Computacenter
Annual Report and 
Accounts 2002
www.computacenter.com  1 Computacenter plc
2 Group at a glance
4 Chairman’s statement
6 Chief Executive’s review
10 In partnership
16 Finance Director’s review
18 Board of Directors
20 Corporate governance statement
22 Directors’ remuneration report
25 Directors’ report
27 Independent auditors’ report
28 Group profit and loss account
28 Group statement of total 
recognised gains and losses
29 Group balance sheet
30 Company balance sheet
31 Group statement of cash flows
31 Reconciliation of net cash flow 
to movement in net funds
32 Notes to the financial statements
52 Five year financial review
52 Summary balance sheet
52 Financial calendar
53 Corporate information
In 2002 Computacenter made
excellent progress, growing its
contracted services business,
controlling costs and extending 
its market leadership. With its
German acquisition, the Group has
now achieved leading positions in
Europe’s three largest markets.
Contents Group at a glance 
Computacenter is Europe’s leading independent
provider of IT infrastructure services. To help 
our customers maximise the value of IT to their
businesses, we offer services at every stage of
infrastructure deployment. 
Our corporate and government clients are served
by a network of branch offices across the UK,
Germany, France, Austria, Luxembourg and
Belgium, and through our international partners, 
at locations throughout Europe, Asia Pacific and
North America.
2 Computacenter plc
Coverage
United Kingdom
Number of employees: 4,629
Aberdeen, Belfast, Birmingham, Bristol, Cardiff,
Edinburgh, Gatwick, Hatfield, Leeds, London,
Maidenhead, Manchester, Milton Keynes, 
Newcastle upon Tyne, Reading, Swindon, Watford
Computacenter’s European regions
Belgium and Luxembourg
Number of employees: 93
Brussels, Luxembourg
France
Number of employees: 1,300
Paris, Bordeaux, Grenoble, Lille, Lyon, Marseille, 
Nantes, Nice, Orléans, Pau, Rennes, Rouen, 
Strasbourg, Toulouse
Germany
Number of employees: 3,666
Aachen, Berlin, Cologne, Essen, Frankfurt, Hamburg,
Hannover, Kerpen, Kiel, Ludwigshafen, Munich,
Nürnberg, Stuttgart
Austria
Number of employees: 224
Gotzis, Graz, Innsbruck, Klagenfurt, Linz, Vienna 3 Computacenter plc
Computacenter advises customers on 
their IT strategy, implements appropriate
technologies and manages elements 
of their IT infrastructures on their behalf. 
At every stage we aim to help customers
minimise the cost and maximise the
business value of their IT expenditure.
We advise
We offer our customers trusted advice 
on such matters as the planning and
design of IT infrastructures, or the choice
of specific technologies. We are able to
assist in preparing a business justification,
specifying and testing a solution, and
providing ongoing advice on how to
optimise availability and performance. 
Our Solutions Centre has added
significantly to our depth of service 
in this area, enabling us to compare
different technology solutions for our
customers in an off-site test environment.
We implement
We procure, configure and deliver a 
wide range of IT products across multiple
platforms, and with our consultancy and
project management expertise we can
ensure successful integration with the
customer’s existing technology. Typical
projects include major technology roll-outs
across multiple locations, consolidating
widely dispersed IT infrastructures,
implementing local or remote hosted
environments and optimising our
customers’ security, application, network
and storage platforms.
We manage
We help our customers minimise the
technology management burden 
by managing elements of their
infrastructures on their behalf. Our
outsourcing services range from 
managing on-site or centralised help
desks, through responsibility for all 
large-scale infrastructure moves and
changes, to the provision of ongoing
technology support, including remote
monitoring and intervention services.
Computacenter ensures high standards 
of service by committing to contracted
service levels agreed with the customer.
Business activity
1 Excluding results of associated undertakings and joint ventures.
2 Calculated as profit before tax excluding non-operating exceptional items.
3 Excluding non-operating exceptional items.
Highlights 2002
2002 2001
£million £million
Group revenue £1,926.7 £2,093.4
Group operating profit
1
£56.2 £55.1
Profit before tax
2
£54.2 £51.1
Diluted earnings per share
3
19.3p 17.9p
Year-end Group employee numbers 6,022 5,894
2002 revenue by country
£millions
UK 1,597.3
France 316.8
BeLux 12.6
Austria 58.9
Germany 737.0
2002 Computacenter Group revenues
2002 revenues of GE CompuNet in Germany and GECITS Austria, acquired by Computacenter in January 2003 Chairman’s statement
Ron Sandler
“The progress that Computacenter is making
towards becoming a fully integrated infrastructure
services provider is clearly evident.”
4 Computacenter plc
Computacenter made excellent progress
in 2002. Against a background of
subdued markets for corporate IT
expenditure, the Group delivered good
profit growth, despite lower revenues. 
This result demonstrates Computacenter’s
effectiveness in controlling costs and
maintaining high levels of staff utilisation. 
It also reflects the considerable investment
in recent years to develop our services
capabilities, the fruits of which were clearly
evident in the course of the year.
The difficult trading conditions encountered
in the second quarter of 2001 persisted
throughout 2002, and Computacenter’s
revenues declined by 8.0% to £1.9 billion.
However, profit before tax, excluding 
non-operating exceptional items, grew to 
£54.2 million (2001: £51.1 million), and 
to £55.1 million (2001: £34.9 million)
including non-operating exceptional items.
Diluted earnings per share, excluding 
non-operating exceptional items, were
19.3p (2001: 17.9p).
The Group continued to generate 
cash, with net funds at the year-end 
of £83.4 million (2001: £53.3 million). 
In November, Computacenter repaid 
the outstanding balance of £38.3 million 
on the 1995 bond, and we now 
have no long-term borrowings. 
During the year Computacenter purchased
2,005,000 of its own shares for cancellation
at a total cost of £4.6 million.
I am pleased to recommend a doubling 
of the final dividend to 5.8p per share
(2001: 2.9p), at which level the dividend
cover would be 3.5 times. The Board recently
reviewed its dividend policy and concluded
that, given the strong cash position and
likely future cash generative characteristics
of Computacenter, such an increase was
warranted. Looking ahead, it would be the
Board’s intention to maintain dividend
cover at broadly this level. The dividend 
will be paid on 30 May 2003 to shareholders
on the register as at 2 May 2003.
