrative Services Trust Joonfurn No. 2 Trust** Kaboola No. 2 Trust Kalcom No. 2 Trust Kalinya Unit Trust Kalfurn No. 2 Trust Kalgoorlie WA No. 2 Trust Kanfare No. 2 Trust Karra WA No. 2 Trust Karratha WA No. 2 Trust Kawcomp No. 2 Trust Kawel No. 2 Trust** Kazron No. 2 Trust Kenbed No. 2 Trust Kenfurn No. 2 Trust Kennybed No. 2 Trust Kenpel No. 2 Trust Keybare No. 2 Trust Keyko No. 2 Trust Kilcarva No. 2 Trust Krimshaw No. 2 Trust Kroomba No. 2 Trust Lamino Investments No. 1 Trust Lamino Investments No. 2 Trust Lamino Investments No. 3 Trust Lamino Investments No. 4 Trust Lamino Investments No. 5 Trust Lamino Investments No. 6 Trust Lesandu Albury Trust Lesandu Campbelltown Trust Lesandu Fairfield Trust Lesandu Gordon Trust Lesandu Gosford Trust Lesandu Miranda Trust Lesandu Newcastle Trust Lesandu No. 1 Trust Lesandu Penrith Trust Lesandu Tamworth Trust Lesandu Warrawong Trust Lesandu Warringah Mall Trust Liscom No. 2 Trust Lodare No. 2 Trust Luckyme No. 2 Trust Maccom No. 2 Trust
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## Name
Macfurn (QLD) No. 2 Trust Mackayel No. 2 Trust Mackayfurn No. 2 Trust** Macklect No. 2 Trust** Maddel No. 2 Trust** Maddingcom No. 2 Trust** Makdon No. 2 Trust Makfindi No. 2 Trust Malvis No. 2 Trust Marcomp No. 2 Trust Marionbed No. 2 Trust Marioncom No. 2 Trust Marouli No. 2 Trust Marionfurn No. 2 Trust Masorie No. 2 Trust Mayfurn No. 2 Trust Meadowel No. 2 Trust Mickie No. 2 Trust Midlancom No. 2 Trust Milblu No. 2 Trust Millintar No. 2 Trust Moracroft No. 2 Trust Moralect No. 2 Trust** Moraybed No. 2 Trust** Morayel No. 2 Trust Morlel No. 2 Trust** Mountfurn No. 2 Trust** Mozzpex No. 2 Trust Munnocom No. 2 Trust** Murray Street Development Trust Nargista No. 2 Trust Natley No. 2 Trust Nekdil No. 2 Trust Noarbed No. 2 Trust** Noarcom No. 2 Trust** Noosacom No. 2 Trust Norrap No. 2 Trust** Noxfurn No. 2 Trust** Osbcomm No. 2 Trust Osbeds No. 2 Trust** Oslect No. 2 Trust Oslek Developments Trust Osraidi No. 2 Trust Oxapel No. 2 Trust** Oxcom No. 2 Trust Oxleycom No. 2 Trust Oxleyel No. 2 Trust** Oxleyfurn No. 2 Trust** Parkapp No. 2 Trust** Parkel No. 2 Trust Parklect No. 2 Trust** Piatan No. 2 Trust Plainsel No. 2 Trust** Port Hedland WA No. 2 Trust Portcom No. 2 Trust Portlandel No. 2 Trust** Posharnu No. 2 Trust
## Name
Pulpy No. 2 Trust Quandallo No. 2 Trust Quinlea No. 2 Trust Rajola No. 2 Trust Ranano No. 2 Trust Resum No. 2 Trust Rocfurn No. 2 Trust Rockcom No. 2 Trust** Roowin No. 2 Trust Rozborn No. 2 Trust Rudari No. 2 Trust Rustona No. 2 Trust Salel No. 2 Trust** Sardonnu No. 2 Trust Saywarre No. 2 Trust Skyjump No. 2 Trust Spirarzo No. 2 Trust** Sungo No. 2 Trust Swedon No. 2 Trust Sydney No. 1 Trust Tampar No. 2 Trust Tandulu No. 2 Trust Tarshellu No. 2 Trust Tenalaw No. 2 Trust Tifcon No. 2 Trust Toocom No. 2 Trust Toofurn No. 2 Trust** Torcarsa No. 2 Trust Tortah No. 2 Trust Townel No. 2 Trust** The Calardu Trust Tralgfurn No. 2 Trust** Trialli No. 2 Trust Trivea No. 2 Trust Truen No. 2 Trust Upoes No. 2 Trust Valerinar No. 2 Trust Valrado No. 2 Trust Venusway No. 2 Trust Vidara No. 2 Trust Waccom No. 2 Trust** Warel No. 2 Trust** Wartonu No. 2 Trust Warwickel No. 2 Trust** Watfurn No. 2 Trust Whyfurn No. 2 Trust Whylect No. 2 Trust Wickcom No. 2 Trust Wickfurn No. 2 Trust** Wincomp No. 2 Trust Windsor Commercial No. 2 Trust** Windsorcom No. 2 Trust Yallect No. 2 Trust** Yoogalu Albury Trust Yoogalu Campbelltown Trust Yoogalu Fairfield Trust
|
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## Units in Unit Trusts held by Harvey Norman Holdings Limited (continued)
## Name
Yoogalu Gordon Trust
Yoogalu Gosford Trust*
Yoogalu Lismore Trust*
Yoogalu Miranda Trust
Yoogalu Newcastle Trust
Yoogalu Warrawong Trust
Yoogalu Warringah Mall Trust
Zoderme No. 2 Trust
*All the units in the Unit Trusts are held by Harvey Norman Holdings Limited.
**These trusts were acquired during the year.
***Some of the units in this trust are held by Yoogalu Pty Limited, a wholly owned subsidiary of Harvey Norman Holdings Limited.
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] | overall_image/8241b2030f6f21ab71724c901fcfe502a2253832ec7ed48c70add8cf6ecb2c3c.png | ## 41. Deed of Cross Guarantee
Certain controlled entities (refer Note 40) have entered into a deed of cross guarantee dated 16 June 2003 with Harvey Norman Holdings Limited which provides that all parties to the deed will guarantee to each creditor payment in full of any debt of each company participating in the deed on winding-up of that company. In addition, as a result of the Class Order issued by the Australian Securities and Investments Commission these companies are relieved from the requirements to prepare financial statements.
Controlled Entities (Refer Note 40) marked 1 are not party to the Class Order.
Financial information for the class order closed group is as follows:
## (a) Harvey Norman Holdings Limited Closed Group Statement of Financial Position for year ended 2003
<img src='content_image/79340.jpg'>
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## (b) Harvey Norman Holdings Limited Closed Group Statement of Financial Performance for year ended 30 June 2003
<img src='content_image/110197.jpg'>
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] | overall_image/ed5f487dbad5bbe6833051efbdcd24d5d4557f57aef2e3ab8de8a66968f69b1b.png | ## Beneficial Interest
Included in the above shareholdings are the following:
Mr. G. Harvey has a beneficial interest in 142,629,301 shares held by G Harvey Nominees Pty Limited.
Mr. I.J. Norman has a beneficial interest in 175,249,660 shares held by Dimbulu Pty Limited.
Ms. K.L. Page has a beneficial interest in 1,932,000 shares held by Page Option Trust in Pertama Holdings Limited and a beneficial interest in 300,000 shares held by K Page Pty Limited in Harvey Norman Holdings Limited.
Mr. C.H. Brown has a beneficial interest in 173,467 shares held by PWSD Pty Limited and Starmoro Pty Limited.
Mr. R.J. Skippen has a beneficial interest in 1,096,297 shares held by ANZ nominees.
Mr. A.B. Brew has a beneficial interest in 627,408 shares held by ANZ nominees.
Mr. S.P. Hauville has a beneficial interest in 202,446 shares held by Valmarl Pty Ltd and Hauville Superannuation Pty Ltd. He also has a beneficial interest in 975,000 Pertama Holdings Limited shares and 2,134 Rebel Sport Limited shares held by Valmarl Pty Ltd and Hauville Superannuation Pty Ltd.
Mr. K.W. Gunderson-Briggs has a beneficial interest in 3,000 shares held by Nosrednug Superannuation Fund Pty Limited.
## Share Options
Details of share options are set out in Note 26 of the financial statements and form part of this report.
## Principal Activities
The principal activities of the consolidated entity continue to be that of:
Franchisor
Sale of homewares and electrical goods in New Zealand, Slovenia and Ireland
Provision of consumer finance
Property investment
Lessor of premises to Harvey Norman franchisees and other third parties
The consolidated entity holds a controlling interest in Pertama Holdings Limited (“Pertama”). Shares in Pertama are listed on the Stock Exchange of Singapore. The principal activities of Pertama are retail, wholesale and export sales of homewares and electrical goods.
The consolidated entity holds a controlling interest in Rebel Sport Limited (“Rebel”). Shares in Rebel are listed on the Australian Stock Exchange. The principal activity of Rebel is the sale of sporting and leisure goods.
## Results
The net profit attributable to members of the parent entity for the financial year ended 30 June 2003 after income tax expense was $151.05 million. This represents an increase of 17.8% on the net profit after income tax expense attributable to members for the year ended 30 June 2002.
## Dividends
The directors recommend a fully franked dividend of 2.5 cents per share be paid on 5 December 2003 (total dividend, fully franked - $26,397,336). The following fully franked dividends of the parent entity have also been paid, declared or recommended since the end of the preceding financial year:
<img src='content_image/49979.jpg'>
## Review of Group Operations
The total equity of the consolidated entity for the year ended 30 June 2003 increased over the previous financial year due to the following:
Increased revenue from franchisees (excluding rent and interest received)
Increased rental from tenants
Revaluation of the group property portfolio
Increased profit from Harvey Norman New Zealand owned stores
Increased profit from Pertama Holdings Limited in Singapore
Increased profit from Rebel Sport Limited
Net profit attributable to members of the parent entity for the year ending 30 June 2003 increased by 17.8% over the previous year, due to increased revenue from franchise fees, improved trading conditions experienced by franchisees, increased profit from Harvey Norman New Zealand owned stores, increased profit from Pertama Holdings Limited in Singapore and increased profit from Rebel Sport Limited.
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] | overall_image/4e1dcdbddd4513f4ef1e0b459773dfc3739349f040e06d6ad7cd051fd573f215.png | ## Directors’ Declaration
In accordance with a resolution of the directors of Harvey Norman Holdings Limited, we state that:
(1) In the opinion of the directors:
(a) the financial statements and notes of the company and of the consolidated entity are in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the company’s and consolidated entity’s financial position as at 30 June 2003 and of their performance for the year ended on that date; and
(ii) complying with Accounting Standards and Corporations Regulations 2001; and
(b) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.
(2) In the opinion of the directors, as at the date of this declaration, there are reasonable grounds to believe that the members of the Closed Group identified in Note 41 will be able to meet any obligations or liabilities to which they are or may become subject, by virtue of the Deed of Cross Guarantee.
On behalf of the Board.
