EMI plc
EMI Group plc
Annual Report 2003
This report is produced using paper made from 100% recycled content. Such a high percentage is unusual for company reports. The board used for the dividers and the cover is 50% recycled stock and 50% fibre which has not been bleached using chlorine, and has been awarded the Nordic Swan eco-label.
EMI Group Annual Report 2003
1
2
4
5
9
17
25
31
37
40
41
44
Contents
Overview
New Formats – New Revenue Streams
Financial Summary
Chairman’s Statement
Recorded Music – Operating Review
Music Publishing – Operating Review
Financial Review
Social Responsibility
Board of Directors
Directors’ Report
Corporate Governance
Remuneration Report
62
64
66
Financial Contents
Auditor’s Report
Consolidated Profit and Loss Account
Balance Sheets
Statement of Total Recognised Gains and Losses
Reconciliation of Movements in
Shareholders’ Funds
Consolidated Cash Flow Statement
Accounting Policies
Notes to the Financial Statements
90
91
92
Additional Information
Five Year Summary
Investor Information
Subject Index
57
58
60
61
61
The word ‘content’doesn’t do justice to the great music and songs that EMI’s artists create.
But itdoesexplain the businesswe are pursuing – finding, developing and supplying pure musical content of high, long-term quality.
The music industry is in a period of transition led by rapid technological change. It is difficult to predict precisely what the most successful models for selling music will be in the future.
But one thing is certain: quality content is the key to unlocking value as those new models emerge.
EMI is working with all kinds of retail, distribution, hardware and software companies to help consumers and users buyour music in the ways they want to.
And we are working hard to protect our music from theft. Music has a value to the people who created it and own it. Stealing intellectual property is the same as stealing any
Annual Report 2003
This report is produced using paper made from 100% recycled content. Such a high percentage is unusual for company reports. The board used for the dividers and the cover is 50% recycled stock and 50% fibre which has not been bleached using chlorine, and has been awarded the Nordic Swan eco-label.
EMI Group Annual Report 2003
1
2
4
5
9
17
25
31
37
40
41
44
Contents
Overview
New Formats – New Revenue Streams
Financial Summary
Chairman’s Statement
Recorded Music – Operating Review
Music Publishing – Operating Review
Financial Review
Social Responsibility
Board of Directors
Directors’ Report
Corporate Governance
Remuneration Report
62
64
66
Financial Contents
Auditor’s Report
Consolidated Profit and Loss Account
Balance Sheets
Statement of Total Recognised Gains and Losses
Reconciliation of Movements in
Shareholders’ Funds
Consolidated Cash Flow Statement
Accounting Policies
Notes to the Financial Statements
90
91
92
Additional Information
Five Year Summary
Investor Information
Subject Index
57
58
60
61
61
The word ‘content’doesn’t do justice to the great music and songs that EMI’s artists create.
But itdoesexplain the businesswe are pursuing – finding, developing and supplying pure musical content of high, long-term quality.
The music industry is in a period of transition led by rapid technological change. It is difficult to predict precisely what the most successful models for selling music will be in the future.
But one thing is certain: quality content is the key to unlocking value as those new models emerge.
EMI is working with all kinds of retail, distribution, hardware and software companies to help consumers and users buyour music in the ways they want to.
And we are working hard to protect our music from theft. Music has a value to the people who created it and own it. Stealing intellectual property is the same as stealing any