Computacenter’s management deserves
considerable credit for the Group’s
performance in 2002. Overheads in 
the business were tightly controlled,
particularly in the UK where indirect
headcount was reduced by more than
230 over the course of the year. This 
was achieved without recourse to any
exceptional charges. The introduction 
of new systems and disciplines ensured
that professional services staff utilisation
levels were high throughout 2002.
For several years, the principal thrust of
Computacenter’s strategy has been to
87.6
1 43.6
103.6
74.8
58.0
UK managed services contract base, 1998 year-end
to 2002 year-end £million
1998 1999 2000 2002 2001 5 Computacenter plc
develop the services side of the business
to complement the core product logistics
activities. We are now beginning to see
evidence of real progress here. In the 
UK, managed services and professional
services revenues grew by 16.4% and
13.0% respectively, and both activities
contributed significantly to the overall
financial performance. Unquestionably, 
the highlight of the year in managed
services was the award of the BT desktop
outsource, a five-year contract covering
over 100,000 seats which is understood
to be the largest desktop outsourcing
contract ever awarded in Europe. This is 
a major achievement for the Group, and
testifies to the expertise and credibility 
that we have developed in this area.
The progress that Computacenter is
making towards becoming a fully integrated
infrastructure services provider is clearly
evident. We continue to invest significantly
in services development, and in enhancing
our tool suite and technologies to support
the services offerings. A considerable
effort has also been made to upgrade the
skills and improve the processes within the
organisation to ensure consistent, effective
and profitable services delivery. As a result
of these developments, Computacenter 
in 2002 was able to undertake services
contracts of increasing scope and
complexity. With the demand for services,
particularly of an outsourcing nature,
forecast to remain strong, we remain
confident in our chosen strategy and 
our ability to implement it.
Computacenter’s performance in France
was somewhat disappointing. Although
revenues grew strongly by 20.7%,
operating profit declined to £2.4 million
(2001: £6.4 million) after the release of
negative goodwill, largely reflecting the
challenges of integrating the GE Capital 
IT Solutions (GECITS) business in France,
acquired in February 2002. We are making
good progress with the integration and,
looking ahead, we anticipate an improvement
in the profitability of Computacenter France.
In November, we announced the
proposed acquisition of GE CompuNet 
in Germany and GECITS Austria for a
consideration of £36.5 million, with a
further payment of up to £41.0 million 
in 2005 subject to the achievement of
certain profit performance targets. Both
transactions were completed in early
January 2003. These acquisitions, and
particularly that of GE CompuNet (now
renamed CC CompuNet), are of major
strategic significance to Computacenter.
We are now the market leader in the UK
and Germany, and number two in France,
an unrivalled position in the three largest
European economies. We see a growing
trend towards pan-Europeanism in the 
IT infrastructure market, particularly as
regards vendor behaviour and an increasing
harmonisation of market structures and
practices. Whilst a truly integrated pan-
European market is still some way off,
Computacenter is now extremely well
positioned to benefit from this trend. 
We are already beginning to exploit
opportunities to share best practices and
resources across our European network. 
Whilst it is too early to predict performance
in 2003, we believe that Computacenter is
well positioned to produce profit growth
over 2002.
Computacenter’s performance rests, as
always, on the efforts and capabilities of
our staff. A devotion to customer service 
is central to our success, and we are
fortunate to have an organisation of
employees who demonstrate this attribute
time and again. I offer my thanks to all
Computacenter staff for their enthusiasm,
commitment and hard work.
Ron Sandler
Chairman
Ron Sandler, Chairman (left), with
Tony Conophy, Finance Director.
Group Group including Austria and Germany
5 year Group headcount
000’s
1998 4,582
1999 5,618
2000 5,788
2001 5,894
2002 6,022 9,912 6 Computacenter plc
UK
The desire of customers to improve the
cost effectiveness of their IT management
helped drive Computacenter’s managed
services growth in the UK, where our
contract base grew 38.6%, compared
with 19.9% in 2001.
As a result of winning the BT desktop
services contract early in the year, 
some 350 former BT staff transferred 
to Computacenter under TUPE regulations.
The award of this contract reflects the
investment we have made in developing
our outsourcing capabilities. We are
continuing to pursue a strategy of growth
in our managed services activities to achieve
economies of scale, raise barriers to entry
and secure our competitive advantage. 
Additionally, in 2002 we won major
managed service contracts with BAA 
and Hays. For BAA we will provide HP
technology, together with hardware
support and the management of moves
and changes. The five-year contract
covers approximately 10,000 seats,
mostly at Gatwick and Heathrow airports.
Our three-year contract with Hays
includes technology supply, hardware
support and technical consultancy.
Other managed services successes
included wins at HBOS, the UK
Government’s Environment Agency,
JPMorgan Chase and North Yorkshire
County Council, as well as contract
extensions with such customers as 
Thus and Scottish Power. 
To support our managed services growth,
we continued to invest in the development
of tools and processes, in particular the
integrated Services Management Tool
Suite (SMTS) that we use to track and
manage user support requests. By
deploying one or more SMTS components
we have been able to improve service
levels for many of our customers. A related
investment has enabled us to streamline
national handling of our customers’ support
calls, with e-mails and phone enquiries
automatically routed to the analyst with
the most appropriate skills or experience.
By integrating this system with SMTS, 
we are confident in our ability to further
improve service levels and drive down costs. 
Hardware support services were an
important focus in 2002. In the course of
the year, we re-engineered our maintenance
services to deliver greater efficiency, which
contributed to a growth rate of 38.8% 
Chief Executive’s review
Mike Norris
“The desire of customers to improve the cost
effectiveness of their IT management helped 
drive Computacenter’s managed services growth
in the UK.”
European HQ 
Over 1,300 staff are 
based at our European
Headquarters and
Operations Centre 
in Hatfield, UK. The
Operations Centre’s
advanced configuration
service covers mobiles,
desktops, servers 
(both Wintel and UNIX
based) and networking
technology.