<img src='content_image/33367.jpg'>
Sydney 26 September 2003
<img src='content_image/33357.jpg'>
<img src='content_image/33368.jpg'>
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## INDEPENDENT AUDIT REPORT
To members of Harvey Norman Holdings Limited
## Scope
@ The Ernst & Young Building 321 Kent Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001
ariel Fax DX 61 2 9248 5555 61 2 9262 6565 Sydney Stock Exchange 10172
The financial report and directors’ responsibility The financial report comprises the statement of financial position, statement of financial performance, statement of cash flows, accompanying notes to the financial statements, and the directors’ declaration for Harvey Norman Holdings Limited (the company) and the consolidated entity, for the year ended 30 June 2003. The consolidated entity comprises both the company and the entities it controlled during that year.
The directors of the company are responsible for preparing a financial report that gives a true and fair view of the financial position and performance of the company and the consolidated entity, and that complies with Accounting Standards in Australia, in accordance with the Corporations Act 2001 . This includes responsibility for the maintenance of adequate accounting records and internal controls that are designed to prevent and detect fraud and error, and for the accounting policies and accounting estimates inherent in the financial report.
## Audit approach
We conducted an independent audit of the financial report in order to express an opinion on it to the members of the company. Our audit was conducted in accordance with Australian Auditing Standards in order to provide reasonable assurance as to whether the financial report is free of material misstatement. The nature of an audit is influenced by factors such as the use of professional judgement, selective testing, the inherent limitations of internal control, and the availability of persuasive rather than conclusive evidence. Therefore, an audit cannot guarantee that all material misstatements have been detected.
We performed procedures to assess whether in all material respects the financial report presents fairly, in accordance with the Corporations Act 2001 , including compliance with Accounting Standards in Australia, and other mandatory financial reporting requirements in Australia, a view which is consistent with our understanding of the company’s and the consolidated entity’s financial position, and of their performance as represented by the results of their operations and cash flows.
We formed our audit opinion on the basis of these procedures, which included:
• examining, on a test basis, information to provide evidence supporting the amounts and disclosures in the financial report, and
• assessing the appropriateness of the accounting policies and disclosures used and the reasonableness of significant accounting estimates made by the directors.
While we considered the effectiveness of management’s internal controls over financial reporting when determining the nature and extent of our procedures, our audit was not designed to provide assurance on internal controls.
We performed procedures to assess whether the substance of business transactions was accurately reflected in the financial report. These and our other procedures did not include consideration or judgement of the appropriateness or reasonableness of the business plans or strategies adopted by the directors and management of the company.
## Independence
We are independent of the company, and have met the independence requirements of Australian professional ethical pronouncements and the Corporations Act 2001 . In addition to our audit of the financial report, we were engaged to undertake the services disclosed in Note 31 to the financial statements. The provision of these services has not impaired our independence.
Liability limited by the Accountants Scheme, approved under the Professional Standards Act 1994 (NSW).
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## Audit opinion
In our opinion, the financial report of Harvey Norman Holdings Limited is in accordance with:
(a) the Corporations Act 2001, including:
(i) giving a true and fair view of the financial position of Harvey Norman Holdings Limited and the consolidated entity at 30 June 2003 and of their performance for the year ended on that date; and
(ii) complying with Accounting Standards in Australia and the Corporations Regulations 2001; and
(b) other mandatory financial reporting requirements in Australia.
<img src='content_image/949.jpg'>
<img src='content_image/950.jpg'>
Sydney 26 September 2003
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] | overall_image/677bc14af63a5cadc0dc1cef425c57a0f61763c859364e88ceba95f7d74ecc93.png | ## Distribution of Shareholdings as at 22 September 2003
<img src='content_image/80928.jpg'>
## Voting Rights
All ordinary shares issued by Harvey Norman Holdings Limited carry one vote per share.
## Twenty Largest Shareholders as at 22 September 2003
<img src='content_image/80932.jpg'>
Total held by twenty largest shareholders as a percentage 82.95%.
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## AUSTRALIAN CAPITAL TERRITORY
## FYSHWICK
Cnr Barrier & Ipswich Streets Fyshwick 2609 Phone (02) 6280 4140
## WODEN
Shop 5 Mezzanine Level Woden Plaza Woden 2606 Phone (02) 6282 2511
## NEW SOUTH WALES
## SYDNEY SUBURBAN
## AUBURN
250 Parramatta Road Auburn 2144 Phone (02) 9202 4888
## AUBURN (Renovations & Seconds)
233-239 Parramatta Road Auburn 2144 Phone (02) 9202 4888
## BALGOWLAH
176-190 Condamine Street Balgowlah 2093 Phone (02) 9948 4511
## BALGOWLAH (HOMESTARTERS)
176-190 Condamine Street Balgowlah 2093 Phone (02) 9948 4511
## BLACKTOWN
Unit C5 Cnr Blacktown & Bungarribee Roads Blacktown 2148 Phone (02) 9831 2155
## BROADWAY
Shop 119 Broadway Bay Street Broadway 2007 Phone (02) 9211 3933
## CAMPBELLTOWN
4 Blaxland Road Campbelltown 2560 Phone (02) 4628 4088
## CARINGBAH
Level 1 Caringbah SupaCenta 220 Taren Point Road Caringbah 2229 Phone (02) 9542 7088
## CHATSWOOD (Electrical & Computers only)
Level 2 Chatswood Chase Cnr Archer & Victoria Avenue Chatswood 2067 Phone (02) 9419 1100
## GORDON
1st Floor 802-808 Pacific Highway Gordon 2072 Phone (02) 9498 1499
## LEICHHARDT (Manchester Only)
Shop 31 Leichhardt Market Place Cnr Marion & Flood Streets Leichhardt 2040 Phone (02) 9572 6544
## LIVERPOOL
Liverpool Mega Centre Orangegrove Road Liverpool 2170 Phone (02) 9600 3333
## MARRICKVILLE
Shop 5, Marrickville Metro Shopping Centre Cnr Smidmore & Murray Streets Marrickville 2204 Phone (02) 9557 7344
## MOORE PARK
Level 2, North SupaCenta Cnr South Dowling Street & Dacey Avenue Kensington 2033 Phone (02) 9662 9888
## PENRITH
Cnr Mulgoa Rd & Wolseley St Penrith 2750 Phone (02) 4737 5111
## WILEY PARK
1018 Canterbury Road Wiley Park 2195 Phone (02) 9740 6055
## WILEY PARK (Hardware)
1155 Canterbury Road Roselands 2196 Phone (02) 9740 1153
## NEW SOUTH WALES COUNTRY
## ALBURY
430 Wilson Street Albury 2640 Phone (02) 6041 1944
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Shop 8, Girraween Shopping Centre Queen Elizabeth Drive Armidale 2350 Phone: (02) 6771 3788
## BATHURST
Sydney Road Kelso 2795 Phone (02) 6332 3399
## BROADMEADOW (HOMESTARTERS)
35-43 Lambton Road Broadmeadow 2292 Phone (02) 4962 1770
## COFFS HARBOUR
252 Coffs Harbour Highway Coffs Harbour 2450 Phone (02) 6651 9011
## DENILIQUIN
Cnr. Hardinge & Harfleur Streets Deniliquin 2710 Phone (03) 5881 5499
## DUBBO
195 Cobra Street Dubbo 2830 Phone (02) 6826 5000
## FRISCO HOME FURNISHERS (NEWCASTLE)
391 Hillsborough Road Warners Bay NSW 2282 Phone (02) 4954 3344
## GOSFORD (ERINA)
Harvey Norman Shopping Complex Karalta Lane Erina 2250 Phone (02) 4365 9500
## GRAFTON
125 Prince Street Grafton 2460 Phone (02) 6643 3266
## GRIFFITH
Cnr Jondaryn & Willandra Avenues Griffith 2680 Phone (02) 6961 0300
## INVERELL
50 Evans Streets Inverell 2360 Phone (02) 6721 0811
## LISMORE
17 Zadoc Street Lismore 2480 Phone (02) 6621 8888
## MACLEAN
211 River Street Maclean 2463 Phone (02) 6645 2611
## MAITLAND
557 High Street Maitland 2320 Phone (02) 4934 2423
## MOREE
321 Frome Street Moree 2400 Phone (02) 6752 7531
## MOSS VALE (Electrical)
Shop 4/274-276 Argyle Street Moss Vale 2577 Phone: (02) 4868 1039
## MOSS VALE (Computers)
Shop 1 10 Clarence Street Moss Vale 2577 Phone: (02) 4869 4561
## MUDGEE
Cnr Oporto & Lisbon Roads Mudgee 2850 Phone (02) 6372 6514
## NEWCASTLE (BENNETTS GREEN)
7 Abdon Close Bennetts Green 2290 Phone (02) 4948 4555
## NOWRA
Cnr Central Avenue & Princess Highway Nowra 2541 Phone (02) 4421 1300
## ORANGE
Cnr Lone Pine Ave & Mitchell Highway Orange 2800 Phone (02) 6361 4111
## PARKES
Shop 1, Saleyard Road Parkes 2870 Phone (02) 6862 2800
## PORT MACQUARIE
140 Lake Road Port Macquarie 2444 Phone (02) 6581 0088
## TAMWORTH
43 The Ringers Road Tamworth 2340 Phone (02) 6765 1100
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9 Mill Close Taree 2430 Phone (02) 6551 3699
## TWEED HEADS
29-41 Greenway Drive Tweed Heads 2486 Phone (07) 5524 0111
## WAGGA
Homebase Centre 7-23 Hammond Avenue Wagga 2650 Phone (02) 6933 7000
## WARRAWONG
Cnr King Street & Shellharbour Road Warrawong 2502 Phone (02) 4275 2722
## WARRAWONG (HOMESTARTERS)
Lot 12 King Street Warrawong 2502 Phone (02) 4276 5000
## YOUNG
326 Boorowa Street Young 2594 Phone (02) 6382 5744
## NORTHERN TERRITORY
## DARWIN
644 Stuart Highway Berrimah 0828 Phone: (08) 8922 4111
