Annual Repor t 2007
Gr owing
Par tnerships
W orldwide Fenner is a world leader in reinforced polymer technology.
Our strategy is to increase market share and target new
value added product areas.
We will continue to concentrate on growing those
businesses where we already demonstrate leadership
through our skills in applications, design, materials
technology and dedication to customer service as well as
by carefully planned acquisitions.
Gr owing
Par tnerships
W orldwide
Contents
1 Financial Highlights
2 Chairman’s Statement
4 Business Review - Chief
Executive Officer’s Review
11 Business Review - Group
Finance Director’s Review
1 4 Business Review - Definition of
Key Performance Indicators Used 
1 5 The Board
1 6 Corporate Governance
2 0 Board Remuneration Report
2 7 Directors’ Report
29 Independent Auditors’ Report
3 0 Consolidated Financial
Statements
6 5 Independent Auditors’ Report
- Company
6 6 Company Financial Statements
7 1 Five Year Summary of the Group
7 2 Annual General Meeting
Advisors
Financial Calendar Financial Highlights
Fenner PLC   1
2007 % increase
£m on 2006
Revenue 380.8 - 
Operating profit before amortisation of intangible assets acquired 
and exceptional items 39.0 +14%
Operating profit 38.2 +13%
Profit before taxation 33.6 +15%
Adjusted earnings per share before amortisation of intangible assets 
acquired and exceptional items 15.1p +15%
Basic earnings per share 15.0p +15%
Dividend per share 6.225p +4% Recor d operating
pr ofit for the
Gr oup
Chair man’s Statement
FINANCIAL HIGHLIGHTS
Group revenue for the year amounted to
£380.8m (2006 £379.0m). The growth would
have been £21.0m higher at last year’s
currency rates. Increased revenue in the
Advanced Engineered Products Division
reflected both acquisitive and organic
growth, particularly in our seals businesses.
The Conveyor Belting Division benefited from
a continued expansion in the Southern
Hemisphere. After a slower first half because
of mild winter weather conditions, order
levels for the North American business
normalised in the second half of the year,
following the earlier temporary pause in
demand for energy.
Operating profit before amortisation of
intangible assets acquired and exceptional
items increased to £39.0m (2006 £34.1m)
after absorbing the effect of £2.7m of
adverse currency movements. The
underlying growth of 24% has been
facilitated by continuous improvement and
development of our integrated service and
product offering.
Exceptional items of £0.2m (2006 £nil)
comprised a charge of £2.7m and a gain of
£2.5m. The charge of £2.7m related to the
reorganisation associated with the expansion
of the conveyor belting operations in North
America and the integration of EGC, which
was acquired in October 2006, into the seals
business in Houston, Texas. The gain of
£2.5m related to the profit generated from
the Group’s disposal during the year of its 
non-core interest in KSB Pumps in South
Africa.
Operating profit increased to £38.2m (2006
£33.7m). Total net finance costs incurred
were £4.6m (2006 £4.3m) with a resultant
profit before taxation of £33.6m (2006 £29.3m).
The headline and underlying taxation rates
were 29% and 30% respectively. Adjusted
earnings per share before amortisation of
intangible assets acquired and exceptional
items was 15.1p per share (2006 13.1p).
Basic earnings per share amounted to 15.0p
per share (2006 13.0p).
The Group’s ability to generate cash is
evident from the net cash inflow from
operating activities of £38.8m (2006 £26.3m)
emanating from both profit and working
capital management. This has funded the
Group’s major expansion plans in the period
as capital expenditure incurred rose to
£32.0m (2006 £18.8m). The acquisition of
EGC cost £8.8m and the divestment of KSB
Pumps generated £5.2m. Net debt at the
end of the year was £36.3m (2006 £33.1m).
This benefited from borrowings being
denominated in weaker foreign currencies,
giving rise to a gain of £2.5m.
The Board is recommending a final dividend
of 4.15p per share which gives a total
distribution for the year of 6.225p per share
(2006 6.0p), a 4% increase on 2006. This is
in line with our policy of paying a one-third
interim dividend and a two-thirds final
dividend.
I am pleased to report that the performance achieved in 2006/7 has met our
ambitious growth targets. The fundamentals of our core markets associated with
energy and power generation have remained strong. Against this backdrop, all of
our businesses have delivered robust returns which have culminated in a record
operating profit for the Group.
2 Fenner PLC OPERATIONS
The Advanced Engineered Products Division
had another strong year, particularly our
seals businesses, where high trading levels
continued to be enjoyed in the mining, oil
and gas and semi conductors sectors. These
businesses have gone from strength to
strength since their acquisition two years
ago. The integration of EGC has progressed
well and the initial results have exceeded
pre-acquisition expectations. The precision
polymers businesses saw healthy growth in
both hose and industrial markets, particularly
in North America. 
The Conveyor Belting Division achieved a
further year of growth as the strategic
development of our market strengths
progressed in accordance with our plans.
Demand for belting benefited from both the
buoyant mining conditions which prevailed
for much of the year and a strong industrial
sector. In Australia, the national coverage of
the service businesses broadened to
accommodate the needs of our widely
spread customer base. The business in
China continued to expand as the belting
requirement from the coal mining sector
grew, driven by this territory’s increasing
demand for energy. In North America, the
improved volumes in the second half
enabled a good full year performance with
operational efficiencies assisting margins.
Our substantial capital investment
programme commenced in earnest during
the period, the benefits of which will be
evident for years to come. Finally, results
from the European businesses have been
most encouraging as economic conditions
showed improvement and penetration of new
and emerging markets continued.
PEOPLE
Fenner employs over 3,500 people in its
geographically diverse operations around
the world. We are fortunate to have strong
teams of talented and dedicated people
throughout the Group. I recognise that the
achievements to date could not have
happened without their support and
therefore, on behalf of the Board, I would like
to extend my appreciation and gratitude.
OUTLOOK
In the first few weeks of 2007/8 trading has
commenced in line with our expectations.
Current order flow remains healthy and our
markets are generally buoyant. The effect of
economic uncertainty, particularly in the US,
has not been seen directly in our businesses,
although we are alert to the possibility of this
occurring. The medium and longer term
drivers remain strongly positive and, we
believe, endorse our customer led
investment strategy. As a consequence we
remain confident of continuing growth this
year.
Colin Cooke
Chairman
Fenner PLC   3 INTRODUCTION
The Business Review on pages 4 to 14
provides information on the corporate
objectives of the Fenner Group and its
businesses, together with a review of our
progress in 2007 and an assessment of the
key risks and uncertainties we face.
Fenner is a world leader in reinforced
polymer technology.  We will maintain or
achieve leading positions in all our niche
markets by continuing to concentrate on,
and invest in, understanding our customers’
needs and delivering superior value added
products to satisfy those needs. The
commitment and expertise of our workforce
in both established and emerging markets
provides a solid platform for profit and
growth.  
The Conveyor Belting (“CB”) Division
continues to be a world leader in the global
conveyor belting market with products
including lightweight and heavyweight
conveyor belting for the mining, power
generation and industrial markets.
The Advanced Engineered Products (“AEP”)
Division is involved in precision motion
control products for the paper handling and
mechanical equipment markets, silicon and
EPDM hose production for non-automotive
applications and the specialist sealing
business, which manufactures seals
products for the mining, hydraulics, oil and
gas, electronics, pumps, valves,
compressors, and aerospace industries. As
with CB, AEP demonstrates its market
leadership through its customer
responsiveness, product range, quality and
the whole-life value of the product to the
customer.  
The Group takes pride in being a
manufacturer of world class products that
are known for quality and reliability and
which provide value added solutions to our
customers. From 3mm wide inkjet printer
belts to 1500mm wide High-Vis conveyor
belt for carrying potash, our reputation is
key to the Group’s success and has been
built up over many years of customer
focused trading. Measuring our
performance against customer requirements
and their satisfaction, including appropriate
“on time in full” measurement and customer
surveys, is a key task throughout the Group.
STRATEGIC OBJECTIVES
Strategic reviews are held periodically and
are embedded into the Group’s corporate
processes, with the Board and Executive
management team devoting a proportion of
each of their meetings to discuss strategic
issues. CB and AEP have separate strategic
objectives, with common goals of continued
investment and development in emerging
markets, as well as expanding share where
possible in established markets. The
possibility of further expansion into other
emerging markets is subject to regular
review.
Fenner continues to grow its reputation as a
specialist polymer engineering company,
with global operations offering products
focused on distinct markets and managed
through two operating divisions. The Group’s
head office promotes proactive local
autonomy with well defined, timely reporting.
Fenner has over 3,500 employees based in
18 countries and where possible we recruit
and develop indigenous management. A list
of principal subsidiaries can be found in
Note 35 to the consolidated financial
statements.
Acquisition opportunities are actively sought
and evaluated. The capacity and desire to
grow by acquisition is tempered by
availability and value of appropriate targets.
During the year, there was major organic
investment across our CB and AEP
“The Fenner businesses are well invested and positioned in geographic locations
where markets offer good growth prospects.” 
Mark Abrahams - Chief Executive Officer
Maintaining the
momentum
Business Review
Chief Executive Of ficer ’s Review
4 Fenner PLC operations, demonstrating a clear
commitment to achieving our strategic
objectives. Good progress was made on the
building work for our Port Clinton operation
with the wide steel cord and fabric presses
on track for installation in the first half of
2008. The current phase of investment in the
Toledo operation is complete and the
operational benefits are starting to flow
through. Work has also started on the new
bespoke state of the art weaving facility in
Georgia. Investment has been made in
South Africa and China to increase both the
capacity and product range of the CB
operations in those countries.
Major expansion of the Houston site to
accommodate the recently acquired EGC
business has shown encouraging progress.
AEP expanded in China with the opening of
new facilities for both the sealing operation
and the hose business. The business also
continues to benefit from the new bespoke
factory in Hampton which was completed in
2006.
All investments in new production
equipment are required to improve quality
and reduce waste. The CB investments in
North America will produce major savings
from reduced waste and improvements in
conversion efficiencies. Overall the Group is
addressing capacity constraints and
continues to improve on production
efficiencies.
After a long and successful partnership with
KSB Pumps in South Africa, Fenner took the
opportunity to realise a good exit price for
this non-core business unit which will enable
KSB Pumps to develop in the Black
Economic Empowerment environment.
CONVEYOR BELTING
Capacity and temporary weather related
local market weakness constrained growth
in the first half. Improved demand and a
better mix of business led to an increase in
profitability in the second half. 
Internationally traded coal prices, one of the
key indicators of the relative health of the
market for conveyor belting, demonstrated
by the McCloskey graph, rose steadily
throughout the year. Coal prices are affected
by, but not linked to, oil prices, but coal is
seen as a more secure source of basic
energy, especially in China and North
America.
KPI: Traded Coal Prices
High coal stocks and a warm winter
depressed demand for                        
Americas in the
first half. Volume recovered in the second
half and the long term outlook remains
positive. The slowdown in the North
American housing market and concerns
over sub-prime credit had little visible
impact on our operations. With a dedicated
sales team, the business strengthened its
position with national accounts during the
year which means the business is well
placed to exploit both coal and industrial
markets in future years. With recent
international investment by American coal
companies,
Worldwide is uniquely placed to service
these customers. In industrial markets,
continued high levels of construction activity
provided demand for many material
handling applications ranging from forestry
to steel manufacturing.
Our UK based operation made gains in
market share in Western Europe and
continues to penetrate into new markets
opening up in Eastern Europe and the
former Soviet Union.
Domestic industrial markets in Western
Europe were steady for the first half of the
year and grew in the second half. Building
on the changes made last year, the
European operation continued to improve its
margins through the year and to exploit its
diverse product range by improving
customer perception of quality and
continuing with its improvements in
manufacturing efficiencies.
Operations in China, India and South Africa
benefited from continued strength in the
coal industries in their domestic markets,
primarily driven by the demand for power for
both industrial and domestic use. New
02 03 MS 04 MS 05 MS 06 MS 07 MS M S
28
20
36
44
52
60
68
76
84
92
$/tonne
Source: The McCloskey Group
 
CIF ARA 
CIF Asia
MCIS Asian & NW Europe steam coal markers
McCloskey’s key physical prices
Fenner PLC   5 Business Review
Chief Executive Of ficer ’s Review continued
6 Fenner PLC
product launches are planned, including a
steel cord line in South Africa to enable the
business to expand beyond the coal
dominated product range into such
applications as overland conveying. 
In Australia,
experienced a positive trading year with a
particularly strong first half. The service
business offers resilience to the otherwise
cyclical nature of new belting projects. This
counterbalance reinforces the Group’s
strategy to invest in value added services.
The Australian iron ore market is booming
with numerous projects coming on line to
increase production. The business is well
placed to supply into these new projects
and to offer the value added after sales
services.
Work continued to develop rEscan
alongside the Australian service business.
In the Americas, and elsewhere, the service
business has been reorganised and is
beginning to implement our successful
service model whilst complementing our
existing distribution channels.
ADVANCED ENGINEERED PRODUCTS
AEP is made up of four discrete businesses.
They share the same broad strategic
objectives of seeking to provide engineered
solutions to customers’ needs using material
science and design skills in niche
applications which are usually performance
critical. The markets are very diverse and
therefore each business within AEP deploys
different tactics and value propositions to
achieve their strategic goals.
Fenner Advanced Sealing Technologies
(“FAST”) had another record year due to
strong organic growth combined with the
EGC acquisition. Demand continued to be
strong for seals for oil, gas and mining
applications. FAST continues to focus on
niche performance critical and higher
pressure applications for which a strong
advanced materials capability is necessary.
A key part of FAST’s strategy is to continue
to roll out the Six Sigma continuous
improvement programme, with the primary
objective of achieving market leading
delivery performance and availability for its
product range. The new facility in Shanghai
is being used to develop business in Asia
and there are new customer service
operations in India and South America. To
develop new business faster, all seals
service subsidiaries have been equipped
with CNC prototyping capability.
The hose business, trading as James
Dawson, is a world leading producer of
speciality hoses for diesel engine, truck, bus
and off road commercial vehicles. The hose
business successfully relocated its Chinese
manufacturing into a purpose built facility in
Shanghai during the year and is now
producing hose for the South East Asian
market from the new bespoke factory.
Domestic growth combined with exports
increased the sales of our Chinese hose
facility by 50%.
Restructuring of the business in the previous
year has brought improved market focus to
Fenner Drives and Fenner Precision. Fenner
Precision produces polymeric belts, tyres
and rollers for the global office automation
market, with increased focus on mission
critical, document handling applications.
Fenner Drives continues to develop a
growing range of innovative, proprietary
products which solve problems in the power
transmission, motion control and unit
handling markets. The key geographic
markets for Fenner Precision and Fenner
Drives are North America, Europe and Asia,
where demand continues to be robust.
Capacity at the Manheim facility was
increased in late 2006, enabling the
business to meet customer demand.
AEP continues to look for acquisition
opportunities to strengthen its current
operating bases and develop its
geographical reach.  
OUTLOOK
The new year has started in line with our
expectations.
Global commodity markets including oil, iron
ore and coal remain strong in terms of price
and demand. However, this must be
tempered by the weak housing and
infrastructure market in North America plus
the, as yet unknown, fallout from the sub-
prime mortgage losses. Although
approximately half our business is in North
America, overall our current order intake
reflects commodity strength.
Our organic investment programme
continued throughout the year in support of
our customers’ investments in new projects.
The commissioning phase of these
programmes will be completed in the next 6
to 18 months, providing growth in future
years.
Our intentions are not limited to organic
investment and we continue to look for strategic acquisition opportunities across all
our businesses.
The Fenner businesses are well invested
and positioned in geographic locations
where markets offer good growth prospects.
We anticipate that the combination of these
factors will enable us to continue our
progress in 2008.
EMPLOYEES
Fenner benefits from a stable, skilled and
committed workforce around the globe and
acknowledges the importance of our
employees’ contribution to the performance
of the Group. Both operating divisions have
manufacturing processes that require high
levels of skill and technical expertise. Many
of the end products are used in safety critical
applications and therefore a skilled and
motivated workforce is essential to maintain
product safety, reliability and quality.
With over 3,500 employees, employment
costs continue to be a significant
consideration and therefore good levels of
productivity are a key factor in the success
of the Group. Due to the diversity of our
operations, productivity across the Group is
best measured by total sales per employee
as reported below:
The table shows a period of substantial
growth in sales per employee from 2002/03
to 2004/05. 2005/06 saw the full year effect
of the FAST operations and a general
reduction in the level of overtime. In
2006/07, the levels of productivity were
achieved against a backdrop of organic
investment in new buildings and production
facilities. Furthermore, developing our
service businesses generates lower sales
per employee than the average for our
manufacturing businesses.
Fenner produces an in house ‘Fenner Focus’
magazine which is distributed to all
employees and is an effective route to
communicate matters of Group and
operational significance. The magazine
informs employees of any major Group
developments including acquisitions and
disposals. The annual results are also
summarised in the publication enabling all
employees to be kept informed of the
Group’s progress. Most operations
supplement ‘Fenner Focus’ with their own
publications highlighting local achievements
and initiatives. 
HEALTH AND SAFETY
Health and safety continues to be a top
priority in the Group. Regrettably this year,
there was a fatality of an employee at our
Drachten facility. In addition to providing
help and support to his family and
colleagues, the incident was thoroughly and
independently investigated. All relevant
equipment and procedures were rapidly
reviewed throughout the Group. The results
of this review demonstrated that we meet or
exceed the recommendations from the
independent investigation. The Dutch
administrative process is not yet complete.
Four locations across the Group are actively
evaluating compliance with ISO 18000 for
health and safety systems with a view to full
implementation. The Hampton facility won a
RoSPA health and safety Gold Award in
March 2007 demonstrating that its safety
systems are world class.
Workplace accidents are recorded and
reviewed operationally and safe systems of
work updated if necessary. Accidents
involving lost time are reported through
divisional management and up to the main
Board. Where relevant the details of an
incident and the rectification measures taken
are shared around Group operations to
prevent similar accidents elsewhere.  
The absolute number of lost time incidents
(“LTIs”) is a KPI which measures the
success of the health and safety policy and
ethos of the Group. 2006/07 showed a
substantial improvement in the number of
LTIs which will be challenging to maintain as
the Group continues to invest  and grow.
The following table shows the results over
the last four years:
Year No. of LTIs
2003/04 120
2004/05 96
2005/06 98
2006/07 86
Fenner PLC   7
2002/03 2003/04 2004/05 2005/06 2006/07
 95
 90
85
80
100
105
110
115
SALES PER EMPLOYEE
YEAR
£’000 Business Review
Chief Executive Of ficer ’s Review continued
8 Fenner PLC
ENVIRONMENTAL
The Group is committed to identifying and
assessing the risks of pollution and other
forms of environmental impairment arising out
of its activities. We seek to reduce our impact
on the environment to the lowest practical
levels and with each new investment ensure
that we exemplify the best contemporary
practice in respect of the environment.
At Board level, the Chief Executive Officer
has specific responsibility for the
development of policy and management
systems. Responsibility for environmental
matters in each operating division is
designated to the Divisional Managing
Director and at a local level to a senior
manager on each site. Each Divisional
Managing Director is required to report to the
Board on a regular basis and to advise the
Board immediately of any environmental risks
or other incidents likely to be significant to
the business. No new risks were reported to
the Board in the last year.
All acquisitions are subject to appropriate
environmental due diligence which is
specifically extended to include
environmental management systems and
operational compliance. Compliance with
applicable regulatory standards is a
minimum which is subject to official audit;
other, larger facilities validate their
management systems by independent audit.
Significant progress is being made on
environmental management systems with
one site achieving ISO14000 and six other
locations actively progressing towards
accreditation in 2008 or 2009.
We are exploring suitable environmental KPIs
for the Group as a whole which can then be
reported in future years. Areas being looked
at include energy consumption and waste
management, both of which potentially have
a direct environmental and business impact.
One operation is also assessing the carbon
footprint of a plant with a view to seeing if
some meaningful actions can result from it
and to prepare for a local compliance
requirement. Consideration will be given to
whether this should be rolled out to other
Group operations.
In addition to our environmental
responsibilities, there are sound commercial
reasons to minimise and recycle waste. Our
textile operations within the CB Division
have, for many years, recycled waste yarns.
Other recycled process waste materials
include polythene, polyurethane and rubber
(cured and uncured). Cardboard and
polythene packaging and paper are also
recycled where the local infrastructure
makes these practical options. Specific
initiatives have produced a year on year
increase in the quantity of material recycled.
Air quality can be adversely affected by
some of our processes and significant
investment and maintenance costs are
incurred to ensure this does not happen.
A number of locations use processes which
involve a range of chemicals which are
generically referred to as volatile organic
compounds (“VOCs”). These chemicals are
subject to strict regulation, with their storage
and use carefully controlled. In addition to
minimising any emissions to air of VOCs,
potential substitutes are assessed as soon
as they become commercially available.
The majority of the Group’s businesses have
occupied their sites for many years, some
for over 100 years. The Group therefore
recognises and manages risk of exposure to
environmental legacy issues.
Fenner continues to be committed to
undertaking regular reviews of its activities
and the workings of its environmental policy
to ensure it is comprehensive and effective
and identifying objectives and standards
that will enable a demonstrable continuous
improvement in environmental matters.
