2009
Report & Accounts for the year ending May 2010

ANNUAL
REPORT 2010
Celebrating
Years   Haynes
Worldwide Ofﬁces
Head Office 
Haynes Publishing Group P.L.C. 
Sparkford, Yeovil, Somerset  BA22 7JJ, England
Telephone: 01963 440635
Fax: 01963 440825
E-mail: info@haynes.co.uk
Website: www.haynes.co.uk/investor
International Telephone: +44 1963 440635
Fax: +44 1963 440825
Sales Contact Information
Telephone: 01963 442030
Fax: 01963 440001
E-mail: sales@haynes.co.uk
Online Sales: www.haynes.co.uk
UK and European Offices
Haynes Publishing 
Sparkford, Yeovil, Somerset  BA22 7JJ, England
Telephone: 01963 442030
Fax: 01963 440001
E-mail: sales@haynes.co.uk
Website: www.haynes.co.uk
Haynes Publishing Nordiska AB
Box 1504, 751 45 Uppsala, Sweden
Telephone: +46 18 124016
Fax: +46 18 102803
E-mail: haynes.nordiska@telia.com
Website: www.haynes.se
Vivid Automotive Data & Media B.V.
Koningsweg 29a
NL – 3762 EA SOEST, Holland
Telephone: +31 (35) 603 6270
Fax: +31 (35) 602 7597
E-mail: info@vivid-europe.com
Website: www.vivid.nl
American and Australian Offices
Haynes Manuals Inc.
861 Lawrence Drive, Newbury Park  
CA 91320, United States of America
Telephone: (805) 498-6703
Fax: (805) 498-2867
E-mail: sales@haynes.com
Website: www.haynes.com
Haynes Manuals Inc.
63 Fairford Road, Padstow  NSW 2211, Australia
Telephone: 61 2 8713 1400
Fax: 61 2 9708 3070
E-mail: sales@haynes.com.au
Website: www.haynes.com
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 Contents
Celebrating
Years
Corporate Statement             4
Financial Highlights     5
Five Year Summary of Key Financial Performance   6
Chairman’s Statement    8
Group Chief Executive’s Review   10
Group Board Directors and Advisors   16
Group Board Executive Director Biographies   17
Group Board Non-Executive Director Biographies   18
Report of the Directors    19
Corporate Governance    24
Board Report on Remuneration   29
Statement of Directors’ Responsibilities   35
Independent Auditor’s Report    36
Consolidated Income Statement   38
Consolidated Statement of Comprehensive Income   39
Consolidated Balance Sheet    40
Consolidated Statement of Changes in Equity   41
Consolidated Cash Flow Statement   42
Notes to the Consolidated Financial Statements   43
Company Balance Sheet    78
Notes to the Company Accounts   79
Financial Calendar and Shareholder Information   85
Haynes Worldwide Ofﬁces         Facing this page Haynes Publishing Group P .L.C. is the worldwide market leader in the 
production and sale of automotive and motorcycle repair manuals.
Every Haynes manual is based on a complete vehicle strip-down and 
rebuild in our workshops, so that the instructions to our customers 
are inherently practical and easy to follow.
Through its Dutch subsidiary Vivid Holding BV, the Haynes Group  
is a leading European supplier of digital technical information to the 
motor trade, thereby broadening the Group’s business to include 
professional as well as DIY mechanics and enthusiasts.
The Group publishes many other DIY titles as well as an extensive 
array of books about motor sport, vehicles and general transport.
Corporate Headquarters
Haynes Publishing Group P.L.C.
Sparkford, Yeovil, Somerset BA22 7JJ England
Telephone: 01963 440635 (International: +44 1963 440635)
Fax: 01963 440825 (International: +44 1963 440825)
Corporate Statement
Celebrating
Years
4
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010  Group revenue of £33.3 million     
 (2009: £35.3 million)
 Group operating profit of £7.7 million  
 (2009: £7.6 million)
 Group pre-tax profit of £7.2 million  
 (2009: £7.1 million)
 North America & Australia segmental operating profits of 
 £4.0 million ($6.4 million) 
 (2009: £4.4 million, $7.2 million) 
[1]
 UK and Europe segmental operating profits of £2.2 million
 (2009: £2.2 million) 
[1]
 Basic earnings per share of 28.6 pence 
 (2009: 29.4 pence)
 Net funds of £3.8 million 
 (2009: £1.4 million)
 Total dividend per share for the year of 15.5 pence 
 (2009: 15.5 pence)
[1]
 Comparative figures for 2009 have been restated following the implementation of 
IFRS 8: Operating Segments.
Financial Highlights
for the Year Ended
31 May 2010
5 6
The devastating hurricanes 
in the Gulf of Mexico in 
the autumn of 2005 led to 
higher fuel costs putting 
pressure on raw material 
prices and softening 
demand for the Group’s 
products. Trading in the 
Group’s French operation 
and at Sutton Publishing 
continued to disappoint 
leading to a strategic 
review of the Group’s loss 
making operations. The 
first licensed products 
were launched during 
the year and 2006 was 
the Group’s first year of 
reporting under the new 
International Financial 
Reporting Standards 
(IFRS’s).
Following the strategic 
review of underperforming 
areas of the business the 
Group closed its French 
operation in November 
2006. This was followed 
by the disposal of 
Sutton Publishing in 
January 2007 for £3.0 
million. The impact of 
the restructuring led to 
a one-off charge to the 
Income Statement of £2.9 
million but net cash ended 
the year at £6.5 million. 
The impact of a weakened 
US Dollar against Sterling 
adversely affected 
reportable Group revenue 
and pre-tax profits by £1.5 
million and £0.4 million 
respectively.
At the beginning of the 
financial year the Group 
acquired the trade and 
assets of Bookworks 
Pty, the most prominent 
distributor of automotive 
repair information in 
Australia for £0.7 million. 
This was followed in 
February 2008 by the 
acquisition of Vivid 
Holding BV, a leading 
European supplier 
of digital technical 
information to the motor 
trade for £6.2 million. The 
acquisition of Vivid gave 
2006 2007 2008
Year
2006
2007
2008
2009
2010
2006
2007
2008
2009
2010
2006
2007
2008
2009
2010
 
30.6 29.2 31.1 35.3 33.3 8.9 7.2 7.0 7.6 7.7 8.5 7.1 7.1 7.1 7.2
FIVE YEAR SUMMARY  
OF KEY FINANCIAL PERFORMANCE
31 May
Profit before tax £ million
31 May
Operating profit £ million
31 May
Turnover £ million
6
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 7
 
the Group access to 
language translation, 
web development, DVD 
production and digital 
security expertise which 
would be strategically 
important in developing 
the Group’s multi-media 
platforms going forward.
The first signs of an 
economic downturn were 
felt in the US in August 
2007.
In February 2009 the 
Group sold its loss making 
UK print operation for 
£0.4 million. Following 
the sale, the Group’s 
printing operations were 
centralised in the US 
where a new binding 
line was purchased 
for £1.8 million. After 
acquisition costs in 2008 
of £6.9 million and capital 
expenditure in 2008/09 
of £4.4 million, the Group 
ended the year with net 
cash of £1.4 million.  
Vivid set up a new product 
development subsidiary 
in Romania. A crisis in the 
World’s financial markets 
led to a deepening global 
economic downturn 
impacting all areas of  
the Group.
At the start of the 
financial year the UK 
business implements a 
new fully integrated IT 
system at a cost of £0.4 
million. Following the sale 
of the UK print business 
in 2009 all parts of the 
Haynes Group are profit 
making for the first time 
in 10 years. In the US, 
the introduction of a new 
digital press allows the 
Group to extend the life of 
titles by printing smaller 
quantities of titles on 
demand. 
Global market conditions 
remain very weak but 
like- for-like sales in the 
UK, Scandinavia and 
Australia are ahead of the 
prior year. In May 2010 the 
Group celebrates its 50th 
Anniversary.
2009 2010
2006
2007
2008
2009
2010
2006
2007
2008
2009
2010
2006
2007
2008
2009
2010
35.2 31.6 30.8 29.4 28.6 15.5 15.5 15.5 15.5 15.5 3.1 6.5 0.2 1.4 3.8
31 May
Dividends per share pence
31 May
Basic earnings per share pence
31 May
Net funds £ million
7 8
Chairman’s Statement
It was 50 years ago that the Founder 
Director, my father, John Haynes first 
came up with the simple but effective 
idea of stripping down a vehicle and 
recording the step-by-step processes in 
a highly visual photographic manner. The 
resulting manual was unlike anything else 
available in the market and enabled people 
to confidently work on and 
repair their cars. Today and 
over 150 million manuals later, 
the step-by-step approach 
and attention to detail remain 
firmly rooted as the core of 
our business and in large 
part explains why millions of 
consumers worldwide have 
come to trust the  
    Haynes brand. 
Whilst the technologies 
used to photograph, 
write, edit and print 
the manuals have 
changed since 
1960, the authentic 
and established 
Haynes approach 
to writing one of 
our instructional 
manuals whether 
to maintain your 
car, to repair a 
computer, fix a Fender 
Stratocaster or to build your own 
house, remains the same. 
During the past twelve months, the 
Group has, once again, demonstrated an 
underlying financial stability with profits 
maintained, strong cash generation 
and a balance sheet free of gearing. 
Following the structural changes and 
operational improvements which have 
been made under the leadership of 
Eric Oakley in recent years, the Group 
has a strong operating and financial 
platform from which to drive growth in 
the business, whether organically or 
through complimentary and value driven 
acquisitions. Today, the Haynes Group 
has a market leading presence in all major 
English speaking territories around the 
world, with the in-house capability to both 
technically and commercially develop new 
multi-language digital platforms for  
our products. 
The business has truly come a long way 
since its inception in 1960 and it was 
a splendid moment for me in June this 
year when I took over the role of Group 
Chairman.
Results summary
Group revenue, on a like-for-like basis, 
excluding £2.5 million of external print 
revenue received in 2009 from our UK 
Print business, which we sold in February 
2009 and excluding £0.8 million of foreign 
exchange benefit in this year’s figures, 
ended the 12 month period close to the 
previous year at £32.5 million (2009: £32.8 
million). However, after taking account of 
the above movements, reportable Group 
revenue was down 6% at £33.3 million  
(2009: £35.3 million). 
     During the past twelve 
months, the Group has, once 
again, demonstrated an 
underlying financial stability 
with profits maintained, 
strong cash generation and a 
balance sheet free of  
gearing.
“
“
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 9
Whilst we have seen a 
reduction in revenue following 
the disposal of our UK print 
business, this was lower 
margin activity for the Group, 
and it has, therefore, not 
had a detrimental impact on 
Group profitability. Moreover, 
following the disposal, we have been 
able to focus our attention on the Group’s 
higher margin businesses and coupled with 
a continuous drive for cost efficiencies we 
are able to report a small improvement in 
pre-tax profits of 1% to £7.2 million  
(2009: £7.1 million).  
 
With an effective Group tax rate of 34.7% 
(2009: 32.1%) basic earnings per share 
were 28.6 pence (2009: 29.4 pence).
The Board
After 50 years at the helm, John Haynes 
OBE stepped down as Group Chairman on 
1 June 2010, but remains on the Main Board 
as Founder Director. On behalf of my fellow 
Board Directors I would like to sincerely 
thank him for the stewardship, dedication 
and vision he demonstrated as Chairman 
over many years. Coinciding with my 
appointment as Group Chairman in June, 
I was delighted to welcome Jeremy Yates-
Round onto the Board as the new Managing 
Director of the Haynes UK and European 
operations. Jeremy has been with the Group 
since 2000 and has a wealth of publishing 
experience gained both here in the UK and 
also in international markets.
Dividends
As reported at the half year, 
following the pay down of 
acquisition debt, the Group 
returned to its underlying policy 
of a more evenly spread interim 
and final dividend 
payment. The higher 
interim dividend of 
6.2 pence (2009: 4.0 
pence) is reflected 
in the Board’s 
recommendation for a 
lower final dividend of 
9.3 pence (2009: 11.5 
pence) giving a total 
dividend for the year 
of 15.5 pence  
(2009: 15.5 pence).
 
Subject to the final approval 
by shareholders, the final 
dividend will be paid 
on 27 October 2010 to 
shareholders on the register 
at the close of business on 
1 October 2010. The shares 
will be declared ex-dividend 
on 29 September 2010.
People
In this, my first year as Group Chairman, I 
would like to say a big thank you to all our 
employees worldwide. Recent years have 
seen significant changes to the structure 
of the Group as senior management 
has focused on creating long term value 
and identifying growth opportunities, a 
process which has resulted in a number 
of acquisitions and disposals. During this 
period of change it has been the continued 
dedication, hard work and commitment of 
our colleagues worldwide that has helped to 
drive the business forward. In what remain 
very challenging times their continued 
professionalism and enthusiasm has been a 
major contributing factor to the success of 
the Group over the last twelve months.
 
On behalf of the Founder Director I would 
also like to thank all past directors and 
employees who have each played their part 
in helping the Group accomplish all that has 
been achieved over the last 50 years.
Future Prospects
There is much uncertainty over the pace of 
the global economic recovery but I firmly 
believe the Group is well placed to tackle 
the challenges ahead and to seek actively 
and take advantage of new commercial 
opportunities as they arise. The principal 
objective is to build on the success of the 
last 50 years and I am confident we have 
the people across the entire Group who are 
eager to, and capable of, taking on these 
challenges, to drive the business forward 
and to deliver future growth.
J Haynes  
Group Chairman                 
14 September 2010 10
Business Overview
Over 50 years ago, when John Haynes 
wrote his first book on the Austin Seven, 
little could he have foreseen how the 
business would grow into the world’s 
leading automotive publisher, with offices 
in three continents, books translated into 
more than 20 languages and sales in 
excess of 150 million units. The business 
has changed since those early days, 
but the values of hard work, integrity 
and simplicity remain very much at 
the heart of the modern day Haynes 
businesses.
Over the last 10 years, the Group 
has undergone some radical 
restructuring. Loss making UK 
& European operations have 
been sold or closed, internal 
operations restructured or 
outsourced, acquisition debt paid 
down and the focus of the business  
re-aligned. Through strategic acquisitions 
we have extended our geographical 
reach, realised financial synergies and 
acquired expertise in areas we consider 
to be fundamentally important to the 
future development and growth of  
our business. 
 
The adoption of digital technology in our 
Nashville print facility has opened up 
new possibilities in book publishing and 
now allows the Group to extend the life 
of titles which, under traditional printing 
methods, would no longer be viable to 
hold in inventory. 
Over the last few years we have made 
a strategic move to widen our range of 
practical and easy to follow, step-by-
step format DIY titles. If today you want 
to grow your own vegetables, Haynes 
has a manual to show you how. If you 
are looking to get into shape, the Royal 
Marines Fitness Manual, the first title 
in our new publishing association with 
the Royal Marines could fit the bill. 
Alternatively, with more people keeping 
chickens than at any time since the 
Second World War, you may be one of 
the many people who could benefit from 
our Haynes Chicken Manual. Whilst 
the publication of automotive repair 
manuals remains very much the core 
of our global publishing business, the 
diversity of subject matters we now 
cover helps to demonstrate how we are 
also establishing Haynes as a leading 
publisher of more general DIY titles.
Group Chief Executive’s Review
     The underlying business 
is performing well and whilst 
we are aware that we face 
challenges in the coming year, 
we are confident in the quality 
of our people to manage the 
business through this period 
and to take advantage of 
opportunities as they arise.
“
“
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 11
The structural changes to the business 
outlined above have been a major 
contributing factor in placing the Group 
on a stronger financial platform which, 
over the last twelve months, has enabled 
the Group to deliver another solid trading 
performance in what continue to be very 
challenging conditions.
Operating results overview
The soft trading conditions experienced 
by the Group in its major markets over 
the last 24 months have hampered the 
Group’s ability to drive top-line revenue 
growth. Nevertheless, we did experience 
revenue improvements in some parts of 
the business during the year,
particularly in the UK, Scandinavia and 
Australia. 
In the important US market, revenue in 
local currency was 6% down against the 
prior year as re-ordering patterns from a 
small number of key customers continue 
to fall short of levels we would consider 
to be normal. Outside of this small group, 
the customer base is performing ahead 
of last year. As a Group we gained a 
benefit during the year from a weaker 
Sterling exchange rate against the US 
Dollar, ending the year with an average 
rate of $1.58 (2009: $1.64) giving a 
positive movement of 4% and increasing 
US revenue by £0.6 million. As a result, 
US revenue ended the year down 3% 
when reported in Sterling. In Australia, 
sales performed well, finishing the year 
13% ahead of the prior period. 
In the UK & Europe, the loss of the 
external print revenue meant that 
reportable UK & European revenue 
finished the year down 9%. However, on 
a like-for-like basis, revenue was ahead 
by 6% helped by strong manual sales 
growth in Scandinavia and strong sales in 
the UK’s general publishing and licensing 
divisions. In Holland, Vivid sales finished 
the year 2% ahead of the prior period, 
which in the prevailing economic climate 
was a satisfactory outcome.
Following the disposal of the UK print 
business in February 2009, we gained the 
expected benefit to UK margins during the 
year, with the UK gross margin increasing 
to 49% (2009: 42%). This in turn helped 
improve the overall Group gross margin 
to 64.2% (2009: 62.1%). We continue 
to experience upward pressures on raw 
material costs. However, the move earlier 
this year to centralise our Group printing 
in the US means that we are able to 
benefit from improved economies of scale 
and greater production synergies which 
both go some way to help mitigate the 
increasing cost pressures we are facing. 12
Overhead expenses were down  
£0.4 million, or 3%, helped by lower US 
advertising costs, as performance linked 
promotional expenditure was reduced 
following the revenue shortfall from the 
small group of key customers. Partially 
offsetting the lower US advertising costs 
was the impact of exchange rates, which 
increased US overheads in comparison 
to last year by £0.3 million, the first year 
of amortisation on the new UK computer 
system implemented in June 2009 adding 
£0.1 million of additional expense and 
one-off headcount restructuring costs 
in the UK business of £0.1 million. With 
other operating income increasing by 
£0.2 million, Group operating profit ended 
the year up 1% at £7.7 million  
(2009: £7.6 million).
Net finance costs were in line with last 
year at £0.5 million leaving pre-tax profits 
also ahead of last year by 1% at £7.2 
million (2009: £7.1 million).
Segmental overview
North America and Australia 
The performance of the North American 
business continues to be adversely 
impacted by sales from a small number 
of key customers where long standing 
inventory reduction programmes have and 
continue to affect re-ordering patterns. As a 
result, revenue in local currency was down 
6% against the prior year at $29.1 million 
(£18.4 million) with the shortfall being 
largely attributable to these customers. 
With the remaining US customer base 
performing ahead of last year, the 
underlying performance of the business 
is somewhat masked by the above factor. 
Notwithstanding the reduction in US 
revenue during the year, this part of the 
business remains the major revenue and 
profit generator for the Group. 
During the second half of the year, the 
Group centralised the manufacturing of 
all its printed material to the US’s print 
facility in Nashville, Tennessee. This now 
allows the Group to take advantage from 
production synergies which will benefit 
both the US and European operations 
going forward. 
In Australia, the new management team 
is making good progress with sales in 
the second six months 19% ahead of 
the prior year and ending the twelve 
month period 13% ahead of last year. 
With the expanded industry knowledge 
of the new management team, coupled 
with the financial synergies from printing 
the general publishing titles in the US, 
there is an opportunity to improve the 
performance of the Group’s general 
publishing title sales in this market place.
During the year, the Group reviewed the 
allocation of overheads to and from the 
operating segments and as a result of 
this review, costs of $0.4 million which 
had previously been treated as central 
costs have been retained in the North 
American and Australian business. This 
helps to explain 
the reduction 
in segmental 
operating profits 
of the North 
American and 
Australian 
business for 
the year which 
were down 
11% at $6.4 
million (2009: 
$7.2 million). 
However, with 
a stronger 
US Dollar 
against Sterling during the 
year, segmental operating profit when 
translated to Sterling was down 9% at 
£4.0 million (2009: £4.4 million). 
Group Chief Executive’s Review  
(continued)
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 13
United Kingdom and Europe 
Overall revenue in the UK & Europe 
ended the year 9% down on the prior 
period. However, on a like-for-like basis, 
excluding revenue from the UK print 
business sold last year, revenue was 
ahead of the prior year by 6% helped 
by year-on-year increases in sales of 
both the UK automotive and general 
publishing titles.
In Vivid, despite the difficult market 
conditions, revenue in local currency 
ended the year 2% ahead of the prior 
period. The Vivid business continued to 
invest in its own core digital applications 
during the year as well as supporting 
the Group in 
developing 
new digital 
platforms for the 
other Haynes 
businesses. 
Through the 
activities of the 
UK Licensing 
division, the 
exposure of the 
Haynes brand 
continues to 
develop with 
recent licensing 
tie-ups including 
Hornby’s well-
known Airfix and 
Corgi brands and 
a compilation 
Fathers Day CD 
album with Sony. 
During the year, 
UK & European 
operating costs 
were affected by the first year of 
amortisation on the new UK computer 
system of £0.1 million and one-off 
headcount restructuring costs of a similar 
amount. As a result, UK & European 
segmental profits ended the year in line 
with last year at £2.2 million (2009:  
£2.2 million). 
Taxation
The charge to taxation on continuing 
operations for the year was £2.5 million 
(2009: £2.3 million) giving an effective 
tax rate of 34.7% (2009: 32.1%). 
In 2008/9, as part of a US fiscal 
stimulation package, the North American 
business benefited from accelerated first 
year capital allowances on the purchase 
of a new binding line which led to a lower 
overall Group tax charge. However, with 
capital expenditure during the current 
year back to more usual levels, the 
Group’s tax charge in 2009/10 reflects 
our more normal geographical mix  
of profits.
Working capital and cash flows
The conversion of profit into cash is a key 
ratio for the business and during the year 
the net cash generated from operations 
before tax was £10.2 million (2009: £9.3 
million) and represented 133% of Group 
operating profit (2009: 123%).  
The Group’s strong cash generation is a 
key strength of the business and despite 
the difficult trading 
conditions we 
have been able to 
improve our net 
cash position. 14
Group Chief Executive’s Review  
(continued)
We started the year with net cash of £1.4 
million and following expenditure on US 
production equipment of £0.8 million 
to accommodate the printing of the UK 
general publishing titles and expenditure 
on new customer display racking of £0.2 
million, we ended the year with net cash 
of £3.8 million, clearing down the UK 
overdraft of £1.7 million in the process.
We continue to monitor closely our 
inventory levels and excluding the 
impact of exchange on the North 
American and Australian figures, which 
increased the year-end balances by £0.8 
million, inventory levels ended the year 
1% or £0.1 million down on the prior 
year. During the year the US business 
purchased a new digital press which now 
allows the Group to print shorter runs and 
is an important tool for management in 
controlling quantities of finished  
goods inventory.
 