## QUEENSLAND
## BRISBANE SUBURBAN
## ASPLEY
1411-1419 Gympie Road Aspley 4034 Phone (07) 3834 1100
## BRISBANE – BROADWAY ON THE MALL
Shop SF01 170 Queen Street Brisbane 4000 Phone: (07) 3013 2800
## BROWNS PLAINS
Unit 3 28 – 48 Browns Plains Road Browns Plains 4118 Phone: (07) 3380 0600
## CARINDALE
Homemaker Centre Cnr Carindale Street and Old Cleveland Road Carindale 4152 Phone (07) 3843 1700
## EVERTON PARK
429 Southpine Road Everton Park 4053 Tel. (07) 3550 4444
## FORTITUDE VALLEY
Brisbane City Gate Shop 1, 1058 Ann Street Fortitude Valley 4006 Tel. (07) 3620 6600
## INDOOROOPILLY
Shop 2044 Westfield Shoppingtown Indooroopilly 4068 Phone: (07) 3327 1300
## MORAYFIELD
Lot 8 Cnr Morayfield & Station Roads Morayfield 4506 Phone: (07) 5428 8000
## MT GRAVATT
Big Top Showrooms 1290 Logan Road Mt Gravatt 4122 Phone: (07) 3347 4111
## OXLEY
2098 Ipswich Road Oxley 4075 Phone: (07) 3332 1100
## QUEENSLAND COUNTRY
## AYR
Cnr 101 Queen & Edward Street Ayr 4807 Phone: (07) 4783 3188
## BERNOTHS - TOOWOOMBA
675 Ruthven Street Toowoomba 4350 Phone (07) 4632 9444
## BUNDABERG
125 Takalvan Street Bundaberg 4670 Phone (07) 4151 1570
## BUNDALL (GOLD COAST)
29-45 Ashmore Road Bundall 4217 Phone (07) 5584 3111
## CAIRNS
101 Spence Street Portsmith 4870 Phone (07) 4051 8499
## DALBY
58 Patrick Street Dalby 4405 Phone: (07) 4672 4444
|
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} | https://cdla.io/permissive-1-0/ | [] | overall_image/43f4be7657ebea39faf424c3c0e4ab6ad9967f298ac00278df31da839a277911.png | ## Directory of Harvey Norman Shopping Complexes (continued)
GLADSTONE 60 Hanson Road Gladstone 4680 Phone (07) 4972 9900
HERVEY BAY Cnr Boat Harbour Drive & O’Rourke Street Hervey Bay 4655 Phone: (07) 4124 3870
INNISFAIL 52/57 Ernest Street Innisfail 4860 Phone: (07) 4061 1433
KAWANA WATERS (SUNSHINE COAST) Lot 28 Nicklin Way Minyama Gardens Kawana Waters 4575 Phone (07) 5444 8277
MACKAY Cnr Bruce Highway & Heath’s Road Glenella 4740 Phone (07) 4942 2688
NOOSA 7-9 Gibson Road Noosaville 4566 Phone (07) 5473 1911
ROCKHAMPTON 407 Yaamba Road North Rockhampton 4701 Phone (07) 4926 2755
TOOWOOMBA 910-932 Ruthven Street Toowoomba 4350 Phone: (07) 4636 7300
TOOWOOMBA (HOMESTARTERS) 910-932 Ruthven Street Toowoomba 4350 Phone: (07) 4636 7300
TOWNSVILLE 238-262 Woolcock Street Townsville 4810 Phone: (07) 4725 5561
WARWICK Cnr Victoria St & Palmerin Sts Warwick 4370 Phone: (07) 4666 9000
## TASMANIA
BURNIE 64 Mount Street Burnie 7320 Phone: (03) 6431 9133
DEVONPORT Cnr Best Street & Fenton Way Devonport 7310 Phone: (03) 6420 6615
GLENORCHY 313 Main Road Glenorchy 7010 Phone: (03) 6272 5555
HOBART CITY 171 Murray Street Hobart 7000 Phone: (03) 6230 1100
LAUNCESTON Cnr William and Charles Streets Launceston 7250 Phone: (03) 6331 8588
LAUNCESTON (Bedding Specialist) 151 York Street Launceston 7250 Phone: (03) 6334 6222
ROSNY 33 Bligh Street Rosny 7018 Phone: (03) 6210 4444
ULVERSTONE 5-7 Reibey Street Ulverstone 7315 Phone: (03) 6425 1944
## VICTORIA
## MELBOURNE SUBURBAN
CRANBOURNE Cnr South Gippsland Highway & Thompson Road Cranbourne 3977 Phone (03) 5991 0000
DANDENONG Cnr Frankston-Dandenong & Greens Roads Dandenong 3175 Phone: (03) 9706 9992
GREENSBOROUGH(Electrical & Computers only) Shop 227 25 Main Street Greensborough 3088 Phone: (03) 9433 5555
KNOX Shop 8001, Knox City Centre Capital City Boulevard Wantirna South 3125 Phone: (03) 9881 3700
|
663 | {
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} | {
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} | https://cdla.io/permissive-1-0/ | [] | overall_image/9a703de6da10904dfdabf9933fc09be5bce2bb92a93fe0ddbab9b71ddf0257f0.png | MARIBYRNONG (Highpoint) 169 Rosamond Road Maribyrnong 3032 Phone: (03) 9318 2700
MOORABBIN 420 South Road Moorabbin 3189 Phone: (03) 9555 1222
NUNAWADING 396-408 Whitehorse Road Nunawading 3131 Phone: (03) 9872 6366
PRESTON 121 Bell Street Preston 3072 Phone (03) 9269 3300
SOUTHLAND (Cheltenham) Shop M2 Westfield Southlands Cnr Nepean & Bay Road Cheltenham 3196 Phone: (03) 9585 6500
WATERGARDENS 450 Melton Highway Taylors Lakes 3037 Phone: (03) 9449 6300
## VICTORIAN COUNTRY
BAIRNSDALE 294 Main Road Bairnsdale 3875 Phone: (03) 5153 9700
BALLARAT Cnr Howitt and Gillies Street Wendouree 3355 Phone: (03) 5332 5100
BENDIGO Cnr High & Ferness Streets Kangaroo Flat 3555 Phone: (03) 5447 2333
GEELONG 420 Princess Highway Corio 3214 Phone: (03) 5274 1077
HAMILTON Shop 10 Hamilton Central Plaza Gray Street Hamilton 3300 Phone: (03) 5551 3500
MILDURA Cnr Fifteenth Street & Etiwanda Ave Mildura 3500 Phone: (03) 5051 2200
MOE 19 Moore Street Moe 3825 Phone: (03) 5127 9500
SALE 363-373 Raymond Street Sale 3850 Phone: (03) 5144 3677
SHEPPARTON 7950 Goulburn Valley Highway Shepparton 3630 Phone (03) 5823 2530
SWAN HILL 155 Campbell Street Swan Hill 3585 Phone: (03) 5032 2901
TRARALGON 123 Argyle Street Traralgon 3844 Phone (03) 5174 8177
WANGARATTA 8-12 Murphy Street Wangaratta 3677 Phone: (03) 5721 6377
WARRAGUL 33 Victoria Street Warragul 3820 Phone: (03) 5623 9000
WARRNAMBOOL 84 Raglan Parade Warrnambool 3280 Phone (03) 5564 7700
WONTHAGGI 37 McKenzie Street Wonthaggi 3995 Phone: (03) 5672 1490
## SOUTH AUSTRALIA
## ADELAIDE SUBURBAN
ENFIELD 449 Main North Road Enfield 5085 Phone: (08) 8342 8888
MARION 822-826 Marion Road Marion 5043 Phone (08) 8375 7777
MUNNO PARRA Lot 2005, Main North Road Smithfield 5114 Phone (08) 8254 0700
|
664 | {
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} | {
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} | https://cdla.io/permissive-1-0/ | [] | overall_image/9edd568bd65997558657af3cd5e669463958c799e2e09cf34bbed97a9c3ffdc9.png | ## Directory of Harvey Norman Shopping Complexes (continued)
NOARLUNGA Seaman Drive Noarlunga 5168 Phone (08) 8329 5400
## SOUTH AUSTRALIAN COUNTRY
MT GAMBIER Jubilee Highway East Mt Gambier 5290 Phone (08) 8724 6800
WHYALLA Cnr Jamieson and Kelly Streets Whyalla 5600 Phone (08) 8645 6100
## WESTERN AUSTRALIA
PERTH SUBURBAN
BELMONT Shop 80 Belmont Forum Abernethy Road Belmont 6104 Phone: (08) 9479 4377
CANNINGTON 1363 Albany Highway Cannington 6107 Phone: (08) 9311 1100
CITY WEST 25 Sutherland Street West Perth 6005 Phone: (08) 9215 8600
FREMANTLE 13-19 William Street Fremantle 6160 Phone: (08) 9335 6266
JOONDALUP 36 Clarke Crescent Joondalup 6027 Phone: (08) 9301 3311
MADDINGTON Shop 80 Maddington Shop Centre Atfield Street Maddington 6109 Phone: (08) 9459 5222
MANDURAH Mandurah Forum 6/318 Pinjarrah Road Mandurah 6210 Phone: (08) 9535 6166
MIDLAND 252-254 Great Eastern Highway Midland 6056 Phone: (08) 9274 9800
MORLEY 40 Rudloc Road Morley 6062 Phone: (08) 9375 0200
O’CONNOR 133 Garling Street (Cnr Stock Road) O’Connor 6163 Phone: (08) 9337 0888
OSBORNE PARK 469-475 Scarborough Beach Road Osborne Park 6017 Phone: (08) 9441 1100
PORT KENNEDY 400-402 Saltaire Way Port Kennedy 6168 Phone: (08) 9524 0111
WARWICK Shop 4, Warwick Grove S/Centre Beach Road Warwick 6024 Phone: (08) 9243 2300
## WESTERN AUSTRALIA COUNTRY
ALBANY 136 Lockyer Avenue Albany 6330 Phone (08) 9841 1628
BUNBURY 34 Denning Road East Bunbury 6230 Phone (08) 9722 0111
BUSSELTON 28-34 Bussell Highway Busselton 6280 Phone (08) 9752 1336
GERALDTON (Furniture & Bedding) 38 Chapman Road Geraldton 6530 Phone (08) 9964 0111
GERALDTON (Computers) 16 Anzac Terrace Geraldton 6530 Phone (08) 9964 0111
KALGOORLIE Southland Shopping Centre Oswald Street Kalgoorlie 6430 Phone (08) 9021 1400
KARRATHA Unit 5 Lot 3818 Balmoral Road Karratha 6174 Phone (08) 9144 1589
|
665 | {
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"page_id": "0",
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"source_dataset": "DocLayNet"
} | {
"doc_length": 96,
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} | https://cdla.io/permissive-1-0/ | [
"content_image/11839.jpg",
"content_image/11841.jpg"
] | overall_image/7322e90abf632bdfdafdc16cd5ab4b5b50c5accee72357f43cf2dfa7b4deec1b.png | <img src='content_image/11839.jpg'>
<img src='content_image/11841.jpg'>
# PUSH THE ENVELOPE
|
666 | {
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"doc_id": "NYSE_PBI_2004.pdf",
"page_id": "1",
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"oi_source": "ori",
"source_dataset": "DocLayNet"
} | {
"doc_length": 204,
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} | https://cdla.io/permissive-1-0/ | [] | overall_image/59465e07a2a6b1c96f7831e8c8fba1a33bc87a6f5d2aa71dfdd0bd2ed28b291c.png | 2 Chairman’s Letter 7 Customer Stories 20 Engineering the Flow of Communication ™ 27 CFO Letter 28 Financials
30 Directors and Corporate Officers 31 Stockholder Information 32 International Locations
|
667 | {
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"doc_id": "NYSE_PBI_2004.pdf",
"page_id": "10",
"date_download": "2024-3-24",
"oi_source": "ori",
"source_dataset": "DocLayNet"
} | {
"doc_length": 915,
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} | https://cdla.io/permissive-1-0/ | [
"content_image/35517.jpg"
] | overall_image/41044dcfb8e373ed037f251faaaf44b299804ad7bc5fb58a2e3ac8908e55e6a4.png | <img src='content_image/35517.jpg'>
## PERSONALIZED COMMUNICATION BASED ON INDIVIDUAL PROFILES
You know a lot about your customer by what she orders, how she travels, where she lives. Pitney Bowes allows you to print personalized messages on customer communications from the data currently in your systems, or include inserts into mailings based on her specific profile. Your relationship will grow stronger when your communication is more personal.
