Enodis plc  Annual report + accounts 2003
Creating solutions
Annual report + accounts 2003
Enodis plc
Washington House
40/41 Conduit Street
London W1S 2YQ
T +44(0)20 7304 6000
F +44(0)20 7304 600 1 01 Our strategy, financial highlights
02 Group at a glance
03 Enodis brands
04 Chairman’s statement
06 Chief Executive Officer’s review
18 Human resources review
20 Financial review
24 The Directors
25 Directors’ report
27 Corporate governance
29 Directors’ remuneration report
34 Statement of Directors’ responsibilities 
in respect of the financial statements
34 Independent Auditors’ report 
to the members of Enodis plc
35 Group profit and loss account
35 Group statement of total recognised 
gains and losses
36 Group and Company balance sheets
37 Group cash flow statement
38 Notes to the Group cash flow statement
39 Accounting policies
41 Notes to the accounts
63 US GAAP reconciliation
66 Other unaudited information
67 Five year summary
68 Holders of Company securities
68 Financial calendar 2003/04
68 Corporate information
Designed + produced by Radley Y eldar 
Photography by Shahar Azran 01 Enodis annual report + accounts 2003
Our strategy continues to be to gain
proﬁtable market share through:
–  passion for customer service
before, during, and after the sale;
–  focus on major markets, leading
products and brands, and key
accounts; and
–  excellence in products, distribution 
and service.
Our strategy Financial highlights
£679.4m
T urnover (2002: £793.2m)
£15.9m
Proﬁt before tax  
(2002: loss £85.8m)
2.4p
Earnings per share
(2002: loss 24.8p)
£34.5m
Operating proﬁt 
(2002: loss £1 0.0m) 
£139. 7m
Net debt (2002: £186.1m)  Group at a glance
Braising pans, tilt fry pans/kettles/skillets,
broilers, cheese melters/salamanders, cook
stations, table top & counter top cooking/frying,
ﬁltering systems, fat & oil fryers, griddles & grills, 
hot dog grills & steamers, combination ovens,
conveyor ovens, convection ovens, pizza ovens,
rotisseries, slow cook & hold ovens, ranges,
induction cookers, steam jacketed kettles,
steamers, toasters
Choppers, grinders, shredders, food processors,
mixers, dryers, washers
Bins, boxes, warming cabinets, dish carts, utility
carts, counters & counter tops, mixer stands, 
tray dispensers
Buffet equipment & stations, cafeteria/buffet
equipment stations, beverage dispensers, 
beer coolers, display & deli cases, heat lamps, 
insulated & refrigerated salad/food bars, sneeze
guards, warmers
Can openers, choppers, colanders, cookware,
cutlery, egg cookers, skimmers, utensils
Air curtains, bins, ice storage, blast chillers, 
blast freezers, cook-chill systems, drop-in pan
chillers, freezers, ice cream cabinets, ice
machines, ice dispensers, refrigerators, walk-in
refrigerators, water bath systems, water
coolers/conditioners, display cases
Exhaust and ventilation hoods, fans, ﬁre
suppression systems, grease ﬁlters,
warewashing machines, racks and tables
Custom fabrication
Primary Cooking
Equipment
Food Preparation
Equipment
Storage + Handling
Equipment
Serving Equipment
Smallwares, Cookwares 
+ Kitchen T ools
Refrigeration 
+ Ice Machines
Sanitation +
Environmental
Custom Fabrication
Products Products manufactured 
by continent Enodis brands
Global brands Regional/Country brands
These brands are trademarks of the Company and its subsidiaries Introduction I am pleased to present our annual report for the 
52 weeks ended 27 September 2003.
In a challenging market environment, we generated operating
proﬁt* of £60.8m, slightly ahead of our expectations. Adjusting for
the effects of foreign exchange and disposals, like-for -like** Food
Equipment operating proﬁt was up 9%, with Kysor//Warren
breaking even following the substantial losses made in FY02.
For the ﬁrst time in three years we can report a proﬁt after 
tax which at £9.5m represents earnings per share of 2.4p. 
The substantial goodwill impairments and losses on disposals 
of businesses of prior years have not been repeated.
We have made continued, substantial progress in reducing net
debt, with the year end ﬁgure of £139.7m, 25% lower than at 
the last year end. 
Organisation In April we announced that we had decided 
to relocate the ofﬁce of the Chief Executive Ofﬁcer to our 
Global Operations Center in New Port Richey near T ampa, Florida.
This was the next logical evolution of the development of Enodis.
The transition has been executed successfully under the leadership
of Dave McCulloch and his succession as Chief Executive Ofﬁcer
has proceeded smoothly . We are already seeing many of the
operational beneﬁts that we expected.
On behalf of the Board, I would like to thank Andrew Allner , 
Dave McCulloch ’ s predecessor , for his strong leadership
throughout a period of signiﬁcant change.
It is the Group’ s intention to maintain its primary listing on the
London Stock Exchange. We retain the ofﬁce of the Chairman and
our head ofﬁce functions in London. Our executive Directors are
frequently in the UK and keep in close contact with our major
shareholders and the UK investment community . We remain
committed to maintaining that strong link.
We were sorry to lose the services of Bob Briggs as non-executive
Director during the year . Bob had concluded that his time
commitments at his new role as CFO of Kaiser Foundation Health
Plan would no longer enable him to serve on the Board of Enodis.
On behalf of the Board, I would like to thank Bob for his signiﬁcant
input and contribution. 
He has been replaced by Mike Cronk, who has 22 years of
experience with Aramark Corporation, a world leading provider 
of managed services including food, facility and other support
services. Mike has already made a signiﬁcant contribution to 
the Board and we are pleased to welcome him to our ranks. 
Employees Our workforce globally numbers approximately 
6,000. We recognise that without our people we can achieve
little.They have worked with great loyalty and determination to
achieve our goals. I would like to take this opportunity to thank
them all for their hard work throughout the year .
04 Enodis annual report + accounts 2003
Chairman’ s statement
* Operating proﬁt is stated before goodwill amortisation and exceptional items.
** Like-for-like operating proﬁt is operating proﬁt further adjusted for the effects
of disposals and foreign exchange. See other unaudited information on page 66.
For the ﬁrst time in three years we
can report a proﬁt after tax . . .
‘’
 Peter Brooks Chairman Corporate governanceThe Board aspires to high standards of
corporate governance. Our report on this subject on pages 27 and
28 describes how the Company has applied the principles of good
governance set out in the Combined Code issued in June 1998.
The Company is not required to comply with the revised Code
published in July 2003 until its ﬁnancial year ending in September
2005. However , as our report shows, we have already taken 
steps towards compliance and, so far as is practicable, will be
heading towards full compliance over the 2004 ﬁnancial year . 
We are also in compliance with those applicable sections of the
US Sarbanes-Oxley Act that are currently in force.
Strategy Our strategy continues to be to gain proﬁtable market
share through:
–  passion for customer service before, during, and after the sale;
–  focus on major markets, leading products and brands, and key
accounts; and
–  excellence in products, distribution and service.
We have a clear vision of where we want to go, and how to get
there. Dave McCulloch writes in more detail in his report about 
how we will implement our plans.
Dividends No dividend will be paid this year . The Board is
conscious of the importance of restoring a return to shareholders.
As explained by Dave Wrench in his review , the Board intends to
take the steps necessary to recommence dividend payments, as
soon as it is prudent to do so. However , this is unlikely to be until
2005 at the earliest.
Current trading and outlook The food service sector is large 
and growing, driven by increasing disposable income and 
lifestyle changes, which in the long term drives growth in the 
food equipment market.
We have based our planning over the next year on stable foreign
exchange rates and modest market growth, recognising continued
constraints on capital spending among our customers and the 
lag which exists between macro-economic growth and capital
spending on food equipment.
FY04 will see the full year effect of capital expenditure cutbacks
made at certain Quick Service Restaurant (“QSR”) chains and 
we do not expect an easing of the margin pressures experienced
during FY03.
Cost control remains a priority throughout our businesses,
including further implementation of lean manufacturing. We will
seek increased market share by capitalising on new product
development, with increased development spending in FY04 on a
small number of high value projects and continued focus on our
key markets. We also expect to build on the substantial progress
made in FY03 at Kysor//Warren, as this business continues to
regain its position in the food retail equipment market.
We expect to see further net debt reduction, which is likely to be
weighted towards the latter part of the year , in line with seasonal
cash ﬂows.
Food service equipment users demand innovative solutions to
expanding menus, attention to safety concerns and improved
efﬁciency . The breadth of our food equipment product range,
combined with the resources of our T echnology Center , put us 
in a strong position to meet these demands and take advantage 
of the growing food service market. We remain conﬁdent in the
long term outlook for Enodis. 
Conclusion I wrote last year that we were determined to ensure 
a return to after tax proﬁt and hence to restore shareholder value.
We have returned to modest after tax proﬁts and believe that we
will make further progress. More recently , it has been very pleasing
to see our share price, which like much of the market had been
weak, recovering.
We have taken strong actions over the last few years to ensure
that Enodis can capitalise both on its strengths and on improving
markets when they come. We look forward with renewed
conﬁdence to capitalising on those strengths to enable us to
continue to rebuild shareholder value. 
Peter Brooks Chairman
05 Enodis annual report + accounts 2003
Chairman’ s statement Overview
It was with great pride that I took up my
appointment as CEO on 1 June 2003, 
the culmination of 1 7 years with the Group. 
I would like to thank Andrew Allner for his
advice and to express my appreciation for
the support of the Board in effecting a
smooth transition.
We can now look back on FY03 as one 
of good progress against a backdrop of
continued difﬁcult food equipment markets.
Our Group:
–  posted a proﬁt after tax of £9.5m,
following two years of losses as we 
restructured. It is my job to continue this
momentum on the bottom line; and
–  reduced net debt by 25% to £139.7m.
We have reduced net debt by some 60%
over the last two years, achieving our
lowest level since 1994. 
Against a backdrop of difﬁcult markets, 
like-for -like** Food Equipment operating
proﬁt improved by 9%, despite a 
like-for -like sales decline of 2%.
Progress in all of our Global Food Service
Equipment businesses, including a
turnaround in the UK, was more than 
offset by two factors. First, the reduction 
in capital spending by certain QSR chains
was worse than we anticipated. 
Secondly , margin pressures, particularly in
our North American refrigeration business,
continued to be difﬁcult, although I am
pleased to report a proﬁtable fourth quarter .
We are very pleased with the return to
proﬁtability of our Retail group, the
combination of a record year at Kysor Panel
Systems and a spectacular turnaround at
Kysor//Warren. Operating proﬁt* was £4.0m
compared to a loss of £3.3m in FY02.
The improvement in net debt was ahead 
of expectations through a combination of
excellent cash performance and the beneﬁt
of £9.6m in favourable foreign exchange.
This result is important to our Group to
move us forward towards lower interest
costs and more ﬁnancial ﬂexibility . 
Markets
Food Service The food service end markets
which we serve are large and growing. 
In the US alone, the food and beverage
industry grew almost ten fold from $42bn in
1970 to $384bn in 2000, and is forecast by
the National Restaurant Association to grow
by some 50% to $577bn by 20 1 0.
Food and beverage sales in the US 
this calendar year are forecast to be 
$430bn, up 1 .6%. Within this, the travel 
and leisure and business and industry
segments are down, while coffee/snack 
and sandwich/bakery segments are
showing the highest growth.
06 Enodis annual report + accounts 2003
Chief Executive Ofﬁcer’ s review
 Dave McCulloch Chief Executive Ofﬁcer
* Throughout this review, operating proﬁt is stated before goodwill 
amortisation and exceptional items. 
** Throughout this review, like-for-like operating proﬁt is operating proﬁt 
further adjusted for the effects of disposals and foreign exchange. 
See other unaudited information on page 66. QWhy do foods cook so evenly
and quickly in the Lincoln
®
Dual
Te chnology Finisher?
07 Enodis annual report + accounts 2003
Chief Executive Ofﬁcer’ s review
AThe Lincoln
®
Dual T echnology Finisher incorporates both 
“ Air Impingement” and “Radiant Heat” technologies. 
The impingement technology quickly and evenly heats the food
products while the radiant heat evenly and simultaneously toasts.
The combination of these technologies complement each other 
and result in this unique conveyorised cooking platform that offers
quality , speed and ease of use. Also within the segments, the customer
mix is constantly changing, through
acquisitions, new concepts and menu
changes to meet changing customer
preferences. The overall industry growth
bodes well for equipment sales in the
medium to longer term. In the short 
term, the reality is that commercial 
kitchen equipment is a signiﬁcant capital
expenditure and is impacted by economic
and geopolitical uncertainty . 
In 1991, equipment purchasing dropped
15% and took four years to recover from 
the recession and Gulf war . We have been
experiencing a similar pattern in the last
three years from the effects of 9/1 1, SARS,
the Iraq war and weak economies. 
The food equipment market is estimated to
be some $22bn worldwide of which $14bn
is food service equipment. There is a very
large installed base of equipment which will
require replacement and refurbishment over
time. We believe that tight control on capex
spend has created pent up demand. 
Lastly , intense competition in the end
markets and changing consumer
preferences create constantly changing
equipment demands. We believe that, as
conﬁdence in the economy returns, growth
in the equipment market will resume and
accelerate. In the meantime, we will be very
focused on cost control and innovation to
optimise earnings and market share.
Food Retail The food retail industry has 
also been showing steady growth, up from
$123bn in 1975 to $41 1bn this calendar year .
At the same time this sector has been
losing share of the total food spend to the
food service sector , down from 63% in
1975 to 51% currently . 
The food retail industry is ﬁghting back 
by opening restaurants in supermarkets 
and expanding quick service menus in
convenience stores. The supermarket
industry has consolidated signiﬁcantly 
over the last ten years, putting intense
pressure on margins. As a result of industry
consolidation, shipments of cases to
supermarkets have been declining over the
last ﬁve years, from 188,000 to just over
1 70,000 per annum.
The industry is characterised by large bids
for some or all of a customer’ s business 
for periods of one to three years. This can
result in large spikes either way and of
course downward pressure on prices to
retain or gain contracts. The ability to deliver
consistently high quality products, on time, 
is critical.
08 Enodis annual report + accounts 2003
Chief Executive Ofﬁcer’ s review
 François Houpert, President of our European operations board, presenting the 
Silver Bocuse award to Franck Putelat at Sirha 2003 in L yon, France. Enodis was a 
major sponsor of the Bocuse d’Or , an international cooking competition. Q How does the Garland Moisture
Plus
®
make perfect bread with
crisp crusts in just minutes?
AThe Garland Moisture Plus
®
introduces precisely metered
moisture to the bread baking process, which accelerates heat
transfer at the surface of the product, creating an effect similar 
in principle to searing or deep-frying, in which an outer crust is
formed early in the cooking cycle. Combined with precise airﬂow
engineering, this moisture-charged effect produces superior , 
high-yield baking results with bread products evenly browned 
on the outside, moist and ﬂavoursome on the inside. Food Service Equipment business
Our Food Service Equipment business
supplies restaurants of all types in over 
140 countries through a network of third
party distributors, except in six major
markets where we have Group-owned
Enodis master distributors supported 
by a network of dealers and third party
service agencies.
It is extremely difﬁcult to obtain accurate
market share information. However , we
estimate that we have approximately 6% 
of the highly fragmented global market, 
16% of the US market, and in several of 
our premium brands, 20% to 40% of 
US market segments. 
We market a full range of food service
equipment with over 30 brands
manufactured in 29 factories in eight
countries. Our top selling brands are
Cleveland, Convotherm, Delﬁeld, Frymaster ,
Garland, Lincoln and Scotsman.
In FY03, our Food Service Equipment
turnover was £553m, with £408m (7 4%) 
in North America and £145m (26%) 
in Europe/Asia. The like-for -like change 
was an overall reduction of 1%, with 
North America 2% down and Europe/Asia
1% up.
In North America, our sales were impacted
by general market conﬁdence, as well as
signiﬁcant capex reductions, particularly 
in the second half, by certain QSR chains. 
In Europe/Asia, sales were generally ﬂat 
at our UK and Central European operations,
and our increase came entirely from our Ice
Group assisted by a particularly hot summer .
Operating proﬁts were £60.9m, with
£50.7m (83%) coming from North American
operations and £1 0.2m (1 7%) from
European/Asian operations. The like-for -like
change was a reduction of 8% in 
North America and an improvement of 
3% in Europe/Asia resulting in an overall
reduction of 6%.
In North America most of our operating
companies improved like-for -like operating
proﬁt as a result of our aggressive cost
reduction programmes. However , these
gains were more than offset by the impact
of reduced capital spending by chains as
mentioned above and margin pressures
particularly in our refrigeration business.
In Europe/Asia, we saw our UK operations
triple operating proﬁt as the problems
endured in FY02 were stabilised. 
Central European operations improved 
like-for -like operating proﬁt by some 6% 
all from margin improvement, and the 
Ice Group increased like-for -like operating
proﬁt by 8%, a combination of volume 
and cost reduction.
10 Enodis annual report + accounts 2003
Chief Executive Ofﬁcer’ s review
In North America most of our operating
companies improved like-for -like operating
proﬁt as a result of our aggressive cost
reduction programmes . . .
‘’ A Striking the right balance between high speed convected 
hot air , microwave energy and multi-stage programming, the
Mealstream
™
oven provides our customers with the capability 
to produce consistent and high quality results in a fraction of 
the time of traditional bake-off. Our V ent Master hood and
ventilation system helps discharge cooking fumes from 
the kitchen.
Q We get perfect mufﬁns with the
Merrychef Mealstream
™
50 1 in 
half the time, everytime. Why? Our focus on innovation continued during
2003 culminating in the introduction at the
NAFEM (North American Association of
Food Equipment Manufacturers) show of 
12 new products and eight product line
extensions from those exhibited previously .
A few examples are:
– Cleveland introduced the SteamChef
™
3
steamer featuring high speed convection
steam without a boiler with ease of
cleaning and maintenance;
– Jackson introduced a FlightT ype Dish
Machine with a power rinse system and 
a self cleaning V-jet design;
– the Dual T echnology Finisher from Lincoln
has a patented combination of air
impingement and infra-red technologies for
high speed toasting and warming;
– Merco’ s new Display Holding Cabinet is
designed to provide accurate temperature
control with humidity to keep food hot and
fresh; and
– Scotsman expanded its range of Eclipse
®
Ice Machines now available in 1300, 
1600, and 2000 lbs of ice production 
per day . Eclipse
®
technology moves 
the refrigeration unit to the roof of the
restaurant with the dispenser or storage
bin in store – a much quieter result.
We continued to build our functional
strength through the implementation of
regional and global teams which helped 
the successful achievement of our cost
reduction targets for FY03 with momentum
going into FY04. Key actions have included:
–  regional operations boards were formed
to focus on internal and external
synergies. Improved co-ordination has
been achieved and resulted for example 
in certain Delﬁeld products being
manufactured in the UK and Frymaster
products in China. This, along with the
appointment of market leaders for our key
markets, brought a better understanding
by our operating companies of the 
needs of local and global customers in
these markets;
–  we have continued the process in the 
US of aligning our sales representatives,
dealers and service agents to provide 
a streamlined service to our customers.
We have also introduced the “ST AR”
initiative aimed to achieve a new level 
of service;
–  our Canadian businesses had an all time
record sales year with growth of over
25% beneﬁting from a chain roll-out of 
the newly introduced Merrychef oven on
top of strong underlying performance;
12 Enodis annual report + accounts 2003
Chief Executive Ofﬁcer’ s review
Our focus on innovation continued
during 2003 culminating in the
introduction at the NAFEM show of
12 new products and eight product
line extensions . . .
‘’ Q How can the Cleveland
SteamChef
™
3 give you perfect
salmon without the need 
for a boiler or generator?
13 Enodis annual report + accounts 2003
Chief Executive Ofﬁcer’ s review
AThe new SteamChef
™ 
3 from Cleveland Range is a high-speed
“Fan Forced” electric convection steamer that’ s both easy to 
use and easy to clean. The unit's open-style 1 .5-gallon water
reservoir in the cooking compartment allows for easy cleaning 
and maintenance with a cooking capacity for up to three 
1 2”x 20”x 2.5” deep steam table pans. The exclusive KleanShield
™
cooking compartment is designed to automatically collect and
remove waste, keeping the compartment clean and safe 
from impurities.  –  in the UK we re-established our brands
and turned around two problem
businesses. Enodis Distribution (UK) 
took over responsibility for Convotherm
and Lincoln brands;
–  Enodis France celebrated its 15th
anniversary , highlighting its year by
equipping the Queen Mary 2 cruise 
liner with 22 Convotherm ovens; and
–  in Germany we brought all of the Enodis
brands under the umbrella of Enodis
Deutschland GmbH, whilst in Italy a new
master distributor was set up. 
Our global food service equipment business
will continue to drive for operating and
commercial synergies in 2004.
Food Retail Equipment business 
Our Food Retail Equipment business
supplies supermarkets and convenience
stores in USA, Canada, and Mexico. 
Most of this business is sold on a 
direct basis.
Kysor Panel Systems (storage rooms) 
and Kysor//Warren (display cases) are
manufactured in ﬁve US plants.
We believe that Kysor Panel Systems is 
the industry leader in storage rooms. 
The company had another strong year .
Kysor//Warren is gradually rebuilding its
credibility with consistent quality and
delivery , and is winning back sales from
customers previously lost.
Clearly we have to continue our strong 
cost focus to be competitive in a very 
tough market segment.