Pensions
The Group has a number of different 
retirement programmes in the countries 
within which it operates. The principal 
pension programmes are a contributory 
defined benefit scheme in the UK,  
a non-contributory defined benefit plan in 
the US and defined contribution scheme 
in The Netherlands.
As at 31 May 2010, 
the aggregate 
deficit on the two 
retirement benefit 
schemes, as reported 
under International 
Accounting Standard 
19, was £14.0 million 
(2009: £10.4 million) 
with an increased deficit 
in the UK Scheme 
of £4.7 million being 
partially offset by a reduction in the US 
Scheme deficit of £1.1 million. Whilst 
equity values have come under pressure 
in the UK in recent months reducing 
asset values, it is the reduction in the 
UK discount rate from 6.6% last year to 
5.45% this year, increasing the Scheme’s 
liabilities, which has been the major factor 
in increasing the UK Scheme deficit. 
The Group funds its pension contributions 
based on actuarial valuations which 
are undertaken annually in the US and 
triennially in the UK, with the latest UK 
triennial valuation being for the Scheme 
year ended 30 June 2008. On 8 July 2010, 
the Pensions Minister informed Parliament 
that the index to be used to calculate the 
minimum increases in pensions would 
switch from the Retail Price Index (“RPI”) 
to the Consumer Price Index (“CPI”). 
This was followed on 12 July 2010 by an 
announcement from the Department for 
Work and Pensions which indicated that 
this change could be retrospective, but 
draft legislation is currently awaited. In 
common with other companies who hold 
defined benefit pension schemes we are 
in the process of establishing what impact 
this change will have on the Haynes UK 
scheme. However, on current information 
available it seems more likely that this 
change will lower the reported deficit but 
this is dependent on the rates of CPI and 
RPI from time to time and the wording of 
legislation. We hope to be in a position to 
update on the impact of this change when 
we next report our results at the half year.
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 15
Eric Oakley  
Group Chief Executive                 
14 September 2010
Group outlook
Over the years the Haynes Group has 
demonstrated it has a sustainable business 
model which has been reinforced once 
again during the difficult trading conditions 
experienced over the last twenty four 
months. The business is currently free of 
debt, with strong cash generation and a 
proven record in identifying, securing and 
managing acquisitions. The underlying 
business is performing well and whilst we 
are aware that we face challenges in the 
coming year, we are confident in the quality 
of our people to manage the business 
through this period and to take advantage 
of opportunities as they arise. 
Over the coming months we will 
be looking to utilise the Group’s 
geographical reach to maximise sales 
of our general publishing titles. We will 
also try to establish new distribution 
channels for the Group’s core products 
and through innovative and commercial 
product development programmes seek 
to identify new product opportunities 
whether in printed or digital format.
 
Finally we will actively pursue acquisitive 
growth opportunities, where such 
opportunities will provide long term and 
sustainable benefits for the Group. 16
Executive Directors JHC Haynes* (Chairman)
 E Oakley
+ 
(Group Chief Executive)
 D Benhardus
+
 CPA
 J Yates-Round (appointed 1 June 2010)
 JH Haynes OBE (Founder Director)
Non-Executive Directors E Bell* n (Chairman of Remuneration and Nomination Committee,   
 and Senior Independent Director)
 A Garner* n (Chairman of Audit Committee)  
 MEF Haynes*
 
*
  Members of Remuneration and Nomination Committee  
  n Members of Audit Committee
 
+
  
US Resident
 
Group Company Secretary JT Bunkum FCA
Registered office Sparkford, Yeovil, Somerset BA22 7JJ
 Company No. 659701
Auditors BDO LLP 
 Arcadia House, Maritime Walk, Ocean Village, Southampton SO14 3TL
Solicitors Osborne Clarke  
 2 Temple Back East, Temple Quay, Bristol BS1 6EG
 Batt, Sanders & Bennett  
 17 Hendford, Yeovil, Somerset BA22 1UH
Principal UK bankers Barclays Bank PLC  
 Corporate Banking Centre, Park House, Newbrick Road,  
 Stoke Gifford, Bristol BS34 8TN
Principal US bankers Union Bank of California  
 445 S Figueroa Street, 10th Floor, Los Angeles, CA90071-1655, USA
Stockbrokers Smith & Williamson Corporate Finance  
 Portwall Place, Portwall Lane, Bristol, BS1 6NA
Registrars Capita IRG PLC  
 Bourne House, 34 Beckenham Road, Beckenham, Kent BR3 4TU
Group Board
Directors and Advisors
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 17
J Haynes (age 43). J joined the Board as a Non-Executive Director on 25 March 2000, 
having completed a two year MBA at the London Business School. J was formerly a 
Director at Beeson Gregory, a specialist investment bank, before which he worked for 5 
years as a Graduate Trainee with Haynes North America, Inc.  In January 2002, J was 
appointed Managing Director of the Group’s UK and European operations and in June 
2008 became Group Vice Chairman. On 1 June 2010 J was appointed Group Chairman.
Eric Oakley (age 64). Eric spent his early years in North East England, and was educated 
at the University of Aston. He is resident in California. Eric joined Haynes North America, 
Inc. in 1980 after 16 years with Burmah-Castrol. He was appointed to the Main Board 
of Haynes Publishing Group in 1990. For the past 24 years Eric has been President of 
Haynes North America, Inc. during which period Haynes Manuals have become the 
largest selling Automotive Repair Manuals in the United States and Canada. He oversaw 
the establishment of Haynes’ Australian operation, which was further expanded in 2007 . 
Eric was appointed Group Chief Executive on 1 June 2002.
Dan Benhardus (age 64). Dan was appointed as Group Finance Director on 1 June 
2002. He is resident in California and is a Certified Public Accountant. He started his 
career with Arthur Young and Co. (now part of Ernst & Young) before going into private 
industry where he gained experience in the construction, cable television and market 
research industries as an accounting and finance executive. In 1988 he joined Haynes 
North America, Inc. as the Vice President of Finance. He retains his responsibilities as the 
Chief Financial Officer and Senior Vice President of Haynes North America, Inc.
Jeremy Yates-Round (age 49). Jeremy has worked in publishing for close to 30 years, 
gaining a sales background with Hodder & Stoughton in both domestic and international 
markets. During the 1990’s Jeremy moved into sales management with Collins becoming 
Deputy Managing Director of the Religious division. In 2001 Jeremy joined the Haynes 
Group as Sales and Marketing Director for the Haynes Book Division and in 2002 was 
appointed Managing Director of Sutton Publishing prior to its successful sale in 2007. 
Following the sale of Sutton Publishing, Jeremy took over as Sales and Marketing 
Director of the Haynes UK operations and on 1 June 2010 was appointed Managing 
Director of the Haynes UK and European operations.
John Haynes (age 72). John’s biography is the history of Haynes Publishing. He 
founded the Company in 1960 and by expanding operations into Europe and the 
USA, was responsible for its growth and development into the international business 
that we see today. The Company was taken public in 1979. John remains its principal 
and majority shareholder and takes a very active interest in all aspects of the Group’s 
publishing activities. In 1985 he founded and is the principal benefactor of the Haynes 
International Motor Museum. In 1995 he was awarded the OBE for services to 
publishing. On 1 June 2010, 50 years after founding the Haynes Group, John stepped 
down as Group Chairman but remains on the Board as Founder Director.
Group Board
Executive Director Biographies 18
Group Board
Non-Executive Director Biographies
Eddie Bell (age 61). Eddie Bell has held a number of senior positions spanning 30 years in 
book publishing. Latterly he was the Executive Chairman and Publisher for Harper Collins UK 
and during his tenure was responsible for publishing the memoirs of both Mikhail Gorbachev 
and Lady Thatcher, and the autobiography of John Major. He is now a partner in Bell Lomax 
Moreton. Additionally, he holds several other non-Executive positions both within and outside 
the publishing industry which include Be Cogent Communications Ltd, and Management 
Diagnostics Ltd. On 20 May 2009 Eddie was appointed the Company’s Senior Independent 
Director. Eddie Bell does not have a service contract with the Company.
Andrew Garner (age 66). Andrew Garner is presently Chairman of the Executive Search 
Consultancy, Garner plc. He has worked in executive search since 1983 and until 1997 
was Chairman and Chief Executive of one of the world’s foremost search firms, Boyden 
World Corporation. During that time Boyden’s revenue more than doubled. Prior to this 
Andrew enjoyed a successful international business career, including senior positions with 
Mars, Brooke Bond, Gallaher and was on the Board of the Royal Philharmonic Orchestra. 
Andrew Garner does not have a service contract with the Company.
Marc Haynes (age 42). Marc Haynes completed a BSC (Hons) Business Degree at 
Manchester before joining the Haynes International Motor Museum as its Business 
Development Manager. Having successfully established a number of innovative 
commercial ventures, he is now its Managing Director. Marc is also a Director of Haynes 
Developments Limited which is a property development, management and investment 
company operating in the UK. In 2008, Marc established Bute Motorsport Ltd, which is 
the promoter of the highly successful GT Cup motor racing series. Marc Haynes does not 
have a service contract with the Company.
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 19
The directors present their report and the financial statements of the Group 
for the year ended 31 May 2010
 Principal activity Haynes Publishing Group P .L.C. is a holding company. The Haynes Group 
comprises two geographical business segments being UK & Europe and North America & 
Australia.
 The UK & European business has headquarters in Somerset, England and subsidiaries in the 
Netherlands, Italy, Spain, Romania and Sweden. The core business of the European operations 
is the publication of DIY Repair Manuals for Cars and Motorcycles. Through its Dutch operation 
Vivid, the European business is also a major supplier of technical information to the professional 
sector of the automotive aftermarket around Europe. All Vivid products are sold in a digital format. 
The European business also publishes a wide range of titles which are practical, instructional, 
easy to read and aimed at those with an interest in more general DIY related activities as well as 
motoring, motor sport, transport, aviation and military. 
 The North American and Australian business has headquarters near Los Angeles, California and 
publishes DIY repair manuals for cars and motorcycles under the Haynes and Chilton brands, 
in both the English and Spanish languages. It has a branch operation in Sydney, Australia which 
publishes similar products under both the Haynes and Gregory’s brands. The Australian business 
also publishes information for the professional automotive market. Through its print facility in 
Nashville, Tennessee the North American business is also the central print facility for the Group’s 
printed products.
 Review of the business A review of the business, together with comments on the key 
performance indicators and future development of the Group, is contained in the Chairman’s 
Statement and the Group Chief Executive’s Review on pages 8 to 15.
 Financial results The financial results for the year are set out in the Consolidated Income 
Statement on page 38. The position at the end of the year is shown in the Consolidated Balance 
Sheet on page 40.
 Dividends The directors recommend a final dividend of 9.3p per ordinary share (10.3p with related 
tax credit) which, together with the interim dividend already paid, makes a total of 15.5p (17.2p 
with related tax credit) for the year (2009: 15.5p; 17.2p with related tax credit). This dividend will be 
payable on 27 October 2010 to members on the register of shareholders at the close of business 
on 1 October 2010. The shares will be declared ex-dividend on 29 September 2010.
 Principal risks and uncertainties The Board is primarily responsible for identifying and 
monitoring risk and the manner in which the Board manages this process is outlined in the 
Corporate Governance report on pages 24 to 28. The Group’s principal financial risks and 
uncertainties are outlined in note 18 to the financial statements and the principal operational risks 
and uncertainties are discussed as part of the Group Chief Executive’s Review on pages 10 to 15.
 Included within the principal activity section above is an outline of the operational and 
geographical structure of the Group. In common with many businesses of the Group’s size and 
structure the Group has a broad base of customers and suppliers and correspondingly, a number 
of valued contractual relationships. However, in the directors view there is no single contract 
which is essential to the Group’s business for the purpose of the business review disclosure 
requirements under Sc 417 of the Companies Act 2006.
Report of the Directors 20 20
 Directors The directors who served during the year and their interests in the Ordinary share capital  
 of the Company are shown below.
 D Benhardus and MEF Haynes retire by rotation in accordance with the Articles of Association and,  
 being eligible, offer themselves for re-election.
 E Bell being a Non-Executive Director and having served for more than nine years at the date   
 of the next Annual General Meeting offers himself for re-election in accordance with the provisions  
 of the 2008 Combined Code.
 J Yates-Round, having been appointed a director on 1 June 2010 offers himself for re-election at
  the first Annual General Meeting following his appointment, in accordance with the Articles of   
 Association.
  There have been no other changes in the directors or their shareholdings shown below up to 13  
 August 2010.
  At 31 May 2010 the beneficial shareholdings of the directors represented 64.7 per cent of the total  
 issued share capital. This represented 21.4 per cent of the Ordinary shares (which are listed on the  
 London Stock Exchange) and 100 per cent of the ‘A’ Ordinary shares.
 Directors’ interests in shares The directors who served throughout the year and their interests in  
  the share capital of the Company are as follows:
Beneﬁcial
 'A' Ordinary
No.
Connected
‘A' Ordinary
No.
31 May 2010
Beneﬁcial
Ordinary
No.
Non-Beneﬁcial
Ordinary
No.
Connected
Ordinary
No.
Executive
JH Haynes 9,000,000 -    796,075 
[3]
   1,299,101
 [1] [2]
   131,087 
[4]
  
E Oakley -    -    43,304  -    -   
D Benhardus -    -    5,000  -    -   
JHC Haynes -   9,000,000 
[4]
  710,141 
[2]
   630,000 
[1]
   816,122 
[4]
  
Non-Executive
E Bell -    -    1,000  -    -   
A Garner -    -    -    -    -   
MEF Haynes -   9,000,000 
[4]
  699,767 
[2]
   -    826,496 
[4]
  
Beneﬁcial
 'A' Ordinary
No.
Connected
‘A' Ordinary
No.
31 May 2009
Beneﬁcial
Ordinary
No.
Non-Beneﬁcial
Ordinary
No.
Connected
Ordinary
No.
Executive
JH Haynes 9,000,000 -    796,075 
[3]
   1,299,101 
[1] [2]
  131,087 
[4]
  
E Oakley -    -    43,304  -    -   
D Benhardus -    -    5,000  -    -   
JHC Haynes -   9,000,000 
[4]
  710,141
 [2]
   630,000
 [1]
   816,122 
[4]
  
Non-Executive
E Bell -    -    1,000  -    -   
A Garner -    -    -    -    -   
MEF Haynes -   9,000,000 
[4]
  699,767 
[2]
   -    826,496
 [4]
  
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010
Report of the Directors (continued) 21
 [1]
  630,000 shares are in respect of the Haynes International Motor Museum (a charitable trust)   
 and are shares in which JH Haynes and JHC Haynes are interested as Trustees. 
 [2]
  The balance of the Ordinary shares comprised within the non-beneﬁcial interest of JH Haynes are 
 held in a family trust in which JHC Haynes and MEF Haynes have a beneﬁcial interest, and are 
 therefore also reported as a beneﬁcial interest of the latter.
 [3]
  Includes 326,075 shares owned by Mrs AC Haynes (2009: 326,075 shares).
 [4]
  Due to their family relationship JH Haynes, JHC Haynes and MEF Haynes are connected 
 parties in accordance with Sc 253 of the Companies Act 2006.
Options to subscribe for Ordinary shares under the terms of the Executive Share Option Scheme  
are described in the Board Report on Remuneration. Directors’ interests in contracts with the  
Group companies are shown in Note 21 to the Consolidated Financial Statements.
   Share capital and related matters Details of the Authorised and Issued share capital are  
 shown in Note 20 to the Consolidated Financial Statements.  
 
 Both the ‘A’ Ordinary shares and the Ordinary shares carry equal voting rights of one vote per   
 share where a matter is decided other than on a show of hands. Both classes of share rank  
 ‘pari passu’ (including any distribution by way of dividend and on a return of capital), save that a   
 transfer of ‘A’ Ordinary shares will not be permitted by the directors other than to a member of the   
 holder’s immediate family or to family settlements. The holders of ‘A’ Ordinary shares may convert   
 such shares into Ordinary shares at the rate of one Ordinary share for each ‘A’ Ordinary share,   
 subject to the further provisions of the Articles of Association and the Companies Acts.
   The ‘A’ Ordinary shares represent 55% of the total issued capital, and the Ordinary shares 45%.
   Other than as expressed above, there are no specific restrictions on the size of a holding nor on   
   the transfer of shares, which are both governed by the general provisions of the Articles of Association 
   and prevailing legislation.
   With regard to the appointment and replacement of directors, the Company is governed by its Articles  
   of Association, the Companies Acts, the Combined Code, and related legislation.
   The powers of the directors are more specifically described in the Main Board Terms of Reference and  
   the Statement of Corporate Governance (pages 24 to 28). At the AGM on 21 October 2009:
   (i) the Company was authorised to make purchases of its own shares up to a maximum of 1,500,000.  
   The authority remains unexercised and will expire at the conclusion of the AGM in 2010, if not   
   reviewed, and
   (ii) the directors were authorised to allot unissued shares under S.551 Companies Act 2006 up to  
   £479,692 and under S.561 of the Companies Act 2006 up to £163,515.
   The S.551 amount is the total of the authorised but as yet unissued share capital of the Company, and  
   represents 14.67% of the issued share capital; the S.561 amount is 5% of the issued share capital.
   Excepting general commercial and trading agreements which may contain provisions that take effect, 
   alter or terminate, upon a change of control of the Company, the directors are not aware of any  
   significant such agreements to which the Company is a party. Furthermore the directors are not aware  
   of any agreements between the Company and its directors or employees that provide for  
   compensation upon the receipt by the Company of a takeover bid. 22
  Other shareholdings At 31 May 2010 interests in 3% or more of the Company’s issued   
 Ordinary 20p share capital* had been notified to the Company by: 
  
Shares % Class
    Hunter Hall Investment Management Limited 2,302,567 31.3
    Haynes International Motor Museum   630,000  8.6
    Axa Framlington S.A.   565,000 7.7
 
 The interests of those directors who have major shareholdings are detailed in the table of   
 Directors’ interests in shares on page 20.
 At 13 August 2010, there were no recorded changes in these holdings.
 *See Note 20.
 Treasury management The Group’s funding policies are designed to reduce and minimise   
 financial risk and ensure sufficient liquidity for the Group’s future needs. The Group maintains   
 a regular dialogue with its banking partners to ensure the Group has appropriate committed and  
 uncommitted facilities to support the Group’s commercial activities and growth strategy. Strict   
 controls are maintained over all treasury transactions including dual signatories and appropriate  
 authorisation limits.  
 The Group’s principal financial instruments during the year, other than derivatives comprised of   
 bank overdrafts, lease  financing arrangements, cash and other various items arising from its  
 operations such as trade  receivables and trade payables.  The main purpose of these 
 instruments has been to finance the Group’s working capital requirements as well as funding   
 its capital expenditure programmes. From time  to time the Group may enter into derivative  
 transactions such as interest rate swaps or forward  exchange contracts, the main    
 purpose of such transactions is to manage the interest rate and currency risks arising from the  
 Group’s  operations and sources of finance. No such transactions were undertaken during the 
 current or  preceding financial year. No trading in financial instruments is undertaken.
 The Group’s principal borrowings during the year were in pounds sterling and were subject to 
 floating rates of interest. Fixed interest rates and interest caps are regularly considered and,   
 where felt  commercially appropriate, would be adopted to manage the interest rate exposure.
 Further details of the Group’s treasury management policies and financial instruments can be   
 found in Note 18 of the Notes to the Consolidated Financial Statements.
 Foreign exchange The Group’s main currency exposure is derived from trading transactions   
 between Group operating units and with our global customer base. Approximately 50%  
 (2009: 47%) of the Group’s revenue streams are generated in US Dollars, 28% (2009: 32%) in   
 Sterling, 13% in Euro’s (2009: 12%) with the balance coming from a mix of currencies across  
 our operating entities. Although the Group has an exposure to foreign currencies it is able to   
 offset part of the currency risk as the printed product for the European markets is manufactured  
 in the US and invoiced in local currency.
 Donations During the year Group donations to charitable organisations amounted to £9,796  
 (2009: £9,016). There were no political donations in the year.
 Environmental policy The Board is committed to minimising the impact its operations have on  
 the local environment. Following the disposal of the UK print facility in February 2009, the Group  
 now only operates one printing facility, located in Nashville, Tennessee. It is Group policy to   
 ensure that both national and local environmental laws and guidelines are adhered to in full.  
 The Board ensures that key management are tasked with the responsibility to oversee the  
 Group’s activities which impact the environment and to report back to the Board with any  
 recommendations they may have regarding environmental policy. 
 Directors’ and Officers’ indemnity insurance The Group purchases and maintains insurance for  
 the directors and officers of the Parent Company including the trustees of the pension scheme   
 when undertaking their duties in accordance with Sc 233 of the Companies Act 2006.
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010
Report of the Directors (continued) 23
 Disabled persons The Group encourages the employment of disabled persons whenever   
 practicable. The Group policy is to ensure that disabled employees and those who may become  
 disabled benefit from training and career development in common with other employees.
 Employees, and health & safety The Group involves employees by providing them with  
 information which concerns them, consults with them and considers their views when making  
 decisions which affect their interests and generally discloses matters affecting the Group’s  
 performance through company briefings.  
 