For BRITTANY FERRIES , Europe’s foremost ferry company and operator of self-guided tours, Pitney Bowes software pulls raw XML data from the company’s reservation system, engineers this data and prints it on each customer’s travel confirmation. As the document moves through the inserter, a digital barcode instructs the system to add informational flyers that are unique to each traveler’s situation—such as visa requirements or tips on traveling with pets.
|
668 | {
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"doc_id": "NYSE_PBI_2004.pdf",
"page_id": "11",
"date_download": "2024-3-24",
"oi_source": "ori",
"source_dataset": "DocLayNet"
} | {
"doc_length": 1270,
"total_imgs": 1,
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"llama3_tokens_count": 237,
"low_quality_context": false
} | https://cdla.io/permissive-1-0/ | [
"content_image/83133.jpg"
] | overall_image/42d87d274b93ae7189182f665440f736bad3a46b4b016495096971bb0fd7af24.png | ## NETWORKING AND WEB-ENABLING MAIL CENTERS
In a large organization that spends millions of dollars on postage, cost control is critical—yet notoriously difficult with multiple mail centers and thousands of accounts. Pitney Bowes has the solution. We can network and Web-enable your mail centers and deliver real-time information on spending and performance from across the enterprise right to your desktop. So you can make better decisions on resource allocation and cost control while improving service to your internal customers.
<img src='content_image/83133.jpg'>
For BANK OF AMERICA ,Pitney Bowes is implementing a “Mail Smart” solution. Our Business Manager information management system will link Bank of America’s 34 mail centers, allowing the bank to centrally manage mail operations. This will provide the bank unprecedented insight into changing mail volumes and postage spending across all its mail centers, helping save millions in postage and operational costs.
“With so many locations across the country, we were looking for a provider that could implement an integrated mail and document strategy to meet the needs of our growing business,” says Robert Kee, Senior Vice President, Document Management, Supply Chain Management, Bank of America.
|
669 | {
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"doc_id": "NYSE_PBI_2004.pdf",
"page_id": "12",
"date_download": "2024-3-24",
"oi_source": "ori",
"source_dataset": "DocLayNet"
} | {
"doc_length": 88,
"total_imgs": 0,
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"low_quality_context": false
} | https://cdla.io/permissive-1-0/ | [] | overall_image/dd8d5a24e410db4a3d1dabf5b44e889c82fa71dcb79f02a0cfc7d90751b120f5.png | ## PUT 34 MAIL SYSTEMS ON ONE SINGLE DESKTOP CONGRATULATIONS, YOU JUST SAVED MILLIONS
|
670 | {
"language": "en",
"oi_exist": true,
"ori_meta": null,
"doc_id": "NYSE_PBI_2004.pdf",
"page_id": "13",
"date_download": "2024-3-24",
"oi_source": "ori",
"source_dataset": "DocLayNet"
} | {
"doc_length": 87,
"total_imgs": 0,
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"low_quality_context": false
} | https://cdla.io/permissive-1-0/ | [] | overall_image/aaf9e91716204900788cc03dd15ecaf07779002c6686fcfa54f9fdd887b54223.png | TARGETED MAIL WILL DELIVER THE CUSTOMERS KEEPING UP WITH THE DELIVERIES IS UP TO YOU
|
671 | {
"language": "en",
"oi_exist": true,
"ori_meta": null,
"doc_id": "NYSE_PBI_2004.pdf",
"page_id": "14",
"date_download": "2024-3-24",
"oi_source": "ori",
"source_dataset": "DocLayNet"
} | {
"doc_length": 1119,
"total_imgs": 1,
"failed_imgs": 0,
"llama3_tokens_count": 235,
"low_quality_context": false
} | https://cdla.io/permissive-1-0/ | [
"content_image/93095.jpg"
] | overall_image/fc99f075c6057117578b6305918db508353294447a4194b3ceb03ca2bf225bf8.png | <img src='content_image/93095.jpg'>
## MAIL MANAGEMENT SOFTWARE THAT BRINGS IN NEW CUSTOMERS
Small businesses are discovering the power of mail to help them grow. Pitney Bowes shows companies of all sizes how to use cost-effective direct marketing to attract customers—at a fraction of the cost of other types of advertising.
The HAKATA JAPANESE RESTAURANT saw its business take off after installing digital mailing systems with SmartMailer ™ 7 technology. The restaurant is now sending out as many as 30,000 targeted mailings each month to prospects beyond its imme- diate Times Square neighborhood, where it operates a robust delivery business.
SmartMailer ™ software even presorts mail electronically, dropping Hakata’s postage costs to 16.5 cents per piece through USPS discounts.
Hakata’s marketing campaign flows so well that a second location is in the works.
And now that its neighbors have witnessed the power of mail, Hakata has added a new line of business: direct marketing for other restaurants. It is already sending out another 125,000 marketing pieces each month for six other restaurants.
|
672 | {
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"oi_exist": true,
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"doc_id": "NYSE_PBI_2004.pdf",
"page_id": "15",
"date_download": "2024-3-24",
"oi_source": "ori",
"source_dataset": "DocLayNet"
} | {
"doc_length": 969,
"total_imgs": 1,
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"llama3_tokens_count": 208,
"low_quality_context": false
} | https://cdla.io/permissive-1-0/ | [
"content_image/87776.jpg"
] | overall_image/81460f093cb2663f9ee199ff7246619d960e7afa280906b339a5e954d26e619d.png | You have lots of information about your customers. But chances are it’s stored in different databases—sales history, service records, responses to Web site promotions, and more. Solutions from Group 1 Software, a Pitney Bowes company, validate and consolidate all this data to give you a more complete and accurate portrait of each customer. When you really understand your customers, you’re in a better position to anticipate their needs.
<img src='content_image/87776.jpg'>
## INTEGRATION OF MULTIPLE DATABASES
DAIMLERCHRYSLER uses DataSight™ software from Group 1 to maintain its Customer/Owner Information Network, which the automaker calls “the single point of truth” for each customer. This database, with over 50 million records, is accessible to managers throughout the organization. With DataSight™ software, DaimlerChrysler can deliver the right messages to the right customers at the right time—when, say, a customer is ready for a new set of wheels.
|
673 | {
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"doc_id": "NYSE_PBI_2004.pdf",
"page_id": "16",
"date_download": "2024-3-24",
"oi_source": "ori",
"source_dataset": "DocLayNet"
} | {
"doc_length": 93,
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"low_quality_context": false
} | https://cdla.io/permissive-1-0/ | [] | overall_image/7da316b3a0c1e156a422c7af8aa1acbfa2876f0ed8afae24a1969a6c9d77beb6.png | MERGE HUNDREDS OF DATA POINTS FOR A PERSONALIZED VIEW NOW YOU CAN SELL HER THE PERFECT CAR
|
674 | {
"language": "en",
"oi_exist": true,
"ori_meta": null,
"doc_id": "NYSE_PBI_2004.pdf",
"page_id": "17",
"date_download": "2024-3-24",
"oi_source": "ori",
"source_dataset": "DocLayNet"
} | {
"doc_length": 103,
"total_imgs": 0,
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"llama3_tokens_count": 32,
"low_quality_context": false
} | https://cdla.io/permissive-1-0/ | [] | overall_image/a6910149b7ce80ae9219e16d14de74018799f4df3f2126dff795c70edccdbd8e.png | 60,000 POTENTIAL BLOOD DONORS THOUSANDS IN SAVINGS IT’S A POSTAL DISCOUNT THAT SAVES MORE THAN MONEY
|
675 | {
"language": "en",
"oi_exist": true,
"ori_meta": null,
"doc_id": "NYSE_PBI_2004.pdf",
"page_id": "18",
"date_download": "2024-3-24",
"oi_source": "ori",
"source_dataset": "DocLayNet"
} | {
"doc_length": 875,
"total_imgs": 1,
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"llama3_tokens_count": 201,
"low_quality_context": false
} | https://cdla.io/permissive-1-0/ | [
"content_image/126932.jpg"
] | overall_image/65300b6bcfaa363eb476975743d16c4837892dca068f4e019fa843441e8b2cf4.png | You don’t have to be a large mailer to earn big-time discounts on postage. With Pitney Bowes’ Postage Discount Program, small mailers with as few as 1,000 pieces a month can earn substantial discounts, just like mailers who are sending out millions of pieces of mail.
<img src='content_image/126932.jpg'>
## POSTAGE DISCOUNTS FOR SMALL MAILERS
GOOD SAMARITAN HOSPITAL on Long Island is saving about $6,000 a year by using the Postage Discount Program to mail patient exam results, fund-raising appeals, newsletters and blood drive announcements. Pitney Bowes picks up the mail and delivers it to one of its 30 PSI processing facilities, where the mail is sorted right down to the local carrier level so it qualifies for a discount from the USPS. The hospital saves 1.8 cents on every piece of mail. That’s money the hospital can use on other things—like patient care.
|
676 | {
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"doc_id": "NYSE_PBI_2004.pdf",
"page_id": "19",
"date_download": "2024-3-24",
"oi_source": "ori",
"source_dataset": "DocLayNet"
} | {
"doc_length": 966,
"total_imgs": 1,
"failed_imgs": 0,
"llama3_tokens_count": 205,
"low_quality_context": false
} | https://cdla.io/permissive-1-0/ | [
"content_image/115947.jpg"
] | overall_image/371accd55d169d742214dabb599b4018597bcf93894e76808526e50790eb6742.png | <img src='content_image/115947.jpg'>
## HIGH-INTEGRITY INSERTION OF CUSTOMER MATERIALS
## 18
When you’re mailing millions of reimbursement checks, credit cards and other items of value, you can’t afford to have anything fall through the cracks. With digital processing from Pitney Bowes, you can be confident that each envelope contains what it’s supposed to contain.
MIZUHO BANK HOLDING GROUP , which operates Japan’s National Lottery, relies on our intelligent inserting systems to record the numbers on each of the 120 million lottery tickets it sends to retail outlets each month. Pitney Bowes Vitesse™ and 9 Series™ Inserting Systems process the tickets at speeds of up to 8,000 an hour, scanning each number and placing the tickets in groups of 10 into envelopes. By tracking each insertion, the bank’s subsidiary Takara Pack knows that the correct number of tickets—in the correct sequence—are placed in each envelope and sent securely on their way.
|
677 | {
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"ori_meta": null,
"doc_id": "NYSE_PBI_2004.pdf",
"page_id": "2",
"date_download": "2024-3-24",
"oi_source": "ori",
"source_dataset": "DocLayNet"
} | {
"doc_length": 506,
"total_imgs": 1,
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"low_quality_context": false
} | https://cdla.io/permissive-1-0/ | [
"content_image/74516.jpg"
] | overall_image/2d7d5753e6df24a8d67ec39e62c14d654fa03adcb3df9fd43393e40a71c1f0c9.png | EVERYTHING YOU SEND TO A CUSTOMER—WHETHER ON PAPER OR ELECTRONICALLY— IS AN OPPORTUNITY TO EXPAND YOUR RELATIONSHIP.