PRINCIPAL RISKS AND UNCERTAINTIES 
Fenner considers the following to be the
most significant risk factors for Fenner to
consider, but the risks listed do not
necessarily comprise all those associated
with Fenner and are not set out in any
particular order of priority. 
Additional risks and uncertainties not
presently known to Fenner or that Fenner
currently deem immaterial may also have an
adverse effect on its business.
Strength of key markets
Fenner is well positioned to benefit from the
potential continuation of growth in energy
markets, particularly oil and coal, and
recovery in industrial markets. Although
Fenner has successfully traded through
previous cycles, a substantial downturn in
one or more of these key markets could
have a material adverse impact on the
business. Fenner continues to look for
opportunities that are counter cyclical to
help balance out any market downturn.
Fluctuations in raw material costs
Fluctuations in raw material costs continue
to be a key risk for the Group as there is a direct impact on the costs of production.
The Group continues to try to manage raw
material costs, for example, where materials
are a significant cost of sale we have long
term supply agreements and arrangements
which are driven by the constraints of the
markets into which we sell. However,
increases in such costs could have a
material adverse impact upon the Group’s
profitability and cash flow if such increases
cannot be recovered through increased
sales prices.
Climate change
Increasing media attention is being given to
climate change and the political will to act
appears to be responding to that coverage.
Fenner takes full account of all substantive
publicised research in evaluating its
strategic projects. The adoption of non-fossil
fuel generation substantially in excess of the
IEA Advanced Technology Scenario would
have a material adverse effect on the
business.
Fluctuations in foreign currency
Because of the global nature of the Group,
Fenner derives a large proportion of its
revenues from overseas and hence has an
exposure to foreign currency fluctuations,
most notably the US dollar. Whilst the Group
seeks to reduce this risk through formal
contracts and borrowings, adverse
movements in foreign currencies,
particularly the US dollar relative to sterling,
could lead to material adverse movements
in reported earnings.
Competition
Products are available which compete
directly or indirectly with the Group’s
products. New technology, changing
commercial circumstances and new entrants
to the markets in which the Group operates
may adversely affect the Group’s business.
One source of competition comes from the
low cost economies but whilst these can
compete on price, they cannot always
compete on quality. Aggressive or predatory
pricing from competitors could lead to a
reduction in margin or volume.
Dependence on key personnel
The future success of Fenner is dependent
on the continued services of key personnel.
Although the Group has succession plans
and seeks to develop and promote from
within, the loss of the services of the
executive officers of the Group and other
key employees could have a material
adverse effect on the business.
Fluctuations of revenues, expenses and
operating results
Fenner’s revenues, expenses and operating
results could vary from period to period as a
result of a variety of factors, some of which
are outside Fenner’s control. These factors,
which are actively monitored and
considered in all relevant management
decisions, include general economic
conditions, adverse movements in interest
rates, conditions specific to the energy
markets, seasonal trends in revenues,
capital expenditure, other costs and the
introduction of new products by Fenner or its
competitors.
In response to a changing competitive
environment, Fenner may elect from time to
time to make certain pricing, service or
marketing decisions or acquisitions that
could have a material adverse effect on the
Group’s revenues, results of operations and
financial condition. Despite the current
strength of Fenner’s order book and order
pipeline, there is no guarantee that these
orders and expected orders will be
converted into sales, which could have a
material adverse effect upon continuing
profitability and cash flow.
Employee benefit schemes
The Group has a number of employee
benefit schemes, including defined benefit
pension schemes and healthcare
programmes in the US. These schemes
expose the Group to changes in interest
rates, other investment returns and inflation
as well as the longevity of scheme
members. Developments in medical science
and changes in healthcare management
can significantly increase the cost of
maintaining benefits in the future.
Appropriate financial and legal advice is
taken on the rules and funding of all such
schemes.
Major projects
The successful completion of major projects,
such as significant capital expenditure
projects or acquisitions, is important to both
sustain and grow the business. All major
projects have clearly identified resources
and management responsibilities
established during the approval process.
However, failure to deliver on major projects
could have a material adverse impact on
Fenner’s ability to maximise both profitability
and cash flow.
Fenner PLC   9 Business Review
Chief Executive Of ficer ’s Review continued
10   Fenner PLC
Litigation
Subsidiaries of the Group are currently
involved in certain disputes, actual and
threatened, and regulatory investigations.
These disputes are actively managed in
conjunction with our lawyers, other advisors
and insurers, with appropriate Board
reporting and oversight. If such disputes
and investigations are not resolved in
accordance with the directors’ expectations
or in favour of the relevant subsidiary of the
Group, or if a subsidiary incurs significant
and unexpected costs or is required to
devote significant additional resources,
including management time, in the pursuit,
defence or investigation of these matters,
such disputes and investigations may have
a material adverse impact on the business,
financial resources, results and/or future
operations of the Group.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this
document, including those under the
captions “OUTLOOK” and ‘‘PRINCIPAL
RISKS AND UNCERTAINTIES’’, constitute
forward-looking statements. Such forward-
looking statements involve risks,
uncertainties and other factors which may
cause the actual results, performance or
achievements of Fenner, or industry results,
to be materially different from any future
results, performance or achievements
expressed or implied by such statements.
Such risks, uncertainties and other factors
include, among others: growth in the energy
markets, general economic and business
conditions, particularly in the US,
competition and the ability to attract and
retain personnel.
Mark Abrahams
Chief Executive Officer  Business Review
Gr oup Finance Dir ector’s Review
REVENUE AND OPERATING PROFIT
Reported Group revenue remained at a
similar level to the prior year at £380.8m
(2006 £379.0m). The adverse effect of
currency movements was £21.0m which
principally arose from the translation of
revenues into sterling using a weaker US
dollar. At constant exchange rates the
underlying growth was 6%. 
Revenue in the CB Division was £255.8m
(2006 £269.5m). The reduction was
principally due to the translation effect of
weaker foreign currencies, particularly the
US dollar and South African Rand.
Underlying demand for our products and
services remained strong in the principal
territories in which the Group operates.
Revenue in the AEP Division increased to
£125.0m (2006 £109.5m) mainly from the
acquisition of EGC and underlying growth in
the existing operations, particularly the seals
business.
Group operating profit before amortisation of
intangible assets acquired and exceptional
items increased by 14% to £39.0m (2006
£34.1m). At constant exchange rates the
increase was 24%. Divisional profits
contributed were £24.2m (2006 £23.8m)
from the CB Division and £20.0m (2006
£15.2m) from the AEP Division.
Exceptional items of £0.2m (2006 £nil)
comprised restructuring costs associated
with the expansion of the conveyor belting
businesses in North America of £1.9m,
integration costs following the acquisition of
EGC of £0.8m and a profit on disposal of joint
venture of £2.5m. Amortisation of intangible
assets acquired was £0.6m (2006 £0.4m). 
Group operating profit increased to £38.2m
(2006 £33.7m).
INTEREST
The net interest cost in the year was £4.6m
(2006 £4.3m). By the year end, more than
three quarters of the Group’s gross
borrowings were at fixed interest rates. The
remaining borrowings and deposits were at
floating rates. Interest cover increased from
7.9 to 8.5 times.
TAXATION
The taxation rate for the year was 29%
(2006 30%). The underlying taxation rate
before amortisation of intangible assets
acquired and exceptional items remained at
30%. The taxation rate in the relatively
higher taxation rate territories in North
America increased after tax losses were
mostly utilised in 2006. This was offset by
the utilisation of tax losses not previously
recognised for deferred taxation in Europe
and by the benefit of a tax holiday in China.
The net result of this was an unchanged
underlying taxation rate.
EARNINGS PER SHARE AND DIVIDENDS
Basic earnings per share was 15.0p per
share (2006 13.0p) and adjusted for
amortisation of intangible assets acquired
and exceptional items was 15.1p per share
(2006 13.1p).
The interim dividend of 2.075p per share
(2006 1.975p) was paid on 5 September
2007. The Board is recommending a final
dividend of 4.15p per share to make a total
dividend for the year of 6.225p per share
(2006 6.0p).
ACQUISITIONS AND DISPOSALS
On 1 October 2006, the Group acquired
substantially all of the operating assets and
liabilities of EGC, a Houston based
manufacturer of fluoroplastic seals and other
related fluoroplastic precision components.
EGC was acquired from Compagnie Plastic
Omnium SA, a company quoted on the Paris
Stock Exchange. It was acquired for a cash
consideration of £8.8m, inclusive of
acquisition costs.
On 2 January 2007, the Group disposed of
its 50% joint venture in KSB Pumps. This
disposal was achieved via a share buyback
in which KSB Pumps acquired and
cancelled Fenner held shares for an
aggregate value of £6.1m. After deducting
£0.9m of cash and cash equivalents held by
KSB Pumps, the net cash inflow was £5.2m.
CASH FLOW, NET DEBT AND FINANCING
Stronger profits and a reduction in working
capital generated an increase in net cash
from operating activities to £38.8m (2006
£26.3m). Capital expenditure increased to
£32.0m (2006 £18.8m) which reflects the
investment in the Group’s major expansion
programmes. This compares to a
depreciation charge of £8.0m (2006 £8.4m).
After funding these expansion programmes
and disposing of fixed assets of £0.2m
(2006 £0.1m), the free cash inflow was
£7.0m (2006 £7.6m). 
The acquisition of EGC and the disposal of
KSB Pumps gave a net outflow of £3.6m.
Dividends paid amounted to £9.5m (2006
£8.2m) which, together with an inflow from
other financing activities of £0.4m (2006
Fenner PLC   11 Business Review
Gr oup Finance Dir ector’s Review continued
12   Fenner PLC
£0.3m), resulted in an increase in net debt
before the effects of exchange rates of
£5.7m (2006 £1.1m). The translation effect of
weaker exchange rates reduced this amount
by £2.5m (2006 £2.5m). Net debt increased
in the year by £3.2m to £36.3m (2006
£33.1m).
The Group is financed principally by a mix
of equity, retained earnings, US dollar
private placement loan notes and a
committed bank facility. The principal loan
facilities are raised centrally and advanced
to operating companies on commercial
terms. Operating companies supplement
this funding with local overdraft and working
capital facilities.
Gross debt at the year end amounted to
£102.4m, excluding derivatives. During the
year, the Group raised a new $90m US
dollar private placement with US based
investors led by Pricoa Capital. These
Senior Notes are repayable in June 2017
and carry a fixed interest coupon of 5.78%.
The notes are guaranteed by the Company
and the Group’s principal UK and North
American subsidiaries. They carry net debt
to EBITDA and interest cover covenants.
The Group’s older private placement notes
stood at $34.1m (2006 $40.9m). These carry
a fixed interest coupon of 7.29% and mature
between 2008 and 2012. 
The Group has amended its committed
revolving credit bank facility with three
leading UK banks during the year. The
facility now stands at £75m and its maturity
has been extended by two years to June
2012. Its covenants have also been
amended and are now similar to the 2017
private placement. At 31 August 2007,
£33.5m (2006 £45.3m) of this facility was
drawn down. 
Cash and cash equivalents at the year end
were £66.1m (2006 £41.4m). The majority of
this increase was from part of the proceeds of
the new private placement placed on deposit
which are available for investment. Net debt
was £36.3m (2006 £33.1m).
The Group is well placed with medium and
long term debt finance and cash resources
to fund its continuing expansion plans.
ACCOUNTING POLICIES
The Group financial statements have been
prepared in accordance with the accounting
policies described in note 1 to the
consolidated financial statements, in 
accordance with IFRS as adopted by the
European Union. 
The Company financial statements have
been prepared in accordance with the
accounting policies described in note 1 to
the Company financial statements, in
accordance with UK GAAP.
FINANCIAL RISK MANAGEMENT
In the normal course of business, the Group
is exposed to certain financial risks,
principally foreign exchange risk, interest
rate risk, liquidity risk and credit risk. These
risks are managed by the central treasury
function in conjunction with the operating
units, in accordance with risk management
policies that are designed to minimise the
potential adverse effects of these risks on
financial performance. The policies are
reviewed and approved by the Board. 
The exposures are managed through the
use of foreign currency and sterling
borrowings, derivatives and credit
management procedures. The use of
derivatives is undertaken only where the
underlying interest or currency risk arises
from the Group’s operations or sources of
finance. No speculative trading in
derivatives is permitted.
In the normal course of business, derivatives
have been used to hedge future cash flows
arising from trading transactions relating to
the sale and purchase of goods and
services. The Group has chosen not to
hedge account for such transactions under
the requirements of IAS 39 ‘Financial
Instruments: Recognition and Measurement’,
recognising that cash flows through to the
maturity of the derivative are unaffected. In
compliance with IAS 39, all financial
instruments have been measured at their fair
value as at the balance sheet date. A
charge or credit to the income statement
has been recognised for the loss or gain on
these instruments. In addition, in
accordance with IAS 21 ‘The Effects of
Changes in Foreign Exchange Rates’, all
foreign currency monetary items have been
re-translated at the closing rate, with
changes in value charged or credited to the
income statement. 
The interest rate swap entered into in 2006
to hedge interest rate cash flows continued
during the year. This instrument fixes the
interest rate on $40m of floating rate bank
borrowings until 2011. At 31 August 2007,
the fair value of this instrument was a liability
of £0.7m (2006 £0.6m).  During the year, the Group also swapped
$27.2m of the 2017 private placement into 
€20.0m, with cash flows mirroring the
private placement at a fixed rate of 5.05%.
This swap matures in June 2017 when the
private placement is repayable. 
These swaps have been accounted for as
hedges in accordance with IAS 39, with the
charge or credit recognised directly in equity.
POST-RETIREMENT BENEFITS
The Group operates a number of defined
benefit post-retirement schemes for qualifying
employees in operations around the world.
The principal scheme is the Fenner Pension
Scheme which is based in the UK.
The total defined benefit post-retirement
liability on the balance sheet, as calculated
by the schemes’ actuaries in accordance
with IAS 19 ‘Employee Benefits’, reduced to
£14.1m (2006 £29.1m). Of this amount, the
Fenner Pension Scheme represented
£13.1m (2006 £26.9m) and the overseas
schemes totalled £1.0m (2006 £2.2m).
During the year, the fair value of assets in
the schemes has benefited from rising
equity markets whilst the present value of
obligations has reduced as bond yields
increased. 
KEY FINANCIAL PERFORMANCE
INDICATORS
Richard Perry
Group Finance Director
2007 2006
Adjusted earnings 
per share 15.1p 13.1p
Interest cover (times) 8.5 7.9
Net debt to EBITDA 0.8 0.8
Return on gross 
capital employed 20% 19%
Fenner PLC   13 14   Fenner PLC
Business Review
Definition of Key Per for mance Indicators Used
INTERNATIONALLY TRADED COAL PRICES
As published by, and used with the
permission of, the McCloskey Group
Limited, the coal industry recognised market
analysis and trade reporting company.
These bi-weekly prices reflect the delivered
to port price of coal for the two major coal
importing markets.
SALES PER EMPLOYEE
Total annual third party revenue at constant
exchange rates divided by the average
number of employees derived from a simple
total head count with no distinction between
full time, part time, temporary or casual
employees. Where employees are employed
for part of a year, the average number is
calculated on a pro-rata basis.
LOST TIME INCIDENTS
The number of incidents connected with
work which result in an injured person being
away from work or unable to do the full
range of their normal duties, not including
the day of the incident.
ADJUSTED EARNINGS PER SHARE
This is a measure of performance and
growth. It is calculated by dividing the profit
for the year before amortisation of intangible
assets acquired and exceptional items by
the weighted average number of shares in
issue and ranking for dividend.
INTEREST COVER
This measure provides an indication of
whether the Group’s profit is sufficient to
cover its interest obligations. It is calculated
by dividing the operating profit before
amortisation of intangible assets acquired
and exceptional items by the net of finance
income and finance costs.
NET DEBT TO EBITDA
This is a measure of the Group’s ability to
service its debt obligations. It is calculated
by dividing net debt, defined as short and
long term borrowings less cash and cash
equivalents, by the profit for the year after
adding back net finance costs, taxation,
depreciation, amortisation and exceptional
items.
RETURN ON GROSS CAPITAL EMPLOYED
This is a measure of performance relative to
amounts invested. It is calculated by
dividing the operating profit for the year
before amortisation of intangible assets
acquired and exceptional items by the gross
capital employed. Gross capital employed is
defined as the average of the opening and
closing non-current assets (excluding
deferred tax), inventories, trade and other
receivables and trade and other payables. The Boar d
Appointed in May 1993 as non-executive
Chairman. He is also non-executive
Chairman of Dowlis Corporate Solutions plc
and non-executive Chairman of Energybuild
Group Plc
Appointed to the Board as Group Finance
Director in 1990 and became Chief Executive
Officer in May 1994. He is also non-executive
Chairman of Inditherm plc.
Appointed to the Board in September 1994.
He is also a non-executive director of Scapa
Group plc.
Appointed to the Board in January 2003, he
was formerly an executive director of
D S Smith Plc.
Appointed to the Board in November 2005,
he was formerly Chief Executive of
British Vita plc and is a non-executive
director of Zotefoams Plc.
Joined the Company in 2001 and was
appointed Company Secretary in July 2002.
COLIN COOKE* (67)
a r n
Chairman
MARK ABRAHAMS (52)
n
Chief Executive Officer
RICHARD PERRY (57)
Group Finance Director
DAVID BUTTFIELD (61)*
a r n
DAVID CAMPBELL (57)*
a r n
DEBRA BRADBURY (42)
Company Secretary
* Non-executive 
a
Audit Committee
r
Remuneration Committee
n
Nomination Committee
Fenner PLC   15 16   Fenner PLC
The Group remains committed to maintaining high standards of corporate governance as set out in the Combined Code on
Corporate Governance (“Combined Code”) issued by the Financial Reporting Council in July 2003. This statement explains how the
Principles of Corporate Governance in the Combined Code are applied within the Group and areas of non-compliance are
explained.
Compliance with the Combined Code 
The Group has complied with the main provisions of the Combined Code in force during the year ended 31 August 2007 that are
appropriate for a Group of this size. The non-compliance resulting from the inclusion of the Chief Executive Officer on the
Nomination Committee and the inclusion of the Chairman on the Audit Committee is explained below. The Group will continue to
work towards full compliance within the spirit of the Combined Code.
Directors & directors’ independence
The Board comprises the non-executive Chairman, two executive directors and two non-executive directors and is responsible to
shareholders for the proper management of the Group. Specific matters are reserved for the Board’s consideration under a formal
schedule including Group strategy, reviewing trading performance, considering senior management appointments, formulating policy
on key issues including the approval of significant capital expenditure, acquisitions and disposals and reporting to shareholders.
The Board is headed by a non-executive Chairman who was independent upon appointment and is still considered to be
independent by the Board and whose role is distinct and separate from that of the Chief Executive Officer. The non-executive
directors are also independent. David Buttfield was appointed as the Senior Independent Director following the conclusion of the
Annual General Meeting (“AGM”) on 11 January 2006. David Campbell was appointed to the Board on 1 November 2005 and was
independent upon appointment. The Chairman and the non-executive directors are independent of management and do not have
any business relationships which could interfere with the exercise of their judgement.
Biographical details of the directors are set out on page 15.
Non-executive directors receive appropriate briefings on the Group and its operations when they are appointed to the Board. They
are encouraged to visit the Group’s offices and factories whenever the opportunity presents itself, where they are briefed on local
business operations. All directors have access to the Company Secretary, who is responsible for ensuring that Board procedures
are followed and that the Group complies with all applicable rules, regulations and obligations governing its operations. A
procedure exists for directors to take independent professional advice, at the Group’s expense, if necessary, in the furtherance of
their duties. The Board is provided with timely and appropriate information prior to each Board, Committee or General Meeting
covering the items on the agenda for such meetings.
A Board evaluation was performed in the previous year, when the Chairman met with each Board member individually and with the
Board as a whole to evaluate how effective the Board was, how well individual members of the Board performed, what the Board’s
collective or individual strengths and weaknesses were and areas that could be improved. The Chairman intends to conduct another
Board evaluation in 2008. It is believed that the Board does have the right balance of skills and experience, a good understanding of
Group strategy and the resources of the Group are managed effectively.
All directors are subject to election by shareholders at the first AGM following their appointment and to re-election thereafter at
intervals of no more than three years. 
The Board has a number of committees consisting of directors and senior executives. Details of their composition and purpose are
outlined below. In addition, the Chairman and the non-executive directors meet from time to time without the executive directors
being present. The Terms of Reference of the Audit, Remuneration and Nomination Committees are published on the Group’s
website at www.fenner.com.
Executive Committee
The Executive Committee is chaired by Mark Abrahams. It consists of the two executive directors, the Company Secretary and five
members of the Group’s senior management. The Executive Committee meets at least six times a year and deals with the daily
management of the Group through powers delegated to it by the Board.
Audit Committee
The Audit Committee comprises the Chairman and the non-executive directors and is chaired by David Buttfield who has recent
and relevant financial experience. Due to the size of the Board and the number of non-executive directors, it is felt appropriate and
sensible that the Chairman of the Board should remain a member of the Committee.