In 2003, our Food Retail Equipment turnover
was £1 1 1m, down 8% on a like-for -like basis
over prior year . Operating proﬁt was £4.0m,
compared to a like-for -like loss of £5.1m prior
year as a result of record operating proﬁt at
Kysor Panel Systems, principally due to
operating efﬁciencies and a spectacular
turnaround at Kysor//Warren where the
implementation of lean manufacturing was
the major factor . I would like to congratulate
David Frase who leads the group, and 
Ralph Schmitt, President of Kysor//Warren.
They and their teams did a stellar job.
Whilst pricing in this market continues to 
be extremely difﬁcult, we believe that we
have momentum going into 2004. We also
believe that continued implementation of
lean manufacturing will improve quality and
help us, over time, to win back market share
for Kysor//Warren.
14 Enodis annual report + accounts 2003
Chief Executive Ofﬁcer’ s review
 Frozen Food Island developed by Kysor//Warren  Frozen Food Narrow Reach-Ins developed by Kysor//Warren 15 Enodis annual report + accounts 2003
Chief Executive Ofﬁcer’ s review Q What features demanded by
customers are best satisﬁed by the
new Scotsman ice dispenser?
AThe MDT2C1 2 ice dispenser has a sleek, high tec h appearance
and produces c hewable ice whic h has led to considerable initial
success in the US. The unit is made in Milan by our Italian
subsidiary , F rimont, SpA and is sold in Europe as the model TC-180.  Strategy and key initiatives for FY04 
Our key objectives for FY04 for executing
our consistent strategy , as outlined by 
Peter Brooks in his statement, are:
–  become the lowest cost supplier of 
high quality products;
–  protect/grow market share by focusing 
on innovation and key markets; and
–  further reduce net debt.
Regarding cost, we will:
–  continue the roll-out of lean manufacturing
across the Group. This has proven to be
very successful at Scotsman and
Frymaster over the years, and was
instrumental in the turnaround of
Kysor//Warren;
–  build on our Group purchasing
programmes which saved close to 
£5m in FY03 and are gathering increasing
momentum already in FY04; and
–  implement a common ERP system at 
six business units to underpin these
processes.
Our market share efforts will be focused on
innovation and customers who are growing
in key markets. Let’ s look at innovation ﬁrst.
During FY04, we will build sales momentum 
on the new products recently introduced 
at NAFEM. We will continue to leverage the
skills of our T echnology Center to develop
the next generation products to meet 
the needs of our demanding customers 
on such features as speed, ﬂexibility , safety ,
and automation.
In our six key markets, we will continue to
evolve our alignment with premier dealers
and service agents and work in tandem with
our channel partners to gain penetration with
customers who are growing. We will further
implement our training, strategic selling and
large account management processes to
target and monitor these customers in a
more efﬁcient manner for them and us.
Lastly on net debt, we will be highly focused
on income generation, cash conversion days
and interest costs as we continue our quest
to reduce net debt as quickly as possible. 
We have a good track record on this and I
would expect our momentum to continue.
Summary FY03 was a year of good
progress, particularly on proﬁt before and
after tax and net debt. FY04 will be another
challenging year which we face with the
conﬁdence of a team that understands how
to operate in difﬁcult market conditions. 
I would like to take this opportunity to 
thank the Board, our management team, 
all of our employees worldwide, our
customers, channel partners, and suppliers
for their support during FY03. 
David McCulloch Chief Executive Ofﬁcer
16 Enodis annual report + accounts 2003
Chief Executive Ofﬁcer’ s review
Kysor//Warren is gradually rebuilding 
its credibility with consistent quality
and delivery and is winning back sales
from customers previously lost . . . 
‘’ QWhy does the Merco
®
Pizza
Display Cabinet have uniform
temperatures from top to bottom?
17 Enodis annual report + accounts 2003
Chief Executive Ofﬁcer’ s review
A Merco
®
engineers utilised advanced “Computational Fluid
Dynamics” (CFD) software to design the airﬂow of the 
Merco
®
Pizza Display Cabinet, to evenly distribute heat and
humidity to each level of the cabinet. This highly advanced
software allowed engineers to model airﬂow and heat distribution
on their computer screens before building a single part, thereby 
greatly shortening the development time of this highly advanced
piece of food service equipment. We believe that our people are our strongest asset, and their
development is key to winning in our markets. T o that end, 
over the last two years we have worked hard to improve the 
quality and skills of our employees by introducing succession
planning, performance management and recruitment rigour 
across all Enodis companies. 
Stafﬁng We are seeing some of the beneﬁts of this focus already .
For example, we have a good record of promoting from within, as
evidenced by the appointments of our new CEO and our new
Presidents of Jackson, Ice-O-Matic and Delﬁeld. 
We also place importance on selective external recruitment when
required to support business plans and inject fresh perspectives
into the Group. As a result, we believe we have strengthened
ourselves at the executive level in some of our previously
underperforming companies, most notably Kysor//Warren, 
V ent Master and the Beverage Group, as well as at the Enodis
corporate level, including the new General Counsel and new 
Chief Information Ofﬁcer . 
Of the 24 executives who report to the executive Directors, 
six have been hired from outside the Group in the last 
two years. The remainder were promoted from within to their
current positions. We believe that this maintains a sensible 
balance between management continuity and external recruitment. 
Of course, where expert services are needed to supplement 
in-house skills we will retain appropriate advisors on an interim 
or speciﬁc project basis, thereby enabling us to maximise the
cost/beneﬁt equation. 
Structure We value our ﬂat, lean organisation structure for several
reasons, including: speed of response, clarity of communication 
and lower cost. We have focused our efforts in 2003 upon
optimising that structure, taking out layers of management
wherever sensible. When the ofﬁce of the CEO was moved to 
the US, we were able to combine the positions of COO and CEO
into one larger role, thereby achieving cost savings and executive
efﬁciency . Our Global Operating Center in New Port Richey , Florida,
houses most of the Group function heads and is physically close to
our most signiﬁcant operating companies and their brands, thereby
increasing responsiveness. We have, of course, maintained our
London ofﬁce with its focus on investors, treasury , company
secretarial, reporting and ﬁnancial control functions.
18 Enodis annual report + accounts 2003
Human resources review
 Bob Eimers Executive VP , Global Human Resources
We have a good record of promoting
from within . . . 
‘’ Operations boards Regional operations boards have been
established for North America, Europe and Asia. These boards 
are made up of the operating company presidents, managing
directors and key staff executives from each region. These boards
have already implemented some important marketing and
operating synergies across Enodis. 
Country management In FY03 we also established country
managers in our key markets. Experience has taught us that
commercial activity is best driven locally , as opposed to globally 
or regionally . The commercial teams in our six key markets have
strived to understand better their roles, responsibilities and rules 
of engagement as they work with each other towards the
satisfaction of our customers’ needs.
Looking forward We are proud of the progress in 2003 and
maintaining the momentum, we see even greater opportunities to
impact business results in 2004. Consistent with one of our 2004
strategic objectives of becoming the lowest cost supplier of high
quality products, HR will support the introduction of lean
manufacturing techniques. This will require signiﬁcant cultural
changes as the operating companies shift from old leadership
styles and structures to participative management, continuous
learning and team-based environments. T o support our objective 
of protecting and growing market share we will also continue to
assist the various commercial teams in developing strategic selling
and large account management initiatives, including extension of
existing training programmes. 
We feel conﬁdent that we have made solid progress to date in
terms of the fundamental HR building blocks. We look forward 
to 2004 as an opportunity to add value by directly supporting key
strategic business initiatives and helping develop a sustainable 
high performance culture.
Bob Eimers Executive VP , Global Human Resources
19 Enodis annual report + accounts 2003
Human resources review
 Richard Brinkerhoff, Group CIO 
 Chris Karssiens, President Ice-O-Matic
 Irwin Shur , Group General Counsel
 Bob Nerbonne, President Delﬁeld
We feel conﬁdent that we have made
solid progress to date in terms of the
fundamental HR building blocks . . . 
‘’ One of our key priorities this year was the further reduction in 
net debt and I am delighted to be able to report that net debt 
at 27 September 2003 was £139.7m, down £46.4m from the 
end of the prior year . The primary cause for the reduction was 
cash ﬂow from our pre-exceptional operating activities after capital
expenditure, which generated £70.6m in the year . Our businesses
are highly cash generative and we see this continuing in the future.
I am also pleased to report that we have returned to after tax proﬁt
in the year , the ﬁrst time in three years as the losses on disposals
of businesses and goodwill impairments of prior years have not
been repeated. Proﬁt after tax of £9.5m compares to a prior year
loss after tax of £86.8m.
Tu r nover Our turnover of £679m is £1 14m below last year . The full
year effect of the disposal of non-core businesses in 2002 caused
£60m of the decline and adverse foreign exchange movements 
a further £38m. Like-for -like sales declined 2% reﬂecting weak 
US markets, lower sales to certain QSR chains and lower sales 
in Food Retail Equipment, including the effect of Kysor//Warren
shedding unproﬁtable business.
Operating proﬁt Operating proﬁt before goodwill amortisation and
exceptional items decreased by £6.5m to £60.8m. £4.4m of this
decrease relates to the full year impact of prior year disposals with 
a further £3.0m due to adverse foreign exchange movements.
Property operating proﬁt was £2.6m lower (see below).
Food Equipment like-for -like** operating proﬁt* increased 9% with
Food Retail Equipment returning to proﬁtability as Kysor//Warren
broke-even in the year , offsetting a weaker performance in 
Food Service Equipment North America which was down 8%. 
In addition to the impacts of lower sales mentioned above, margins
declined at our North American refrigeration business in a ﬁercely
competitive environment.
Exceptional items In March 2003 we recognised a weakening of
the US market and took prompt action to reduce costs. We also
relocated the CEO’ s ofﬁce to New Port Richey near T ampa, Florida
and later in the year restructured certain European operations. The
total cost of these programmes was £6.1m and has been treated as
an exceptional item. Beneﬁts arising during the second half of the
year were £9.0m, and we expect a further £4.0m next year .
Whilst our view of our potential liability in the Consolidated
Industries litigation remains unchanged, the legal process in the 
US is lengthy and expensive and our estimates of the costs of
defending these actions have increased. We have therefore
increased our accruals to cover costs by £3.1m.
Slower economic activity in the property market has also caused us
to reassess our provisions in respect of vacant leasehold properties
and we have booked a £3.3m increase during the year .
During the year the Group paid £1 .3m to release it from the majority
of the warranties and indemnities given at the time of the disposal
of one of its subsidiaries. As a result, associated accruals of £2.5m,
along with a further £0.8m relating to other disposals have been
released to the proﬁt and loss account.
Property During the year we sold a further tranche of the Felsted,
Essex, property which gave rise to turnover of £16m and operating
proﬁt of £5.4m. Annual proﬁt from property development is
expected to reduce over time.
Interest The Group’ s net interest cost in the period was £21 .9m,
down £7 .4m on the prior year pre-exceptional charge. Lower
principal balances along with lower base interest rates helped
reduce the charge. However , the increased proportion of our net
debt represented by our £1 00m senior subordinated notes, at
10
3
⁄ 8%, will cause the weighted average cost of debt to remain
relatively high at 8.1%.
Proﬁt before tax The pre-tax proﬁt for the period of £15.9m 
is £1 0 1 .7m better than last year , predominately due to lower
exceptional items and interest, offset by reduced operating proﬁt.
T axation Our tax charge for the year on pre-exceptional proﬁt 
is £8.2m reﬂecting a current tax charge on current year proﬁts 
of £7 .4m, approximately 19% of proﬁt before tax, goodwill
amortisation and exceptional items. Our UK and US operations
beneﬁt from brought forward tax losses and so the charge in 
the year relates principally to tax on proﬁts of our European and
Canadian businesses. The FY02 charge beneﬁted from the release
of an accrual following settlement of a US tax audit. The tax beneﬁt
of exceptional items is £1 .8m. 
20 Enodis annual report + accounts 2003
Financial review
* Throughout this ﬁnancial review, operating proﬁt is stated before goodwill 
amortisation and exceptional items. 
** Throughout this ﬁnancial review, like-for-like operating proﬁt is operating proﬁt
further adjusted for the effects of disposals and foreign exchange. See other
unaudited information on page 66. We expect to see the beneﬁt of US tax losses until 2007 . 
However , if in a rolling three-year period there is a change of
ownership of more than 50% of our share capital, the beneﬁt 
of these losses could be severely restricted.
Earnings per share Adjusted diluted earnings per share are 7 .7p
compared to 1 0.4p last year , due in part to the higher tax charge
and also the increased average number of shares in issue for the
full year . Basic earnings per share are 2.4p (2002: loss per share 
of 24.8p).
Dividend In FY02, the Group completed a major reﬁnancing which
involved the transfer of substantially all the assets of the parent
company to another Group company . The effect of this, for statutory
accounting purposes, was the recognition of losses in the parent
company . The recognition of these losses means that the parent
company does not have sufﬁcient distributable reserves to lawfully
declare dividends.
As and when the Board determines to resume dividend payments,
the Company will seek to take the steps necessary to increase
distributable reserves to enable it to pay dividends. Any such action
is likely to include the approval of shareholders and the High Court;
this is unlikely to be before FY05.
No dividend is therefore proposed (2002: £nil).
PensionsThe Group operates a number of deﬁned beneﬁt and
deﬁned contribution schemes as discussed in note 23 to the
accounts. Applying FRS1 7 principles we would have a net pension
liability of £28.4m at the year end. Cash contributions to our deﬁned
beneﬁt plans are determined following actuarial advice and were
£0.8m in FY03. We expect to increase our annual funding level by
approximately £1 .0m in FY04.
21 Enodis annual report + accounts 2003
Financial review
 Dave Wrench Chief Financial Ofﬁcer
0
100
200
300
400
500
Year end net debt £m
Sep 1998 Sep 1999
£139.7m
Sep 2000 Sep 2001 Sep 2002 Sep 2003 Operating cash ﬂow The Group continues to generate strong
cash ﬂow before exceptional items.
2003 2002
£m £m
Operating proﬁt 60.8 67 .3
Depreciation 12.4 15.7
Spend against provisions (2.8) (2.2)
Working capital 9.6 19.2
Net capital expenditure (9.4) (9.0)
Cash inﬂow from operating activities 
and after capital expenditure 70.6 91 .0
Interest (18.9) (23.3)
T axation (7 .1) (3.3)
Free cash inﬂow 44.6 64.4
For the second year in succession we have reduced working
capital. We achieved this by improving cash conversion days and
closed the year below our internal target of 40 cash conversion
days compared to 45 days last year . Capex was slightly ahead of
last year , although some projects were delayed into FY04 and in the
long term we expect capex to broadly equal depreciation.
Net debt Net debt at 27 September 2003 was £139.7m compared
to £186.1m at the beginning of the year . The free cash inﬂow of
£44.6m is the most signiﬁcant factor in the debt reduction.
Favourable foreign exchange movements arising as the US dollar
weakened contributed £9.6m. The movement of £46.4m is
analysed as follows:
£m
Net debt at 28 September 2002 186.1
Free cash inﬂow (44.6)
Disposals 1 .3
Exceptional items 6.5
Foreign exchange rate movement (9.6)
Net debt at 27 September 2003 139.7
22 Enodis annual report + accounts 2003
Financial review
Our businesses are highly cash 
generative and we see this continuing 
in the future . . . we have again 
reduced working capital . . . 
‘’
Further debt reduction from our 
strong operating cash ﬂow remains 
a priority . . . 
‘’ Treasury management The Group treasury function of Enodis is
responsible for ensuring the availability and ﬂexibility of funding
arrangements in order to meet the ongoing requirements of the
Group. In addition, it is responsible for managing the interest rate
risks, liquidity risks and foreign exchange risks of the Group.
Appropriate policies that regulate the activity of the Group treasury
function are in place and have been approved by the Board. 
The Group treasury function, in turn, has implemented policies 
and guidelines to regulate the activities of subsidiary companies.
Foreign exchange risk management Foreign exchange
transaction exposures are generally managed directly by operating
subsidiaries within policies and guidelines established by Group
treasury . Group treasury also enters into foreign exchange hedging
transactions on behalf of subsidiaries where this is beneﬁcial to the
Group. It is the Group’ s policy not to hedge proﬁt and loss account
foreign exchange translation exposures. The Group’ s US dollar
denominated interest cost provides a partial hedge to the 
Group’ s results.
Enodis has signiﬁcant capital employed in overseas operations. 
As a result, the Group’ s balance sheet can be affected by
movements in foreign exchange rates. The Group has a policy 
to hedge at least 50% of this risk to limit the impact of currency
movements. Accordingly we have loans in the same currencies 
as the capital employed in the Group’ s main overseas operating
units. Cross currency swaps are also used to convert the currency
of the Group’ s borrowings to such functional currencies.
Interest rate risk management The Group ﬁnances its operations
through a mix of retained proﬁts and borrowings. Borrowings are
made at both ﬁxed and ﬂoating rates of interest. The Group uses
interest rate swaps to generate the desired interest proﬁle and to
manage the Group’ s exposure to interest rate ﬂuctuations.
As at 27 September 2003, the Group had gross borrowings of
approximately £21 7 .4m; £1 00m of these borrowings were ﬁxed
through the senior subordinated notes and a further £21 .1m was
ﬁxed for a period greater than one year using interest rate swaps.
T ogether with other minor ﬁxed rate borrowings these represent 
57% of the Group’ s total borrowings. The remaining £92.8m (43%) 
remains ﬂoating. The interest rate proﬁle is in line with the 
Group’ s objectives.
Investment Our current investment focus revolves around
improving our ERP systems throughout the Group and we
therefore anticipate that capital expenditure will rise over the next
few years, although it is unlikely to signiﬁcantly exceed depreciation.
We have no plans for acquisitions or disposals of businesses.
US GAAP Enodis is listed on the New Y ork Stock Exchange under
the ticker symbol ENO and accordingly is required to reconcile its
accounts from UK to US GAAP . The principal differences arise due
to the treatment of goodwill, pension costs and deferred tax. 
The pre-tax proﬁt (before the cumulative effect of a change in
accounting principle) under US GAAP is £34.1m (2002: loss of
£85.5m); the net loss after tax under US GAAP is a loss of £94.1m
(2002: loss of £1 03.0m).
During the year we have implemented Statement of Financial
Accounting Standard 1 42 “Goodwill and Other Intangible Assets”
(SF AS 1 42) whic h requires the discontinuance of goodwill
amortisation and a transitional and annual test for goodwill
impairment. As a result of the transitional test, we have recognised a
£84.9m impairment to goodwill in our US GAAP results. This has no
cash effect nor does it affect our results presented under UK GAAP .
Sarbanes-Oxley We are in compliance with the relevant sections
of the Act which are currently in force.
Section 404, which requires increased reporting of internal controls,
does not apply to us until our year ending September 2005. We are
working towards compliance.
Summary Whilst markets have remained difﬁcult, our af ter tax
results have improved and we have ended the year with a stronger
balance sheet. F urther net debt reduction from our strong operating
cash ﬂow remains a priority and will have a corresponding beneﬁcial
impact on interest c harges. However , the greater proportion of our
net debt represented by the Senior Subordinated Notes will cause
us to continue to bear a relatively high interest cost.
W David Wrench Chief Financial Ofﬁcer
23 Enodis annual report + accounts 2003
Financial review Peter Brooks, non-executive Chairman 
(56 years), joined the Enodis Board as a non-executive Director on
21 May 1998 and was appointed Chairman on 1 7 January 2000.
He was formerly General Counsel to the Board of the Global and
Corporate and Institutions Division at the Deutsche Bank Group,
and more recently was Chairman European corporate coverage at
City solicitors Clifford Chance. He was Chairman of Chesterton
International plc. He is Chairman of the Nominations Committee
and a member of the Remuneration and Audit Committees.
Dave McCulloch, Chief Executive Ofﬁcer 
(56 years), joined the Group in 1986. Progressively he held the
positions of President Garland Canada (1992), President Garland
Group (1995), President Speciﬁcation Group (1999), President NA
Foodservice Group (March 200 1), President Global Food Service
Equipment Group (September 200 1) and Chief Operating Ofﬁcer 
(May 2002). He was appointed to the Board on 2 November 200 1
and to Chief Executive Ofﬁcer on 1 June 2003. Prior to joining
Enodis, he spent 1 5 years in the residential appliance business 
with Camco Inc, a subsidiary of General Electric. He is a member 
of the Nominations Committee.
D ave Wr ench, Chief Financial Ofﬁcer 
(57 years), joined Enodis in 2000 as CFO for the Speciﬁcation
Group and was appointed a director and CFO on 23 May 2002.
Before joining Enodis he held executive positions with three
different companies that included responsibilities for operations 
in the USA, Canada and Mexico. He had previously worked for 
GE Canada for 23 years in both CFO and general management
positions. 
Bob Eimers, Executive Vice President, Global Human Resources 
(55 years), joined Enodis in July 200 1 as Vice President Human
Resources and was appointed to the Board on 23 May 2002,
having previously been employed with Scotsman. He has been 
the senior human resource executive in three major corporations;
Household International, Sonoco Products Company and 
Service Merchandise.
Mike Cronk, non-executive Director
(60 years), joined the Enodis Board on 8 May 2003. He was
Executive Vice President of Aramark Corporation until January 
2003. He is a non-executive director of United Financial Holding Inc, 
AIM Services, ARAKOR and is Principal of the Natoma Group 
and Chairman of Geostrategy Consulting. He is Chairman of the
Remuneration Committee and a member of the Audit Committee.
Eryl Morris, non-executive and Senior Independent Director 
(60 years), joined the Enodis Board as a non-executive Director 
on 27 July 1998. He was formerly Deputy Chief Executive 
of Courtaulds plc. He is Chairman of Airinmar Group Limited, 
Mill Digital Media Limited and Care Principles Group Limited. 
He is Chairman of the Audit Committee and a member of the
Remuneration Committee. 