 Policy on payment of suppliers The Group operates in various locations throughout the world. It is  
 not Group policy to follow any specified code or standard on payment practice but the payment   
 policies adopted reflect the terms negotiated with individual suppliers as well as the custom and  
 practice of the locality. It is the Company’ s intention to continue to apply the Group policy in the  
 forthcoming year. At 31 May 2010 the amount of trade creditors as shown in the balance sheet  
 represents 31 days of average purchases for the Company and 27 days for the Group.            
 Audit information Each of the directors confirms that they have taken all the steps that they  
 ought to have taken to make themselves aware of any information needed by the Company’s  
 auditors for the purposes of their audit and to establish that the auditors are aware of the  
 information. The directors are not aware of any relevant audit information of which the auditors  
 are unaware. 
 A resolution to re-appoint BDO LLP as auditors of the Company and to authorise the directors  
 to determine their remuneration will be put to the forthcoming Annual General Meeting.
 By order of the Board. 
 
 James Bunkum
 Group Company Secretary 
 14 September 2010 24
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010
Corporate Governance
Introduction 
The principles of good corporate governance are designed to improve company performance 
by helping a board discharge its duties in the best interests of shareholders, whilst facilitating 
efficient and entrepreneurial management to deliver shareholder value over the longer term. 
Nevertheless, the Combined Code on Corporate Governance (‘the Code’) published in June 
2008 and appended to the Listing Rules is not intended to be a rigid set of rules. Rather it is a 
guide to the components of good governance which companies are expected to follow. The 
Code recognises that one set of provisions will not necessarily fit all companies. Accordingly, 
there are certain provisions within the Code which do not apply to companies below the FTSE 
350. There may also be areas of the Code where smaller companies judge the provisions to be 
disproportionate or less relevant to their particular circumstances and where good governance 
can be achieved by other means. Where companies decide this is the case, the areas of  
non-compliance with the Code need to be explained in the Annual Report.
This section of the Annual Report explains how the Board and its Committees discharge their 
duties and how the Board applies the principles of the Code. Also included in the sections below 
are details of those areas where the Company’s governance differs from the strict provisions of 
the Code. The full text of the Code can be found on the FRC website at www.frc.org.uk.
Statement of compliance
The Board of Haynes Publishing Group P .L.C. recognises the importance of high standards 
of Corporate Governance. Accordingly, it has considered the principles and provisions of the 
Code and will continue to manage its affairs in line with the principles where it is in the interests 
of the business and of shareholders to do so. Other than where expressly stated, the Company 
has complied with the principles, supporting principles and provisions of the Combined Code 
throughout the year under review.
Board of directors
During the year the Board reviewed its Terms of Reference which lay precise emphasis upon its 
responsibility for the overall management and strategic direction of the Group. The Board aims to 
encourage entrepreneurial endeavour within a framework of prudent planning and control. The Board 
appraises and approves major financing, investment and contractual decisions in excess of defined 
thresholds. All members of the Board are cognisant of their duty to act collectively and objectively 
in the best interests of the Company. Non-Executive Directors are members of the Audit Committee 
and the Remuneration and Nomination Committee, and are responsible for their activities. The 
Non-Executive Directors are intrinsically involved in scrutinising and monitoring the performance of 
management, and assessing the processes for the control of financial and other risks. The Terms of 
Reference for the Committees may be viewed on www.haynes.co.uk/investor.
 
 The biographies of the directors are set out on pages 17 and 18 of this report and accounts. 
 On 1 June 2010 J Yates-Round was appointed as an Executive Director increasing the number  
 of Executive Directors to five.

 corporate strategy, to review the trading and financial performance of the Group and to   
 consider matters specifically reserved for its approval. The following table details the number  
 of board and committee meetings held during the year and the attendance record of the   
 individual directors:
    Remuneration &
  Board Audit Committee Nomination Committee
  meetings meetings meetings
 Number of meetings in year 6 3 1
 JH Haynes 5  
 E Oakley 6
 D Benhardus 6 3(a)
 JHC Haynes 6
 E Bell 5 3 1
 MEF Haynes 5
 A Garner 5 3 1
      (a) By invitation 25
 and understood, and will be committed to writing and approved by the Board during the  
 course of the current financial year as required by provision A.2.1 of the Combined Code.  
 The Chairman is responsible for the leadership of the Board and ensuring its   
 effectiveness and that of the individual directors while the Chief Executive is responsible for  
 the day to day running of the business.
 Directors present. Likewise, the Chairman occasionally meets with the Non-Executive  
 Directors without the Executive Directors present.
 duties at the Group’s expense and all directors have access to the advice and services of  
 the Group Company Secretary.
 company within the Group or its management which may undermine independence   
 and who is not dependent on the Group or its management for his or her primary source of  
 income, and was not within the last five years a senior manager within the Group, and does  
 not participate in the Group’s incentive bonus schemes or pension arrangements.
 MEF Haynes, in view of his close family ties with other members of the Board and his  
 significant interest in shares. Notwithstanding these circumstances or relationships, the  
 Board believes MEF Haynes to be independent in character and judgement.
 meetings no-one except the Chairman of the Committee and its members is entitled to be  
 present – but others may attend by invitation.
 Directorships in non-competing companies, subject to approval of the Remuneration and  
 Nomination Committee.
Information, professional development and evaluation
All directors are provided with regular performance updates and full and timely access to 
information that enables them to make informed decisions on corporate and business issues. 
The Board receives monthly management accounts explaining performance against budget for 
each sector of the business, as well as risk management and business plans. The Executive 
Directors receive information on sales for the individual businesses within the Group on a 
weekly basis, and for the major businesses such information can be accessed daily.
Directors are encouraged to regularly update and refresh their skills and knowledge on the 
basis that ‘all development is self development’. The Group Company Secretary is responsible 
through the Chairman for facilitating the training and induction of newly appointed directors, 
and ensuring that they are familiar with the Company’s operations and their own duties and 
responsibilities. He is also responsible for advising the Board through the Chairman on all 
governance matters.
During the year, the Board has undertaken a formal appraisal of its own performance and 
processes and that of its committees, including a review of each committee’s composition and 
operating procedures.
Through a combination of personal discussions, general observation and ongoing monitoring 
of performance, the contribution of each individual director has been assessed by the 
Chairman against expected standards. The process of ongoing monitoring and review helps 
the Chairman to ensure that the contribution of the directors continues to be to the agreed 
standards relevant to the Group’s business and organisation. 
In turn, the Chairman’s own performance has been reviewed by the Senior Independent Director 
following consultation with his fellow non-Executive Directors and other members of the Board. 26
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010
Corporate Governance (continued)
According to the Articles of Association all directors should seek re-election by shareholders 
at regular intervals of no more than three years. Directors are also subject to re-election by 
shareholders at the first AGM after their appointment.
Directors remuneration, contracts and nomination
 Committee with its own terms of reference has been established by the Board. The   
 Board’s Report on Remuneration, which follows on pages 29 to 34, sets out details of the  
 Group’s policy on remuneration, directors remuneration, and the work of the Remuneration  
 and Nomination Committee. This includes an indication and explanation of those areas of  
 non adherence to the provisions of the Combined Code.
 recommending to the Board the appointment of new directors. The Board formally vets  
 and scrutinises these proposals. The Committee’s composition is explained in the Board’s  
 Report on Remuneration. Traditionally the Committee has been reliant upon its own energies  
 and judgement in sourcing and evaluating candidates for vacancies on the Board. External  
 search consultants and open advertising have not been preferred methods in the past due  
 to the high costs associated with such channels. 
 either one or two years notice, which in all cases may be served by either party. For recent  
 appointments a one year term of notice has been implemented as a matter of course 
 (see pages 32 and 33).
 usually appointed at the will of the Board for a fixed period of two years.
Dialogue with shareholders
 is an important part of their function. The Chairman’s Statement and Group Chief Executive’s  
 Review on pages 8 to 15 provide a summary of the Group’s trading performance and future 
 outlook. In addition to the publication, twice a year, of the Group’s financial results, there will 
 often be briefings for shareholders or their representatives – especially following the Group’s  
 interim and preliminary final announcements.
 communicated to the Board as a whole. Additionally, once a quarter, the Group Chief  
 Executive updates the Board with any significant discussions/feedback from shareholders.
 both institutional and private investors alike and confirms its compliance with all the 
 provisions of the Combined Code relating to the constructive use of Annual General   
 Meetings. This year’s Annual General Meeting will be held on 13 October 2010 and all  
 Board Directors (including Committee chairmen) plan to be present and available to  
 answer questions.
Accountability, audit, and Audit Committee
It is the intention of the Board through this report and accounts, and other public reports and 
announcements, to present a balanced and understandable assessment of the Company’s 
position and prospects. The directors have set out their responsibility for preparing the 
accounts on page 35 of the financial statements.
 the Board comprising two of the Non-Executive Directors, both of whom have recent   
 and relevant financial experience. During the year the Committee kept under review the  
 effectiveness of the Company’s financial control policies and procedures for assessing and  
 reporting financial risk.
 to the appointment and remuneration of the external auditors. Consequently the Committee  
 is responsible for monitoring the auditor’s performance, cost effectiveness, independence  
 and objectivity - which it has done throughout the year. 27
 where necessary to obtain external legal or other independent professional advice.
 the Group’s framework of controls, Group reporting and other relevant matters. At the  
 conclusion of each annual audit, the Audit Committee receives and considers a report from  
 the Group’s auditors setting out any material findings from their audit of the individual Group  
 companies, and reports to the Board as necessary. The Group Finance Director is invited  
 to attend all meetings of the Committee, albeit part of the meeting may be held without his  
 presence, if deemed appropriate by the Committee.
 ensure that procedures are in place for staff to report fraud and similar matters.
 services (in the provision of tax advice, or on specific projects where they can add value).  
 The Committee has approved and monitored the application of this policy in order to   
 safeguard auditor objectivity and independence.
Internal controls
By means of the systems and processes outlined below, the Board maintains a sound system 
of internal control to safeguard its assets and the investment of shareholders. The Board has 
overall responsibility for the Group’s system of internal control. However, such a system is 
designed to manage rather than eliminate the risk of failure to achieve business objectives, 
and can only provide reasonable and not absolute assurance against material misstatement 
or loss. At least annually, the Board conducts a review of the effectiveness of these internal 
controls as described below, and takes the necessary action to remedy any significant failings 
or weaknesses which may be identified by its review.
Financial

 the directors. The results of the trading companies within the Group are reported monthly   
 and compared to plan. The Group reports its financial results to shareholders on a 6 monthly  
 basis and in between provides a quarterly update to shareholders and the market on trading  
 performance.

 prescribed guidelines for capital expenditure which include detailed appraisal and review, levels  
 of authority and due diligence requirements when businesses or assets are being acquired.
 Board meeting.

 are subject to annual review by the Group’ s external auditors and reportable weaknesses, if any,  
 identified during this annual review process are discussed with the Audit Committee.
Operational
 to be planned, executed, controlled and monitored. The Group is committed to employing  
 suitably qualified staff so that the appropriate level of authority can be delegated with regard  
 to accountability and acceptable levels of risk.
 through the adoption of defined checks and procedures. These include the review of   
 financial and operational information, the setting up of appropriate authority levels, the  
 segregation of incompatible duties and the defining of procedures for seeking and obtaining  
 approval for major transactions and organisational changes.
 from which the directors can monitor the performance of the business. Furthermore the  
 Executive Directors have a significant involvement in the day to day management of   
 the Group’s activities and accordingly are able to monitor and control procedures at an  
 operational level. 
  28
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010
Corporate Governance (continued)
Compliance 
 standards for approval set by external regulatory bodies. The systems are constantly being  
 evolved and refined to reflect business advances, process changes, and quality issues.
 the assistance of external counsel as required. The directors are kept informed and are able  
 to stay abreast of events.
Risk management
 Group and developing appropriate policies to manage those risks. These policies are used  
 both by the directors and by senior management to determine the key control procedures  
 for each area of risk identified by the Board and the degree of information required to   
 safeguard the business and the assets used within it.
 objective of the Group’s management and staff to be prudent in the acceptance and control  
 of risk incurring activity, rather than aiming to eliminate it entirely. Thus the reporting systems  
 can only provide reasonable and not absolute assurance against damage or loss resulting  
 from business activities.
 reports and monitoring systems, the Group evaluates and mitigates unnecessary risks.
 take risks in order to strive for satisfactory profitability and returns to shareholders. The  
 publication both of workshop manuals and books of special and general interest engenders  
 commercial and publishing risk requiring close evaluation by editors and editorial committees  
 with an in-depth knowledge of their subject and their markets.
 in place an ongoing process for identifying, evaluating, and managing the significant  
 risks faced by the Group as a whole. This process is formally structured by means of   
 a written report which is reviewed annually by the Board. In addition, through discussion with  
 the heads of the various operating units, an update is provided to the Board by the Group  
 Finance Director at the half year. Risks identified by this process are regularly reviewed by the
 Board and addressed jointly by the Group Chief Executive and Directors drawing upon the 
 skills of senior management as necessary. The Board monitors this process and is satisfied 
 that, given the size of the Group, and the nature of its operations, this process is sufficient to 
 meet its needs without unduly hampering entrepreneurial activity, and that (in accordance  
 with the recommendation of the Audit Committee) a separate internal audit function is  
 not required. 
Going concern
 the Group have adequate resources to continue operations for the foreseeable future.  
 For this reason, they continue to adopt the going concern basis in preparing the 
 financial statements. 29
Board Report on Remuneration
1 Best practice 
This report to shareholders provides information on the remuneration of all directors of the 
Haynes Publishing Group P .L.C., and the criteria by which that remuneration has been 
determined. It has been prepared in accordance with the requirements of The Companies Acts 
and the applicable UK Listing Authority’s rules.
2 Constitution of the Remuneration and Nomination Committee
Throughout the financial year under review and in line with B.2.1 of the Combined Code, the 
Committee was comprised of two independent Non-Executive Directors, E Bell (Chairman of 
the Committee) and A Garner. JH Haynes (Executive Chairman) and MEF Haynes  
(Non-Executive Director) were also members of the Committee. Whilst JH Haynes was not 
independent of management, as required by B.2.1 of the Combined Code, in considering the 
composition of the Committee, the Board gave full consideration to the other provisions of the 
Combined Code and in particular, B.2 which states that Remuneration Committees should 
consult with the Chairman and/or the Group Chief Executive about their proposals relating to 
the remuneration of the other Executive Directors. Having considered the Committee’s terms 
of reference, the constitution of the Group Board and the frequency of meetings, the Board 
felt it practical to include the Chairman as a member of the Committee. Any changes affecting 
his remuneration were discussed by the Committee without his participation. On 1 June 2010, 
JH Haynes stepped down from his role as Group Chairman and also stepped down from his 
membership of the Remuneration Committee. On the same date, JHC Haynes was appointed 
Group Chairman and in his capacity as Group Chairman, was appointed a member of the 
Remuneration Committee.
3 Policy on directors’ remuneration 
The Committee is responsible for determining the emoluments of the Executive Directors of 
the Group. The Committee frames its decisions to ensure that the Group’s Executive Directors 
are appropriately rewarded for their contributions to the Group, whilst reflecting their scale of 
responsibility and performance. Through monitoring the market place and the occasional use 
of external advisers the Committee seeks to offer remuneration packages which not only reflect 
current market conditions but are also commensurate with attracting, retaining and motivating 
directors of quality to ensure the continued growth and success of the Group. During the year 
under review the Committee has not used the services of external advisers. In determining the 
emoluments of the Executive Directors, the Committee feel it is impractical to also monitor in 
detail the remuneration of senior management below board level as required by B.2.2 of the 
Code and therefore, the remuneration packages of senior management are reviewed by the 
respective Executive Director responsible for that particular business unit.
It is the Committee’s policy to ensure that there is a strong link between the level of 
Executive Directors’ remuneration and the performance both of the Group and its individual 
trading companies. Thus each Executive Director can augment their basic salary through 
a performance related bonus/incentive arrangement. The Committee has considered the 
appointment of permanent external consultants; however given the combined experience 
resting in the Committee members and bearing in mind the considerable costs of appointing 
permanent consultants, it is thought preferable that such an appointment should not be made.
4 Directors’ remuneration 
(i) Total emoluments
(a) The total emoluments of the directors of the Company were as follows:
  2010 2009
  £000 £000
Salaries and taxable benefits  813 771
Performance related bonuses  356 364
  1,169 1,135
Non-Executive Directors’ fees  71 102
Total emoluments  1,240 1,237
Pension contributions  297 316 
  1,537 1,553 30
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010
Board Report on Remuneration
(continued)
(b) The following categories comprise the principal elements of Executive Directors’  
remuneration at present:
 Each of these elements is viewed with equal importance by the Committee, so as to ensure 
that the remuneration packages reflect not only the short term but also the longer term goals 
of the Company and of the Group. Consequently, although contrary to Schedule A, item 6 of 
the Combined Code Provisions, the Committee believes that, as the performance bonus is an 
integral part of the Executive Directors’ remuneration package and as it is and has been for 
many years, part of their employment contracts, it is proper for this amount to form part of the 
Directors’ pensionable salary. Pensionable salary is defined under the UK pension scheme rules 
as the amount declared to the Inland Revenue on an individual’s P60.
Each element of remuneration payable to the Executive Directors is discussed in more detail 
below and tabulated later in this Report.
Non-Executive Directors receive a fee for their services, and the reimbursement of incidental 
expenses. No other payments are made.
(ii) Basic salary and benefits
Basic salaries for all Executive Directors are reviewed annually by the Committee. When 
undertaking their annual review, the Committee is mindful of the annual pay review process for 
employees and employment conditions elsewhere within the Group as well as RPI and similar 
indices of inflation. Whilst these are important factors in determining the appropriate level of pay 
for the Executive Directors, they are not the only factors that it will consider when reaching its 
decision.
The standard increase in Executive Directors’ base salaries at 1 June 2009 was 3%. However, 
as from 1 June 2009 the UK Company increased its contribution to the UK defined benefit 
scheme by 0.7% and in line with the other UK employees the annual salary increase for JHC 
Haynes was 2%. In addition, each Executive Director is entitled to holiday in accordance with 
the Company’s policy for full time employees.
E Oakley and D Benhardus are provided with a fully expensed car and JH Haynes is entitled to 
a fully expensed car in the US and to fuel expenses in the UK. JHC Haynes has opted to take 
an annual allowance in lieu of a company car and is entitled to receive fuel expenses.
All Executive Directors receive long term disability insurance and travel insurance, together with 
health cover for themselves and their immediate families.
(iii) Annual bonus
An annual bonus is paid to each Director based on the performance of the overall Group or 
of a substantial component of the Group. The bonuses payable in respect of the financial 
year ended 31 May 2010 were as follows:
JH Haynes was entitled to 0.9% of the first £4.5 million of overall Group net profit, plus 1.5% 
thereafter. On 1 June 2010 JH Haynes stepped down as Group Chairman and from this date 
will be entitled to a bonus of 1% of Group overall net profit. 
E Oakley was entitled to the following proportion of overall Group net profit: 1.5% of the first 
£4.5 million, 2.5% between £4.5 million and £7.5 million, and 3.5% over £7.5 million. This 
arrangement was last subject to review on 1 December 2007 and will be reviewed again 
during the current financial year.
Additionally, E Oakley is entitled to a one time discretionary bonus at an amount to be 
decided by the Chairman in consultation with the Committee in the event that the Group 
disposes of one of the Group’s businesses at a gain entirely attributable to the performance 
of that business.
D Benhardus was entitled to 0.5% of overall Group net profit.
JHC Haynes was entitled to 1% of the net profit of the UK and European businesses and 
0.6% of the first £4.5 million of the overall Group’s net profit and 1% thereafter.  31
On 1 June 2010 JHC Haynes was appointed Group Chairman and from this date will be 
entitled to a bonus of 0.5% on the first £4.5 million of overall Group net profit and 1.5% 
thereafter.
For the purposes of the above the ‘net profit’ of the Group is before tax and excluding profits 
of a capital nature and before deductions of bonuses payable to other Executive Directors. 
‘Net profit’ of the UK and European businesses is calculated on the same basis, and before 
the deduction of Group costs.
(iv) Share option scheme
The Company has approval to operate an Executive share option scheme. No such options 
are in existence at the present time.
(v) Pension policy
Each of the Executive Directors has been and continues to be contractually entitled to final 
salary or money purchase related pension benefits as described below.
(a) Defined benefit schemes
     The UK scheme
 JHC Haynes is a member of the UK scheme.
 The target pension for this director is currently two-thirds of final pensionable salary at the  
 age of 60. Final pensionable salary is defined as an average of the best 3 consecutive  
 annual pensionable salaries in the final 10 years of service. The Director contributes 5%  
 of his pensionable pay, as defined under the scheme rules. Death in service benefits   
 provide for a return of the individual’s contributions made to the scheme, a cash sum equal  
 to 4 times pensionable salary and a widow or dependants pension equal to 50% of the  
 target pension receivable at normal retirement age. For death occurring during retirement a  
 widow’s pension equal to 50% of pension entitlement is payable.
 Pensions increase annually during retirement by the lower of 5% or the percentage rise in  
 the Retail Price Index.
 With the approval of the Pension Scheme Trustees and the Employer, members may retire  
 from the age of 55 on an actuarially reduced pension based on the shorter working life and  
 after taking into account the cost of earlier payments.
     The US plan
 JH Haynes, E Oakley and D Benhardus are members of the US Plan. The US Plan   
 provides for a pension that vests in yearly increments reaching a maximum of 50% of  
 final pensionable salary on attaining 7 or more years service with the Company. The final  
 pensionable salary is calculated in a consistent manner to the UK scheme.
 The retirement age for the non-contributory US Plan is 65.
 Death in service benefits provide for a widow or dependants pension equal to the   
 actuarial equivalent of the accrued benefit at the date of death. For death occurring  
 during retirement a widow’s pension equal to 50% of pension entitlement is payable.  
 In both cases election may be made to receive a cash lump sum, or by instalments, the  
 amounted vested (actuarial accrued benefit).
 Pensions do not increase during retirement.
 There are no provisions for early retirement under the US Plan rules but the vested   
 actuarial accrued benefit may be taken in instalments, as a lump sum or left in the Plan  
 until age 70 when, by law, they must be taken.
(b) Defined contribution (‘Money Purchase’) arrangements
 Members whose benefits are capped by legislation participate in additional money purchase  
 arrangements. In the US a scheme has been set up based on the difference between the  
 Company’s actual contributions to the defined benefit scheme and those contributions which  
 would have been paid without the legislative cap. 32
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010
Board Report on Remuneration
(continued)
Percentage Growth 
A - FTSE Media & Photography TR in GB (13.76%)
C - FTSE Haynes Publishing PLC TR in GB (10.89%)
B - FTSE Small Cap Index (ex IT) TR in GB (6.67%)
B
C
A
Jun 05 Oct Feb 06 Jun Oct Feb 07 Jun Oct Feb 08 Jun Oct Feb 09 Jun Oct Feb 10
-60%
-40%
-20%
0%
20%
40%
60%
80%
5 Years from June 05 to May 10
(b) Defined contribution (‘Money Purchase’) arrangements (continued)
 The pensionable cap in the US is $245,000 (£154,662). Under this arrangement the   
 Company made contributions on behalf of E Oakley amounting to $79,541 (£50,212) and D  
 Benhardus $19,939 (£12,587) during the year. Additionally, in the US there is an Employer  
 Savings Plan (401K pension plan) available to all employees. Under the plan the Company  
 contributes 1.6% of salary as well as matching one third of employees’ deferrals up to a  
 maximum of 6% of salary. During the year, the contributions for E Oakley amounted to  
 $8,820 (£5,568) and for D Benhardus $9,736 (£6,146). In the UK, there is an additional AVC  
 facility for members of the UK Scheme.
5 Performance graph
The following graph compares the total return on the Company’s shares with that of the 
‘FTSE Small Cap’ index and the FTSE Media & Photography index over the last 5 years. 
These indexes are chosen following discussion with the Company’s stockbrokers, as being 
the indexes most representative of the performance of the shares of generally comparable 
companies.
6 Service contracts 
The Committee is mindful of the unique characteristics of the Company; its vertical 
integration as both publisher and printer, its product range, its geographical spread, and 
its shareholder base. The Company’s competitive position must be of paramount concern. 
The service contracts for Executive Directors in the UK include a notice period of 12 months 
or less upon termination. Directors who are US based are employed ‘at will’ and there is 
no notice provision. However to ensure reasonable parity with the UK based directors a 