Corporate Governance The terms of reference of the Audit Committee cover all the main points recommended by the Combined Code. Its principal duties
are to monitor the integrity of the financial statements, to review the internal controls and risk management systems, to review the 
work of internal audit and to consider all aspects of the relationship with the external auditors. The Committee has the authority to
obtain external legal or other professional advice on any matter within its terms of reference.
There is a policy on the provision of non-audit services by the external auditors. Certain services such as due diligence in relation
to acquisitions and disposals, taxation and actuarial advice are permitted but others, for example, internal audit, information
technology and HR consultancy are generally considered inappropriate. Non-audit fees are reported to the Committee.
The Committee has received and reviewed written confirmation from the external auditors on all relationships that, in their
judgement, may bear on their independence. The external auditors have also confirmed that they consider themselves independent
within the meaning of UK regulatory and professional requirements.
Nomination Committee
The Nomination Committee, which consists of the Chairman, the non-executive directors and the Chief Executive Officer, is chaired
by Colin Cooke and meets as necessary. The duty of the Committee is to make recommendations to the Board regarding the
appointment of new Board members. Given the size of the Board it is felt both appropriate and prudent to have Mark Abrahams on
the Committee to work with the Chairman and non-executive directors on senior recruitment issues. Written terms of reference
clearly set out the role and scope of the Committee. The Committee did not meet during the year.
Remuneration Committee
The Remuneration Committee consists of the Chairman and the non-executive directors and is chaired by David Campbell. The
Chief Executive Officer also attends the meetings by invitation but does not participate in any decision in relation to his own
remuneration.
The Committee is responsible to the Board for determining the remuneration packages of the executive directors and other senior
executives and advises on executive remuneration policy issues. The Committee administers the long term Performance Share Plan
(“PSP”) and the outgoing Long Term Share Incentive Plan (“LTIP”). It also approves the granting to employees of a long term
Shadow Performance Share Plan which is a cash incentive scheme with performance criteria which are the same as the PSP.
The Remuneration Committee received advice during the year from MM&K Ltd, who assisted the Committee in consideration of
matters relating to directors’ incentives in relation to the outgoing LTIP and New Bridge Street Consultants LLP (“NBSC”), who
advised the Committee in relation to the PSP.
Directors’ remuneration
The Board Remuneration Report is set out on pages 20 to 26.
Number of meetings during the year
Chairman 
C I Cooke
Executive directors
M S Abrahams
R J Perry
Non-executive directors
D F Buttfield
D A Campbell
* By invitation
6
6
6
6
5
6
Board Meetings of the Board
2
2
2*
2*
2
2
Audit 
Committee
Remuneration
Committee
3
3
2*
0
3
3
0
0
0
0
0
0
Nomination
Committee
Fenner PLC   17 Corporate Governance continued
18   Fenner PLC
Relations with shareholders
The Company encourages regular dialogue with its institutional shareholders and also with private investors at the AGM. Update
meetings are held with institutional shareholders following the announcement of interim and final results and as requested
throughout the year. Similar meetings are held with private client brokers so that the same information can be disseminated to
private investors. Recent analyst presentations are made available on the Group’s website at www.fenner.com. The website
provides comprehensive investor relations information for shareholders to view. The website includes the current share price,
regulatory announcements, financial performance information, shareholder information and an investor relations contact address.
Annual General Meeting
In relation to the Company’s AGM:
- the proxy count in respect of each resolution is announced after it has been dealt with on a show of hands;
- a separate resolution is proposed for each substantially separate issue, including the receipt of the Annual Report;
- all executive and non-executive Board members normally attend the Meeting; and
- the Notice of the Meeting, the Annual Report and any other related papers are normally sent to shareholders more than 
one month before the Meeting.
Accountability and audit
Statement of directors’ responsibilities in respect of the Annual Report, the Board Remuneration Report and the
financial statements 
The directors are responsible for preparing the Annual Report, the Board Remuneration Report and the Group and the parent
company financial statements in accordance with applicable law and regulations. 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have
prepared the Group financial statements in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the
European Union and the parent company financial statements and the Board Remuneration Report in accordance with applicable
law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The parent company
and Group financial statements are required by law to give a true and fair view of the state of affairs of the Company and the Group
and of the profit or loss of the Company and Group for that period.
In preparing those financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent ;
- state that the Group financial statements comply with IFRS as adopted by the European Union and with regard to the 
parent company financial statements that applicable UK Accounting Standards have been followed, subject to any material 
departures disclosed and explained in the financial statements
- prepare the Group and parent company financial statements on the going concern basis unless it is inappropriate to 
presume that the Group will continue in business, in which case there should be supporting assumptions or qualifications as
necessary.
The directors confirm that they have complied with the above requirements in preparing the financial statements.
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the
financial position of the Company and the Group and to enable them to ensure that the Group financial statements comply with the
Companies Act 1985 and Article 4 of the IAS Regulation and the parent company financial statements and the Board Remuneration
Report comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the Company and the Group
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the Company’s website. Legislation in the United Kingdom
governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.  
Going concern
After making enquiries, the directors have formed a judgment at the time of approving the financial statements that there is a
reasonable expectation that the Company and Group have adequate resources to continue in operational existence for the
foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements. Internal control
The Board reviews the effectiveness of the Group’s system of internal control and aims to evaluate a report on the internal controls
at least twice a year. This review covers all controls, including operational, financial, compliance and risk management.
In accordance with the requirements of the Combined Code and the recommendations of the Turnbull Guidance on internal control,
the directors have reviewed the effectiveness of the internal control system. During the period under review, no significant changes
to the material risks were identified and no control failings or weaknesses were identified that resulted in unforeseen material losses.
The directors are responsible for the Group’s system of internal control which, like any system of internal control, can only provide
reasonable and not absolute assurance against material misstatement or loss. 
The key procedures within the control structure are:
- the identification of major business and insurance risks faced by the Group’s operations, by both the Board and senior
management, and the determination of the most appropriate course of action to deal with these risks;
- central review and approval procedures in respect of major areas of risk such as acquisitions and disposals, litigation, 
treasury management, taxation and environmental issues;
- a clear management structure with well defined lines of responsibility and the appropriate levels of delegation;
- regular review of the Group’s business units by operational and executive management;
- a structured process for appraising and authorising capital projects. This process includes clearly defined authorisation
levels. Projects are subject to post-investment appraisals;
- well established consolidation and reporting systems for both the statutory and monthly management accounts, with all 
Board members receiving a monthly statement of the financial results;
- comprehensive budgeting systems with an annual budget approved by the Board. Monthly results are reported against 
budget and revised forecasts for the year are prepared regularly;
- an internal programme of monitoring visits by the internal audit team, which was agreed with the Audit Committee, reviews
the compliance of each business unit with standard internal financial control procedures adopted by the Group; 
- competition compliance programmes are in place in several jurisdictions and the Group-wide whistleblowing policy
continues to be applied; and
- a programme of business risk reviews with operational management focusing on non-financial controls and risk
management was introduced during the year.
Signed on behalf of the Board of Directors
C I Cooke
Chairman
7 November 2007
Fenner PLC   19 20   Fenner PLC
Board Remuneration Report
The Board submits its report on directors’ remuneration. A resolution will be put to shareholders at the Company’s AGM inviting them
to approve this Report. Details of the Remuneration Committee’s responsibilities are given on page 17.
Members of the Remuneration Committee
The members of the Remuneration Committee during the year were David Campbell (Chairman), Colin Cooke and David Buttfield.
During the year, the Remuneration Committee took advice from independent external sources, as noted on page 17.
Remuneration policy
Executive directors
The Company’s policy on remuneration is to attract, retain and incentivise executives with the experience and necessary skills to
operate and develop the Company’s businesses to their maximum potential, thereby delivering the highest level of return for
shareholders.
Consistent with this policy, benefit packages awarded to executives are intended to be competitive and comprise a mix of
performance related and non-performance related remuneration designed to incentivise them, but not to detract from the goals of
corporate governance.
In 2005, Mercer Human Resource Consulting were commissioned to produce a report on comparative pay for executive directors of
companies similar to Fenner. The report confirmed that the pay levels of the executive directors were not above those of their peers
and this view is still held by the Remuneration Committee. Another review is planned for 2007/08.
The Remuneration Committee also takes account of the pay levels of senior management of the Fenner Group when establishing
the executive directors’ remuneration. 
It is the Committee’s current intention to continue to reward the executive directors with an annual performance related bonus plan,
linked to operating profit, earnings per share and working capital targets and a PSP, details of which are given on page 22. The
shares allocated under the old LTIP will continue to be awarded to an executive after a period of three years and will be dependent
on the comparative performance of the Company’s total shareholder return (“TSR”) against the TSR of companies comprising the
FTSE All Share Industrial Engineering Sector (“LTIP Peer Group”) over the period from the provisional allocation date to the final
award date. The PSP has a bespoke peer group comprising companies from the FTSE All Share Industrial Engineering Sector and
some comparative companies from the General Industrials and Electronic & Electrical Equipment Sectors (“PSP Peer Group”). The
Committee considers that TSR, which comprises of inter alia dividend yield and share price movement in comparison with both the
LTIP Peer Group and the PSP Peer Group, is the best measure of long term performance as it aligns the interests of executives with
shareholders and recognises market conditions in the Group’s industrial sector.
The targeted composition of each executive director’s remuneration is as follows:
Non-performance related Performance related
Mark Abrahams  60%  40%
Richard Perry  60% 40%
Chairman and non-executive directors
The Chairman and non-executive directors are usually appointed for a fixed three year term.
The remuneration of the non-executive directors is determined by the Board as a whole, having regard to the packages awarded
by other UK listed companies of similar size and complexity.  
The non-executive directors do not participate in any of the Group’s bonus, share option or incentive schemes, nor do they accrue
any pension entitlement. Directors’ service contracts
The executive directors have rolling 12 month contracts. In addition, the Company has agreed to the payment of a prescribed sum
equivalent to 12 months salary and contractual benefits if there is a change of control or termination of their contracts by the
Company other than for cause. 
The service contracts do not contain any provision for compensation on early termination other than the notice period and the
provision noted above, however the Committee will seek to mitigate cost to the Company whilst dealing fairly with each individual
case.
The details of the service contracts in relation to the executive directors and letters of appointment in relation to the Chairman and
non-executive directors who served as directors during the year are as follows:
Unexpired term at Notice
31 August 2007 period
Executive directors
Mark Abrahams  - 1 year
Richard Perry - 1 year
Non-executive directors
Colin Cooke* 28 months Fixed Term
David Buttfield 16 months Fixed Term
David Campbell 14 months Fixed Term
* Colin Cooke’s services are provided by way of an agreement between the Company, Steels Management Limited and Colin
Cooke. His service agreement was extended until the AGM 2010 in October 2007.
External appointments
The Company recognises that its executive directors are likely to be invited to become non-executive directors of other companies
and that such appointments can broaden experience and knowledge which may benefit the Company. Therefore, executive
directors may, subject to approval by the Board and providing there is no conflict of interest, be allowed to accept appointments as
a non-executive director of another company and are normally allowed to retain the fees paid from such appointments. In normal
circumstances, they may not accept more than one appointment. Currently the Chief Executive Officer, Mark Abrahams, is 
non-executive Chairman of Inditherm plc and retained fees of £35,000 in relation to Inditherm plc’s year ended 31 December 2006.
The Group Finance Director, Richard Perry, is a non-executive director of Scapa Group plc and retained fees of £33,667 in relation
to Scapa Group plc’s year ended 31 March 2007.
Remuneration components for executive directors
The major components of the executive directors’ remuneration are as follows:
Basic annual salary and benefits
The basic annual salary is subject to an annual review which takes into account the performance of the Group and the individual
and salary trends in comparable companies. In addition, a car allowance, healthcare insurance and other benefits are available in
line with normal corporate practice.
Annual performance related bonus
Performance related cash bonuses are reviewed annually. Demanding performance targets are set which must be achieved before
the maximum bonus is payable. The confirmed criteria include targets linked to the Group’s performance in terms of operating
profit, earnings per share and working capital. The target bonus for achievement of the annual budget for these measures is 35% of
basic annual salary and the maximum potential payment for the annual bonus is 60% of basic annual salary, excluding benefits in
kind and pension contributions. 
Fenner PLC   21 Board Remuneration Report continued
22   Fenner PLC
Performance Share Plan
The PSP, which was approved by shareholders at the AGM on 10 January 2007 and which replaced the old LTIP, is designed to
encourage its participants to deliver sustained long term above market returns to shareholders. 
Rewards under the PSP are linked to the Company's performance against demanding targets over three year periods
(“Performance Periods”). A conditional award of ordinary shares is based on a percentage (maximum 150%) of the participant's
annual basic salary and the value of the Company's ordinary shares on grant. In exceptional circumstances, such as recruitment or
retention of key participants, the Remuneration Committee can make awards over shares worth up to 300% of annual basic salary. 
The performance measurement for each of the Performance Periods is the Company's TSR which is compared with the TSR of the
PSP Peer Group. The PSP Peer Group is described on page 20. The Remuneration Committee selected the PSP Peer Group as it
believed it is the most appropriate group against which the TSR of the Company should be measured because it is a group of
businesses similar in nature to the Company and which represent alternative investment options for our shareholders. 
100% of the award may vest only if the Company's performance places it within the top 10% of the companies in the PSP Peer
Group. 25% of the award vests at the median. No awards vest if the Company's ranking is below the median. Between the median
and the top 10%, awards will vest on a straight-line basis (with interpolation between rankings). In addition, no award will vest
unless the Committee is satisfied that the Company’s TSR performance reflects its underlying financial performance.
There have been no departures from the Company's policy on awarding benefits under the PSP since it was adopted at the AGM
on 10 January 2007.  
The performance chart below illustrates the Company’s TSR over the past five years compared to the TSR performance of the FTSE
All Share Industrial Engineering Index. In addition to the statutory requirement to plot data over five financial year ends, the graph
and table below reflect data for each of the three year periods (“Plan Cycles”) for the LTIP and PSP Performance Periods. The Plan
Cycles and Performance Periods are aligned with the Group’s Preliminary Announcement and the Remuneration Committee
believes these are the most appropriate points for benchmarking the LTIP and PSP. This is because at these dates there is full
disclosure of relevant price sensitive information to the market as a whole.
The outgoing LTIP expired in 2007 having reached the end of its 10 year life and the PSP was introduced as the sole long term
incentive vehicle for participants, subject to the final Plan Cycles of the LTIP reaching their natural ends.
The Committee believes that the PSP provides a real incentive for key executives and will result in appropriate rewards for
delivering sustained out-performance against comparator companies and revenue growth. The form of the PSP takes due account
of changes in market practice and standards of good governance.
FTSE All Share
Industrial
Engineering Index
112
100
135
143
146
163
192
199
247
271
327
Fenner
108
100
100
103
141
159
200
208
297
291
347
Date
31 August 2002 
6 November 2002
31 August 2003
5 November 2003
31 August 2004
10 November 2004
31 August 2005
9 November 2005
31 August 2006
8 November 2006
31 August 2007
31/08/02 31/08/03 31/08/04 31/08/05 31/08/06 31/08/07
120
100
80
140
160
180
200
220
240
260
280
300
320
340
360
Fenner FTSE All Share Industrial Engineering Index
Total Shareholder Return Pensions
The executive directors participate in the defined benefits section of the Fenner Pension Scheme, an Inland Revenue approved mixed
benefits scheme, on the same terms as other senior executives. The Scheme provides for a maximum pension of two-thirds of
remuneration at or near retirement age of 62. For both executive directors, pensionable salary and benefits from the Fenner Pension
Scheme had been restricted by the Inland Revenue earnings cap until the implementation of the Finance Act 2004, effective from
6 April 2006, and consequently payments up to that date had been made to funded unapproved retirement benefit schemes
(“FURBS”) to provide top-up pension benefits in excess of the Inland Revenue limits. Since 6 April 2006, the FURBS payments to the
executive directors have converted to a Pension Allowance under the terms of their Service Agreements. The total amount of the
payments post 5 April 2006 do not exceed the amounts that would have been paid as FURBS. The executive directors have full
discretion in how they choose to invest these payments post 5 April 2006.
The following sections of the Board Remuneration Report are audited.
Directors’ detailed emoluments
Annual salary, Annual  
fees or performance  Total Total
consultancy  Benefits in related  emoluments emoluments
services  kind* bonus 2007 2006
£ £ £ £ £
Executive directors
Mark Abrahams 300,000 22,216 174,390 496,606 453,672
Richard Perry 182,000 19,396 105,797 307,193 286,011
Non-executive directors
Colin Cooke** 90,100 - - 90,100 90,100
David Buttfield 36,127 - - 36,127 33,835
David Campbell 32,780 - - 32,780 26,549
Thomas Glucklich - - - - 12,722
641,007 41,612 280,187 962,806 902,889
*Benefits in kind include the provision of a car allowance and healthcare insurance for both executive directors.
**By an agreement between the Company, Steels Management Limited and Colin Cooke dated 24 June 1993, as amended by
subsequent supplemental agreements between the same parties, the last one being dated 31 October 2007, Steels Management
Limited agreed to provide the services of Colin Cooke as a non-executive director and Chairman of the Company until the 2010 AGM.
Steels Management Limited may at any time terminate the agreement by giving 12 months notice in writing to the Company.
During the year ended 31 August 2007, £90,100 (2006 £90,100), including a £5,100 car allowance, was payable under this agreement.
Thomas Glucklich retired from the Board following the AGM in January 2006.
No remuneration was paid directly to Colin Cooke, nor were any pension contributions paid on his account. The non-executive
directors do not participate in any Company pension scheme, nor do they receive any benefits in kind.
No directors waived emoluments in respect of the year ended 31 August 2007.
Pensions
Directors’ pension entitlement
Details of the pension benefits to which each of the executive directors is entitled are as follows.
Accrued Increase in Accrued Transfer  Transfer Increase in
entitlement accrued entitlement  value at   value at transfer value
31 August entitlement  31 August 31 August  31 August less directors’
2006 over the year  2007 2006 2007 contributions
££   £ £ £ £
Mark Abrahams 43,800 4,500 48,300 471,500 533,800 62,300
Richard Perry 43,400 5,500 48,900 599,200 677,200 69,200
Fenner PLC   23 24   Fenner PLC
Board Remuneration Report continued
Additional information as required by the Listing Rules:
Transfer value of additional accrued benefits
Additional accrued benefits earned in year earned in year less directors’ contributions
£ £
Mark Abrahams  2,900  28,000
Richard Perry    3,800  39,100
The accrued pension entitlement is the amount that the director would be paid annually on retirement based on service to 31
August 2007. The Listing Rules require the increase in this amount to be disclosed excluding inflation. The benefits do not
allow for any retained benefits which the directors may have relating to previous employment. The pension benefits exclude
any additional pension purchased by additional voluntary contributions.
The increase in the accrued entitlement is the difference between the accrued entitlement at 31 August 2007 and the accrued
entitlement at 31 August 2006.
The pension benefits are based on the directors’ pensionable salaries which are limited to the scheme’s permitted maximum
(currently £112,800 per annum).
All transfer values have been calculated on the basis of actuarial advice in accordance with Actuarial Guidance Note GN11.
The transfer values of the accrued entitlement represent the value of assets that the pension scheme would need to transfer to
another pension provider on transferring the scheme’s liability in respect of the directors’ pension benefits. They do not
represent sums payable to individual directors and, therefore, cannot be added meaningfully to annual remuneration.
The transfer value of the increase in accrued benefits, required by the Listing Rules, discloses the current value of the increase
in accrued benefits that the director has earned in the period, whereas the change in his transfer value, required by the
Companies Act 1985, discloses the absolute increase or decrease in his transfer value and includes the change in value of the
accrued benefits that results from market volatility affecting the transfer value at the beginning of the period, as well as the
additional value earned in the year.
Until 5 April 2006, the Company made contributions to FURBS in respect of the executive directors. From 6 April 2006,
payments to the executive directors have been converted to a Pension Allowance under the terms of their Service
Agreements. The total contributions made by the Company were as follows:
2007 2006
£ £
Mark Abrahams  202,500 185,625
Richard Perry    121,030 113,050 Fenner PLC   25
Interests in shares 
The interests of the directors in the 25p ordinary shares of the Company were as follows:
31 August 2007 1 September 2006 
Number Number
Mark Abrahams 549,044 421,754
Richard Perry 426,446 344,474
Colin Cooke 210,408 210,408
David Buttfield - -
David Campbell 3,150 3,150
All directors’ interests are beneficially held. There have been no changes in the interests set out above between 31 August 2007 and
7 November 2007.
Share schemes
None of the directors held any share options during the year.
Awards to executive directors under long term incentive schemes were as follows:
LTIP
Provisional Provisional
allocation Provisional allocation End of Plan Cycle 
1 September  allocation Shares Shares 31 August Value & Award
2006 in the year awarded lapsed 2007 awarded Determination
Allocation Date Number Number Number Number Number £ Date
Mark Abrahams
5 November 2003 216,939 - 215,746 1,193 - 432,398 8 November 2006
10 November 2004 155,046 - - - 155,046 - 14 November 2007
9 November 2005 133,236 - - - 133,236 - 13 November 2008
Richard Perry
5 November 2003 139,704 - 138,936 768 - 278,455 8 November 2006
10 November 2004 97,524 - - - 97,524 - 14 November 2007
9 November 2005 82,364 - - - 82,364 - 13 November 2008
Total of awards in year 354,682 710,853
PSP
Conditional Conditional End of 
award Conditional award Performance 
1 September  award Shares Shares 31 August Value Period & Award
2006 in the year awarded lapsed 2007 awarded Determination
Allocation Date Number Number Number Number Number £ Date
Mark Abrahams
20 February 2007 - 97,720 - - 97,720 - 19 February 2010
Richard Perry
20 February 2007 - 59,284 - - 59,284 - 19 February 2010
Total of awards in year - - The performance criteria attached to the shares that were awarded on 8 November 2006 relate to the Company’s TSR which is
compared with the TSR of The Peer Group.
