2003 2002
Turnover £129.1m £108.6m
Operating profit £17.5m £13.5m
Pre-tax profit £17.5m £13.5m
Year end net funds £11.7m £6.6m
Earnings per share 37.0p 28.2p
Dividend per share 17.0p 13.0p
• Turnover at £129.1m (2002: £108.6m) up £20.5m
• Sales growth in all territories in constant currency terms
• Operating profit at £17.5m (2002: £13.5m) up £4.0m
• Earnings per share of 37.0p (2002: 28.2p) up 8.8p
• Dividend per share of 17.0p (2002: 13.0p) up 4.0p 
Contents
01 Financial highlights
02 Chairman's preamble
05 Operating review by the Chairman and Chief Executive
11 Financial review
14 Directors' report
17 Corporate governance
20 Remuneration report
25 Statement of directors' responsibilities
26 Company directors and advisers
27 Independent auditors' report
29 Profit and loss account
30 Balance sheets
31 Cash flow statement
32 Notes to the cash flow statement
33 Notes to the financial statements
47 Five year summary and financial calendar
48 Notice of meeting
50 Appendix 1 - Chairman's preamble from the 2002 annual report
Games Workshop Group PLC 1
FINANCIAL HIGHLIGHTS Niche markets
Last year I wrote about how our business works.  That piece is reprinted at appendix 1 to this annual report.
This ‘niche markets’ section is a précis of it.
In any business there is a model (how the business works) and a story (why it works that way).  Games
Workshop is a business that designs, manufactures, distributes and sells everything an enthusiast needs to
play tabletop wargames in the fantasy world of Warhammer.  
In short the model is that of a niche business and the story is that it appeals to a relatively small number of
people devoted to the Games Workshop Hobby.
Niche businesses have natural strengths . . . :
• They are naturally protected from macro economic factors 
• Their customers are dedicated and loyal
• They are relatively price insensitive
. . . and consequences:
• They demand high quality products and services
• They need focus and specialisation for success 
As a Group we understand niche markets, providing excellent products and service to devoted gamers.  That
is what we are good at, and that will continue to be our obsession.  
Marketing and advertising
The business model all our businesses follow is that of the niche marketer. Niches have some wonderful 
natural advantages.  They are largely protected from macro economic factors, their customers are dedicated
and loyal, and price isn't the number one consideration.  To retain those advantages it is vital to have high 
quality products and services, and vital that the business should keep its focus and specialisation. The 
tabletop fantasy wargames niche that we have built at Games Workshop over the years has these 
advantages, and we do work very hard to provide the right products, the right services and to retain 
management's focus on our specialised offer.
Just as a niche marketer knows that quality is more important than price, and that respect for the customer
is paramount, it also knows that mass-market advertising is expensive and ineffective compared to the
power of word of mouth.
I think it is worthwhile going over our advertising policy as it offers some interesting insights to the nature of
our businesses.
We have a simple rule of thumb: no advertising.
Rules of thumb are best if they are short, unequivocal, and absolute.  That means they are usually broken all
the time.  In that time honoured tradition this is a rule we break all the time, but never, I hope, in spirit.  So
why do we have the rule, why do we break the rule, and why don't I care (much)?    
We have the rule because there is a common assumption in business life that if you want people to know
what you are doing you advertise.  In our business, as in other niche businesses, the best way for us to get
known is by word of mouth.  Nothing is more likely to generate interest than the recommendation of a friend.
So our prime advertising task is to generate as many enthusiasts for our products and services as we can.
We do that by providing the right products and services in as many places as we can, and we do that by 
opening more Games Workshop Hobby stores and by encouraging more independent retailers to carry our
lines properly.  We need to be out there to talk to people to see if our hobby is the one they are interested in.
In that sense the staff in our Hobby stores and in our retail partners are our advertising.  In turn that means
our Hobby stores and our independent retail partners - particularly the better ones - are our marketing.
Games Workshop Group PLC 2
CHAIRMAN’S PREAMBLE The question this model begs is: wouldn't it work even better if you got more people in your Hobby stores by
mass advertising? I have to agree that mass advertising would get more people in our Hobby stores. But 
simply having more people wouldn't do us any good. We are not selling ice cream, we are encouraging those
predisposed to do so to love the hobby of collecting, painting and wargaming with fantasy themed miniatures.
Each person that comes in has to be introduced to what we do. We are already busy at peak times doing that,
we certainly don't need hundreds more casually interested people clogging up the system.  What we do need
is more places to introduce people to the Hobby.  So we open more Hobby stores and try to work with more
independent retailers.
Word of mouth is a wonderful way to market.  It is extremely effective and it is free.  We simply do not need to
spend the huge sums required to advertise.
We break the rule about not advertising in two ways.  Firstly, as we distinguish between mass advertising
aimed at the public at large and local promotional advertising to announce the opening of a new Hobby store,
or club, or event.  Secondly, we occasionally get involved with organisations whose business is geared around
a mass advertising model to market their own products.  We are quite happy to ride along with the upswing
in business which that may bring.  But we are forever vigilant. Such upswings may bring about a step change
in the way our business in that territory operates or they may be a cruel bubble that will burst the minute the
advertisements cease.  A good example of this is DeAgostini, our licensee, producing a serialised gaming 
supplement based upon our Lord of the Rings tabletop battle game.  It's never possible to tell until too late
which of the two phenomena is occurring. On the whole we have, in the past, been able to keep most of the
upside.  (We are all touching wood hoping the same is true of the surge we have had in the UK business this
second half.)
I said at the beginning of this statement that I didn't care (much) that we break our 'no advertising' rule.
Now you can see why: either we break it for sensible small scale promotional activities or we only apparently
break it. All the times you have seen the words Games Workshop in the recent TV advertisements someone
else has been paying for them.  Nevertheless I do care a bit - and that care is a function of the focus and 
specialisation we must bring to what we do.  We at Games Workshop must all in our hearts hate mass 
advertising so we are never tempted into the destructive downward spiral a dependence upon it would bring.
Our business model is robust and well proven over time.  To attract more customers we must open more
Hobby stores, work with more good independent partners; then we must provide customers with an 
experience they will enjoy for life.  So far we have been successful in this: we aim to continue.
Shareholders
It has been my pleasure over the years as a director of Games Workshop to meet an astonishingly wide 
variety of individuals and institutions that either own shares or are interested in owning shares.  The variety
is not limited to their personalities but includes their reasons for wanting our shares.  Those reasons, if 
they lead them to buy shares, affect their attitude to how we run this company.  Let me tell you what that
attitude is.
We are running this business for the very long-term.  (I use the term 'we' carefully; I am now speaking on
behalf of the entire management team.)  We expect it to be there so it can pay into our children's pensions.
We will never do anything in order to improve our share price that is not in the long-term interests of the
business.  Not only do we believe this is the best way to build a business, we also believe it is the best way to
enhance shareholder value over time.  
Shareholders who want to buy shares that grow in value over time are true investors, they truly think like 
owners.  Those who are seeking sudden, rapid increases in share price so they can realise a quick gain are
gamblers.  They are taking bets on our company.  I think you will guess that we sympathise with our owners.
When I am asked about the future value of the shares I always explain that we believe this business can 
continue to deliver linear sales and profit growth (not compound, for that way madness lies).  Over time I
expect the share price to reflect fairly the value of the business we are building.  More than that I cannot say.
I don't have a crystal ball.
Games Workshop Group PLC 3 Our owners, quite rightly, ask from time to time what we intend to do with their cash.  All the cash we 
generate belongs to our shareholders.  Our attitude to that cash is as owners.  Simply put: if we can't use it
to generate better returns than the average over the long-term then we should hand it over.  As it happens
most years we generate more cash than is needed for the sensible investment in the business and the 
payment of the dividends.  In those years we plan to return that money to our owners by buying back our
shares.  We believe it is the best way of returning the value to those shareholders who act like owners.
Obviously as this is a policy designed to return owners' money to them it will never include borrowing to buy
back shares.
To decide whether we are good custodians of your money I think it is useful to look at the chart on page 12
which shows the returns we are earning on the investments we are making on your behalf.  
Non-executive directors
I have learnt over the years just how valuable good non-executive directors (NEDs) can be.  We are very lucky
here to have three excellent NEDs, all of whom work very hard on your behalf.  Chris Myatt is our senior
NED.  An accountant by training, a businessman by experience, he is a practical man by nature.  Chris chairs
our business committee in which the detailed performance of the business is raked over each month, and
our remuneration and nomination committee.  He never lets a detail go unexplained, and if I find that 
irritating from time to time you should find it very comforting.  Alan Stewart was a senior merchant banker
and more recently has been a very successful CEO of Thomas Cook.  He chairs our audit committee.  He is
keenly (even aggressively) interested in ensuring shareowners get their due.  Nick Donaldson is a senior 
corporate financier.  A barrister by training he brings his forensic skills to chairing our city committee.  This
committee monitors the Company's interaction with the investment community.  It also checks every word
that the executives release to the world, in our half year and full year statements and at other times.
What impresses me most about these people, and what should give you great comfort, is their independence
of mind.  This is something all NEDs should have, but no list of rules will ever guarantee it.
The Games Workshop community
At last year's AGM we had a very welcome attendee.  Laurie Stewart, president of the Gaming Club Network
in the UK, is one of the very many unsung heroes of the Games Workshop community.  Every day unpaid 
volunteers run clubs and organise events for the benefit of gamers.  Without these people our community of
enthusiastic gamers would be very much the poorer.  I like to think the relationship is mutually beneficial, but
nevertheless I tip my hat to these heroes and I trust that all Games Workshop's shareholders will join me in
a heart felt thank you. 
Tom Kirby
Chairman and Chief Executive
Games Workshop Group PLC 4
CHAIRMAN’S PREAMBLE continued Summary of results
We have enjoyed another year of strong sales growth (+£20.5m) which we have successfully converted into
cash (operating cash flow +£1.2m) and operating profit (+£4m).
Sales
Sales growth is a consistent feature of the Games Workshop Group story as the following chart 
demonstrates:
Total sales - £m
Sales in constant currency terms have grown in all key territories, with particularly impressive growth in
Continental Europe and the UK.
Sales by territory
cc - constant currency*
* Constant currency growth is calculated by comparing sales in the underlying currencies for 2002 and 2003, both converted at the 2002
average exchange rates as set out on page 13.
Games Workshop Group PLC 5
140
120
100
80
60
40
20
0
32.1
44.9
58.4
64.8
72.6
78.0
92.6
108.6
129.1
1995 1996 1997 1998 1999 2000 2001 2002 2003
17.2
25.4
30.8
33.1
37.1
38.9
49.9
57.0
71.0
14.9
19.5
27.6
31.7
39.1
42.7
51.6
58.1
35.5
First half Second half
OPERATING REVIEW
Asia Pacific
+£0.6m (cc: +£0.6m)
Continental Europe
+£13.5m (cc: +£11.2m)
The Americas
-£0.6m (cc: +£2.3m)
UK
+£7.0m  In 2002/3 sales made through our own Games Workshop Hobby stores made up 46% of turnover, as our store
opening programme gained momentum.  We opened 28 stores during the year taking our total to 278 at the
end of May 2003.  The rest of our sales were made through independent retailers (47%) and direct, through
the internet and mail order (7%).  
The balance of sales made through the different channels varies between our various sales businesses: sales
in the UK and Asia Pacific are dominated by Games Workshop Hobby stores; sales to independent retailers 
represent a larger part of our businesses in the Americas and Continental Europe.
Sales by channel
Continental Europe
We have five autonomous sales businesses in Continental Europe, responsible for developing the Games
Workshop Hobby in France, Spain, Germany, Northern Europe and Italy.  We now have 81 Games Workshop
Hobby stores, up from 69 last year.  Each of these businesses enjoyed strong growth during the year.  The
Italian sales business, which is the smallest of these units, is in the process of relocating its sales function
from Nottingham to Rome.  While this will incur higher costs in the short-term, this move is necessary to
enable the business to develop the Games Workshop Hobby properly in Italy.
UK
We have 116 Games Workshop Hobby stores in the UK, and this business has enjoyed a remarkably 
successful year.  For the eight months to February 2003 the business achieved sales and profit growth well
ahead of inflation, which confirmed that we are able further to develop this, the market in which our brands
and products are best known.  Then DeAgostini, a third party business which had been granted a licence by
the Games Workshop Group to produce a serialised gaming supplement based upon our Lord of the Rings
tabletop battle game, launched its 'Battle Games in Middle Earth' product in the UK.  This product, which is
sold through traditional magazine and newsstand distribution channels, was heavily TV advertised in the UK.
Until then, sales of our Lord of the Rings tabletop battle games in the UK had accounted for less than 10% of
sales, as in all of our other territories.  However, from the launch in February onwards, we enjoyed an 
unexpected increase in sales in the UK, particularly of the Lord of the Rings products, which represented
over 10% of UK sales during the last quarter of the financial year.  We believe that this increase is due, at
least in part, to the DeAgostini product launch and we therefore believe that an element of these sales could
represent a ‘bubble’ effect which may not be sustainable in the future.  While the UK management team has
put measures in place to support and help the new entrants which this phenomenon may have introduced to
the Hobby, we are monitoring developments closely.