If the Company terminates without notice or at short notice, the individual is entitled to the 
contractual entitlements and benefits which would have accrued within the notice period. 
 
of termination. 
In the event of termination for cause, the bonus element of remuneration is either not payable 
or payable only at the discretion of the Company. 33
 Director Date of contract Notice period 
 JH Haynes (UK) 29 November 1979 12 months 
 JH Haynes (US) 29 November 1979 6 months 
 E Oakley 30 May 2002 None (24 months notional)
 D Benhardus 31 May 2002 None (12 months notional)
 JHC Haynes  15 February 2002 12 months  
 
E Oakley’s original service contract was renegotiated upon his appointment as Group Chief Executive 
on 1 June 2002. The Committee is well aware of the advice provided in the Combined Code at B.1.6 
concerning the length of the notice period, and in agreement with it, thus all but one of the directors 
have notice periods no longer than 12 months. In the exceptional case the Committee believes that it 
is not presently in the interests of the shareholders to negotiate an amendment.
The directors’ service contracts are not of a fixed term, but will continue until terminated by  
either party.
Non-Executive Directors do not hold service contracts and are appointed at the will of the board 
usually for a fixed period of two years. 
Section 4(i)(a) and 4(v)(b) along with the following disclosures (up to and including page 34) on 
directors’ remuneration have been audited as required by the 2006 Companies Act.
7 Directors’ remuneration for year ending 31 May 2010
The emoluments of the individual directors were as follows:
 Salary                 Performance   Total 2009
 and Fees                           Bonus Benefits  
[1]
 Emoluments Total
 £000                             £000 £000  £000 £000
Executive 
   
JH Haynes  166                                 86 12 264 284
E Oakley
 [2]
 298                               145 19 462 448
JHC Haynes 119                                 87 6 212 182
D Benhardus  178                                 38 15 231 221
 761                               356 52 1,169 1,135 
Non-Executive
E Bell 28                                    - - 28 28
A Garner  22                                    - - 22 21
MEF Haynes 21                                    - - 21 21
RP Corbett
[3]
 -                                    - - - 18
DW Suter
[3]
 -                                    - - - 14
 71                                    - - 71 102
Total 832                               356 52 1,240 1,237
[1]
 The benefits principally relate to the provision of company cars, fuel and healthcare. 
[2]
 Mr E Oakley waived $7,291 (£4,603) of his bonus received in respect of the year ending  
31 May 2009. A profit share contribution of $7,291 was then made by the Company into  
Mr E Oakley’s ‘401K’ pension plan in the US. 
[3]
 RP Corbett and DW Suter retired as directors in January 2009. 34
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010
8 Directors’ accrued pension entitlements
        Transfer  
        value of the   
        increase   
        in accrued   Increase in
       Increase in benefit Transfer Transfer transfer
       accrued (excluding  value value value
     Directors’ Accrued benefit inflation) less of accrued  of accrued excluding
  Normal  Years of contributions benefit excluding Directors’ benefits benefits Directors’
  pensionable  pensionable 2010 2010 inflation contributions 2010 2009 contributions
 [Note] Age Age service £000 £000 £000 £000 £000 £000 £000
JH Haynes US 65 72 28 - 34 (1) (14) 365 321 44
E Oakley US,MP 65 63 28 - 78 6 61 870 709 161
D Benhardus US,MP 65 63 22 - 76 6 70 860 693 167
JHC Haynes UK 60 43 8 6 25 4 29 312 197 115
US  Member of the US Plan
  All current year amounts for the US plan have been converted to sterling at the closing rate for the
 financial year. The prior year transfer values of accrued benefits have been stated at the exchange rate 
 ruling at 31 May 2009. The amounts in US Dollars were as follows:
  2010 2009
  $000 $000
 JH Haynes 530 518
 E Oakley 1,264 1,144
 D Benhardus 1,250 1,117
UK Member of the UK Scheme.
MP  Also participates in a defined contribution (‘Money Purchase’) arrangement (see above).
The accrued benefit shown is that which would be paid annually on retirement age based on 
service to the end of the year.
From 1 October 2008, UK Government legislation requires the trustees to take responsibility for 
setting the assumptions which underlie the calculation of voluntary transfers to be paid from the 
Plan, having first taken advice from the Scheme Actuary. Prior to this date the responsibility for 
setting the assumptions lay with the Scheme Actuary. Accordingly, the transfer values of the UK 
accrued pensions at the year-end have been calculated in accordance with this requirement.
Details of the Committee’s policy on pensions and the pension arrangements themselves are 
provided earlier in this Report.
On behalf of the Board.
James Bunkum
Group Company Secretary
14 September 2010
Board Report on Remuneration
(continued) 35
Statement of Directors’  
Responsibilities
The directors are responsible for keeping adequate accounting records that show and explain 
the Company’s transactions, disclose with reasonable accuracy at any time the financial 
position of the Company, and enable them to ensure that the financial statements comply with 
the requirements of the Companies Act 2006, and as regards the Group financial statements, 
Article 4 of the IAS Regulation.
The directors are required by the Companies Act 2006 to prepare financial statements for each 
financial year which give a true and fair view of the state of affairs of the Company and the 
Group as at the end of the financial year and of the profit or loss of the Group for the financial 
year.  The directors are required to prepare financial statements for the Group in accordance 
with Article 4 of the IAS Regulation and have chosen to prepare financial statements for the 
Company in accordance with UK Generally Accepted Accounting Practice.
In preparing the Group and Company financial statements, the directors are required to:
 
 
 with IFRS as adopted by the EU; 
 have been followed; and 
 presume that the Group and Company will continue in business.
They are also responsible for safeguarding the assets of the Company and hence for taking 
reasonable steps for the prevention and detection of fraud and other irregularities. 
 
The directors are responsible for preparing a directors’ report and a directors’ remuneration report 
which comply with the requirements of the Companies Act 2006.
Website publication
The directors are responsible for ensuring the annual report and financial statements are made 
available on a website.  Financial statements are published on the Group’s UK website in 
accordance with legislation in the United Kingdom governing the preparation and dissemination 
of financial statements, which may vary from legislation in other jurisdictions. The maintenance 
and integrity of the Group’s UK website is the responsibility of the directors. The directors’ 
responsibility also extends to the ongoing integrity of the financial statements contained therein.
Directors’ responsibility statement pursuant to DTR4
The directors confirm to the best of their knowledge:
 Financial Reporting Standards as adopted by the European Union (IFRSs) and Article 4 of  
 the IAS Regulation and give a true and fair view of the assets, liabilities, financial position  
 and profit and loss of the Group.
 
 business and the financial position of the Group and the Parent Company, together with a  
 description of the principal risks and uncertainties that they face. 36
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010
Independent Auditor’s Report
to the members of Haynes
Publishing Group P.L.C.
We have audited the financial statements of Haynes Publishing Group P .L.C. for the year ended 
31 May 2010 which comprise the Consolidated Balance Sheet and Company Balance Sheet, 
the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, 
the Consolidated Cash Flow Statement, the Consolidated Statement of Changes in Equity, the 
Parent Company reconciliation of movement in shareholders’ funds and the related notes. The 
financial reporting framework that has been applied in the preparation of the Group financial 
statements is applicable law and International Financial Reporting Standards (IFRSs) as adopted 
by the European Union. The financial reporting framework that has been applied in preparation 
of the Parent Company financial statements is applicable law and United Kingdom Accounting 
Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Company’s members, as a body, in accordance with Chapter 
3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might 
state to the Company’s members those matters we are required to state to them in an auditor’s 
report and for no other purpose. To the fullest extent permitted by law, we do not accept or 
assume responsibility to anyone other than the Company and the Company’s members as a 
body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and auditors
As explained more fully in the statement of directors’ responsibilities, the directors are 
responsible for the preparation of the financial statements and for being satisfied that they 
give a true and fair view. Our responsibility is to audit the financial statements in accordance 
with applicable law and International Standards on Auditing (UK and Ireland). Those standards 
require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors. 
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial 
statements sufficient to give reasonable assurance that the financial statements are free from 
material misstatement, whether caused by fraud or error. This includes an assessment of: 
whether the accounting policies are appropriate to the Group’s and the Parent Company’s 
circumstances and have been consistently applied and adequately disclosed; the 
reasonableness of significant accounting estimates made by the directors; and the overall 
presentation of the financial statements.
Opinion on financial statements
In our opinion: 
 Company’s affairs as at 31 May 2010 and of the Group’s profit for the year then ended; 
 adopted by the European Union; 

 United Kingdom Generally Accepted Accounting Practice; and 
 Companies Act 2006; and, as regards the Group financial statements, Article 4 of the  
 IAS Regulation. 37
Opinion on other matters prescribed by the Companies Act 2006
In our opinion:
 accordance with the Companies Act 2006; and 
 statements are prepared is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 
requires us to report to you if, in our opinion:
 adequate for our audit have not been received from branches not visited by us; or 
 report to be audited are not in agreement with the accounting records and returns; or 
 
 Under the Listing Rules we are required to review:
 
 with the nine provisions of the 2006 Combined Code specified for our review. 
 
Malcolm Thixton  (Senior Statutory Auditor)
For and on behalf of BDO LLP , Statutory Auditor 
Southampton 
United Kingdom 
14 September 2010
BDO LLP is a limited liability partnership registered in England and Wales  
(with registered number 0C305127) 38
2010 2009
Continuing operations £000 £000
Note 2 Revenue 33,310  35,335 
Cost of sales (11,910) (13,378)
Gross proﬁt 21,400  21,957 
Other operating income 325  101 
Distribution costs (7,926) (8,622)
Administrative expenses (6,113) (5,861)
Note 4 Operating proﬁt 7,686  7,575 
Note 6 Finance income  1,053  1,123 
Note 7 Finance costs (1,571) (1,642)
Proﬁt before taxation from continuing operations 7,168  7,056 
Note 8 Taxation (2,486) (2,267)
Proﬁt for the period from continuing operations 4,682  4,789 
Attributable to : 
Equity holders of the Company 4,677  4,810 
Non-controlling interests 5  (21)
 4,682  4,789 
Note 9 Earnings per 20p share Pence Pence
Earnings per share from continuing operations
            – Basic 28.6 29.4
            – Diluted 28.6 29.4
Consolidated Income Statement
Year ended 31 May 2010
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010
Financial Statements 39
Consolidated Statement of Comprehensive Income 
Year ended 31 May 2010
2010 2009
£000 £000
Proﬁt for the period 4,682  4,789  
Other comprehensive income
Exchange differences on translation of foreign operations 2,520  4,634 
Actuarial gains/(losses) on retirement beneﬁt obligation
- UK Scheme (4,535) (1,627)
- US Scheme 1,003  (1,594)
Deferred tax on retirement beneﬁt obligation
- UK Scheme 1,270  455 
- US Scheme (401) 637 
Other comprehensive income recognised directly in equity (143) 2,505 
Total comprehensive income for the ﬁnancial period 4,539  7,294 
Attributable to :
Equity holders of the Company 4,534  7,315 
Non-controlling interests 5  (21)
 4,539  7,294  40
2010 2009
£000 £000
Non-current assets
Note 11 Property, plant and equipment 10,725  9,831 
Note 12 Intangible assets 16,537  14,979 
Note 17 Deferred tax assets 5,424  3,996 
Total non-current assets 32,686  28,806 
Current assets
Note 13 Inventories 13,193  12,523 
Note 14 Trade and other receivables 10,651  11,765 
Note 15 Cash and cash equivalents 3,842  3,029 
Total current assets 27,686  27,317 
Total assets 60,372  56,123 
Current liabilities
Note 16 Trade and other payables (4,288) (4,446)
Current tax liabilities (254) (122)
Note 15 Bank overdraft -    (1,659)
Total current liabilities (4,542) (6,227)
Non-current liabilities
Note 17 Deferred tax liabilities (3,353) (2,691)
Note 19 Retirement beneﬁt obligation (14,017) (10,390)
Total non-current liabilities (17,370) (13,081)
Total liabilities (21,912) (19,308)
Net assets
 38,460  36,815 
Equity
Note 20 Share capital 3,270  3,270 
Share premium 638  638 
Retained earnings 28,448  29,328 
Foreign currency translation reserve 6,096  3,576 
Capital and reserves attributable to equity shareholders 38,452  36,812 
Equity attributable to non-controlling interests 8  3 
Total equity 38,460  36,815 
  The financial statements were approved by the board of directors and authorised for issue   
 on 14 September 2010 and were signed on its behalf by:
  
 
 JHC Haynes                                         E Oakley
 Director                                                   Director
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010
Consolidated Balance Sheet
At 31 May 2010
Financial Statements 41
Share
capital
Share
premium
Foreign
currency
translation
reserve
Retained
earnings Sub-total
Non-
controlling
interests Total
£000 £000 £000 £000 £000 £000 £000
Balance at 1 June 2008 3,270  638  (1,058) 29,018  31,868  14  31,882 
Proﬁt for the period -    -    -    4,810  4,810  (21) 4,789 
Other comprehensive income:
Currency translation adjustments -    -    4,634  -    4,634  -    4,634 
Actuarial gains/(losses) on deﬁned beneﬁt 
plans (net of tax) -    -    -    (2,129) (2,129) -    (2,129)
Total other comprehensive income -    -   4,634(2,129) 2,505 -   2,505
Total comprehensive income -    -    4,634  2,681  7,315  (21) 7,294 
Dividends (note 10) -    -    -    (2,371) (2,371) -    (2,371)
Increase in non-controlling interests  
share capital/share premium -    -    -    -    -    10  10 
Balance at 1 June 2009 3,270  638  3,576  29,328  36,812  3  36,815 
Proﬁt for the period -    -    -    4,677  4,677  5  4,682 
Other comprehensive income:
Currency translation adjustments -    -    2,520  -    2,520  -    2,520 
Actuarial gains/(losses) on deﬁned beneﬁt 
plans (net of tax) -    -    -    (2,663) (2,663) -    (2,663)
Total other comprehensive income -   -   2,520(2,663) (143) - (143)
Total comprehensive income -    -    2,520  2,014  4,534  5  4,539 
Dividends (note 10) -    -    -    (2,894) (2,894) -    (2,894)
Balance at 31 May 2010 3,270  638  6,096  28,448  38,452  8  38,460 
Consolidated Statement of Changes in Equity
Year ended 31 May 2010 42
  Cash ows from operating activities - continuing
2010 2009
£000 £000
Proﬁt after tax 4,682  4,789 
Adjusted for :
Income tax expense 2,486  2,267 
Interest payable and similar charges 9  116 
Interest receivable (29) (38)
Interest charges on pension liabilities less expected returns on pension assets 538  441 
Operating proﬁt 7,686  7,575 
Depreciation on property, plant and equipment 1,014  864 
Amortisation of intangible assets 874  418 
IAS 19 pensions current service cost net of contributions paid (693) (407)
(Gain)/loss on disposal of property, plant and equipment (19) 139 
 8,862  8,589 
Changes in working capital :
Decrease/(increase) in inventories 105  (300)
Decrease in receivables 1,492  1,918 
Decrease in payables (226) (917)
Net cash generated from operations 10,233  9,290 
Tax paid (1,796) (2,024)
Net cash generated by operating activities 8,437  7,266 
Investing activities
Disposal proceeds on property, plant and equipment 29  416 
Purchases of property, plant and equipment (1,158) (2,354)
Expenditure on development costs (2,143) (1,939)
Acquisition costs:
- Deferred consideration (84) (81)
Interest received 29  38 
Net cash used in investing activities (3,327) (3,920)
Financing activities
Dividends paid (2,894) (2,371)
Cash received from non-controlling interests -    10 
Interest paid (13) (112)
Net cash used in ﬁnancing activities (2,907) (2,473)
Note 22 Net increase in cash and cash equivalents 2,203  873 
Cash and cash equivalents at beginning of year 1,370  196 
Effect of foreign exchange rate changes 269  301 
Note 22
Cash and cash equivalents at end of year 3,842  1,370 
Consolidated Cash Flow Statement
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 43
 1 Principal accounting policies
  The address of the registered ofﬁce is given on page 16. The Consolidated Financial Statements of
 the Company for the year ended 31 May 2010 comprise the Company and its subsidiaries  
 in notes 2 to 25 all relate to the Group’s ﬁnancial statements. The Company has  elected to prepare  
 its Parent Company ﬁnancial statements in accordance with UK GAAP . The Parent  Company  
 balance sheet can be found on page 78 and the applicable accounting policies of  the Parent  
 Company are contained in notes 26 to 38. 
 