Service Operations
Centre 
Our Service Operations
Centre allows us to 
monitor remotely and,
where necessary, 
resolve our customers’
IT systems problems
before they affect 
end-users. 7 Computacenter plc
in our maintenance contract base during 
the year. Successes included Cazenove,
Royal Mail and the UK Atomic Energy
Authority. Our pricing of support services
incorporates the considerable body of
information on relative failure rates that
Computacenter has accumulated over
many years of supporting a wide range of
hardware, and this represents a significant
source of competitive advantage.
Partly due to our continuing focus on
improving internal processes and
accountability, we saw higher professional
services utilisation rates and a growth in
professional services billing throughout
2002. This led to a professional services
revenue growth of 13.0% over the
previous year. 
The increased adoption of the 
latest Microsoft technology by large
organisations led to a number of major
infrastructure standardisation projects. 
For example, we deployed a standard
Microsoft Windows XP desktop
environment for ChevronTexaco, as 
part of a major global upgrade of its 
IT infrastructure, and migrated 6,000
users and 500 servers at Nationwide
Building Society to Windows 2000. In 
the Government sector, we implemented
a Windows 2000 desktop project roll-
out for a new hospital with Swindon &
Marlborough NHS Trust, for whom we will
also provide hardware maintenance and
other support services over a potential
twelve-year term.
We were also awarded a three-year support
contract for Nationwide’s Sun enterprise
servers, delivered a new IT infrastructure
for the Greater London Authority (GLA)
and won a contract for the design, build
and implementation of a new Windows
2000 office deployment for Orange UK. 
The opening of our Solutions Centre in
early 2002 was an important development
for Computacenter, allowing our
customers to test their choice of
technology before purchase, or verify 
the performance and scalability of new
applications before deployment.
Market pressure was most evident in the
product supply side of our business. Whilst
product sales fared better throughout 2002
compared to the second half of 2001, 
we saw an overall year-on-year decline.
Performance differed considerably across
sectors. Throughout the year, sales to
government departments continued to
grow, whilst financial services revenues
continued to decline, particularly in
investment banking. As our financial
services business has a higher proportion
of enterprise products and more demanding
service levels, this change in mix had an
overall adverse effect on UK margins.
Increased capacity at our Hatfield
Operations Centre allowed us to expand
the range of services we offer and the
technologies we support. For example,
Computacenter won a major technology
refresh contract to support NCR’s delivery
of new point-of-sale devices to a large
high street retailer. The contract includes
survey, storage, build and installation
services, together with the preparation and
installation of over 1,500 back-end servers.
A significant development in our product
re-sale business over the longer term 
was the merger, in May, of Compaq and
HP , two of our major vendor partners.
Computacenter is the UK market leader 
in Compaq products and we were
pleased to see our share of their business
grow still further in 2002. In view of our
mutual reliance, we are working closely
with the new HP management on forging 
Mike Norris, Chief Executive, in conversation at 
our European Headquarters and Operations Centre.
Solutions Centre 
Our Solutions Centre
ensures that technology
solutions are established
to be robust, compatible
and appropriate to our
customers’ needs before
they are introduced 
into a live business
environment. 8 Computacenter plc
the way ahead for our partnership. 
One early consequence of the merger 
is that Computacenter’s historical
Compaq volume has now moved to 
HP’s payment terms, which substantially
reduces credit days in return for early
payment discounts.
Our recycling and re-marketing arm, 
RDC, continued to respond to our
customers’ growing need for the effective
management of end-of-life IT equipment.
In April, the company won the Queen’s
Award for Enterprise in Innovation for its
unique service model, which provides
organisations with a better return from
their unwanted equipment and maximises
the potential for recycling. RDC achieved
an overall 58% increase in service
revenues over the previous year. 
CCD, our trade distribution business
offering products and logistics services to
resellers, maintained revenues comparable
to the previous year, despite continuing
market pressure. The business again
retained leading market share with several
major vendors, and we were only the
second organisation in the UK to be
appointed as an authorised HP-UX
distributor by HP .
In 2002 Computacenter opened new UK
offices in Newcastle and Belfast, with the
aim of widening our national coverage and
providing improved support to local offices
of our larger managed services customers.
International
In November, we announced our intention
to acquire GE CompuNet in Germany 
and GE Capital IT Solutions Austria.
These transactions were subsequently
completed on 2 January 2003, and both
companies are now wholly-owned
subsidiaries of Computacenter.
GE CompuNet (now CC CompuNet) 
has a strong services element in its
portfolio, which supports our strategy 
of growing our services base and building
contracted revenue streams. Whilst both
acquisitions are fundamentally sound
businesses, we are confident that 
they will benefit considerably from the
application of Computacenter’s experience.
These transactions give Computacenter
leading positions in Europe’s three largest
markets and a stronger pan-European
positioning with key vendors. The
combined businesses are able to share
certain investments and best practices,
and to develop common processes to
improve the scope, quality and cost-
effectiveness of their offerings.
We believe the acquisitions will be marginally
earnings enhancing in 2003 and will create
shareholder value in the long-term.
France
Assisted by acquisition, our French
operation saw 20.7% sales growth during
2002. However profit performance was
disappointing, reflecting difficult market
conditions and the costs of integrating 
the GECITS business following its
acquisition in February 2002.
Service revenues grew 80.6% compared
with the previous year and we won some
significant new customers, including
Ministère des Finances, Valéo and l’Oréal.
The acquisition of the GECITS business
involved the transfer of some 350
employees and brought with it several
major new accounts including Eurotunnel
and Renault France Automobiles. 
As the business was loss-making on
acquisition, the Group received a payment
from the vendor to assist in the financing
and development of the operation. 
The costs of restructuring  amounted 
“Our European acquisitions give Computacenter
leading positions in Europe’s three largest 
markets and stronger pan-European positioning
with key vendors.”
International 
Support Centre 
The ISC in Liverpool
provides a range of
managed services, such
as help desk support, to
international customers.
All technical analysts 
are required to speak 
a minimum of two
languages and coverage 
is 24x7.