Games Workshop Group PLC 6
Independent retailers
47%
Direct
7%
Hobby stores
46%
Total Group
Continental Europe UK The Americas Asia Pacific
OPERATING REVIEW continued The Americas
We believe that the American market, which for us at present comprises the USA and Canada, represents a
great growth opportunity for Games Workshop.  We are therefore investing in that opportunity in three ways:
• During the year we opened 12 new Games Workshop Hobby stores, taking the total to 54
• We have begun the regionalisation of our US sales effort, establishing regional sales offices in the North
East (Baltimore) and the West (Los Angeles) during the year, with the Mid West (Chicago) and the South
(Memphis) opening early in the new financial year
• To support this sales effort, we have built a new supply facility in Memphis, which began operations in
June 2003
We believe that these ongoing investments will ensure that we have the necessary infrastructure to grow this
business significantly in the future.
During the year our sales to independent retailers and our direct sales in North America were sluggish, 
however, we continued to enjoy like for like growth in our Games Workshop Hobby stores.  This continues to
give us confidence in the long-term potential for this business, and in our investment programme.
Asia Pacific
We opened four Games Workshop Hobby stores during the year, taking our total to 27.  While this business 
mainly comprises Australia and New Zealand, we also have two Games Workshop Hobby stores in Hong
Kong and we opened one in Singapore during the year.
Manufacturing and supply chain
Our vertically integrated design, manufacturing and distribution supply chain has continued to operate 
smoothly during the year, responding very positively to the significant increase in demand placed upon it by
our sales growth.  To ensure that it can meet future demand, a major new facility has been built in Memphis,
Tennessee which will support both the North American and Asia Pacific markets.  This facility has opened in
June 2003 as a warehouse and distribution centre, and we expect to develop it into a manufacturing facility
over the next 12 months.
Warhammer Online
This venture, owned 71.25% by Games Workshop Group, was established to create a massively multiplayer
online computer game set in the Warhammer world.  Along with our partner, the UK computer games 
developer Climax Development Limited, we have progressed this project towards the beta testing phase of
the game, due to begin in January 2004.  During the year we have also established commercial relationships
with the various third parties required to market, distribute and operate an online game.  In particular we
have recently announced that Sega will be our marketing and distribution partner, ensuring that the launch
of the game into the traditional computer game channels will be handled by a large computer games 
publisher.  Overall progress on this project remains in line with our original plans regarding both cost and
timescale.  Development costs of £1.7m were expensed in 2002/3.
Sabertooth Games, Inc
In the second half of the 2001/2 financial year Games Workshop Group acquired an 85% shareholding in
Sabertooth Games, Inc, a start-up collectible card game business based in Seattle in the USA.  During the
year this business focussed much of its efforts on the launch in March 2003 of WarCry, its second game set
in the Warhammer universe.  It made sales of £1.0m during the year.  For this niche, fantasy card game 
publisher to be successful it needs to establish a regular flow of monthly product releases and this in turn
requires it to establish access to a portfolio of intellectual properties.  Over the next year we expect
Sabertooth to continue to publish games based upon the Warhammer and Warhammer 40,000 worlds, but
also to expand to some third party properties.  For example, it has recently signed a licence with Sony to 
produce games based upon the EverQuest property.
Games Workshop Group PLC 7 BL Publishing
This is our publishing business, which has grown up within the Games Workshop Group publishing novels,
comics and magazines based in the Warhammer and Warhammer 40,000 universes.  In the year, this 
business made sales of some £1.6m.  BL Publishing has recently entered into various third party licensing
arrangements to publish novels and other related products based upon other fantasy, science fiction and 
horror properties.  We believe that this business can build a small but profitable niche publishing portfolio,
applying its existing skills and infrastructure to a broader base of intellectual property.  In addition, it is a 
powerful enhancer and developer of existing Games Workshop Group intellectual property.
Other activities
We have granted a licence to THQ Inc, the US based computer games publisher, to develop several PC and 
console games based upon Warhammer 40,000 imagery.  The first of these games will be Fire Warrior, a first
person shooter game which is due to be launched in September 2003. We expect this game to begin to 
generate royalty income once launched. We continue to explore potential new avenues to create royalty income. 
Management team
Management development is still high up on my personal agenda.  I find it hard to improve on the words I
used last year.  "These results have been delivered by a management team which has grown enormously in
stature in recent years.  The team has to work co-operatively across cultural and national boundaries to
achieve both individual and corporate goals. This is inherently difficult and we don't get it right all of the time,
but what we do now have is a blend of internally developed expertise and recruited experience which gets it
right more often than not."  Just as we plan for the long-term, we recruit for the long-term.  This means that
we are looking for people who understand what we do for a living.  It's surprising how unusual this attitude is.
Workforce
Good management is essential in a good company, but so is a high quality workforce.  We are blessed with a
high quality workforce.  Once I would be able to talk to every person in Games Workshop and thank them 
personally.  Sadly, thanks to our success and the growth of the workforce, I am no longer able to do so.  I
would like therefore to use this annual report to send a heart felt thank you to all staff and I trust 
shareholders will join me.  
Health and safety
The Group's policy is to achieve and maintain high standards of health and safety.  We believe this to be a key
part of good business management.
The chairman and chief executive has overall responsibility for health and safety matters across the Group,
however the day to day execution of this responsibility is embedded into the roles of the general managers
and line managers in each business area.  Health and safety developments, initiatives and best practices are 
co-ordinated by the corporate social responsibility (CSR) group, which is chaired by the finance director and
includes the general managers of both the supply chain and the UK sales business.
We track the number of reportable accidents by business area, and the following table indicates the progress
we are making in our manufacturing activities, which we have assessed as the area of highest risk in our 
operations:  
Reportable accidents/1000 employees – Manufacturing Risk assessments are reviewed
annually, or when a change to a
process or to an item of machinery
is made.  In our manufacturing and
supply activities, compliance audits
of our policy and practices have
been carried out annually, or more
frequently if a new process has
been introduced.  The audit process
is now being included in the job
descriptions of line managers to
further embed health and safety
into the day to day activities of the
business.
Games Workshop Group PLC 8
45
40
35
30
25
20
15
10
5
0
2000 2001 2002 2003
NATIONAL AVERAGE FOR MANUFACTURING INDUSTRY
REPORTABLE ACCIDENTS/1000 EMPLOYEES*
* Source: Page 36 of the Office for National Statistics, Health and Safety 
Statistics for 2000/01
OPERATING REVIEW continued To enhance further health and safety at all sites, extensive training programmes are being undertaken 
ranging from induction improvements through cell leader training to senior management responsibilities 
training.
Environmental performance
The Group aims to manage its operations in ways which are environmentally sustainable and economically 
feasible, and to minimise the negative impact of its activities on the environment.  In particular we focus on
waste management, energy use, packaging and recycling.
The chairman and chief executive has overall responsibility for environmental matters across the Group, 
however the day to day execution of this responsibility is embedded in the supply chain. Environmental 
developments, initiatives and best practices are co-ordinated by the CSR group.  
Recycling
During the year we have made significant progress on the reduction of landfill and the increase of recycling
of waste, particularly of paper and plastic, as set out below:
We have begun a life cycle analysis to ensure that we
can assess the impact of our products on the 
environment and upon energy consumption. We 
continue to explore ways of reducing the amount of
waste which our products generate for the end 
consumers by reducing runners on plastic sprues, 
re-using trays and ensuring full boxes are despatched
from our warehousing facilities, with investigations
continuing into packaging and new product 
development.  
In our manufacturing and supply activities, compliance audits of our policies and practices have been carried
out annually, or more frequently if a new process has been introduced.  These audits have been performed
following the ISO 14001 standard.
We have continued to work in co-operation with environmental lobby groups and non-governmental 
organisations, including Friends of the Earth and EIRIS, to assist in data compilation and transparent public
environmental reporting with a view to incorporating ethical values into our manufacturing principles.
Games Workshop Group PLC 9
Recycled cardboard
32% (2002: 33%)
Landfill
40% (2002: 64%)
Recycled paper
16% (2002: 1%)
Recycled plastic
12% (2002: 2%)
UK Waste Management 2003 Risks facing our business
Shareholders should take great comfort from the portfolio of businesses we run, and the different routes to
market that exist within each.  This means none of our business customers is individually significant and we
enjoy a degree of natural hedging in our currency exposures.
The main source of risk remains management error.  This is why management development is so important.
Future prospects
We believe that Games Workshop Group can continue to deliver linear growth in sales and profits.  As an
indication of the potential of the Games Workshop business, the chart below shows what our worldwide sales
would be if all the countries in which we already operate sold the same volumes per head of population as
the UK did at May 2003.
Extrapolated sales - £m
This is not a sales forecast but a rough indication of what the future potential for Games Workshop might be.
The directors believe the prospects for the business remain very good.
Tom Kirby
Chairman and Chief Executive
Games Workshop Group PLC 10
450
400
350
300
250
200
150
100
50
0
At May 2003 Extrapolation
UK Continental Europe The Americas Asia Pacific
OPERATING REVIEW continued Profits
The profits earned by the business, split by half year, are as follows:
Operating profit (pre-exceptional) - £m
December falls into the second half of the year, and in the past this has resulted in a first half to second half
profit ratio of around 44:56.  However, this year the unexpected sales increase in the UK, and the weakening
of sterling against the euro resulting in currency gains on the conversion of our euro earnings (see below),
have both boosted our second half profits.
Cash generation
The Group's operating activities generated £23.2m (2002: £22.0m) of cash during the year, and after capital
expenditure of £8.2m we had net cash at the year end of £11.7m. We chose to build year end stocks, which
were £3.2m higher than last year, ahead of the transfer of our US distribution activities to the new Memphis
facility in June 2003. Our capital expenditure was spent on the following asset categories:
2003 2002
£m £m
Shop fits for new and existing stores 2.5 1.5
Production equipment and tooling 2.3 1.9
Computer equipment and software 2.4 1.2
Office facilities 1.0 0.8
–––– ––––
8.2 5.4
–––– ––––
We expect to maintain our capital expenditure well ahead of depreciation over the next few years, as we 
continue to invest in the infrastructure of the business to underpin its growth.  In particular we will be 
developing the new supply chain facility in Memphis to support our North American business, and we expect
to invest further to develop our core site in Nottingham.
Games Workshop Group PLC 11
FINANCIAL REVIEW
20
18
16
14
12
10
8
6
4
2
0
6.2
8.8
10.9
11.7
12.8
10.0
11.2
13.5
17.5
1995 1996 1997 1998 1999 2000 2001 2002 2003
3.6
5.6
6.2
6.8
7.4
4.3 6.3
7.4
10.9
2.6
3.2
4.7 4.9
5.7
4.9
6.1
6.6
5.4
First half Second half Return on average capital employed (ROACE)*
The business makes relatively high returns on its capital employed.  These have been consistently improving
over recent years as set out in the chart below:  
During the ‘post float’ period the
business was relatively under-
capitalised and the cost base was
running very lean.  The period of 
‘stabilisation and move’ saw the 
consolidation of the Group’s 
activities into the Lenton site in
Nottingham and the investment in
that site.  The last three years have
seen the rebuilding of returns.  At
the low point of this progression,
the return was still in excess of
three times our cost of capital.  We
currently estimate this to be 9%.
Our planned investment in manufacturing and property assets is likely to reduce these returns over the next
three years. However, we still expect them to remain well in excess of the Group's cost of capital.
Taxation
The effective rate of tax for the year is 37.1% (2002: 36.5%).  The increase in the rate this year is due to tax 
losses in subsidiaries not being recognised.  This is likely to persist in the current year after which we expect
the rate to return to our normal levels of recent years.
Dividend
Having established our dividend cover at a prudent level of 2.2 times we expect to maintain a progressive 
dividend policy based principally on the growth in the Company's earnings per share.
Warhammer Online Limited
Games Workshop Group owns 71.25% of the ordinary shares in this subsidiary company, and there is a put
and call option in place, with an agreed valuation methodology, whereby Games Workshop Group may
acquire the remaining shares not before June 2006, at a price which will be consistent with the value to the
Group of the additional shares at that time. 
Games Workshop Group's accounting policy is to write off 100% of the development costs in respect of this 
project until the relationship between that expenditure and the revenue of a future period can be established
with reasonable certainty.  We will continue to review this policy as we approach the commercial launch of
the project.
Sabertooth Games, Inc
Games Workshop Group owns 85% of the share capital of this subsidiary company.  The remaining 15% was
retained by management, with a put option in place, with an agreed valuation methodology, whereby Games
Workshop Group may be required to purchase the remaining holding not before June 2005, at a price which
will be consistent with the value to the Group of the additional shares at that time.
* We use average capital employed to take account of the significant fluctuation in working capital which occurs as the business builds
both stocks and trade debtors in the pre-Christmas trading period. Return is defined as pre-exceptional operating profit, and the 
average capital employed is adjusted by deducting assets and adding back liabilities in respect of cash, borrowings, provisions, taxation
and dividends. 