<img src='content_image/74516.jpg'>
BY LINKING THE DIGITAL AND PHYSICAL WORLDS, PITNEY BOWES HELPS MAKE COMMUNICATION BETWEEN YOU AND YOUR CUSTOMERS FLOW BETTER.
WE’RE ALWAYS PUSHING THE ENVELOPE TO MAKE YOUR COMMUNICATION MOVE FASTER, COST LESS AND TOUCH CUSTOMERS IN WAYS IT NEVER COULD BEFORE.
THIS IS WHAT WE MEAN BY OUR BRAND PROMISE: ENGINEERING THE FLOW OF COMMUNICATION ™
|
678 | {
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"ori_meta": null,
"doc_id": "NYSE_PBI_2004.pdf",
"page_id": "20",
"date_download": "2024-3-24",
"oi_source": "ori",
"source_dataset": "DocLayNet"
} | {
"doc_length": 87,
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} | https://cdla.io/permissive-1-0/ | [] | overall_image/f1acac8f744b351d5844dcb96f7d4473ffd13ac1624ac556567ac34285651dc2.png | ## PUT 120 MILLION LOTTO TICKETS INTO 12 MILLION ENVELOPES NOW FIND TICKET No.89,639
|
679 | {
"language": "en",
"oi_exist": true,
"ori_meta": null,
"doc_id": "NYSE_PBI_2004.pdf",
"page_id": "21",
"date_download": "2024-3-24",
"oi_source": "ori",
"source_dataset": "DocLayNet"
} | {
"doc_length": 568,
"total_imgs": 1,
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"low_quality_context": false
} | https://cdla.io/permissive-1-0/ | [
"content_image/50945.jpg"
] | overall_image/7c77c9fd022f57c857f034edbea12f6434f8d51b4dd39e068827c2a032560858.png | <img src='content_image/50945.jpg'>
## ENGINEERING THE FLOW OF COMMUNICATION
It’s what we do. We help communication flow better within organizations and between companies and customers.
From creation to integration, each step in the flow of communication is critical. By applying technology and process improve- ments to mail and documents, we make communication flow better each step of the way.
Systems, software and services— these are the tools we use to engineer solutions. You’ll see a few of them on the following pages. Visit pb.com to see even more.
|
680 | {
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} | {
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DOC1 ® Design
## Document Composition
Design powerful, effective business communications for multichannel delivery
<img src='content_image/50993.jpg'>
DOC1 ® Data Flow
## Document Integration
Integrate data to create highly personalized communications in both print and digital formats
## Document Services
Improve communication with professional design services and high-quality document produ ction, on-site and off-site
## Production Mailing & Inserting
High-speed mail insertion for targeted, high-integrity mailings
## Data & Address Quality
Standardize and correct customer data to ensure accurate and timely communications while maximizing savings
<img src='content_image/50995.jpg'>
APS™ Series Advanced Productivity System
CREATE We bring together transaction data and content in a variety of different languages—based on customer profiles—in the most user-friendly format and ready them for physical and digital production.
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<img src='content_image/34176.jpg'>
## Carrier Selection & Tracking
Control costs and expedite delivery by comparing shipping options at a glance across the enterprise
DM1000™ Digital Mailing System
## Financial Solutions
Lease mailing systems and manage your equipment inventory to meet critical business objectives
## Presort Services
Earn postage discounts and increase mail processing and delivery speed with our presort services
<img src='content_image/34169.jpg'>
<img src='content_image/34177.jpg'>
## Production Sortation
Maximize mail production integrity while optimizing postal discounts
DISTRIBUTE We ensure timely delivery of digital and physical communication in a secure and cost-efficient manner. This includes presorting, tracking and tracing, and domestic and international distribution to both customers and internal users, such as call centers and marketing.
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Postage by Phone ® PLUS
<img src='content_image/63243.jpg'>
## Payment Solutions
Optimize cash flow by getting a bill for your postage instead of paying in advance
## Litigation Support Services
Rely on our expert project managers and comprehensive, national and local paper and electronic data management services from discovery through trial
<img src='content_image/63241.jpg'>
DOC1 ® Archive
## Document Archiving Services
Improve productivity by organizing and storing critical business documents in both hard copy and digital formats
## International Mail Consolidation
Prepare mail and enhance international delivery time for improved international se r vice
<img src='content_image/63254.jpg'>
dMail™ Solution
<img src='content_image/63242.jpg'>
## Digital Document Services
Transform physical mail into digital documents for secure access—anywhere, anytime
STORE/RETRIEVE We electronically archive communications, such as customer records, business documents and transactional mailings, so you can view, modify and redistribute them at any time, in both digital and physical formats.
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## Fleet & Asset Management
We’ll analyze your equipment needs to reduce costs and improve productivity
## Accounting
Track and manage postage and carrier expenditures across the enterprise
<img src='content_image/43868.jpg'>
Business Manager Information Management System
<img src='content_image/43869.jpg'>
## Business Recovery Services
Benefit from our backup mail and document capabilities to ensure uninterrupted communications in the event of a disaster
## Mailroom & Facilities Management
We’ll manage every aspect of your mail and document operations to increase efficiency, streamline processes, reduce costs and enhance security
## Mail Tracking & Performance
Improve service by tracking the whereabouts of each mail piece as it travels between you and your customer
<img src='content_image/43871.jpg'>
OnRoute™ Mail Tracking Solutions
## Online Services
Add postage to your meter, order equipment and supplies, and track and confirm mail delivery through My Account on pb.com
<img src='content_image/43872.jpg'>
## Digital Mail Value-Added Services
Update postal rates, confirm mail delivery and access other services through our IntelliLink ® technology
RECEIVE/INTEGRATE/MANAGE We manage communication processes and assets, such as mailrooms, printing and copying systems, business recovery centers and end-to-end customer communication.
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] | overall_image/a0ce8a212a039178925a6ff73fa04f7598a28b0104363fe23a6ba55779354774.png | ## FINANCIAL HIGHLIGHTS FROM OUR CFO
<img src='content_image/6920.jpg'>
We grew our revenue by 8 percent. More importantly, if we subtract the impact of strategic transactions and foreign currency translation, we achieved organic revenue growth of 3 percent. While this wasn’t quite up to our target of 4 to 6 percent, it was a significant increase from recent years and an indication of improving fundamentals.
On a GAAP basis, we showed a decline in our earnings per share from $2.10 in 2003 to $2.05 in 2004. However, if we exclude restructuring charges and other special items (which we believe is a useful way to measure our earnings trends) our earnings per share increased from $2.41 to $2.54.
We were especially pleased that our earnings growth exceeded our original expectations when we started the year and that we were able to overcome two significant “headwinds.”First, our decision to exit the Capital Services business is producing lower net income each year as we wind down the asset base. Second, we are absorbing higher pension costs as we amortize investment losses due to the stock market decline in the 2000-2002 period.
Our earnings performance was helped by currency translation gains (about five cents per share) but the large majority of our growth came from organic revenue gains, cost reduction programs, and a positive contribution from the acquisitions that we have consummated during the past four years.
Excluding special items, we generated $694 million of free cash flow, which substantially exceeded our target of $600 million. Also, if we exclude the impact due to our Capital Services strategy, we increased our free cash flow by $29 million from the prior year, a 6 percent increase.
We enjoyed a good year in 2004. We met our financial objectives, made significant progress toward our strategic imperatives, and successfully complied with the rigorous Sarbanes-Oxley requirements.
During the year, we increased our dividend for the 23rd consecutive year, repurchased $200 million of common stock, and consummated over $400 million of acquisitions.
We also maintained an unlevered after-tax return on capital of over 14 percent. We achieved this investment return despite the addition of goodwill to our balance sheet during the year as a result of our acquisitions. Without this incremental goodwill, our return on capital would have been over 15 percent and an increase from the 2003 level.
As we look to the current year, we are optimistic that we will see continued strengthening in our financial performance. We are seeing improving sales trends in our mailing and management services businesses and portions of our revenue portfolio are experiencing especially positive momentum—mail services, small business, supplies, international, payment solutions and software. Also, our reengineering and restructuring programs are facilitating an enhanced customer experience and a lower cost structure.
As a final note, I want to express my unvarnished pride in the way that our financial organization met the new documentation and controls requirements, as well as my gratitude for the unwavering support and cooperation that we received from our corporate and business unit leaders. Through a lot of hard work, we made a good system even better.
<img src='content_image/6918.jpg'>
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] | overall_image/63313f8f1175796bf8561b87688017a22054e12e480dc9c33b1d659d6721e39d.png | ## SUMMARY OF SELECTED FINANCIAL DATA
Dollars in thousands, except per share amounts
<img src='content_image/115028.jpg'>
*Please refer to page 29 for a discussion on the presentation of adjusted financial results and a reconciliation of adjusted results to results reported in accordance with generally accepted accounting principles (GAAP).
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] | overall_image/a73d9ef73b80c8398d9ac15b9878ba8c9df47fcfd3558ce856cf451be0739566.png | ## CHAIRMAN’S LETTER
The spirit of innovation is central to all we do at Pitney Bowes. Our mail and document management solutions are changing the very nature of business communications. This is what we mean when we talk about pushing the envelope. And it is in this context
that I want to talk about our accomplishments in 2004 and the excellent opportunities that I see for the future.
I am extremely pleased by the company’s performance in 2004. Our diversified revenue base drove growth of 8 percent. Our organic revenue growth was 3 percent, excluding the effect of strategic transactions and currency translation. Both rates are the highest we have had in five years. We also had an exceptionally strong finish to the year. In fact, the fourth quarter was our best quarter in more than four years.
As part of our growth strategies, we aggressively pursued acquisitions in 2004, completing 14 and strengthening our market position on a number
of fronts, including our software capabilities, our Mail Services business and our global presence. We also continued to expand our broad range of offerings with exciting
<img src='content_image/109683.jpg'>
new products and services, including new digital meters that are helping to boost the performance of our mail finishing business. The letter from Bruce Nolop, our Chief Financial Officer, provides addi- tional perspective on our results on page 27 of this
bility of our mailing and shipping solutions, including digital mailing systems specifically designed for small mailers and our new shipping solution for the small office and home office.
> Mail Services revenue grew 20 percent at sites we have owned for more than a year and earnings grew even faster. The PSI Group has grown from 12 facilities in 2002 to a network of 30 sites processing
report. Here, I want to concentrate on the factors that drove our performance.
## SIX GROWTH ENGINES
Pitney Bowes is in the enviable position of having six diversified growth engines. They all contributed to the company’s success in 2004 and should continue to drive growth for years to come. Here are some highlights:
> Small Business Solutions delivered 8 percent revenue growth and double-digit earnings growth in 2004 and enlarged its market base to 840,000 customers, a net increase of 115,000 customers since 2002. Small businesses value the convenience and flexi-
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] | overall_image/219c58a1dbd4db344ff784a56d4aff77e6e279b7506889e828375406f2d47849.png | ## RECONCILIATION OF REPORTED CONSOLIDATED RESULTS
## TO ADJUSTED RESULTS
Dollars in thousands, except per share amounts
<img src='content_image/4417.jpg'>
The sum of the earnings per share amounts may not equal the totals above due to rounding.