Waldemar Schmidt, non-executive Director 
(63 years), joined the Enodis Board on 3 April 2000. He was 
Chief Executive of ISS Group from October 1995 until he left in
September 2000. He is Chairman of Superfos A/S, Tholstrup
Cheese Holding A/S, Thrane & Thrane A/S and Deputy Chairman 
of F Group A/S. He is also a non-executive director of Group 4 
Falck A/S, WZG Group NV and Alfa Laval International AB. He is a
member of the Remuneration and Nominations Committees. 
24 Enodis annual report + accounts 2003
The Directors
Contact information
Enodis plc Corporate Head Ofﬁce
Washington House
40–41 Conduit Street
London W1S 2YQ
Email: contact@enodis.com
T elephone: +44 (0)20 7304 6000
www .enodis.com
Dave McCulloch CEO
Email: dmcculloch@enodis.com
T elephone: +1 727 569 1 183  
+44 (0)20 7304 6006
D ave Wr ench CFO
Email: dwrench@enodis.com
T elephone: +1 727 569 1 183
+44 (0)20 7304 6006
Bob Eimers Executive VP ,
Global Human Resources
Email: beimers@enodis.com
T elephone: +1 727 569 1 1 08
+44 (0)20 7304 6006 1 Principal activities, business, operating and financial reviews 
The principal activities of the Group consist of the manufacture 
and sale of commercial food equipment through its Global Food
Service Equipment and Food Retail Equipment groups. The Group’ s
turnover , operating profit and total assets less current liabilities are
shown by business sector in note 1 to the accounts. A review 
of the business and future development plans, together with
operating and financial reviews, are contained on pages 6 to 23
which constitute an integral part of this report.
2 Results and dividends 
The profit of the Group before taxation amounted to £15.9m 
(2002 loss: £85.8m). Having adjusted for goodwill amortisation 
and exceptional items, profit before taxation was £38.9m (2002:
£38.0m). The Directors do not recommend the payment of a final
dividend (2002: nil). No interim dividend (2002: nil) has been paid 
in respect of the period.
3 Research and development 
During the period the Group incurred expenditure on research 
and development of £13.2m (2002: £13.4m).The Group’ s major
research and development facility , the Enodis T echnology Center
(ETC) at New Port Richey near T ampa, Florida, provides a central
resource for the Group’ s research and development activity .
During the period the Group launched 12 new products and 
eight product line extensions at the NAFEM show , all of which
having been developed at the ETC.
4 Share capital 
(a)There was no movement in the number of the Company’ s
ordinary shares during the period (see note 20 to the accounts).
(b) During the period, the Company did not exercise the authority
granted by shareholders at the Annual General Meeting held on 
15 January 2003 for the Company to purchase up to 40 million
ordinary shares.
5 Board of Directors 
The current Directors of the Company , their ages and the dates 
of their appointment are shown on page 24. Peter Brooks, 
David McCulloch, Eryl Morris, David Wrench, Robert Eimers 
and Waldemar Schmidt held office throughout the period. 
Michael Cronk, a Director at the end of the period, was 
appointed on 8 May 2003. Robert Briggs and Andrew Allner ,
Directors at the beginning of the period, left the Board on 
8 May 2003 and 31 May 2003 respectively . 
David McCulloch and Waldemar Schmidt will retire at the next
Annual General Meeting by rotation in accordance with Article 97 of
the Articles of Association of the Company and, being eligible, offer
themselves for reappointment in accordance with Article 98 of the
Articles of Association of the Company . 
Michael Cronk, having been appointed a Director since the last
Annual General Meeting, will retire at the next Annual General
Meeting and, being eligible, offers himself for reappointment 
in accordance with Article 95 of the Company’ s Articles 
of Association. 
The Board believes that these three Directors should be re-elected
for the following reasons:
a) David McCulloch was appointed Chief Executive Officer 
on 1 June 2003, having joined the Board in November 200 1 . 
Since that date, he has successfully carried out his duties 
as executive Director and Chief Operating Officer before 
becoming Chief Executive Officer . It is of course desirable for 
the Chief Executive Officer to be a Director of the Company .
b)Waldemar Schmidt was formerly Chief Executive Officer of 
ISS A/S, one of the world’ s leading suppliers of quality cleaning 
and related services. He was initially appointed to the Enodis plc
Board on 3 April 2000 and his global experience has enabled him 
to make a significant contribution to the deliberations of the Board
and Remuneration Committee.
c) Michael Cronk was appointed to the Board by the Directors on 
8 May 2003. Most recently he was executive Vice President of
Aramark Corporation, a global provider of managed services
including food facilities and other support services in 18 countries
and employing 200,000 people. He therefore has considerable
experience relevant to Enodis. 
The interests of the Directors in the share capital and other
securities of the Company and its subsidiary undertakings are
shown on pages 32 and 33.
6 Substantial shareholdings 
The following shareholdings are disclosed as having been notified in
accordance with Sections 198 to 208 of the Companies Act 1985
as at 1 7 November 2003.
Percentage 
Ordinary shares of issued
Shareholder of 50p each share capital
Harris Associates L.P . 50,541,360 12.62%
Arnhold & S. Bleichroeder Inc 41,135,300 1 0.27%
Fidelity International Limited 27 ,485,282 6.86%
Aviva plc 15,440,816 3.86%
UBS Global Asset Management 
Life Limited 15,215,554 3.80%
Legal & General Investment 
Management Ltd 12,131,815 3.03%
7 Charitable and political donations 
The Group made charitable donations of £1 00,000 during the period
(2002: £1 05,000), £93,000 of which was donated in the USA (2002:
£1 00,000). Neither the Company nor any of its subsidiaries made
any donation for political purposes in either 2003 or 2002.
8 A uditors 
On 1 August 2003 Deloitte & T ouche transferred their business 
to Deloitte & T ouche LLP , a limited liability partnership incorporated
under the Limited Liability Partnerships Act 2000. The Company’ s
consent has been given to treating the appointment of Deloitte &
T ouche as extending to Deloitte & T ouche LLP with effect from 
1 August 2003 under the provisions of Section 26(5) of the
Companies Act 1989. 
25 Enodis annual report + accounts 2003
Directors’ report Resolutions to reappoint Deloitte & T ouche LLP as the Company’ s
auditors and to authorise the Directors to determine their
remuneration will be proposed at the next Annual General Meeting.
9 Disabled employees 
Applications for employment from disabled persons are considered
on their merits and regard is paid only to the ability of an applicant
to carry out satisfactorily the functions required. The same policy is
adopted when considering career development and promotion,
while in the field of training, a distinction would be made only in
order to meet the particular requirements of the disabled person. 
If an employee became disabled while in employment, all due
consideration would be given to continued employment whether in
the same or in an alternative capacity and training would be given
where necessary .
10 Employee consultation 
The Group places great value on the involvement of its employees
and has reinforced its previous practice of consulting and keeping
them informed on matters affecting them as employees and on 
the various factors affecting the performance of the Group. This is
achieved in many Group companies through newsletters, formal
and informal meetings.
11 Creditor payment policy 
The terms of payment to most suppliers are agreed, and abided 
by , on an ongoing basis by each Group company . T rade creditors at
27 September 2003 represented, on average, nil days’ purchases
(2002: nil days) for the Company and 65 days’ purchases (2002: 
61 days) for the Group.
12 Environmental policies of the Company’ s operating groups
The following sections contain some examples of initiatives
undertaken to reduce environmental concerns in the period ended 
27 September 2003:
– Recycling/consumption/dry waste At Merrychef, all waste
cardboard, packaging, scrap metal and computer cartridges are
recycled through local specialists. Scotsman Beverage Systems
have reduced the amount of packaging materials they use by 
1 0% by increasing the utilisation of returnable packaging;
– Refrigeration Kysor//Warren have changed their laboratory testing
equipment to a lower ozone depleting refrigerant. At Scotsman
Ice, production of RF cabinets and DC bins employs a blowing
agent which uses water in place of refrigerant;
– Hazardous materials The paint booth has been removed at V ent
Master Canada. Accordingly , paint residue is no longer discharged
to the atmosphere and clean-up solvents ceased to be required,
eliminating their disposal. Viscount employ lead-free solder and 
no longer use chrome-plated screws in their manufacturing
operations. Asbestos has been removed from the roof of the
Castel Mac factory;
– Liquid waste At Scotsman China, all ice made by their testing
machines is melted and used to reduce the temperature of the
factory in the summer . Garland USA have stopped part-washing
and painting operations, thereby eliminating waste water discharge;
and
– Energy conservation Merrychef’ s range of microwave ovens 
and new accelerated cooking techniques, using components
such as high efficiency magnetrons, substantially reduce cooking
times and thereby reduce customers’ energy consumption. 
Two new ovens at Frymaster’ s paint line save 1 0% natural 
gas consumption. 
13 Annual General Meeting 
The Annual General Meeting of the Company will be held 
at the Radisson SAS Portman Hotel, 22 Portman Square, 
London W1H 7BG on 1 1 February 2004 at 1 1 .30 a.m.
A separate Circular to shareholders, containing the Notice of 
the Annual General Meeting and requisite information on the
Resolutions to be proposed as special business at the Meeting,
accompanies this Report and Accounts.
By order of the Board
D R Hooper Secretary 
18 November 2003
26 Enodis annual report + accounts 2003
Directors’ report The Combined Code 
The Board is accountable to shareholders for the running of the
Company and aspires to high standards of corporate governance. 
The Company has applied the principles set out in Section 1 of the
Combined Code – Principles of Good Governance and Code of
Best Practice issued in June 1998 (“the Code ”) as detailed herein.
The Company is not required to comply with the revised Code
published in July 2003 until its financial year ending in September
2005. However , as our report shows, we have already taken 
steps towards compliance and, so far as is practicable, will be
moving towards full compliance over the 2004 financial year . At the
same time as formal compliance is important, the Board’ s overall
approach will be to be guided by and observe the spirit of the Code.
The Board and Committees
Board balance Composition of the Board is balanced, with a 
non-executive Chairman, three independent non-executive
Directors and three executive Directors. The Board does 
not intend that the Chief Executive become Chairman of the
Company . The Directors’ biographies, which are set out on 
page 24, demonstrate a range of business backgrounds and
international experience.
Re-election All non-executive Directors (except for Michael Cronk)
have been appointed for an initial term of five years. All Directors
are subject to election by shareholders at the first opportunity after
their appointment, and to re-election thereafter by rotation and at
least every three years in accordance with the Company’ s Articles
of Association. Michael Cronk has been appointed for an initial term
of three years. The names of the Directors submitted for re-election,
and reasons why the Board believes they should be re-elected, are
detailed in the Directors’ report on page 25 and biographical details
for each of them appear on page 24.
Board procedures and support The Board considers that it
provides effective leadership and control and has a formal schedule
of matters reserved for its specific approval, including Group
strategy and performance, acquisitions and disposals, major capital
projects, Board appointments and dividend recommendation. 
It met 12 times during the period, with all Directors present at 
each meeting, apart from one meeting each in the case of 
Andrew Allner and Robert Briggs. It maintains a close dialogue
between formal meetings. Briefing papers are circulated in advance
of planned meetings and, during the year , the Board visited several
Group sites. Newly appointed Directors receive an induction
programme which includes a pack of Board papers for recent
meetings, analysts’ reports on the Company , a description of 
the Board’ s operations and the Memorandum and Articles 
of Association. A procedure exists for the Directors, in the
furtherance of their duties, to take independent professional advice,
if necessary , under the guidance of the Company Secretary and at
the Company’ s expense. If a Director has any concerns about a
particular issue, such concerns will be recorded in the minutes 
of the relevant Board meeting. If a Director resigned over a matter
which concerned him, such concerns would be communicated to
the other Directors. All Directors have the opportunity to undertake
relevant training, have full and timely access to relevant information
and the advice and services of the Company Secretary .
Board performance evaluation An evaluation of each Director’ s
performance was conducted by the Senior Independent Director in
December 2002.
Appointments Appointments to the Board are reviewed by the
Board as a whole with a Nominations Committee established to
undertake the search process and recommend candidates to the
Board as necessary . That Committee, comprising Peter Brooks
(Chairman), Waldemar Schmidt and Dave McCulloch, met formally
on one occasion during the period, at which all members were
present. Informal dialogue has also been maintained by the
members during the period to discuss the process for selecting
new non-executive Directors. T ypically , a search consultancy is
engaged to develop a shortlist of suitable candidates from which 
a selection can be made.
Relations with shareholders and understanding their views
There is an agreed allocation of responsibilities for regular executive
Director communication with institutional investors and analysts in
both the UK and USA. The Annual General Meeting provides an
excellent opportunity for private shareholders to question the Board
and discuss issues with executive management after the meeting.
The Chief Executive Officer and Chief Financial Officer made a
number of structured presentations to major shareholders following
results’ announcements. Feedback from these presentations is
reported to other members of the Board. In addition, quarterly
analyses of shareholders are prepared by the Company’ s brokers
and by its investor relations consultant and distributed to the Board.
Audit CommitteeThe Committee’ s Chairman is Eryl Morris, the
Senior Independent Director , who sits together with Peter Brooks,
and Michael Cronk who joined the Audit Committee on 31 July
2003. Robert Briggs was a member of the Audit Committee until 
8 May 2003 when he resigned as a Director . At all times, it shall
comprise solely non-executive Directors and shall normally consist
of not less than three members. It met five times during the period,
with all members present at each meeting. Other Directors and
executives may attend by invitation.
The Audit Commit tee monitors accounting policies and financial
reporting, and reviews the quarterly and annual accounts before 
they are presented to the Board. It also maintains a liaison with
external auditors, keeps under review the scope and results of 
the audit and its cost effectiveness, and the independence and
objectivity of the auditors, taking into account where necessary 
any non-audit services provided to the Group by the auditors. 
A policy for pre-approving suc h services has been adopted by 
the Audit Commit tee suc h that the auditors’ objectivity and
independence is safeguarded. The Audit Commit tee also has
primary responsibility for making a recommendation to shareholders
on the appointment and removal of the external auditors.
Remuneration CommitteeThe Remuneration Committee is
chaired by Michael Cronk, an independent non-executive Director .
Peter Brooks, Waldemar Schmidt and Eryl Morris, also independent
non-executive Directors, are members of the Remuneration
Committee. It met ten times during the period, with all members
present at each meeting, except Eryl Morris who was absent 
from two meetings and Peter Brooks who was absent from one.
All were members throughout the period except for Michael Cronk
who joined on 30 May 2003. He replaced Waldemar Schmidt as
Chairman of the Remuneration Committee on 12 June 2003. 
27 Enodis annual report + accounts 2003
Corporate governance The Remuneration Committee’ s terms of reference include
reviewing and advising upon the remuneration and benefits
packages of the executive Directors. The fees of the non-executive
Directors are determined by the full Board. The Remuneration
Committee is advised and assisted as required by Hewitt 
Bacon + Woodrow , consultant to the Remuneration Committee
appointed on 22 May 2003, and the Vice President, Global Human
Resources. It reports to the full Board, whose Remuneration report
is set out on pages 29 to 33.
Going concern
The Directors believe that the Group has adequate resources to
continue operating for the foreseeable future. For this reason, they
continue to adopt the going concern basis in preparing the accounts.
Internal control 
IntroductionThe Board has established procedures to implement
in full the T urnbull Guidance “Internal Control: Guidance for Directors
on the Combined Code ” for the year under review and to the date
of approval of the annual report and accounts. These procedures,
which are subject to regular review , provide an ongoing process for
identifying, evaluating and managing any significant risks faced by
the Group.
ResponsibilityThe Board has overall responsibility for the system
of internal control. A sound system of internal control 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.
Control structureThere is a defined operating structure with lines
of responsibility and delegated authority . Regional operations
boards, comprising relevant senior executives, have responsibility
amongst other things for co-ordination of Group strategy and risk
management. The Group’ s organisational structure is relatively flat,
enabling close control, fast information flow and responsiveness. 
Written policies and procedures are in place which define the limits
of delegated authority and provide a framework for management 
to deal with areas of significant business risk. These policies 
and procedures are reviewed and, where necessary , updated. 
The Board has established a T reasury Operating Committee which
oversees the operation of the Group treasury function and sets
appropriate limits to mitigate treasury risk. The Board reviews the
most significant risks facing the Group, their potential impact and
likelihood of occurrence and the control procedures put in place to
mitigate those risks.
Control environmentThe Group’ s operating procedures include a
comprehensive system for reporting information to the Directors
which is adjusted as necessary .
Budgets are prepared by operating Company management 
and subject to review by both Group management and the
Directors. Forecasts are revised during the year and compared
against budget. 
When setting budgets and forecasts management identifies,
evaluates and reports on the potential significant business risks.
Monthly reports of operating performance, with commentary 
on variances against budget, forecasts and prior year , are 
prepared at operational and Group levels. Key performance
indicators are monitored.
The acquisition of any business requires a rigorous analysis of the
financial implications of the acquisition and key performance figures.
A sensitivity analysis takes place of the key assumptions made in
the acquisition case. Post investment appraisals of the Group’ s
investments are conducted on a periodic and timely basis.
A treasury report, with details of treasury borrowings and
investments, is distributed to corporate management on a 
weekly basis.
The Audit Committee reviews a quarterly report detailing any
significant legal actions faced by Group companies.
Monitoring and review activitiesThere are clear processes 
for monitoring the system of internal control and reporting any
significant control failings or weaknesses together with details 
of corrective action.
The Audit Committee periodically receives and reviews reports on
internal controls from the external auditors and a formal annual self
assessment is provided by the presidents and controllers of each
Group company detailing the operation of their control systems 
and highlighting any weaknesses. Regional management, the Audit
Committee and the Board review the results of such reports and
assessment taking action as appropriate.
Group risk management issues are reviewed by a Group Risk
Management Committee, chaired by the Chief Financial Officer and
comprising cross functional representatives from across the Group.
The Committee reports to the Board, or in the case of internal
financial controls, to the Audit Committee, on all risk management
matters. Reports from the external auditors, Deloitte & T ouche LLP , 
on internal controls and relevant financial reporting matters are
presented to the Audit Committee and management.
Where, as a result of these reviews, issues are identified in the
internal control environment, prompt corrective actions are taken.
The Group has an internal audit function whose role includes helping
the Board disc harge its responsibilities as regards internal control.
Review of effectivenessThe Directors confirm that they have
reviewed the effectiveness of the system of internal control through
the monitoring process set out above for the year under review and
to the date of approval of the annual report and accounts.
Compliance statement
The Listing Rules require the Board to report on compliance with
the Code throughout the accounting period. The Company has
complied throughout the accounting period ended 27 September
2003 with the provisions set out in Section 1 of the Code except:
– in respect of certain provisions in the employment contract of 
D S McCulloc h (details of whic h are set out on page 31), whereby
he is entitled to 24 months’ compensation on termination of
employment; and
– the Audit Committee comprised three members throughout 
the year except for the period 8 May 2003 to 30 July 2003 when
the Audit Committee comprised two members following the
resignation of Robert Briggs. There were no meetings of the Audit
Committee during that period.
28 Enodis annual report + accounts 2003
Corporate governance This remuneration report sets out the Company’ s policy on the
remuneration of executive and non-executive Directors together
with details of Directors’ remuneration and service contracts. 
The report was approved by the Board on 18 November 2003 
and signed on its behalf by order of the Board.
At the Annual General Meeting of the Company to be held on 
11 February 2004 an ordinary resolution will be proposed to
approve this report.
Remuneration policy for executive Directors and 
senior executives
The remuneration arrangements for executive Directors and senior
executives are designed to enable the Company to recruit and retain
executives of the calibre needed to maintain Enodis’ position as 
one of the world’ s leading manufacturers and distributors of food
equipment. The Remuneration Commit tee has established a policy
for the remuneration of executive Directors and senior executives
throughout the Group for the current and subsequent financial years,
governed by seven principles that executive remuneration should:
– be determined by reference to external markets in the various
countries (particularly the USA) where it operates;
– be seen throughout the business to be fair and equitable;
– be based on total remuneration;
– be supportive of key strategies;
– be affordable;
– be aligned with shareholder value; and
– be understandable, both internally and externally .
The Remuneration Committee will keep the remuneration policy 
(as detailed in this report) under review during 2003/2004 and 
will, in subsequent years, ensure that the Company’ s reward
programmes remain competitive and provide appropriate incentives
for performance.
In forming its remuneration policy , the Remuneration Committee
has given full consideration to the principles set out in Section B of 
the Code (as defined on page 27).
Remuneration policy for non-executive Directors
Before 2003, non-executive Directors were appointed initially for a
five year period, which was then reviewed and extended for a
further three year period as appropriate. In 2003, and henceforth,
the initial period of appointment is three years. There are no
provisions for notice periods or compensation in the event 
of termination and no element of non-executive Directors’
remuneration is performance related. The fees for the non-executive
Directors were reviewed by the Board in 2003 after referring to
advice provided by the Remuneration Committee’ s advisors and
increases described later in this report were implemented on 
1 November 2003. These fees will henceforth be reviewed 
annually to ensure they are competitive and properly reflect 
the Directors’ workload and responsibilities at that time.
Non-executive Directors do not participate in any of the Group’ s
incentive or benefit schemes.
Remuneration Committee
For the financial year ended 27 September 2003, remuneration
policy for executive Directors and the determination of individual
Directors’ remuneration have been delegated to the Remuneration
Commit tee whic h consists only of non-executive Directors.
Waldemar Sc hmidt, P eter Brooks and Eryl Morris were members of
the Remuneration Commit tee throughout the period. Mic hael Cronk
joined the Remuneration Commit tee on 30 May 2003 and replaced
Waldemar Sc hmidt as Chairman of the Remuneration Commit tee 
on 1 2 June 2003. Hewit t Bacon + Woodrow were appointed by 
the Remuneration Commit tee as its consultants on 22 May 2003 
since when they have provided the Remuneration Commit tee with
advice and guidance. They provide no other services to the Group.