Games Workshop Group PLC 12
160
140
120
100
80
60
40
20
0
136
130
132
65
53
40
48
57
65
1995 1996 1997 1998 1999 2000 2001 2002 2003
Post float Stabilisation and move Rebuilding of returns
FINANCIAL REVIEW continued
% Currency exposures
During the year sterling weakened against the euro and strengthened against the US dollar.  The principal
exchange rates used to translate our earnings and our balance sheet are as follows:
euro US dollar
2003 2002 2003 2002
Year end rate used for the balance sheet 1.39 1.57 1.64 1.46
Average rate used for earnings 1.52 1.62 1.58 1.44
The net impact of these fluctuations at the half year was slightly favourable to our earnings when converted
into sterling, however this impact was accentuated during the second half of the year as the movement of 
sterling against the euro was stronger.  The net impact of both transaction and translation differences 
compared to the actual exchange rates used last year amounts to £1.1m (favourable).
As each of our businesses pays our manufacturing operation in foreign currency (primarily US dollar and
euro), we have continued our policy of managing this transactional exposure through the use of forward 
currency contracts covering a proportion of our estimated non-sterling receipts for a prospective 12 month
rolling period. Translational exposures, for both the trading results and the balance sheets of non-sterling
denominated subsidiaries, are not hedged.
Share based commitments
Under a long-term incentive plan, the Group has a future commitment to provide shares to the scheme 
participants.  Shares have been purchased in the market to cover some 90% of the anticipated liability.  The
final three year performance period for this scheme ended on 1 June 2003 and the share options will be 
exercisable in June 2005.  In the past the Company has issued various executive share options and the details
of the options outstanding are set out in note 22 on page 45 of this annual report.  There have been no 
significant grants under these executive schemes since August 2000.  It is now our intention only to operate
sharesave schemes which are made available on equal terms to all our staff.
Share buy-back programme
Having considered the potential uses of our surplus cash, we commenced a programme of share buy-backs
in 2001.  During the year we purchased 100,000 shares in the market, equivalent to 0.3% of the shares in
issue at the beginning of the year.  We intend to continue with this programme, but we will remain mindful of
the capital requirements of the business and the risks associated with debt.  
Bank facilities
We have a four year unsecured revolving credit facility of £5m, and a working capital facility of £5m, both of
which were put in place during the year.  The covenants, based on interest cover and gearing, were 
comfortably met.  Interest was paid at floating rates, which equated to 4.75% during the year.   
Communication with shareholders
Our investor relations web site at http://investor.games-workshop.com is updated regularly with all of our
external communications, including the presentations which we use to brief our institutional shareholders.
We offer our shareholders the opportunity to receive all communications from the Company 
electronically.  Information on how to sign up is available on the web site.
We also offer investors the chance automatically to reinvest their cash dividends in the Company's shares.
The dividend reinvestment plan is a simple and economic way to increase holdings and is administered by
Lloyds TSB Registrars.
Michael Sherwin 
Finance Director
Games Workshop Group PLC 13 The directors present their annual report together with the financial statements and independent auditors’
report for the year ended 1 June 2003.  A review of the business is given on pages 5 to 13.
Principal activities
The principal activities of the Group are the design and manufacture of miniature figures and games and the
retail and wholesale distribution of these products. 
Dividend
The directors recommend a final dividend of 12.5 pence per share to be paid on 31 October 2003 to ordinary
shareholders on the register at close of business on 10 October 2003.
Acquisition of own shares
The Company purchased 100,000 of its own ordinary shares on 2 October 2002 for a consideration of
£435,000.  This represents 0.3% of the Company’s share capital as at the start of the year.
Substantial shareholdings
The following interests in 3% or more of the issued share capital of the Company as at 15 July 2003 have
been disclosed to the Company:
No. of ordinary shares Percentage
Schroder Investment Management Limited 5,992,788 19.9
Fidelity International Limited 3,716,057 12.4
Henderson Investors Limited 2,339,693 7.8
Barclays Global Investors Limited 1,574,180 5.2
Standard Life Investments Limited 1,207,229 4.0
Legal & General Group Plc 896,880 3.0
The Company has not been notified of any other substantial shareholdings other than those of the directors
which are disclosed in the remuneration report on page 23.
Directors
The present directors of the Company are listed on page 26. All of the directors were members of the board
throughout the year.  A J H Stewart and T H F Kirby are retiring by rotation and being eligible, offer 
themselves for re-election. 
Directors’ interests
The interests of the directors in the shares of the Company are disclosed in the remuneration report on
pages 23 and 24, together with details of share options granted to the directors. None of the directors had a
material interest in any contract of significance to which the Company, or any of its subsidiaries, was a party
during the year.
Information on executive directors
T H F Kirby (age 53). Tom Kirby joined Games Workshop in April 1986 as general manager and led the 
management buy-out in December 1991, becoming chief executive at that time. Between 1998 and 2000 he
took the role of non-executive chairman, returning to the role of chief executive in September 2000. Prior to
joining Games Workshop, he worked for six years for a distributor of fantasy games in the UK and was 
previously an Inspector of Taxes. He is also Visiting Professor of Business and Management to the Derbyshire
Business School at the University of Derby.
M Sherwin (age 44), Finance Director.  Prior to joining Games Workshop in June 1999, Michael Sherwin was
group financial controller of Courtaulds Textiles plc where he had worked for six years. He was previously
with Price Waterhouse for 12 years where he qualified as a chartered accountant in 1984.
Games Workshop Group PLC 14
DIRECTORS’ REPORT Information on non-executive directors
C J Myatt (age 59). Chris Myatt is the senior non-executive director, joining the board on 18 April 1996. He is
chairman of Glamorgan Aluminium Company Limited and Palgrave Brown Holdings Limited and a non-
executive director of SRS Holdings Limited, Ying Tai (UK) Limited and Glamalco Limited. He was formerly a
divisional managing director within Tarmac PLC.
A J H Stewart (age 43). Alan Stewart joined the board as a non-executive director on 12 September 1996.
Alan was an executive director of Thomas Cook AG and chief executive of Thomas Cook UK Limited until 
earlier this year.  He was previously an executive director with HSBC Investment Bank and is a qualified 
chartered accountant.
N J Donaldson (age 49). Nick Donaldson was appointed to the board on 18 April 2002. Nick, a barrister by 
profession, is head of corporate finance at Arbuthnot Securities Limited (formerly Old Mutual Securities
Limited). He has spent the majority of his career to date in investment banking, and has previously held
senior positions at Robert W Baird Limited and at Credit Lyonnais Securities. 
Donations
The Group encourages staff to raise money for children’s charities by providing time and resources.  During
this financial year, staff in several of our businesses raised money for good causes through sponsored
events.  Games Workshop helped them to realise their fundraising targets by matching the sponsorship
monies raised.  This matching cost for the Group was £1,000 during the year.  In addition to staff fundraising,
gifts in kind have been donated to a number of charities.  The Group made no contributions for political 
purposes.
Employees
The Group’s policy is to consult and discuss with employees, at meetings, matters likely to affect employees’
interests. Information on matters of concern to employees is given through information bulletins and reports
which seek to achieve a common awareness on the part of all employees of the financial and economic 
factors affecting the Group’s performance.
The Group operates employee sharesave schemes as a means of further encouraging the involvement of
employees in the Group’s performance.
The Group’s policy is to consider, for recruitment, disabled workers for those vacancies that they are able to
fill. All necessary assistance with training courses is given. Once employed, a career plan is developed so as
to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for
retraining employees who become disabled, to enable them to perform work identified as appropriate to their
aptitudes and abilities.
Creditor payment policy
The Company’s current policy concerning the payment of the majority of its trade creditors is to follow the
DTI’s Prompt Payment Code (copies are available from the DTI, Admail 528, London SW1W 8YT). For other
suppliers, the Company’s policy is to:
a. settle the terms of payment with those suppliers when agreeing the terms of each transaction 
b. ensure that those suppliers are made aware of the terms of payment by inclusion of the relevant terms in
contracts 
c. pay in accordance with its contractual and other legal obligations
The payment policy applies to all payments to creditors for revenue and capital supplies of goods and 
services without exception. Wherever possible UK subsidiaries follow the same policy and overseas 
subsidiaries are encouraged to adopt similar policies, by applying local best practices.
The number of days credit taken by the Group from its suppliers at the year end is 39 days (2002: 44 days).
Games Workshop Group PLC 15 Special business at the annual general meeting
The directors are currently authorised to allot relevant securities under section 80 of the Companies Act 1985
and to allot equity securities under section 95 of the Companies Act 1985. Those authorities expire at the 
conclusion of the annual general meeting. Resolutions are therefore being put to the annual general meeting
to renew those authorities, resolution 7, to give the directors authority to allot relevant securities up to an
aggregate nominal amount of £501,161 (representing one third of the Company’s current issued share 
capital). The directors have no present intention of exercising this authority. Resolution 8 authorises the
directors to allot equity securities for cash otherwise than on a pre-emptive basis in certain limited 
circumstances and otherwise up to an aggregate nominal amount of £75,174 (representing 5% of the
Company’s current issued share capital).
The directors are also currently authorised to make market purchases of the Company’s shares pursuant to
section 166 of the Companies Act 1985. This authority expires at the conclusion of the next annual general
meeting of the Company. Resolution 9 renews this authority for up to a maximum of 4,480,384 ordinary
shares (representing 14.9% of the Company’s current issued share capital). The directors’ intentions 
regarding exercising this authority are set out in the chairman’s preamble on page 4.
Auditors
On 1 August 2003, Deloitte & Touche  will transfer their business to Deloitte & Touche LLP, a limited liability
partnership incorporated under the Limited Liability Partnerships Act 2000.  However, at present they remain
the Company’s auditors and have signed the financial statements in that capacity.  The Company has given its
consent to treating the appointment of Deloitte & Touche as extending to Deloitte & Touche LLP with effect
from 1 August 2003.  Accordingly, although the financial statements have been signed in the name of Deloitte
& Touche, resolution 5 for the re-appointment of Deloitte & Touche LLP will be proposed at the forthcoming
annual general meeting. 
By order of the board
M Sherwin
Secretary
28 July 2003
Games Workshop Group PLC 16
DIRECTORS’ REPORT continued The Company has complied throughout the year with the provisions set out in section 1 of the Combined
Code with the following exceptions:
Provision A.6.1 of the Combined Code requires that non-executive directors should be appointed for specified
terms, however, the board has decided that it is preferable to retain the flexibility of rolling contracts which
can be terminated without notice or compensation, but which, under normal circumstances, operate with a 
maximum of six months’ notice.  The board believes that the requirement for at least one third of the 
directors to seek re-election by rotation at each annual general meeting adequately ensures that 
appointment periods are not excessive.
Provision C.2.3 requires that the chairman of the audit committee attends the annual general meeting, 
however, A J H Stewart was not able to attend the meeting on 19 September 2002 but the other members of
the audit committee were in attendance to answer shareholders’ questions.
In accordance with paragraph 12.43A of the Listing Rules there is set out below and, in connection with 
directors’ remuneration, in the remuneration report, an explanation of how the Company has applied the
Principles of Good Governance set out in section 1 of the Combined Code.
Board composition
The board comprises the chairman and chief executive, one further executive director and three independent
non-executive directors. It is chaired by the chairman and chief executive, T H F Kirby and meets for regular
business on a monthly basis. The senior independent non-executive director is C J Myatt. The board has 
identified various matters which are reserved for consideration by it. The board is responsible for the overall
direction and strategy of the Group and for securing the optimum performance from group assets. The three
non-executive directors are independent of the Group and have a breadth of successful commercial and 
professional experience.
Following the return of T H F Kirby to executive responsibilities in September 2000, the board considers it
appropriate, for the time being, for the roles of the chairman and chief executive to be combined.  This 
situation will be kept under review by the board.
All directors have access, as appropriate, to independent professional advice and the services of the company
secretary. Training is provided for all directors as appropriate. The three independent non-executive directors
do not participate in the Company’s bonus, pension or share schemes.
In accordance with the Company’s articles of association, all directors are subject to election by shareholders
at the first opportunity after their appointment. The articles also provide that at least one third of the 
directors be subject to re-election by rotation at each annual general meeting. The directors’ report contains 
biographical information to enable shareholders to make informed decisions on the re-election of the 
directors.
Board committees
The Group executive committee meets monthly and comprises the executive directors and other senior 
managers. Under the chairmanship of T H F Kirby it deals with strategy proposals, detailed operational 
matters and business reviews.
The audit committee comprises the non-executive directors and is chaired by A J H Stewart. It meets not less
than three times a year and assists the board in ensuring that the published financial statements give a true
and fair view and in securing reliable internal financial information for decision making. It reviews the 
suitability and effectiveness of the Group’s internal controls (including internal audit), the findings of the 
external auditors and key accounting policies and judgements. It also reviews audit and non-audit services
provided to the Group.