Chief Executive’s review
Continued 9 Computacenter plc
to £3.2 million during the year, offset by a
release of £3.7 million negative goodwill to
operating profit.
Belgium and Luxembourg 
Our results in Belgium and Luxembourg
improved modestly in 2002 despite a
decline in corporate spending adversely
affecting our business, with product sales
particularly affected in the first half. The
second half showed an improvement,
due to some major customer wins. These
included Bridgestone Europe and Amcor,
who selected Computacenter for a pan-
European e-procurement service with
centralised reporting. 
We also won some major technology
refresh projects, including Citibank
Belgium, significant contract extensions
for project and support services at Nestlé
and UCB, and new CRM application roll-
out projects with Carlsberg Importers 
and Schneider Electric subsidiaries.
Biomni
After performing ahead of budget in the
first half of the year, our e-commerce 
joint venture, Biomni, saw a decline in
spending on e-procurement applications
in the second half.
Although Biomni has performed creditably
against its competition, the market for 
e-procurement services has not grown 
in line with expectations. Consequently,
Biomni has concentrated upon extending
its offering into the managed services
provider (MSP) marketplace, where 
the company has identified significant
business opportunities. Computacenter
will assume greater control over some 
of the e-commerce activities that have
historically been managed on its behalf by
Biomni, including CC Connect, through
which customers can order products 
and services from Computacenter over
the internet. Biomni continues to be a
strategic supplier to Computacenter, and
our 50% investment stake is unchanged.
Computacenter’s share of Biomni’s
loss reduced to £1.3 million 
(2001: £2.2 million). 
Organisation
Throughout 2002 we maintained our
focus on programmes designed to 
reduce our cost base and to leverage our
resources more effectively. As a result,
over the second half of the year, we
achieved a 11.5% reduction in sales,
general and administration (SG&A) costs
to the UK business compared with the
second half of 2001. Successful initiatives
included the merger of our Retail Finance
and City sectors into a single Financial
Services operation, reflecting the smaller
proportion of our revenues arising 
from investment banking and insurance.
We continued to operate tight cash
management disciplines and were
successful in our efforts to maintain high
levels of professional services utilisation.
We believe corporate and government
organisations will continue to look to
Computacenter to reduce their IT
infrastructure costs and are confident
that this, together with our focus on 
tightly controlled and effective operations,
provides a sound platform for the future.
Mike Norris
Chief Executive Officer
“Throughout 2002 we maintained our focus on
programmes designed to reduce our cost base
and to leverage our resources more effectively.”
CC CompuNet
The acquisition of GE
CompuNet (now CC
CompuNet) in January
2003 gives Computacenter
a market leading 
position in Germany and
stronger pan-European
positioning with key
vendors. The company’s
Kerpen operations centre 
is pictured. 10 Computacenter plc
In partnership
The following pages illustrate how 
we worked closely with five of our
customers in 2002, understanding 
their issues and developing innovative
solutions to help them reduce cost 
and realise value from technology.
Additional case studies, are available on our website 
at www.computacenter.com/casestudies. 
11 Greater London Authority
12 THUS plc
13 Royal Mail
14 Bank of Ireland UK Financial Services
15 Swift Greater London Authority
The challenge
To provide a flexible, scalable and reliable IT
infrastructure to underpin the current and future 
needs of the GLA, including various e-government
initiatives. Manny Lewis, the GLA’s Executive Director
of Corporate Services, explains, “We didn’t have the
technical expertise in-house for such a roll-out – and, 
to be honest, neither should we expect to. We also
had a tight window to complete the project, as the
infrastructure had to be in place prior to the
relocation to City Hall.”
The solution
Computacenter assessed the functional requirements
of the GLA, and tailored a solution to the authority’s
needs. This included deploying six new Compaq
DL380 servers to underpin the new email system and
desktop environment, plus upgrading more than 500
desktops. Several applications and services were
consolidated on to single machines, freeing up a
number of servers and enabling the GLA to make
more effective use of its IT infrastructure. The
solution was thoroughly tested in a ‘proof of concept’
laboratory and then migrated over three weeks.
The benefits
Manny singles out the new infrastructure for praise.
“There have been a lot of benefits, many of them
hidden to users and the outside world. For example
the IT team are finding it much easier to do fixes, 
the network is more reliable and we expect to see a
reduction in our IT support costs. The infrastructure
also has the scalability and flexibility to enable us to
progress our e-government programme.”
Services provided
Technical consultancy, systems integration, project
management, technology supply and systems
engineering.
11 Computacenter plc THUS plc
The challenge
THUS, one of the UK’s leading providers of voice,
data, internet and contact centre services, sought 
to reduce its IT operating costs while still retaining
high-performance systems and customer service.
Bob Baxter, Architecture and Standards Manager,
comments, “Not only do IT departments have to
cope with the day-to-day management of their
infrastructures, they also have to identify strategic
ways to enhance the use of technology. Plus, there 
is a constant need to find ways to reduce the total
cost of ownership of IT systems.”
The solution
Computacenter was awarded a five-year contract 
for the end-to-end management of desktops and
laptops, as well as THUS’s file and print servers.
“Computacenter was able to prove that it had the
resourcing capacity and expertise to scale its
services according to the needs of the business”,
says Bob Baxter. Computacenter is helping THUS
standardise on Windows 2000.
The benefits
“We have already been able to reduce the number 
of helpdesk calls and support costs, by introducing 
more remote fixing capabilities,” comments Bob.
“Computacenter has successfully managed to
reduce our IT costs, but at the same time helped 
us build an IT strategy that is stable and flexible, and
can respond to the changing needs of the market.”
Services provided
Managed desktop service, encompassing technology
procurement and deployment, systems installation
and support, and asset management.
12 Computacenter plc Royal Mail 
13 Computacenter plc
The challenge
With a third of its IT systems replaced every year,
Royal Mail was keen to maximise the value of its
aged assets. Also, with the imminent introduction 
of a new EU Environmental Directive, the company
needed to ensure that all its IT equipment was
recycled, and harmful materials were not discharged
into the environment. 