The Remuneration Commit tee is also advised by Bob Eimers the
Ex ecutiv e VP , Global Human Resources and David Hooper the
Company Secretary .
Policy on outside appointments
An appointment of the Chairman or an executive Director to the
board of a company outside the Group requires the approval of the
Board. Executive Directors who are non-executive Directors of
outside companies may retain any fees payable to them with the
consent of the Remuneration Committee, except in cases where
the directorship is as a representative of the Company .
Elements of executive Directors’ remuneration
Certain details of Directors’ contracts, remuneration and interests in
the Company’ s securities, including share options, are set out on
pages 32 and 33. At present, the Remuneration Committee regards
the current year short-term elements of the executive Directors’
remuneration as of primary importance in supporting the Group’ s
remuneration policy . The Remuneration Committee is currently
reviewing the long term incentive element with a view to further
alignment with shareholder value. It is expected that, following that
review , the long-term element will assume greater importance.
The remuneration arrangements for the executive Directors 
consist of:
– Base salary Base salaries (which are not performance related) 
are determined by reference to those of similar positions in
international businesses of broadly comparable size and structure,
taking account of turnover , market value, business sector and
international involvement. Independent consultants are used 
to provide comparative information for the Remuneration
Committee. Base salaries, which were adjusted during the period
in the light of the policy described above, are not intended to be
reviewed with an effective date earlier than 1 October 2004.
– Annual bonus Annual cash bonuses are based on Group 
financial targets, and in FY03, personal performance targets. 
The measures for executive Directors and senior executives 
for the period were Group operating profit before exceptional
items and goodwill amortisation, net debt reduction and
achievement of personal objectives. If payable, awards in a 
range of 42% (minimum) and 140% (maximum) of base salary
are payable to the executive Directors. The Remuneration
Committee may add other corporate or job-related measures 
as it considers appropriate.
29 Enodis annual report + accounts 2003
Directors’ remuneration report – Long-term incentives: executive share option schemes
Options are outstanding under the Enodis 200 1 and 1995
Executive Share Option Schemes, which uses new shares, and
the Enodis 1993 Executive Share Option Scheme, which uses
shares purchased by an employee share trust. No further options
can be granted under the 1995 and 1993 schemes.
In the period ended 27 September 2003, options have been
granted under the Enodis 200 1 Executive Share Option Scheme. 
In normal circumstances, the value of shares under options 
which an executive may receive in any financial year may 
not exceed twice base salary . Following his appointment as 
Chief Executive Officer , D S McCulloch was awarded a greater 
value of options reflecting the increase in his responsibilities.
Messrs Wrench and Eimers were also awarded grants of options
which, when aggregated with grants earlier in the period, exceeded
a value equivalent to twice base salary . This was deemed
appropriate in order to retain the services of two key executives 
at a time when the stability of the Group was vital. Exercise of the
options will be subject to meeting more challenging performance
conditions as described in this report.
The performance conditions attached to the grants in the period are
based on the Company’ s total shareholder return (TSR) compared
against the companies comprising the FTSE Mid-250 (excluding
investments trusts) at the date of grant excluding companies that
have ceased to be listed. Options granted over shares with a 
value of up to one times base salary will be exercisable in full if
Enodis’ TSR is greater than that of the median ranked company .
Options contained in an award which takes the value above one
times base salary will be exercisable as to 35% if Enodis’ TSR is
greater than that of the median ranked company , and exercisable 
in full if Enodis’ TSR is at least as great as that of the upper quartile
ranked company , with pro rata exercisability between these 
two points. TSR performance was selected by the Remuneration
Committee as the measure which most closely aligns with
improvement in shareholder value. Options granted to Directors 
in earlier years have been subject to different performance
conditions as follows:
– options granted under the 1995 Executive Share Option Scheme
in normal circumstances will be exercisable only if the increase 
in the Group’ s adjusted earnings per share has exceeded the
growth in the Retail Price Index by an average of at least 3% 
per annum over a three year period;
– options granted under the 200 1 Executive Share Option Scheme
in the year ended 29 September 200 1 and at 147p in the year
ended 28 September 2002 will be exercisable in full only if the
Company’ s TSR is ranked in the upper quartile relative both to
other Mid 250 companies (excluding Investment T rusts) and to 
a group of about 20 other quoted companies in the UK and
overseas with analogous businesses. Options will be exercisable
on a sliding-scale basis if the Company’ s TSR falls between 
the median and upper quartile levels, as compared with the 
two comparator groups; and 
– options granted under the 200 1 Executive Share Option Scheme
at 85.5p in the year ended 28 September 2002 are subject to the
same performance conditions as applied to the options granted in
the period ended 27 September 2003 and described above.
The calculation of whether the performance criteria have been 
met will initially be prepared by the Chairman of the Remuneration
Committee, as advised by the Remuneration Committee’ s
consultants. The figures will be reviewed and then submitted 
for the approval of the Remuneration Committee. This method 
was selected by the Remuneration Committee as providing
shareholders with comfort that all appropriate external advice has
been obtained.
– Long-term incentives: share matching scheme No awards
have been made under the share matching scheme (under which
executives may be awarded matching free shares linked to the
deferral of their annual cash bonus) and the Board has decided
not to operate it for the time being.
– Other benefits (not performance-related) Executive Directors
are provided with medical insurance, disability insurance, an
allowance in lieu of a company car and other benefits in line with
practice in other listed companies of similar size. 
– Pension A J Allner opted not to belong to any of the Company’ s
pension arrangements and therefore instead received a salary
supplement of 27% of base salary up to the date of resignation.
The Company makes contributions equivalent to 25% of 
base salary to the US pension arrangements of the current
executive Directors. 
T otal Shareholder Return
Set out below is a chart showing Company TSR for each of the last
five financial years compared to the companies comprising the
FTSE Mid-250 index. 
The Company was a member of the FTSE Mid-250 index for 
40 months of the last five financial years including when its 
current executive share option scheme was adopted and that 
index therefore was selected as the comparator group for
measuring performance conditions in the Company’ s executive
share option scheme. Accordingly , the Remuneration Committee
considers that to be the most appropriate broad market index for
identifying the Company’ s performance. 
30 Enodis annual report + accounts 2003
Directors’ remuneration report
Source: Datastream Enodis plc
Sep 1998 Sep 1999 Sep 2000 Sep 2001 Sep 2002 Sep 2003
FTSE Mid-250 Index
0
50
100
150
200
250 Directors’ remuneration (audited) The remuneration of the Directors for the 52 weeks ended 27 September 2003 is shown below:
Compensation
Base for loss T otal To ta l
salary Fees Bonuses† Benefits†† of office 2003 2002 
Director ££ ££££ £
A J Allner (resigned on 31 May 2003) 233,333 – – 85,281 767 ,875* 1,086,489 708,468
R E Briggs (resigned 8 May 2003) – 16,676 – – – 16,676 27 ,500
P M Brooks (Chairman) –100,000 –––100,000 118,333
M Cronk (appointed 8 May 2003) – 12,433––– 12,433 –
R C Eimers 142,428 – 155,389 32,537 – 330,354 197 ,21 7
D S McCulloch 272,987 – 297 ,829 59,406 – 630,222 526,281
G E Morris – 32,500 – – – 32,500 32,500
D W Odum (prior year Director) –––––– 816,1 16
A F Roake (prior year Director) –––– 78,661 78,661 404,840
W Schmidt – 31,032––– 31,032 32,500
W D Wrench 173,228 – 188,991 36,734 – 398,953 238,353
821,976 192,641 642,209 213,958 846,536 2,717 ,320 3,1 02,1 08
* Paid pursuant to the provisions of his service contract described above.
† Bonuses paid by reference to achievement by the Group of budgeted financial targets, or as approved by the Remuneration Committee in respect of achievement of
personal objectives. Bonuses are not included in pensionable salary.
†† Includes car allowance and contributions to unapproved money purchase pensions arrangements as detailed in Directors’ pension information below. 
Benefits are not included in pensionable salary. 
Salaries of North American Directors have been translated at the relevant monthly rate, the average for the year being £1 = $1 .60.
31 Enodis annual report + accounts 2003
Directors’ remuneration report
Service contracts and compensation 
The Company’ s policy with regard to service contracts is that they
be rolling contracts and will normally contain a notice period to the
Director of one year with consideration being given to two years 
in exceptional circumstances. The Company’ s policy with regard 
to termination payments under such contracts is that in order 
to achieve certainty , liquidated damages be agreed at the
commencement of the contract.
The service contract with D S McCulloch (a US executive), effective
1 June 2003, contains provisions, which were in place before his
appointment to the Board, whereby if the contract is terminated by
a Group company without cause in the event of a change of control
or by Mr McCulloch in the event of a change of control, a payment
will be made of 24 months’ base salary , 24 months’ pension
contribution and target annual bonus. The Company has received
advice that a 24 month compensation provision in these
circumstances is not unusual for a CEO in the USA. In the event of
termination without cause in all other circumstances payment will
be of an amount equivalent  to 12 months’ base salary , 12 months’
pension contribution and target annual bonus. In each case, bonus
prorated to the date of termination will be paid.
The service contracts with each of W D Wrench and R C Eimers
(US executives), each effective 21 July 2003, contain provisions that
in the event of termination without cause payment will be made of
an amount equivalent to 12 months’ salary , target annual bonus, 
12 months’ pension contribution and bonus prorated to date 
of termination.
The service contract with A J Allner dated 1 4 February 2002 was
terminated by agreement dated 8 April 2003. The service contract
contained a notice period from the Company of 1 2 months and 
from A J Allner of three months. The service contract also contained
liquidated damages provisions whereby if termination of the contract
was without cause or within 1 2 months af ter a c hange of control, 
Mr Allner was entitled to a payment equal to (a) 95% of his annual
base salary , (b) 95% of the additional 27% of base salary paid in lieu
of membership of the Company’ s pension arrangements (c) 95% of
annual on target bonus in addition to any prorated bonus entitlement
up to the date of termination of employment, (d) one year’ s car
allowance, (e) continuation of medical and life assurance for one year ,
and (f) outplacement counselling. The agreement also provided for
one year post-employment restrictive covenants.
As far as the unexpired terms of service contracts of Directors
offering themselves for reappointment at the Annual General
Meeting are concerned, Messrs M Cronk and W Schmidt have no
service contracts and D S McCulloch has a rolling service contract
with termination provisions described above.
Non-executive Directors’ remuneration 
The fees for the non-executive Directors had not been reviewed
since January 2000. Effective 1 November 2003, these were
increased to £34,500 p.a., with an incremental £6,000 for those
Directors who chair the Audit and Remuneration Committees. 
The Chairman’ s fee was increased to £1 05,000 p.a. also effective 
1 November 2003. As indicated earlier in this report, these fees will
henceforth be reviewed annually to ensure they are competitive
and properly reflect the Directors’ workload and responsibilities at
that time.  Directors’ pension information (audited) 
The Group paid the following sums to defined contribution pension arrangements for the benefit of the Directors, which sums are
included in the Directors’ remuneration table on page 31:
2003 2002
Name £ £
A J Allner 63,000 93,937
R C Eimers 18,650 Nil
D S McCulloch 40,1 00 18,371
W  D Wrench 1 1,273 1,263
133,023 113,571
Directors’ interests in contracts and other transactions with Group companies 
No Director has a material interest in any contract with Group companies other than service contracts.
The beneficial interests of Directors in office at 27 September 2003 in the ordinary shares and American Depositary Shares
(“ ADSs”) of the Company were as follows:
1 Ordinary shares and ADSs
28 September 2002
27 September 2003 (or on subsequent appointment)
Ordinary Ordinary
Director ADSs shares ADSs shares
P M Brooks Nil 43,500 Nil 43,500
M Cronk (appointed 8 May 2003) Nil 1,01 1,600 2,900 Nil
R C Eimers Nil Nil Nil Nil
D S McCulloch Nil 67,000 Nil 67 ,000
G E Morris Nil 32,000 Nil 32,000
W Schmidt Nil 13,680 Nil 13,680
W D Wrench Nil Nil Nil Nil
The above interests are in the ordinary share capital and the ADSs of the Company . No Director had any beneficial interest in any share
capital of other Group companies or in any debenture of any Group company . As at 1 7 November 2003 there were no changes to the
interests of the Directors in office at the period end as stated above and in paragraph 2 hereof.
32 Enodis annual report + accounts 2003
Directors’ remuneration report 2 Share options (audited) Options to subscribe for or acquire shares of the Company were held by the following Directors during the
period, each of which was granted for nil consideration:
iThe Berisford 1995 Executive Share Option Scheme (“Executive Scheme (1995)”) and the Enodis 200 1 Executive Share Option Scheme
(“Executive Scheme (200 1)”).
At 
27 September
At
Number of options
2003 Date
28 September
during the period
(or on earlier from which Latest 
Director 2002 Granted Exercised resignation) Exercise price exercisable expiry date†
A J Allner (resigned 31 May 2003) 334,332 Nil Nil 334,332 147 .00p 31.05.03 20.09.05
1,481,977* Nil Nil 1,481,977 85.50p 31.05.03 20.09.05
Nil 593,220 Nil 593,220 59.00p 31.05.03 21.05.06
R C Eimers 24,699†† Nil Nil 24,699 260.73p 03.07 .03 03.07 .1 0
1 02,0 13 Nil Nil 1 02,013 85.50p 21.03.05 21.03.12
Nil 249,152 Nil 249,152 59.00p 22.1 1.05 22.1 1.12
Nil 600,000 Nil 600,000 63.50p 1 1.08.06 1 1.08.13
D S McCulloch 49,399†† Nil Nil 49,399 1 16.60p 01.07 .00 01.07 .07
43,233†† Nil Nil 43,233 212.88p 28.07 .02 28.07 .09
444,063 Nil Nil 444,063 81.78p 1 0.09.04 1 0.09.1 1
302,40 1 Nil Nil 302,401 85.50p 21.03.05 21.03.12
271,218 Nil Nil 271,218 147 .00p 21.03.05 21.03.12
Nil 396,61 0 Nil 396,61 0 59.00p 22.1 1.05 22.1 1.12
Nil 1,500,000** Nil 1,500,000 63.50p 1 1.08.06 1 1.08.13
W D Wrench 37 ,049†† Nil Nil 37 ,049 260.73p 03.07 .03 03.07 .1 0
61,469 Nil Nil 61,469 146.56p 22.01.04 22.01.1 1
194,551 Nil Nil 194,551 85.50p 21.03.05 21.03.12
Nil 296,61 0 Nil 296,61 0 59.00p 22.1 1.05 22.1 1.12
Nil 750,000 Nil 750,000 63.50p 1 1.08.06 1 1.08.13
* On exercise of £469,829 options, pursuant to the rules of the Scheme, A J Allner is entitled to a payment of £51,681 .
** On exercise of these options, pursuant to the rules of the Scheme, D S McCulloch is entitled to a payment of £404,203.
† Subject to performance conditions being achieved as described above (except in the case of A J Allner).
All options have been granted under the Executive Share Scheme (2001) except those marked †† which have been granted under the Executive Share Scheme (1995).
During the year the shares have traded in the range 30.5p to 75.0p. On 27 September 2003, the closing mid market share price was 69.5p. 
iiThe Berisford 1992 Sharesave Scheme (“Sharesave Scheme (1992)”).
No Director holds options under the Sharesave Scheme (1992).
By order of the Board
D R Hooper Secretary
18 November 2003
33 Enodis annual report + accounts 2003
Directors’ remuneration report 34 Enodis annual report + accounts 2003
United Kingdom company law requires the Directors 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 period and of the profit or loss of the
Group for that period. 
In preparing those financial statements, the Directors are 
required to:
– select suitable accounting policies and then apply them
consistently; 
– make judgements and estimates that are reasonable and
prudent; and 
– state whether applicable accounting standards have been
followed, subject to any material departures disclosed and
explained in the financial statements.
The Directors are responsible for keeping proper accounting
records which disclose with reasonable accuracy at any time the
financial position of the Company and to enable them to ensure
that the financial statements comply with the Companies Act
1985. They are also responsible for the Group’ s system of internal
control, for safeguarding the assets of the Group and hence for
taking reasonable steps for the prevention and detection of fraud
and other irregularities.
D R Hooper Secretary
18 November 2003
We have audited the financial statements of Enodis plc for the 
52 weeks ended 27 September 2003 which comprise the profit
and loss account, the balance sheets, the cash flow statement 
and related notes, the statement of total recognised gains and
losses, the accounting policies and the related notes 1 to 26. 
These financial statements have been prepared under the
accounting policies set out therein.
We have also audited the information specified as audited in the
Directors’ remuneration report.
This report is made solely to the Company’ s members, as a body ,
in accordance with Section 235 of the Companies Act 1985. 
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 auditors’ report and for no other purpose. T o 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 described in the statement of Directors’ responsibilities, the
Company’ s Directors are responsible for the preparation of the
financial statements in accordance with applicable United Kingdom
law and accounting standards. Our responsibility is to audit the
financial statements in accordance with relevant United Kingdom
legal and regulatory requirements, auditing standards, and the
Listing Rules of the Financial Services Authority .
We report to you our opinion as to whether the financial statements
give a true and fair view and are properly prepared in accordance
with the Companies Act 1985. We also report if , in our opinion, the
Directors’ report is not consistent with the financial statements, if the
Company has not kept proper accounting records, if we have not
received all the information and explanations we require for our audit,
or if information specified by law or the Listing Rules regarding
Directors’ remuneration and transactions with the Company and
other members of the Group is not disclosed.
We review whether the corporate governance statement reflects
the Company’ s compliance with the seven provisions of the
Combined Code specified for our review by the Listing Rules and
we report if it does not. We are not required to consider whether
the Board’ s statements on internal control cover all risks and
controls, or form an opinion on the effectiveness of the Group’ s
corporate governance procedures or its risk and control procedures.
We read the Directors’ report and the other information contained
in the annual report for the above period as described in the
contents section and consider the implications for our report if 
we become aware of any apparent misstatements or material
inconsistencies with the financial statements.
Basis of audit opinion
We conducted our audit in accordance with United Kingdom
auditing standards issued by the Auditing Practices Board. 
An audit includes examination, on a test basis, of evidence relevant
to the amounts and disclosures in the financial statements. 
It also includes an assessment of the significant estimates and
judgements made by the Directors in the preparation of the
financial statements and of whether the accounting policies are
appropriate to the circumstances of the Company and the Group,
consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the
information and explanations which we considered necessary 
in order to provide us with sufficient evidence to give reasonable
assurance that the financial statements are free from material
misstatement, whether caused by fraud or other irregularity or error .
In forming our opinion, we also evaluated the overall adequacy of
the presentation of information in the financial statements.
Opinion
In our opinion:
– the financial statements give a true and fair view of the state of
affairs of the Company and the Group as at 27 September 2003
and of the profit of the Group for the 52 weeks then ended; and 
– the financial statements and part of the Directors’ remuneration
report described as having been audited, have been properly
prepared in accordance with the Companies Act 1985.
Deloitte & T ouche LLP Chartered Accountants 
and Registered Auditors London
18 November 2003
Independent Auditors’ report to the members of Enodis plc
Statement of Directors’ responsibilities in respect of the financial statements  52 weeks to 27 September 2003 52 weeks to 28 September 2002
Before Exceptional Before Exceptional
exceptional items exceptional items
items (see note 4) T otal items (see note 4) T otal
Notes £m £m £m £m £m £m
T urnover 1
Food equipment 663.7 – 663.7 777 .1 – 777 .1
Property 15.7 – 15.7 16.1 – 1 6.1
679.4 – 679.4 793.2 – 793.2
Profit from operations
Food equipment 64.9 (4.7) 60.2 67 .2 (8.9) 58.3
Property 5.4 (3.3) 2.1 8.0 – 8.0
Corporate costs (9.5) (4.5) (14.0) (7 .9) (0.5) (8.4)
60.8 (12.5) 48.3 67 .3 (9.4) 57 .9
Goodwill amortisation/impairment (13.8) – (13.8) (19.0) (48.9) (67 .9)
Operating profit/(loss) 1,2,3,4 47 .0 (12.5) 34.5 48.3 (58.3) (1 0.0)
Profit/(loss) on disposal of businesses 4 –3.3 3.3 – (38.1) (38.1)
47 .0 (9.2) 37 .8 48.3 (96.4) (48.1)
Net interest payable and similar charges 4,7 (21.9) – (21.9) (29.3) (8.4) (37 .7)
Profit/(loss) on ordinary activities before taxation 25.1 (9.2) 15.9 19.0 (1 04.8) (85.8)
T ax on profit/(loss) on ordinary activities 8 (8.2) 1.8 (6.4) (1 .2) 0.2 (1 .0)
Profit/(loss) on ordinary activities after taxation 16.9 (7 .4) 9.5 17 .8 (1 04.6) (86.8)
Equity minority interest (0.1) – (0.1) (0.2) – (0.2)
Retained profit/(loss) 16.8 (7 .4) 9.4 17 .6 (1 04.6) (87 .0)
52 weeks to 52 weeks to 
27 September 28 September
2003 2002
Notes pence pence
Earnings/(loss) per share 9
Basic earnings/(loss) per share 2.4 (24.8)
Adjusted basic earnings per share 7. 7 10.4
Diluted earnings/(loss) per share 2.4 (24.8)
Adjusted diluted earnings per share 7. 7 10.4
All results are from continuing operations.
Group statement of total recognised gains and losses
52 weeks to 52 weeks to
27 September 28 September
2003 2002
Notes £m £m
Profit/(loss) for the period 9.4 (87 .0)
Goodwill written back on disposals, previously written off – 65.1
Currency translation differences on foreign currency net investments (4.6) (5.7)
To tal recognised gains and (losses) for the period 22 4.8 (27 .6)
Movements in reserves are set out in note 21 . 