Management believes this presentation provides a reasonable basis on which to present the adjusted financial information. The Company’s financial results are reported in accordance with generally accepted accounting principles (GAAP). The earnings per share and free cash flow results are adjusted to exclude the impact of special items such as restructuring charges and write-downs of assets, which materially impact the comparability of the Company’s results of operations. The use of free cash flow has limitations. GAAP cash flow has the advantage of including all cash available to the Company after actual expenditures for all purposes. Free cash flow is the amount of cash that management could have available for discretionary uses if it made different decisions about employing its cash. It adds back long-term commitments such as capital expenditures and pension plan contributions, as well as special items such as charitable contribu- tions and cash used for restructuring charges. All of these items use cash that is not otherwise available to the Company and are important expendi- tures. Management compensates for these limitations by using a combination of GAAP cash flow and free cash flow in doing its planning.
The adjusted financial information and certain financial measures such as EBIT and EBIT to interest are intended to be more indicative of the ongoing operations and economic results of the Company. EBIT excludes interest and taxes, and as a result has the effect of showing a greater amount of earnings than net income. The Company believes that interest and taxes, though important, do not reflect management effectiveness as these items are largely outside of their control. In assessing performance, the Company uses both EBIT and net income.
This adjusted financial information should not be construed as an alternative to our reported results determined in accordance with GAAP. Further, our definition of this adjusted financial information may differ from similarly titled measures used by other companies.
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## DIRECTORS
LINDA G. ALVARADO President and Chief Executive Officer Alvarado Construction, Inc.
COLIN G. CAMPBELL Chairman and President The Colonial Williamsburg Foundation
MICHAEL J. CRITELLI Chairman and Chief Executive Officer Pitney Bowes Inc.
JESSICA P. EINHORN Dean Paul H. Nitze School of Advanced International Studies of the Johns Hopkins University
ERNIE GREEN President Ernie Green Industries, Inc.
HERBERT L. HENKEL Chairman, President and Chief Executive Officer Ingersoll-Rand Company Limited
JAMES H. KEYES Retired Chairman Johnson Controls, Inc.
JOHN S. MCFARLANE Former Chief Executive Officer Ascendent Telecommunications Inc.
EDUARDO R. MENASCÉ President Enterprise Solutions Group Verizon Communications Inc.
MICHAEL I. ROTH Chairman and Chief Executive Officer The Interpublic Group of Companies, Inc.
DAVID L. SHEDLARZ Vice Chairman Pfizer Inc.
ROBERT E. WEISSMAN Retired Chairman IMS Health Incorporated
## CORPORATE OFFICERS
MICHAEL J. CRITELLI Chairman and Chief Executive Officer
BRIAN M. BAXENDALE Senior Vice President and President, Enterprise Relationship Development
DESSA M. BOKIDES Vice President—Finance and Treasurer
GREGORY E. BUONCONTRI Senior Vice President and Chief Information Officer
AMY C. CORN Vice President, Secretary and Chief Governance Officer
STEVEN J. GREEN Vice President—Finance and Chief Accounting Officer
ARLEN F. HENOCK Vice President, Finance, Global Enterprise Solutions and Chief Tax Officer, PBI
LUIS A. JIMENEZ Senior Vice President and Chief Strategy Officer
MURRAY D. MARTIN President and Chief Operating Officer
MICHELE COLEMAN MAYES Senior Vice President and General Counsel
BRUCE P. NOLOP Executive Vice President and Chief Financial Officer
FRED M. PURDUE Vice President and General Manager, Business Processes
ARUN SINHA Vice President and Chief Marketing Officer
JOHNNA G. TORSONE Senior Vice President and Chief Human Resources Officer
JOSEPH E. WALL Senior Vice President and Chief Technology Officer
Stockholders may visit the Pitney Bowes corporate governance website at www.pb.com/corporategovernance for information concerning the Company’s governance practices, including the Governance Principles of the Board of Directors, charters of the committees of the Board, the Company’s Business Practices Guidelines and the Directors’ Code of Business Conduct and Ethics. Stockholders who wish to obtain copies of these documents may do so by writing to the corporate secretary at our headquarters address.
*Information as of March 2005.
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] | overall_image/7d1e4e3ebc4977010e164d22477d8544736838969ac98bd2a7bf961a2782ce44.png | ## STOCKHOLDER INFORMATION
## WORLD HEADQUARTERS
Pitney Bowes Inc. 1 Elmcroft Road, Stamford, CT 06926-0700 (203) 356-5000 www.pb.com
## ANNUAL MEETING
Stockholders are cordially invited to attend the 2005 Annual Meeting at 9:00 a.m., Monday, May 9, 2005, at Pitney Bowes World Headquarters in Stamford, Connecticut. Notice of the meeting and proxy information will be mailed to stockholders of record as of March 11, 2005. Please refer to the Proxy Statement for information concerning admission to the meeting.
## 10-K REPORT
Accompanying this Annual Report to Stockholders is a copy of our Annual Report on Form 10-K for the fiscal year ended December 31, 2004, as filed with the Securities and Exchange Commission. This Annual Report contains statements that are forward-looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the Forward-Looking Statements section of the Form 10-K. The CEO/CFO certifications required to be filed with the SEC under Section 302 of the Sarbanes-Oxley Act of 2002 were filed as exhibits to our Annual Report on Form 10-K for the fiscal year ended December 31, 2004. The CEO certification required to be submitted to the NYSE pursuant to Section 303A.12(a) of the NYSE Listed Company Manual was submitted on June 1, 2004.
Additional copies of our Form 10-K will be sent to stockholders free of charge upon written request to: MSC 6140 Investor Relations Pitney Bowes Inc. 1 Elmcroft Road, Stamford, CT 06926-0700
## STOCK EXCHANGES
Pitney Bowes common stock is traded under the symbol “PBI.” The principal market which it is listed on is the New York Stock Exchange. The stock is also traded on the Chicago, Philadelphia, Boston, Pacific and Cincinnati stock exchanges.
## COMMENTS CONCERNING THE ANNUAL REPORT SHOULD BE SENT TO:
MSC 6309 Director, Marketing Communications Pitney Bowes Inc. 1 Elmcroft Road, Stamford, CT 06926-0700
## INVESTOR INQUIRIES
All investor inquiries about Pitney Bowes should be addressed to: MSC 6140 Investor Relations Pitney Bowes Inc. 1 Elmcroft Road, Stamford, CT 06926-0700
## TRANSFER AGENT AND REGISTRAR
EquiServe Trust Company, N.A. PO Box 43010 Providence, RI 02940-3010 Stockholders may call EquiServe at (800) 648-8170 www.equiserve.com
## STOCKHOLDER INQUIRIES
Communications concerning transfer requirements, lost certificates, dividends, change of address or other stockholder inquiries may be made by calling (800) 648-8170, TDD phone service for the hearing impaired (781) 575-2692, for foreign holders (781) 575-2725, or by writing to the address above.
## DIVIDEND REINVESTMENT PLAN
Owners of Pitney Bowes Inc. common stock may purchase common stock, $1 par value, with their dividends through the Dividend Reinvestment Plan. A prospectus and enrollment card may be obtained by calling (800) 648-8170 or by writing to the agent at the address above.
## DIRECT DEPOSIT OF DIVIDENDS
For information about direct deposit of dividends, please call (800) 648-8170 or write to the agent at the address above.
## DUPLICATE MAILINGS
If you receive duplicate mailings because you have more than one account listing, you may wish to save your company money by consolidating your accounts. Please call (800) 648-8170 or write to the agent at the address above.
## STOCK INFORMATION
Dividends per common share
<img src='content_image/6558.jpg'>
Quarterly price ranges of common stock
<img src='content_image/6557.jpg'>
<img src='content_image/6556.jpg'>
## TRADEMARKS
AddressRight, Corporate Design, IntelliLink, Pitney Bowes, and Postage by Phone are registered trademarks of Pitney Bowes Inc. APS, 9 Series, DM100, DM1000, dMail, DeliverAbility, Engineering the flow of communication, FastPac, Olympus, OnRoute, SmartMailer, and Vitesse are trademarks of Pitney Bowes Inc. All other trademarks, service marks or registered trademarks are property of the respective owners.