The solution
As part of the implementation of a standard
operating environment, RDC (the total asset
management business of Computacenter), helped
the customer identify systems that could be
refurbished for re-use, separate them from those 
that could be re-sold and safely dispose of the
remainder. Within a short while RDC was able to
return enough money to the company from the re-sale
of systems to cover the cost of disposing of the rest.
The benefits
“Not only have we turned disposal from an overhead
into a revenue stream, but the ability to re-use old
systems is exceptionally cost effective,” says Paul
Jopp, Infrastructure Deployment Manager for Royal
Mail. “When you compare the cost of upgrading at
£250 per system with the cost of replacement at
around £650, you soon see the economic sense.
We expect in future to see around one-third of each
year’s intake of new systems coming from RDC’s
refurbishment of our ‘old’ systems. Not only does 
that help to reduce our acquisition budget
significantly, it will really drive up our return on
investment.”
Services provided
Equipment refurbishment, re-sale of usable systems,
re-cycling of hazardous components and asset
management. Bank of Ireland UK Financial Services
The challenge
To provide an optimum, end-to-end mortgage
service, Bank of Ireland UK required the roll-out 
of an application to deal with the entire mortgage
process, from requesting credit checks to providing
formal offers. However, it needed to minimise
business continuity risks during the implementation
and, once the application was operational, ensure
ongoing high availability.
The solution
Computacenter successfully designed, tested and
deployed an infrastructure to underpin the new
mortgage application, and provides an ongoing
managed availability service. The infrastructure is
guaranteed 99.8% uptime during core business
hours. This is achieved through the use of remote
monitoring tools that continuously review the
performance of all the key components and 
identify in advance any problems before they 
impact the business.
The benefits
Peter Stafford, Director of IS for Bank of Ireland UK,
says, “With so much riding on its success, we did
not want to have any risks around the technology,
and so looked to Computacenter to help develop the
platform, and then manage the ongoing availability 
of the infrastructure. We have been pleased with the
results, and have suffered no outages.”
Colin Halsall, Director of IS Bank of Ireland Personal
Lending UK, adds, “The business benefits of the
implementation are numerous. By enhancing the
capacity, flexibility and scalability of our IT, we have
been able to improve the efficiency of our lending
services for the benefit of both the business and 
our customers.”
Services provided
Technical consultancy, systems integration and
engineering, project management, managed
availability via remote monitoring, and technology
supply.
14 Computacenter plc SWIFT
The challenge
Over 7,000 financial institutions in 197 countries
connect to one another through SWIFT, exchanging
millions of messages, valued in trillions of dollars,
every business day. To sharpen its focus on this core
business, SWIFT wanted to provide a common, high
level of support to its internal IT users across all
geographies, through one point of contact. It also
sought to reduce its IT support costs.
The solution
Computacenter provides SWIFT with IT helpdesk
and related services within a global three-year
contract. We provide a centralised IT user support
desk in La Hulpe, Belgium, and deskside support
teams in each country, which work under the service
desk’s control. The contract commits to service
levels agreed with the customer and provides
coverage 24 hours a day for 1,800 users in Europe,
Asia Pacific and the USA. 
The benefits
Werner Hellinckx, Head of MIS (Management 
of Internal Services) at SWIFT, comments, 
“Our agreement with Computacenter is a 
move away from SWIFT’s traditional resourcing
arrangements. With the service level agreements that
Computacenter offers, we’re able to provide the
same level of service globally to all of our internal
customers." Working to ITIL service management
best practice, Computacenter has both standardised
and improved the level of service, while a contractual
cost reduction plan has allowed SWIFT to reduce
service costs on a year-by-year basis.
Services provided
Global 24x5 service desk, first and second-level
incident and problem management, asset
management and request management with 
desk-side services in Belgium, Netherlands, 
Hong Kong and USA.
15 Computacenter plc 16 Computacenter plc
Finance Director’s review
Half 1 % return Half 2 % return Total % return
2000 19.2 2.1 36.4 3.4 55.6 2.8
2001 32.6 2.8 18.5 2.0 51.1 2.4
2002 24.4 2.5 29.8 3.1 54.2 2.8
% change* (25.2) 61.1 6.1
Half 1 Half 2 Total
2000 926.7 1,061.7 1,988.4
2001 1,173.6 919.8 2,093.4
2002 975.0 951.7 1,926.7
% change* (16.9) 3.5 (8.0)
Turnover and profitability
The results for this year reflect the general
European downturn in IT spending, which
resulted in Group turnover reducing by
8.0% to £1.9 billion. However unlike 2001,
where there was a significant downturn 
in the second half of the year in
comparison to the first half, both halves 
of 2002 were relatively similar in revenue
terms (see table 1). 
Pre-exceptional pre-tax profits increased
by 6.1%, whereas post-exceptional 
pre-tax profits increased by 57.8%. 
In 2001, the Group took two exceptional
items. These related to the closure of the
iGroup, which resulted in a non-operating
exceptional charge of £3.1 million, and 
to the sale of our sub-scale German
business to GE CompuNet, which resulted
in a charge of £13.1 million. The structure
of the German deal involved selling the
operating business and customer
contracts, with the Group being
responsible for such items as collection 
of debtors and payment of creditors. 
We have been more successful than
anticipated in recovery of these assets,
resulting in a non-operating exceptional
credit in 2002 of £0.9 million.
In recognition of the continued weak state
of the product sales market, particularly in
the UK, the Group has taken actions to
reduce its overhead cost structure. This
has made an important contribution to 
the overall resilience of the pre-tax profit. 
It is worthy of note that these cost
reductions were achieved without
resorting to exceptional charges in 2002.
Operating profits
Group operating profit increased by 2.0%
to £56.2 million. However, including the
share of the operating loss in Biomni, total
Group operating profit increased by 3.9%
to £54.9 million. Two notable points are:
• the Group share of the Biomni joint
venture loss reduced from £2.2 million to
£1.3 million and;
• the operating profit includes a charge of
£4.7 million, which comprises £2.9 million
goodwill impairment in our BeLux
operations and £1.8 million impairment 
to the carrying value of listed investments
to current market value. Excluding the
goodwill and market value adjustment, 
the underlying Group operating profit on
continuing businesses increased by 2.2%
from £59.6 million to £60.9 million.