The remuneration and nomination committee comprises the non-executive directors and is chaired by C J
Myatt. It meets not less than four times a year and is responsible for making recommendations to the board
on remuneration policy for senior executives and all directors and for setting salaries, incentive payments
and granting share options. It is also responsible for nominating, for approval by the board, candidates for 
Games Workshop Group PLC 17
CORPORATE GOVERNANCE appointment to the board. The procedures and guidelines used by the remuneration committee in 
determining remuneration are outlined in the separate remuneration report.
The city committee comprises the non-executive directors and is chaired by N J Donaldson. It meets not less
than twice a year and is responsible for corporate governance, investor relations, city presentations and 
liaison with city advisers.
The business committee comprises the non-executive directors and is chaired by C J Myatt. It meets on a
monthly basis and is responsible for reviewing operational performance, financial reports and the planning
and forecasting processes.
Supply of information
Relevant papers are circulated to all board members on a timely basis and in advance of each meeting.
Directors provide feedback to management to enhance reporting formats and information content of board
papers and, in addition, make further enquiries of management wherever they consider it necessary, to allow
the appropriate decisions to be made with regard to Company matters.
Constructive use of the annual general meeting
The chairmen of the audit, and remuneration and nomination, committees will be available to answer 
questions at the annual general meeting. Separate resolutions are proposed for substantially separate issues
at the meeting and the chairman of the Company will declare the number of proxy votes received both for
and against each resolution.
Internal control
Detailed reviews of the performance of the Group’s main business activities are included in the operating
review and the financial review. The board presents these reviews, together with the directors’ report on
pages 14 to 16 to give a balanced and understandable assessment of the Company’s position and prospects.
The directors recognise that they have overall responsibility for ensuring that the Group maintains a sound 
system of internal control to safeguard shareholders’ investment and the Group’s assets, and for reviewing
its effectiveness. The system is designed to manage risks that may prevent the Group from achieving its
business objectives, rather than to eliminate these risks.  However, even the most effective system can 
provide only reasonable, and not absolute, assurance against material misstatement or loss.
The directors have established an ongoing process for identifying, evaluating and managing the significant
risks faced by the Group, which has been in place from the start of the year until the date of approval of this
report.  This process is regularly reviewed by the board, in accordance with the Guidance for Directors on the
Combined Code issued in September 1999.  Steps are also being taken to embed internal control in the 
business processes of the Group.
The effectiveness of the Group’s system of internal control is continuously reviewed by the board.  The review
covers all controls, including financial, operational and compliance controls and risk management.  The 
monitoring of control procedures is achieved through regular review by the group finance director, reporting
to the board.  This review process considers whether significant risks have been identified, evaluated and 
controlled.  Regular reporting by senior management ensures that, as far as possible, the controls and 
safeguards are being operated appropriately.  This process is considered by the audit committee, alongside
the independent auditors’ reports. 
The Group has continued its programme of internal audit reviews during the year.  The audit committee
agrees an annual internal audit plan, focussing on business specific issues.  Elements of this programme are 
outsourced to external advisers.  Actions agreed by management in response to recommendations made are
followed up.
The board, with advice from the audit committee, has completed its annual review of the system of internal 
control in accordance with the guidance as set out in the Turnbull report, and is satisfied that it has acted
appropriately and in accordance with that guidance.
Games Workshop Group PLC 18
CORPORATE GOVERNANCE continued Treasury policy
The principal financial exposure to the Group is movements in foreign exchange rates. The Group’s 
transactional exposure on trading cash flows settled in non-sterling currencies is managed through the use
of forward currency contracts covering a prospective period of 12 months rolling. Translational exposures, for
both the trading results and balance sheets of non-sterling denominated subsidiaries, are not hedged.
The Group’s exposure to interest rate fluctuations is reviewed periodically by the board, however this 
exposure has not been significant in recent years.
There are no other exposures which the Group manages with financial instruments.
Going concern
After making appropriate enquiries, the directors have a reasonable expectation that the Company and Group
have adequate resources to continue in operational existence for the foreseeable future. For this reason they
continue to adopt the going concern basis in preparing the Group’s financial statements.
By order of the board
M Sherwin
Secretary
28 July 2003
Games Workshop Group PLC 19 Remuneration committee
The committee is composed solely of independent non-executive directors being C J Myatt (chairman), 
A J H Stewart and N J Donaldson. T H F Kirby and M Sherwin present proposals as and when required and
attend meetings at the committee’s request. No external advisers are currently used by the remuneration 
committee.
Remuneration policy 
As well as complying with the provisions of the Combined Code as disclosed in the Company’s corporate 
governance statements, the board has applied the Principles of Good Governance relating to directors’ 
remuneration as described below.
Non-executive directors
The remuneration of all non-executive directors is reviewed on an annual basis by the executive directors.  A
recommendation is made to the board which determines any increase in their remuneration. The non-
executive directors are only entitled to fees and do not participate in any of the Company’s bonus, pension or
share schemes.  Non-executive directors do not have service contracts.
Executive directors
The overall policy for executive directors is set out below:
a. the remuneration of executive directors (consisting of basic salary, pension benefits and benefits in kind)
will be competitive with those of other comparable organisations so as to attract and retain high calibre 
individuals with the relevant experience;
b. part of the remuneration will be based on the financial performance of the Group using 
predetermined targets so as to motivate and reward successful business performance which is in the
interest of shareholders;
c. personal reviews of the executive directors will be carried out annually to assess their performance in
meeting individual objectives.
The fixed and variable related components of the remuneration packages for executive directors are as 
follows:
a. basic salary, including benefits and pension contributions (fixed)
b. performance related bonus (variable)
There are no plans to change this policy.
Salaries
Salaries are reviewed annually and, in deciding the appropriate salary levels, the committee takes into 
consideration a number of factors: the executive director’s experience, responsibility and market value.  The
committee also takes into consideration pay and employment conditions of employees elsewhere in the
Group and in addition, from time to time, takes independent advice on salary benchmarking to assist in their
review of remuneration packages of the executive directors.  Salaries, excluding bonuses, are pensionable.
Bonuses – from 2 June 2003
In order to reward the executive directors for enhancing value to shareholders, the remuneration committee
believes that a significant proportion of the remuneration package should be clearly linked to the Group’s 
performance.  This will be in the form of an annual cash bonus which may be earned at up to 100% of salary
for T H F Kirby and 50% of salary for M Sherwin.  The performance conditions will be based on earnings per
share growth as well as individual performance targets.  
Bonuses  – year to 1 June 2003
Following the appointment of T H F Kirby as chairman and chief executive in September 2000, the following
bonus scheme was implemented to secure his services in an executive capacity and to provide the type of 
Games Workshop Group PLC 20
REMUNERATION REPORT leadership that the Group needed at this pivotal time in its development.
The board has linked a significant proportion of his remuneration to the improvement in the Group’s fortunes
over the period of his appointment.  The performance related bonus arrangement is in two parts: the first is
linked to achieving an increase in earnings per share of over 15% per year for three years (“the EPS Bonus”),
and the second is linked to the share price (“the SP Bonus”). 
The EPS Bonus will be payable if the earnings per share before exceptional items of the Company (“EPS”)
increases by at least a cumulative rate of 15% per annum from a base EPS of 20.2 pence (being the EPS of
the Company for the financial year ending 28 May 2000) in the three financial years which end on 1 June
2003.  If the performance condition is satisfied the EPS Bonus will be £250,000 and, in addition, £125,000 for
each 1% by which the EPS growth exceeds a cumulative rate of 15% per annum, provided that the maximum
aggregate EPS Bonus will not exceed £1,000,000.  This performance condition has been met in full.  The EPS
Bonus will be payable within 30 days of 29 July 2003 and is payable on one occasion only.
The SP Bonus will be payable if the average closing middle market price of the shares of the Company for
the 30 dealing days starting with 29 July 2003 (“Actual Share Price”) is equal to or greater than 250 pence per
share (representing an increase of more than 100% over the share price of 123 pence, being the share price
on the day of his appointment).  It will not be payable in whole or in part if this performance condition is not
satisfied.  If the performance condition is satisfied the SP Bonus will be £250,000 and, in addition, £2,000 for
each one pence that the Actual Share Price is greater than 250 pence.  The SP Bonus (if any) will be payable
within 10 working days of the determination of the Actual Share Price.  The SP Bonus is payable on one
occasion only.
In the event of any issue of shares or purchase by the Company of its own shares or any capitalisation of 
profits or reserves or any consolidation or sub-division or reduction of capital or any other variation of capital
or any change in accounting reference date, then the terms and conditions of the bonus arrangement may be
adjusted in any way that the remuneration committee considers appropriate.  If T H F Kirby requires it, the 
auditors of the Company will be asked by the Company to provide their opinion as to whether the adjustment
is fair and reasonable.  If the auditors’ view is that the adjustment is not fair and reasonable, the terms and
conditions will, at the option of the Company, remain unamended or be altered in such a way as is deter-
mined by the Company and which the auditors state is in their opinion fair and reasonable.
The benefits under this bonus arrangement are not pensionable.  No amendment to the advantage of T H F
Kirby may be made to the provisions of the bonus arrangement relating to the maximum entitlement or the
basis of determining the entitlement or to the provisions dealing with any adjustment of the entitlement in
the event of a capitalisation issue, rights issue or open offer, sub-division or consolidation of shares or
reduction of capital or any other variation of capital without the prior approval of an ordinary resolution of
shareholders of the Company (except for minor amendments to benefit the administration of the bonus
arrangement, to take account of a change in the legislation or to obtain or maintain favourable tax, exchange
control or regulatory treatment for T H F Kirby or the Company or any of its subsidiaries).
During the year, M Sherwin participated in an annual bonus scheme related to growth in earnings per share
(maximum bonus required growth of 15%) and individual performance targets (specific and measurable 
objectives set by the remuneration committee), up to a maximum of 50% of salary.
Benefits in kind
Each executive director is provided with fuel, private medical insurance and permanent health insurance.
Share option schemes
Executive directors will only be able to participate in the sharesave scheme which is available to all 
employees. There are no performance conditions relating to sharesave share options.  It is envisaged that no
future awards will be made to the executive directors under the executive share option schemes or long-term
share incentive plan.  
Service contracts
Each of the executive directors has a service agreement which is capable of termination by either party on 
Games Workshop Group PLC 21 giving twelve months’ notice.  If the Company gives notice then the Company reserves the right to pay salary
in lieu of notice. The contract is silent regarding the payment that may be due in the event of early 
termination by the Company.
The service agreements are also capable of termination by the Company on giving three months’ notice in
the event of the executive directors’ absence for ill health in excess of 120 business days in any twelve month 
period. No compensation is payable in the event of termination of the agreement due to gross misconduct.
Contracts on this basis were entered into by T H F Kirby on 28 September 1994 and M Sherwin on 18 June
1999.  The contracts are for an unlimited duration.
Under the letters of appointment of the non-executive directors, the period of appointment is not specified
and may terminate at any point without notice and without compensation.  However, under normal 
circumstances the party terminating the agreement will seek to give the other six months’ notice of intention
to terminate.  Agreements on this basis were entered into by C J Myatt on 16 July 1999 which took effect
from 18 April 1999, A J H Stewart on 16 July 1999 which took effect from 12 September 1999 and N J
Donaldson on 18 April 2002, which was also the effective date.
The articles provide that at least one third of the directors be subject to re-election by rotation at each 
general meeting.
Performance graph
The graph below represents the comparative total shareholder return performance of the Company against
that of the index of the FTSE 350 companies during the previous five years (i.e. 1 June 1998 to 1 June 2003).
The index of the FTSE 350 companies has been used because the constituents of this index appropriately
reflect the Company’s size when compared to alternative indices. It is also the index used to measure the
Group’s performance under the long-term share incentive plan.
Games Workshop Group PLC 22
140
120
100
80
60
40
20
0
1998 1999 2000 2001 2002 2003
FTSE 350
Games Workshop
REMUNERATION REPORT continued The following sections of the remuneration report have been audited.
Directors’ emoluments for the year ended 1 June 2003
Bonus- Bonus-three Benefits Total Total Pension Pension
Fees Salary annual scheme year scheme* in kind emoluments emoluments contributions contributions
2003 2003 2003 2003 2003 2003 2002 2003 2002
£000 £000 £000 £000 £000 £000 £000 £000 £000
Executive directors
T H F Kirby – 262 – 1,000 4 1,266 270 26 25
M Sherwin – 187 94 – 4 285 240 19 15
Non-executive directors
N J Donaldson 20 – – – – 20 2 – –
C J Myatt 25 – – – – 25 25 – –
A J H Stewart 20 – – – – 20 20 – –
65 449 94 1,000 8 1,616 557 45 40
*The details of the three year scheme for T H F Kirby are described in ‘Bonus – year to 1 June 2003’ above. The payment included in the
table above relates to the EPS Bonus and was the maximum payable due to the actual EPS for the three years to 1 June 2003 having
grown by a cumulative rate of 22% from 20.2p to 37.0p. 
The share price element of the bonus will be defined by reference to the share price during August 2003. If this were to be the same as
the share price prevailing on 2 June 2003 (561.5p) the payment would be £872,000 on account of the increase of 357% from 123p on the
date of T H F Kirby’s appointment. On this basis the total amount of the bonus payable under both elements of the scheme would be
£1,872,000.