35 Enodis annual report + accounts 2003
Group profit and loss account Group Group Company Company
27 September 28 September 27 September 28 September 
2003 2002 2003 2002
Notes £m £m £m £m
Fixed assets
Intangible assets: goodwill 1 0 208.8 235.4 – –
T angible assets 1 1 81.6 88.0 – –
Investments 12 5.0 5.9 376.5 37 6.5
295.4 329.3 376.5 37 6.5
Current assets
Stocks 13 75.2 77 .7 – –
Debtors 14 11 8.3 127 .4 1 05.1 1 04.7
Deferred tax asset 8 23.8 25.3 – –
Cash at bank and in hand 77 .7 72.7 – 0.1
295.0 303.1 1 05.1 1 04.8
Creditors falling due within one year
Borrowings 15 (49.3) (33.4) – –
Other creditors 15 (174.6) (183.8) (5.5) (5.9)
(223.9) (21 7 .2) (5.5) (5.9)
Net current assets/(liabilities) 71.1 85.9 99.6 98.9
T otal assets less current liabilities 1 366.5 415.2 476.1 475.4
Financed by:
Creditors falling due after more than one year 16 160.2 214.1 95.6 95.1
Provisions for liabilities and charges 19 44.6 44.3 – –
204.8 258.4 95.6 95.1
Capital and reserves
Called up share capital 20 200.2 200.2 200.2 200.2
Share premium account 21 234.2 234.2 234.2 234.2
Profit and loss account 21 (272.8) (277 .6) (53.9) (54.1)
Equity shareholders’ funds 22 161.6 156.8 380.5 380.3
Equity minority interests 0.1 – – –
366.5 415.2 476.1 475.4
Approved by the Board of Directors on 18 November 2003 and signed on its behalf by: 
D S McCulloch Director W D Wrench Director
36 Enodis annual report + accounts 2003
Group and Company balance sheets 52 weeks to 52 weeks to 
27 September 28 September
2003 2002 
Notes £m £m
Net cash inflow from operating activities before exceptional items a 80.0 100.0
Net cash outflow from operating exceptional items a (6.5) (27 .4)
Net cash inflow from operating activities a 73.5 72.6
Return on investments and servicing of finance
Interest paid (18.9) (23.3)
Financing fees paid – (18.9)
(18.9) (42.2)
T axation
Overseas and UK tax paid (7 .1) (3.3)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (1 0.0) (9.9)
Receipts from sale of tangible fixed assets 0.6 0.9
(9.4) (9.0)
Acquisitions and disposals
Sale of subsidiary undertakings 4 (1.3) 88.6
Cash inflow before financing 36.8 1 06.7
Financing
Issue of shares – 70.3
Issue of 1 0
3
⁄ 8% senior subordinated notes – 100.0
Net increase/(decrease) in borrowings (32.3) (242.5)
Capital element of finance lease repayments (0.2) (0.5)
(32.5) (72.7)
Increase in cash in the period 4.3 34.0
37 Enodis annual report + accounts 2003
Group cash flow statement a) Reconciliation of operating profit/(loss) to net cash inflow from operating activities
52 weeks to 27 September 2003 52 weeks to 28 September 2002
Before Before
exceptional Exceptional exceptional Exceptional
items items T otal items items T otal
£m £m £m £m £m £m
Operating profit/(loss) 47 .0 (12.5) 34.5 48.3 (58.3) (1 0.0)
Depreciation 12.4 – 12.4 15.7 – 1 5.7
Amortisation/impairment of goodwill 13.8 – 13.8 19.0 48.9 67 .9
Provisions (net) (2.8) 4.5 1.7 (2.2) (5.6) (7 .8)
(Increase)/decrease in stock 2.6 – 2.6 5.5 5.9 1 1 .4
(Increase)/decrease in debtors 7. 5 – 7. 5 19.7 – 1 9.7
Increase/(decrease) in creditors (0.5) 1.5 1.0 (6.0) (18.3) (24.3)
Net cash inflow/(outflow) from operating activities 80.0 (6.5) 73.5 100.0(27 .4) 72.6
Businesses disposed of in the prior year contributed £nil (2002: £7 .3m) to the Group’ s net cash inflow from operating activities.
b) Reconciliation of net cash flow to movement in net debt
52 weeks to 52 weeks to 
27 September 28 September
2003 2002 
£m £m
Increase in net cash in the period 4.3 34.0
Cash outflow from capital element of finance lease payments 0.2 0.5
New finance leases – (1 .5)
Net (increase)/decrease in borrowings 32.3 242.5
Issue of 1 0
3
⁄ 8% senior subordinated notes – (1 00.0)
T ranslation difference 9.6 4.3
Movement in net debt 46.4 1 79.8
Net debt at start of period (186.1) (365.9)
Net debt at end of period (139.7) (186.1)
c) Reconciliation of net debt to balance sheet
2003 2002
£m £m
Cash at bank and in hand 77 .7 72.7
Current borrowing (49.3) (33.4)
Exclude current portion of deferred financing costs (1.9) (2.8)
26.5 36.5
Long term lease obligations (1.5) (1 .6)
10
3
⁄ 8% senior subordinated notes (1 00.0) (1 00.0)
Long term debt (58.7) (1 12.5)
Exclude long term portion of deferred financing costs (6.0) (8.5)
Net debt at end of period (139.7) (186.1)
d) Analysis of movement in net debt
Translation
2002 Cash flow adjustments 2003
£m £m £m £m
Cash 72.7 4.3 0.7 77 .7
Borrowings due within one year (3.5) (3.3) 0.1 (6.7)
10
3
⁄ 8% senior subordinated notes (1 00.0) –– (1 00.0)
T erm loan (144.1) 36.1 8.2 (99.8)
Other long term debt (1 1 .2) (0.3) 0.6 (1 0.9)
Net debt (186.1) 36.8 9.6 (139.7)
38 Enodis annual report + accounts 2003
Notes to the Group cash flow statement Basis of accounting
The accounts have been prepared under the historical cost
convention modified to include the revaluation of certain assets 
and comply in all respects with applicable Accounting Standards 
in the UK.
The profit for the period on a historical cost basis, excluding the
effect of the revaluation of certain assets, was not materially
different from the profit reported on page 35.
Basis of consolidation
These accounts consolidate the accounts of the Company and all
its subsidiary companies and undertakings (“subsidiary entities”),
collectively the Group, made up to the period end. The results of
the subsidiary entities are included in the Group profit and loss
account from the date of acquisition to the date of disposal.
Acquisitions and disposals
On the acquisition of a business, including an interest in an
associated undertaking, fair values are attributed to the Group’ s
share of net separable assets. Where the cost of the assets
exceeds the fair values attributable to such net assets, the
difference is treated as purchased goodwill. Following the
implementation of FRS1 0, goodwill arising on the acquisition of
subsidiaries is capitalised in the Group balance sheet in the year 
of acquisition. Goodwill arising on associates is included with the
carrying value of the associate.
Foreign currency translation
T ranslation differences arising from exchange rate variations on
trading transactions are included in operating profit. Overseas profits
remitted to the United Kingdom during the period are translated at
actual rates of exchange.The balance sheets of overseas subsidiary
entities are translated into sterling at rates of exchange ruling at the
year end. Profit and loss accounts are translated at the average rate
for the month in which the profits were earned. Differences arising
from the restatement of opening foreign currency net investments
and net overseas profits or losses are dealt with through reserves,
as are differences on long-term foreign currency borrowings used
to finance overseas investment. Other translation differences are
dealt with in the profit and loss account.
Tu r n o v e r
Turnover represents amounts receivable for goods and services
provided in the normal course of business, net of trade discounts
and allowances, value added tax and other sales related taxes.
Research and development
Research and development expenditure is written off as it 
is incurred.
Pension costs
It is the general policy of the Group to fund pension liabilities, on 
the advice of professionally qualified actuaries, by payments to
independent trusts or to insurance companies. Independent
actuaries’ valuations are carried out at regular intervals, on a
projected unit funding or attained age basis. In addition, the impact
of any significant related events, such as major changes in stock
market values, are assessed through a formal review process.
Charges in respect of defined benefit schemes are made to the
profit and loss account so as to spread the costs of pensions at a
substantially level percentage of payroll costs over employees’
estimated service lives within the Group. Contributions to defined
contribution schemes are charged to the profit and loss account on
a payment basis.
Finance costs
Finance costs incurred in arranging debt facilities are capitalised and
recognised in the profit and loss account over the term of the debt.
T axation
Corporation tax payable is provided on taxable profits at the current
rate. Credit is taken for Advance Corporation T ax written-off in
previous years when it is recoverable against current corporation 
tax liabilities.
Deferred taxation is provided on timing differences that result in
obligations at the balance sheet date to pay more tax, or a right to
pay less tax, at a future date, at rates expected to apply when they
crystallise based on current tax rates and law . Timing differences
arise from the inclusion of items of income and expenditure in
taxation computations in periods different from those in which 
they are included in financial statements. Deferred tax assets and
liabilities are not discounted. Deferred tax liabilities are recognised 
in full. Deferred tax assets are recognised to the extent that it is
considered more likely than not that the asset will be recovered. 
No provision has been made for any potential taxation liability that
would arise were the earnings of foreign subsidiary entities to be
remitted to the UK.
39 Enodis annual report + accounts 2003
Accounting policies Investments
(a) Subsidiary entities In the accounts of the Company
investments are held at cost less any provision for impairment.
(b) Other fixed asset investmentsThese are shown at cost less
any provision for impairment.
Goodwill and intangible fixed assets
Goodwill arising on acquisitions has been capitalised and is
amortised over a period of 20 years; the Directors regard 20 years
as a reasonable estimated useful life of goodwill since it is difficult
to make projections exceeding this period. When it is apparent that
the carrying value of goodwill exceeds the estimated net present
value of future cash flows less operating assets, an impairment
provision is charged against the profit for the period. FRS1 0 does
not require reinstatement of goodwill previously eliminated against
reserves; in accordance with FRS1 0 such goodwill has been offset
against the profit and loss account reserves. Goodwill previously
taken to reserves is charged in the profit and loss account when
the related business is sold.
T angible fixed assets
T angible fixed assets are stated at cost less depreciation.
Depreciation is provided at rates calculated to write-off the cost or
valuation of each asset, on a straight line basis, over its expected
useful life as follows:
– Freehold land: nil.
– Freehold and long leasehold buildings: 1%–2%.
– Short leasehold properties: over the unexpired period of the lease.
– Plant and equipment: 1 0%–33
1
⁄ 3%.
Leases
Assets acquired under finance leases are capitalised and
depreciated over the shorter of the lease term and the expected
useful life of the asset. Operating lease rentals are charged to the
profit and loss account as incurred.
Stocks
Stocks are stated at the lower of cost and net realisable value. 
The cost of work-in-progress and finished goods includes an
appropriate portion of manufacturing overheads.
40 Enodis annual report + accounts 2003
Accounting policies 1 Analyses of turnover , operating profit/(loss) and total assets less current liabilities
52 weeks to 52 weeks to 
27 September 28 September
2003 2002 
£m £m
a) T urno ver
Food Service Equipment – North America 408.4 47 4.1
Food Service Equipment – Europe/Asia 144.5 145.0
Global Food Service Equipment 552.9 619.1
Food Retail Equipment 11 0.8 158.0
Food Equipment 663.7 777 .1
Property 15.7 16.1
679.4 793.2
Freight and shipping revenues have previously either been booked against the original freight costs or reflected as part of turnover . As of
29 September 2002, we have chosen to adopt a consistent treatment of these revenues as part of turnover . All comparative disclosures
have been reclassified in this respect. The impact is to increase the previously reported 2002 turnover by £1 0.0m from £783.2m to
£793.2m. The reclassification did not have any impact on gross profit or operating profit for any period.
52 weeks to 52 weeks to 
27 September 28 September
2003 2002 
£m £m
b) T urnover by origin: geographical analysis
United Kingdom 65.5 67 .6
North America 519.3 612.1
Continental Europe 90.8 89.1
Rest of the World 3.8 24.4
679.4 793.2
52 weeks to 52 weeks to 
27 September 28 September
2003 2002 
£m £m
c) T urnover by destination: geographical analysis
United Kingdom 66.1 73.1
North America 496.9 573.5
Continental Europe 79.2 80.9
Rest of the World 37 .2 65.7
679.4 793.2
Turnover for the 52 weeks ended 27 September 2003 includes £nil (2002: £60.0m) in respect of Food Equipment businesses sold in 
the year . Prior year turnover would have been reduced by £37 .6m had current year foreign exchange rates been used for translation.
52 weeks to 27 September 2003 52 weeks to 28 September 2002
Before Exceptional Before Exceptional
exceptional items exceptional items
items (see note 4) T otal items (see note 4) T otal
£m £m £m £m £m £m
d) Operating profit/(loss)
Food Service Equipment – North America 50.7 (3.0) 47 .7 60.8 0.2 61 .0
Food Service Equipment – Europe/Asia 10.2 (1.7) 8.5 9.7 (2.5) 7 .2
Global Food Service Equipment 60.9 (4.7) 56.2 70.5 (2.3) 68.2
Food Retail Equipment 4.0 – 4.0 (3.3) (6.6) (9.9)
64.9 (4.7) 60.2 67 .2 (8.9) 58.3
Food Equipment goodwill amortisation and impairment (13.8) – (13.8) (19.0) (48.9) (67 .9)
Food Equipment 51.1 (4.7) 46.4 48.2 (57 .8) (9.6)
Property 5.4 (3.3) 2.1 8.0 – 8.0
Corporate costs (9.5) (4.5) (14.0) (7 .9) (0.5) (8.4)
Continuing operations 47 .0 (12.5) 34.5 48.3 (58.3) (1 0.0)
41 Enodis annual report + accounts 2003
Notes to the accounts 1 Analyses of turnover , operating profit/(loss) and total assets less current liabilities continued
52 weeks to 27 September 2003 52 weeks to 28 September 2002
Before Exceptional Before Exceptional
exceptional items exceptional items
items (see note 4) T otal items (see note 4) T otal
£m £m £m £m £m £m
e) Geographical analysis: operating profit
United Kingdom (1.5) (3.3) (4.8) 1. 4 ( 1 .8) (0.4)
North America 53.1 (7 .6) 45.5 55.5 (6.3) 49.2
Continental Europe 10.2 (1.5) 8.7 9.5 (1 .1) 8.4
Rest of the World (1.0) (0.1) (1.1) 0.9 (0.2) 0.7
Goodwill amortisation (13.8) – (13.8) (19.0) (48.9) (67 .9)
47 .0 (12.5) 34.5 48.3 (58.3) (1 0.0)
Operating profit for the 52 weeks ended 27 September 2003 includes £nil (2002: £4.4m) in respect of Food Equipment businesses sold in
the year . Prior year operating profit would have been reduced by £3.0m had current year foreign exchange rates been used for translation.
2003 2002 
£m £m
f) T otal assets less current liabilities
Food Service Equipment – North America 75.3 97 .4
Food Service Equipment – Europe/Asia 42.2 46.0
Global Food Service Equipment 11 7 .5 143.4
Food Retail Equipment 29.2 24.9
Food Equipment goodwill 208.8 235.4
Food Equipment 355.5 403.7
Property 5.8 9.4
Investments 5.0 5.9
366.3 419.0
Corporate (28.2) (43.1)
Net cash 28.4 39.3
366.5 415.2
2003 2002 
£m £m
g) T otal assets less current liabilities: geographical analysis 
United Kingdom 29.6 21 .8
North America 234.2 27 6.9
Continental Europe 68.8 71 .0
Rest of the World 5.5 6.2
Net cash 28.4 39.3
366.5 415.2
2 Operating costs
52 weeks to 27 September 2003 52 weeks to 28 September 2002
Before Exceptional Before Exceptional
exceptional items exceptional items
items (See note 4) T otal items (See note 4) T otal
£m £m £m £m £m £m
Cost of sales 537 .1 1 1.1 548.2 634.8 7 .9 642.7
Net operating expenses:
Distribution costs 8.5 – 8.5 9.1 – 9.1
Administration expenses 85.9 1.4 87 .3 99.0 50.4 149.4
Other operating expenses 0.9 – 0.9 2.0 – 2.0
Operating costs 632.4 12.5 644.9 7 44.9 58.3 803.2
Gross profit for the period was £131 .2m (2002: £150.5m).
The total figures above include the following amounts relating to food equipment businesses sold in 2002: cost of sales £nil (2002: £1 45.3m),
distribution costs £nil (2002: £1 3.3m), administration expenses £nil (2002: £9.5m) and other operating expenses £nil (2002: £0.1m).
42 Enodis annual report + accounts 2003
Notes to the accounts 3 Operating profit/(loss)
52 weeks to 52 weeks to 
27 September 28 September 
2003 2002
£m £m
Operating profit/(loss) is stated after charging/(crediting):
Depreciation of tangible fixed assets:
– owned 12.3 15.6
– leased 0.1 0.1
Amortisation of intangible fixed assets – goodwill 13.8 19.0
Rental of plant and equipment under operating leases 1.8 2.1
Rental of land and buildings under operating leases 6.9 5.3
Rental income (0.8)(0.5)
Research and development 13.2 13.4
Auditors’ remuneration:
– Audit services
– statutory audit (i) 0.9 0.9
– audit-related regulatory reporting 0.1 0.1
– Further assurance services (ii) 0.1 0.3
– T ax services
– compliance services 0.6 0.7
– advisory services 0.5 0.7
(i) The audit fees for the period include £15,000 (2002: £15,000) in respect of the Company .
(ii) A further £0.3m (2002: £1 .4m) of fees not charged to operating profit have been paid in respect of refinancing, disposals and other projects.
4 Exceptional items
52 weeks to 52 weeks to 
27 September 28 September 
2003 2002
£m £m
a) Operating exceptional items
Restructuring costs, cost reduction measures and inventory write downs 6.1 9.4
Vacant leasehold provisions 3.3 –
Litigation costs 3.1 –
12.5 9.4
Goodwill impairment – 48.9
Operating exceptional items 12.5 58.3
2003: On 8 April 2003, the Group announced a restructuring and cost reduction programme including salaried headcount reduction and
the relocation of the CEO’ s office to New Port Richey near T ampa, Florida. Subsequently , further restructuring programmes were
announced in Europe.
In addition, as a result of a slowdown in the property market, £3.3m has been recognised in respect of vacant leasehold properties. 
The Group has reassessed its accruals for legal costs for defending the claims in the Consolidated Industries litigation following an adverse
summary judgement on certain of the claims totalling $8.6m. The Group believes that the adverse decision is incorrect, and intends to
appeal the decision. The Group’ s view of the outcome of the Consolidated Industries litigation remains unchanged (see note 24).
2002: Restructuring costs in the 52 weeks to 28 September 2002 principally represented costs associated with the closure of excess
operating capacity in our Food Retail Equipment Group. This included the write down of inventory at Kysor//Warren which reflected 
the decline in the business and employee termination costs that resulted from a headcount reduction of 30. There was also further
rationalisation of administration functions and simplification of management structures in the European businesses within the Global 
Food Service Equipment Group. 
Following downturns in the US economy , in particular in the retail markets, it was necessary to reassess the carrying value of goodwill in
respect of the Scotsman acquisition during 200 1 and 2002. In accordance with the methodology presented in FRS1 1 “Impairment of
Fixed Assets and Goodwill” , which requires consideration of the net present value of estimated future cash flows, the fair value was
reassessed and compared to the carrying value of net assets, including the carrying value of the goodwill. In 200 1, an impairment of
£1 00m was booked. In 2002, due to the poor performance of Kysor//Warren, the carrying value of goodwill was written down by a 
further £48.9m. 
43 Enodis annual report + accounts 2003
Notes to the accounts 4 Exceptional items continued
52 weeks to 52 weeks to 
27 September 28 September 
2003 2002
£m £m
b) Disposal of businesses
Profit/(loss) on disposals 3.3 (38.1)
2003: In February 2003, the Group paid £1 .3m to release it from the majority of the warranties and indemnities that were given at the
time of the disposal of one of its subsidiaries. As a result, associated excess accruals of £2.5m, along with £0.8m of excess provisions
from other disposals have been credited to the profit and loss account in the 52 weeks ended 27 September 2003.
2002: During the 52 weeks to 28 September 2002, the Group disposed of Sammic SA, Belshaw Bros Inc, Austral Refrigeration Pty Ltd,
Aladdin T emp-Rite and Prolon LLC. The Group realised a loss on these disposals of £41 .4m after writing off goodwill of £65.1m previously
charged against reserves.
In December 200 1, £2.1m was paid to Nobia AB in respect of the value of net assets transferred following the sale of the Building and
Consumer Products business in June 200 1 . As part of the disposal proceeds the Group had received a £20.0m vendor loan note and
share warrants. In June 2002, Nobia AB’ s shares were listed on the Stockholm Stock Exchange and the Group received £24.4m being
£20.0m for the vendor loan note, £0.4m compensation for early repayment of the note and £4.0m for the sale of the shares arising from
the exercise of the warrants. After writing off deferred finance fees arising from the early repayment of debt and other associated costs,
the net profit on disposal was £3.3m. 
The net cash consideration, after expenses, of all the above disposals was used to repay debt.
52 weeks to 52 weeks to 
27 September 28 September 
2003 2002
£m £m
c) Net interest payable and similar charges
Deferred finance fees written off – 4.2
Refinancing fees – 4.2
– 8.4
Deferred finance fees written off of £4.2m in the 52 weeks to 28 September 2002 related to amounts previously capitalised in respect of
the multi-currency revolving credit facility that was replaced by the refinancing announced on 20 February 2002. 