There have been no variations in the terms and conditions of scheme interests during the year. All awards under the LTIP were in
respect of qualifying services.
The Plan Cycle that ended on 8 November 2006 was independently evaluated and an award of shares made representing 99.45%
of the original award of shares was made on 7 December 2006. The market value (as defined in the Rules of the Plan) of an
ordinary share of the Company at the beginning of the Plan Cycle was 84.90p (83.21p after adjustment for the Share Placing and
Open Offer in May 2005), at the end of the Plan Cycle was 200.42p and at 20 February 2007 for the new PSP Performance Period
was 230.25p.
The performance chart on page 22, which shows the relative TSR of the Company and the LTIP Peer Group, gives an indication of
whether each LTIP Plan Cycle and PSP Performance Period will achieve the performance criteria, based upon the share price at
31 August 2007.
Given the nature of the performance calculation, it could be misleading to indicate a likely outcome for future share awards.
Movements in share price during the year
The market price of the Company’s shares at the end of the financial year was 236.75p and the range of market prices during the
year was between 191.0p and 252.0p.
Signed on behalf of the Board of Directors
D A Campbell
Chairman of the Remuneration Committee
7 November 2007
26   Fenner PLC
Board Remuneration Report continued Fenner PLC   27
Directors’ Report
The directors submit their report and the audited Group financial statements for the financial year ended 31 August 2007.
Principal activities
Fenner PLC is a global manufacturer and distributor of conveyor belting and reinforced precision polymer products. 
Business review
The Business Review, incorporating the Chief Executive Officer’s Review and the Group Finance Director’s Review, can be found on
pages 4 to 14.
Results and dividends
£m
Group profit for the year 23.9
Dividends:
Interim 2.075p per share – payable 3.3
Final 4.15p per share – proposed 6.6
9.9
Charitable donations
During the year, the Group contributed £5,000 (2006 £7,000) to United Kingdom charitable organisations.
Substantial shareholdings
As of 7 November 2007, the following interest in shares have been notified to the Company:
Number of % of issued
Interested party shares share capital
Aegon UK Group of Companies 8,808,009 5.56%
AXA S.A. Limited 11,404,268 7.19%
Brown Shipley & Co Limited 4,476,213 2.82%
Invesco plc 7,547,466 4.76%
Legal & General Investment Management Limited 6,932,629 4.37%
Lloyds TSB Group Plc 9,881,674 6.23%
Rathbone Brothers Plc 8,571,232 5.41%
Directors and their interests
The directors of the Company who served during any part of the year are shown in the Board Remuneration Report on page 21.
Details of the directors’ beneficial interests in the ordinary shares of the Company, in share options over the ordinary share capital of
the Company and in the LTIP and PSP are given in the Board Remuneration Report on pages 20 to 26.
Save as disclosed in the Board Remuneration Report:
- no director has any interest (beneficial or non-beneficial) in any share or loan capital of the Company or any of its
subsidiaries;
- no change in the interests of directors has occurred between the end of the financial year and 7 November 2007; and
- there were no contracts of significance subsisting during or at the end of the financial year in which a director of the
Company was materially interested.
Richard Perry will be retiring by rotation at the forthcoming AGM and being eligible, offers himself up for re-election. Richard Perry’s
performance continues to be effective and he continues to demonstrate commitment to his roles.
Colin Cooke will be recommended for re-election for a new two year term but, given the length of his tenure, will also retire by
rotation annually and offer himself up for re-election in accordance with best practice. 28   Fenner PLC
Supplier payment policy
Given the international nature of the Group’s operations, the Group does not operate a standard code in respect of payments to
suppliers. Individual operating businesses are responsible for agreeing the terms and conditions under which transactions with their
suppliers are conducted, including the terms of payment. It is the Group’s policy that payments to suppliers are made in accordance
with these terms. The average creditor days for the Group during the year ended 31 August 2007 was 51 days (2006 51 days). The
Company does not have any trade creditors.
Employment policy
The Group operates worldwide and its employment policies are designed to meet local conditions and requirements but are
established on the basis of the best practices in each country. Wherever the Group operates, it encourages the provision of equal
employment opportunities regardless of sex, race, religion or age. 
The Group’s policy is to secure good relations between management and all employees, to promote a better understanding of all the
issues, both internal and external, that influence the Group’s business performance and to improve performance and productivity.
Formal and informal meetings are used to consult employees and to keep them informed about the performance of the Group. The
practices of consultation and involvement vary from country to country according to local customs, legal considerations and the size
of the operation. The regular worldwide issue of a Group magazine assists the process of communication, as do briefing meetings,
information bulletins and meetings with employee representatives.
The Group continues to recognise its social and statutory duty to employ disabled persons and does all that is practicable to meet
this responsibility. Full and fair consideration is given to the recruitment, training, career development and promotion of disabled
persons bearing in mind the aptitude and ability of the individual concerned.
If an employee becomes disabled while employed by the Group, wherever possible, he or she will continue to be employed in the
same job. If this action is not practicable or possible then every effort will be made to find suitable alternative employment. In
these circumstances retraining would be made available using Group resources as well as by contact with the local disabilities
employment adviser.
Further details of the Company’s employment policy are given in the Business Review on page 7.
Environmental policy
The Group recognises and accepts that concern for the environment is an integral and fundamental part of the Group’s
corporate business strategy.
Details of the Company’s environmental policy are given in the Business Review on page 8.
Independent auditors
A resolution to re-appoint PricewaterhouseCoopers LLP as independent auditors to the Company will be proposed at the AGM.
As far as each director is aware, there is no relevant audit information of which the Company’s auditors are unaware. Each director has
taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and
to establish that the Company’s auditors are aware of that information.
Annual General Meeting
As special business at the forthcoming AGM, resolutions will be proposed to renew the directors’ authority to allot relevant securities,
to disapply the statutory pre-emption rights to a limited extent and to make market purchases of ordinary shares in the Company
subject to defined limits. The proposed resolutions and further details regarding these proposals are set out in the Chairman’s
explanatory letter accompanying the Notice of the Annual General Meeting.
Signed on behalf of the Board of Directors
C I Cooke
Chairman
7 November 2007
Directors’ Report continued Independent Auditors' Report to the members of Fenner PLC
We have audited the Group financial statements of Fenner PLC for the year ended 31 August 2007 which comprise the
Consolidated income statement, the Consolidated balance sheet, the Consolidated cash flow statement, the Consolidated
statement of recognised income and expense and the related notes. These Group financial statements have been prepared under
the accounting policies set out therein.
We have reported separately on the parent company financial statements of Fenner PLC for the year ended 31 August 2007 and on
the information in the Board Remuneration Report that is described as having been audited.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report and the Group financial statements in accordance with applicable
law and International Financial Reporting Standards (“IFRS”) as adopted by the European Union are set out in the Corporate
Governance statement on page 18.
Our responsibility is to audit the Group financial statements in accordance with relevant legal and regulatory requirements and
International Standards on Auditing (UK and Ireland). This Report, including the opinion, has been prepared for and only for the
Company’s members as a body in accordance with Section 235 of the Companies Act 1985 and for no other purpose.  We do not,
in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or
into whose hands it may come save where expressly agreed by our prior consent in writing.
We report to you our opinion as to whether the Group financial statements give a true and fair view and whether the Group financial
statements have been properly prepared in accordance with the Companies Act 1985 and Article 4 of the IAS Regulation. We
report to you whether, in our opinion, the information given in the Directors’ Report is consistent with the Group financial statements.
We also report to you if, in our opinion, we have not received all the information and explanations we require for our audit, or if
information specified by law regarding director’s remuneration and other transactions is not disclosed.
We review whether the Corporate Governance statement reflects the Company’s compliance with the nine provisions of the 2003
FRC 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 other information contained in the Annual Report and consider whether it is consistent with the audited Group financial
statements. The other information comprises only the Directors’ Report, the Financial Highlights, the Chairman’s Statement, the
Business Review, the Corporate Governance statement and the unaudited part of the Board Remuneration Report. We consider the
implications for our report if we become aware of any apparent misstatements or material inconsistencies with the Group financial
statements. Our responsibilities do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices
Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the Group financial
statements. It also includes an assessment of the significant estimates and judgments made by the directors in the preparation of
the Group financial statements, and of whether the accounting policies are appropriate to the Group’s circumstances, 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 Group financial statements are free from material
misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy
of the presentation of information in the Group financial statements.
Opinion
In our opinion:
- the Group financial statements give a true and fair view, in accordance with IFRS as adopted by the European Union, of the
state of the Group’s affairs as at 31 August 2007 and of its profit and cash flows for the year then ended; 
- the Group financial statements have been properly prepared in accordance with the Companies Act 1985 and Article 4 of
the IAS Regulation; and 
- the information given in the Directors’ Report is consistent with the Group financial statements.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
Hull
7 November 2007
Fenner PLC   29 30   Fenner PLC
Consolidated income statement
for the year ended 31 August 2007 
3,4
6
3,5
8
8
9
11
11
Revenue
Cost of sales
Gross profit
Distribution costs
Administrative expenses
Operating profit before amortisation of intangible assets acquired and exceptional items
Amortisation of intangible assets acquired 
Exceptional items   
Operating profit
Finance income
Finance costs
Share of result of associate
Profit before taxation
Taxation
Profit for the year
Attributable to:
Equity holders of the parent
Minority interests
Earnings per share
Basic
Diluted
The result for the year derives from continuing operations.
2006
£m Notes
380.8
(268.4)
112.4
(36.9)
(37.3)
39.0
(0.6)
(0.2)
38.2
1.4
(6.0)
-
33.6
(9.7)
23.9
23.7
0.2
23.9
15.0p
14.9p
379.0
(269.8)
109.2
(36.2)
(39.3)
34.1
(0.4)
-
33.7
1.6
(5.9)
(0.1)
29.3
(8.7)
20.6
20.4
0.2
20.6
13.0p
12.8p
2007
£m Notes
90.2
66.5
0.6
12.5
169.8
54.5
61.5
0.7
66.1
0.2
183.0
352.8
(10.2)
(75.1)
(5.4)
(0.7)
(91.4)
(92.2)
(14.1)
(6.9)
(5.5)
(118.7)
(210.1)
142.7
39.6
51.7
54.0
(4.9)
0.4
1.1
141.9
0.8
142.7
68.7
65.8
0.6
15.7
150.8
53.9
64.0
0.6
41.4
0.5
160.4
311.2
(8.5)
(67.7)
(5.7)
(0.6)
(82.5)
(66.0)
(29.1)
(6.5)
(5.1)
(106.7)
(189.2)
122.0
39.2
49.6
33.5
(2.1)
-
1.1
121.3
0.7
122.0
12
13
15
16
17
18
19
23
22
24
23
22
25
27
16
28
29
29
29
29
29
29
Consolidated balance sheet
at 31 August 2007 
Non-current assets
Property, plant and equipment
Intangible assets
Other investments
Deferred tax assets
Current assets
Inventories
Trade and other receivables
Current tax assets
Cash and cash equivalents
Derivative financial instruments
Total assets
Current liabilities
Borrowings
Trade and other payables
Current tax liabilities
Derivative financial instruments
Non-current liabilities
Borrowings
Retirement benefit obligations
Provisions
Deferred tax liabilities
Total liabilities
Net assets
Equity
Share capital
Share premium
Retained earnings
Exchange reserve
Hedging reserve
Other reserve
Shareholders' equity
Minority interests
Total equity
The financial statements were approved by the Board of Directors on 7 November 2007 and signed on its behalf by:
C I Cooke
Chairman
R J Perry
Group Finance Director
2007
£m
2006
£m
Fenner PLC   31 32   Fenner PLC
Consolidated cash flow statement
for the year ended 31 August 2007
33
34
19
33.6
8.6
(2.7)
0.2
(1.4)
6.0
-
(2.5)
0.7
42.5
10.8
53.3
1.6
(5.9)
(10.2)
38.8
(31.5)
0.2
(0.5)
-
(8.8)
-
5.2
(35.4)
(9.5)
(0.1)
0.7
-
-
(0.3)
(34.1)
66.3
23.0
26.4
41.0
(1.4)
66.0
29.3
8.8
(3.6)
1.6
(1.6)
5.9
0.1
-
0.1
40.6
(2.4)
38.2
1.5
(5.9)
(7.5)
26.3
(18.6)
0.1
(0.2)
(0.3)
(0.2)
(0.3)
-
(19.5)
(8.2)
(0.1)
0.3
0.1
0.1
(0.2)
(39.8)
31.6
(16.2)
(9.4)
51.3
(0.9)
41.0
Profit before taxation
Adjustments for:
Depreciation of property, plant and equipment and amortisation of intangible assets
Movement in retirement benefit obligations
Movement in provisions
Finance income
Finance costs
Share of result of associate
Profit on disposal of joint venture
Other non-cash movements
Operating cash flow before movement in working capital
Movement in working capital
Net cash from operations
Interest received
Interest paid
Taxation paid
Net cash from operating activities
Investing activities:
Purchase of property, plant and equipment
Disposal of property, plant and equipment
Purchase of intangible assets
Purchase of investments
Acquisition of businesses
Acquisition of subsidiary undertakings
Disposal of joint venture
Net cash used in investing activities
Financing activities:
Equity dividends paid
Dividends paid to minority shareholders
Issue of ordinary share capital
Minority interest capital introduced
Loan repayment from associate
Repayment of finance leases
Repayment of borrowings
New borrowings
Net cash from/(used in) financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at start of year
Exchange movements
Cash and cash equivalents at end of year
2007
£m Notes
2006
£m Consolidated statement of recognised income and expense
for the year ended 31 August 2007
23.9
(2.8)
0.5
(0.1)
12.0
(4.3)
5.3
29.2
29.0
0.2
29.2
20.6
(4.3)
0.6
(0.6)
7.8
(2.0)
1.5
22.1
21.9
0.2
22.1
Profit for the year
Items recognised directly in equity:
Currency translation differences
Hedge of net investments in foreign currencies
Hedge of interest rate risk
Actuarial gains on defined benefit pension schemes
Taxation on items taken directly to equity
Net income recognised directly in equity
Total recognised income and expense for the year
Attributable to:
Equity holders of the parent
Minority interests
Total recognised income and expense for the year
2007
£m
2006
£m
Fenner PLC   33 34   Fenner PLC
1. Significant accounting policies
Basis of preparation
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) adopted by the
European Union and with IFRIC interpretations and those parts of the Companies Act 1985 applicable to companies reporting under IFRS. The
Company has elected to prepare its parent company financial statements in accordance with UK Generally Accepted Accounting Practice 
(“UK GAAP”). The consolidated financial statements are prepared on the historical cost basis, except for derivative financial instruments, 
share-based payments and assets of post-retirement benefit schemes which are measured at fair value. 
The following standards or interpretations to existing standards have been adopted for the first time during the year:
• Amendment to IAS 21 ‘Net Investment in a Foreign Operation’.
• Amendment to IAS 39 ‘Cash Flow Hedge Accounting of Forecast Intragroup Transactions’.
• Amendment to IAS 39 ‘The Fair Value Option’.
• Amendments to IAS 39 and IFRS 4 ‘Financial Guarantee Contracts’.
• Amendments to IFRS 1 ‘First-time Adoption of International Financial Reporting Standards’ 
• IFRIC 4 ‘Determining whether an Arrangement contains a Lease’.
• IFRIC 8 ‘Scope of IFRS 2’.
• IFRIC 9 ‘Reassessment of Embedded Derivatives’.
The following standards or interpretations to existing standards have been published but are not mandatory for the year ended 31 August 2007 and
consequently have not been adopted by the Group in the year:
• Amendment to IAS 1 ‘Presentation of Financial Statements - Capital Disclosures’.
• Amendment to IAS 23 ‘Borrowing Costs’.
• IFRS 7 ‘Financial Instruments - Disclosures’.
• IFRS 8 ‘Operating Segments’.
• IFRIC 10 ‘Interim Financial Reporting and Impairment’.
• IFRIC 11 ‘IFRS 2 - Group and Treasury Share Transactions’.
• IFRIC 12 ‘Service Concession Arrangements’.
• IFRIC 13 ‘Customer Loyalty Programmes’.
• IFRIC 14 ‘IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction’.
None of the above standards or interpretations are expected to have a significant impact on the consolidated financial statements.
The principal accounting policies adopted for the year ended 31 August 2007 are set out below.
Basis of consolidation
The consolidated financial statements comprise the financial statements of Fenner PLC and subsidiaries controlled by the Group as at 31 August
each year, together with the Group’s share of the results of associates and joint ventures, as detailed below. 
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
(a) Subsidiaries
A subsidiary is an entity over which the Group has the power to control the financial and operating policy decisions of the entity so as to obtain
benefits from its activities. The acquisition of subsidiaries is accounted for using the purchase method. The cost of the acquisition is measured at
the aggregate of the fair values of assets given, liabilities incurred or assumed and equity instruments issued by the Group at the date of
completion, plus any costs directly attributable to the acquisition. The subsidiary’s identifiable assets and liabilities are initially recognised at their 
fair values at the date of acquisition. Subsidiaries acquired or disposed of during the year are consolidated from the effective date of acquisition or
up to the effective date of disposal, as appropriate. Where necessary the accounting policies of acquired subsidiaries are adjusted to bring them
into line with those used by the Group. 
Minority interests in subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the
date of acquisition and the minority’s share of changes in equity since the date of acquisition. 
Notes to the consolidated financial statements (b) Investments in associates
An associate is an entity over which the Group has significant influence, but not control, over the financial and operating policy decisions of the
entity. The Group’s interest in associates is incorporated in the financial statements using the equity method. Investments in associates are carried in
the consolidated balance sheet at cost as adjusted for post-acquisition changes in the Group’s share of the net assets of the associate, less any
impairment in the value of investments. Losses of associates in excess of the Group’s interest in those associates are not recognised. Where a
Group entity transacts with an associate, profits and losses are eliminated to the extent of the Group’s interest in that entity.
(c) Interests in joint ventures
A joint venture is a contractual arrangement whereby the Group undertakes an economic activity that is subject to joint control with third parties,
where the financial and operating policy decisions relating to the activity requires the unanimous consent of the parties sharing control. The Group’s
interest in joint ventures is incorporated in the financial statements using the proportionate consolidation method. The Group’s share of the assets,
liabilities, income and expenses of joint ventures are combined with the equivalent items in the consolidated financial statements on a line-by-line
basis. Where a Group entity transacts with a joint venture, profits and losses are eliminated to the extent of the Group’s interest in that entity.
Foreign currencies
(a) Functional and presentation currency
The individual financial statements of each entity in the Group are presented in the currency of the primary economic environment in which it operates
(the functional currency). The consolidated financial statements are presented in pounds sterling, which is the presentation currency of the Group.
(b) Transactions and balances
Transactions in currencies other than an entity’s functional currency are recorded at the rates of exchange prevailing on the dates of the
transactions. At each balance sheet date, monetary assets and liabilities are retranslated at the rates prevailing on the balance sheet date. 
Non-monetary items measured at historical cost are not retranslated. Exchange differences arising on the settlement and retranslation of monetary
items are recognised in the income statement in the period.
(c) Net investment in foreign operations
For the consolidation of operations where the functional currency is different to the Group’s presentation currency, the assets and liabilities are
translated at exchange rates prevailing on the balance sheet date and income and expenses are translated at the average exchange rates for the
period. Exchange differences arising are recognised directly in equity in the exchange reserve. On disposal of such operations, the cumulative
exchange differences are included in the profit or loss on disposal.
The Group has adopted the transitional provisions of IFRS 1 to reset to zero the cumulative exchange differences in equity at 1 September 2004, the
date of transition to IFRS.
Goodwill and fair value adjustments arising on the acquisition of foreign operations are treated as assets and liabilities of that operation and are
retranslated at the closing rate at each balance sheet date. The Group has adopted the transitional provisions of IFRS 1 to not apply this to goodwill
arising on acquisitions prior to 1 September 2004, the date of transition to IFRS.
Revenue recognition
Revenue is measured at the fair value of the consideration receivable and represents amounts receivable for goods and services provided in the
normal course of business, net of discounts, VAT and other sales related taxes. Revenue from the sale of goods is recognised when the significant
risks and rewards of ownership have passed to the buyer. Revenue from short term service contracts is recognised in the period in which the
services are completed.
Interest income is recognised on an accruals basis using the effective interest method. Royalty income is recognised on an accruals basis in
accordance with the substance of the relevant agreement. Dividend income from investments is recognised when the right to receive payment is
established.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
All other leases are classified as operating leases.