Pensions 
The executive directors are members of the Warhammer Pension Scheme. The scheme is a defined 
contribution scheme and accordingly, the Company’s contributions set out above reflect the full cost during
the year of providing pension benefits to these directors. 
Directors’ interests in shares of the Company
The directors’ interests (including their families) in the shares of the Company were as follows:
As at As at
1 June 2003 2 June 2002
Ordinary shares Ordinary shares
of 5p each of 5p each
Non- Non-
Beneficial beneficial Beneficial beneficial
T H F Kirby 1,487,509 354,000 1,487,509 354,000
M Sherwin 37,519 – 37,519 –
C J Myatt 66,500 – 66,500 –
A J H Stewart 935,000 – 935,000 –
N J Donaldson 10,000 – ––
Share options of the directors were as follows:
Exercise dates
Number Number Exercise
as at 2 June 2002 Granted as at 1 June 2003 Commencement Expiry price
M Sherwin 4,130 – 4,130 Nov 2003 Apr 2004 106p
– 1,408 1,408 Nov 2005 Apr 2006 335p
These options were granted under the Games Workshop Group PLC 1995 Sharesave scheme.  This scheme is
open to all eligible UK employees and directors who satisfy a service qualification of at least one year.
Games Workshop Group PLC 23 Awards under the Games Workshop Group PLC Share Incentive Plan were as follows:
Awards held Number Market price Awards held
Award as at 2 June awarded at date of as at 1 June Earliest Exercise
date 2002 (matching award) original award 2003 vesting Expiry price
M Sherwin 1 June 2000 31,908 7,519 146.7p 39,427 2 June 2005 – –
The long-term share incentive plan has a performance period of three years from June 2000, with a 
maximum award of 60% annually made up of a basic share award of up to 36% of salary and a matching
share award of up to 24% of salary (subject to the annual bonus being invested in shares at the end of the
bonus period).  Both the basic and the matching share awards are in the form of a promise that at the end of
a three year period an option will be granted, subject to performance criteria being satisfied, over a number
of shares.  The exercise price of an option will be nil and the option will not normally be exercisable until five
years after the date of the basic or matching share awards.  25% of the total award will only vest if the
Company’s share price growth is equal to or greater than the share price growth of the top one third of 
companies in the FTSE 350 at the end of the performance period.  None of that part of the award will vest if it
is not.  The remaining 75% of the total award will depend on the Company’s cumulative EPS growth over the
three year performance period.  Cumulative EPS growth must reach 15% per annum for the EPS related 
condition to be satisfied in full.  If cumulative EPS growth is less than 10% per annum, the EPS related 
condition is not satisfied.  If cumulative EPS growth is between 10% and 15% per annum, then the award will
vest proportionately.
There were no other movements in directors’ share options during the year.  No other directors have been
granted share options in the shares of the Company. 
There was no movement in directors’ interests in shares of the Company between 1 June 2003 and the date
of this report.
The mid-market price of the Company’s shares on 1 June 2003 was 546.5p and the range of the market
prices during the year was 407.5p to 587.5p.
Apart from the interests disclosed above, no directors had any interest at any time in the year, in the share 
capital of the Company or other group companies.
Awards to former directors
A former director, D M Hosie, during the year exercised his option over 35,000 shares in the Company at an
exercise price of 208p per share.  The market price on the date of exercise was 438.5p.  In addition, Mr Hosie
exercised his option over 15,000 and 15,380 shares at an exercise price of 208p and 301p respectively.  The
market price on the date of exercise was 436p.  C J Prentice, a former director, exercised his option over
90,000 and 15,380 shares in the Company at an exercise price of 208p and 301p respectively.  The market
price on the date of exercise was 516.5p.  The right to exercise these options, after ceasing to be employees
of the Group, was as a result of the exercise of a discretion by the committee.
By order of the board
C J Myatt
Chairman
Remuneration Committee
28 July 2003
Games Workshop Group PLC 24
REMUNERATION REPORT continued The directors are required by UK company law to prepare financial statements for each financial year that
give a true and fair view of the state of affairs of the Company and the Group as at the end of the financial
year and of the profit or loss of the Group for that year.
The directors confirm that suitable accounting policies have been used and applied consistently and 
reasonable and prudent judgements and estimates have been made in the preparation of the financial 
statements for the year ended 1 June 2003. The directors also confirm that applicable accounting standards
have been followed.
The directors are responsible for keeping proper accounting records, for safeguarding the assets of the
Company and of the Group and hence for taking reasonable steps for the prevention and detection of fraud
and other irregularities.
By order of the board
M Sherwin
Secretary
28 July 2003
Games Workshop Group PLC 25
STATEMENT OF DIRECTORS’ RESPONSIBILITIES Directors Financial advisers and stockbrokers
T H F Kirby, Chairman and Chief Executive Robert W Baird Limited
M Sherwin, Finance Director Mint House
C J Myatt, Senior Non-executive Director 77 Mansell Street
N J Donaldson, Non-executive Director London E1 8AF
A J H Stewart, Non-executive Director
Principal bankers
Company secretary Bank of Scotland
M Sherwin 15 Queen Street
Nottingham NG1 2BL
Registered office
Willow Road Registered auditors
Nottingham NG7 2WS Deloitte & Touche
Four Brindleyplace
Registered number Birmingham B1 2HZ
2670969
Solicitors
Shoosmiths
Lock House
Castle Meadow Road
Nottingham NG2 1AG
Registrars
Lloyds TSB Registrars Scotland
PO Box 28448
Finance House
Orchard Brae
Edinburgh EH4 1WQ
Games Workshop Group PLC 26
COMPANY DIRECTORS AND ADVISERS To the members of Games Workshop Group PLC
We have audited the financial statements of Games Workshop Group PLC for the year ended 1 June 2003
which comprise the profit and loss account, the balance sheets, the cash flow statement, the statement of
total recognised gains and losses, the statement of accounting policies and the related notes 1 to 28 together
with the notes to the cash flow statement. These financial statements have been prepared under the
accounting policies set out therein. We have also audited the information in the part of the directors’ 
remuneration report that is described as having been audited.
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.  To
the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
Company and the Company’s members as a body, for our audit work, for this report, or for the opinions
we have formed. 
Respective responsibilities of directors and auditors
As 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. They are also responsible for the preparation of the other information contained in the annual
report including the directors’ remuneration report. Our responsibility is to audit the financial statements and
the part of the directors’ remuneration report described as having been audited in accordance with relevant
United Kingdom legal and regulatory requirements and auditing standards. 
We report to you our opinion as to whether the financial statements give a true and fair view and whether the
financial statements and the part of the directors’ remuneration report described as having been audited
have been properly prepared in accordance with the Companies Act 1985.  We also report to you 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 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 of the Financial Services
Authority, 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 year as
described in the contents section including the unaudited part of the directors’ remuneration report 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 and the part of the directors’ remuneration report described as 
having been audited. 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 and the part of the directors’ remuneration report described as having been audited 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
and the part of the directors’ remuneration report described as having been audited.
Games Workshop Group PLC 27
INDEPENDENT AUDITORS’ REPORT 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 1 June 2003 and of the profit of the group for the year 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 & Touche
Chartered Accountants and Registered Auditors
Birmingham
28 July 2003
Games Workshop Group PLC 28
INDEPENDENT AUDITORS’ REPORT continued Notes 2003 2002
£000 £000
Turnover 2 129,109 108,557
Cost of sales 3 (42,592) (36,550)
Gross profit 3 86,517 72,007
Net operating expenses 3 (69,056) (58,502)
Operating profit 2 17,461 13,505
Interest receivable 265 253
Interest payable and similar charges 6 (274) (235)
Profit on ordinary activities before taxation 7 17,452 13,523
Taxation on profit on ordinary activities 8 (6,470) (4,935)
Profit on ordinary activities after taxation 10,982 8,588
Equity minority interests 24 - -
Profit for the financial year 9 10,982 8,588
Dividends 10 (5,086) (3,816)
Profit retained for the financial year 23 5,896 4,772
Basic earnings per ordinary share 11 37.0p 28.2p
Diluted earnings per ordinary share 11 36.3p 27.5p
Dividend per ordinary share 10 17.0p 13.0p
All items dealt with in arriving at the profit on ordinary activities before taxation relate to continuing activities.
There is no difference between the profit on ordinary activities before taxation and the retained profit for the year stated above and their
historical cost equivalents.
The accompanying notes are an integral part of this profit and loss account.
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the year to 1 June 2003
2003 2002
£000 £000
Profit for the financial year 10,982 8,588
Currency translation differences on foreign currency net investments 95 86
Total recognised gains and losses relating to the year 11,077 8,674
Games Workshop Group PLC 29
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year to 1 June 2003 Group Company
Notes 2003 2002 2003 2002
£000 £000 £000 £000
Fixed assets
Goodwill 12 3,190 3,647 - -
Tangible assets 13 17,623 15,211 - -
Investments 14 - 121 27,867 18,007
20,813 18,979 27,867 18,007
Current assets
Stocks 15 12,496 9,260 - -
Debtors 16 13,212 10,213 9,109 8,835
Cash at bank and in hand 11,728 9,132 - 1,100
37,436 28,605 9,109 9,935
Creditors: amounts falling due within one year 17 (28,335) (23,352) (14,875) (9,346)
Net current assets/(liabilities) 9,101 5,253 (5,766) 589
Total assets less current liabilities 29,914 24,232 22,101 18,596
Creditors: amounts falling due after more
than one year 18 (16) - - -
Provisions for liabilities and charges 20 (1,725) (2,006) (1,232) (414)
Net assets 28,173 22,226 20,869 18,182
Capital and reserves
Called up share capital 21 1,503 1,499 1,503 1,499
Capital redemption reserve 23 101 96 101 96
Share premium 23 1,267 417 9,295 8,445
Profit and loss account 23 25,301 20,213 9,970 8,142
Equity shareholders’ funds 25 28,172 22,225 20,869 18,182
Equity minority interests 24 1 1 - -
Total capital employed - all equity 28,173 22,226 20,869 18,182
The accompanying notes are an integral part of these balance sheets.
The financial statements on pages 29 to 46 were approved by the board of directors on 28 July 2003 and were signed on its behalf by:
T H F Kirby, Director
M Sherwin, Director
Games Workshop Group PLC 30
BALANCE SHEETS
as at 1 June 2003 2003 2002
£000 £000
Net cash inflow from operating activities 23,180 22,010
Returns on investments and servicing of finance
Interest received 260 254
Interest paid (269) (240)
Interest paid on hire purchase contracts – (11)
Net cash (outflow)/inflow from returns on investments and servicing of finance (9) 3
Taxation
UK corporation tax paid (4,616) (3,615)
Overseas taxation paid (1,257) (902)
Net cash outflow from taxation (5,873) (4,517)
Capital expenditure and financial investment
Purchase of tangible fixed assets (8,202) (5,416)
Sale of tangible fixed assets 22 413
Purchase of own shares – (328)
Net cash outflow from capital expenditure and financial investment (8,180) (5,331)
Acquisitions
Purchase of subsidiary undertaking – (2,103)
Net overdraft acquired with subsidiary – (97)
Shares issued to equity minority interests – 3
Net cash outflow from acquisitions – (2,197)
Equity dividends paid (3,958) (3,294)
Net cash inflow before financing 5,160 6,674
Financing
Issue of ordinary share capital 399 863
Repayment of principal under hire purchase contracts (20) (42)
(Repayment)/draw down of medium-term revolving credit facility (2,500) 2,500
Repayment of other loans – (194)
Own shares purchased/cancelled (443) (9,759)
Net cash outflow from financing (2,564) (6,632)
Increase in cash in the year 2,596 42
The accompanying notes are an integral part of this cash flow statement.
Games Workshop Group PLC 31
CONSOLIDATED CASH FLOW STATEMENT
for the year to 1 June 2003 Reconciliation of operating profit to operating cash flow
2003 2002
£000 £000
Operating profit 17,461 13,505 
Loss on disposal of tangible fixed assets 130 151 
Depreciation of tangible fixed assets 5,709 4,847 
Amortisation of goodwill 457 252 
Amortisation of own shares 121 662 
Exchange movements 135 11 
(Increase)/decrease in stocks (3,236) 54 
Increase in debtors (2,414) (434)
Increase in creditors 5,098 2,356 
(Decrease)/increase in provisions (281) 606
Net cash inflow from operating activities 23,180 22,010
Analysis of net funds
As at As at
3 June 2002 Cash flow 1 June 2003
£000 £000 £000
Cash at bank and in hand 9,132 2,596 11,728
Debt due within one year (2,500) 2,500 –
Hire purchase contracts (20) 20 –
Net funds 6,612 5,116 11,728
Reconciliation of net cash flow to movement in net funds
2003 2002
£000 £000
Increase in cash in the year 2,596 42
Cash outflow/(inflow) from decrease/(increase) in debt and lease financing 2,520 (2,264)
Change in net funds resulting from cash flows 5,116 (2,222)
Loans acquired with subsidiary – (194)
Relinquished hire purchase contracts – 70
Change in net funds in the year 5,116 (2,346)
Net funds at 3 June 2002 6,612 8,958
Net funds at 1 June 2003 11,728 6,612
Games Workshop Group PLC 32
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT 1.Principal accounting policies
The financial statements have been prepared in accordance with applicable accounting standards in the United Kingdom.