Refinancing fees represent amounts paid to banks in relation to the termination of our previous multi-currency revolving credit facility and
costs associated with the bridging facility under the Group’ s new arrangements. 
5 Staff costs
52 weeks to 52 weeks to 
27 September 28 September 
2003 2002
£m £m
a) Staff costs, including Directors, comprised:
Wages and salaries 141.4 157 .2
Social security costs 19.0 18.9
Pension and other post-retirement costs 5.6 3.9
166.0 180.0
52 weeks to 52 weeks to 
27 September 28 September 
2003 2002
b) The average monthly number of employees was:
Food Service Equipment – North America 3,550 3,871
Food Service Equipment – Europe/Asia 1,533 1,627
Global Food Service Equipment 5,083 5,498
Food Retail Equipment 965 1,443
Corporate and Property 25 29
6,073 6,970
44 Enodis annual report + accounts 2003
Notes to the accounts 6 Directors’ remuneration
52 weeks to 52 weeks to 
27 September 28 September 
2003 2002
£m £m
Fees as Directors 0.2 0.2
Salaries and benefits 1.0 1. 3
Bonuses 0.6 0.9
1.8 2.4
Pension contributions 0.1 –
1.9 2.4
Compensation for loss of office 0.8 0.7
2.7 3.1
Disclosure on Directors’ remuneration, share options, pension contributions and pension entitlements required by the Companies Act
1985 and those specified for audit by the UK Listing Authority is included in the Directors’ remuneration report and is indicated as having
been audited therein.
7 Net interest payable and similar charges
52 weeks to 52 weeks to 
27 September 28 September 
2003 2002
£m £m
Interest payable and similar charges:
Interest on 1 0
3
⁄ 8% senior subordinated note (1 0.4) (5.3)
Amortisation of deferred financing costs (3.4) (2.5)
T erm loan and revolving multi-currency facility (9.3) (23.8)
Other loans (0.5) (0.4)
(23.6) (32.0)
Interest receivable:
Bank balances 1.4 1. 5
Other 0.3 1. 2
1.7 2.7
Net interest payable and similar charges:
Net interest payable and similar charges before exceptional finance costs (21.9) (29.3)
Exceptional finance costs (see note 4) – (8.4)
Net interest payable and similar charges (21.9) (37 .7)
45 Enodis annual report + accounts 2003
Notes to the accounts 8T ax on profit/(loss) on ordinary activities
a) Analysis of charge in the period
52 weeks to 52 weeks to  
27 September 28 September
2003 2002
£m £m
The tax charge for the period comprised:
UK taxation at 30% (2002: 30%)
– current year – –
Foreign taxation:
– current year 7. 4 5.8
– prior year (0.7) (3.8)
6.7 2.0
Deferred taxation 1.5 (0.8)
8.2 1. 2
T ax relief on exceptional items (i) (1.8) (0.2)
6.4 1. 0
(i) For the 52 weeks ending 27 September 2003, the tax relief on exceptional items includes a deferred tax benefit of £1 .6m (2002: nil) and
a current tax benefit of £0.2m (2002: £0.2m)
The difference between the Group’ s effective current tax on profit/(loss) is reconciled to the US Federal charge as follows:
52 weeks to 52 weeks to 
27 September 28 September
2003 2002
£m £m
Statutory income tax rate in region where majority of profits earned 35.0% 35.0%
Profit/(loss) on ordinary activities before taxation 15.9 (85.8)
T ax on profit/(loss) at US Federal rate 5.6 (30.0)
Adjustments to reconcile to current taxation:
Permanent differences 2.2 1. 6
Effect of brought forward losses (5.9) (1 .9)
US State and local taxes effect 0.3 1. 4
Foreign tax effect 1.3 0.7
Exceptional items 2.9 31 .6
Net other 0.8 2.2
Effect of adjustments in respect of prior years (0.7) (3.8)
Current taxation 6.5 1. 8
Current tax comprises:
T ax before exceptional items 6.7 2.0
Current tax benefit on exceptional items (0.2) (0.2)
6.5 1. 8
The reconciliation is performed to the US Federal charge as the majority of the Group’ s profits are earned in that jurisdiction.
The benefit of brought forward tax losses predominately in the UK and the US reduce tax cash payments.
46 Enodis annual report + accounts 2003
Notes to the accounts 8T ax on profit/(loss) on ordinary activities continued
b) Analysis of deferred tax asset
2003 2002
£m £m
US operating losses 9.6 9.8
Warranties 10.1 11 . 5
Other short term timing differences 11 .8 11 . 7
31.5 33.0
Accelerated capital allowances (7 .7) (7 .7)
23.8 25.3
Deferred tax liabilities are recognised in full. Deferred tax assets are recognised to the extent that it is considered more likely than not that
the asset will be recovered.
Deferred tax assets not recognised on the balance sheet are as follows:
2003 2002
£m £m
Operating losses 74.9 78.8
Other 13.1 17 .1
To tal potential deferred tax assets not recognised 88.0 95.9
In addition to the above, the Group has surplus ACT carried forward of £12.6m (2002: £12.6m) which is not recognised.
At the year end, the Directors expect that it will take some time for certain assets, principally the unrecognised US operating losses, to be
recovered and currently do not anticipate circumstances in which the other unrecognised assets would be recovered. Our US operating
losses are also subject to specific shareholder continuity requirements being met.
At the year end no deferred tax asset was recognised by the Company (2002: nil).
The Group has the following losses available for offset against future profits:
2003 2002
£m £m
UK losses 80.7 72.3
US losses 162.9 184.9
Other territories 9.4 6.2
253.0 263.4
c) Analysis of movement in deferred tax asset
2003 2002
£m £m
Balance at the beginning of the period 25.3 26.9
Credited/(charged) to profit and loss account (1.5) 0.8
Credited/(charged) to the profit and loss account – exceptional items 1.6 –
Disposals – (1 .0)
Currency realignment (1.6) (1 .4)
Balance at the end of the period 23.8 25.3
47 Enodis annual report + accounts 2003
Notes to the accounts 9 Earnings/(loss) per share
52 weeks to 52 weeks to 
27 September 28 September 
2003 2002
£m £m
Basic and diluted earnings/(loss) attributable to shareholders 9.4 (87 .0)
52 weeks to 52 weeks to 
27 September 28 September 
2003 2002
m m
Basic and diluted weighted average number of shares 399.2 351 .0
52 weeks to 52 weeks to 
27 September 28 September 
2003 2002
pence pence
Basic and diluted earnings/(loss) per share 2.4 (24.8)
Effect per share of exceptional items 1.8 15.9
Effect per share of goodwill amortisation and impairment 3.5 19.3
Adjusted basic and diluted earnings per share 7. 7 10.4
Adjusted earnings per share before exceptional items (note 4) and goodwill amortisation (note 1d) are disclosed to reflect the comparative
performance of the Group.
10 Intangible fixed assets: goodwill
2003 2002 
Group £m £m
Cost:
At the beginning of the period 450.0 460.6
Additions:
– adjustments to prior period goodwill – 1. 7
Currency realignment (25.2) (12.3)
At the end of the period 424.8 450.0
Amortisation:
At the beginning of the period 214.6 150.4
Provided during the period 13.8 19.0
Provision for impairment (see note 4) – 48.9
Currency realignment (12.4) (3.7)
At the end of the period 216.0 214.6
Net book value at end of the period 208.8 235.4
Net book value at the beginning of the period 235.4 31 0.2
48 Enodis annual report + accounts 2003
Notes to the accounts 11  T angible fixed assets
Land and Plant and Assets under 2003 2002 
buildings equipment construction Total To tal 
£m £m £m £m £m
a) Group:
Cost:
At the beginning of the period 67 .8 134.0 2.5 204.3 251 .5
Additions 0.9 4.1 5.0 1 0.0 11 . 4
Disposals and assets written off (1.2) (5.5) – (6.7) (7 .8)
Reclassifications and transfers 0.4 3.6 (4.0) – (0.4)
Disposals of subsidiary entities or businesses –––– (42.0)
Currency realignment (2.7) (3.8) (0.1) (6.6) (8.4)
At the end of the period 65.2 132.4 3.4 201.0 204.3
Depreciation:
At the beginning of the period 22.6 93.7 – 1 16.3 140.1
Provided during the period 2.3 9.9 0.2 12.4 15.7
Disposals and assets written off (1.2) (4.9) – (6.1) (6.9)
Reclassifications and transfers –––– (0.3)
Disposals of subsidiary entities or businesses –––– (27 .5)
Currency realignment (0.7) (2.5) – (3.2) (4.8)
At the end of the period 23.0 96.2 0.2 1 19.4 11 6 . 3
Net book value at the end of the period 42.2 36.2 3.2 81.6 88.0
Net book value at the beginning of the period 45.2 40.3 2.5 88.0 111 . 4
The net book value of land and buildings comprises:
Freehold 38.0 41 .0
Short leasehold 4.2 4.2
42.2 45.2
Plant and equipment net book value includes £0.3m (2002: £0.3m) of leased assets. Land and Buildings net book value includes £1 .4m
(2002: £1 .5m) of leased assets. 
2003 2002 2003 2002 
Group Group Company Company 
£m £m £m £m
b) Capital commitments:
Contracted commitments for future capital expenditure 2.1 1. 1 – –
49 Enodis annual report + accounts 2003
Notes to the accounts 12 Fixed asset investments
Joint ventures and associated undertakings
Share of Other unlisted 2003 2002 
net assets Goodwill T otal investments Own shares T otal To tal 
£m £m £m £m £m £m £m
a) Group:
Cost:
At the beginning of the period 2.1 1.2 3.3 2.0 2.4 7 .7 7 .6
Share of profit/(loss) (0.5) – (0.5) – – (0.5) 0.1
At the end of the period 1.6 1 .2 2.8 2.0 2.4 7 .2 7 .7
Amounts written off:
At the beginning of the period –0.1 0.10.3 1.4 1.8 1. 4
Written off in the period –0.1 0.10.3 –0.4 0.4
At the end of the period –0.2 0.20.6 1.42.2 1. 8
Net book value at the end of the period 1.6 1 .0 2.6 1.4 1.0 5.0 5.9
Own shares comprise 1,269,341 ordinary shares of the Company (2002: 1,269,341), held in an ESOP trust. The market value of the
shares held by the trust at 27 September 2003 was £0.9m (2002: £0.6m), a value below carrying value. The Directors do not consider 
this diminution in value to be permanent and therefore no further provision is deemed necessary . 
2003 2002
£m £m
b) Company: shares in Group undertakings
Cost:
At the beginning of the period 376.5 805.6
Additions – 37 6.5
Recoveries – (0.9)
Disposals – (804.7)
At the end of the period 376.5 37 6.5
Details of principal subsidiaries and significant investment and their activities are shown in note 26.
13 Stocks
2003 2002
Group Group
£m £m
Raw materials and consumables 26.0 29.5
Work in progress 7. 9 8.0
Finished goods 32.6 31 .6
66.5 69.1
Property 8.7 8.6
75.2 77 .7
At the period end the Directors are not aware of any significant difference between book value and replacement value of stocks.
50 Enodis annual report + accounts 2003
Notes to the accounts 14 Debtors
2003 2002 2003 2002 
Group Group Company Company 
£m £m £m £m
T rade debtors 98.4 1 08.1 – –
Amounts due from subsidiary entities – – 1 05.0 1 04.7
Other debtors 14.7 14.5 0.1 –
Prepayments and accrued income 5.2 4.8 – –
11 8.3 127 .4 1 05.1 1 04.7
15 Creditors falling due within one year
2003 2002 2003 2002 
Group Group Company Company 
£m £m £m £m
a) Borrowings:
T erm loan 44.5 32.7 – –
Deferred financing costs (1.9) (2.8) – –
Bank loans and overdrafts 6.7 3.2 – –
Other current borrowings – 0.1 – –
Obligations under finance leases (note 25) – 0.2 – –
To tal (note 1 7) 49.3 33.4 – –
2003 2002 2003 2002 
Group Group Company Company 
£m £m £m £m
b) Other creditors:
T rade creditors 57 .1 55.8 – –
Other creditors 6.9 15.3 5.5 5.9
Current tax 11 .4 12.3 – –
Other taxes and social security 4.3 2.6 – –
Accruals and deferred income 94.9 97 .8 – –
17 4.6 183.8 5.5 5.9
16 Creditors falling due after more than one year
2003 2002 2003 2002 
Group Group Company Company 
£m £m £m £m
T erm loan 55.3 111 . 4 – –
10
3
⁄ 8% senior subordinated notes 100.0 100.0 100.0 100.0
Deferred financing costs (6.0) (8.5) (4.4) (4.9)
Other loans 9.4 9.6 – –
Obligations under finance leases (note 25) 1.5 1. 6 – –
To tal (note 1 7) 160.2 214.1 95.6 95.1
51 Enodis annual report + accounts 2003
Notes to the accounts 17 T otal borrowings
2003 2002 2003 2002 
Group Group Company Company 
£m £m £m £m
10
3
⁄ 8% senior subordinated notes 100.0 100.0 100.0 100.0
T erm loan 99.8 144.1 – –
Deferred financing costs (7 .9) (1 1 .3) (4.4) (4.9)
Bank loans and overdrafts 6.7 3.2 – –
Other loans 9.4 9.7 – –
208.0 245.7 95.6 95.1
Obligations under finance leases 1.5 1. 8 – –
209.5 247 .5 95.6 95.1
Due within one year 49.3 33.4 – –
Due after more than one year 160.2 214.1 95.6 95.1
209.5 247 .5 95.6 95.1
An analysis of the maturity of debt is given in note 18. 
The £1 00.0m senior subordinated notes bear interest at 1 0
3
⁄ 8% and mature in April 20 12. The Group has entered into cross-currency swaps
to change part of the underlying currency profile of this debt. T wo contracts have been entered into to exchange an aggregate of £60.0m
for US dollars and Euros, such that the currency profile of the debt more closely matches the currency profile of the Group’ s assets.
The term loan represents syndicated bank loans of $165.5m. The term loan, which was fully drawn down at the balance sheet date, bears
interest at between 2.0% and 3.5% above LIBOR as periodically determined by reference to certain agreed financial ratios. The term loan
has been reduced by $58.2m during the period by applying $8.8m from the net proceeds of Felsted land disposals and $49.4m from
operating cash flow (in accordance with repayments required under the agreement) against the facility . 
The Group enters into interest rate swaps to change a portion of its floating rate debt into fixed rate debt and so reduce the impact of
changes in interest rates on the Group’ s interest charge. At 27 September 2003, the Group had interest rate swaps outstanding with 
an aggregate notional value of $140.0m.
Other loans consist primarily of £1 0.0m of Industrial Revenue Bonds (“IRB’ s”) (2002: £1 0.7m) offset by a favourable revaluation of 
cross-currency swaps used to hedge debt of £1 .8m. The IRB’ s are either at fixed rates of interest or are at rates of interest set periodically
by reference to market rates. These bonds incurred rates of interest between 1 .3% and 6.1% during the period.
The indebtedness under the senior credit facilities agreement dated 20 February 2002 (the “Facility Agreement”) is secured by fixed and
floating charges over substantially all the assets of Enodis Holdings Limited (a wholly owned subsidiary of the Company) and those Group
companies which are guarantors under the Facility Agreement. The guarantors have unconditionally guaranteed all of the outstanding
obligations under the Facility Agreement.
18 Financial instruments
An explanation of the Group’ s treasury policy and controls is included in the Financial review on pages 20 to 23. The Group does not trade
in financial instruments.
As permitted by FRS13, short term debtors and creditors have been excluded from the disclosures, other than the currency disclosures.
a) Maturity profile of financial liabilities
2003 2002
Bank Bank 
borrowings borrowings
and and
debentures Other T otal debentures Other T otal 
£m £m £m £m £m £m
Within one year or less or on demand 51.2 (1.9) 49.3 35.9 (2.5) 33.4
More than one year but not more than two years 13.1 (1.3) 1 1.8 30.2 (1 .5) 28.7
More than two years but not more than five years 42.2 1.7 43.9 36.1 1 .1 37 .2
More than five years –1 04.5 1 04.5 45.1 1 03.1 148.2
Gross financial liabilities 1 06.5 1 03.0 209.5 147 .3 1 00.2 247 .5
In the maturity analysis of the Group’ s financial liabilities “ Other” includes liabilities shown as other creditors and obligations under finance
leases offset by deferred financing assets of £7 .9m (2002: £1 1 .3m) analysed by maturity .
Debt more than five years of £1 04.5m (2002: £148.2m) principally comprises senior subordinated notes of £1 00.0m maturing in 20 12.
52 Enodis annual report + accounts 2003
Notes to the accounts 18 Financial instruments continued
The Group had the following committed undrawn borrowing facilities at the end of the period:
2003 2002
£m £m
Expiry date
In more than two years but not more than five years 34.0 42.7
b) Interest rate profile: financial liabilities
Fixed Weighted
weighted average
Non-interest average period at
T otal Floating rate Fixed rate bearing interest rate fixed rate
Financial liabilities £m £m £m £m % Y ears
Sterling 32.9 0.8 40.0 (7 .9) 1 0.4 8.6
US$ 147 .6 92.0 55.6 – 9.1 5.8
Euro 29.0 – 29.0 – 1 0.2 8.5
At 27 September 2003 209.5 92.8 124.6 (7 .9) 9.8 7 .3
Sterling 29.2 0.4 40.1 (1 1 .3) 1 0.4 9.5
US$ 192.0 62.9 129.1 – 7 .6 3.9
Euro 26.3 – 26.3 – 1 0.2 9.4
At 28 September 2002 247 .5 63.3 195.5 (1 1 .3) 8.5 5.8
The floating rate financial liabilities comprised bank loans and overdrafts bearing interest at rates based on local money market rates.
The fixed rate financial liabilities mainly comprise the senior subordinated notes and interest rate swaps.
c) Interest rate profile: financial assets
Non-interest 
Total Floating rate bearing
Financial assets £m £m £m
Sterling 42.3 39.5 2.8
US$ 17 .6 16.1 1.5
Euro 10.8 6.84.0
Other 8.4 8.2 0.2
At 27 September 2003 79.1 70.6 8.5
Sterling 46.4 43.5 2.9
US$ 13.3 1 1 .2 2.1
Euro 9.8 5.3 4.5
Other 4.9 4.7 0.2
At 28 September 2002 74.4 64.7 9.7
The non-interest bearing financial assets mainly comprise equity return investments and uncleared receipts.
53 Enodis annual report + accounts 2003
Notes to the accounts 18 Financial instruments continued
d) Fair values of financial assets and liabilities Set out below is a comparison by category of book values and fair values of all the
Group’ s financial assets and financial liabilities at the period end.
Book value Fair value
Primary financial instruments held or issued to finance the Group’ s operations £m £m
Short term borrowings and current portion of long term borrowings (49.3) (49.3)
Long term borrowings (55.3) (55.3)
Cash deposits 77 .7 77 .7
Investments (see note 12) 1.4 1 .4
Other financial liabilities (1 04.9) (1 14.0)
Book value Fair value
Derivative financial instruments held or issued to manage the interest rate and currency profile £m £m
Interest rate swaps and similar instruments – (2.6)
Forward foreign currency contracts 1.8 1 .8
The fair value of the interest rate swaps and foreign exchange contracts have been estimated by reference to prices available from the
markets on which the instruments are traded. The fair value of the senior subordinated notes is the closing mid-price at the close of
business on the balance sheet date. All other fair values shown above have been calculated by discounting cash flows at prevailing
interest rates. 
The fair value of short term deposits and borrowings approximates the carrying amount because of the short term maturity of these
instruments. The fair value of the long term borrowings approximates the carrying value due to the debt being subject to floating rates 
or short term fixed rates.
e) Hedging As explained in the Financial review on pages 20 to 23, the Group’ s policy is to hedge the following exposures:
– Interest rate risk – using interest rate swaps, caps and collars and forward rate agreements.
– Balance sheet translation risk – using cross currency swaps and borrowings in functional currencies.
Gains and losses on instruments used for hedging are not recognised until the exposure that is being hedged is likely to be recognised. 
Unrecognised gains and losses on instruments used for hedging are as follows:
Gains Losses
2003 2002 2003 2002
£m £m £m £m
Unrecognised gains and (losses) on hedges to the period end 1.8 2.3 (2.6) (5.0)
f) Currency profile The main functional currencies of the Group are Sterling and US$. The following analysis of net monetary assets and
liabilities shows the Group’ s currency exposures after the effects of forward contracts used to manage currency exposure. The amounts
shown represent the transactional exposures that give rise to the net currency gains and losses recognised in the profit and loss account.
Such exposures comprise the monetary assets and liabilities of the Group that are not denominated in the operating (or “functional”)
currency of the operating units involved.
2003 2002
Net foreign currency assets/(liabilities) Net foreign currency assets/(liabilities)
Functional currency of Sterling US$ Euro Other T otal Sterling US$ Euro Other T otal 
Group operations £m £m £m £m £m £m £m £m £m £m
Sterling –– 0.1– 0.1 ––– 0.1 0.1
US$ ––––– ––– 0.5 0.5
Euro ––––– –––––
Other currencies –3.2 – – 3.2 –1.4–– 1.4
Other –3.2 0.1– 3.3 –1.4 – 0.6 2.0
54 Enodis annual report + accounts 2003
Notes to the accounts 19 Provisions for liabilities and charges
Pensions
and other
deferred
employee T otal
Property Restructuring benefits Warranty Group
£m £m £m £m £m
Analysis of movement in provisions:
At the beginning of the period 3.5 1.3 20.1 19.4 44.3
Charged to profit and loss account 3.3 6.1 1.10.5 11.0
Utilised (2.9) (4.7) (1.0) – (8.6)
Reclassified 0.8 – (0.8) – –
Currency realignment – (0.1) (0.4) (1.6) (2.1)
At the end of the period 4.7 2.6 19.0 18.3 44.6
Property provisions relate primarily to lease payments under onerous contracts.