  Basis of preparation
  The Group ﬁnancial statements have been prepared and approved by the directors in accordance  
  with International Financial Reporting Standards (IFRS’s) as adopted by the European Union and  
  the Companies Act 2006 applicable to companies reporting under IFRS.  
  
  The Group ﬁnancial statements have been prepared on the historical cost basis except for the  
  treatment of certain ﬁnancial instruments and are presented in sterling, with all values rounded  
  to the nearest thousand pounds (£’000) except as indicated otherwise.
  (a) New standards, amendments to standards or interpretations effective in 2009/10
  During the ﬁnancial year beginning 1 June 2009 the following new standards, amendments to  
  standards or interpretations became effective for the ﬁrst time.  
 
  IFRS 7:  Financial instruments - Disclosures (amendment):  The amended standard requires  
  additional disclosures in respect of the fair value of ﬁnancial instruments and liquidity risk. The  
  amendment is mandatory for accounting periods beginning on or after 1 January 2009, but  
  comparatives are not required in the ﬁrst year of application. 
 
  IFRS 8:  Operating segments:  This new standard replaces IAS 14 ‘Segmental Reporting’ and  
  requires operating segments to be disclosed on the same basis as that used for internal reporting.  
  The implementation of IFRS 8 has had no impact on the results or net assets of the Group but has  
  resulted in certain revised disclosures. See note 3 for further details. 
  
  IAS 1 (revised): Presentation of ﬁnancial instruments:  The adoption of IAS 1 (revised) requires certain  
  revised disclosures to the primary statements. In particular, the reconciliation of the movement  
  in equity, which was formerly included as a note to the Consolidated Financial Statements, is now  
  presented as a primary  statement. In addition, the Consolidated Statement of Recognised Income  
  and Expense has been  replaced with the Consolidated Statement of Comprehensive Income. Also,  
  as part of the changes  minority interests are now referred to as non-controlling interests. Apart from  
  some small disclosure  changes the new statements are similar in content to the previous information  
  presented. 
 IFRS 2 ‘Share-based payment’, IAS 23 ‘Borrowing costs’, IAS 32 ‘Financial Instruments:  
 Presentation’ and IAS 39 ‘Financial Instruments: Recognition & Measurement’ became effective  
 during the ﬁnancial year ended 31 May 2010 but did not have a material impact on the Group.
Notes to the Consolidated Financial Statements
Year ended 31 May 2010 44
 1 Principal accounting policies (continued)
  
  
  (b) New standards, amendments to standards or interpretations not yet applied
  The International Accounting Standards Board (IASB) and International Financial Reporting  
  Interpretations Committee (IFRIC) have issued the following standards, amendments and  
  interpretations with an effective  date falling after the date of these ﬁnancial statements.
 
  International Accounting Standards (IAS/IFRS)   Effective date
       for periods commencing
 IFRS 2 (amendment):  Group cash-settled share-based  
                         payment transactions    1 January 2010
 IFRS 3 (amendment):  Business combinations   1 July 2009
 IFRS 5 (amendment):  Measurement of non-current assets 
             (or disposal groups) classiﬁed as held-for-sale   1 January 2010
 IFRS 9:                       Financial instruments    1 January 2013 *
 IAS 1 (amendment):    Presentation of ﬁnancial statements   1 January 2010
 IAS 24 (revised):          Related party disclosures   1 January 2010
 IAS 27 (amendment):  Consolidated and separate ﬁnancial statements  1 July 2009
 IAS 38 (amendment):  Intangible assets    1 July 2009
   
  International Financial Reporting Interpretations Committee
  IFRIC 14 (amendment): Payments of a minimum funding requirement  1 January 2011
 IFRIC 17: Distribution of non-cash assets to owners   1 July 2009  
 IFRIC 19: Extinguishing ﬁnancial liabilities with equity instruments  1 July 2010 * 
 * Not yet adopted for use in the European Union
 The above standards, amendments and interpretations will be adopted in accordance with their  
 effective  dates and have not been adopted in these ﬁnancial statements. The directors do not  
 anticipate  that the adoption of the above standards and interpretations will have a material impact  
 on the ﬁnancial statements of the Group in the period of initial application.
 
 Basis of consolidation
 The Consolidated Financial Statements incorporate the ﬁnancial statements of the Company and 
 entities controlled by the Company made up to the reporting date. Control is achieved where 
 the Company has the power to govern the ﬁnancial and operating policies of an investee entity 
 so as to obtain beneﬁts from its activities.  
 
 On acquisition, the assets, liabilities and contingent liabilities of a subsidiary are measured at 
 their fair values at the date of acquisition. Any excess of the fair value of consideration over the 
 fair values of the identiﬁable net assets acquired is recognised as goodwill. Any deﬁciency of 
 the fair value of consideration below the fair values of the identiﬁable net assets acquired 
 (i.e. discount on acquisition) is credited to the Consolidated Income Statement at the date of  
 acquisition. 
 
 The results of subsidiary undertakings acquired or disposed of in the year are included in the  
 Consolidated Income Statement from the effective date of acquisition or up to the effective date  
 of disposal, as appropriate. Where necessary, adjustments are made to the ﬁnancial statements  
 of subsidiaries to bring the accounting policies used into line with those used by the Group. 
 Non-controlling interests represent the portion of proﬁt or loss and net assets in subsidiaries that  
 is not held by the Group and is presented within equity in the Consolidated Balance Sheet,  
 separately from the Company shareholders equity.
 All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Notes to the Consolidated Financial Statements
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 45
 1 Principal accounting policies (continued)
  Intangible assets and goodwill
  All business combinations are accounted for by applying the purchase method. Goodwill arising  
  on consolidation represents the excess of the fair value of consideration over the Group’s  
  interest in the fair value of the identiﬁable assets and liabilities of a subsidiary, associate or jointly  
  controlled entity at the date of acquisition and is included in the balance sheet under the  
  heading of intangible assets.
 
 For acquisitions made prior to 1 June 2004, goodwill is recorded on the basis of its deemed  
 cost which represented its carrying value at 1 June 2004 under UK GAAP .
 
 The goodwill is allocated to cash generating units and reviewed for impairment at least annually.  
 On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of  
 goodwill is included in the determination of the proﬁt and loss on disposal.  
 
 Where applicable adjustments are made to bring the accounting policies of an acquired  
 business into alignment with those of the Group. Any costs associated with reorganising or
 restructuring the business are charged directly to the Consolidated Income Statement. If at 
 the balance sheet date the fair value of the acquiree’s identiﬁable assets, liabilities and   
 contingent liabilities can only be established provisionally these values are used. Any   
 adjustments to these values made within 12 months of the acquisition date are taken as  
 adjustments to goodwill.
 
 Intangible assets acquired separately are measured on initial recognition at cost. An intangible  
 resource acquired in a business combination is only recognised as an intangible asset if it is 
 separable from the acquired business or arises from contractual or legal rights, is expected  
 to generate future economic beneﬁts and its fair value can be measured reliably. An intangible  
 asset with a ﬁnite life is amortised on a straight line basis so as to charge its cost which, 
 in respect of an acquired intangible asset, represents its fair value at the acquisition date, to the 
 Consolidated Income Statement over its expected useful life. An intangible asset with an 
 indeﬁnite or indeterminate life is not amortised but is tested at least annually for impairment and 
 carried at cost less any recognised impairment losses.
 
 Computer software that is not integral to an item of property, plant and equipment is recognised  
 separately as an intangible asset. Amortisation is provided on a straight line basis so as to  
 charge the cost of the software to the income statement over its expected useful life within  
 the business. 
 
 The estimated useful lives of assets are as follows: 
 
 Trademarks, domain names, copyright, know-how   Indeterminite life
 Goodwill     Indefinite life
 Development costs    5 years 
     
   46
 1 Principal accounting policies (continued)
  Research and development costs
  All research expenditure is charged to the income statement in the period in which it is incurred. 
  
 Development expenditure is charged to the income statement in the period in which it is 
 incurred unless it relates to either the development of a new product or an enhancement to an  
 existing product where the commercial viability of the product can be proven, the costs can be  
 separately identiﬁed and measured reliably, the development is expected to bring future economic
 beneﬁt to the Group and the Group has sufﬁcient resources and intends to complete  the  
 development and to use or sell the asset. Any such capitalised development expenditure is
 amortised on a straight line basis so that it is expensed to the income statement over the expected  
 life of the product.
  
  Revenue recognition
  Revenue is measured at the fair value of the consideration received or receivable for goods or  
  services provided in the normal course of business, net of discounts and sales related taxes.   
   The following speciﬁc recognition criteria also apply:    
 Revenue from the sale of goods is recognised when the goods are dispatched and the   
 signiﬁcant risks and rewards of ownership are passed to the customer and can be reliably measured.
 
 Revenue from the sale of services is recognised when the service has been supplied and  
 the risks and rewards associated with the supply have been passed to the customer. 
    
 Revenue from the sale of licenses under a ﬁxed term and price contract is recognised on a 
 straight line basis over the period of the contract. Revenue from the sale of an individual 
 non-refundable license is recognised once the license has been delivered and the substantial 
 obligations of the vendor have been fulﬁlled.
   
  Foreign currencies
 Transactions in foreign currencies are translated to sterling at the rate ruling on the date of the 
 transaction. Exchange differences arising from the movement in rates between the date of  
 transaction and the date of settlement are taken to the Consolidated Income Statement as  
 they arise. 
   
 Assets (including goodwill) and liabilities of overseas subsidiaries are translated to sterling at the  
 rate ruling on the balance sheet date. The results of that subsidiary are translated at an average  
 rate of exchange for the year.    
 
 Exchange gains or losses arising on the translation of the opening net assets of an overseas 
 subsidiary, together with exchange differences arising on the use of the average rate of exchange,  
 are taken to reserves.
 
Notes to the Consolidated Financial Statements
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 47
 1 Principal accounting policies (continued)
  Foreign currencies (continued)
 The foreign exchange rates used in the ﬁnancial statements to consolidate the overseas  
 subsidiaries are as follows (local currency equivalent to £1):
Year-end rate Average rate
2010 2009 2010 2009
US dollar 1.45 1.61 1.58 1.64
Euro 1.18 1.14 1.13 1.18
Swedish krona 11.38 12.22 11.51 12.11
Australian dollar 1.73 2.02 1.81 2.17
  Impairment of non-current assets
  All non-current assets are tested for impairment whenever events or circumstances indicate that  
  their carrying value might be impaired. In addition, intangible assets and goodwill with an indeﬁnite  
  or indeterminable life are subject to at least an annual impairment test.
 
 An impairment loss is recognised to the extent that an asset’s carrying value exceeds its  
 recoverable amount, which will represent the higher of the asset’s fair value less costs to sell and  
 its value in use. An asset’s value in use represents the present value of the future cash ﬂows  
 expected to be derived from the asset. Where it is not possible to estimate the recoverable  
 amount of an individual asset, an impairment review is undertaken in relation to the cash  
 generating unit to which the asset belongs. The recoverable amount of  goodwill is determined by  
 reference to the discounted future cash ﬂows of the cash generating unit to which it is allocated.
 Impairment losses recognised in previous periods for an asset other than goodwill are 
 reversed if there has been a change in estimates used to assess the asset’s recoverable 
 amount. The carrying amount of an asset shall not be increased above the amount that would 
 have been determined had no loss been recognised in prior periods. Impairment losses 
 recognised in relation to goodwill are not reversed.    
 Impairment losses when recognised are passed through the Consolidated Income Statement.
  Property, plant and equipment
   Property, plant and equipment assets are held in the balance sheet at cost (cost comprising the 
 acquisition cost of the assets along with any other attributable costs at the date of acquisition).
 Depreciation is provided to write off the cost of property, plant and equipment less any estimated  
 current residual values, by equal instalments over their estimated useful lives.  Residual values are
 based on commercial and industry experience and where appropriate using  the services of  
 professional surveyors.     
 
 While the estimated useful life on an asset is determined on acquisition, using best estimates, 
 both residual values and estimated useful lives are monitored on an annual basis. Where the  
 estimated current residual value is in excess of the net book value of the asset concerned, no  
 depreciation is charged during the period.    
 
 The estimated useful lives of assets are as follows:
 Freehold land                         Nil
 Freehold buildings   40 years
 Leasehold property   The period of the lease
 Plant and equipment   3 years to 20 years
 
 The gain or loss arising on the disposal or retirement of an asset is determined as the difference 
 between the sales proceeds and the carrying amount of the asset and is recognised in the 
 Consolidated Income Statement. 48
 1 Principal accounting policies (continued) 
  Inventories 
 Stock and work in progress are valued at the lower of cost and net realisable value. Cost  
 comprises direct materials, other direct costs and labour together with an appropriate   
 proportion of overheads. 
 
 The cost of editorially originating a new title (i.e. the costs of writing, photographing and  
 editing  a title) are expensed to the Consolidated Income Statement to match against the  
 corresponding  revenue from such titles, over a period not exceeding 5 years. Provision is made  
 against slow  moving and obsolete stock to ensure the value at which stock  is held in the balance  
 sheet is  reﬂective of anticipated future sales patterns. The period before a  provision is made varies  
 between product categories but for general publishing related titles does  not exceed 2 years  
 and for technical motoring titles does not exceed 5 years.
 
  Leases 
  Where a Group Company enters into a lease which entails taking substantially all the risks 
 
  recorded in the balance sheet as property, plant and equipment and is depreciated over its 
  estimated useful life or the term of the lease, whichever is shorter. Future instalments under 
  such leases, net of ﬁnance charges, are included within creditors. Rentals payable are 
  apportioned between the ﬁnance element, which is charged to the Consolidated Income 
  Statement, and the capital element which reduces the outstanding obligation for future instalments.
 
 the Consolidated Income Statement on a straight line basis over the life of the lease.
 
  Taxation  
 The tax expense represents the aggregate of the tax currently payable and deferred tax. The 
 tax currently payable is based on taxable proﬁt for the period. Taxable proﬁt differs from net 
 proﬁt as reported in the income statement as it excludes items of income or expense that are 
 taxable or deductible in other years and it further excludes items that are never taxable or 
 deductible. The Group’s liability for current tax is calculated using tax rates that have been 
 enacted or substantively enacted by the balance sheet date.
 Deferred tax is the tax expected to be payable or recoverable on differences between  the carrying  
 amounts of assets and liabilities in the ﬁnancial statements and the corresponding  tax bases used  
 in the computation of taxable proﬁt, and is accounted for using the balance  sheet liability method.  
 Deferred tax assets are generally recognised to the extent that it is  probable that taxable proﬁts will  
 be available against which deductible temporary differences  can be utilised. The carrying amount of  
 deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no  
 longer probable that sufﬁcient taxable proﬁts will be available to allow all or part of the asset to be  
 recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when  
 the liability is settled or the asset is realised. Deferred tax is charged or credited in the Consolidated  
 Income  Statement, except when it relates to items charged or credited directly to equity, in which  
 case the deferred tax is also dealt with in equity.
  
  Pension and other post retirement beneﬁts  
 Payments to deﬁned contribution retirement beneﬁt schemes are charged as an expense as 
 they fall due. For deﬁned beneﬁt retirement schemes, the cost of providing beneﬁts is 
 determined using the projected unit credit method, with actuarial valuations being carried out 
 at each balance sheet date. Actuarial gains and losses are recognised in full in the period 
 in which they occur. They are recognised outside the Consolidated Income Statement and  
 presented in  the Consolidated Statement of Comprehensive Income. Past service costs are  
 recognised  immediately to the extent that the beneﬁts are already vested, and otherwise are  
 amortised on a  straight-line  basis over the average period until the beneﬁts become vested.
Notes to the Consolidated Financial Statements
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 49
 1 Principal accounting policies (continued)
  
  Pension and other post retirement beneﬁts (continued) 
   The retirement beneﬁt obligation recognised in the balance sheet represents the present value  
  of the deﬁned beneﬁt obligation as adjusted for unrecognised past service cost, and as reduced 
 by the fair value of scheme assets.
 Dividends payable
 The liability for ﬁnal dividends is recorded when the dividends are approved by the Company’s 
 shareholders. For interim dividends, the liability is recorded when the dividends are paid.
 Financial instruments
 Financial assets and ﬁnancial liabilities are recognised on the Group’s balance sheet when the 
 Group becomes a party to the contractual provisions of the instrument.  Financial assets which  
 include trade receivables and cash and cash equivalents are treated as loans and receivables and  
 carried at amortised cost.    
 
  Trade and other receivables
  Trade receivables are recorded at original invoice amount less an allowance for estimated
 irrecoverable amounts. 
 
 A provision for impairment of trade receivables is established when there is objective evidence 
 that the Group will not be able to collect all amounts due according to the original terms 
 of the receivables. The amount of the provision is recognised in the balance sheet and the cost of 
 irrecoverable trade receivables is recognised in the Consolidated Income Statement immediately. 
 Customer allowances, which are earned by customers on reaching targeted levels of sales are  
 netted against trade receivables on the balance sheet.
 Where an advance is paid to an author, ahead of a title’s publication, the advance is held as an 
 asset on the balance sheet and is classiﬁed within other debtors. Once the title has been  
 published, royalties earned against the title will be offset against the author’s advance until 
 the advance asset has been cleared. Where it is deemed unlikely that future sales activity will 
 clear the outstanding royalty advance a provision is made to write-down the asset to its 
 expected recoverable amount.
  Bank borrowings
  Interest-bearing bank loans and overdrafts are recorded at fair value and carried at amortised cost. 
  Trade payables
  Trade payables are not interest-bearing and are recognised and carried at the original invoice amount.
 
 Provisions
 A provision is recognised in the balance sheet when a Group entity has a legal or constructive obligation  
 as a result of a past event, that can be estimated reliably and it is probable that an outﬂow of economic  
 beneﬁts will be required to settle the obligation. If the effect is material, a provision will be made by 
 discounting the expected future cash ﬂows at a pre-tax rate which reﬂect current market assessments of  
 the time value of money and, where appropriate, the risks speciﬁc to the liability. 
 
 Cash and cash equivalents
 Cash and cash equivalents includes cash in hand, deposits held at call with banks, other 
 short-term highly liquid investments with original maturities of three months or less and bank 
 overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance 
 sheet. For the purposes of the Group cash ﬂow statement, cash and cash equivalents are as 
 deﬁned above, net of outstanding bank overdrafts.
 
  50
 1 Principal accounting policies (continued) 
   Critical accounting estimates and judgements
  The preparation of the Consolidated Financial Statements requires the Group to make certain 
 estimates and assumptions that have an impact on the application of the policies and the 
 amounts reported in the Consolidated Financial Statements. Estimates and judgements are  
 evaluated based on historical experiences and expected outcomes  and are believed to be  
 reasonable at the time such estimates and judgements are made, although  actual experience may  
 vary from these estimates. 
  
  The estimates and assumptions which have the most signiﬁcant bearing on the carrying value 
 of assets or liabilities are explained below: 
 
  i)  Impairment of intangible assets 
 In line with IAS 36 the Group is required to test the carrying value of goodwill and intangible
 assets with indeﬁnite or indeterminate lives, at least annually, for impairment. As part of this 
 review process, the recoverable amount of the asset is determined using value in use  
 calculations,  which requires estimates of future cash ﬂows and as such is subject to estimates  
 and assumptions.  Further details are contained in note 12 to the Consolidated  Financial  
 Statements.
 
 ii) Depreciation of property, plant and equipment
 
 Depreciation is provided in the Consolidated Financial Statements so as to write-down the 
 respective assets to their residual values over their estimated useful lives and as such, the  
 selection  of the estimated useful lives and the expected residual values of the assets requires 
 the use of estimates and judgements. Details of the estimated useful lives are as shown  
 above in the policy note for depreciation.
 iii) Impairment of property, plant and equipment 
 Where there is an indication that the carrying value of items of property, plant and equipment
 may have been impaired through events or changes in circumstances during the year, a
 review will be undertaken of the recoverable amount of that asset based on value in use
 calculations which will involve estimates and assumptions to be made by management (refer
 to note 11 of the Consolidated Financial Statements). 
  
  iv) Pensions and other post retirement beneﬁts 
   In determining the pension cost and the defined benefit obligation of the Group’s defined 
   benefit pension schemes a number of assumptions are used. These assumptions include 
   an appropriate discount rate, the levels of salary escalation and price inflation, the expected 
   return on the schemes’ investments and mortality rates. Further details are contained in note 
   19 to the Consolidated Financial Statements.
  v)  Inventory provisions
 
 The Group reviews its finished goods inventory on a regular basis and, where appropriate, 
 makes provision for slow moving and obsolete stock based on estimates of future sales 
 activity. The estimates of future sales activity will be based on both historical experience and 
 expected outcomes based on knowledge of the markets in which the Group operates (refer 
 to note 13 of the Consolidated Financial Statements).
   vi) Origination amortisation
 
 The cost of editorially originating a new title is expensed to the consolidated income 
 statement to match against the corresponding revenue from such titles, over a period not 
 exceeding 5 years. The assessment of future sales activity is based upon estimates from 
 management using both historical experience and expected outcomes based on knowledge  
 of the markets in which the Group operates.
Notes to the Consolidated Financial Statements
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 51
 1  Principal accounting policies (continued) 
  Critical accounting estimates and judgements (continued) 
 
 vii) Development costs
  The capitalisation and subsequent amortisation of development costs requires management to  
  make certain judgements regarding the future commercial viability of the development activity  
  and  the businesses ability to devote the appropriate level of resources to complete  the  
  development project and sell or use the asset. 
 2 Revenue
  
Revenue and non-current assets by  
geographical destination on 
continuing operations
2010
External 
revenue
2010
Non-current 
assets 
[1]
2009 
External 
revenue
2009
Non-current 
assets 
[1]
£000 £000 £000 £000
United Kingdom 9,140  3,088  10,808  3,757 
Rest of Europe 6,077  10,531  5,750  9,604 
United States of America 14,698  11,962  15,756  10,138 
Australia 1,959  1,681  1,722  1,311 
Rest of World 1,436  -    1,299  -   
Total consolidated revenue*  33,310  27,262  35,335  24,810 
*Analysed as follows:
Revenue from sales of printed products 28,125 28,358
Revenue from sales of digital data 4,392 3,973
Revenue from royalty and licensing arrangements 793 492
Revenue from sale of third party printing services - 2,512
Total consolidated revenue 33,310 35,335
  
  
[1] 
The analysis of non-current assets excludes deferred tax assets.
  