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## HEADQUARTERS
## ASIA
Pitney Bowes Asia Pacific and Distributor Operations 3rd Floor Brindley House, Corner Hall Hemel Hempstead HP3 9YT UK T: 44(0) 1442 41 61 92 F: 44 (0) 1442 41 61 90
## EUROPE, AFRICA, MIDDLE EAST (EAME)
Pitney Bowes EAME The Pinnacles, Harlow CM19 5BD, UK T: 44 8705 252525 F: 44 8705 449450
## LATIN AMERICA AND CARIBBEAN
Pitney Bowes Latin America 14361 Commerce Way 2nd Floor Miami Lakes, FL 33016, USA T: 305-817-2275 F: 305-817-2281
## OFFICES BY COUNTRY
## AUSTRALIA
Pitney Bowes Australia Pty. 95 St Hilliers Road Auburn, NSW 2144, Australia T: (61)(2) 9475 3456 T: 13 23 63 (within Australia) F: (61)(2) 9475 3415
## AUSTRIA
Pitney Bowes Austria Ges.m.b.H. Hosnedlgasse 35, Postfach 19 A-1220 Wien, Austria T: 43 1 2583 6210 F: 43 1 2583 62134
## BELGIUM
Pitney Bowes België N.V. Zandvoortstraat 4 B-2800 Mechelen, Belgium T: 32 15 294 611 F: 32 15 294 694
## BRAZIL
Pitney Bowes Semco Ltda. Rua Dom Aguirre, 438 04671-390 São Paulo, SP Brazil T: 55 11 5681 2000 F: 55 11 5523 0670
## CANADA
Pitney Bowes Canada Ltd. 5500 Explorer Drive Mississauga, Ontario Canada L4W 5C7 T: 905 219 3000 F: 905 219 3826
## CHINA
Pitney Bowes China Unit 1116, 11/F, Tower 2 Henderson Center No. 18 Jianguomennei Ave. Dongcheng District Beijing 100005, China T: 86 10 6518 3035 F: 86 10 6518 7375
Pitney Bowes Hong Kong Ltd. Unit 3101, 31st Floor, Citicorp Centre 18 Whitfield Road, North Point Hong Kong T: 852 3413 7800 F: 852 3413 7806
## DENMARK
Pitney Bowes A/S Blok G. Ground Floor Herstedostervej 27-29 DK-2620 Albertslund, Denmark T: 45 70 221 223 F: 45 70 221 243
## FINLAND
Pitney Bowes Oy PL 109 (Melkonkatu 9) 00211 Helsinki, Finland T: 358 9 682 4060 F: 358 9 692 6227
## FRANCE
Secap Groupe Pitney Bowes Immeuble Le Triangle 9, rue Paul Lafargue 93217 Saint Denis La Plaine Cedex France T: 33 1 55 93 60 00 F: 33 1 55 93 62 99
## GERMANY
Pitney Bowes Deutschland GmbH Tiergartenstrasse 7 64646 Heppenheim, Germany T: 49 62 52 708 100 F: 49 62 52 733 54
## INDIA
Kilburn Office Automation Limited Shantiniketan 15th and 16th Floors 8, Camac Street Kolkatta 700-017 India T: 91-33-2282-8501 F: 91-33-2282-8502
## IRELAND
Pitney Bowes Ireland Ltd Unit 14 Parkmore Industrial Estate Longmile Road, Walkinstown Dublin 12, Ireland T: 3531 4608 700 F: 3531 4509 729
## ITALY
Pitney Bowes Italia S.r.l. Via Martiri della Liberta 4/6 20060 Liscate MI Milan, Italy T: 39 0295 009 228 F: 39 0295 351 210
## JAPAN
Pitney Bowes Japan Togoshi NI Building, 7-1 Togoshi, 1-Chome Shinagawa-kunor, Tokyo 142-0041, Japan T: (81 (3) 5750 4111 F: (81) (3) 5750 4405
## KOREA
Pitney Bowes Korea Ltd. 6 Floor, Taerim Building 680-24, Chayang-2 Dong Kwangjin-ku, Seoul, 143-874 Korea T: 822 458 6111 F: 822 458 6110
## LUXEMBOURG
Pitney Bowes Luxembourg S.A.R.L. Route Des Trois Cantons 9 L-8399 Windhof, Luxembourg T: 26 10 88 66 F: 26 10 88 68
## MEXICO
Pitney Bowes de Mexico, S.A. de C.V. San Francisco #1393 Colonia del Valle Delegacion Benito Juarez Mexico City, D.F. C.P. 03210, Mexico T: 525 55 559 0977 F: 525 55 559 8899
## NETHERLANDS
Pitney Bowes Netherlands B.V. Jan Leentvaarlaan 38-48 3065 DC Rotterdam Netherlands T: 31 10 242 11 00 F: 31 10 242 11 40
## NORWAY
A.S. Frankering Stalfjaera 26 Postboks 100 Kalbakken N-0902 Oslo 9, Norway T: 47 2 333 9300 F: 47 2 333 9309
## PORTUGAL
Pitney Bowes Portugal Sociedade Unipessoal, LDA Rua Alfredo Lopes Vilaverde Number 15, Letter B Paco des Arcos, Deiras Portugal T: 351 21 441 51 53 F: 351 21 441 02 79
## SOUTH AFRICA
Pitney Bowes South Africa PO Box 31025, Kyalami 1684 South Africa T: (27) 1 1516 9400 F: (27) 1 1516 9429
## SPAIN
Pitney Bowes Espana SA N1 Escalera C. Panta 1 Anton Fortuny 14-16 08950 Esplugues de Llobregat Barcelona, Spain T: 34 9348 03310 F: 34 9347 35246
## SWEDEN
Pitney Bowes Svenska AB PO Box 408, Hammarbacken 12 Haggvik, 191 24 Sollentuna Stockholm, SE19149, Sweden T: 468 555 33 201 F: 468 272 072
## SWITZERLAND
Pitney Bowes Switzerland AG Vogelsangstrasse 17 CH-8307 Effretikon, Switzerland T: 41 52 354 5757 F: 41 52 354 5700
## THAILAND
Pitney Bowes Thailand 19/F, 719 KPN Tower Rama 9 Road, Bankapi Huaykwang Bangkok 1310, Thailand T: 662 717 0588 F: 662 717 0766
## UK
Pitney Bowes The Pinnacles, Harlow CM19 5BD, UK T: 44 8705 252 525 F: 44 8705 449 450
AR00171A04
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Engineering the flow of communication™
<img src='content_image/119941.jpg'>
## Pitney Bowes Inc.
World Headquarters 1 Elmcroft Road Stamford, CT 06926-0700 (203) 356-5000 www.pb.com
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> International Mailstream Solutions had 8 percent organic revenue growth and double-digit earnings growth. We will continue to grow internationally by extending the global penetration of our products and
## FORWARD MOMENTUM
In 2004 we took steps to strengthen our capabilities in a number of areas that will help us to accelerate growth in 2005 and beyond.
One area is mail creation, which involves the preparation of essential business communications— bills, statements, direct marketing material, paychecks, and the like. In 2004, we launched a new family of folder-inserter systems that combine
WE ARE IN THE ENVIABLE POSITION OF HAVING SIX DIVERSIFIED AREAS OF GROWTH
services, gaining more control over our distribution channels and increasing our base of small business customers.
> Payment Solutions—through which we finance a broad range of our customers’ mail and document management needs—delivered revenue growth of more than 8 percent and double-digit earnings growth. More than half of our customers now use Pitney Bowes financing solutions. In 2005, we intend to increase our market penetration by leveraging the direct sales channel to sell an even wider range of financial solutions.
> Our acquisition of Group 1 Software provides us with a growth platform in mailing software applications. Group 1 complements our other product offerings and allows us to increase our penetration of an expanded customer base.
> Supplies revenue grew by 11 percent in 2004, a result driven by the growth of our Small Business Solutions business as well as customer migration to our digital mailing systems with value-added services.
advanced software and leading-edge paper handling technology for maximum efficiency and economy.
This line of products will be expanded in 2005 and we expect double-digit growth in the mail creation business over the next two years.
The Group 1 acquisition positions Pitney Bowes as a leader in Customer Communication Management. We help businesses link their customer communications with other business processes—from billing and collections to marketing—to strengthen customer relationships and create opportunities for cross- selling. The key here is accurate data, personalized communication and multichannel delivery—all core capabilities of Group 1.
Group 1 also helps us move into adjacent market spaces. For exam- ple, Group 1 has forged a technology alliance with Microsoft to add global data-cleansing capabilities to
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Another example is a field known as business geographics, where Group 1’s solutions pinpoint the latitude and longitude of specific addresses and provide detailed information about these locations, such as whether they lie in a flood plain or within a municipality’s special taxing district. MapQuest, a leading provider of directions via the Internet, also uses Group 1 technology to help answer millions of inquiries each day.
ted electronically, shipping rates are calculated automatically and evidence of payment is added to the shipping label. Pitney Bowes and Canada Post jointly launched this service in the fall of 2004 with a direct marketing and sales campaign targeted to our meter customers. Our partnership with Canada Post is also an example of the international opportunities we are pursuing. Another is the acquisition of Groupe MAG, which makes us the largest provider of high-volume mail handling solutions in France. We also opened direct operations in India and Brazil, the latter through a joint venture with Semco Participações Limitada.
## THE GROUP 1 ACQUISITION POSITIONS US AS A LEADER IN CUSTOMER COMMUNICATION MANAGEMENT
We anticipate double-digit growth in package management. More and more large organizations are deploying our Web-based, networked shipping systems that allow individual users to select the best carrier and service based on required delivery time and cost, then create shipping labels right at the desktop. We also recently launched a shipping system that caters to small and midsize shipping customers .
Package delivery is a growing and increasingly important competitive category for postal administra- tions around the world. In that regard, we have forged an innovative partnership with Canada Post to develop an automated shipping solution. Using Pitney Bowes
technology, shippers print labels with detailed shipping information, thereby gaining access to Canada Post’s robust tracking and reporting capa- bilities. Manifests are also transmit-
In Pitney Bowes Management Services, we took a number of steps to strengthen our offerings. We upgraded our off-site document solution centers to support value-added services like short-run color printing and digital document conversion. These off- site capabilities complement the mail and document management services we provide on-site for more than 1,000 customer accounts. We began to see growth in Management Services in the fourth quarter that we expect to continue into 2005 and beyond.
Finally, with the acquisition of Standard Register’s equipment service operation, we are creating a third-party equipment service business that we expect to perform at double-digit rates. The increased reliability of our own products, as well as more remote support for customers, has decreased the number of routine service calls our technicians must make, freeing them for other, higher-value activities .
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Over the past decade, I have worked hard to promote the mailing industry and foster a spirit of partnership with the national posts around the world.
We have built a strong partnership with the U.S. Postal Service. Postal reform, a package of legislation providing a blueprint for a modernized, more efficient Postal Service, could dramatically improve our mail-related opportunities. We also are paying close attention to the European posts, particularly in light of the fact that the legal and regulatory environments in Europe are expected to change significantly over the next two years.
Mail has a bright future as a critical communication channel. Contrary to common perceptions, the rise in electronic forms of communication has not led to a reduction in overall mail volumes. While mail is declining as a percentage of overall message volumes, absolute volumes continue to increase. In 2004, the U.S. Postal Service experienced four consecutive quarters of increasing volumes.
I believe that stable postal rates can result in even higher mail volumes for the following reasons:
> Organizations are increasingly finding mail to be an exceptionally effective medium for building and strengthening stakeholder relationships. Businesses that were not large mailers in the past, like small retailers, are learning about the power of mail.
> The trend toward remote commerce creates another opportunity for mail, since videos, digital photos, prescription drugs and many other items ordered online must be shipped. Our very successful partnership with eBay to provide Internet postage services is a good example of how we are taking advantage of this trend.
> Remote voting is growing in popularity, with more and more states liberalizing their election laws to
accommodate voting by mail. In 2004, we launched a suite of products that helps ensure that the right ballot gets to the right voter on time and helps verify that the person returning the ballot is in fact the right registered voter.
> Transaction mail volumes are proving to be surprisingly resilient. For every consumer who shifts to electronic bill presentment or payment, there seems to be a comparable increase in mailings for health claims, satellite TV or radio subscriptions, gift card mailings, and the like.
## ALIGNMENT AND FOCUS
During 2004, we consolidated all our operating activities, allowing us to take a more integrated approach to serving our 2 million customers world- wide. As part of this move, our Board of Directors elected Murray Martin as President and Chief Operating Officer in October. He is responsible for all
MAIL HAS A BRIGHT FUTURE AS A CRITICAL COMMUNICATION CHANNEL
of our lines of business throughout the world and will drive an integrated strategy in collaboration with key staff and business leaders.
In another move, we announced that we are pursuing an investor-sponsored spin-off of our Capital Services business.
## GOVERNANCE AND LEADERS
I am pleased to say that we continue to be recognized for our leadership
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] | overall_image/acc4f78fa252f36fd50ac7effb633964ee765625104e71049cff5e6882b39ee6.png | and governance practices. Business Ethics magazine again ranked Pitney Bowes as one of the “100 Best Corporate Citizens” for 2004. The company also obtained an unqualified opinion from PricewaterhouseCoopers, our independent auditor, that we are in full compliance with Sarbanes-Oxley Act Section 404 requirements for internal control.
Our Board of Directors takes corporate governance most seriously and is
adding significant value to our strategic, business and financial reviews. Building on our strong foundation, the Board continuously monitors emerging best practices in governance and adopts those most appropriate for Pitney Bowes.
Murray Martin and I intend to focus on lead-
ership, talent development and improving employee engagement. I am particularly committed to effective employee communications. Murray will concentrate on our strategies and day-to-day implementation decisions and work to ensure that our vision is real to employees.
We are proud of our leadership in the area of diversity. DiversityInc magazine ranked Pitney Bowes No. 1 on its list of the “Top 50 Companies for Diversity” and Fortune included us on its list of the “50 Best Companies for Minorities.” We will take our efforts in this area to another level in 2005.