Restructuring costs relate mainly to costs associated with the charges described in note 4 “Exceptional items” , and are expected to be
recognised within one year .
Pension scheme details are set out in note 23.
Deferred employee benefits relate primarily to deferred compensation plans, supplemental retirement plans and post retirement benefit
plans. It is not possible to estimate, with certainty , the timing of payments. 
Warranty provisions have been recognised for estimated claims under product guarantees. It is not possible to estimate, with certainty ,
the timing of payments.
20 Called up share capital
2003 2002 2003 2002 
Number Number £m £m
a) Number and value of shares:
Ordinary shares of 50p each
Authorised 600,000,000 600,000,000 300.0 300.0
Allotted, called up and fully paid 400,465,587 400,465,587 200.2 200.2
1,269,341 ordinary shares of the Company (2002: 1,269,341) are held in an independently managed Executive Share Option Plan 
(“ESOP trust”). 
The ESOP trust was established in 1994 when Mourant & Co. were appointed as trustees to purchase shares in the Company to meet
some of the future obligations under employee option schemes. Shares are distributed to employees upon exercise of options held by
them and payment by them of the exercise price. The Group finances the ESOP trust by way of an interest free loan of £2.1m.
The ESOP trust has waived the right to receive dividends on all shares held. Costs are borne by the sponsoring company and written off 
in the period in which they are incurred.
Ordinary shares 
Number
b) Movement of ordinary shares during the period:
At the beginning and end of the period 400,465,587
The proceeds of the exercises of share options in the period amounted to £nil (2002: £2,287).
c) Option schemes During the period the Company has operated the following employee option schemes using new shares:
At At
29 September 27 September
Number of options 2002 Granted Exercised Lapsed 2003
Sharesave Scheme (1992)* 122,881 Nil Nil 70,407 52,474
Executive Share Scheme (1984)* 144,333 Nil Nil 144,333 Nil
Executive Share Scheme (1995)* 2,537 ,052 Nil Nil 474,219 2,062,833
Executive Share Scheme (200 1) 9,393,236 6,461,490 Nil 1,179,329 14,675,397
55 Enodis annual report + accounts 2003
Notes to the accounts 20 Called up share capital continued
The Company has outstanding at 27 September 2003 the following options to subscribe for ordinary shares:
**Date from
Price which **Last 
Y ear pence exercisable expiry date Number
Sharesave Scheme (1992)*1998 164.13 0 1 .09.05 0 1 .03.06 1 7 ,1 07
1999 156.03 0 1 .09.04 0 1 .03.05 14,055
1999 156.03 0 1 .09.06 0 1 .03.07 2,590
2000 209.64 0 1 .09.03 0 1 .03.04 4,415
2000 209.64 0 1 .09.05 0 1 .03.06 8,524
2000 209.64 0 1 .09.07 0 1 .03.08 5,783
52,47 4
**Date from
Price which **Last 
pence exercisable expiry date Number
Executive Share Scheme (1995)*186.64 31 .03.98 31 .03.05 22,328
116.60 0 1 .07 .00 0 1 .07 .07 290,215
15 1.82 28.1 1 .00 28.1 1 .07 314,684
145.75 1 7 .1 1 .0 1 1 7 .1 1 .08 1 70,348
212.88 28.07 .02 28.07 .09 475,444
254.25 24.1 1 .02 24.1 1 .09 1 1 1,393
260.73 03.07 .03 03.07 .1 0 583,577
260.89 03.07 .03 03.07 .1 0 45,445
1 70.04 21 .12.03 21 .12.1 0 24,700
1 75.13 21 .12.03 21 .12.1 0 24,699
2,062,833
Executive Share Scheme (200 1) 146.56 21 .0 1 .04 21 .0 1 .1 1 1,902,482
1 70.41 21 .0 1 .04 21 .0 1 .1 1 135,737
146.56 12.06.04 12.06.1 1 50,507
81 .78 1 0.09.04 1 0.09.1 1 444,063
147 .00 21 .03.05 21 .03.12 884,614
85.50 21 .03.05 21 .03.12 4,648,038
50.00 09.08.05 09.08.12 261,266
59.00 22.1 1 .05 22.1 1 .12 3,441,690
50.00 09.05.06 09.05.13 57 ,000
63.50 1 1 .08.06 1 1 .08.13 2,850,000
14,675,397
*No further options can be granted under these schemes.
**Subject to performance conditions being achieved.
56 Enodis annual report + accounts 2003
Notes to the accounts 21 Reserves
Movements on reserves during the period were as follows:
Share Profit
premium and loss
account account
£m £m
Group:
At the beginning of the period 234.2 (277 .6)
Retained profit/(loss) for the period –9.4
Currency translation differences on foreign currency net investments (note b) – (4.6)
At the end of the period 234.2 (272.8)
Company:
At the beginning of the period 234.2 (54.1)
Retained profit/(loss) for the period –0.2
At the end of the period 234.2 (53.9)
a) As permitted by Section 230 of the Companies Act 1985, a separate profit and loss account for the parent Company is not presented.
The profit for the period in the accounts of the parent company before dividends is £0.2m (2002: £12.1m loss).
b)The currency realignment arises on the translation of interests in the opening net assets of overseas subsidiary entities and associated
undertakings, long-term foreign borrowings used to finance overseas investments, and on the translation of the profit and loss account for
the period to closing rate.
c) Goodwill written off directly against profit and loss reserve amounts to £270.8m (2002: £270.8m).
22 Equity shareholders’ funds
Reconciliation of movements in equity shareholders’ funds
2003 2002
£m £m
Profit/(loss) for the period 9.4 (87 .0)
Goodwill written back on disposals, previously written off – 65.1
Currency translation differences on foreign currency net investments (4.6) (5.7)
To tal recognised gains and (losses) 4.8 (27 .6)
Shares issued – 70.3
Net increase/(decrease) in equity shareholders’ funds in the period 4.8 42.7
Opening equity shareholders’ funds 156.8 11 4 . 1
Closing equity shareholders’ funds 161.6 156.8
23 Group pension and other post retirement medical schemes
The Group operates a number of pension schemes of both the defined benefit and defined contribution type. The total pension charge 
for the period was £5.2m (2002: £3.6m). There is a provision for pension costs of £12.4m (2002: £8.0m) in the balance sheet as at 
27 September 2003 arising from the accumulated difference between the contributions paid and the corresponding pension costs. 
The provisions in respect of several plans have been included in the pension provisions at year end 2003 which in previous years were
allocated to other provisions.
The total employer contributions payable to the Group’ s defined contribution schemes over the period and included in the expense figure
quoted above was £3.6m (2002: £4.4m). At 27 September 2003, there were no outstanding/prepaid contributions (2002: nil). 
In addition, the total cost for the post retirement medical schemes in the US was £0.4m (2002: £0.3m). There is a provision for post
retirement medical schemes in the balance sheet as at 27 September 2003 of £3.9m (2002: £3.2m).
The Group currently accounts for pensions and other post retirement benefits under SSAP24. Under the transitional arrangements 
for FRS1 7 , the Group is required to provide additional disclosures relating to its pension and other post retirement medical schemes. 
These follow the SSAP24 disclosures below .
The pension charges and balance sheet entries included in the accounts and disclosed in the notes to the financial statements have been
prepared by independent, qualified actuaries.
57 Enodis annual report + accounts 2003
Notes to the accounts 23 Group pension and other post retirement medical schemes continued
SSAP24
a) A number of the Group’ s full-time UK employees as at 27 September 2003 are members of defined benefit arrangements with assets
held in separate trustee administered funds. The principal defined benefit scheme in the UK is the Berisford (1948) Pension Scheme (“the
Berisford Scheme ”). A valuation was carried out by a qualified independent actuary at 31 March 200 1 using the attained age method.
Following the valuation it was agreed that the employer would pay contributions at the rate of 0% of pensionable salaries. Contributions
have resumed in October 2003. The main financial assumptions used in the valuation are set out below:
Investment returns 5.5% p.a.
Increase in:
Salaries 4.5% p.a.
Present and future pensions 5.0% p.a.
The total market value of the Berisford Scheme’ s assets at the last valuation date was £86.4m. The funding level after allowing for future
increases in earnings and using a market value of assets, was 1 1 7 .9%.
b) Enodis Corporation maintains a 40 1(k) plan which covers most of its employees. This is a defined contribution arrangement.
c) Scotsman Industries maintains a number of pension plans which cover certain hourly paid employees at a subsidiary and frozen
accrued benefits. Benefits under defined benefit plans for hourly paid employees are based on a fixed multiple of the length of service and
for salaried employees are based on a percentage of earnings during the period of their employment. All pension plans have been funded
in accordance with the US Employee Retirement Income Security Act of 197 4.
The last valuation of the main defined benefit plan was as at 1 January 200 1 . No regular employer contributions are currently being paid 
to this arrangement.
The following main assumptions were used to calculate net pension charges for pension plans in the USA in the 52 weeks ended 
27 September 2003: 
Discount rate 6.75% p.a.
Future salary increases not applicable
Future pension increases nil
The total market value of the total US plan assets as at 27 September 2003 was £20.6m. The funding level of the funded US plans as a
percentage of accrued benefits, after allowing for future increases in earnings, and using a market value of assets, was 81%.
d) Scotsman Industries also operates two post retirement medical plans. The charge for the period has been calculated using the FRS1 7
assumptions as at 28 September 2002 disclosed below .
FRS17
In the UK, the figures for the Berisford Scheme have been based on a full actuarial valuation as at 31 March 200 1 and the figures for 
the Whitlenge Drink Equipment Limited Retirement Benefit Scheme have been based on a full actuarial valuation as at 28 June 2002. 
For the pension and post retirement medical plans in the US, the figures have been based on full actuarial valuations as at 1 January 2002.
All valuations have been updated to the year end.
The assets in the Group’ s defined benefit schemes and the expected rate of return were:
Long-term rate Long-term rate Long-term rate
of return of return of return
expected at Value at expected at  Value at expected at Value at
27 September 27 September 28 September 28 September 29 September 29 September
2003 2003 2002 2002 200 1 200 1
% p.a. £m % p.a. £m % p.a. £m
Equities 6.7 – 8.5 52.2 6.4 – 8.5 46.6 6.9 – 1 0.2 62.5
Bonds 4.7 – 5.3 40.1 4.9 – 6.4 41 .2 5.6 – 6.1 35.4
Property 6.7 – 7 .0 1.9 6.4 – 7 .3 2.7 6.5 – 6.9 9.8
Other 3.5 – 4.7 1.2 4.2 – 4.3 0.9 4.9 – 6.5 5.0
To ta l 95.4 91 .4 1 12.7
58 Enodis annual report + accounts 2003
Notes to the accounts 23 Group pension and other post retirement medical schemes continued
The liabilities of the Group’ s schemes were calculated using the key assumptions set out below:
27 September 28 September 29 September
2003 2002 200 1
% p.a. % p.a. % p.a.
Discount rate 4.8 – 6.3 5.4 – 6.8 6.1 – 7 .5
Rate of increase in salaries 4.2 3.8 4.5
Rate of increase in pensions in payment 2.7 – 5.0 5.0 5.0
Rate of increase in pensions in deferment 2.7 2.3 3.0
Medical cost inflation 12.0 – 5.0 1 0.0 – 5.0 6.5 – 5.0
Price inflation 2.7 – 3.0 2.3 2.8 – 3.0
The balance sheet position for the Group’ s schemes as calculated under FRS1 7 at the year end is as follows:
2003 2002 200 1
£m £m £m
Fair value of assets 95.4 91 .4 1 12.7
Present value of scheme liabilities (123.8) (1 1 1 .9) (1 13.0)
Surplus/(deficit) in the scheme (28.4) (20.5) (0.3)
Unrecognisable surplus in the scheme – –(0.7)
Related deferred tax asset or liability – ––
Net pension asset/(liability) (28.4) (20.5) (1 .0)
At 27 September 2003, the total net pension asset/(liability) for pension plans with assets in excess of liabilities was nil (2002: nil) and a
liability of £16.2m (2002: liability of £16.4m) for pension plans with liabilities in excess of assets. 
If the above pension and other post retirement liabilities were recognised in the financial statements at 27 September 2003, the Group’ s
profit and loss reserve would be as follows:
2003 2002
£m £m
Profit and loss reserve excluding pension and post retirement benefit liability (256.3) (266.4)
Pension and post retirement benefit provision (28.4) (20.5)
Profit and loss reserve including pension and post retirement benefit liability (284.7) (286.9)
Analysis of the amount charged to operating profit 
52 weeks to 52 weeks to
27 September 28 September
2003 2002
£m £m
Current service cost 1.0 0.7
Past service cost – 0.5
Previously unrecognised surplus deducted from above – (0.5)
To tal operating charge 1.0 0.7
Analysis of other amounts charged to profit and loss account 
52 weeks to 52 weeks to
27 September 28 September
2003 2002
£m £m
Loss/(gain) arising from settlements or curtailments 0.4 1. 3
Previously unrecognised surplus deducted from above – (0.2)
To tal loss/(gain) arising from settlements and curtailments 0.4 1. 1
Analysis of the amount credited/(charged) to other finance income 
52 weeks to 52 weeks to
27 September 28 September
2003 2002
£m £m
Expected return in pension plan assets 5.6 7 .6
Interest on pension plan liabilities (6.6) (6.9)
Net return (1.0) 0.7
59 Enodis annual report + accounts 2003
Notes to the accounts 23 Group pension and other post retirement medical schemes continued
Net cost (operating charge plus other amounts less finance income) 
52 weeks to 52 weeks to
27 September 28 September
2003 2002
£m £m
Net cost 2.4 1. 1
Analysis of amount recognised in statement of total recognised gains and losses (STRGL) 
2003 2002
£m £m
Gain/(loss) – Actual return less expected return on pension assets 6.3 (14.0)
Experience gains/(losses) arising on the liabilities (0.9) (0.1)
Gain/(loss) arising from changes in assumptions underlying the present value of the liabilities (7 .7) (4.9)
Actual gain/(loss) recognised in STRGL (2.3) (19.0)
Movement in surplus/(deficit) 
2003 2002
£m £m
Surplus/(deficit) at the beginning of the year (20.5) (0.3)
Unrecognisable surplus at the beginning of the year – (0.7)
Recognisable surplus/(deficit) at the beginning of the year (20.5) (1 .0)
Additional schemes included in disclosures in 2003 (4.5) –
Movement in the year:
Current service cost (1.0) (0.7)
Contributions and benefit payments 0.8 0.5
Past service costs (after deducting from unrecognisable surplus) – –
Settlement gain/(loss) (after deducting from unrecognisable surplus) (0.4) (1 .1)
Other finance income/(expense) (1.0) 0.7
Actuarial gain/(loss) (2.3) (19.0)
Foreign currency movements 0.5 0.1
Unrecoverable surplus at the end of the year – –
To tal surplus/(deficit) at end of year (28.4) (20.5)
Experience gains and losses 
2003 2002
£m £m
Difference between expected and actual return on assets in £m 6.3 (14.0)
Percentage of assets 6.6% (15%)
Experience gains and losses on liabilities in £m (0.9) (0.1)
Percentage of the present value of the liabilities 0.7% 0%
To tal amount recognised in statement of total recognised gains and losses in £m (2.3) (19.0)
Percentage of the present value of the liabilities 1.9% 17%
24 Contingencies
(i) A Group company , Enodis Corporation, has been named in a number of lawsuits in the United States in which the plaintiffs seek to
hold Enodis Corporation liable as the “alter ego ” of its former subsidiary Consolidated Industries Corp. (“Consolidated”), for the debts and 
other liabilities of Consolidated. Enodis Corporation sold Consolidated to an unrelated party in 1998. Shortly after the sale, Consolidated
commenced bankruptcy proceedings. There are a number of lawsuits pending against Consolidated seeking damages arising from
allegedly defective home furnaces manufactured by Consolidated. Enodis Corporation is not a party to these actions but has an interest in
their outcome due to the existence of the alter ego allegations and because Enodis Corporation’ s insurance carriers are involved in the
defence of these actions under reservations of rights. 
The plaintiffs in the actions against Enodis include Daniel L Freeland, in his capacity as T rustee of the bankruptcy estate of Consolidated,
Amana LLC and Bard Manufacturing Company . In addition to an alter ego claim, Freeland asserts against Enodis Corporation a variety of
bankruptcy and equitable claims seeking to recover up to $30m paid by Consolidated between 1988 and 1998. 
The plaintiffs in the actions against Consolidated include Amana, Bard, K.B. Home, J.F . Shea Co., Inc. and Shapell Industries Inc. as well as
one class action which has been settled as discussed below and one putative class action.
Enodis Corporation has thoroughly investigated all these claims, believes they are without merit and is defending them vigorously .
60 Enodis annual report + accounts 2003
Notes to the accounts 24 Contingencies continued
The actions brought by Bard and Amana have been discontinued against Enodis Corporation but could be revived. The Shapell and Shea
claims have been settled in principle but the settlements have not been finalised.
On 7 January 2003, the Indiana District Court entered a partial summary judgment for $8.6m against Enodis Corporation in favour of the
Trustee on the basis that the purchase price paid to Enodis for the share capital of Consolidated was a fraudulent transfer . Enodis believes
that the Indiana District Court’ s decision is incorrect and intends to appeal from that decision. The trial of the remaining claims in the
lawsuit against Enodis by the T rustee was held in the United States Bankruptcy Court in Indiana from  3 February to 7 March 2003, and a
decision has not yet been rendered.
On 21 February , 2002, Consolidated entered into a Court monitored settlement of a California class action relating to 153,000 furnaces.
The settlement has now been implemented and the Group has fully paid its portion of the settlement amount.
The issue of whether Consolidated and/or Enodis Corporation has insurance coverage for some or all of these contingency liabilities is the
subject of a reservation of rights by a number of insurance carriers and is the subject of litigation, though the carriers are co-operating in
attempts to resolve the lawsuits. One of the carriers is seeking to recover from Enodis Corporation approximately $3m it purports to have
paid in defence and/or settlement of the California class action. The Group believes this claim to be without merit and is vigorously
defending against it.
(ii) In February 2003, a Group company received a letter from a third party alleging a breach of contract claim. On 19 September 2003,
Loblaw Properties Limited (“Loblaw”) commenced proceedings in the Superior Court of Justice, Ontario Canada against Enodis plc, 
Kysor Industrial Corporation and Garland Commercial Ranges Limited, alleging breach of contract and claiming $15m (Canadian) in
damages. The Group is still investigating the basis of this claim. However , the Group believes that it has meritorious defences and 
intends to defend vigorously against the claim.
(iii) Based upon its current assessments of the Consolidated and Loblaw lawsuits and claims, the Enodis Group believes that the defence
and the ultimate resolution of these lawsuits and claims would not exceed, by a material amount, the aggregate of the amounts currently
accrued in respect of them. Therefore, the defence and resolution of these lawsuits should not have a material effect on its financial
condition. However , the damages alleged in the lawsuits substantially exceed the estimate of, and accruals for , the potential exposure.
(iv)There are customary tax, environmental and other warranties and indemnities in respect of companies and businesses sold in
previous years.
25 Lease obligations
2003 2002
Group Group
£m £m
a) The future minimum payments to which the Group is committed under finance leases are as follows:
Within one year 0.2 0.4
Between one and two years 0.2 0.2
Between two and five years 0.7 0.6
After more than five years 1.0 1. 4
2.1 2.6
Finance charges allocated to future periods (0.6) (0.8)
1.5 1. 8
Disclosed in the accounts as:
Creditors falling due within one year (note 15) – 0.2
Creditors falling due after more than one year (note 16) 1.5 1. 6
1.5 1. 8
The Company had no commitments under finance leases (2002: £nil).
2003 2002
Group Group
£m £m
b) Operating lease payments which the Group is committed to make during the next financial year 
are analysed as follows:
Leases expiring:
Within one year 2.2 1. 5
Between one and two years 0.6 0.9
Between two and five years 0.7 1. 5
After more than five years 4.5 4.2
8.0 8.1
The Company had annual commitments under operating leases expiring after more than five years of £nil (2002: £nil).