In 2002, the UK represented amost 83%
of Group revenues. H2 2002 revenue in
the UK declined by 7.3% on H1. This
reduction includes a fall in product sales 
of over 12% which, as last year, was
mitigated by services revenue growth. It is
particularly pleasing to note the continued
services growth in 2002, with professional
services and managed services revenues
increasing by 13.0% and 16.4%
respectively over the previous year. 
Lower product sales but increased service
sales led to more consistent revenue from
one half to the next, with operating profit
margins in the UK increasing from 3.1% 
in H1 to 4.2% in H2. 
In France, a revenue growth of 20.7% 
was encouraging, although this included
the results of the acquired business of 
GE Capital IT Solutions SA (GECITS). We
estimate that approximately half of this
growth was organic. Operating profit was
disappointing, reducing from £6.4 million
in 2001 to £2.4 million, although this
included, as anticipated, integration 
costs arising from the acquisition. 
The integration costs recorded were 
£3.2 million and losses were incurred on
business transferred from the GECITS
acquisition. Whilst it was possible to
identify these losses in H1, which
amounted to £0.8 million, in H2 the GE
business was fully integrated into the core
French operations. Consequently it was
not possible to identify the loss on the
business transferred from the GECITS
acquisition for the year as a whole. As this
business was loss making on acquisition,
the Group received a payment from the
vendor to assist in the financing and
development of the business. This has
resulted in a release of negative goodwill 
in 2002 of £3.7m. 
Clearly, as the French market has reduced
over 2001, the growth of Computacenter
France implies we have taken significant
share and we expect this consolidation 
to continue.
The BeLux region performance, although
not material at a Group level, remains
disappointing, with revenue decreasing 
by 11.9% to £12.6 million and operating
losses increasing from £1.2 million to 
£3.9 million. However, having reviewed 
the carrying value of the goodwill, we 
have taken the decision to write-off all 
of the goodwill in our BeLux business,
which resulted in a charge of £2.9 million
included in the BeLux operating profit.
Excluding this write-off, the BeLux
operating loss improved from £1.2 million
to £1.0 million.
Earnings per share and dividend
Diluted earnings per share increased by
100% to 19.8p. However, excluding the
impact of non-operating exceptional items,
the increase in the diluted EPS was 7.8%,
increasing from 17.9p to 19.3p. It is our
intention to recommend an increased
dividend of 5.8p per share. The dividend
will be payable on 30 May 2003 to
registered shareholders as at 2 May 2003.
Cash flow and working capital
The main elements of working capital are
as shown below:
Dec 2001 Dec 2002 Change
Stock days 21 24 3
Debtor days 42 43 1
Creditor days 36 33 (3)
Whilst stock levels remained almost static,
the reduction in Group turnover resulted in
an increase of stock days from 21 to 24.
Excluding the 2003 acquisitions, we expect
stock days to remain at levels similar to
those at the end of December 2002. 
Creditor days reduced from 36 to 33,
partly due to a mix change of vendors 
and also due to the HP payment terms
change. All HP invoices, for pre-merger
Compaq products, dated from 
1 December onwards, were on 14 days
payment terms, with a settlement
discount, as opposed to previous terms 
of in excess of 30 days. This has
impacted the 2002 year-end cash position
by circa £6 million and the full impact is
approximately £20 million, depending on
the absolute level of HP purchases and
the position relative to other vendors.
Table 1: Group revenues, H1 2000 to H2 2002
£million
Table 2: Group pre-exceptional pre-tax profit, H1 2000 to H2 2002 
£million
*2002/2001 *2002/2001 17 Computacenter plc
2001 2002
Half 1 % return Half 2 % return Half 1 % return Half 2 % return
UK continuing 37.8 3.8 16.6 2.2 25.7 3.1 31.9 4.2
UK discontinued (3.4) 0.3 ––
France 2.1 1.8 4.2 2.9 0.2 0.1 2.2 1.2
BeLux (0.5) (5.8) (0.6) (10.3) (0.5) (8.3) (3.3)* (50.0)
Germany (0.6) (1.3) (0.8) (5.1)––
TOTALS 35.4 19.6 25.4 30.8
2001 2002
Half 1 Half 2 Half 1 Half 2
UK 1,001.0 753.0 828.9 768.4
France 117.1 145.4 140.1 176.7
BeLux 8.5 5.8 6.0 6.6
Germany 47.0 15.6 ––
TOTALS 1,173.6 919.8 975.0 951.7
The cash inflow from operating activities 
relative to Group operating profit was
107.9%, which compares to 157.2% in
2001. In 2001 the level of cash generation 
was exceptional as it was driven by 
the significant slowdown experienced 
in H2 2001, with a consequent reduction
in the level of working capital required. 
As revenues in H2 2002 were broadly
similar to revenues in H2 2001, this effect
was not repeated.
Cash generation from operations 
of £60.6 million contributed to the
improvement in the Group’s net cash
position to £83.4 million. Capital
expenditure reduced from £15.8 million 
to £10.8 million. 
In November 2002 the Group repaid
£38.3 million that was outstanding on
bonds raised in 1995. These bonds
carried an interest rate of 10% and 
the net effect of their repayment, given 
current interest rates, will save the 
Group approximately £2.4 million 
per annum.
Taxation
The effective tax rate for the Group 
was 32.8% compared to 45.3% in the
previous year. The major reason for the
high effective tax rate in 2001 was the
impact of the unrelieved operating losses
in Germany and, in particular, the loss
incurred on the disposal of the German
operations. This accounted for a 15.3%
differential in the tax rate from the
standard 30%. 