 3   Segment information
 
 
 For management and internal reporting purposes, the Group is organised into two geographical  
 operating segments as follows:
 – UK and Europe
 – North America and Australia
 The UK and European business with headquarters in Sparkford, Somerset has subsidiaries in the 
 Netherlands, Italy, Spain, Romania and Sweden. Its core business is the publication and supply of 
 automotive repair and technical information to the professional automotive and DIY aftermarkets.
 The North American and Australian business with headquarters near Los Angeles, California 
 publishes DIY repair manuals for cars and motorcycles under the Haynes and Chilton brands, in  
 both the English and Spanish languages. It also has a branch operation in Sydney, Australia which  
 publishes similar products under both the Haynes and Gregory’s brands.
 
 The above two operating segments are each organised and managed separately and are treated 
 as distinct operating and reportable segments in line with the provisions of IFRS 8.  The  
 identiﬁcation of the two operating segments is based on the reports reviewed by the chief  
 operating decision maker, which form the basis for operational decision making. 52
 3 Segment information (continued)
Analysis by operating segment
UK & Europe
North America
& Australia Consolidated
2010 2009 2010 2009 2010 2009
£000 £000 £000 £000 £000 £000
Segmental revenue
Total segmental revenue 15,256 16,609 19,533 19,712 34,789 36,321
Inter-segment sales 
[1]
(328) (182) (1,151) (804) (1,479) (986)
Total external revenue 
[2]
 14,928 16,427 18,382 18,908 33,310 35,335
Segment result
Segment operating proﬁt before interest 2,185 2,230 4,010 4,413 6,195 6,643
Interest receivable 9 24 20 13 29 37
Interest payable (2) (24) - (36) (2) (60)
Segment proﬁt after interest 2,192 2,230 4,030 4,390 6,222 6,620
Unallocated head ofﬁce income less 
expenses 376 (165)
Segment profit before tax  
and adjustments 6,598 6,455
Reconciliation to consolidated proﬁt before tax :
IAS 16 Property, plant & equipment 
[3]
48 15
IAS 19 Employee beneﬁts 
[4]
50 129
IFRS 3 Business combinations 
[5]
472 457
Consolidated proﬁt before tax 7,168 7,056
Taxation
 [6]
(2,486) (2,267)
Consolidated proﬁt after tax 4,682 4,789
  
[1]
 Inter-segment sales are charged at the prevailing market rates.
  
[2] 
 Included within the overall revenue ﬁgures is revenue of £4.6 million (2009: £5.9 million) which  
  relates to a customer of the North American and Australian segment.
  
[3]
 In the segmental reporting freehold buildings are depreciated over 40 years - under IAS 16 the  
  residual value of buildings reﬂect the expected value at the end of their useful life resulting in an  
  ad justment to depreciation.
  
[4]
 In the segmental reporting pension contributions are expensed and the assets and liabilities of a 
  deﬁned beneﬁt pension scheme are held separately from the Group - under IAS 19 the Income 
  Statement and Statement of Comprehensive Income are adjusted to reﬂect the annual current  
  service cost and actuarial gains and losses arising on a deﬁned beneﬁt pension scheme and the net  
  surplus/(deﬁcit) on the scheme is included in the balance sheet.
  
[5]
 In the segmental reporting goodwill is amortised over a period not exceeding 20 years - under IFRS 3  
  goodwill is reviewed annually for impairment but not amortised.
  
[6]
 The charge to taxation relates to the consolidated Group. Included within the taxation charge is  
  £156,000 (2009: £184,000) which relates to the UK & European operations and £1,637,000  
  (2009:  £1,753,000) which relates to the North American & Australian operations.
  
Notes to the Consolidated Financial Statements
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 53
 3 Segment information (continued)
 
Segment assets and liabilities North
UK & America
Europe & Australia Eliminations Consolidated
2010 2010 2010 2010
£000 £000 £000 £000
Segment assets:
Property, plant and equipment 671  6,429  -    7,100 
Intangible assets 3,639  2,921  -    6,560 
Working capital assets 11,113  17,539  (1,103) 27,549 
Segment total assets  15,423  26,889  (1,103) 41,209 
Unallocated head ofﬁce assets 
[5]
 11,477 
Unallocated head ofﬁce eliminations (2,422)
 50,264 
Reconciliation to total consolidated assets :
IAS 16 Property, plant and equipment 
[1]
 1,219 
IAS 19 Employee beneﬁts 
[2]
 4,211 
IAS 38 Intangible assets 
[3]
 1,523 
IFRS 3 Business combinations
 [4]
 3,155 
Consolidated total assets 60,372 
Segment liabilities:
Segment working capital liabilities 3,478 4,473 (1,447) 6,504 
Unallocated head ofﬁce liabilities 
[5]
 12,481 
Unallocated head ofﬁce eliminations (321)
 18,664 
Reconciliation to total consolidated liabilities :
IAS 19 Employee beneﬁts
 [2]
 (105)
Deferred tax 3,353 
Consolidated total liabilities
 21,912 
  
  
[1]
 In the segmental reporting freehold buildings are depreciated over 40 years - under IAS 16 the  
  residual value of buildings reﬂect the expected value at the end of their useful life resulting in an  
  ad justment to depreciation. 
  
[2] 
In the segmental reporting pension contributions are expensed and the assets and liabilities of a  
  deﬁned beneﬁt pension scheme are held separately from the Group - under IAS 19 the Income 
  Statement and Statement of Comprehensive Income are adjusted to reﬂect the annual current 
  service cost and actuarial gains and losses arising on a deﬁned beneﬁt pension scheme and the net  
  surplus/(deﬁcit) on the scheme is included in the balance sheet.  
  
[3]
 In the segmental reporting the excess of the net assets acquired on a business combination over  
  the consideration is shown as goodwill - under IAS 38 speciﬁc intangible assets are created and  
  adjusted for deferred tax arising on acquisition. 
  
[4]
 In the segmental reporting goodwill is amortised over a period not exceeding 20 years - under  
  IFRS 3 goodwill is reviewed annually for impairment but not amortised.
  
[5]
 The unallocated head ofﬁce assets primarily relate to freehold property, deferred tax assets and  
  amounts owed by subsidiary undertakings. The unallocated head ofﬁce liabilities primarily relate to  
  the deﬁcit on the UK’s multi-employer deﬁned beneﬁt scheme and tax liabilities.    54
 3 Segment information (continued)
 
Segment assets and liabilities North
UK & America
 Europe & Australia Eliminations Consolidated
2009 2009 2009 2009
£000 £000 £000 £000
Segment assets:
Property, plant and equipment 822 5,396 - 6,218
Intangible assets 2,519 3,092 - 5,611
Working capital assets 12,358 15,841 (989) 27,210
Segment total assets 15,699 24,329 (989) 39,039
Unallocated head ofﬁce assets 
[5]
11,852
Unallocated head ofﬁce eliminations (3,188)
47,703
Reconciliation to total consolidated assets :
IAS 16 Property, plant and equipment 
[1]
1,111
IAS 19 Employee beneﬁts 
[2]
3,241
IAS 38 Intangible assets 
[3]
1,662
IFRS 3 Business combinations
 [4]
2,406
Consolidated total assets 56,123
Segment liabilities:
Segment working capital liabilities 4,555 5,333 (2,275) 7,613 
Unallocated head ofﬁce liabilities 
[5]
 9,360 
Unallocated head ofﬁce eliminations (146)
 16,827 
Reconciliation to total consolidated liabilities :
IAS 19 Employee beneﬁts 
[2]
 (210)
Deferred tax 2,691 
Consolidated total liabilities
 19,308 
   
[1]
 In the segmental reporting freehold buildings are depreciated over 40 years - under IAS 16 the  
  residual value of buildings reﬂect the expected value at the end of their useful life resulting in an  
  ad justment to depreciation. 
  
[2] 
In the segmental reporting pension contributions are expensed and the assets and liabilities of a  
  deﬁned beneﬁt pension scheme are held separately from the Group - under IAS 19 the Income 
  Statement and Statement of Comprehensive Income are adjusted to reﬂect the annual current 
  service cost and actuarial gains and losses arising on a deﬁned beneﬁt pension scheme and the net  
  surplus/(deﬁcit) on the scheme is included in the balance sheet.  
  
[3]
 In the segmental reporting the excess of the net assets acquired on a business combination over  
  the consideration is shown as goodwill - under IAS 38 speciﬁc intangible assets are created and  
  adjusted for deferred tax arising on acquisition. 
  
[4]
 In the segmental reporting goodwill is amortised over a period not exceeding 20 years - under  
  IFRS 3 goodwill is reviewed annually for impairment but not amortised.
  
[5]
 The unallocated head ofﬁce assets primarily relate to freehold property, deferred tax assets and  
  amounts owed by subsidiary undertakings. The unallocated head ofﬁce liabilities primarily relate to  
  the deﬁcit on the UK’s multi-employer deﬁned beneﬁt scheme and tax liabilities. 
Notes to the Consolidated Financial Statements
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 55
 3 Segment information (continued)
 
Other segment information
North North
UK & America UK & America
 Europe & Australia Consolidated Europe & Australia Consolidated
2010 2010 2010 2009 2009 2009
£000 £000 £000 £000 £000 £000
Segment additions 
to non-current assets 2,270  1,029  3,299  2,209  2,084  4,293 
Unallocated additions 
to non-current assets 1  -   
Total additions to  
non-current assets   3,300    4,293 
Segment depreciation 
& amortisation 1,161  711  1,872  667  600  1,267 
Unallocated depreciation 
& amortisation 16  15 
Total depreciation  
& amortisation 1,888  1,282 
 4 Operating proﬁt
Operating proﬁt is arrived at after charging/(crediting) the following:
2010 2009
£000 £000
Net foreign exchange losses  73  21
Depreciation of property, plant and equipment 1,014 864
Amortisation of intangible assets 874 418
(Proﬁt)/loss on sale of property, plant and equipment (19) 139
Cost of inventories recognised as an expense 8,244 10,671
Operating lease rentals  – Land and buildings 224 212
                                         – Plant and equipment 208 198
Staff costs (see note 5)  10,104 10,764 56
 4 Operating proﬁt (continued)
   Auditors remuneration
  
  The total fees payable by the Group to BDO LLP and their associates for work  performed during  
  the year in respect of audit, tax compliance and other services to the Group and its subsidiary  
  companies are shown below:
2010 2009
£000 £000
Fees payable to the Company’s auditor for the audit of 
the Company’s annual accounts 33 33
Fees payable to the Company’s auditor and its associates for other services  
–  The audit of the Company’s subsidiaries pursuant to legislation  80 76
–  Other services pursuant to legislation 10 11
–  Transaction support services -   4
–  Tax services 68 62
Fee’s payable in respect of the Group’s pension plans  
–  Audit 5 5
 196 191
 
 5 Staff costs
  Employees:
 The average number of employees (including directors)  during the year, analysed by category,  
 were as follows:     
2010 2009
number number
Production 142 158
Selling and distribution 61 59
Administration 45 54
 248 271
 
 The aggregate payroll costs of these persons were as follows:
2010 2009
£000 £000
Wages and salaries 8,316 8,603
Employer’s social security costs 748 810
Employer’s pension costs - deﬁned beneﬁt schemes (note 19) 941 1,192
Employer’s pension costs - deﬁned contribution schemes 99 159
 10,104 10,764
  
 Full details concerning directors’ emoluments, pension entitlements and long term incentive  
 schemes are shown in notes 7 and 8 of the  Board Report on Remuneration.
Notes to the Consolidated Financial Statements
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 57
 6 Finance income
 
2010 2009
£000 £000
Interest receivable on bank deposits 21  38 
Other interest 8  -   
Expected return on pension scheme assets (note 19) 1,024  1,085 
 1,053  1,123 
 
 7 Finance costs
2010 2009
£000 £000
Interest payable on bank loans and overdrafts 9 87 
Other interest  -     29 
Interest charge on pension scheme liabilities (note 19)  1,562  1,526 
 1,571  1,642 
 
 
 8 Taxation
2010 2009
£000 £000
(a) Analysis of charge in the period  
Current tax:
– UK corporation tax on proﬁts of the period 138    1,337 
– Foreign tax 2,113 1,058 
– Double tax relief  -       (1,227)
– Adjustments in respect of prior periods 1    65 
 2,252    1,233 
Deferred tax (note 17):
– Origination and reversal of temporary differences 234    1,034 
Total taxation in the Consolidated Income Statement 2,486    2,267 
 
   From 1 July 2009 dividends received in the UK from the Group’s overseas subsidiaries are treated  
  as exempt income and the UK Parent Company no longer needs to account for double tax relief.
  Accordingly, the amount included for UK corporation tax for the ﬁnancial year ended 31 May 2010  
  is lower than the prior year and correspondingly there is no double tax relief (2009: £1.2 million).    58
 8 Taxation (continued)
 (b) Reconciliation of effective tax rate
  
 The tax assessed for the period differs from the UK standard rate of corporation tax for the period  
 of 28% (2009: 28%). The differences are explained below:
2010 2009
£000 £000
Proﬁt on ordinary activities before tax 7,168   7,056
Taxation calculated at the standard rate of corporation tax  
in the UK of 28% (2009: 28%) 2,007 1,976
Affected by:
Variance in overseas tax rates 451   404
Income/expenses not chargeable/deductible for tax 27   (178)
Adjustments relating to prior years 1   65
Total tax charge for the year reported in the  
Consolidated Income Statement 2,486   2,267
Effective tax rate 35% 32%
 The effective tax rate is higher than the standard rate of UK tax due to the impact of the mix of 
 proﬁts from overseas operations where the tax rates are higher than in the UK. 
   
 There is an unrecognised deferred tax liability for temporary differences associated with the 
 Company’s investments in its subsidiaries. However, in line with paragraph 40 of IAS 12, no liability  
 has been recognised in respect of these differences as the Company controls the dividend policies  
 of its subsidiaries and as such is in a position to control the timing of the reversal of these 
 differences and it is probable that such differences will not reverse in the foreseeable future. 
 The cumulative unremitted reserves of overseas subsidiaries as at 31 May 2010 was £24.2 million  
 (2009: £21.0 million). 
 9 Earnings per share
 The calculation of the basic and diluted earnings per share is based  on the following data:
 
2010 2009
£000 £000
Earnings:
Proﬁt after tax - continuing operations* 4,677  4,810 
Number of shares: 
Weighted average number of shares (note 20) 16,351,540 16,351,540
 * Figure has been adjusted to exclude a proﬁt of £5,000 (2009: loss of £21,000) attributable to
 non-controlling interests.
 As at 31 May 2010 there were no outstanding options on either of the Company’s two classes 
 of shares and there is no difference between the earnings used in the basic and diluted earnings  
 per share calculation.
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010
Notes to the Consolidated Financial Statements
Year ended 31 May 2010
Financial Statements 59
2010 2009
£000 £000
Amounts recognised as distributions to equity holders in the period:
Final dividend for the year ended 31 May 2009 of 11.5p per share    
(2008: 10.5p per share) 1,880 1,717
Interim dividend for the year ended 31 May 2010 of 6.2p per share  
(2009: 4.0p per share) 1,014 654
2,894 2,371
Proposed ﬁnal dividend for the year ended 31 May 2010
of 9.3p per share (2009: 11.5p per share) 1,521   1,880
 The proposed ﬁnal dividend is subject to approval by shareholders at the Annual General Meeting,  
 to be held on 13 October 2010 and has not been included as a liability in these  ﬁnancial statements.
 10 Dividends
  60
Land and buildings
Freehold
Short
leasehold
Plant and
equipment Total
Cost £000 £000 £000 £000
At 1 June 2008 6,464 430 16,562 23,456
Additions -   102 2,252 2,354
Exchange rate movements 570 69 1,327 1,966
Disposals (2) - (4,983) (4,985)
At 1 June 2009 7,032  601  15,158  22,791 
Additions -    58  1,099  1,157 
Exchange rate movements 340  57  1,209  1,606 
Disposals -    -    (120) (120)
At 31 May 2010 7,372  716  17,346  25,434 
Accumulated depreciation
At 1 June 2008 1,369  287  13,560  15,216
Exchange rate movements 73   41   1,197 1,311
Charge for the year 28 16 820 864
Disposals (1)  -(4,430)(4,431)
At 1 June 2009 1,469  344  11,147  12,960 
Exchange rate movements 47  27  771  845 
Charge for the year 30  17  967  1,014 
Disposals -    -    (110) (110)
At 31 May 2010 1,546  388  12,775  14,709 
Net book value at 31 May 2010 5,826  328  4,571  10,725 
Net book value at 31 May 2009 5,563  257  4,011  9,831 
Net book value at 31 May 2008 5,095  143  3,002  8,240 
 There were no assets ﬁnanced through ﬁnance leases or hire purchase arrangements during the 
 current or prior year.   
 
 The Directors’ are not aware of any events or changes in circumstances during the year which 
 would have a signiﬁcant impact on the carrying value of the Group’s property, plant and  
 equipment  as at the balance sheet date.
 11 Property, plant and equipment
Notes to the Consolidated Financial Statements
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 61
Goodwill
Trademarks
and domain
names Know how
Internally
generated
software
development
costs
Other 
intangibles Total
Cost £000 £000 £000 £000 £000 £000
At 1 June 2008 7,021  1,209    2,491    890    120    11,731
Fair value adjustment 54 -- --54
Exchange rate movements 984 182 373 231 26 1,796
Additions -   - - 1,939 -1,939
At 1 June 2009 8,059  1,391  2,864  3,060  146  15,520 
Exchange rate movements 587  (52) (109) (227) 12  211 
Additions -    -    -    2,143  -    2,143 
At 31 May 2010 8,646  1,339  2,755  4,976  158  17,874 
Accumulated amortisation
At 1 June 2008 -    -    -    43  -    43 
Exchange rate movements -    -    -    80  -    80 
Charge for the period -    -    -    418  -    418 
At 1 June 2009
 -    -    -    541  -    541 
Exchange rate movements
 -    -    -    (78) -    (78)
Charge for the period
 -    -    -    874  -    874 
At 31 May 2010 -    -    -    1,337  -    1,337 
Carrying value as at 
31 May 2010 8,646  1,339  2,755  3,639  158  16,537 
Carrying value as at 
31 May 2009 8,059  1,391  2,864  2,519  146  14,979 
Carrying value as at 
31 May 2008 7,021  1,209  2,491  847  120  11,688 
 Impairment tests for cash-generating units (CGU’s) containing goodwill 
 
 The Group tests intangible assets and goodwill with indeﬁnite or indeterminate useful lives for 
 impairment annually, or more frequently if there are indications that their carrying values might 
 be impaired. As at the balance sheet date an impairment test has been undertaken on the CGU’s  
 shown below, based on value in use calculations and using the latest available ﬁnancial information. 
 The impairment reviews have been based on ﬁnancial budgets which have been prepared by 
 management and approved by the Board. The key assumptions used in the budgets relate to 
 sales growth which for Haynes North America and Vivid Holding BV have been set at 2%, sales 
 pricing and changes in direct costs which have been based on historical performance and  
 predicted future outcomes. 
 12 Intangible assets
  62
 The rate used to discount the forecast cash ﬂows in both CGU’s was 15% (2009: 16%). Based on  
 the impairment reviews undertaken in relation to both the Haynes North American and Vivid  
 Holding BV CGU’s, the cash ﬂows over the next 5 year period are expected to exceed the  
 carrying value of the goodwill and intangible assets with indeﬁnite or indeterminate lives and as  
 such there are no indications of impairment at the balance sheet date (2009: £nil).
 
 The intangible assets in relation to trademarks and domain names and know how are assigned 
 indeﬁnite useful lives and relate to Vivid Holding BV in the Netherlands and Bookworks Pty Ltd in  
 Australia.  Both Vivid and Bookworks have strong reputations in their respective market places.  
 Bookworks is the leading distributor of technical automotive publications in Australia  while Vivid  
 manages a unique multilingual database of repair and maintenance data on current European 
 and Asian cars, light commercial vehicles and trucks. The carrying value of  assets with an indeﬁnite  
 life are tested annually for impairment. 
 
 In assessing the value in use of the CGU’s, management have considered the potential impact of  
 possible changes in the main assumptions used and believe that there are no such changes that  
 would cause the carrying value of the units to exceed their recoverable amount.
 