61 Enodis annual report + accounts 2003
Notes to the accounts 26 Principal subsidiaries and significant investment
Percentage 
Country of held at 
incorporation 27 September
and operation 2003 Details of holding of share capital
Food equipment
Castel MAC S.p.A. Italy 1 00 8,300,000 0.52 Euro shares
Cleveland Range, L.L.C. USA 1 00 3,000 no par value common stock
Cleveland Range Ltd. Canada 1 00 32,449 Class A no par value shares
Convotherm Elektrogerate GmbH Germany 91 1,394,044 Euro shares
Convotherm Limited England 91 6,000 £1 ordinary shares
Convotherm Singapore Pte Ltd. Singapore 91 1 00,000 $1 shares
Enodis Corporation USA 1 00 1 0 US$0.0 1 par value common stock
Enodis Deutschland GmbH Germany 1 00 50,000 0.52 Euro shares
Enodis France SA France 1 00 7 ,500 16 Euro shares
Enodis Group Limited England 1 00 700,000,00 1 £1 ordinary shares
Enodis Holdings Limited* England 1 00 364,885,489 £1 ordinary shares
Enodis Iberia SA Spain 1 00 200 300 Euro shares
Enodis UK Limited England 1 00 5,000 £1 ordinary shares
Frimont S.p.A Italy 1 00 16,000 516.46 Euro shares
Frymaster L.L.C. USA 1 00 n/a
Garland Commercial Industries, Inc. USA 1 00 1 0 no par value common stock
Garland Commercial Ranges, Limited Canada 1 00 2,000 no par value common stock
Guyon Productions SA France 1 00 50,000 16 Euro shares
Hartek Beverage Handling GmbH Germany 1 00 1 share of 600,000 Euros
Jackson MSC Inc. USA 1 00 1 00 shares no par value common stock
Kysor Industrial Corporation USA 1 00 1 00 US$1 common stock
Lincoln Foodservice Products, Inc. USA 1 00 1,000 no par value common stock
Linea.net, Milano SrL Italy 95 n/a
Merco/Savory , Inc. USA 1 00 3,000 no par value common stock
Merrychef Limited England 1 00 44,800 £1 ordinary shares
Mile High Equipment Company USA 1 00 200 no par value common stock
New T on Food Equipment Co. Ltd Thailand 99.9 1,959,995 Thai Baht ordinary shares
Scotsman Group Inc. USA 1 00 1,000 US$1 common stock
Scotsman Ice Systems SA (PTY) Ltd South Africa 51 51 1 Rand shares
Scotsman Ice Systems (Shanghai) Company Ltd China 1 00 1 share of 2,150,000 US$ shares
Technyform Productions SA France 1 00 2,500 15.24 Euro shares
The Delfield Company USA 1 00 1 00 US$0.0 1 par value common stock
V ent Master (Europe) Limited England 1 00 2,049,000 £1 ordinary shares
Viscount Catering Limited England 1 00 1,500,000 £1 ordinary shares
Welbilt Manufacturing (Thailand) Limited (joint venture) Thailand 50 9,333,333 1 0 Thai Baht Class A ordinary shares
W elbilt W alk-Ins, L.P.USA100 n/a
Whitlenge Drink Equipment Limited England 1 00 406,500,000 1p ordinary shares
Whitlenge Drink Equipment Limited England 1 00 500,000 £1 deferred shares
Property
Enodis Investments Limited England 1 00 65,775,400 50p ordinary shares
Enodis Investments Limited England 1 00 145,805,094 50p preferred ordinary shares
Enodis Property Developments Limited England 1 00 38,343,713 £1 ordinary shares
Investment
C. Czarnikow Limited England 15 150,000 £1 ordinary shares
The subsidiary marked with an asterisk is held directly by the Company . All other trading subsidiaries and the investment are held 
through subsidiaries. Consolidated subsidiaries not listed above are either dormant or used only as vehicles to hold the shares of certain
companies. Certain subsidiaries of the Group have been excluded from the consolidation since, in aggregate, their inclusion is not material
for the purpose of giving a true and fair view .
62 Enodis annual report + accounts 2003
Notes to the accounts Reconciliation to Accounting Principles 
Generally Accepted in the United States of America
The consolidated financial statements have been prepared in
accordance with accounting principles generally accepted in the
United Kingdom (“UK GAAP”), which differ in certain significant
respects from those generally accepted in the United States 
(“US GAAP”). The significant adjustments to operating profit/(loss)
and net profit/(loss) for the period and equity shareholders’ funds
required when reconciling such amounts recorded in the
consolidated financial statements to the corresponding amounts 
in accordance with US GAAP relate to the following items and 
the necessary adjustments are shown in the tables that follow . 
This footnote does not include all disclosures required by US GAAP .
Goodwill amortisation and impairment Under UK GAAP , the
policy followed prior to the introduction of FRS1 0 (which is effective
for accounting periods ended on or after 23 December 1998 and
was adopted on a prospective basis beginning in Fiscal 1999) was
to write off goodwill against equity shareholders’ funds in the year
of acquisition. On the subsequent disposal or termination of a
previously acquired business, the profit or loss is calculated after
charging the amount of related goodwill previously charged to
reserves. FRS1 0 requires goodwill to be capitalised and amortised
over its estimated useful economic life. Under US GAAP , goodwill
arising on all acquisitions prior to the adoption of SF AS 142 on 
29 September 2002 was required to be capitalised and amortised
over the period of benefit. As a result, a difference between UK
GAAP and US GAAP arises on goodwill balances on acquisitions
pre-implementation of FRS1 0. The Group has adopted a 20 year
estimated useful life with respect to goodwill established under 
UK GAAP and for US GAAP (up to the adoption date of SF AS 142).
Effective from 29 September 2002, under US GAAP , the Group
adopted the provisions of SF AS 142. In accordance with 
SF AS 142, goodwill is no longer amortised but instead is subject 
to a transitional impairment test in the year of adoption as well as
annual impairment tests. Using discounted cash flow valuation
methods and also considering the Group’ s market capitalisation, 
the Group reviewed the fair values of each of its reporting units. 
As a result of the transitional impairment test, the Group recorded 
a goodwill impairment charge of £84.9 million in its Global Food
Service Equipment segment. This amount was recorded as a
cumulative effect of a change in accounting principle as at 
29 September 2002. The Group’ s annual impairment test during 
the year resulted in no additional goodwill impairment.
Under UK GAAP , goodwill is evaluated for impairment whenever
events or changes in circumstances indicate that the carrying
amount of goodwill may not be recoverable. The Group assesses if
the carrying amount of goodwill is recoverable by using discounted
cash flow valuation methods. When the cash flow analysis
indicates that goodwill is impaired, the impairment loss to be
recognised is measured by the amount by which the carrying
amount exceeds the present value of the assets of the operation.
In September 200 1 and June 2002, the Group recognised goodwill
impairments under both UK and US GAAP in respect of Scotsman.
Deferred taxation Under UK GAAP , FRS19 requires deferred tax 
to be provided in full on all liabilities. Deferred tax assets are
recognised to the extent it is regarded as more likely than not that
there will be suitable taxable profits from which the future reversal
of the underlying timing differences can be deducted. In certain
circumstances where it is expected to take some time for tax
losses to be relieved, it may not be appropriate to recognise the
deferred tax assets at all. FRS19 does not define or provide
guidance relating to the phrases “some time ” or “more likely 
than not” . Under US GAAP , deferred tax assets and liabilities are
recognised for the estimated future tax consequences of events
attributable to differences between the financial statement carrying
amounts of existing assets and liabilities and their respective tax
bases and operating and capital loss and tax credit carry forwards.
Deferred tax assets and liabilities are reduced through the
establishment of a valuation allowance at such time as, based 
on available evidence, it is more likely than not (a likelihood of 
more than 50%) that the deferred tax assets will not be realised.
The resulting adjustment from UK GAAP to US GAAP relates 
to the recognition of certain deferred tax assets for US GAAP 
which do not comply with the UK GAAP criteria, as well as the 
tax effect on the other reconciling items.
Pension costs In the Group’ s consolidated financial statements,
pension costs are accounted for in accordance with SSAP 24, with
costs being charged to income over employees’ estimated working
lives. Under US GAAP , pension costs are determined in accordance
with the requirements of SF AS 87 “Employers’ Accounting for
Pensions” and SF AS 88 “Employers’ Accounting for Settlements
and Curtailments of Defined Benefit Pension Plans and for
T ermination Benefits” . Differences between the UK and US GAAP
figures arise from the requirement to use different methods and
assumptions for valuing scheme assets and a different method of
amortising surpluses or deficits.
Leasing transactions Under UK GAAP , a gain or loss on the sale of
an asset that is leased back is deferred if the leaseback is a finance
lease and is recognised immediately if the leaseback is an operating
lease. Under US GAAP , a gain or loss on the sale of property which
is leased back and does not meet certain criteria, is deferred and
amortised over future periods. The resulting adjustment from 
UK GAAP to US GAAP relates to the gains recorded for UK GAAP
which do not comply with US GAAP criteria, and the amortisation
of such deferred gains over the life of the lease. Differences also
arise between UK and US GAAP in recognising gains associated
with lease premiums.
Gain on sale of businesses Differences in the carrying value of 
the net assets of businesses under US GAAP give rise to a
different calculation of the gain on sale.
63 Enodis annual report + accounts 2003
US GAAP reconciliation Reconciliation to Accounting Principles 
Generally Accepted in the United States of America continued 
Share option plans Certain options issued under the Group’ s
option schemes include performance criteria. Under UK GAAP an
accounting entry arises when the option is exercised. Shareholders’
funds are increased by the product of the number of options
multiplied by the original option price. 
Under US GAAP , in situations in which it is probable that specified
performance criteria will be met, estimates of compensation 
cost are recorded in the profit and loss account before the
measurement date. The resulting adjustment between UK GAAP
and US GAAP relates to the recognition of compensation cost for
certain options under US GAAP , following a determination that the
attainment of the related performance criteria is probable. 
Under UK GAAP , ordinary shares of the Group held in an ESOP
Trust for distribution on the exercise of share options by employees
are accounted for as fixed asset investments. Under US GAAP ,
these shares are accounted for within equity shareholders’ funds.
Restructuring Under UK GAAP , the timing criteria for recording
restructuring provisions differs to those under US GAAP . Certain
accrued losses allowable for recognition under UK GAAP did not
meet the definition of an accruable restructuring charge under 
US GAAP and a timing difference consequently arose. 
Derivative instrumentsThe Group enters into forward exchange
contracts to hedge certain firm purchase commitments and
existing assets or liabilities. Under UK GAAP , gains and losses
related to qualifying hedges of firm commitments are deferred, and
are recognised in income or as adjustments of carrying amounts
when the hedged transaction occurs. The Group also enters into
agreements to manage certain exposures to fluctuations in interest
rates. Interest rate contracts generally involve the exchange of fixed
and floating rate interest payments without the exchange of the
underlying principal. Under UK GAAP , net amounts paid or received
are reflected as adjustments to interest expense.
Under US GAAP , the Group accounts for derivative financial
instruments under SF AS 133, “ Accounting for Derivative
Instruments and Hedging Activities” (“SF AS 133”). This standard
requires the fair values of derivative instruments to be recorded on
the balance sheet. Any changes in fair values, which do not meet
the criteria for hedge accounting under SF AS 133, are required 
to be recorded in the profit and loss account. Upon adoption of
SF AS 133 in October 2000, the Group recorded a gain of £0.2m as
a cumulative effect of accounting change to reflect the fair value of
those instruments that did not meet the SF AS 133 hedging criteria. 
Subsequent to the adoption of SF AS 133, the Group recorded a
£4.0m loss during 2002, related to changes in the fair value of
derivative instruments. From 29 September 2002, the Group 
met the hedge accounting criteria required under SF AS 133.
Consequently , fair value changes under US GAAP are now
recorded in either the profit and loss account or as a component 
of Other Comprehensive Income, depending on the nature and
effectiveness of the hedging relationship. 
Loss contingencies Under UK GAAP , a provision is recognised for
contingencies when an entity has a present obligation (legal or
constructive) as a result of a past event, it is probable that a transfer
of economic benefits will be required to settle the obligation, and a
reliable estimate can be made of the amount of the obligation.
Under US GAAP , estimated losses from contingencies are accrued
only if it is probable that the contingency will occur and the amount
of loss can be reasonably estimated. Although the appropriate
threshold of probability may vary depending on the situation, 
in practice a higher threshold is applied when recognising 
loss contingencies under US GAAP than under UK GAAP .
This difference in practice has resulted in an adjustment from 
UK GAAP to US GAAP .
Capitalised Interest Under UK GAAP it is optional to capitalise
interest on assets that are under construction or in a development
phase. The Group does not capitalise interest under UK GAAP .
Under US GAAP , interest is required to be capitalised for assets 
that require a period of time to get them ready for their intended
use, and accordingly , this gives rise to an adjustment from 
UK GAAP to US GAAP .
64 Enodis annual report + accounts 2003
US GAAP reconciliation The effects of the differences between UK GAAP and US GAAP on operating profit/(loss) and net profit/(loss) and equity shareholders’
funds are as follows:
2003 2002
£m £m
Net profit/(loss) 
Retained profit/(loss) in accordance with UK GAAP 9.4 (87 .0)
Items increasing/(decreasing) UK GAAP operating profit/(loss)
Goodwill amortisation 13.5 (13.5)
Pension costs 2.2 (2.5)
Leasing transactions (0.1) 0.1
Share option plans 0.1 1. 1
Restructuring 0.8 (0.4)
Derivative instruments 0.1 (4.0)
Loss contingencies 1.8 2.4
Other (0.5) (0.7)
Items increasing/(decreasing) UK GAAP non-operating profit/(loss):
Deferred taxation (36.9) (16.5)
Gain on sale of businesses – 18.0
Capitalised interest 0.4 –
Net profit/(loss) in accordance with US GAAP before cumulative effect of change in accounting principle (9.2) (1 03.0)
Cumulative effect of change in accounting principle re: SF AS 142 (84.9) –
Net profit/(loss) in accordance with US GAAP (94.1) (1 03.0)
2003 2002
£m £m
Equity shareholders’ funds
Equity shareholders’ funds in accordance with UK GAAP 161.6 156.8
Items increasing/(decreasing) equity shareholders’ funds
Goodwill 79.2 155.6
Deferred taxation 32.4 70.5
Leasing transactions (1.4) (1 .3)
Pension costs (9.2) (9.9)
Share option plans (1.0) (1 .1)
Derivative instruments (4.5) (4.8)
Loss contingencies 4.0 2.4
Restructuring 0.8 –
Capitalised interest 0.4 –
Other (0.5) –
Equity shareholders’ funds in accordance with US GAAP 261.8 368.2
All adjustments exclude the effect of taxes, with all tax related adjustments included within the deferred taxation item. 
A reconciliation of previously reported net profit/(loss) and earnings/(loss) per share to the amounts adjusted for the exclusion of the
amortisation of goodwill under US GAAP is set out below: 
2003 2002
£m £m
Reported net profit/(loss) in accordance with US GAAP (94.1) (1 03.0)
Add: Goodwill amortisation – 32.5
Adjusted net profit/(loss) in accordance with US GAAP (94.1) (70.5)
Pence Pence 
per share per share
Basic and diluted earnings/(loss) per share in accordance with US GAAP (23.6) (29.3)
Add: Goodwill amortisation – 9.2
Adjusted basic and diluted earnings/(loss) per share in accordance with US GAAP (23.6) (20.1)
65 Enodis annual report + accounts 2003
US GAAP reconciliation (i) Reconciliation of like-for -like information
The effect of acquisitions and disposals is calculated by removing actual results of disposed food equipment businesses at actual rates and
including pro forma results for acquisitions in prior year results. 
The effect of foreign exchange is calculated by retranslating prior year ongoing food equipment results at rates used to translate current
year results.
52 weeks to 52 weeks to Effect of
27 September 28 September Effect of foreign Like-for -like
2003 2002 disposals exchange 28 September Like-for -like
£m £m £m £m 2002 %
a) T urno ver
Food Service Equipment – North America 408.4 47 4.1 (25.0) (33.4) 415.7 (2%)
Food Service Equipment – Europe/Asia 144.5 145.0 (8.0) 6.7 143.7 1%
Global Food Service Equipment 552.9 619.1 (33.0) (26.7) 559.4 (1%)
Food Retail Equipment 11 0.8 158.0 (27 .0) (1 0.9) 120.1 (8%)
Food Equipment 663.7 777 .1 (60.0) (37 .6) 679.5 (2%)
b) Operating profit before exceptional items, 
goodwill amortisation, property and corporate costs
Food Service Equipment – North America 50.7 60.8 (1 .7) (4.1) 55.0 (8%)
Food Service Equipment – Europe/Asia 10.2 9.7 (0.5) 0.7 9.9 3%
Global Food Service Equipment 60.9 70.5 (2.2) (3.4) 64.9 (6%)
Food Retail Equipment 4.0 (3.3) (2.2) 0.4 (5.1) n/m
Food Equipment 64.9 67 .2 (4.4) (3.0) 59.8 9%
(ii) Reconciliation of non-UK GAAP measures
52 weeks to 52 weeks to
27 September 28 September
2003 2002
£m £m
Adjusted Group profit before tax
Profit/(loss) before tax 15.9 (85.8)
Add back:
Goodwill amortisation and impairment 13.8 67 .9
Exceptional items (excluding goodwill impairment) 9.2 55.9
Adjusted group profit before tax 38.9 38.0
The above like-for -like and adjusted information is presented to indicate the underlying performance of the Group.
66 Enodis annual report + accounts 2003
Other unaudited information All figures in £m except where otherwise indicated.
1999 2000 200 1 2002 2003
Group turnover 759.4 1,190.2 1,092.0 793.2 679.4
Earnings and dividends:
Profit before interest, taxation, depreciation, amortisation and exceptional items 1 03.4 163.5 122.6 83.0 73.2
Profit/(loss) before interest and tax 80.0 121 .3 (67 .1) (48.1) 37 .8
Profit before taxation, amortisation and exceptionals 71 .3 1 02.2 63.8 38.0 38.9
Profit/(loss) before taxation 66.7 83.8 (1 09.0) (85.8) 15.9
Profit/(loss) after taxation 62.9 79.8 (120.4) (86.8) 9.5
Adjusted diluted earnings per share (pence) 24.6 31 .6 16.3 1 0.4 7. 7
Dividends per share (net) (pence) 12.5 13.75 2.0 – –
Ratios:
Operating margin (excluding amortisation and exceptional items) 1 0.9% 1 1 .7% 9.1% 8.5% 8.9%
Interest cover (excluding amortisation and exceptional items) 6.2x 3.7x 2.8x 2.3x 2.8x
Assets employed:
Intangible fixed assets 
– goodwill 371 .0 412.7 31 0.2 235.4 208.8
T angible fixed assets 158.7 1 71 .8 1 1 1 .4 88.0 81.6
Investments 7 .6 7 .2 6.2 5.9 5.0
Deferred tax 21 .5 31 .7 26.9 25.3 23.8
Net current assets 25.6 35.4 1 18.2 60.6 47 .3
584.4 658.8 572.9 415.2 366.5
Financed by:
Share capital 1 05.8 125.0 125.1 200.2 200.2
Reserves 0.6120.5(11.0)(43.4) (38.6)
Equity shareholders’ funds 1 06.4 245.5 1 14.1 156.8 161.6
5% convertible unsecured loan stock 20 15 94.4––– –
Other 383.6 413.3 458.8 258.4 204.9
584.4 658.8 572.9 415.2 366.5
US Dollar rate to £1
– Average 1 .62 1 .55 1 .44 1 .47 1.60
– Y ear end 1 .66 1 .48 1 .47 1 .55 1.66
67 Enodis annual report + accounts 2003
Five year summary Shareholders' analysis 
The issued ordinary share capital of Enodis plc at 27 September 2003 was £200,232,793.50 in 400,465,587 ordinary shares of 50p each,
held by 6,772 members.
HoldersHolders NumberPercentage
Number % of shares of capital
Banks/nominees 708 1 0.46 373,197 ,628 93.19
Insurance companies 9 0.13 3,091,561 0.77
Investment trusts 13 0.20 120,980 0.03
Pension trusts 5 0.07 3,684,487 0.92
Other corporate bodies 7 0.1 0 1,348,298 0.34
Other companies 99 1 .46 8,1 13,356 2.03
Individuals 5,931 87 .58 1 0,909,277 2.72
Totals 6,772 1 00 400,465,587 1 00
68 Enodis annual report + accounts 2003
Holders of Company securities
Y ear’ s results – 2003 Announced 18 November 2003
First quarter results – 2004 T o be announced February 2004
Annual General Meeting T o be held on 1 1 February 2004
Half year’ s results – 2004 To be announced May 2004
Third quarter results – 2004 T o be announced August 2004
2004 Y ear end (53 weeks) 2 October 2004
Y ear’ s results – 2004 To be announced November 2004
Financial calendar 2003/04
Company Secretary
D R Hooper
Registered Office
Washington House
40-41 Conduit Street
London W1S 2YQ
Registration details
Registered in England and Wales No. 1 09849
Registrar
Computershare Investor Services PLC, PO Box 82
The Pavilions, Bridgwater Road
Bristol BS99 7NH
0870 702 0000
Website: www .computershare.com
American Depositary Receipt facility
Enodis plc ordinary shares are traded on The New Y ork Stock
Exchange in the form of American Depositary Shares (ADS’ s) using
the symbol ENO. Each ADS represents four Enodis plc ordinary
shares. The ADS programme is administered by the Bank of 
New Y ork and enquiries should be directed to them at the address
shown. An annual report on Form 20-F is filed with the US
Securities and Exchange Commission.
ADR Depositary 
The Bank of New Y ork
101 Barclay Street, 20th Floor
New Y ork, NY 1 0286, USA
+1 -888-BNY -ADRS (toll free)
Email via website at www .adrbny .com
Internet
Information on Enodis plc is available on our website:
www .enodis.com
Corporate information 01 Our strategy, financial highlights
02 Group at a glance
03 Enodis brands
04 Chairman’s statement
06 Chief Executive Officer’s review
18 Human resources review
20 Financial review
24 The Directors
25 Directors’ report
27 Corporate governance
29 Directors’ remuneration report
34 Statement of Directors’ responsibilities 
in respect of the financial statements
34 Independent Auditors’ report 
to the members of Enodis plc
35 Group profit and loss account
35 Group statement of total recognised 
gains and losses
36 Group and Company balance sheets
37 Group cash flow statement
38 Notes to the Group cash flow statement
39 Accounting policies
41 Notes to the accounts
63 US GAAP reconciliation
66 Other unaudited information
67 Five year summary
68 Holders of Company securities
68 Financial calendar 2003/04
68 Corporate information
Designed + produced by Radley Y eldar 
Photography by Shahar Azran Enodis plc  Annual report + accounts 2003
Creating solutions
Annual report + accounts 2003
Enodis plc
Washington House
40/41 Conduit Street
London W1S 2YQ
T +44(0)20 7304 6000
F +44(0)20 7304 600 1