Fenner PLC   35 Notes to the consolidated financial statements continued
36   Fenner PLC
1. Significant accounting policies continued
Assets held under finance leases are included in property, plant and equipment at the lower of their fair value at the inception of the lease and the
present value of the minimum lease payments. The corresponding liability is included in the balance sheet as a finance lease obligation. Lease
payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the
remaining balance of the liability. Finance charges are recognised in the income statement.
Rentals payable under operating leases are recognised in the income statement on a straight-line basis over the term of the relevant lease. 
Government grants
Government grants in respect of property, plant and equipment are treated as deferred income in the balance sheet and are recognised in the
income statement over the expected useful life of the relevant asset. Government grants in respect of revenue expenditure are recognised in the
income statement in the period in which the related expenditure is incurred.
Share-based payments
The Group operates equity-settled and cash-settled share schemes for certain employees. The cost of share-based payments is measured at fair
value at the date of grant, excluding the effect of non market-based vesting conditions. The cost is recognised in the income statement on a
straight-line basis over the vesting period with the corresponding amount credited to equity, based on an estimate of the number of shares that will
eventually vest. The fair values are measured using the Binomial option-pricing model and the Monte Carlo simulation approach.
The Group has adopted the transitional provisions of IFRS 1 to apply IFRS 2 ‘Share-based Payment’ only to equity-settled awards granted after 7
November 2002 that had not vested at 1 January 2005.
Post-retirement benefits
The Group operates both defined contribution and defined benefit pension schemes.
For defined contribution pension schemes, payments are recognised in the income statement as they are incurred.
For defined benefit pension schemes, the cost is determined using the projected unit credit method, with actuarial valuations being carried out at
each balance sheet date. Service costs are recognised in the income statement to spread the cost over the expected lives of the employees. Net
finance costs or income are recognised in the income statement in the period in which they are incurred. Actuarial gains and losses are recognised
in full in the statement of recognised income and expense in the period in which they are incurred. The retirement benefit obligation recognised in
the balance sheet represents the excess of the present value of scheme liabilities over the fair value of scheme assets.
The cost of providing other post-retirement benefits, principally private healthcare, is determined from actuarial valuations carried out at each
balance sheet date using the same principles as defined benefit pension schemes.
The Group has adopted the transitional provisions of IFRS 1 to recognise in full the cumulative actuarial gains and losses at 1 September 2004, the
date of transition to IFRS. The Group has also adopted the Amendment to IAS 19 ‘Employee Benefits’ permitting the recognition of actuarial gains
and losses in the statement of recognised income and expense.
Exceptional items
Exceptional items are items of income and expense that are material and relevant to an understanding of the Group’s financial performance and may
be operating or non-operating in nature. In accordance with IAS 1 ‘Presentation of Financial Statements’, such items are presented separately on the
face of the income statement and analysed in the notes to the financial statements. 
Taxation
Taxation expense represents the sum of the current tax payable and deferred tax.
Current tax is the tax expected to be payable on taxable profit for the period using tax rates that have been enacted or substantively enacted by the
balance sheet date, together with any adjustments in respect of previous years. Taxable profit differs from profit as reported in the income statement
because it excludes items of income or expense that are not taxable or deductible or are taxable or deductible in other years.
Deferred tax is recognised, using the liability method, for temporary differences between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable profit, unless specifically exempt. Deferred tax assets are
recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.
Deferred tax is calculated using tax rates that are expected to apply in the period when the liability is settled or the asset realised. The resulting
charge or credit is recognised in the income statement except when it relates to items recognised directly in equity, in which case the charge or
credit is also recognised directly in equity. Dividends
Dividends proposed by the Board are recognised in the financial statements when they have been approved by shareholders at the Annual General
Meeting. Interim dividends are recognised when they are paid. 
Segmental reporting
A segment is a distinguishable component of the Group that is engaged either in providing products or services (business segment) or in providing
products and services within a particular economic environment (geographical segment), which is subject to risks and rewards that are different
from those of other segments. The Group reports separate information on its material operations for each of the Group’s segments. The Group’s
primary segment is the business sector and its secondary segment is the geographical area. 
Property, plant and equipment
Property, plant and equipment is stated at historical cost or deemed cost, less accumulated depreciation and any accumulated impairment losses.
The Group has adopted the transitional provisions of IFRS 1 to record the previously revalued freehold land and buildings as deemed cost at 
1 September 2004, the date of transition to IFRS.
Freehold land is not depreciated. Depreciation on other assets is recognised in the income statement to write down the value of the asset to its
residual value on a straight-line basis over the estimated useful life of the asset from the date it is brought into use. Estimated useful lives most
widely applied are as follows:
Freehold buildings 40 years
Leasehold buildings Unexpired term of lease
Plant, machinery and equipment 3-10 years
Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, the term of
the relevant lease.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying
amount of the asset, and is recognised in the income statement.
Goodwill
Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’s interest in the fair value of the identifiable assets
and liabilities of a subsidiary, associate or joint venture at the date of acquisition. Goodwill is initially recognised as an asset at cost and is
subsequently measured at cost less any accumulated impairment losses. The carrying amount of goodwill is reviewed for impairment annually, or
more frequently when events or changes in circumstances indicate that the carrying amount may be impaired. Any impairment is recognised in the
income statement and is not subsequently reversed. Any excess of the Group’s interest in the fair value of the identifiable assets and liabilities of the
acquired entity over cost is recognised immediately in the income statement. Goodwill arising on the acquisition of an associate is included within
the carrying amount of the investment.
On disposal of a subsidiary, associate or joint venture, the attributable amount of goodwill is included in the profit or loss on disposal.
Goodwill arising on acquisitions prior to 1 September 2004, the date of transition to IFRS, has been recorded at the previous UK GAAP carrying
amount at that date, subject to any impairment required at that date. Goodwill written off to reserves under UK GAAP prior to 1998 continues to be
included in reserves and is not included in any subsequent profit or loss on disposal.
Other intangible assets
Intangible assets acquired in a business combination are initially recognised at their fair value. Other intangible assets are initially recognised at
cost. Intangible assets are subsequently stated at fair value or cost less accumulated amortisation and any accumulated impairment losses.
Amortisation is recognised in the income statement on a straight-line basis over the estimated useful life of the asset. Estimated useful lives most
widely applied are as follows:
Computer software 3-5 years
Brands 20 years
Trademarks 20 years
Customer relationships 15 years
Technology based assets 5 years
Fenner PLC   37 38   Fenner PLC
Notes to the consolidated financial statements continued
1. Significant accounting policies continued
Impairment 
The carrying amounts of goodwill and other intangible assets with indefinite useful lives are reviewed for impairment annually, or more frequently
when events or changes in circumstances indicate that the carrying amount may be impaired. The carrying amount of property plant and equipment
and intangible assets with finite useful lives are reviewed for impairment when events or changes in circumstances indicate that the carrying amount
may be impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of any impairment
loss. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the
cash-generating unit to which the asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are
discounted to their present value using an appropriate pre-tax discount rate. If the recoverable amount of an asset or cash-generating unit is
estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. Any
impairment loss is recognised in the income statement.
Where an impairment loss subsequently reverses, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its
recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no
impairment loss previously been recognised for the asset or cash-generating unit. Any reversal of an impairment loss is recognised in the income
statement. Impairment losses on goodwill are not subsequently reversed.
Non-current assets held for sale
Non-current assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell.
Non-current assets are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing
use. This condition is regarded as met only when the sale is highly probable and the asset is available for immediate sale in its present condition.
Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date
of classification.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and
those overheads that have been incurred in bringing inventories to their present location and condition. Net realisable value represents the
estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Financial assets
Financial assets and financial liabilities are recognised in the balance sheet when the Group becomes a party to the contractual provisions of the
instrument.
(a) Trade receivables
Trade receivables are measured at amortised cost less appropriate allowances for estimated irrecoverable amounts. 
(b) Available-for-sale investments
Available-for-sale investments are measured at fair value plus directly attributable transaction costs. Gains and losses arising from changes in fair
value are recognised directly in equity until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss in
equity is recognised in the income statement for the period. Impairment losses are not subsequently reversed.
(c) Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, deposits available on demand and other short-term highly liquid investments that are readily
convertible to a known amount of cash and are subject to an insignificant risk of changes in value. For the purposes of the cash flow statement,
cash and cash equivalents also includes bank overdrafts as they are an integral part of the Group’s cash management.
Financial liabilities and equity instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity
instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. 
(a) Trade payables
Trade payables are measured at amortised cost.
(b) Borrowings
Bank loans and overdrafts and other loans are initially measured at fair value less direct arrangement fees and subsequently measured at amortised
cost. (c) Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received net of direct issue costs.
Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments, including forward foreign currency contracts, options and interest rate swaps and non-derivative
cash instruments, including foreign currency borrowings, to hedge its exposure to the financial risks of changes in foreign exchange rates or interest
rates. The Group does not use derivative financial instruments for speculative purposes.
Derivative financial instruments are initially measured at fair value on the contract date and are subsequently measured at fair value at each balance
sheet date.
Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly
in equity. Amounts deferred in equity are recognised in the income statement in the same period in which the hedged item affects the income
statement.
Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting or the ineffective portion of financial instruments
that are designated and effective as hedges are recognised in the income statement as they are incurred.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge
accounting. Any cumulative gain or loss on the hedging instrument in equity at that time is retained in equity until the forecast transaction occurs. If a
hedged transaction is no longer expected to occur the cumulative gain or loss in equity is transferred to the income statement in the period.
Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event and it is probable that the Group will be required to
settle that obligation. Provisions are measured at the directors’ best estimate of the expenditure required to settle the obligation at the balance sheet
date and are discounted to present value where the effect is material. 
2. Critical accounting estimates and judgements
The preparation of financial statements in accordance with IFRS requires management to make certain assumptions, estimates and judgements that
may affect the reported amounts of assets, liabilities, income and expenses. These are based on historical experience and any other factors,
including expectations of future events, that are considered appropriate, and these are continually reviewed. Subsequent actual results may however
differ from these estimates and judgements. Areas where assumptions, estimates and judgements may give rise to risk of material adjustments to
the carrying values of assets and liabilities in the next financial year are as follows:
• Taxation (notes 9 and 16)
• Impairment of goodwill (note 13)
• Inventory provisions (note 17)
• Provisions for doubtful trade receivables (note 18)
• Retirement benefit obligations (note 25)
• Share-based payments (note 26)
• Provisions (note 27)
• Contingencies (note 30)
3. Segment information 
Segment information is presented in respect of the Group’s business and geographical segments. The primary format, business segments, is based
on the Group’s management reporting structure.
Segment results, assets and liabilities comprise items directly attributable to a segment. Unallocated costs, assets and liabilities are corporate items
that cannot be reasonably allocated to a segment.
Business segments
The Group is organised into the following main business segments:
Conveyor Belting Manufacture of rubber, PVC and steel cord conveyor belts. Applications include mining (underground and
surface), aggregates and various industrial uses such as package handling and process industries.
Advanced Engineered Products Manufacture of precision polymer products including:
- precision drives for computer peripherals, copiers and ATMs
- problem-solving power transmission and motion transfer components
- silicone and complex hoses for heavy duty trucks, buses and off-road vehicles
- seals and sealing solutions for the fluid power and oil and gas industries
Fenner PLC   39 Notes to the consolidated financial statements continued
40   Fenner PLC
3. Segment information continued
Segment information for the years ended 31 August 2007 and 31 August 2006 is as follows:
Segment result
Revenue
Operating profit before amortisation of intangible  
assets acquired and exceptional items
Amortisation of intangible assets acquired
Exceptional items
Operating profit
Net finance costs
Share of result of associate
Taxation
Profit for the year
Segment assets and liabilities
Total assets
Total liabilities
Net assets
Other segment information
Capital expenditure
Depreciation and amortisation
There was no inter-segment revenue during the year (2006: £nil). Capital expenditure relates to property, plant and equipment and intangible assets.
Amortisation excludes amortisation of intangible assets acquired.
Geographical segments
The Group operates in four main geographical areas; Europe, Americas, Asia Pacific and Africa. 
Segment information for the years ended 31 August 2007 and 31 August 2006 is as follows:
Europe
Americas
Asia Pacific
Africa
Unallocated
Revenue is based on the region in which the customer is located. Total assets and capital expenditure are based on the region in which the assets
are located.
380.8
39.0
(0.6)
(0.2)
38.2
(4.6)
-
(9.7)
23.9
355.3
(212.6)
142.7
32.0
8.0
379.0
34.1
(0.4)
-
33.7
(4.3)
(0.1)
(8.7)
20.6
311.2
(189.2)
122.0
18.9
8.4
-
(4.9)
-
-
(4.9)
38.6
(101.6)
(63.0)
-
-
-
(5.2)
-
-
(5.2)
53.5
(116.9)
(63.4)
0.2
-
125.0
20.0
(0.6)
1.7
21.1
120.5
(30.0)
90.5
7.4
2.8
109.5
15.2
(0.4)
-
14.8
110.5
(26.9)
83.6
8.7
2.4
255.8
24.2
-
(1.9)
22.3
181.3
(65.7)
115.6
24.4
5.2
269.5
23.8
-
-
23.8
162.1
(60.7)
101.4
10.2
6.0
2006
£m
2007
£m
2006
£m
2007
£m
2006
£m
2007
£m
2006
£m
2007
£m
Total Unallocated
Advanced
Engineered Products
3.4
20.0
4.9
3.7
-
32.0
5.3
8.9
3.4
1.3
-
18.9
142.8
142.6
61.9
8.3
(0.3)
355.3
124.6
120.1
55.8
10.9 
(0.2)
311.2
89.5
183.0
88.3
20.0
-
380.8
84.8
188.7
78.6
26.9
-
379.0
2006
£m
2007
£m
2006
£m
2007
£m
2006
£m
2007
£m
Capital Expenditure Total Assets External Revenue
Conveyor Belting 4. Revenue 
Revenue is analysed as follows:
Sales of goods 
Service contracts
Revenue
Finance income
Other income
Total revenue
Other income is classified within administrative expenses in the consolidated income statement.
5. Operating profit
Operating profit has been arrived at after charging/(crediting):
Depreciation of property, plant and equipment - owned assets
Amortisation of intangible assets acquired 
Amortisation of other intangible assets
Loss on disposal of property, plant and equipment
Foreign exchange loss/(gain)
Research and development costs
Government grants
Operating lease charges
Onerous property lease charges
Litigation costs
Defined benefit past service credit
Exceptional items (note 6)
Auditors’ remuneration for audit services
Auditors’ remuneration for non-audit services 
- UK
- Overseas
Amortisation of intangible assets acquired is classified within administrative expenses in the consolidated income statement. Non-audit services
comprised litigation services of £nil (2006: £0.1m), taxation services of £nil (2006: £0.1m) and other services of £0.1m (2006: £0.1m). In addition,
fees for actuarial services of £0.1m (2006: £0.1m) were borne by the Fenner Pension Scheme.
6. Exceptional items
Exceptional items of £0.2m (2006: £nil) comprised restructuring costs associated with the expansion of the conveyor belting businesses in North
America of £1.9m, integration costs following the acquisition of EGC of £0.8m and a profit on disposal of joint venture of £2.5m (note 34).
363.2
17.6
380.8
1.4
0.7
382.9
365.7
13.3
379.0
1.6
0.4
381.0
2006
£m
2007
£m
7.6
0.6
0.4
0.2
0.1
1.7
(0.1)
3.1
-
0.5
-
0.2
0.5
0.1
-
8.0
0.4
0.4
0.2
(0.2)
1.9
(0.1)
3.1
1.4
2.4
(1.4)
-
0.5
0.2
0.1
2006
£m
2007
£m
Fenner PLC   41 Notes to the consolidated financial statements continued
42   Fenner PLC
7. Employees 
Aggregate employee costs are as follows:
Wages and salaries
Social security costs
Pension costs - defined contribution schemes
Pension costs - defined benefit schemes
Share-based payments
Average monthly number of employees during the year is as follows:
Production
Selling and distribution
Administration
Information on directors’ remuneration is included in the Board Remuneration Report on pages 20 to 26.
8. Net finance costs
Interest payable on bank overdrafts and loans
Interest payable on other loans
Unwinding of discount
Bank interest receivable
3.5
2.3
0.2
6.0
(1.4)
4.6
2.7
3.2
-
5.9
(1.6)
4.3
2006
£m
2007
£m
2,738
480
445
3,663
2,560
459
454
3,473
2007 2006
90.5
9.1
3.5
0.8
0.5
104.4
86.4
7.2
3.4
0.4
0.3
97.7
2006
£m
2007
£m 9. Taxation
Current taxation
UK corporation tax:
- current year
- double taxation relief
Overseas tax:
- current year
- adjustments in respect of prior years
Deferred taxation
UK deferred tax
Overseas deferred tax
Total taxation
UK corporation tax is calculated at 30% (2006: 30%) of the estimated assessable profit for the year. Overseas tax is calculated at the rates
prevailing in the respective jurisdictions.  
The charge for the year and effective tax rate can be reconciled to profit per the income statement as follows:
Profit before taxation
Taxation at the UK corporation tax rate of 30%
Expenses/(income) not deductible/(taxable) in determining taxable profit 
Adjustments in respect of prior years
Effect of overseas tax rates 
Other temporary differences not previously provided for
Taxation recognised directly in equity amounts to a current taxation charge of £nil (2006: £0.1m) and a deferred taxation charge of £4.3m 
(2006: £1.9m).
Fenner PLC   43
4.6
(4.6)
-
9.9
-
9.9
9.9
0.6
(0.8)
(0.2)
9.7
5.8
(5.9)
(0.1)
8.5
(0.2)
8.3
8.2
(0.2)
0.7
0.5
8.7
2006
£m
2007
£m
2006
%
2006
£m
30
-
-
2
(3)
29
33.6
10.1
(0.1)
-
0.6
(0.9)
9.7
30
1
(1)
2
(2)
30
29.3
8.8
0.2
(0.2)
0.5
(0.6)
8.7
2007
%
2007
£m 10. Dividends
Dividends paid or approved in the year
Interim dividend for the year ended 31 August 2006 of 1.975p (2005: 1.975p) per share
Final dividend for the year ended 31 August 2006 of 4.025p (2005: 3.85p) per share
Dividends not paid or approved in the year
Interim dividend for the year ended 31 August 2007 of 2.075p (2006: 1.975p) per share
Final dividend for the year ended 31 August 2007 of 4.15p (2006: 4.025p) per share
The interim dividend for the year ended 31 August 2007 was paid on 5 September 2007. The proposed final dividend for the year ended 
31 August 2007 is subject to approval by shareholders at the AGM. Consequently neither have been recognised as liabilities at 31 August 2007.
If approved, the final dividend will be paid on 14 January 2008 to shareholders on the register on 14 December 2007.
11. Earnings per share
Earnings
Profit for the year attributable to equity holders of the parent
Amortisation of intangible assets acquired and exceptional items
Taxation attributable to amortisation of intangible assets acquired and exceptional items
Profit for the year before amortisation of intangible assets acquired and exceptional items
Average number of shares
Weighted average number of shares in issue
Weighted average number of shares held by the Employee Share Ownership Plan Trust
Weighted average number of shares in issue – basic
Effect of share options and contingent long term incentive plans
Weighted average number of shares in issue – diluted
Earnings per share
Adjusted – before amortisation of intangible assets acquired and exceptional items
Basic
Diluted
Adjusted earnings per share has been presented to provide a clearer understanding of the underlying performance of the Group.
3.1
6.4
9.5
3.3
6.6
9.9
2.2
6.0
8.2
3.1
6.3
9.4
2006
£m
2007
£m
23.7
0.8
(0.6)
23.9
Number
158,073,110
(131,859)
157,941,251
766,733
158,707,984
Pence
20.4
0.4
(0.2)
20.6
Number
156,851,761
(131,859)
156,719,902
2,076,873
158,796,775
Pence
2006
£m
2007
£m
44   Fenner PLC
15.1
15.0
14.9
13.1
13.0
12.8
Notes to the consolidated financial statements continued 12. Property, plant and equipment 
Cost:
At start of prior year
Additions
Acquisition of businesses
Disposals
Reclassifications
Exchange differences
At start of year
Additions
Acquisition of businesses
Disposals
Disposal of joint venture
Reclassifications
Exchange differences
At end of year
Accumulated depreciation:
At start of prior year
Charge for the year
Disposals
Reclassifications
Exchange differences
At start of year
Charge for the year
Disposals
Disposal of joint venture
Reclassifications
Exchange differences
At end of year
Net book value:
At end of year
At start of year
At start of prior year
The net book value of plant, machinery and equipment includes an amount of £0.5m (2006: £0.5m) in respect of assets held under finance leases
and £19.6m (2006: £3.6m) in respect of assets under construction. The assets under construction have not yet been brought into use and therefore
no depreciation has been charged on these items during the year.
Borrowings are secured on freehold property for the value of £0.5m (2006: £0.9m).
At 31 August 2007, the Group had entered into contractual commitments for the purchase of property, plant and equipment amounting to £11.1m
(2006: £9.0m).