The carrying amounts of goodwill have been allocated as follows:
2010 2009
£000 £000
Unit:
Haynes North America  5,934  5,347
Vivid Holding BV 2,712  2,712
 8,646  8,059
 
The carrying amount of intangible assets have been allocated as follows:
2010 2009
£000 £000
Unit:
Haynes North America  193  174
Vivid Holding BV 7,698  6,746
 7,891  6,920
 
The amortisation charge for the period included in the Consolidated Income Statement is as  
follows:
2010 2009
£000 £000
Cost of sales  874  418 
 12 Intangible assets (continued)
Notes to the Consolidated Financial Statements
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 63
 13 Inventories
 
2010 2009
£000 £000
Raw materials 439 472
Work in progress 1,727 1,701
Finished goods 11,027 10,350
 13,193 12,523
 The carrying value of inventory represents cost less appropriate provisions. During the year there  
 was a net charge of £345,000 (2009: £112,000) to the Consolidated Income Statement in relation  
 to the inventory provisions. The movement in the inventory provisions are included within cost of  
 sales in the Consolidated Income Statement.
 Included within ﬁnished goods stock is £6.6 million (2009: £5.3 million) of editorial origination costs  
 in relation to the production of automotive and motorcycle repair manuals which is amortised to  
 the Consolidated Income Statement over a period not exceeding 5 years. As from 1  June 2009 a  
 similar treatment has been adopted for the origination of general interest titles. Prior to 1 June 2009  
 editorial  origination costs in relation to the general interest titles were amalgamated with the cost of  
 printing the title and  expensed to the Consolidated  Income Statement over the ﬁrst print run of a  
 new title.
 14 Trade and other receivables
  
2010 2009
£000 £000
Amounts falling due within one year:
Trade receivables 11,479  11,815 
Less: Provision for impairment (251) (181)
Less: Customer allowances (1,370) (1,234)
 9,858  10,400 
Taxation recoverable -  341 
Other debtors and prepayments 793  1,024 
 10,651  11,765 
2010 2009
£000 £000
Analysis of trade receivables:
Neither impaired nor past due 9,829  10,011 
Past due but not impaired 1,399  1,623 
Impaired 251  181 
 11,479  11,815 
 The categorisation of ‘Past due but not impaired’ relates to a number of customers for whom there  
 is no history of default and management are conﬁdent the overdue balance will be recovered in full.  
  
 The categorisation of ‘impaired’ relates to overdue balances where the customer has ceased trading  
 or management are doubtful of recovery and a provision has been  made to cover the doubtful balance.  64
 14 Trade and other receivables (continued)
 
 The ageing of the ‘Past due but not impaired’ and the ‘Impaired’ categories are shown in the  
 table below:
Past due but 
not impaired Impaired
Past due but 
not impaired Impaired
2010 2010 2009 2009
£000 £000 £000 £000
Less than 30 days past due 1,256  147  1,073  72 
30 to 90 days past due 120  2  391  3 
Greater than 90 days past due 23  102  159  106 
 1,399  251  1,623  181 
The movement in the Group’s provision for impairment of trade receivable was as follows:
2010 2009
£000 £000
Balance at 1 June 181  238 
Amounts charged to the Consolidated Income Statement 111  14 
Amounts written-off as uncollectible (45) (104)
Exchange rate movement 4  33 
Balance at 31 May 251  181 
The amounts of trade and other receivables shown above were held in the following currencies at 
the balance sheet date:
2010 2009
£000 £000
US dollars 6,371  6,861 
Sterling 2,729  3,638 
Euro 1,060  889 
Australian dollars 482  373 
Other currencies 9  4 
 10,651  11,765 
 The fair values of trade and other receivables are the same as the book values as the credit risk has  
 been addressed as part of the impairment provisioning and, due to the short term nature of the  
 amounts receivable, they are not subject to other ongoing ﬂuctuations in market rates.
Notes to the Consolidated Financial Statements
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 65
 15 Cash and cash equivalents (net funds)
 
2010 2009
£000 £000
Cash at bank and in hand 3,842  3,029 
Bank overdrafts -    (1,659)
Cash and cash equivalents in the cash ow statement (note 22) 3,842  1,370 
 In the UK, Barclays Bank PLC holds a debenture against the UK trading companies including a ﬁrst  
 legal charge over the UK freehold properties in order to secure the £1.0 million (2009: £2.5 million)  
 overdraft facility, together with guarantees from the UK and European trading companies. During  
 the year the overdraft attracted interest based on the bank’s base rate and the weighted average  
 rate was 2.3%  (2009: 3.9%). In the Netherlands, Vivid Holding has a €0.4 million (2009: €0.4 million)  
 overdraft facility  which is unsecured and  attracts interest based on  the bank’s prevailing base rate. The  
 facilty is  presently unutilised.
 The cash and cash equivalents shown above were held in the following currencies as at the  
 balance sheet date:
2010 2009
£000 £000
US dollars 1,935  1,052 
Sterling 810  (894)
Australian dollars 421  662 
Euro 567  508 
Other currencies 109  42 
 3,842  1,370 
 Deposits are placed for periods varying between call and one month and attract ﬂoating rates of  
 interest based upon the bank’s cost of funds for the relevant currencies.
 16 Trade and other payables
2010 2009
£000 £000
Amounts falling due within one year:
Trade payables 979  1,199 
Other taxes and social security costs 145  159 
Other creditors and accruals 3,164  3,088 
 4,288  4,446 
 The fair values of trade and other payables are the same as book values due to the short term  
 nature of the amounts payable and are not subject to other ongoing ﬂuctuations in market rates.   66
 16 Trade and other payables (continued)
 
 The amounts of trade and other payables shown on the previous page were held in the following  
 currencies at  the balance sheet date:
2010 2009
£000 £000
Falling due within one year:
US dollars 1,404    1,434 
Sterling 1,723    2,021 
Euro 931    869 
Australian dollars 199    102 
Other currencies 31    20 
 4,288    4,446 
 17  Deferred tax assets and liabilities
2010 2010 2010 2009 2009 2009
Assets Liabilities Net total Assets Liabilities Net total
£000 £000 £000 £000 £000 £000
Property, plant & equipment -    (1,901) (1,901) -    (1,470) (1,470)
Employee beneﬁts 4,199  -    4,199  3,248  -    3,248 
Short-term temporary differences 1,225    - 1,225 748  -    748 
Intangible assets   -    (1,452) (1,452) -    (1,221) (1,221)
Net deferred tax asset/(liability) 5,424  (3,353) 2,071  3,996  (2,691) 1,305 
2010 2009
£000 £000
Balance at 1 June 1,305 1,174
Transfer to Consolidated Income Statement (234)  (1,034) 
Transfer to equity 869 1,094
Exchange rate movement 131 71
Balance at 31 May 2,071 1,305
Notes to the Consolidated Financial Statements
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 67
 The Group’s principal ﬁnancial instruments during the year comprised of bank overdrafts, lease  
 ﬁnancing arrangements, cash and short-term deposits as well as other various items arising from  
 its operations such as trade receivables and trade payables. The main purpose of these  
 instruments is to ﬁnance the Group’s working capital requirements as well as funding its capital 
 expenditure programmes. From time to time the Group may enter into derivative transactions 
 such as interest rate swaps or forward exchange contracts, the main purpose of such 
 transactions is to manage the interest rate and currency risks arising from the Group’s 
 operations and sources of ﬁnance. There were no such transactions entered into during the 
 current or preceding ﬁnancial years. 
 Foreign currency risk
  The Group has investments in subsidiary operations outside of the UK and also buys and sells 
 goods and services in currencies other than in the functional currencies of its subsidiary 
 operations. In light of the above, the Group’s non sterling revenues, proﬁts, assets, liabilities 
 and cash ﬂows can be affected by movements in exchange rates. The Group is able to 
 take advantage of certain natural hedge ﬂows within the business operations which helps to 
 minimise the impact of the ﬂuctuations in exchange but where appropriate will use forward rates 
 to minimise the risk. There were no forward exchange contracts entered into during the current 
 or preceding ﬁnancial years. It is Group policy not to engage in any speculative trading in 
 ﬁnancial instruments.
 
 Sensitivity analysis 
  The most signiﬁcant foreign currency risk to the Group is in relation to the US Dollar. Management  
   estimate that if all other variables remained constant the impact on pre-tax proﬁts of a 5 percent  
  increase in the value of the US Dollar against Sterling would have been to reduce proﬁts by £0.2  
  million with a decrease of 5% having an equal and opposite effect. This estimate has been based  
  on an assessment of translating the US dollar proﬁts into Sterling using the average rate for the  
  year of $1.58.
  Credit risk
  The Group’s credit risk is primarily attributable to its trade receivables, which are spread over 
 a range of countries and customers, a factor which helps to dilute the concentration of risk. The 
 risk associated with such trading is mitigated through credit control management procedures 
 including the use of credit worthiness checks, the application of credit limits and the sale of 
 goods subject to retention of title clauses. A provision is made against such balances where 
 there is an identiﬁable loss or event, which based on prior experience provides management 
 with a signiﬁcant doubt over the recovery of the balance. Due to the long established 
 relationships with the majority of the Group’s customers there is not deemed to be a credit 
 quality issue in relation to the trade receivables balance. The amount of the total exposure is 
 shown in note 14.      
 
 In addition to the above, the UK business has an exposure in relation to contractual advanced 
 royalty payments to authors. However, due to the large number of authors there is no signiﬁcant 
 concentration of risk. The asset balance in relation to the author advances is held within other 
 debtors and prepayments (refer to note 14) and amounted to £0.2 million net of allowances for 
 doubtful recovery (2009: £0.3 million).       
 
 The credit risk on liquid funds is limited as the funds are held at banks with high credit ratings  
 assigned by international credit rating agencies.
 18 Financial risk and treasury policy
  68
 18 Financial risk and treasury policy (continued)
  Liquidity risk      
 The principal aim of the Group’s liquidity management is to maintain a balance between
 continuity of funding and ﬂexibility through the use of bank overdrafts, bank loans and asset
 leasing. As at 31 May 2010 the Group had a £1.0 million UK overdraft facility (2009: £2.5 million)  
 which is due for renewal in October 2010, a €0.4 million overdraft in Europe (2009: €0.4 million)  
 which has no ﬁxed renewal date and a $11.0 million loan facility in the US (2009: $11.0 million)   
 which is due for renewal in October 2011.
 Interest rate risk
  From time to time the Group companies have overdraft and loan facilities which are subject to  
  variable rates of interest based on the respective bank’s base rate. As at 31 May 2010 there were  
  no bank loans outstanding (2009: £nil) and no bank overdrafts outstanding (2009: £1.7 million). 
  Money market deposits are placed for periods varying between call and one month and attract
 variable rates of interest based upon the banks cost of funds for the relevant currencies.
 Sensitivity analysis 
  As the Group had no loans or overdrafts outstanding at the end of the year the Group does not  
  have a signiﬁcant exposure to a change in the market rates of interest at the current time.  
  Fair value of ﬁnancial assets and liabilities 
  There are no material differences between the carrying values and the fair values of the ﬁnancial  
  assets and liabilities as recorded in the consolidated balance sheet. Details of the amounts of  
  ﬁnancial assets and liabilities held in foreign currencies can be found in notes 14, 15 and 16 to the  
  Consolidated Financial Statements. 
  Capital management 
  The primary aim of the Group’s capital management is to safeguard the Group’s ability to continue  
  as a going concern, to support its businesses and maximise shareholder value. The Group  
  monitors its capital structure and makes adjustments as and when it is deemed necessary and  
  appropriate to do so using such methods as adjusting the dividend payment to shareholders or the  
  issuing of new shares.
2010 2009
Interest cover
Operating proﬁt (£’000) 7,686  7,575 
Net ﬁnance costs (£’000) 518  519 
Interest cover (ratio) 15  15 
 
 Interest cover is calculated by taking the operating proﬁt from the Consolidated Income Statement  
 divided by net ﬁnance costs.
Notes to the Consolidated Financial Statements
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 69
2010 2009
Gearing ratio
Net debt (£'000) -    -   
Total equity (£'000) 38,460  36,815 
Gearing ratio (%) -    -   
 The gearing ratio comprises net debt divided by total equity (net debt being deﬁned as cash and  
 cash equivalents - see note 15).
 19 Retirement beneﬁt obligation
 The Group operates a number of different retirement programmes in the countries within which  
 it operates. The principal pension programmes are a contributory deﬁned beneﬁt scheme in the 
 UK (the UK scheme) and a non-contributory deﬁned beneﬁt plan in the US (the US plan).  
    
 The assets of all schemes are held independently of the Group and its subsidiaries. The total
 pension costs for the Group as shown in the balance sheet at the year end and as charged 
 through the income statement in the year are analysed below:
2010 2009
£000 £000
Amounts recognised in the Consolidated Income Statement
Amounts included in net operating costs:   
– Current service costs (deﬁned beneﬁt scheme) (941) (1,192)
– Gain on curtailment -    151 
Amounts included in ﬁnance income:
– Expected return on pension scheme assets 1,024  1,085 
Amounts included in ﬁnance costs:
– Interest charge on pension scheme liabilities (1,562) (1,526)
Amount recognised in the Consolidated Income Statement
 (1,479) (1,482)
2010 2009
£000 £000
Amounts recognised in the Consolidated Balance Sheet 
Assets at fair value 20,231  14,970 
Present value of deﬁned beneﬁt obligation (34,248) (25,360)
Net deﬁcit recognised in Consolidated Balance Sheet   (14,017) (10,390)
 
  Post 31 May 2010, the Pensions Minister informed Parliament that the index to be used to 

  Department for Work and Pensions which indicated that this change could  be retrospective, but  
  draft legislation is currently awaited. In common with other companies who  hold deﬁned beneﬁt  
  pension schemes we are in the process of establishing what impact this  change will have on the  
  Haynes UK scheme. However, on current information available it seems  more likely that this change  
  will lower the reported deﬁcit but this is dependent on the rates of CPI  and RPI from time to time  
  and the wording of legislation.
 18 Financial risk and treasury policy (continued)
  70
 19 Retirement beneﬁt obligation (continued)
 Assumptions used to determine the deﬁned beneﬁt obligation
2010 2009
UK Scheme
% per annum
UK Scheme
% per annum
Discount rate 5.45  6.60 
Salary escalation 4.00  3.80 
Price inﬂation 3.50  3.30 
Pension increases 3.40  3.10 
Expected return on invested assets 6.70  6.70 
Expected return on insurance annuity contracts 5.45  6.60 
2010 2009
US Plan
% per annum
US Plan
% per annum
Discount rate 5.00  5.00 
Salary escalation 3.00  3.00 
Price inﬂation 2.00  2.00 
Pension increases 2.00  2.00 
Expected return on invested assets 7.00  2.00 
 
  
 standard tables and the life expectancies underlying the valuation are as follows:
2010 2009
Years Years
Current pensioners (at age 65) - Male 22.30 22.02
Current pensioners (at age 65)  - Females 24.90 24.91
Future pensioners (at age 65)   - Males 24.20 23.10
Future pensioners (at age 65)    - Females 26.60 25.90
 
 

 tables and the life expectancies underlying the valuation are as follows:
2010 2009
Years Years
Current members aged 65 (at age 65) 18.00 18.00
Current members aged 45 (at age 65) 18.00 18.00
 
Notes to the Consolidated Financial Statements
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 71
 19   Retirement beneﬁt obligation (continued)
 
 Scheme assets and expected rate of returns 
   
 The assets and liabilities in the plans and the expected rates of return on investments as at  
 31 May 2010 were as follows:
UK Scheme UK Scheme
Rate of 
return
2010 
Value
Rate of 
return
2009 
Value
% £000 % £000
Group investment linked policy
– Equities 7.3  7,524  7.2  5,988 
– Fixed interest/gilts 4.3  55  4.2  341 
– Other bonds 5.5  1,837  6.6  970 
– Cash 0.5  520  1.0  618 
– Property 7.3  2,492  7.2  1,908 
 6.7  12,428  6.7  9,825 
Secured pensions in payment 5.5  1,473  6.6  1,308 
Assets at fair value 13,901 11,133
US Plan US Plan
Rate of 
return
2010 
Value
Rate of 
return
2009 
Value
% £000 % £000
Group investment linked policy
– Bonds 7.7 5,685 2.0  3,666 
– Other 1.0 645 1.0  171 
Assets at fair value 6,330 3,837 
 The overall expected return on assets assumption is derived as the weighted average of the  
 expected returns from each of the main asset classes. The individual return assumptions for   
 each class of asset are based on market conditions as at 31 May 2010 and represent a best 
 estimate of future returns for that class allowing for risk premiums where appropriate. 72
 19   Retirement beneﬁt obligation (continued)
UK 
Scheme
US 
Plan Total
UK 
Scheme
US 
Plan Total
2010 2010 2010 2009 2009 2009
£000 £000 £000 £000 £000 £000
Reconciliation of funded status 
Present value of deﬁned beneﬁt 
obligation
 (25,631) (8,617) (34,248) (18,135) (7,225) (25,360)
Assets at fair value 13,901  6,330  20,231  11,133  3,837  14,970 
Net liability recognised in the 
balance sheet (11,730) (2,287) (14,017) (7,002) (3,388) (10,390)
  
 Amount recognised through the Consolidated Statement of Comprehensive Income
Actuarial gain/(loss) during the year (4,535) 1,003 (3,532) (1,627) (1,594) (3,221)
Deferred tax on actuarial gain/(loss) 1,270 (401) 869 455 637 1,092
(3,265) 602 (2,663) (1,172) (957) (2,129)
 
Actual return on assets
Actual gain/(loss) on plan assets 1,856 659  2,515 (3,443) (1,294) (4,737)
Less expected return on  
plan assets (751)  (273)  (1,024)  (998)  (87)  (1,085) 
Movement 1,105 386  1,491 (4,441) (1,381) (5,822)
 The cumulative actuarial loss recognised in other comprehensive income since 31 May 2003 is 
 £7.5 million (2009: £3.9 million).  The directors’ are unable to determine how much of the pension 
 plan deﬁcits are attributable to actuarial gains and losses on an IFRS basis prior to 31 May 2003.
Notes to the Consolidated Financial Statements
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 73
 19   Retirement beneﬁt obligation (continued)
Reconciliation of present value of wholly funded defined   
benefit obligation (DBO)
UK 
Scheme
US 
Plan Total
£000 £000 £000
Present value of DBO at 1 June 2008 18,439  4,971 23,410
Current service cost 669  523 1,192
Interest cost 1,226  300 1,526
Employee contributions 162 -   162
Expenses included in service cost (92) (8) (100)
Gain on curtailment (151) - (151)
Actuarial (gains)/losses (1,815) 300 (1,515)
Foreign currency exchange rate changes -    1,139 1,139
Beneﬁts (303) - (303)
Present value of DBO at 1 June 2009 18,135  7,225 25,360
Current service cost 385  556 941
Interest cost 1,194 368 1,562
Employee contributions 104  -   104
Expenses included in service cost (98) - (98)
Actuarial (gains)/losses 6,391 (344) 6,047
Foreign currency exchange rate changes -    843   843
Beneﬁts (480) (31) (511)
Present value of DBO at 31 May 2010 25,631  8,617  34,248 
Reconciliation of fair value of assets UK 
Scheme
US 
Plan Total
£000 £000 £000
Fair value of assets at 1 June 2008 13,035  3,581 16,616
Expected return on plan assets 998  87 1,085
Actuarial loss on plan assets (3,443)  (1,294) (4,737)
Foreign currency exchange rate changes -    799 799
Employer contributions 775  672 1,447
Employee contributions 162  -   162
Administration expenses (91) (8) (99)
Beneﬁts (303) - (303)
Fair value of assets at 1 June 2009 11,133  3,837 14,970
Expected return on plan assets 751  273 1,024
Actuarial gain on plan assets 1,856 659 2,515
Foreign currency exchange rate changes -    593 593
Employer contributions 635  999 1,634
Employee contributions 104  -   104
Administration expenses (98)                -   (98)
Beneﬁts (480) (31) (511)
Fair value of assets at 31 May 2010 13,901  6,330 20,231 74
 19   Retirement beneﬁt obligation (continued)
Reconciliation of change in funded status
UK 
Scheme
US 
Plan Total
£000 £000 £000
Deﬁned beneﬁt liability at 1 June 2008 5,404  1,390 6,794
Total pension expense 746  736 1,482
Employer contributions (775) (672) (1,447)
Impact of foreign currency exchange rates -    340 340
Actuarial losses 1,627 1,594 3,221
Deﬁned beneﬁt liability at 1 June 2009 7,002  3,388 10,390
Total pension expense 828  650 1,478
Employer contributions (635) (999) (1,634)
Impact of foreign currency exchange rates -   251   251
Actuarial (gain)/losses 4,535 (1,003) 3,532
Deﬁned beneﬁt liability at 31 May 2010 11,730  2,287 14,017
 History of experience adjustments
2010 2009 2008 2007 2006
£000 £000 £000 £000 £000
Present value of deﬁned beneﬁt obligation (34,248) (25,360) (23,410) (24,799) (23,434) 
Fair value of scheme assets 20,231  14,970  16,616  17,890  14,917 
Deﬁcit in the scheme (14,017) (10,390) (6,794) (6,909) (8,517)
Experience adjustments on scheme liabilities*
Amount                                                  £000 753  (147)  2,962  309  500
Experience adjustments on scheme assets
Amount                                                  £000 2,515 (4,737) (2,865)  1,084  548  
 
 * The experience adjustments on scheme liabilities for the years ending on or before 31 May 2008  
 include the impact of changes in actuarial assumptions.
Expected contributions in the forthcoming year
Financial year beginning 
1 June 2010
£000
Group contributions 
– UK scheme 632 
– US plan 964
1,596
Employee contributions 103
1,699
Notes to the Consolidated Financial Statements
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 75
 20  Share capital and reserves
2010
No.
2009
No.
2010
£000
2009
£000
Authorised: 
‘A’ Ordinary shares of 20p
 10,000,000  10,000,000  2,000  2,000 
Ordinary shares of 20p
 8,750,000  8,750,000  1,750  1,750 
 18,750,000  18,750,000  3,750  3,750 
Allotted, called up and fully paid: 
‘A’ Ordinary shares of 20p 9,000,000  9,000,000  1,800  1,800 
Ordinary shares of 20p 7,351,540  7,351,540  1,470  1,470 
 16,351,540  16,351,540  3,270  3,270 
 The 31 March 1982 share price for capital gains tax purposes is 125p and after adjusting for the  
 1989 (1 for 1) and 1993 (1 for 2) capitalisation issue this becomes 41.67p. At 31 May 2010 the  
 share price was 245p (2009: 148p), with a high of 260p (2009: 193p) and a low of 140p 
 (2009: 117p) for the ﬁnancial year.
     