The effective tax rate for 2002 at 32.8%
was 2.8% ahead of the UK standard 
rate of 30%. The main reasons are
analysed below:
£m charge % impact
Expenses not deductible 
for tax purposes 0.5 0.9
Losses of overseas undertakings 
not available for relief 1.2 2.2
Write down of investment 0.6 1.0
Goodwill amortised (1.0) (1.8)
Impairment of goodwill 0.9 1.6
Deferred tax movements 0.5 0.8
Adjustment to prior year 
provisions (current & deferred tax) (1.1) (1.9)
Total 1.6 2.8
Financial instruments
The Group’s financial instruments
comprise borrowings, cash and liquid
resources, and various items that arise
directly from its operations. The Group
occasionally enters into hedging
transactions, principally forward exchange
contracts or currency swaps. The purpose
of these transactions is to manage
currency risks arising from the Group’s
operations and its sources of finance. 
The Group’s policy remains that no 
trading in financial instruments shall be
undertaken, other than as required for 
the business operations.
The main risks arising from the Group’s
financial instruments are interest rate risk,
liquidity risk and foreign currency risk. Our
policies for managing each of these risks
are set out below.
Interest rate risk
The Group finances its operations 
through a mixture of retained profits, 
bank borrowings and, in France, invoice
factoring. The Group’s bank borrowings,
other facilities and deposits are at floating
rates. No interest rate derivative contracts
have been entered into. We will continue
to monitor this position to ensure that the
interest rate profile is appropriate for the
Group. When long-term borrowings are
utilised the Group’s policy is to maintain
these borrowings at fixed rates to 
manage the Group’s exposure to interest
rate fluctuations.
Liquidity risk
The Group’s policy is to ensure that 
we have sufficient funding and 
committed bank facilities in place to 
meet any foreseeable peak in borrowing
requirements. At 31 December 2002 
we had £77.4 million of committed 
bank facilities with maturities for up 
to 1 year, of which 10.0% were 
drawn down. 
The Group’s net cash position at the 
year-end of £83.4 million, in combination
with the above facilities and the ability 
to access approximately £50 million 
of funds through sale and lease back 
of fixed assets, provides a generous
cushion for financing working capital
movements.
Whilst the Group’s net cash position
reduced by £36.5 million on 2 January
2003, due to the payment of the initial
consideration for the acquisition of GE
CompuNet and GECITS Austria, the
overall net cash and working capital
facilities outlined above leave us in a
strong position for financing the ongoing
requirements of the business. 
Foreign currency risks
The Group operates in the UK, France,
Belgium, Luxembourg and, since the
beginning of 2003, in Germany and
Austria. The Group uses local borrowings
to fund its operations in each of these
countries, where principal receipts and
payments are denominated in local
currency. In each country a small
proportion of the sales are made to
customers outside those countries. 
For those countries within the Euro zone
the level of non-Euro denominated sales 
is very small and, if material, the Group’s
policy is to eliminate currency exposure
through forward currency contracts. For
the UK, the vast majority of sales and
purchases are denominated in sterling 
and any material exposures are eliminated
through forward currency contracts.
In certain circumstances the Group uses
forward exchange contracts to hedge
foreign currency exposures arising on
forecast receipts and payments. 
Tony Conophy
Finance Director
Table 3: Revenues by country, H1 2001 to H2 2002
£million
Table 4: Operating profit, H1 2001 to H2 2002
£million
* This includes a goodwill write-off of £2.9 million; excluding this charge the
operating margin loss is 6.1% 18 Computacenter plc
Board of Directors
Non-Executive Directors 6 Peter Ogden 
Aged 55
Peter founded Computacenter with Philip
Hulme in 1981 and was Chairman of the
Company until 1998, when he became a
Non-Executive Director. He is Chairman
of Dealogic Limited, a Director of Omnia
Limited, and a Non-Executive Director 
of Abbey National plc and Psion plc.
Prior to joining Computacenter he was 
a Managing Director of Morgan Stanley
and Co.
7 Cliff Preddy 
Aged 55
Cliff has worked in the IT industry 
for most of his professional career,
including many years as an Executive
Director of Logica plc. He is Deputy
Chairman of Charteris plc, and Non-
Executive Chairman of CODASciSys 
plc and Acquisition Accounting Ltd. 
4 Nick Cosh
Aged 56
Nick, a chartered accountant, has 
held a number of senior executive
finance positions across a range of 
UK companies. He is currently a Non-
Executive Director of Bradford & Bingley
plc, Hornby plc and ICAP plc and
Chairman of Fleming American
Investment Trust. Previous positions 
held include Group Finance Director 
of JIB Group PLC and of MAI plc.
5 Philip Hulme 
Aged 54
Philip founded Computacenter with 
Peter Ogden in 1981 and worked for 
the Company on a full-time basis until
stepping down as Executive Chairman 
in 2001. He is a Director of Dealogic
Limited and was previously a Vice
President and Director of the Boston
Consulting Group.
manager. Following appointments as
Regional Manager for London operations
in 1988 and General Manager of the
Systems Division in 1992 with full 
national sales and marketing
responsibilities, he became Chief
Executive in December 1994 with
responsibility for all day-to-day activities
and reporting channels across
Computacenter.
3 Tony Conophy 
Finance Director, aged 45
Tony has been a member of the Institute
of Chartered Management Accountants
since 1982. He qualified with Semperit
(Ireland) Ltd and then worked for five
years at Cape Industries plc group. 
He joined Computacenter in 1987 as
Financial Controller, rising in 1991 to
General Manager of Finance. In 1996 he
was appointed Finance and Commercial
Director of Computacenter (UK) Limited
with responsibility for all financial,
purchasing and vendor relations activities.
In March 1998 he was appointed Group
Finance and Commercial Director.
1 Ron Sandler
Executive Chairman, aged 51
Ron has a degree in engineering from
Cambridge and an MBA from Stanford
University. His early career was with the
Boston Consulting Group, and as Chief
Executive of Martin Bierbaum Group 
and Exco plc. He was Chief Executive 
of Lloyd’s of London from 1995 until
1999, playing a key role in Lloyd’s
reconstruction, then Chief Operating
Officer of NatWest Group until its
acquisition by Royal Bank of Scotland.
He is Chairman of Kyte Group Limited
and a member of the Partnership
Council of lawyers Herbert Smith. 
Ron joined the Board of Computacenter
in May 2000 and was appointed
Chairman in May 2001.