139.4
18.7
0.1
(3.7)
-
(5.9)
148.6
31.5
0.9
(3.4)
(1.8)
-
(4.2)
171.6
78.4
8.0
(3.5)
-
(3.0)
79.9
7.6
(3.0)
(1.0)
-
(2.1)
81.4
90.2
68.7
61.0
107.1
13.9
0.1
(3.4)
(0.1)
(4.7)
112.9
27.9
0.9
(3.4)
(1.3)
(1.1)
(3.5)
132.4
70.7
7.2
(3.2)
(0.1)
(2.7)
71.9
6.6
(3.0)
(0.9)
(0.8)
(1.9)
71.9
60.5
41.0
36.4
31.0
1.4
-
(0.2)
-
(1.2)
31.0
2.6
-
-
(0.5)
-
(0.6)
32.5
7.6
0.7
(0.2)
-
(0.3)
7.8
0.7
-
(0.1)
-
(0.1)
8.3
24.2
23.2
23.4
Total
£m
Plant,
machinery & 
equipment
£m
Leasehold
property
£m
Freehold
property
£m
1.3
3.4
-
(0.1)
0.1
-
4.7
1.0
-
-
-
1.1
(0.1)
6.7
0.1
0.1
(0.1)
0.1
-
0.2
0.3
-
-
0.8
(0.1)
1.2
5.5
4.5
1.2
Fenner PLC   45 46   Fenner PLC
Notes to the consolidated financial statements continued
13. Intangible assets
Cost:
At start of prior year
Additions
Acquisition of subsidiary undertakings
Acquisition of businesses
Exchange differences
At start of year
Additions
Acquisition of businesses
Disposal of joint venture
Exchange differences
At end of year
Accumulated amortisation and impairment losses:
At start of prior year
Amortisation charge for the year
Exchange differences
At start of year
Amortisation charge for the year
Disposal of joint venture
At end of year
Net book value:
At end of year
At start of year
At start of prior year
The net book value of intangibles acquired comprises brands, trademarks, customer relationships and technology based assets. 
All intangible assets have finite useful lives except for goodwill.
Impairment testing for goodwill
Goodwill acquired through business combinations is allocated at acquisition to the Group’s cash-generating units that are expected to benefit from
that business combination. The carrying amount of goodwill is allocated to cash-generating units as follows:
Conveyor Belting
Conveyor Belting (Americas, UK, Europe and Australia)
Conveyor Belting (India)
Advanced Engineered Products
Fenner Advanced Sealing Technologies (Process)
Fenner Advanced Sealing Technologies (Fluid Power)
James Dawson & Son
Fenner Drives (Industrial)
The carrying amount of goodwill is reviewed for impairment annually, or more frequently when events or changes in circumstances indicate that the
carrying amount may be impaired. The recoverable amounts of cash-generating units are based on value in use calculations using forecast cash
flow projections discounted using the Group’s pre-tax weighted average cost of capital of 11.2%. Forecast cash flows use projected cash flows for
one year, with subsequent cash flows based on expected growth rates in the respective geographical areas. Annual growth rates range from 2.3%
to 2.7% for all cash-generating units except for Conveyor Belting (India) where a growth rate of 7.5% has been used. 
72.9
0.2
0.8
0.2
(1.7)
72.4
0.5
2.6
(0.1)
(1.4)
74.0
6.0
0.8
(0.2)
6.6
1.0
(0.1)
7.5
66.5
65.8
66.9
0.2
-
-
-
-
0.2
-
-
-
-
0.2
0.2
-
-
0.2
-
-
0.2
-
-
-
3.3
0.2
-
-
(0.3)
3.2
0.5
-
(0.1)
(0.1)
3.5
2.2
0.4
(0.2)
2.4
0.4
(0.1)
2.7
0.8
0.8
1.1
Total
£m
Other
£m
14.1
2.0
12.8
23.1
2.2
2.1
56.3
14.1
2.0
13.0
23.2
2.2
2.3
56.8
2006
£m
2007
£m
Computer 
software
£m
Intangibles
acquired
£m
Goodwill
£m
59.8
-
0.8
-
(1.2)
59.4
-
0.5
-
(1.0)
58.9
2.6
-
-
2.6
-
-
2.6
56.3
56.8
57.2
9.6
-
-
0.2
(0.2)
9.6
-
2.1
-
(0.3)
11.4
1.0
0.4
-
1.4
0.6
-
2.0
9.4
8.2
8.6 14. Investment in associates
Cost:
At start of prior year
Share of loss for the year
Disposals
At start of year and at end of year
Goodwill:
At start of prior year
Disposals
At start of year and at end of year
Loans:
At start of prior year
Repayment of loan
At start of year and at end of year
Net book value:
At start of prior year, at start of year and at end of year
15. Other investments
Cost:
At start of prior year
Additions
At start of year and at end of year
Investments comprise unlisted equities and long term loan notes of an unlisted equity holding. There is no material difference between the cost and
fair value of the investments.
0.3
0.3
0.6
£m
-
(0.1)
0.1
-
0.1
(0.1)
-
0.1
(0.1)
-
-
£m
Fenner PLC   47 48   Fenner PLC
Notes to the consolidated financial statements continued
16. Deferred tax
Deferred tax assets/(liabilities) are attributable to the following:
Property, plant and equipment
Intangible assets 
Retirement benefit obligations
Fixed asset revaluation
Other short term temporary differences
Movements in net deferred tax assets/(liabilities) are as follows:
At start of prior year
Credited/(charged) to income statement
Credited/(charged) to equity
Exchange differences
At start of year
Credited/(charged) to income statement
Credited/(charged) to equity
Acquisition of businesses
Disposal of joint venture
Exchange differences
At end of year
The Finance Act 2007 reduced the UK corporation tax rate from 30% to 28% with effect from 1 April 2008. This reduction in the future rate of
corporation tax has resulted in a decrease in the deferred taxation provided.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary
differences can be utilised. Deferred tax assets and liabilities are offset where there is a legally enforceable right of offset and there is an intention to
settle the balances net. Deferred tax assets have not been recognised in respect of certain tax losses amounting to £4.9m (2006: £4.9m) since it is
not envisaged that such profits will be available in the foreseeable future. In addition, deferred tax assets have not been recognised in respect of
UK capital losses of £0.6m (2006: £0.6m) since it is not envisaged that suitable capital gains will be available in the foreseeable future.
Deferred tax liabilities have not been recognised on the undistributed earnings of subsidiaries because the Group is in a position to control the
timing of reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future. The aggregate of
temporary differences in respect of this is £0.1m (2006: £0.4m). 
17. Inventories 
Raw materials 
Work in progress
Finished goods
Inventories is presented net of provision for inventory write downs, based on management’s estimate of the net realisable value of inventories.
Amounts charged to the income statement in the year in respect of write downs of inventories is £1.7m (2006: £2.5m). The amount credited to the
income statement in the year in respect of reversals of write downs of inventories is £0.9m (2006: £1.9m). The cost of inventories recognised as an
expense in the year is £258.9m (2006: £262.5m).
(0.2)
(2.0)
4.1
(0.9)
6.0
7.0
0.3
(1.9)
8.6
(1.1)
4.7
10.6
(1.6)
(2.4)
-
(0.9)
(0.6)
(5.5)
(0.5)
(2.7)
-
(1.1)
(0.8)
(5.1)
1.4
0.4
4.1
-
6.6
12.5
0.8
0.8
8.6
-
5.5
15.7
2006
£m
2007
£m
2006
£m
2007
£m
2006
£m
2007
£m
19.9
8.5
26.1
54.5
21.1
8.0
24.8
53.9
2006
£m
2007
£m
Net Liabilities Assets
13.1
(0.5)
(1.9)
(0.1)
10.6
0.2
(4.3)
0.9
(0.1)
(0.3)
7.0
3.3
1.3
0.2
(0.1)
4.7
0.7
-
0.9
(0.1)
(0.2)
6.0
(1.1)
-
-
-
(1.1)
-
0.2
-
-
-
(0.9)
1.7
(1.7)
-
-
-
-
-
-
-
-
-
11.6
(0.9)
(2.1)
-
8.6
0.1
(4.5)
-
-
(0.1)
4.1
(1.8)
(0.1)
-
-
(1.9)
(0.1)
-
-
-
-
(2.0)
(0.6)
0.9
-
-
0.3
(0.5)
-
-
-
-
(0.2)
Total
£m
Other 
temporary
differences
£m
Fixed
asset
revaluation
£m
Taxation 
losses
£m
Retirement
benefit
obligations
£m
Intangible
assets
£m
Property,
plant and
equipment
£m 18. Trade and other receivables 
Trade receivables
Other receivables
Prepayments and accrued income
Trade receivables is presented net of provision for doubtful trade receivables of £1.1m (2006: £0.8m), estimated by management based on past
default experience and other factors as considered appropriate. The amount charged to the income statement in the year in respect of doubtful
trade receivables is £0.4m (2006: credit of £0.1m).
Trade and other receivables is non-interest bearing. There is no material difference between the carrying amount and fair value of trade and other
receivables.
19. Cash and cash equivalents
Cash at bank and in hand and short term deposits
Cash at bank and short term bank deposits earn interest at floating rates based on bank deposit rates. Short term deposits have an original
maturity of three months or less.  There is no material difference between the carrying amount and fair value of cash and cash equivalents.
For the purpose of the cash flow statement, cash and cash equivalents comprises:
Cash and cash equivalents 
Bank overdrafts
20. Reconciliation of net cash flow to movement in net debt
Net increase/(decrease) in cash and cash equivalents
(Increase)/decrease in borrowings and finance leases resulting from cash flows
Movement in net debt resulting from cash flows
New finance leases
Exchange movements
Movement in net debt in the year
Net debt at start of year
Net debt at end of year
Net debt is defined as cash and cash equivalents and current and non-current borrowings.
58.9
2.1
3.0
64.0
57.3
2.1
2.1
61.5
2006
£m
2007
£m
41.4 66.1
2006
£m
2007
£m
41.4
(0.4)
41.0
66.1
(0.1)
66.0
2006
£m
2007
£m
(9.4)
8.4
(1.0)
(0.1)
2.5
1.4
(34.5)
(33.1)
26.4
(31.9)
(5.5)
(0.2)
2.5
(3.2)
(33.1)
(36.3)
2006
£m
2007
£m
Fenner PLC   49 50   Fenner PLC
Notes to the consolidated financial statements continued
21. Financial risk management
In the normal course of business the Group is exposed to certain financial risks, principally foreign exchange risk, interest rate risk, liquidity risk and
credit risk. These risks are managed by the central treasury function, in conjunction with the operating units, in accordance with risk management
policies that are designed to minimise the potential adverse effects of these risks on financial performance. The policies are reviewed and approved
by the Board.
Foreign exchange risk
The Group has operations around the world and is therefore exposed to foreign exchange risk arising from net investments in foreign operations.
Where cost effective, the exposure arising from the translation of the net assets of the Group’s foreign operations is managed through the use of
borrowings in the relevant foreign currency. 
Some Group operations also enter into commercial transactions in currencies other than their functional currencies. Exposures arising from the
translation of foreign currency transactions are continually monitored and material exposures are managed through the use of forward contracts or
options once cash flows can be identified with sufficient certainty. Exposures arising from the translation of intra-group lending are managed
through the use of borrowings in the relevant foreign currency. 
Interest rate risk
The Group’s exposure to interest rate risk arises on floating rate borrowings and short term cash deposits. This is reviewed regularly and is
managed through the use of an appropriate mix of fixed rate and floating rate instruments, including the use of interest rate swaps, in response to
market conditions.
Liquidity risk
The Group’s objective is to ensure that sufficient resources are available to fund short term working capital and longer term strategic requirements.
This is achieved through an appropriate mix of long term and short term borrowings and the availability of sufficient committed facilities.
Credit risk
Credit risk principally arises on short term cash deposits, derivative financial instruments and trade receivables. The credit risk arising on short term
cash deposits and derivative financial instruments is limited because the counterparties are financial institutions with high credit ratings assigned by
international credit rating agencies. The credit risk arising on trade receivables is spread across a large numbers of customers and across many
countries. There are no significant concentrations of credit risk.
22. Borrowings
Current
Bank overdrafts
Bank loans
Other loans
Obligations under finance leases
Non-current
Bank loans
Other loans
Obligations under finance leases
Total borrowings
Bank loans include £33.5m (2006: £45.3m) drawn down under a committed revolving bank credit facility maturing in June 2012. Other loans
principally relates to two US dollar private placements as detailed below: 
$34.1m (2006: $40.9m) of Senior Notes bear interest at 7.29% per annum. An amount of $6.8m is repayable annually on 1 June each year until 2012. 
During the year, an additional $90.0m private placement was raised. These Senior Notes bear interest at 5.78% per annum and are repayable on 1
June 2017. $27.2m (£13.5m) of this amount has been swapped into Euros. This results in a underlying Euro borrowing of €20.0m at a fixed interest
rate of 5.05%. The swap matures on 1 June 2017 when the private placement is repayable. Arrangement fees of £0.3m are being amortised over
the life of the loan.€
Bank balances are stated net where a legal right of offset exists.€
0.4
4.3
3.7
0.1
8.5
47.4
18.4
0.2
66.0
74.5
0.1
6.5
3.5
0.1
10.2
33.6
58.5
0.1
92.2
102.4
2006
£m
2007
£m The maturity profile of borrowings is as follows: 
31 August 2007
Within one year or on demand
Between one and two years
Between two and five years
More than five years
31 August 2006
Within one year or on demand
Between one and two years
Between two and five years
More than five years
The interest rate and currency profile of borrowings is as follows:
31 August 2007
US dollar
Euro
Other currencies
31 August 2006
US dollar
Euro
Other currencies
The fixed rate borrowings principally relate to the US dollar private placements detailed above and $40.0m of bank borrowings, where the floating
rate has been swapped to fixed rate using an interest rate swap. This is detailed in note 23. The interest rates on floating rate borrowings are
principally linked to LIBOR or similar local currency rates.
The carrying amount and fair value of borrowings is as follows:
Current borrowings
Non-current borrowings
The fair value of fixed rate borrowings represents the value of replacing the existing fixed rate liabilities at the balance sheet date with borrowings
with similar terms to the remaining life of the loans. The fair value of all other floating rate borrowings approximates to their carrying amounts where
rates are reset to market rates at intervals of less than one year.
At 31 August 2007, the Group had available £41.5m (2006: £14.7m) of undrawn committed borrowing facilities. 
Current borrowings of £0.1m (2006: £0.2m) and non-current borrowings of £0.4m (2006: £0.7m) are secured on specific freehold property.
10.2
3.6
43.9
44.7
102.4
8.5
5.7
56.6
3.7
74.5
0.1
0.1
-
-
0.2
0.1
0.1
0.1
-
0.3
Total
£m
Finance
leases
£m
3.5
3.5
10.3
44.7
62.0
3.7
3.7
11.1
3.6
22.1
6.5
-
33.6
-
40.1
4.3
1.9
45.4
0.1
51.7
Other 
loans
£m
Bank
loans
£m
0.1
-
-
-
0.1
0.4
-
-
-
0.4
Bank
overdrafts
£m
8.5
67.0
75.5
8.5
66.0
74.5
Fair 
Value
£m
Carrying
amount
£m
10.2
93.4
103.6
10.2
92.2
102.4
Fair 
Value
£m
Carrying
amount
£m
70.0
19.8
12.6
102.4
51.8
11.7
11.0
74.5
67.8
13.5
-
81.3
42.6
-
0.9
43.5
Total
£m
Fixed
rate
£m
2.2
6.3
12.6
21.1
9.2
11.7
10.1
31.0
Floating
Rate
£m
2007 2006
Fenner PLC   51 52   Fenner PLC
Notes to the consolidated financial statements continued
23. Derivative financial instruments
Forward foreign currency contracts and options
Interest rate swaps
The carrying amount and fair value of derivative financial assets/(liabilities) is as follows:
Forward foreign currency contracts and options
Interest rate swaps
The fair value of forward foreign currency contracts represents the gain or loss resulting from translation of the contracts using forward rates at the
balance sheet date compared to actual contract rates. The fair value of interest rate swaps and forward foreign currency options represents the
market value of a comparable instrument at the balance sheet date.
Hedge of net investments in foreign currencies
Group financial instruments denominated in US dollars of £nil (2006: £10.9m), Euros of £6.8m (2006: £nil) and Australian dollars of £0.4m
(2006: £0.4m) are designated as hedges of the net investment in overseas subsidiaries. The post-tax gain on translation to sterling at the year end
of £0.5m is recognised in the hedging reserve in shareholders’ equity.
Hedge of interest rate risk
The interest on US bank loans of $40.0m has been fixed by means of a US dollar denominated interest rate swap at an effective rate of 6.27%
(including variable bank margin) and designated as a hedge. At 31 August 2007, the fair value of the interest rate swap is a liability of £0.7m
(2006: £0.6m) and the post-tax loss of £0.1m is recognised in the hedging reserve in shareholders’ equity.
24. Trade and other payables
Trade payables 
Other taxes and social security
Other payables
Accruals and deferred income
Trade and other payables are non-interest bearing. There is no material difference between the carrying amount and fair value of trade and other
payables.
0.5
(0.6)
(0.1)
0.2
(0.7)
(0.5)
2006
£m
2007
£m
-
(0.6)
(0.6)
2006
£m
2007
£m
2007
£m
2006
£m
Assets Liabilities Net
0.5
(0.6)
(0.1)
0.5
(0.6)
(0.1)
0.2
(0.7)
(0.5)
Fair
value
£m
Carrying
amount
£m
0.2
(0.7)
(0.5)
Fair
value
£m
Carrying
amount
£m
2007 2006
-
(0.7)
(0.7)
0.2
-
0.2
0.5
-
0.5
40.9
1.9
6.2
18.7
67.7
45.4
1.8
5.8
22.1
75.1
2006
£m
2007
£m 79.2
30.4
8.1
0.1
117.8
3.2
11.9
0.1
0.1
15.3
85.9
28.3
10.6
-
124.8
Total
£m
Overseas
schemes
£m
76.0
18.5
8.0
-
102.5
UK
scheme
£m
Total
£m
82.5
15.5
10.6
-
108.6
3.4
12.8
-
-
16.2
Overseas
schemes
£m
UK
scheme
£m
2007 2006
25. Post-retirement benefits
The Group operates a number of defined benefit post-retirement schemes for qualifying employees in operations around the world. The assets of
the schemes are held in separate trustee administered funds. The cost of the schemes are assessed in accordance with the advice of independent
qualified actuaries using the projected unit method. 
The principal scheme is the Fenner Pension Scheme which is based in the UK. The most recent actuarial valuation of the Fenner Pension Scheme
was carried out as at 31 March 2005.  The actuarial valuations for all schemes were updated as at 31 August 2007 by independent qualified
actuaries.
The principal assumptions used to determine the assets and liabilities of the schemes are as follows:
Discount rate
Inflation rate
Rate of increase in salaries
Rate of increase in pensions in payment subject to Limited Price Indexation increases:
- capped at 5.0%
- capped at 2.5%
- other
Rate of increase for deferred pensioners subject to statutory revaluation
Expected rate of return on assets of the scheme:
- Equities
- Bonds
- Cash 
The principal assumptions of the schemes are determined using appropriate expert advice and available market data. The assumptions of the
overseas schemes are given as a range of values in respect of the individual schemes. The range of values is a consequence of the diversity of
territories in which the Group operates defined benefit schemes.
The assumptions relating to longevity underlying the pension liabilities at the balance sheet date are based on standard actuarial mortality tables
and include an allowance for future improvements in longevity. The assumptions used for the remaining life expectancy are as follows:
Current pensioner at age 65:
- men
- women
Future pensioner at age 65:
- men
- women
The fair value of assets of the schemes are as follows:
Equity
Bonds
Cash
Other
5.0% - 9.0%
2.0% - 5.75%
3.0% - 5.75%
-
-
0% - 3.0%
0% - 3.0%
7.9% - 12.0%
5.0% - 9.0%
7.0%
5.0%
3.0%
4.0%
2.9%
2.1%
-
3.0%
7.9%
4.4%
4.5%
5.7%
3.1%
4.1%
3.0%
2.2%
-
3.1%
7.9%
4.9%
5.8%
Overseas
schemes
UK
scheme
5.1% - 6.0%
2.0% - 2.5%
3.0% - 4.5%
-
-
-
-
7.0% - 8.0%
5.4% - 7.0%
-
Overseas
schemes
UK
scheme
2007 2006
Fenner PLC   53
16 - 18 years
20 - 21 years
16 - 18 years
20 - 21 years
19 years
22 years
20 years
23 years
19 years
22 years
20 years
23 years
Overseas
schemes
UK
scheme
16 - 18 years
20 - 21 years
16 - 18 years
20 - 21 years
Overseas
schemes
UK
scheme
2007 2006 54   Fenner PLC
Notes to the consolidated financial statements continued
25. Post-retirement benefits continued
Amounts charged/(credited) to the income statement are as follows: 
Current service cost
Interest on obligations
Expected return on assets of the schemes
Past service credit
The charge for the year is classified within administrative expenses in the consolidated income statement.  
The actual return on assets of the schemes is £8.9m (2006: £13.1m).
Actuarial gains and losses are recognised in full in the statement of recognised income and expense in the period in which they are incurred. These
amounted to a gain of £12.0m (2006: £7.8m).