We also believe literacy and education are building blocks for community health, individual
<img src='content_image/75488.jpg'>
The Pitney Bowes Summer Reading Program
success and economic development. We have created the Literacy and Education Fund to focus community investments in these areas. The Employee Involvement Fund oversees grants for employee- sponsored projects. We are enthusiastic about the opportunities to build strong partnerships with literacy and educational organizations in the United States and worldwide.
To achieve these goals, we will reinvest in our core mail and document management businesses and diversify into adjacent spaces where opportunities exist.
We do best when we build on our strengths and evolve at a sustainable pace. We will accelerate our evolution in 2005 while remaining committed to our enduring strengths: reliability, trustworthiness, security and innovation.
I have the highest confidence in the future of our great company.
<img src='content_image/75487.jpg'>
## CONCLUDING OBSERVATIONS
Looking ahead, our goal remains to deliver above- average shareholder value through both consistent dividend growth and share price growth, while main- taining a low-to-moderate risk profile. Our goals are revenue growth in the range of 4 to 6 percent and earnings-per-share growth in the range of 8 to 10 percent.
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<img src='content_image/35770.jpg'>
## Brittany Ferries
OPPORTUNITY: Increase customer satisfaction with personalized communication SOLUTION: Create customized travel kits using customer data from the company’s reservation system
OPPORTUNITY: Manage costs and productivity across mulitple mail centers SOLUTION: Network and Web-enable mail centers so they can be centrally managed
OPPORTUNITY: Increase restaurant sales by marketing beyond a single market SOLUTION:Target prospective customers in any ZIP code with personalized mail
OPPORTUNITY: Reduce sales cycles and improve new car satisfaction SOLUTION:Deliver the right messages to the right customers at the right time
<img src='content_image/35771.jpg'>
## Bank of America
<img src='content_image/35772.jpg'>
## Hakata Restaurant
<img src='content_image/35773.jpg'>
## DaimlerChrysler
<img src='content_image/35774.jpg'>
## Good Samaritan Hospital
OPPORTUNITY:Preserve resources for patient care SOLUTION: Earn postage discounts with consolidation and presort services for small mailers
## Mizuho Bank Holding Group
<img src='content_image/35775.jpg'>
OPPORTUNITY: Mail millions of lotto tickets, error free SOLUTION: Use intelligent inserting systems that speed and track ticket insertions for one of the world’s largest lotteries
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<img src='content_image/44275.jpg'>
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] | overall_image/42781d9b9a27a9cc932db238f1e854ae0345a07d0f63dfba892b774d2d9f7909.png | # MCCORMICK & COMPANY 2004 ANNUAL REPORT
# We’re turning up the heat !
<img src='content_image/10882.jpg'>
<img src='content_image/10883.jpg'>
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] | overall_image/c6b69d3b62b2dd2ddd6eb671780dc3214d58e19a474a96849ea540dbdeeee570.png | ## 2005 Flavor Forecast
McCormick keeps its finger on the pulse of flavor and food trends. We published the McCormick 2005 Flavor Forecast to showcase the tastes and trends that will shape the way people eat in coming years for our customers and the media.
Throughout this year’s annual report, discover new uses for these products from some of our flavor experts.
## 10 flavors to watch
> Allspice > Annatto > Cardamom > Cinnamon > Curry
## 5 trends to watch
Satisfying the senses – A true multi- sensory experience delivered by the effortless combination of flavors, colors, aromas and textures.
Location, location, location – Ingredients from specific locations known for their premium flavors and freshness.
Worldly tastes – Mini-flavor adven- tures that combine one or two global tastes with familiar foods.
Health measures – Flavor is the key to making food enjoyable for all types of eating plans.
Elevating the basics – Classic favorites reinvented to reach new heights in flavor.
## Ginger
This year’s annual report carries the scent of ginger. Often the “secret ingredient” in flavorful dishes, this pungent spice provides heat – but not the fire. It’s very popular in Asian, Caribbean and North African cuisines. On page 15 you can discover how one of McCormick’s product developers likes to use ginger.
> Ginger > Mint > Pickling Spice > Sage > Vanilla
<img src='content_image/70921.jpg'>
Acquisitions in 2003 and 2004 added annual sales of nearly $200 million.
Around the world, 8,000 McCormick employees are working together to deliver great results – to our customers, our consumers and our shareholders.
<img src='content_image/70922.jpg'>
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<img src='content_image/107882.jpg'>
<img src='content_image/107884.jpg'>
<img src='content_image/107886.jpg'>
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<img src='content_image/107889.jpg'>
<img src='content_image/107891.jpg'>
<img src='content_image/107893.jpg'>
<img src='content_image/107895.jpg'>
## 2004 financial results
Net sales rose 15% in 2004. Volume, price and product mix increased 11%. The 2003 acquisition of Zatarain’s was incre- mental to the first six months of the year and added 4% of the 11% growth rate. Favorable foreign exchange added another 4%. In the Americas, sales were particularly strong as a result of new products, effective marketing, pricing actions and distri- bution expansion. In Europe, sales success with new products was tempered by a more competitive situation.
Operating income rose 17%. The sales increase and initia- tives to improve margins helped to offset cost pressures that included vanilla, fuel and employee benefits. The higher cost of vanilla was also offset by higher pricing. During 2004, we increased advertising 43%. As a percent of net sales, operating income reached 20.1%, as compared to 19.9% in 2003.
## market position
Consumers want to add flavor to their foods – bold and zesty, kid-friendly and fun, ethnic and exotic. But preparation must be easy. A recent Food Market Institute report stated, “Consumers continue to be time-pressed and are looking for solutions to cut the time spent in meal preparation.”
As category leader , McCormick is meeting
these needs through initiatives such as new products, better
This magazine advertisement features Joe Montana, McCormick’ s first major celebrity spokesperson. Joe promotes the GrillMates line of products. Worldwide, we increased 2004 sales of grilling seasonings, marinades, sauces and rubs 8%.
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merchandising, effective marketing and a dynamic website.
Our actions are driving category growth in many key markets. In 2004, the spice and seasoning category rose 2% in the U.S., 5% in Canada and 1% in the U.K. A tough competitive situation in France, however, led to a 1% category decline in 2004.
With both brand and private label products, we enjoy a leading share in our largest markets. In the U.S. and the U.K. our share has increased to nearly 50%, and in France and Canada our share exceeds 50%. We also have a leading share in China and a strong presence in additional markets in Europe and Asia.
As a result of marketing initiatives and expanded distribu- tion we continue to gain market share. In 2004, we added 1.4 percentage points to our U.S. market share of branded spices and seasonings.
<img src='content_image/39634.jpg'>
Jeff Carter Product Development Manager, U.S. Consumer Products Division
” It’s not your old-fash- ioned pickling ingredient. McCormick pickling spice is a versatile blend of spices and herbs that has many comfort food applica- tions. Slow cookers are coming back. Try pickling spice with popular slow cooker recipes such as corned beef & cabbage, sauerbraten beefor german style pot roast. An old favorite, McCormick pickling spice, can be a great addition to today’s meals. ”
Our unique grinder top adds fresh taste right at the table. With the introduction of new flavors and the addition of new markets, worldwide sales of grinders grew by 36% in 2004.
## 2004 highlights
> In the Netherlands, acquired the Silvo business, gaining entry into the Dutch market with a 63% market share.
> Launched new products in the last 3 years that accounted for 6% of 2004 sales.
> In the U.S., increased sales of the Zatarain’s brand 20% with expanded product penetration and new items.
> In the U.S., significantly increased the effectiveness of trade promotions. This was one of the key factors in a 17% sales increase in the Americas.
> In China, substantially improved our distributor network and streamlined our business to 75 well-qualified distributors. This was a reduction from 250 distributors in the network in 2003.
> Worldwide, grew sales of grinders by 36%. This innovative package originated in France, under the Ducros label.
> Increased sales of our grilling products, including seasonings, marinade blends and sauces, 8% worldwide. Rubs are featured in the new product line up for 2005.
> In the U.S., strengthened a leading position with Hispanic consumers with new products and a focused expansion into Texas and Chicago markets. In 2005, for the first time, McCormick will advertise on Hispanic networks.
> In the U.K., converted more than 5,000 stores to new pack- aging and merchandising of the Schwartz brand spices and herbs in only two months. With this change, we have signifi- cantly reduced the variety of packaging formats in Europe.
> Throughout Europe, achieved 8% growth of dessert aids with new products and new distribution.
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] | overall_image/9b5178b3d34888f4899812a26c0ebfb989f1992e0f963f2283eb1a9447d0177c.png | ## growth initiatives
We are growing the consumer business by:
Developing innovative products. As category leader it is our responsibility to bring news and excitement to the category. Consumers are seeking new products that offer convenience and great flavor.
Increasing marketing effectiveness. Approximately 10% of each sales dollar is spent on trade promotions. We are meas- uring the effectiveness of our promotions to optimize sales. Through advertising we are driving consumer demand and have more than doubled our advertising since 1999. We are working to improve the appearance of our products in their home department and gain additional store placements to build consumer awareness.
Expanding distribution. We are adding customers in new geographic regions in Europe and the Asia/Pacific region. In more established markets we are achieving better penetration of products including our seafood complements, the Zatarain’s brand and dessert aids.
Expanding through acquisitions. We will continue to acquire leading brands that take us into new markets, particularly in Europe. We will seek niche brands that fit well with our exist- ing product lines. To be successful, acquisitions must pass financial hurdles and include a well-constructed integration plan.
<img src='content_image/20048.jpg'>
<img src='content_image/20047.jpg'>
## outlook
Our growth initiatives are expected to drive 5% annual sales increases. The pace of growth may vary year to year due to
acquisitions, foreign exchange and other factors.
For 2005, new products in the pipeline include both wet and dry flavors for grilling, seafood and salads. A relaunch for dry seasoning mixes with new packaging and merchandising is planned in the U.S. Advertising will be focused on value-added products that meet consumers’ demand for conven- ience and great taste. We will continue to expand our leadership position into new geographies. Sales growth and further progress with margin improvement initia- tives will continue to improve operating income margin for the consumer business.
Interest in flavors continues to grow as consumers all over the world are exposed to different cuisines than their own. But food preparation must be quick and easy. McCormick is satis- fying this appetite for outstanding flavor and simple preparation with leading brands in key markets around the world.
<img src='content_image/20049.jpg'>
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## financial results
(in millions)
<img src='content_image/130173.jpg'>
## 2004 net sales by region
<img src='content_image/130174.jpg'>
We are building our leadership position in flavors. With our wide range of flavor solutions and ability to create consumer-preferred products, customers increasingly turn to McCormick for new product ideas and as a preferred supplier of great flavor solutions.
Mike Navarre Vice President – Operations Global Industrial Group
Chuck Langmead Vice President & General Manager– Food Service & Global Restaurant Divisions
Jim Morrisroe Vice President – Flavour Group – Europe
Dr. Hamed Faridi Vice President – Research & Development
Randy Carper Vice President & General Manager – Frito Worldwide Division
Randy Hoff Vice President & General Manager – McCormick Flavor Division
<img src='content_image/130181.jpg'>
|
Subsets and Splits