A summary of the principal accounting policies, which have been applied consistently is set out below. 
Basis of accounting
The financial statements are prepared in accordance with the historical cost convention.
Basis of consolidation
The consolidated financial statements include the Company and its subsidiary undertakings drawn up to 1 June 2003.
Goodwill
Goodwill arising on acquisition of subsidiaries, representing any excess of the fair value of the consideration given over the fair value of
the identifiable net assets acquired, is capitalised and amortised on a straight  line basis over its useful economic life.  The goodwill
arising on the acquisition of Sabertooth Games, Inc. is being amortised over six years in line with the minimum period over which the
minority shareholders are incentivised to remain with the business under the acquisition agreement.  All other acquired goodwill is
amortised over 20 years.  Provision is made for any impairment.
Goodwill arising on acquisitions prior to 31 May 1998 was written off to reserves in accordance with the accounting standard then in
force. As permitted by the current accounting standard, the goodwill previously written off to reserves has not been reinstated in the 
balance sheet. In the event of disposal or closure of a previously acquired business, the attributable amount of goodwill previously 
written off to reserves will be included in determining the profit or loss on disposal.
Development expenditure
Product development and design expenditure is written off as it is incurred. The development costs in respect of the Warhammer Online
project are also written off up to the point where the relationship between that expenditure and the revenue of a future period can be
established with reasonable certainty.
Tangible fixed assets
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. The cost of tangible fixed assets is their 
purchase cost, together with any incidental costs of acquisition.
Depreciation is calculated so as to write off the cost of tangible fixed assets  on a straight line basis over the expected useful economic
lives of the assets concerned. The principal annual rates used for this purpose are:
%
Freehold buildings 2
Plant and equipment 20-33
Motor vehicles 33
Fixtures and fittings 15-33
Moulding tools 25
Leasehold premises are amortised over the period of the lease. Freehold land is not depreciated.
Operating leases and hire purchase contracts
Costs in respect of operating leases and any benefits received as an incentive to sign a lease, are charged or credited on a straight line
basis over the lease term. Hire purchase contracts which transfer to the Group substantially all the benefits and risks of ownership of an
asset, are treated as if the asset had been purchased outright. The assets are included in fixed assets and the capital element of the hire
purchase commitment is shown as obligations under hire purchase contracts. The capital element of the payment is applied to reduce
the outstanding obligations and the interest element is charged against profit in proportion to the reducing capital element outstanding.
Stocks
Stocks are valued at the lower of cost and net realisable value. In respect of finished goods, cost includes appropriate production 
overheads. Where necessary, provision is made for obsolete, slow moving and defective stocks.
Foreign currencies
Assets and liabilities expressed in foreign currencies are translated into sterling at rates of exchange ruling at the end of the financial
year or at rates of exchange fixed using forward foreign currency contracts where they exist. The results of overseas subsidiary 
companies are translated at the average rate of exchange for the year.
Gains and losses arising on the translation of the net assets of overseas subsidiary companies are taken to reserves, net of exchange 
differences arising on related foreign currency borrowings.
All other foreign exchange differences are taken to the profit and loss account in the year in which they arise.
Investments
Shares and loans in subsidiary undertakings are stated at cost less provision for impairment. 
Games Workshop Group PLC 33
NOTES TO THE FINANCIAL STATEMENTS 1. Principal accounting policies (continued)
Own shares are stated at cost less amortisation.  Where the Company’s shares have been acquired to fulfil future commitments under
incentive plans, the cost of those shares is amortised over the performance period of the incentive plans.
Turnover
Turnover, which excludes value added tax and sales between group companies, represents the invoiced value of goods and services 
supplied.
Turnover on goods sold to customers on a sale or return basis, is recognised after making full provision for the level of expected returns,
based on past experience.
Royalty income is recognised by spreading the guarantees and advances  receivable over the term of the licence agreement, and 
recognising all other income receivable by reference to the underlying licencee performance period.
Taxation
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid/(recovered) using the tax rates and
laws that that have been enacted or substantially enacted by the balance sheet date.
Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where
transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at
the balance sheet date.  Timing differences are differences between the Group’s taxable profits and its results as stated in the financial 
statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are 
recognised in the financial statements.
A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be
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.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected
to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date.  Deferred tax is 
measured on a non-discounted basis.
Pension costs
The Group operates a defined contribution scheme and a group personal pension plan. Pension contributions are charged to the profit
and loss account as they accrue.
Bonus and incentive plans
The costs of annual bonus schemes are charged to the profit and loss account as they accrue.  For those incentive plans which are
based upon  performance criteria measured over a period in excess of one year, costs are charged to the profit and loss account based
upon the directors’ estimate of the likely future outcome of those criteria.  Where the criteria include the Company’s share price, costs
are charged by reference to the evolution of the share price over the lifetime of the scheme, with the annual expense taking account of the
year end price. These estimates are revised at each period end.
2. Geographical analysis
Turnover
By geographical area of sales operation
2003 2002
£000 £000
Continental Europe 50,030 36,518
United Kingdom 39,353 32,369
The Americas 32,218 32,791
Asia Pacific 7,508 6,879
Turnover 129,109 108,557
By geographical area of destination
2003 2002
£000 £000
Continental Europe 51,672 37,814
United Kingdom 37,160 30,168
The Americas 32,384 33,375
Asia Pacific 7,683 7,017
Other 210 183
Turnover 129,109 108,557
Games Workshop Group PLC 34
NOTES TO THE FINANCIAL STATEMENTS continued 2. Geographical analysis (continued)
Operating profit
By geographical area of sales operation
2003 2002
£000 £000
Continental Europe 13,550 8,551
United Kingdom 11,343 6,424
The Americas 2,430 6,132
Asia Pacific 1,098 955
28,421 22,062
Design and development costs (3,725) (2,605)
New business development costs (2,531) (2,125)
Central costs (4,901) (3,949)
Operating profit before royalties 17,264 13,383
Royalty income 197 122
Operating profit 17,461 13,505
New business development costs include £1.7 million (2002: £1.5 million) in respect of the Warhammer Online venture.
Net assets
By geographical area of sales operation Restated
2003 2002
£000 £000
Continental Europe 6,337 4,585
United Kingdom 2,315 779
The Americas 11,544 8,247
Asia Pacific 598 (254)
20,794 13,357
New business development (3,708) (1,946)
Goodwill 3,190 3,647
Unallocated net assets 7,897 7,168
Net assets 28,173 22,226
The prior year has been restated to separate tax and cash balances from the net assets by geographical area. These are now included in
unallocated net assets. This reflects the definition of return on capital employed as described in the financial review on page 12.
3. Turnover, cost of sales, gross profit and net operating expenses 
2003 2002
£000 £000
Turnover 129,109 108,557
Cost of sales 42,592 36,550
Gross profit 86,517 72,007
Selling and distribution costs 37,996 34,360
Administrative costs 31,257 24,264
Other operating income - royalty income (197) (122)
Net operating expenses 69,056 58,502
Operating profit 17,461 13,505
Games Workshop Group PLC 35 3. Turnover, cost of sales, gross profit and net operating expenses (continued)
2003 2002
£000 £000
Administrative costs include:
Design and development costs 3,725 2,605
New business development costs 2,531 2,125
Other administrative costs 25,001 19,534
Total administrative costs 31,257 24,264
4. Directors’ emoluments
2003 2002
£000 £000
Aggregate emoluments and benefits 1,616 577
Pension contributions 45 40
1,661 617
Directors’ emoluments for the year ended 2 June 2002 include emoluments for S G Forrest of £20,000.
Further information relating to directors’ emoluments, shareholdings and share options are disclosed in the audited section of the
remuneration report on pages 23 to 24.
5. Employee information
The average monthly number of persons (including executive directors) employed by the Group during the year was:
2003 2002
Number Number
Production 372 324
Selling and distribution : 
Full time 1,319 1,224
Key time * 779 631
Administration 402 303
2,872 2,482
* Key time employees are employed in our retail stores and typically work a 20 hour week.
Staff costs (for the above persons)
2003 2002
£000 £000
Wages and salaries 41,378 34,236
Social security costs 4,437 3,665
Other pension costs 863 761
46,678 38,662
6. Interest payable and similar charges
2003 2002
£000 £000
On bank loans and overdrafts 270 224
On hire purchase contracts 4 11
274 235
Games Workshop Group PLC 36
NOTES TO THE FINANCIAL STATEMENTS continued 7. Profit on ordinary activities before taxation
2003 2002
£000 £000
Profit on ordinary activities before taxation is stated after charging:
Amortisation 
goodwill 457 252
own shares 121 662
Depreciation
tangible owned fixed assets 5,689 4,809
tangible fixed assets under hire purchase contracts 20 38
Operating leases
property 7,388 5,892
plant and equipment 242 490
other 115 172
Auditors’ remuneration for audit services 198 134
Amounts payable to Deloitte & Touche by the Company and its subsidiary undertakings in respect of non-audit services were as follows: 
Taxation advice 132 -
Accounting assistance and advice 60 -
Total 192 -
Amounts payable to Arthur Andersen by the Company and its subsidiary undertakings in respect of non-audit services were as follows: 
Taxation advice - 182
Internal audit fees -28
Corporate restructuring advice -45
Accounting assistance and advice -17
Total - 272
8. Taxation on profit on ordinary activities
2003 2002
£000 £000
Current taxation
UK corporation tax 6,341 4,439
Over provision in respect of prior years (1,137) (7)
5,204 4,432
Overseas taxation 1,844 1,116
Total current taxation 7,048 5,548
Origination and reversal of timing differences (578) (613)
Taxation on profit on ordinary activities 6,470 4,935
2003 2002
£000 £000
Profit on ordinary activities before taxation 17,452 13,523
Profit on ordinary activities multiplied by standard rate of
corporation tax in the UK of 30% 5,236 4,057
Effects of:
Expenses not deductible for tax purposes 402 278
Movement in deferred tax not recognised 1,515 323
Origination and reversal of timing differences 578 613
Losses attributable to minority interests 168 146
Higher tax rates on overseas earnings 167 169
Adjustments to tax charge in respect of previous years (1,018) (38)
Current tax charge for the year 7,048 5,548
Games Workshop Group PLC 37 9. Profit for the financial year
As permitted by section 230 of the Companies Act 1985, the Company’s profit and loss account has not been included in these financial
statements. Of the profit for the financial year, £7.4 million (2002: £12.7 million) is attributable to the Company, after including dividends
from subsidiary companies of £13.0 million (2002: £14.5 million).
10. Dividends
2003 2002
£000 £000
Interim paid of 4.5 pence per share (2002: 4.15 pence) 1,335 1,262
Final proposed of 12.5 pence per share (2002: 8.85 pence) 3,759 2,631
Over provision in respect of prior years (8) (77)
5,086 3,816
11. Earnings per ordinary share
The calculation of basic earnings per ordinary share has been based on profit for the year of £11.0 million (2002: £8.6 million) and the
weighted average number of shares in issue throughout the year.
The calculation of diluted earnings per ordinary share has been based on profit for the year and the weighted average number of shares
in issue throughout the year, adjusted for the dilution effect of share options outstanding at the year end.
2003 2002
Weighted average number of shares:
For basic earnings per ordinary share 29,689,168 30,485,802
Dilution effect of share options outstanding 600,302 708,818
For diluted earnings per ordinary share 30,289,470 31,194,620
12. Goodwill
£000
Group
Cost
At 3 June 2002 and at 1 June 2003 4,217
Amortisation
At 3 June 2002 570
Charge for the year 457
At 1 June 2003 1,027
Net book value at 1 June 2003 3,190
Net book value at 2 June 2002 3,647
The Company had no goodwill at either year end.
Games Workshop Group PLC 38
NOTES TO THE FINANCIAL STATEMENTS continued 13. Tangible fixed assets
Freehold Long Short Plant & Fixtures
land and leasehold leasehold equipment and Moulding 
buildings premises premises & vehicles fittings tools Total
£000 £000 £000 £000 £000 £000 £000
Group
Cost
At 3 June 2002 639 6,346 2,018 12,002 9,640 6,298 36,943
Exchange adjustments - - (51) (26) 320 - 243
Additions - - 731 3,452 2,896 1,155 8,234
Disposals - - (309) (2,820) (848) - (3,977)
Reclassifications - (470) (1,792) 51 2,211 - -
At 1 June 2003 639 5,876 597 12,659 14,219 7,453 41,443
Depreciation
At 3 June 2002 70 587 1,031 8,034 7,180 4,830 21,732
Exchange adjustments - - (20) 28 196 - 204
Charge for the year 17 436 375 1,939 2,061 881 5,709
Eliminated in respect of disposals - - (309) (2,699) (817) - (3,825)
Reclassifications - - (742) 28 714 - -
At 1 June 2003 87 1,023 335 7,330 9,334 5,711 23,820
Net book value at 1 June 2003 552 4,853 262 5,329 4,885 1,742 17,623
Net book value at 2 June 2002 569 5,759 987 3,968 2,460 1,468 15,211
The net book value of tangible fixed assets includes an amount of £nil (2002: £20,000) in respect of assets held under hire purchase 
contracts. The depreciation charged on these assets was £20,000 (2002: £38,000). Freehold land amounting to £341,000 (2002: £341,000)
has not been depreciated.