Amounts recognised as retirement benefit obligations in the balance sheet are as follows:
Present value of obligations 
Fair value of assets of the schemes 
The present value of obligations includes £1.5m (2006: £1.3m) in respect of schemes that are wholly unfunded.
Movements in the present value of obligations are as follows:
At start of prior year
Current service cost
Interest on obligations
Past service cost
Actuarial gains and losses
Employee contributions
Benefits paid
Exchange differences
At start of year
Current service cost
Interest on obligations
Actuarial gains and losses
Employee contributions
Benefits paid
Disposal of joint venture
Exchange differences
At end of year
1.6
7.3
(7.1)
(1.4)
0.4
0.5
0.9
(0.7)
-
0.7
Total
£m
Overseas
schemes
£m
1.1
6.4
(6.4)
(1.4)
(0.3)
UK
scheme
£m
2006
(146.9)
117.8
(29.1)
(17.5)
15.3
(2.2)
(138.9)
124.8
(14.1)
Total
£m
Overseas
schemes
£m
(129.4)
102.5
(26.9)
UK
scheme
£m
Total
£m
(121.7)
108.6
(13.1)
(17.2)
16.2
(1.0)
Overseas
schemes
£m
UK
scheme
£m
2007 2006
1.4
7.2
(7.8)
-
0.8
Total
£m
1.0
6.4
(7.1)
-
0.3
0.4
0.8
(0.7)
-
0.5
Overseas
schemes
£m
UK
scheme
£m
2007
146.3
1.6
7.3
(1.4)
(1.8)
0.7
(5.3)
(0.5)
146.9
1.4
7.2
(10.9)
0.7
(5.1)
(1.2)
(0.1)
138.9
17.7
0.5
0.9
-
(0.6)
0.3
(0.8)
(0.5)
17.5
0.4
0.8
0.2
0.3
(0.7)
(1.2)
(0.1)
17.2
Total
£m
Overseas
schemes
£m
128.6
1.1
6.4
(1.4)
(1.2)
0.4
(4.5)
-
129.4
1.0
6.4
(11.1)
0.4
(4.4)
-
-
121.7
UK
scheme
£m Movements in the fair value of assets of the schemes are as follows:
At start of prior year
Expected return on assets of the schemes
Actuarial gains and losses
Employer contributions
Employee contributions
Benefits paid
Exchange differences
At start of year
Expected return on assets of the schemes
Actuarial gains and losses
Employer contributions
Employee contributions
Benefits paid
Disposal of joint venture
At end of year
Experience adjustments are as follows:
Present value of obligations
Fair value of assets of the schemes
Deficit in the schemes
Experience (losses)/gains on liabilities of the schemes
Experience gains on assets of the schemes
The Group expects to contribute approximately £2.3m to its defined benefit schemes in the year ending 31 August 2008.
105.7
7.1
6.0
4.0
0.7
(5.3)
(0.4)
117.8
7.8
1.1
3.5
0.7
(5.1)
(1.0)
124.8
14.1
0.7
0.2
1.2
0.3
(0.8)
(0.4)
15.3
0.7
-
1.6
0.3
(0.7)
(1.0)
16.2
Total
£m
Overseas
schemes
£m
91.6
6.4
5.8
2.8
0.4
(4.5)
-
102.5
7.1
1.1
1.9
0.4
(4.4)
-
108.6
UK
scheme
£m
(146.9)
117.8
(29.1)
1.5
6.0
2006
£m
(138.9)
124.8
(14.1)
(0.7)
1.1
2007
£m
Fenner PLC   55 56   Fenner PLC
Notes to the consolidated financial statements continued
26. Share-based payments 
The Group operates three equity-settled share-based payment schemes and two cash-settled schemes. The recognition and measurement
principles of IFRS 2 ‘Share-based Payment’ have not been applied to equity instruments that were granted on or prior to 7 November 2002 that had
not vested by 1 January 2005, in accordance with the transitional provisions of IFRS 1.
a) Fenner PLC 1996 Executive Share Option Scheme
Share options were granted to certain employees within the Group.  The exercise price of options granted is set at the market price of the shares on
the date of the grant. The vesting period is generally 3 years. If the options remain unexercised after a period of 10 years from the date of the grant
the options expire.  Options can only be exercised upon satisfaction of performance criteria. This requires that the overall growth of the Group’s
earnings per share before amortisation of intangible assets acquired and exceptional items over a consecutive three year period exceeds the
growth in the UK Retail Price Index over the same period by at least 9%. The last grant of shares under the Executive Share Option Scheme was
made in November 2004.
Details of movements in outstanding share options are as follows:
At start of prior year
Forfeited during the year
Exercised during the year
At start of year
Forfeited during the year
Exercised during the year
At end of year
At 31 August 2007, 132,234 (2006: 739,310) options were exercisable. During the year, the weighted average share price at the date of exercise
was 216.2p.
The following share options were outstanding at 31 August 2007:
Dates exercisable
2001 to 2008
2001 to 2008
2004 to 2011
2006 to 2013
2007 to 2014
The weighted average contractual life of outstanding share options at 31 August 2007 is 4.6 years.
The above information includes share options granted before 7 November 2002.
The fair value of awards made under the Fenner PLC 1996 Executive Share Option Scheme is measured using the Binomial option-pricing model.
The following assumptions were used for each set of outstanding options granted after 7 November 2002:
Share price at date of grant
Fair value of options granted
Exercise price
Expected volatility 
Expected life
Risk free rate
Expected dividend yield
Expected volatility is determined by reference to the historical volatility of the Company’s share price for a six year period prior to the grant date.
117.2
108.1
143.1
112.3
83.3
106.8
131.8
1,231,600
(122,436)
(211,708)
897,456
(30,609)
(637,685)
229,162
Weighted
average
exercise price
pence
Options
number
130.5p
28p
123.5p
27%
6 years
4.6%
4.5%
85.0p
13p
83.3p
27%
6 years
5.0%
7.6%
15 November
2004
10 November
2003
Grant Date
190.46
99.80
100.95
83.31
123.49
60,813
20,406
20,406
30,609
96,928
229,162
Option price
pence
Options
number b) Long Term Share Incentive Plan 
Provisional allocations of shares were made to certain employees within the Group. The provisional allocation is made to each employee at the start
of a three year plan cycle and is based on a percentage of the basic annual salary of each employee. The awards are subject to the satisfaction of
performance criteria. The proportion of the provisional allocation of shares that are awarded is based on the Group’s total shareholder return (TSR)
over the plan cycle compared to the TSR of the comparator group. The last provisional allocation of shares under the Long Term Share Incentive
Plan was made in November 2005.
Details of movements in provisional allocations under the Long Term Share Incentive Plan are as follows:
At start of prior year
Provisional allocations during the year
Awarded during the year
Lapsed during the year
At start of year
Awarded during the year
Lapsed during the year
At end of year
The following provisional allocations were outstanding at 31 August 2007:
Date of provisional allocations
10 November 2004
9 November 2005
The fair value of awards made under the Long Term Share Incentive Plan is measured using the Monte Carlo simulation approach. The following
assumptions were used for each set of outstanding awards made after 7 November 2002: 
Share price at date of provisional allocations
Fair value of shares awarded
Expected volatility 
Expected life
Risk free rate
Expected dividend yield
Expected volatility is determined by calculating the historical volatility of the Company’s share price for a three year period from the award date.
Further details of the Long Term Share Incentive Plan can be found in the Board Remuneration Report on pages 20 to 26.
2,404,994
622,380
(195,343)
(663,507)
2,168,524
(915,033)
(5,061)
1,248,430
Shares
number
626,050
622,380
1,248,430
Shares
number
Fenner PLC   57
151.0p
52p
26%
3 years
4.8%
3.9%
123.0p
39p
27%
3 years
4.6%
4.5%
9 November
2005
10 November
2004
Date of provisional allocations 58   Fenner PLC
Notes to the consolidated financial statements continued
26. Share-based payments continued
c) Performance Share Plan
The Performance Share Plan was approved by shareholders at the AGM on 10 January 2007 to replace the Long Term Share Incentive Plan.
Conditional awards of shares were made to certain employees within the Group. The conditional award is made to each employee at the start of a
three year performance period and is based on a percentage of the basic annual salary of each employee. The awards are subject to the
satisfaction of performance criteria. The proportion of the conditional awards of shares that are awarded is based on the Group’s TSR over the
performance period compared to the TSR of the comparator group.
Details of movements in conditional awards under the Performance Share Plan are as follows:
At start of year
Conditional awards during the year
At end of year
The following conditional awards were outstanding at 31 August 2007:
Date of conditional awards
20 February 2007
The fair value of awards made under the Performance Share Plan is measured using the Monte Carlo simulation approach. The following
assumptions were used for the conditional awards on 20 February 2007:
Share price at date of conditional awards
Fair value of shares awarded
Expected volatility 
Expected life
Risk free rate
Expected dividend yield
Expected volatility is determined by calculating the historical volatility of the Company’s share price for a three year period from the award date.
Further details of the Performance Share Plan can be found in the Board Remuneration Report on pages 20 to 26.
d) Long Term Shadow Incentive Plan
Provisional allocations of notional shares were made to certain employees within the Group. The rules and performance criteria are the same as the
Long Term Share Incentive Plan above. Awards are settled in the form of cash. The last provisional allocation of notional shares under the Long
Term Shadow Incentive Plan was made in November 2005.
Details of movements in provisional allocations under the Long Term Shadow Incentive Plan are as follows:
At start of prior year
Provisional allocations during the year
Forfeited during the year
At start of year
Forfeited during the year
At end of year
-
272,000
(20,000)
252,000
(20,000)
232,000
Notional
shares
number
-
427,864
427,864
Shares
number
427,864
Shares
number
226.75p
101p
25%
3 years
5.3%
2.7% The following provisional allocations were outstanding at 31 August 2007:
Date of provisional allocations
9 November 2005
The fair value of awards made under the Long Term Shadow Incentive Plan is measured using the Monte Carlo simulation approach. The following
assumptions were used for the provisional allocations of notional shares on 9 November 2005:
Share price at valuation date
Fair value of shares awarded
Expected volatility 
Expected life
Risk free rate
Expected dividend yield
Expected volatility is determined by calculating the historical volatility of the Company’s share price for a three year period from the award date.
e) Shadow Performance Share Plan
The Shadow Performance Share Plan was approved by shareholders at the AGM on 10 January 2007 to replace the Long Term Shadow Incentive
Plan.
Conditional awards of notional shares were made to certain employees within the Group. The rules and performance criteria are the same as the
Performance Share Plan above. Awards are settled in the form of cash.
Details of movements in conditional awards under the Shadow Performance Share Plan are as follows:
At start of year
Conditional awards during the year
At end of year
The following conditional awards were outstanding at 31 August 2007:
Date of conditional awards
20 February 2007
The fair value of awards made under the Shadow Performance Share Plan is measured using the Monte Carlo simulation approach. The following
assumptions were used for the conditional awards of notional shares on 20 February 2007:
Share price at valuation date
Fair value of shares awarded
Expected volatility 
Expected life
Risk free rate
Expected dividend yield
Expected volatility is determined by calculating the historical volatility of the Company’s share price for a three year period from the award date.
Liabilities included within trade and other payables in the balance sheet amounted to £0.1m (2006: £0.1m) in respect of the Long Term Shadow
Incentive Plan and £0.1m (2006: £nil) in respect of the Shadow Performance Share Plan. There are no liabilities in the balance sheet in respect of
the Fenner PLC 1996 Executive Share Option Scheme, the Long Term Share Incentive Plan or the Performance Share Plan.
-
319,000
319,000
Notional
shares
number
Fenner PLC   59
232,000
Notional
shares
number
236.75p
94p
25%
3 years
5.6%
2.6%
319,000
Notional
shares
number
236.75p
106p
27%
3 years
5.3%
2.6% 60   Fenner PLC
Notes to the consolidated financial statements continued
27. Provisions
Movements in provisions are as follows:
At start of year
New provisions charged to income statement during the year
Provisions not required credited to income statement during the year
Provisions utilised during the year
Unwinding of discount
At end of year
Provisions represent the best estimate of obligations at the balance sheet date. The majority of the property and environmental provision relates to
onerous leases. Where the effect of the time value of money is material, a pre-tax discount rate of 11.2% has been used. All provisions are
expected to be utilised within 10 years.
28. Share capital
At start of prior year
Shares authorised/issued in the year
At start of year
Shares authorised/issued in the year
At end of year
During the year, 915,033 ordinary shares of 25p were issued to the trustees of the Fenner PLC 1992 Employee Share Ownership Plan Trust under
the Fenner Long Term Share Incentive Plan for a total consideration of £1.8m and 637,685 ordinary shares of 25p were issued under the Fenner
PLC 1996 Executive Share Option Scheme for a total consideration of £0.7m.
The Company has one class of ordinary shares which carry no right to fixed income.
29. Equity
At start of prior year
Adoption of IAS 32 and IAS 39 on 1 September 2005
Total recognised income and expense for the year
Equity dividends paid
Dividends paid to minority shareholders
Shares issued in the year
Share-based payments
At start of year
Total recognised income and expense for the year
Equity dividends paid
Dividends paid to minority shareholders
Shares issued in the year
Share-based payments
At end of year
107.5
0.1
22.1
(8.2)
(0.1)
0.3
0.3
122.0
29.2
(9.5)
(0.1)
0.7
0.4
142.7
0.6
-
0.2
-
(0.1)
-
-
0.7
0.2
-
(0.1)
-
-
0.8
Total
equity
£m
Minority
interests
£m
1.1
-
-
-
-
-
-
1.1
-
-
-
-
-
1.1
Other
reserve
£m
-
-
-
-
-
-
-
-
0.4
-
-
-
-
0.4
Hedging
reserve
£m
2.2
-
(4.3)
-
-
-
-
(2.1)
(2.8)
-
-
-
-
(4.9)
Exchange
reserve
£m
15.4
0.1
26.2
(8.2)
-
(0.3)
0.3
33.5
31.4
(9.5)
-
(1.8)
0.4
54.0
Retained
earnings
£m
49.1
-
-
-
-
0.5
-
49.6
-
-
-
2.1
-
51.7
Share
premium
£m
39.1
-
-
-
-
0.1
-
39.2
-
-
-
0.4
-
39.6
Share
capital
£m
6.5
1.7
(0.2)
(1.3)
0.2
6.9
6.2
0.4
(0.2)
(1.2)
0.2
5.4
Total
£m
Property and 
environmental
£m
0.3
1.3
-
(0.1)
-
1.5
Restructuring
costs
£m
39.1
0.1
39.2
0.4
39.6
156,563,274
407,051
156,970,325
1,552,718
158,523,043
£m Number
55.0
-
55.0
-
55.0
£m
220,000,000
-
220,000,000
-
220,000,000
Number
Authorised
Allotted, called up
and fully paid The Group adopted IAS 32 ‘Financial Instruments: Disclosure and Presentation’ and IAS 39 ‘Financial Instruments: Recognition and Measurement’
on 1 September 2005, as permitted by the transitional arrangements of IFRS 1. This resulted in the recognition of derivative financial instruments on
the balance sheet and the retranslation of certain monetary assets and liabilities. The overall effect was the recognition of a net asset of £0.1m.
Included within retained earnings is a reserve for the Company’s own shares held by the Employee Share Ownership Plan Trust (ESOP) of £0.1m
(2006: £0.1m). The shares held by the ESOP may subsequently be awarded to employees under the Group’s share incentives schemes. At 
31 August 2007, the ESOP held 131,859 (2006: 131,859) of the Company’s shares.
The exchange reserve comprises foreign exchange differences arising from the translation of the financial statements of foreign operations.
The hedging reserve comprises gains and losses on changes in the valuation of assets and liabilities designated as hedges. 
The other reserve relates to merger relief on the issue of shares in connection with the acquisition of Wellington Holdings plc on 20 May 2005.
Distributable reserves relate to amounts in the retained earnings reserve to the extent that profits are realised.
30. Contingent liabilities 
In the normal course of business the Group has given guarantees and counter indemnities in respect of commercial transactions.
The Group is involved as defendant in a number of potential and actual litigation cases in connection with its business, primarily in North America.
The directors believe that the likelihood of a material liability arising from these cases is remote.
In October 2004 our conveyor belting operations in Charlotte and Atlanta, USA received notification from the Anti Trust Division of the US
Department of Justice of their intention to enquire into possible anti trust violations by Fenner. Every co-operation has been given to date and will be
given as and when required in order to help expedite the process.
31. Operating lease commitments
Outstanding commitments for future minimum lease payments under non-cancellable operating leases fall due as follows:
Within one year
In the second to fifth years inclusive
After five years
Operating lease charges recognised in the income statement are shown in note 5.
32. Related party transactions
Related parties to the Group comprise key management personnel and joint ventures.
Key management personnel 
Key management personnel comprise the Group’s executive and non-executive directors. Remuneration of executive and non-executive directors is
detailed in the Board Remuneration Report on pages 20 to 26. There were no other transactions with key management personnel. 
Joint ventures
There were no material transactions with joint ventures during the year (2006: £nil) and there were no amounts due to or from joint ventures at
31 August 2007 (2006: £nil).
1.4
1.2
-
2.6
1.4
1.5
-
2.9
2006
£m
2007
£m
1.6
5.4
18.6
25.6
2.0
8.1
26.5
36.6
2006
£m
2007
£m
Other Land and Buildings
Fenner PLC   61 62   Fenner PLC
Notes to the consolidated financial statements continued
33. Acquisitions
On 1 October 2006, the Group acquired substantially all of the operating assets and liabilities of EGC, a Houston, Texas based manufacturer of
fluoroplastic seals and other related fluoroplastic precision components, from Compagnie Plastic Omnium SA, a company quoted on the Paris Stock
Exchange.
From the date of acquisition, EGC contributed £18.6m to Group revenue and £0.9m to Group operating profit, after deducting amortisation of
intangible assets acquired and exceptional items totalling £0.9m.
Details of the assets and liabilities acquired are given below.
Property, plant and equipment
Inventories
Trade and other receivables
Trade and other payables
Deferred taxation
Total net assets acquired
Intangible assets:
- Trademarks
- Customer relationships
Goodwill on acquisition
Cash paid per cash flow statement
The cash paid includes acquisition expenses of £0.5m.
The fair value adjustments for accounting policy alignment reflect the restatement of assets and liabilities in accordance with the Group’s
accounting policies.
Goodwill arising on acquisition represents principally the anticipated operating synergies and speed to market gained through the acquisition.
34. Disposals
On 2 January 2007, the Group disposed of its 50% joint venture in KSB Pumps (S.A.) (Pty) Limited. This disposal was achieved via a share buyback
in which KSB Pumps acquired and cancelled Fenner held shares for an aggregate value of £6.1m. This resulted in a profit on disposal of £2.5m.
Details of the assets and liabilities disposed of are given below.
Property, plant and equipment
Inventories
Trade and other receivables
Cash and cash equivalents
Trade and other payables
Retirement benefit obligations
Deferred taxation
Total net assets disposed
Profit on disposal per income statement
Satisfied by:
Cash received
Cash and cash equivalents disposed
Cash received per cash flow statement
0.8
2.2
1.6
0.9
(1.8)
(0.2)
0.1
3.6
2.5
6.1
6.1
(0.9)
5.2
£m
0.9
3.5
2.9
(2.0)
0.9
6.2
1.3
0.8
0.5
8.8
Provisional 
fair value
£m
-
-
-
-
0.4
0.4
Other
items
£m
(0.3)
(0.5)
(0.1)
(0.2)
-
(1.1)
Accounting 
policy 
alignment
£m
1.2
4.0
3.0
(1.8)
0.5
6.9
Book
value
£m 35. Principal subsidiary undertakings
The principal subsidiary undertakings at 31 August 2007 were as follows:
Company
J H Fenner & Co Limited
Fenner International Limited
James Dawson & Son Limited
Hallite Seals International Limited
Hallite (France) Limited
CDI Seals Inc
Hallite Seals Americas Inc 
Fenner Inc
Fenner Dunlop (Atlanta) Inc
Fenner Dunlop (Charlotte) Inc
Fenner Dunlop (Port Clinton) Inc
Fenner Dunlop (Toledo) LLC
Fenner Dunlop (Bracebridge) Inc
Hallite Seals (Canada) Limited
Enerka Apex Belting Pty Limited
Fenner (Australia) Pty Limited
rEscan International Pty Limited
Hallite Seals Australia Pty Limited
Fenner Conveyor Belting (South Africa) (Pty) Limited
Shanghai Fenner Conveyor Belting Co. Limited
Dawson Polymer Products (Shanghai) Co. Limited
Fenner Sealing Technologies (Shanghai) Co. Limited
Dunlop Conveyor Belting (Shanghai) Co. Limited
Fenner Dunlop BV
Fenner Conveyor Belting Private Limited
Dichtelemente Hallite GmbH
Hallite Italia Srl
*Held directly by Fenner PLC
The above undertakings are engaged in manufacturing and distribution with the exception of Fenner International Limited which is an investment
company.
All subsidiary undertakings are consolidated within the consolidated financial statements. 
A full list of Group companies is filed with the annual return to the Registrar of Companies.