 Both the ‘A’ Ordinary shares and the Ordinary shares carry equal voting rights of one vote per share  
 where a matter is decided other than on a show of hands. Both classes of share rank ‘pari passu’ 
 (including any distribution by way of dividend and on a return of capital ), save that a transfer of ‘A’  
 Ordinary shares will not be permitted by the directors other than to a member of the holder’s 
 immediate family or to family settlements. The holders of ‘A’ Ordinary shares may convert such shares  
 into Ordinary shares at the rate of one Ordinary share for each ‘A’ Ordinary, subject to the further
 provisions of the Articles of Association and the Companies Acts.
 Share premium  
 The share premium reserve represents the difference between the issue price and the nominal  
 value of shares issued.
 Foreign currency translation reserve
 The foreign currency translation reserve is used to record exchange differences arising from the  
 translation of the ﬁnancial statements of overseas operations.
 Retained earnings
 The retained earnings reserve represents the cumulative net gains and losses recognised in the  
 Consolidated Income Statement and the Consolidated Statement of Comprehensive Income.
21  Related party transactions
 Identity of related parties
 The Group has a related party relationship with its subsidiaries and with its directors. A list of all 
 the Group’s subsidiaries is shown in note 30.
  
 Transactions with related parties 
 The interests of the directors in the Ordinary share capital of the Company as at 31 May 2010 are
 shown in the Directors’ Report on page 20 as required by the FSA’s Disclosure Transparency rules.  76
 21   Related party transactions (continued)
 During the year directors had declarable interests in contracts with the Company and its 
 subsidiary undertakings as shown below. 
 (1) A lease dated 28 August 1979 between John H Haynes Developments Inc, (a company  
 registered in California and controlled by Mr JH Haynes) and Haynes North America Inc. of the   
 premises situated at 859 and 861 Lawrence Drive, Newbury Park, California which was 
 amended on 1 May 2001, runs for a period of 5 years from that date, and is presently held over  
 pending renewal. The annual rent for the year ended 31 May 2010 was $207,214 (2009: $207,214)  
 or £130,809 (2009: £126,535) at the average exchange rate for the year. MEF Haynes is a Vice  
 President of John H Haynes Developments Inc.
 
 (2) A lease dated 20 December 1993 between the Haynes Family Trust (of which JH Haynes is 
 a trustee, and JHC Haynes and MEF Haynes are beneﬁciaries) and the Company of premises
 to revision every 3 years and presently £65,544 (2009: £65,544).
 (3) During the year The Haynes Motor Museum Limited, (of which JH Haynes and MEF Haynes are  
 directors) which is jointly owned by the Haynes International Motor Museum Charitable Trust and  
 JH Haynes and Mrs AC Haynes undertook the following transactions with the Group: 
Transactions 
2010
Balance at 
31 May 
2010
Transactions 
2009
Balance at 
31 May 
2009
£000 £000 £000 £000
Supply of conference facilities 5  -    5  -   
Purchase of books and manuals 16  6  23  5 
  
 JH Haynes and JHC Haynes are Trustees of the Charitable Trust.
 
 (4) On 22 July 2005 Haynes Developments Ltd, which is a company controlled by JH Haynes and 
 Mrs AC Haynes, and of which JH Haynes and MEF Haynes are directors, sub-leased 600sq ft of 
 ofﬁce premises on the main Sparkford site. The annual rent for the year ended 31 May 2010 was  
 £3,688 plus service charge (2009: £3,688).     
 (5) A tenancy of No 12 Ivel Gardens, Ilchester, owned by Mrs AC Haynes and let to the Company 
 (at a monthly rental of £525 (2009: £490) plus outgoings) with Haynes Developments Ltd acting as  
 agent for the lessor. As at 31 May 2010 the balance outstanding to Haynes Developments Ltd was  
 £789 (2009: £785).
 Except as stated above, no directors were materially interested in contracts with the Company 
 or any of its subsidiary undertakings.
Key management emoluments     
 The remuneration of the directors, who are the key management personnel of the Group is set 
 out below in aggregate for each of the categories specified within IAS 24 ‘Related Party 
 Disclosures’. Further information regarding the directors’ individual remuneration packages is 
 provided in the audited part of the Board Report on Remuneration on pages 29 to 34.
2010 
£000
2009 
£000
Short term employee beneﬁts  1,240  1,237 
Post employment beneﬁts 297  316 
 1,537  1,553 
Notes to the Consolidated Financial Statements
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 77
 22   Analysis of the changes in net funds 
As at 
1 June 
2009
£000
Cash flow
£000
Exchange 
movements
£000
As at 
31 May 
2010
£000
Cash at bank and in hand 3,029  544  269  3,842 
Bank overdrafts (1,659) 1,659  -    -   
 1,370  2,203  269  3,842 
23  Operating leases
 As at 31 May 2010 the Group had outstanding commitments for future minimum lease payments  
 under non-cancellable operating leases, which fall due as follows:
Commitments under non-cancellable operating leases 2010
£000
2009
£000
Land and buildings:
Due within one year 160  120 
Due in the second to ﬁfth years 302  435 
Due after ﬁve years 65  115 
 527  670 
Plant and equipment:
Due within one year 85  147 
Due in the second to ﬁfth years 211  214 
Due after ﬁve years -    -   
 296  361
 
  823  1,031 
24  Capital commitments
 At 31 May 2010 the Group had the following capital commitments  for which no provision has   
 been included in the Consolidated Financial Statements:
2010
£000
2009
£000
Contracted 13  87 
25  Ultimate controlling party
 The ultimate controlling party is JH Haynes who has majority voting rights by virtue of his 59.9%  
 beneﬁcial interest in the Ordinary shares of the Company. 78
2010 2009
£000 £000
Fixed assets
Note 29 Tangible assets 2,511  2,607
Note 30 Investments in subsidiary undertakings 7,106  7,106
 9,617  9,713 
Current assets
Note 31 Debtors 552  1,307
Cash at bank and in hand 97  77
 649  1,384
Note 32 Creditors: amounts falling due within one year  (752) (2,356)
Net current assets (103) (972) 
Total assets less current liabilities 9,514  8,741
Note 34 Provisions for liabilities  (388) (392)
Net assets 9,126  8,349
Capital and reserves
Note 35 Called up share capital 3,270  3,270
Note 36 Share premium 638  638
Note 36 Proﬁt and loss account 5,218  4,441
Shareholders’ funds 9,126  8,349
 The ﬁnancial statements were approved by the board of directors and authorised for issue on 
 14 September 2010 and were signed on its behalf by: 
 
 
 JHC Haynes  E Oakley
 Director  Director 
Company Balance Sheet
At 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 79
 26 Principal accounting policies
 
 Basis of accounting 
 The ﬁnancial statements of the parent company, Haynes  Publishing Group P .L.C. have been 
 prepared under the historical cost convention except for the treatment of certain ﬁnancial  
 instruments and in accordance with applicable United Kingdom Accounting Standards and law. 
   
 The Company has taken advantage of the exemption available under FRS 8 and has not 
 disclosed transactions with subsidiaries wholly owned by the Group.   
 Foreign currencies 
 Transactions in foreign currencies are translated to sterling at the rate ruling on the date of the   
 transaction. Exchange differences arising from the movement in rates between the date of  
 transaction and the date of settlement are taken to the proﬁt and loss account as they arise. 
 
 At each balance sheet date, monetary assets and liabilities that are denominated in foreign  
 currencies are translated at the rates prevailing on the balance sheet date.  
   
 Depreciation 
 Depreciation is provided to write off the cost of tangible ﬁxed assets less any estimated residual 
 values, by equal instalments over their estimated useful lives as follows: 
Freehold land Nil
Freehold buildings 40 years
Leasehold property The period of the lease
Plant and equipment 3 years to 10 years
 Taxation  
 Deferred tax is recognised in respect of all timing differences that have originated but not
 reversed at the balance sheet date and that will result in an obligation to pay more, or a right to 
 pay less tax, with the exception that deferred tax assets are recognised only to the extent that 
 the directors consider that it is probable that there will be sufﬁcient taxable proﬁts from which 
 the future reversal of the underlying timing differences can be deducted.  
  
 Deferred tax is measured on an undiscounted tax basis at the tax rates that are expected to 
 apply in the periods in which the timing differences will reverse.   
 
 Leases  
 Operating lease rentals are charged to the proﬁt and loss account on a straight line basis over 
 the life of the lease.   
  
 Retirement beneﬁts 
 The Company participates in a multi-employer deﬁned beneﬁt pension scheme based on ﬁnal
 pensionable pay where the assets of the scheme are held separately from those of the  
 Company. The Company is unable to identify its share of the underlying assets and liabilities of
 the scheme on a consistent and reasonable basis and therefore, in accordance with FRS 17
 ‘Retirement Benefits’, accounts for the scheme as if it were a defined contribution scheme. As a
 result, the amount charged to the profit and loss account represents the contributions payable
 to the scheme in respect of the accounting period. Details of the UK scheme are shown in  
 Note 19 to the Consolidated Financial Statements.
Notes to the Company Accounts
Year ended 31 May 2010 80
 26  Principal accounting policies (continued)
 Financial instruments 
 Financial assets and ﬁnancial liabilities are recognised on the Company’s balance sheet when 
 the Company becomes a party to the contractual provisions of the instrument.  
 Trade debtors   
 Trade debtors are not interest bearing and are stated at their nominal value.
 Trade creditors   
 Trade creditors are not interest bearing and are stated at their nominal value.   
 Investments 
 Investments in subsidiaries are held at historical cost less any provision for impairment.
27   Proﬁt of the parent company  
 As permitted by Section 408 of the Companies Act 2006, no Income Statement or Statement of  
 Comprehensive Income of the  Company is presented as part of these ﬁnancial statements.  
 
 The proﬁt dealt within the Company accounts was £3.7 million (2009: £3.2 million) which includes  
 dividends received from subsidiaries of £3.4 million (2009: £3.5 million). 
Employees 2010
£000
2009
£000
Aggregate remuneration of employees:  
Wages and salaries 531  986 
Employer’s social security costs  68  65
Employer’s pension costs 17  17
 616  1,068
 Two of the directors are employed by a subsidiary based in the US and are remunerated by the  
 US subsidiary only.
 
 Full details concerning the directors’ emoluments, pension entitlements and long-term incentive 
 schemes are shown in notes 7 and 8 of the Board Report on Remuneration.
 Auditor’s remuneration 
 
 The fees payable by the Company to BDO LLP for work performed in respect of the  audit of the
 Company was £32,650 (2009: £32,650). Fees paid to BDO LLP by the Company for non-audit  
 services are not reported in these accounts as the information is disclosed in note 4 of the  
 Consolidated Financial Statements.
Notes to the Company Accounts
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 81
 28   Dividends
Dividends paid and proposed 2010
£000
2009
£000
Amounts recognised as distributions to equity holders in the period:
 
Final dividend for the year ended 31 May 2009 of 11.5p per share   
(2008: 10.5p per share)  1,880 1,717
Interim dividend for the year ended 31 May 2010 of 6.2p per share  
(2009: 4.0p per share) 1,014 654
 2,894 2,371
Proposed final dividend for the year ended 31 May 2010 
of 9.3p per share (2009: 11.5p per share) 1,521 1,880
 The proposed ﬁnal dividend is subject to approval by shareholders at the Annual General  Meeting,
 to be held on 13 October 2010 and has not been included as a liability in  these ﬁnancial statements.
29 Tangible ﬁxed assets
Land and buildings
Freehold
Short
leasehold
Plant and
equipment Total
£000 £000 £000 £000
Cost at 1 June 2009 4,003  97  103  4,203 
Additions -    -    1  1 
Cost at 31 May 2010 4,003  97  104  4,204 
Accumulated depreciation at 1 June 2009 1,425  76  95  1,596 
Charge for year  92  4  1  97 
Accumulated depreciation at 31 May 2010 1,517  80  96  1,693 
Net book value at 31 May 2010 2,486  17  8  2,511 
Net book value at 31 May 2009 2,578  21  8  2,607 
 The depreciation charge on freehold buildings is calculated on buildings with an original cost of 
 £3,613,000 (2009: £3,613,000). There were no assets ﬁnanced through ﬁnance leases or hire 
 purchase arrangements during the current or prior year.
30 Investment in subsidiary undertakings
Shares in
subsidiary
undertakings
Loans to 
subsidiary
undertakings Total
The Company
£000 £000 £000
Cost and carrying value at 1 June 2009 
and 31 May 2010 7,106                    -  7,106 82
 30 Investment in subsidiary undertakings (continued)
 
 As at 31 May 2010 there were the following principal subsidiary undertakings. Except as indicated  
 all subsidiaries are wholly owned,  within the Group and all with ﬁnancial year-ends of 31 May:
J H Haynes & Co Ltd (Publisher and Printer) United Kingdom
J H Haynes (Overseas) Ltd (Holding Company) United Kingdom
Haynes North America, Inc (Publisher)* USA
Haynes Manuals, Inc (Book Distributor)* USA
Odcombe Press LP (Printer)* USA
Haynes Publishing Nordiska AB (Sales and Marketing) Sweden
Vivid Holding BV (Holding) The Netherlands
Vivid Automotive Data & Media BV (Sales)* The Netherlands
Vivid Automotive Data (UK) Ltd (Data Production)* United Kingdom
Vivid Automotive Data Espana SL (Sales)* Spain
Vivid Italia srl (Sales)* 
[1]
Italy
Vivid Automotive Data srl (Data Production and IT Development)* Romania
 As at 31 May 2010, there were the following dormant subsidiary undertakings, all wholly owned  
 within the Group: Camway Autographics Ltd, *Haynes Garages Ltd, GT Foulis & Co Ltd, Oxford 
 Illustrated Press Ltd, Patrick Stephens Ltd, *Camelot Inc, *Odcombe Press (Nashville) Inc,  
 *E-Commerce Management Ltd, *Vivid Automotive Data Publishing Ltd and *Partsdoc Holding BV.
 
 
[1]
 Through Vivid Automotive Data & Media BV the Group has a 60% interest in the equity of Vivid 
 Italia srl (2009: 60%). 
 
 * Shares of those subsidiaries marked with an asterisk are held by subsidiary undertakings. All other  
 shares are held by the Company.
31 Debtors
2010
£000
2009
£000
Amounts falling due within one year:
Trade debtors
 6  -   
Amounts owed by subsidiary undertakings 
 511  1,277 
Other debtors and prepayments
 35  30 
 552  1,307 
32 Creditors
Amounts falling due within one year: 2010
£000
2009
£000
Trade creditors
 14 11
Amounts owed to subsidiary companies
 322 146
Bank overdraft
 -   1,659
Corporate taxes
 44 5
Other taxes and social security costs
 -   2
Other creditors and accruals
 372 533
 752 2,356 
 Details of the security held against the bank overdraft are detailed in note 15 to the Consolidated  
 Financial Statements.
Notes to the Company Accounts
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 83
 33   Financial risk management, objectives and policies
 Note 18 to the Consolidated Financial Statements provides details of the Group’s ﬁnancial risk   
 management, objectives and policies. These policies also apply to the Company.   
 
 Financial assets  
 As at 31 May 2010 the Company had ﬁnancial assets totalling £97,000 (2009: £77,000) of which  
 £21,000 was held in Euro’s (2009: £75,000), £76,000 was held in Sterling (2009: £nil) and £nil  
 was held in US  dollars (2009: £2,000). 
  
 Fair value of ﬁnancial assets and liabilities  
 There are no material differences between the carrying value and the fair value of the ﬁnancial 
 assets and liabilities.
34 Provisions for liabilities
2010 
£000
2009
£000
Deferred taxation:
Balance at 1 June 392 168
Transfer to proﬁt and loss account (4) 224
Balance at 31 May 388 392
Being: 
Accelerated capital allowances 398  403
Other short-term timing differences (10) (11)
Provision for deferred tax 388  392 
Analysed in the balance sheet as follows:  
Provision for liabilities 388  392
 
 The deferred tax provision arises as a result of timing differences between the treatment of certain  
 items for tax and accounting purposes.
35  Share capital
2010 
No
2009 
No
2010 
£000
2009 
£000
Allotted, called up and fully paid:
‘A’ Ordinary shares of 20p 9,000,000  9,000,000  1,800  1,800
Ordinary shares of 20p 7,351,540  7,351,540  1,470  1,470
 16,351,540  16,351,540  3,270  3,270   84
 35  Share capital (continued)
 The 31 March 1982 share price for capital gains tax purposes is 125p and after adjusting for the 1989  
 (1 for 1) and 1993 (1 for 2) capitalisation issue this becomes 41.67p. At 31 May 2010 the share price  
 was 245p (2009: 148p), with a high of 260p (2009: 193p) and a low of 140p (2009: 117p) for the  
 ﬁnancial year.
 Both the ‘A’ Ordinary shares and the Ordinary shares carry equal voting rights of one vote per share 
 where a matter is decided other than on a show of hands. Both classes of share rank ‘pari passu’ 
 (including any distribution by way of dividend and on a return of capital ), save that a transfer of ‘A’ 
 Ordinary shares will not be permitted by the directors other than to a member of the holder’s 
 immediate family or to family settlements. The holders of ‘A’ Ordinary shares may convert such shares  
 into Ordinary shares at the rate of one Ordinary share for each ‘A’ Ordinary, subject to the further 
 provisions of the Articles of Association and the Companies Acts.
36  Reconciliation of movement in shareholders’ funds
Share
capital
£000
Share 
premium
£000
Proﬁt and 
loss
account
£000
Total
£000
Balance at 1 June 2008 3,270  638  3,603  7,511 
Proﬁt for the period -    -    3,209  3,209 
Dividends (note 28) -    -    (2,371) (2,371)
Balance at 1 June 2009 3,270  638  4,441  8,349 
Proﬁt for the period -    -    3,671  3,671 
Dividends (note 28) -    -    (2,894) (2,894)
Balance at 31 May 2010 3,270  638  5,218  9,126 
37  Retirement beneﬁts
 The Company is a member of a larger UK group wide pension scheme providing beneﬁts based 
 on ﬁnal pensionable pay. As the Company is unable to identify its share of the scheme assets 
 and liabilities on a reasonable and consistent basis, the Company is permitted under FRS 17 
 ‘Retirement Benefits’ to account for the scheme as if it were a defined contribution scheme. 
 
 Details of the UK scheme are detailed in note 19 to the Consolidated Financial Statements and 
 whilst reported under IAS 19 are not in the directors opinion significantly different to the 
 FRS 17 values.
 The contributions paid by the Company into the scheme during the year amounted to £17,000   
 (2009: £16,000).
38  Leases
Annual operating lease commitments:
2010 
£000
2009
£000
Land and buildings:
Leases expiring after 5 years 65  65 
Plant and equipment:
Leases expiring in less than 1 year - -
Leases expiring between 2 and 5 years - 2
65    67
Notes to the Company Accounts
Year ended 31 May 2010
Financial Statements
Haynes Publishing Group P.L.C.  Annual Report & Accounts 2010 85
  Calendar for financial year ended 31 May 2011
  Interim statement      January
  Interim dividend paid      April
  Company year-end      31 May
  Announcement of annual results and proposed final dividend   August
  Annual General Meeting      October
  Final dividend paid      October
  
Analysis of shareholders as at 31 May 2010  
  Type of    Number of Total
  shareholder   shareholders shareholdings 
  Commercial and industrial companies  20   49,097 
  Directors beneficial holdings    6   10,575,567 
  Nominee companies     64   4,691,356 
  Private holders     149   979,538 
  Investment trusts and funds     8   55,982 
       247   16,351,540 
  Share registrars  
  Website:  www.capitaregistrars.com
  Investors  
  Company website:  www.haynes.co.uk/investor
  Share price:  www.londonstockexchange.com (code: hyns)
Financial Calendar and
Shareholder Information     Haynes Publishing Group P .L.C.