The Company held no tangible fixed assets at either year end.
14. Fixed asset investments
Group Company
2003 2002 2003 2002
£000 £000 £000 £000
Cost
Subsidiary undertakings – equity - - 27,867 17,886
Own shares - 121 - 121
- 121 27,867 18,007
The increase in equity investments of £10.0 million relates to the recapitalisation of Games Workshop America, Inc.
Games Workshop Group PLC 39 14. Fixed asset investments (continued)
Interests in group undertakings
The directors consider that to give full particulars of all subsidiary undertakings would lead to a statement of excessive length. The 
following information relates to those subsidiary undertakings whose results or financial position, in the opinion of the directors, 
principally affect the Group.
Proportion of nominal value of
issued shares held by:
Country of
incorporation Description of Subsidiary 
Name of undertaking or registration shares held Company company Principal business activity
Games Workshop Limited England and £1 ordinary 100% Manufacturer, distributor and
Wales retailer of games and miniatures
Games Workshop America, Inc United States $1 common 100% Distributor and retailer of games
of America stock and miniatures
$100,000 100%
preferred stock
Games Workshop Retail, Inc United States $1 common 100% Distributor and retailer of games
of America stock and miniatures
Games Workshop United States Owners 100% Manufacturer of games 
US Manufacturing LLC of America capital and miniatures
Games Workshop (Queen Street) Canada Can $1 100% Distributor and retailer of games
Limited and miniatures
EURL Games Workshop France Euro 1 100% Distributor and retailer of games
and miniatures
Games Workshop SL Spain Euro 1 100% Distributor and retailer of games
and miniatures
Games Workshop Oz Pty Limited Australia Aus $1 100% Distributor and retailer of games
and miniatures
Games Workshop Deutschland GmbH Germany Euro 1 100% Distributor and retailer of games
and miniatures
Games Workshop Limited New Zealand NZ $1 100% Distributor and retailer of games
and miniatures
Games Workshop Italia Retail SRL Italy Euro 1 100% Retailer of games and miniatures
Games Workshop Tooling Limited England and £1 ordinary 100% Manufacturer of tools for 
Wales injection moulding
Games Workshop England and £1 ordinary 100% Holding company for overseas
International Limited Wales subsidiary companies
Warhammer Online Limited England and £1 ordinary 71.25% Developer of online games
Wales
Sabertooth Games, Inc United States $1 common 85% Distributor of collectible card
of America stock games
All the above companies operate principally in their country of incorporation or registration.
Own shares
Cost Amortisation Total
£000 £000 £000
Group and Company
At 3 June 2002 1,011 (890) 121
Amortisation - (121) (121)
At 1 June 2003 1,011 (1,011) –
The Company operates a long-term incentive plan for the senior management of the Group. An Employee Share Ownership Plan (ESOP),
in the form of a discretionary trust, has been established to facilitate the operation of the incentive scheme. Details of the scheme are
given in the remuneration report above.  The number and market value of the ordinary shares held by the ESOP at 1 June 2003 was
260,492 (2002: 260,492) and  £1,424,000 (2002: £1,530,000) respectively.  Dividends have been waived on these shares.
Games Workshop Group PLC 40
NOTES TO THE FINANCIAL STATEMENTS continued 15. Stocks
2003 2002
£000 £000
Group
Raw materials and consumables 1,636 1,409
Finished goods and goods for resale 10,860 7,851
12,496 9,260
There is no material difference between the balance sheet value of stocks and their replacement cost.
The Company held no stocks at either year end.
16. Debtors
Group Company
2003 2002 2003 2002
£000 £000 £000 £000
Amounts falling due within one year
Trade debtors 7,499 5,537 - -
Amounts owed by group undertakings - - 8,018 6,535
Other debtors 532 437 51 51
Prepayments and accrued income 2,215 1,868 61 48
Deferred taxation 1,572 913 720 125
11,818 8,755 8,850 6,759
Amounts falling due after more than one year
Amounts owed by group undertakings - - 252 1,683
Other debtors 328 317 - -
Deferred taxation 1,066 1,141 7 393
1,394 1,458 259 2,076
Total 13,212 10,213 9,109 8,835
Deferred taxation
Deferred tax can be analysed over the following timing differences:
Group Company
2003 2002 2003 2002
Recognised £000 £000 £000 £000
Accelerated depreciation 1,066 750 7 2
Short-term timing differences 1,572 1,304 720 516
2,638 2,054 727 518
Group Company
2003 2002 2003 2002
Unrecognised £000 £000 £000 £000
Tax losses 2,107 592 - -
2,107 592 - -
No deferred tax asset has been recognised on unrelieved tax losses in certain countries due to the uncertainty as at the balance sheet
date as to their recovery over the next 12 months.
Games Workshop Group PLC 41 17. Creditors: amounts falling due within one year
Group Company
2003 2002 2003 2002
£000 £000 £000 £000
Obligations under hire purchase contracts - 20 - -
Bank and other loans - 2,500 - 2,500
Bank overdraft - - 3,406 -
Trade creditors 7,353 5,575 785 412
Amounts owed to group undertakings - - 5,263 3,281
Corporation tax 4,402 3,138 - -
Other taxation and social security 1,984 1,204 74 26
Other creditors 1,353 1,826 11 381
Accruals and deferred income 9,484 6,458 1,577 115
Proposed dividend 3,759 2,631 3,759 2,631
28,335 23,352 14,875 9,346
18. Creditors: amounts falling due after more than one year
Group Company
2003 2002 2003 2002
£000 £000 £000 £000
Accruals and deferred income 16 - - -
16 - - -
Analysis of borrowings
Secured
Sterling hire purchase contracts - 20 - -
Unsecured
Medium-term revolving credit facility - 2,500 - 2,500
Uncommitted floating rate overdraft facility - – 3,406 –
- 2,520 3,406 2,500
Within 1 year or less or on demand - 2,520 3,406 2,500
- 2,520 3,406 2,500
19. Financial instruments
The Group’s treasury policy is explained in the financial review and the corporate governance statement above.
Short-term debtors and creditors
Short-term debtors and creditors have been excluded from all of the following disclosures, other than the currency risk disclosures.
Interest rate risk and maturity profile of financial liabilities and borrowing facilities
As disclosed in note 18 above, the Group has sterling drawings of £nil (2002: £2.5 million) against a revolving credit facility of £5 million
at 1 June 2003. This facility which is available until 8 November 2006, is unsecured. The covenants are based upon interest cover and
gearing and have been complied with during the year. Interest is accrued monthly at a floating rate.
The Group also has sterling uncommitted floating rate overdraft facilities of £5 million (2002: £3 million) available at 1 June 2003.
The interest rate on floating rate financial liabilities is linked to bank base rate.
The maturity profile of the Group’s financial liabilities is disclosed in note 18 above.
Games Workshop Group PLC 42
NOTES TO THE FINANCIAL STATEMENTS continued 19. Financial instruments (continued)
Interest rate risk profile of financial assets
The Group’s cash at bank and in hand balance can be analysed as follows:
2003 2002
£000 £000
Sterling 1,034 1,756
US dollar 1,705 1,232
EU currencies (other than sterling) 7,034 4,311
Other currencies 1,955 1,833
11,728 9,132
The above cash balances earn interest at short-term floating rates available locally.
Currency exposure
The following table shows the extent to which group companies have external net monetary assets and liabilities in currencies other
than their operating currency. 
As at 1 June 2003 these external monetary assets and liabilities were as follows:
EU currencies
(other than Other 
Sterling US dollar sterling) currencies Total
Functional currency of group operation £000 £000 £000 £000 £000
Sterling - 970 3,923 1,134 6,027
EU currencies (other than sterling) (219) 8 - - (211)
Other currencies - - - 146 146
(219) 978 3,923 1,280 5,962
At 2 June 2002 these external monetary assets and liabilities were as follows:
EU currencies
(other than Other 
Sterling US dollar sterling) currencies Total
Functional currency of group operation £000 £000 £000 £000 £000
Sterling - 781 2,129 1,528 4,438
EU currencies (other than sterling) 21 5 - - 26
Other currencies - - - 75 75
21 786 2,129 1,603 4,539
Fair values of financial assets and liabilities
There are no differences between the book values and the fair values of financial assets and liabilities.
Gains and losses on hedges
As explained in the corporate governance statement, the principal financial exposure to the Group is movements in exchange rates. The
Group’s transactional exposure on trading cash flows settled in non-sterling currencies is managed through the use of forward currency
contracts covering a prospective period of 12 months rolling.
Under the Group’s accounting policy, foreign currency assets which are hedged using forward foreign currency contracts are translated
into sterling at the forward rate inherent in the contracts. Consequently, the carrying value of the relevant asset effectively includes the
gain or loss on the hedging instrument. Such gains and losses are treated as recognised for the purpose of the table below.
Games Workshop Group PLC 43 19. Financial instruments (continued)
The following table shows the extent to which the Group has unrecognised net gains and losses in respect of forward foreign 
currency contracts used as hedges:
2003 2002
£000 £000
Unrecognised losses at 3 June 2002 (135) (8)
Losses arising in previous years that were recognised in 2002/3 135 21
Gains arising before 3 June 2002 that were not recognised - 13
Losses arising in 2002/3 that were not recognised in 2002/3 (468) (148) 
Unrecognised losses on hedges at 1 June 2003 (468) (135)
Of which losses expected to be recognised in 2003/4 (468) (135)
Losses recognised in the current year in respect of forward foreign currency contracts were £893,000 (2002: £74,000).
Financial instruments held for trading purposes
The Group does not trade in financial instruments.
20. Provisions for liabilities and charges
Bonus and incentive Property Total
£000 £000 £000
Group
At 3 June 2002 1,506 500 2,006
Charged/(credited) to the profit and loss account 800 (7) 793
Transfer to accruals and deferred income (1,074) - (1,074)
At 1 June 2003 1,232 493 1,725
Bonus and incentive
£000
Company
At 3 June 2002 414
Charged to the profit and loss account 853
Transfer (35)
At 1 June 2003 1,232
The bonus and incentive provision, at 1 June 2003, relates to the share price element of the chief executive’s bonus arrangement as set
out in the remuneration report and to the long-term incentive plan.  The chief executive’s bonus arrangement will be quantified in detail
and paid in August 2003.  The provision for the long-term incentive plan will be utilised by May 2005 being the start of the exercise 
period for the last awards made from the plan.
The property provision relates to onerous lease commitments and will diminish over the life of the underlying lease.
21. Called up share capital
2003 2002
£000 £000
Authorised
42,000,000 ordinary shares of 5p each 2,100 2,100
Allotted, called up and fully paid
30,069,696 (2002: 29,987,584) ordinary shares of 5p each 1,503 1,499
During the year 3,878 ordinary shares of 5p were issued for £18,379 under the Games Workshop Group PLC 1995 Sharesave Scheme,
7,474 ordinary shares were issued for £10,405 under the Games Workshop Group PLC International Sharesave Scheme and 170,760
ordinary shares were issued for £830,219 under the Games Workshop Group PLC 1994 Executive Share Option Scheme.
On 2 October 2002, the Company purchased 100,000 shares in the open market for cancellation for a price of £435,000.
Games Workshop Group PLC 44
NOTES TO THE FINANCIAL STATEMENTS continued 22. Options in shares of Games Workshop Group PLC
Options over ordinary shares outstanding at the date of this report are as follows:
Date granted No of shares Exercise price Exercise dates
28 September 1994 9,462 115p Sep 1997 to Sep 2004
18 August 1995 180,000 208p Aug 1998 to Aug 2005
14 February 1996 30,760 301p Feb 1999 to Feb 2006
17 September 1996 25,000 463p Sep 1999 to Sep 2003
17 September 1996 20,000 463p Sep 1999 to Sep 2006
17 September 1997 115,912 687.5p Sep 2000 to Sep 2004
17 September 1997 44,720 687.5p Sep 2002 to Sep 2004
6 October 1998 8,275 420p Nov 2003 to Apr 2004
24 August 1999 10,870 460p Aug 2002 to Aug 2006
24 August 1999 23,914 460p Aug 2002 to Aug 2009
4 October 1999 33,528 394p Nov 2004 to Apr 2005
22 February 2000 3,390 295p Feb 2003 to Feb 2010
21 August 2000 87,133 141p Aug 2003 to Aug 2007
21 August 2000 132,719 141p Aug 2003 to Aug 2010
13 October 2000 330,233 106p Nov 2003 to Apr 2004
31 July 2001 7,946 392.5p July 2004 to July 2008
3 October 2001 115,248 338p Nov 2004 to Apr 2005
26 July 2002 12,869 - June 2004 to July 2007
3 October 2002 119,010 335p Nov 2005 to Apr 2006
1,310,989 
23. Reserves
Capital
redemption Profit and Share
reserve loss account premium
£000 £000 £000
Group
At 3 June 2002 96 20,213 417
Exchange adjustments -95 –
Profit retained for the financial year - 5,896 –
Issue of ordinary share capital - (460) 850
Own shares purchased/cancelled 5 (443) –
At 1 June 2003 101 25,301 1,267
Company
At 3 June 2002 96 8,142 8,445
Profit retained for the financial year - 2,271 -
Issue of ordinary share capital - - 850
Own shares purchased/cancelled 5 (443) -
At 1 June 2003 101 9,970 9,295
The cumulative amount of goodwill written off against the Group’s profit and loss account reserve is £1,159,000  (2002: £1,159,000).