*100
*100
*100
*100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
75
85
100
100
100
100
100
100
100
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
USA
USA
USA
USA
USA
USA
USA
Canada
Canada
Australia
Australia
Australia
Australia
South Africa
China
China
China
China
Netherlands
India
Germany
Italy
Proportion of issued
ordinary shares held
Country of
Incorporation
Fenner PLC   63 64   Fenner PLC
36. Interest in joint ventures
The Group held a 50% interest in the ordinary shares of KSB Pumps (SA) (Pty) Limited, incorporated in South Africa. The interest was sold on     
2 January 2007 (note 34). The interest was recognised in the consolidated financial statements using the proportionate consolidation method. 
Amounts included in the Group’s consolidated income statement and consolidated balance sheet are as follows:
Consolidated income statement
Revenue
Cost of sales
Distribution costs
Administrative expenses
Taxation
Profit for the year
Consolidated balance sheet
Property, plant and equipment
Deferred tax assets
Inventories
Trade and other receivables
Cash and cash equivalents
Trade and other payables
Current tax liabilities
Retirement benefit obligations
Net assets
At 31 August 2007, the Group’s share of contractual commitments for the purchase of property, plant and equipment was £nil (2006: £0.1m).
There were no material contingencies in respect of joint ventures.
9.6
(5.5)
(1.6)
(1.1)
(0.6)
0.8
0.7
0.1
1.9
1.5
1.0
(1.6)
(0.1)
(0.2)
3.3
2.9
(1.7)
(0.5)
(0.3)
(0.1)
0.3
-
-
-
-
-
-
-
-
-
2006
£m
2007
£m
Notes to the consolidated financial statements continued Independent Auditors' Report to the members of Fenner PLC
We have audited the parent company financial statements of Fenner PLC for the year ended 31 August 2007 which comprise the Company balance
sheet and the related notes. These parent company financial statements have been prepared under the accounting policies set out therein. We
have also audited the information in the Board Remuneration Report that is described as having been audited.
We have reported separately on the Group financial statements of Fenner PLC for the year ended 31 August 2007.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report, the Board Remuneration Report and the parent company financial statements in
accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out
in the Corporate Governance statement on page 18.
Our responsibility is to audit the parent company financial statements and the part of the Board Remuneration Report to be audited in accordance
with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). This Report, including the opinion, has
been prepared for and only for the Company’s members as a body in accordance with Section 235 of the Companies Act 1985 and for no other
purpose.  We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is
shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
We report to you our opinion as to whether the parent company financial statements give a true and fair view and whether the parent company
financial statements and the part of the Board Remuneration Report to be audited have been properly prepared in accordance with the Companies
Act 1985. We report to you whether, in our opinion, the information given in the Directors’ Report is consistent with the parent company financial
statements. We also report to you if, in our opinion, 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 other transactions is not
disclosed.
We read other information contained in the Annual Report and consider whether it is consistent with the audited parent company financial
statements. The other information comprises only the Directors’ Report, the Financial Highlights, the Chairman’s Statement, the Business Review, the
Corporate Governance statement and the unaudited part of the Board Remuneration Report. We consider the implications for our report if we
become aware of any apparent misstatements or material inconsistencies with the parent company financial statements. Our responsibilities do not
extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit
includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the parent company financial statements and the part
of the Board Remuneration Report to be audited. It also includes an assessment of the significant estimates and judgments made by the directors
in the preparation of the parent company financial statements, and of whether the accounting policies are appropriate to the Company’s
circumstances, 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 parent company financial statements and the part of the Board Remuneration Report
to be 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 parent company financial statements and the part of the Board Remuneration Report
to be audited.
Opinion
In our opinion:
- the parent company financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting
Practice, of the state of the company’s affairs as at 31 August 2007;
- the parent company financial statements and the part of the Board Remuneration Report to be audited have been properly prepared in
accordance with the Companies Act 1985; and
- the information given in the Directors’ Report is consistent with the parent company financial statements.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
Hull
7 November 2007
Fenner PLC   65 66   Fenner PLC
Company balance sheet
at 31 August 2007 
Fixed assets
Tangible fixed assets
Investments
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current assets
Total assets less current liabilities
Provisions for liabilities and charges
Net assets
Capital and reserves
Called up share capital
Share premium 
Revaluation reserve
Other reserve
Profit and loss account
Equity shareholders' funds
The financial statements were approved by the Board of Directors on 7 November 2007 and signed on its behalf by:
C I Cooke
Chairman
R J Perry
Group Finance Director
4.0
100.3
104.3
66.9
19.1
86.0
(40.9)
45.1
149.4
(0.4)
149.0
39.2
49.6
1.4
11.5
47.3
149.0
4
5
6
7
8
9
10
10
10
10
11
3.9
77.1
81.0
77.6
12.6
90.2
(20.5)
69.7
150.7
(0.4)
150.3
39.6
51.7
1.4
11.5
46.1
150.3
2006
£m
2007
£m Notes Notes to the Company financial statements
1. Significant accounting policies
Basis of preparation
The Company financial statements have been prepared in accordance with applicable accounting standards in the United Kingdom and under the
historical cost convention, as modified by the revaluation of certain fixed assets. 
In accordance with the exemptions allowed by Section 230 of the Companies Act 1985, the Company has not presented its own profit and loss
account.
In accordance with the exemptions allowed by FRS 1 ‘Cash Flow Statements’, the Company has not presented a cash flow statement.
The Company has taken advantage of the exemptions in FRS8 ‘Related Party Transactions’ not to disclose related party transactions with other
members of the Fenner PLC Group.
The principal accounting policies adopted for the year ended 31 August 2007 are set out below.
Foreign currencies
Transactions in foreign currencies are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date,
monetary assets and liabilities are retranslated at the rates prevailing on the balance sheet date. Non-monetary items measured at historical cost
are not retranslated. Exchange differences arising on the settlement and retranslation of monetary items are recognised in the profit and loss
account in the period.
Share-based payments
The Company operates equity-settled share schemes for certain employees across the Fenner PLC Group. The cost of share-based payments is
measured at fair value at the date of grant, excluding the effect of non market-based vesting conditions. The cost is recognised in the profit and
loss account on a straight-line basis over the vesting period with the corresponding amount credited to equity, based on an estimate of the number
of shares that will eventually vest. The fair values are measured using the Binomial option-pricing model and the Monte Carlo simulation approach.
Taxation
Taxation expense represents the sum of the current tax payable and deferred tax.
Current tax is the tax expected to be payable on taxable profit for the period using tax rates that have been enacted or substantively enacted by the
balance sheet date, together with any adjustments in respect of previous years. Taxable profit differs from profit as reported in the profit and loss
account because it excludes items of income or expense that are not taxable or deductible or are taxable or deductible in other years.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. It is determined using
the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse. Timing differences are
differences between taxable profits and 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. Deferred tax assets are recognised only when
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 not recognised when fixed assets are revalued unless by the balance sheet date there is a binding agreement to
sell the revalued asset. Deferred tax is measured on a non-discounted basis.
Dividends
Dividends proposed by the Board are recognised in the financial statements when they have been approved by shareholders at the Annual General
Meeting. Interim dividends are recognised when they are paid. 
Fenner PLC   67 68   Fenner PLC
Notes to the Company financial statements continued
1. Significant accounting policies continued
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and any accumulated impairment losses. In prior years certain
freehold and leasehold properties have been revalued by independent qualified professional valuers on the basis of open market value for their
existing use. As permitted by FRS 15 ‘Tangible Fixed Assets’ these valuations have been frozen.
Freehold land is not depreciated. Depreciation on other assets is recognised in the profit and loss account on a straight-line basis over the
estimated useful life of the asset. Estimated useful lives most widely applied are as follows:
Freehold buildings 40 years
Leasehold buildings Unexpired term of lease
Plant, machinery and equipment 3-10 years
Investments
Investments are stated at cost or valuation less accumulated impairment losses.
Provisions
Provisions are recognised when the Company has a present obligation as a result of a past event, and it is probable that the Company will be
required to settle that obligation. Provisions are measured at the directors’ best estimate of the expenditure required to settle the obligation at the
balance sheet date, and are discounted to present value where the effect is material. 
2. Auditors’ remuneration
There was no auditors remuneration in the year (2006: £nil) as their costs have been borne by other Group undertakings.
3. Employees
The average number of employees during the year is 3 (2006: 3). This comprises the Chairman and non-executive directors. Details of employee
costs are included in the Board Remuneration Report on pages 20 to 26.
4. Tangible fixed assets
Cost or valuation:
At start of year and at end of year
Accumulated depreciation:
At start of year
Charge for the year
At end of year
Net book value:
At end of year
At start of year
Cost or valuation comprises:
Cost
Valuation:
- 1997
- 1998
- 1999
The historical cost of tangible fixed assets is £4.4m (2006: £4.4m) with accumulated depreciation of £1.9m (2006: £1.8m).
Freehold land and buildings includes land at a cost or valuation of £1.7m (2006: £1.7m) which is not subject to depreciation.
5.0
1.0
0.1
1.1
3.9
4.0
0.9
0.4
1.2
2.5
5.0
Freehold
property
£m 5. Investments 
Cost:
At start of year and at end of year
Accumulated impairment losses:
At start of year
Impairment in the year
At end of year
Net book value:
At end of year
At start of year
During the year, debtors due from certain dormant subsidiary undertakings were waived, resulting in an impairment charge of £20.2m. These
undertakings are in the process of being struck off. In addition, other investments in subsidiary undertakings required an impairment charge of
£3.0m.
The carrying value of investments is reviewed annually. Forecast cashflows are discounted using the Group’s pre-tax weighted average cost of
capital of 11.2%. Cashflows are projected for one year using appropriate annual growth rates.
Details of the principal subsidiary undertakings can be found in note 35 of the Notes to the consolidated financial statements.
6. Debtors
Amounts due from Group undertakings
Other debtors
7. Creditors: amounts falling due within one year
Amounts due to Group undertakings
Current taxation
Other taxes and social security
Accruals and deferred income
8. Provisions for liabilities and charges
At start of year and at end of year
Deferred tax liabilities are all in respect of accelerated tax depreciation.
The Finance Act 2007 reduced the corporation tax rate from 30% to 28% with effect from 1 April 2008. This reduction in the future rate of
corporation tax has been reflected in the deferred taxation provided.
192.7
92.4
23.2
115.6
77.1
100.3
Subsidiary
undertakings
£m
66.7
0.2
66.9
77.3
0.3
77.6
2006
£m
2007
£m
40.0
0.3
0.5
0.1
40.9
19.0
0.3
1.1
0.1
20.5
2006
£m
2007
£m
0.4
Deferred 
taxation
£m
Fenner PLC   69 70   Fenner PLC
Notes to the Company financial statements continued
9. Share capital
At start of year
Shares authorised/issued in the year
At end of year
During the year, 915,033 ordinary shares of 25p were issues to the trustees of the Fenner PLC 1992 Employee Share Ownership Plan Trust under
the Fenner Long Term Share Incentive Plan for a total consideration of £1.8m and 637,685 ordinary shares of 25p were issued under the Fenner
PLC 1996 Executive Share Option Scheme for a total consideration of £0.7m.
The Company has one class of ordinary shares which carry no right to fixed income.
10. Reserves 
At start of year
Retained loss for the year
Shares issued in the year
Share-based payments
At end of year
Included within retained earnings is a reserve for the Company’s own shares held by the Employee Share Ownership Plan Trust (ESOP) of £0.1m
(2006: £0.1m). The shares held by the ESOP may subsequently be awarded to employees under the Group’s share incentives schemes. At
31 August 2007, the ESOP held 131,859 (2006: 131,859) of the Company’s shares.
11. Reconciliation of movement in equity shareholders’ funds
Profit for the year attributable to equity shareholders
Equity dividends paid
Shares issued in the year
Share-based payments
Movement in equity shareholders’ funds in the year
Equity shareholders’ funds at start of year
Equity Shareholders’ funds at end of year
12. Contingent liabilities
The Company has guaranteed the borrowings of certain subsidiary undertakings. At 31 August 2007, these borrowings amounted to £102.0m
(2006: £79.3m).
13. Share-based payments 
The Company operates three equity-settled share-based payment schemes across the Fenner PLC Group. The recognition and measurement
principles of FRS 20 ‘Share-based Payment’ have not been applied to equity instruments that were granted on or prior to 7 November 2002 that had
not vested by 1 January 2005, in accordance with the transitional provisions of that standard. 
Details of the Company’s share-based payments can be found in note 26 of the Notes to the consolidated financial statements.
39.2
0.4
39.6
£m
156,970,325
1,552,718
158,523,043
Number
55.0
-
55.0
£m
220,000,000
-
220,000,000
Number
47.3
(1.4)
(0.2)
0.4
46.1
Profit and
loss account
£m
11.5
-
-
-
11.5
Other 
reserve
£m
1.4
-
-
-
1.4
Revaluation
reserve
£m
49.6
-
2.1
-
51.7
Share
premium
£m
Authorised
Allotted, called up
and fully paid
9.2
(8.2)
0.3
0.2
1.5
147.5
149.0 
8.1
(9.5)
2.3
0.4
1.3
149.0
150.3
2006
£m
2007
£m Fenner PLC   71
Five year summary of the Group
Revenue
Operating profit before amortisation of intangible assets 
acquired and exceptional items
Amortisation of intangible assets acquired
Exceptional items
Operating profit/(loss)
Net finance costs
Share of result of associate
Profit on disposal or termination of operations
Profit before taxation
Taxation
Profit for the year
Earnings per share:
Adjusted – before amortisation of intangible assets 
acquired and exceptional items
Basic
Equity dividends
Dividends per ordinary share*
Capital expenditure
Shareholders’ equity
Net Debt
Gearing
Average number of employees (number)
*Dividends per ordinary share is stated in respect of the period to which the dividends relate. Under IFRS this is not the same as the period in which
the dividends are recognised in the financial statements.
Where applicable, the years 2003 and 2004 have been restated following the adoption of UITF Abstract 28 ‘Accounting for ESOP Trusts’ and the
discounted share placement in 2004 and the placing and open offer in 2005.
248.5
12.0
(1.0)
(12.4)
(1.4)
(4.1)
0.4
-
(5.1)
(1.1)
(6.2)
4.9p
(6.5)p
6.0
5.825p
6.5
58.4
(44.5)
76.2%
2,667
2003
£m
260.6
16.1
(1.2)
(6.2)
8.7
(3.4)
0.4
0.7
6.4
(3.1)
3.3
7.7p
2.2p
6.3
5.825p
7.9
60.8
(39.4)
64.8%
2,662
2004
£m
303.6
17.3
(1.0)
-
16.3
(3.8)
(0.1)
-
12.4
(4.0)
8.4
7.1p
6.6p
6.3
5.825p
8.1
106.9
(34.5)
32.3%
2,798
2005
£m
379.0
34.1
(0.4)
-
33.7
(4.3)
(0.1)
-
29.3
(8.7)
20.6
13.1p
13.0p
8.2
6.0p
18.9
121.3
(33.1)
27.3%
3,473
2006
£m
380.8
39.0
(0.6)
(0.2)
38.2
(4.6)
-
-
33.6
(9.7)
23.9
15.1p
15.0p
9.5
6.225p
32.0
141.9
(36.3)
25.6%
3,663
2007
£m
IFRS
UK GAAP in 
IFRS format 72   Fenner PLC
Fenner, Fenner Drives, Hallite, BTL, Fenaplast and Powertwist are Registered Trademarks of the Fenner Group. 
CDI, T-Max and SigmaSeal are trademarks of the Fenner Group.
KSB is a Registered Trademark of the KSB Group.
The McCloskey graph is reproduced with the permission of The McCloskey Group Limited.
Annual General Meeting
The 71st Annual General Meeting of the Company will be held at Marlborough Room, Oxford & Cambridge Club, Pall Mall, London
SW1Y 5HD, on 9 January 2008 at 10.30 am when the following business will be proposed:
Ordinary Business
1 To receive the Directors’ Report and financial statements of the Group for the financial year ended 31 August 2007 together with the 
Independent Auditors’ Report.
2 To approve the Board Remuneration Report contained in the Annual Report for 2007.
3 To declare a dividend.
4 To re-elect director.
5 To re-elect director.
6 To adopt electronic communication.
7 To re-appoint the auditors. 
8 To authorise the directors to determine the auditors’ remuneration.
9 To transact any other ordinary business of an Annual General Meeting.
Special Business
10 To authorise the directors to allot shares.
11 To empower the directors to allot shares for cash.
12 To authorise the Company to buy back its own shares.
Note
This is a summary of the Notice of Meeting and shareholders should refer to the accompanying document which contains the full text of
the Notice of Meeting together with an explanatory letter from the Chairman of the Company.
Advisors
Registrars
Capita Registrars, Huddersfield
Principal Solicitors
Nabarro Nathanson, London
Rollits, Hull
Shumaker, Loop & Kendrick, Toledo, USA
Independent Auditors
PricewaterhouseCoopers LLP, Hull
Brokers
Hoare Govett, London
Principal Bankers
Barclays Bank PLC, Leeds
Lloyds TSB Bank plc, Leeds
Bank of Scotland plc, Sheffield
Wachovia Bank NA, Charlotte, USA
Merchant Bankers
N.M. Rothschild & Sons Limited, Leeds
Financial Calendar 
Annual General Meeting – 9 January 2008
Half Year End – 28 February 2008
Half Year Announcement – April 2008
Year End – 31 August 2008
Preliminary Announcement – November 2008 Registered office:
Hesslewood Country
Office Park, Hessle,
East Yorkshire, HU13 0PW,
United Kingdom
Tel: +44 (0)1482 626500
Fax: +44 (0)1482 626512
Registered Number:
329377
Website: www.fenner.com
USA
ATLANTA
Tel: (1) 404 294 5272
Fax: (1) 404 296 5165
www.fennerdunlopamericas.com
CHARLOTTE
Tel: (1) 704 334 5353
Fax: (1) 704 334 1733
www.scandura.net
MANHEIM
Tel: (1) 717 665 2421
Fax: (1) 717 665 2649
www.fennerdrives.com
Tel: (1) 800 327 2288
Fax: (1) 717 664 8287
www.fennerprecision.com
DETROIT
Tel: (1) 248 362 0170
Fax: (1) 248 362 4246
www.hallite.com
HOUSTON
Tel: (1) 281 446 6662
Fax: (1) 281 446 7034
www.cdiseals.com
Tel: (1) 281 774 6100
Fax: (1) 281 774 6219 
www.egcplastics.com
CANADA
BRACEBRIDGE
Tel: (1) 705 645 4431
Fax: (1) 705 645 3112
www.scandura.net
TORONTO
Tel: (1) 416 675 2505
Fax: (1) 416 675 4341
www.hallite.com
BRAZIL
SAO PAULO
Tel: (55) 19 3523 1859
Fax: (55) 19 3532 4805
www.halliteseals.com.br
UNITED KINGDOM
HULL
Tel: (44) 1482 781234
Fax: (44) 1482 785438
www.fennerdunlopeurope.com
LINCOLN
Tel: (44) 1522 781800
Fax: (44) 1522 510029
www.james-dawson.com
Tel: (44) 1522 781800
Fax: (44) 1522 510029
www.fennerprecision.com
LEEDS
Tel: (44) 113 249 3486
Fax: (44) 113 248 9656
www.fennerdrives.com
HAMPTON
Tel: (44) 20 8941 2244
Fax: (44) 20 8783 1669
www.hallite.com
NETHERLANDS
DRACHTEN
Tel: (31) 512 585 555
Fax: (31) 512 585 511
www.dunlopconveyorbelting.com
GERMANY
HAMBURG
Tel: (49) 40 73 47 480
Fax: (49) 40 73 47 48 49
www.hallite.com
FRANCE
PARIS
Tel: (33) 1 3055 3903
Fax: (33) 1 3054 6274
www.dunlopconveyorbelting.com
Tel: (33) 1 4377 8550
Fax: (33) 1 4377 9393
www.hallite.com
SPAIN
BARCELONA
Tel: (34) 9 3805 5446
Fax: (34) 9 3805 4269
www.dunlopconveyorbelting.com
POLAND
KATOWICE
Tel: (48) 32 731 59 00
Fax: (48) 32 731 5901
www.fennerdunlopeurope.com
ITALY
LIVORNO
Tel: (39) 0586 428287
Fax: (39) 0586 429845
www.hallite.com
RUSSIA
MOSCOW
Tel: (7) 495 223 6718
Fax: (7) 495 223 6719
www.dunlopconveyorbelting.com
AUSTRALIA
MELBOURNE
Tel: (61) 3 9680 4500
Fax: (61) 3 9689 9191
www.apexfenner.com.au
SYDNEY
Tel: (61) 2 9620 7300
Fax: (61) 2 9620 7400
www.hallite.com
CHINA
SHANGHAI
Tel: (86) 21 599 369 89
Fax: (86) 21 599 367 34
www.fennerdunlop.com/shanghai
SHANGHAI
Tel: (86) 21 599 369 89
Fax: (86) 21 599 367 34
www.james-dawson.com
SHANGHAI
Tel: (86) 21 599 389 69
Fax: (86) 21 599 367 34
www.hallite.com
INDIA
MADURAI
Tel: (91) 452 2464201
Fax: (91) 452 2464204
www.fennerdunlopindia.com
SOUTH AFRICA
JOHANNESBURG
Tel: (27) 11 974 1902
Fax: (27) 11 974 1900
www.fenner.co.za