Games Workshop Group PLC 45 24. Equity minority interests
£000
At 3 June 2002 1
Net loss on ordinary activities after taxation (590)
Provision against minority loss 590
At 1 June 2003 1
25. Reconciliation of movements in equity shareholders’ funds
2003 2002
£000 £000
Group
Profit for the financial year 10,982 8,588
Dividends (5,086) (3,816)
5,896 4,772
Issue of new share capital 399 863
Own shares purchased/cancelled (443) (9,759)
Other recognised gains and losses 95 86
Opening equity shareholders’ funds 22,225 26,263
Closing equity shareholders’ funds 28,172 22,225
26. Capital commitments
The Group had capital commitments of £79,000 (2002:£nil). The Company had no capital commitments at either year end.
27. Financial commitments
The Group had annual commitments under non-cancellable operating leases as follows:
Land and Land and
buildings Other buildings Other
2003 2003 2002 2002
£000 £000 £000 £000
Expiring within 1 year 1,144 271 953 227
Expiring between 2 and 5 years inclusive 4,727 286 3,365 244
Expiring in over 5 years 2,250 – 1,897 –
8,121 557 6,215 471
The Company had no financial commitments at either year end.
28. Contingent liabilities
The Group and Company  had no contingent liabilities at either year end.
The Company provides indemnities to third parties in respect of contracts including their use of its intellectual property, under 
commercial terms in the normal course of business.
Games Workshop Group PLC 46
NOTES TO THE FINANCIAL STATEMENTS continued 2003 2002 2001 2000 1999
£000 £000 £000 £000 £000
Turnover 129,109 108,557 92,634 77,993 72,565
Pre-exceptional operating profit 17,461 13,505 11,235 10,037 12,800
Exceptional item - restructuring costs - - (1,857) (3,374) -
Operating profit 17,461 13,505 9,378 6,663 12,800
Interest receivable 265 253 483 390 117
Interest payable and similar charges (274) (235) (496) (508) (453)
Profit on ordinary activities before taxation 17,452 13,523 9,365 6,545 12,464
Taxation (6,470) (4,935) (3,609) (2,983) (4,378)
Profit on ordinary activities after taxation 10,982 8,588 5,756 3,562 8,086 
Equity minority interests - -- - -
Profit for the financial year 10,982 8,588 5,756 3,562 8,086
Dividends (5,086) (3,816) (3,288) (3,100) (3,022)
Profit retained for the financial year 5,896 4,772 2,468 462 5,064
Basic earnings per ordinary share 37.0p 28.2p 18.4p 11.4p 26.0p
Pre-exceptional earnings per ordinary share 37.0p 28.2p 22.8p 20.2p 26.0p
FINANCIAL CALENDAR
Annual general meeting 18 September 2003
Final ordinary dividend payable 31 October 2003
Announcement of interim results January 2004
Interim ordinary dividend payable April 2004
Financial year end 30 May 2004
Announcement of results July 2004
Games Workshop Group PLC 47
FIVE YEAR SUMMARY Notice is hereby given that the annual general meeting of the Company will be held at the Company’s registered office, Willow Road,
Lenton, Nottingham, NG7 2WS at 10.00am on 18 September 2003 for the following purposes:
Ordinary business
Resolution 1
To receive the report of the directors and the audited financial statements for the Company and the auditors’ report thereon for the year
ended 1 June 2003.
Resolution 2
To declare a final dividend of 12.5 pence per share on the ordinary shares of the Company.
Resolution 3
To re-elect T H F Kirby as a director, who retires in accordance with article 88(a) of the articles of association of the Company.
Resolution 4
To re-elect A J H Stewart as a director, who retires in accordance with article 88(a) of the articles of association of the Company.
Resolution 5
To re-appoint Deloitte & Touche LLP as auditors to hold office until the conclusion of the next general meeting at which accounts are
laid by the Company and to authorise the directors to fix their remuneration.
Resolution 6
To approve the remuneration report for the year ended 1 June 2003.
Special business
To consider and, if thought fit, pass the following resolutions, of which resolution 7 will be proposed as an ordinary resolution and 
resolutions 8 and 9 will be proposed as special resolutions.
Resolution 7
That the directors be and are hereby generally and unconditionally authorised pursuant to and in accordance with section 80 of the
Companies Act 1985 (the ‘Act’) to exercise for the period ending at the conclusion of the next annual general meeting of the Company or
on 17 December 2004 whichever is the earlier, all the powers of the Company to allot relevant securities (within the meaning of section
80 of the Act) up to an aggregate nominal amount of £501,161 save that the Company may before such expiry make an offer or 
agreement which would or might require relevant securities to be allotted after such expiry and the directors may allot relevant 
securities in pursuance of any such offer or agreement as if the authority conferred hereby had not expired. This authority is in 
substitution for all subsisting authorities, to the extent unused.
Resolution 8
That subject to the passing of the previous resolution, the directors be and are hereby empowered pursuant to and in accordance with 
section 95 of the Companies Act 1985 (the ‘Act’) to allot equity securities for cash (within the meaning of section 94 of the Act) pursuant
to the authority conferred by the previous resolution as if section 89(1) of the Act did not apply to any such allotment provided that this
power shall be limited:
(a) to the allotment of equity securities in connection with any rights issue or other issue in favour of ordinary shareholders where the
equity securities respectively attributable to the interests of all ordinary shareholders are proportionate (as nearly as may be) to the
respective numbers of ordinary shares held by them (but subject to such exclusions or other arrangements as the directors may
deem necessary or expedient in relation to fractional entitlements or legal or practical problems under the laws of any territory or
the requirements of any recognised regulatory body or any stock exchange in any territory), and
(b) to the allotment of equity securities (otherwise than pursuant to sub-paragraph (a) above) up to an aggregate nominal amount of
£75,174
and shall expire at the conclusion of the next annual general meeting of the Company or on 17 December 2004, whichever is the 
earlier, save that the Company may before such expiry make an offer or agreement which would or might require equity securities to be
allotted after such expiry and the directors may allot equity securities in pursuance of such offer or agreement as if the power conferred
hereby had not expired.
Resolution 9
That the Company be and is hereby granted general and unconditional authority pursuant to section 166 of the Companies Act 1985 (the
‘Act’) to make market purchases (as defined in section 163 of the Act) of ordinary shares of 5p each in the capital of the Company 
(‘ordinary shares’) on such terms and in such manner as the directors may from time to time determine provided that:
(a) the authority hereby conferred shall expire at the conclusion of the next annual general meeting of the Company or on 17
December 2004 whichever is the earlier;
(b) the maximum number of ordinary shares shall be limited to 4,480,384 ordinary shares;
(c) the minimum price which may be paid for an ordinary share is 5p;
Games Workshop Group PLC 48
NOTICE OF MEETING (d) the maximum price which may be paid for an ordinary share is an amount equal to 105%  of the average of the middle market 
quotations for an ordinary share as derived from the London Stock Exchange Daily Official List for the ten business days 
immediately preceding the day on which the ordinary share is purchased, and
(e) the Company may make a contract to purchase ordinary shares under the authority hereby conferred prior to the expiry of such
authority which will or may be executed wholly or partly after the expiry of such authority, and may make a purchase of ordinary
shares in pursuance of any such contract.
By order of the board
M Sherwin
Secretary
28 July 2003
Notes
(1) Members of the Company entitled to attend and vote are entitled to appoint one or more proxies to attend and, on a poll, to vote
instead of them. A proxy need not be a member of the Company.  To be effective, proxy forms must be lodged with the registrars not
less than 48 hours before the time fixed for the meeting. Completion of the proxy does not preclude a member from subsequently
attending and voting at the meeting in person if he or she so wishes.
(2) The register of interests of the directors and their families in the share capital of the Company and copies of the contracts of ser-
vice of directors with the Company or with any of its subsidiary undertakings will be available for inspection at the registered office
of the Company during normal business hours (Saturdays and public holidays excepted) from the date of this notice until the con-
clusion of the annual general meeting.
(3) The Company, pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, specified that only those shareholders
registered on the register of members of the Company as at 6.00pm or close of business on 16 September 2003 shall be entitled to
attend or vote at the Annual General Meeting in respect of shares registered in their name at that time. Changes to entries on the 
relevant register of securities after 6.00pm or close of business on 16 September 2003 shall be disregarded in determining the
rights of any person to attend or vote at the meeting.
Games Workshop Group PLC 49 Chairman’s preamble from the 2002 annual report
Many people find it difficult to grasp what Games Workshop Group does for a living. I regularly meet
investors, both professional and amateur, who have developed a view of our business based on only part of
the story. This means, simply, that we have not explained ourselves properly; so I am going to take this
opportunity to start that process.
In any business there is a model (how the business works) and a story (why it works that way). The vast
majority of our income and profits come from Games Workshop – a business that designs, manufactures,
distributes and sells everything an enthusiast needs to play tabletop wargames in the fantasy world of
Warhammer. 
In short the model is that of a niche business and the story is that it appeals to a relatively small number of
people devoted to the Games Workshop Hobby. 
Niche businesses are not widely understood. They do not, generally, follow accepted business norms.  Much
of what is written about business is written about varieties of mass-market activities; most of the day to day
experiences we have are with mass-market companies. A niche business is a tightly focussed activity that
knows that what it does is not for everyone, but for a narrow group of individuals. It knows that quality is
more important than price, and that respect for the customer is paramount. It knows that mass-market
advertising is expensive and for niche businesses ineffective compared to the power of word of mouth. These
are a few examples of the differences, there are many others.
This is what Games Workshop does; we create materials of the highest quality that appeal to a minority of
the population. The challenge for us is not to try to get everybody to buy our products but to reach out and
find the people who want them, anywhere in the world. In order to do so we sell wherever we can. We have
our own Hobby stores that serve to introduce people to the Hobby – our marketing if you will. We work with
independent retailers of many types. And we sell direct both on the internet and by mail order. These 
channels should work in harmony together, each providing a different, but complementary, service.
Understanding this addresses many of the misconceptions which exist about the Company.
Firstly, Games Workshop is not a retailer. To characterise it in that way is to misunderstand completely the
way the business model works. Games Workshop stores promote the Hobby. They introduce people to the
Hobby and they provide a venue for experienced gamers to meet and play. A retailer buys product in, adds a
mark up, and sells it on. We teach gaming and modelling and painting. 
Secondly, our future growth is dependent above all on maintaining product quality, continuing to introduce
more people to the Hobby, and keeping people in the Hobby longer. We do not need ‘hit’ lines, nor innovative
packaging, nor cut-throat pricing. 
Thirdly, we are a global business. The search for new Hobbyists is not finished in the UK. As you can see
from these results, it is one of our strongest growth territories. That search has, however, led us to look
overseas with such success that the majority of our sales and profits come from the rest of the world. So
those who visit their local Games Workshop store in order to understand fully what we do are seeing only a
very narrow part of our business. 
Our customers are special and unusual people. They, like us, love their Hobby. Their main concern is with
quality and integrity. So our biggest challenge is to ensure we constantly provide a level of detail and service
that is appropriate to and respectful of the devotion of our customers. 
Games Workshop Group PLC 50
APPENDIX 1 The casual observer finds it hard to see why anyone would want to spend so much time and money collecting
hundreds of miniatures, painting them and then playing wargames with them. Surely we should make the
rules simpler, sell pre-painted models, reduce quality and sell cheaper.  This is not our business. We are
interested in our devoted customers and in providing what they want - the best products and outstanding
service. 
These are the keys to understanding Games Workshop: niche marketing and selling to a pre-selected, quality
obsessed, narrow customer base.
This year we acquired a sister company for Games Workshop, Sabertooth Games, Inc. Sabertooth makes 
collectible card games. Different model. Same story.
It is important that the model is different. We are looking to increase our sales, not to cannibalise them. Card
games are collected by and played by a new and different group of gamers. They buy their cards in specialist
stores. So for the Group this will be a new source of revenue. 
It is equally important that the story is the same. Sabertooth is a niche business. It sells on quality rather
than price into a customer base that is a small minority of the population as a whole. Our managerial skill
sets are therefore an ideal match.
As a Group we understand niche markets, providing excellent products and service to devoted gamers. That
is what we are good at, and that will continue to be our obsession.
Games Workshop Group PLC 51