2 Mike Norris 
Chief Executive, aged 41
Mike graduated with a degree in
computer science and mathematics from
East Anglia University in 1983. He joined
Computacenter in 1984 as a salesman 
in the City office. In 1986 he was
Computacenter’s top national account
Executive Directors 1 3
7 6 5 4
2
19 Computacenter plc 20 Computacenter plc
Corporate governance statement
1 Compliance statement
The Board is committed to high standards of corporate
governance throughout the Group and supports the principles
set out in the ‘Principles of Good Governance and Code of 
Best Practice’ (the “Combined Code”). Other than where
detailed in this report, the Company has throughout the
financial year complied with the provisions as set out in 
section 1 of the Combined Code. 
2 Board of Directors 
The Board of Directors comprises three Executive Directors 
and four Non-Executive Directors two of whom, Nick Cosh 
and Cliff Preddy, are independent and free from any business 
or other relationships which could materially interfere with 
the exercise of their judgement. Mr Cosh was appointed as 
Senior Independent Non-Executive Director in December 2002,
replacing Adrian Beecroft who resigned as a Director in 
January 2002.
The Directors’ biographies appear on page 18. 
The Board is chaired by an Executive Director, Ron Sandler,
and the Chief Executive is Mike Norris. There is a clear division
of responsibilities between the running of the Board and the
running of the Group’s day-to-day business with the Chairman
responsible for the former and the Chief Executive the latter. 
No individual has unfettered powers of decision. The Board
believes that an effective balance of power and authority is
maintained through the number and calibre of the Non-Executive
Directors who represent a source of strong independent advice
and judgement. The Board is aware that Section A.3.2 of the
Combined Code requires that a majority of Non-Executive
Directors be independent. Nevertheless, being mindful of the
recommendations of the Higgs Report published in January
2003 and the Group’s increasing presence in continental
Europe, the Board has decided to defer the appointment 
of a further independent Non-Executive Director pending 
an assessment of the skills and experience required. 
There were seven scheduled Board meetings during 2002 
and other meetings were held as necessary. The Board has 
a documented schedule of matters reserved to it, including the
approval of major capital expenditure and the agreement of
strategy and budgets. All Directors have access to the advice
and services of Alan Pottinger, Company Secretary, who is
responsible for ensuring that Board procedures are followed
and applicable rules and regulations are complied with. To
enable the Board to discharge its duties, all Directors receive
appropriate and timely information. These ordinarily include a
detailed report on current trading and full papers on matters
where the Board will be required to make a decision or give 
its approval. Reports are given to the Board on such matters 
as trading outlook, acquisitions and insurance, and specific
business presentations are given where appropriate. The
Chairman ensures that all Directors are properly briefed on
issues considered at Board meetings. Directors are entitled, 
at the Company’s expense, to obtain independent professional
advice where they believe it is important to the furtherance of
their duties. 
Each year (excluding those Directors retiring and not seeking
re-election and those retiring following their appointment during
the year) the number nearest to but not exceeding one-third 
of the Directors retire by rotation. In addition all Directors must
retire by rotation at least every three years. No Director has a
service contract with a notice period of more than one year.
Principal Board committees
The Board has delegated certain duties to several committees
each with specific terms of reference, the main responsibilities
and composition of which are set out below:
Audit Committee
(Chairman: Nick Cosh)
The Audit Committee comprises Nick Cosh, Peter Ogden 
and Cliff Preddy and meets at least four times a year. The
Chairman, the Group Finance Director and the external auditor
attend all meetings. The Committee assists the Board in fulfilling
its responsibilities by reviewing a wide range of matters including
the Group’s annual and interim financial statements and
accompanying reports to shareholders, the preliminary
announcement of results and any other public announcement
regarding financial information. In addition it reviews and advises
the Board on the scope, cost effectiveness and result of 
the audit as well as the independence and objectivity of the
auditors. The volume of non-audit services provided is also
reviewed to ensure both objectivity and value for money. The
Committee also reviews reports presented by Internal Audit 
and by the Risk and Insurance Department regarding significant
operational risks and controls.
Nomination Committee 
(Chairman: Ron Sandler) 
The Committee meets as required and comprises the 
Non-Executive Directors and the Executive Chairman. 
Its responsibilities include reviewing the Board structure, 
size and composition and nominating candidates for 
appointment to the Board.
Remuneration Committee
(Chairman: Cliff Preddy)
The Remuneration Committee meets at least once a year 
and comprises Cliff Preddy and Nick Cosh with Philip Hulme
and Peter Ogden acting as non-voting special advisers. 
The Committee determines the Company’s general policy 
on executive remuneration and the specific packages for 
the Executive Directors. The Committee also monitors and
reviews the terms and conditions of the Executive Directors’
service agreements and determines the grant of share 
options to Executive Directors and senior employees.
3 Directors’ remuneration
The principles and details of Directors’ remuneration are contained
in the Directors’ remuneration report on pages 22 to 24.
4 Relations with shareholders
The Company has regular dialogue with institutional
shareholders (other than during closed periods) and
communication with shareholders generally is given a 
high priority. In addition to mandatory information, a full 
and balanced explanation of the business of all general
meetings is sent to shareholders. The Board welcomes 
the attendance of individual shareholders at general meetings
and the opportunity to address any questions they may 
have. Resolutions at the Company’s general meetings 
have been passed on a show of hands, and proxies 
for and against each resolution are announced at 
such meetings. 
Shareholders are encouraged to view the Group’s website
(www.computacenter.com), which includes the share price 
as well as dedicated pages on case studies, news and 
financial information.  21 Computacenter plc
The chairmen of the Audit, Nomination and Remuneration
Committees intend to be available at the AGM on 9 May 2003
to answer any questions from private and institutional investors.
Details of the resolutions to be proposed can be found in the
Notice of Meeting enclosed with this report.
5 Accountability and audit 
The Board has overall responsibility for the Group’s system of
internal control and for reviewing its effectiveness. The system 
is designed to manage rather than eliminate the risk of failure 
to achieve the business objectives and can provide only
reasonable and not absolute assurance against material
misstatement or loss.
The system of internal control is designed to continuously
identify, evaluate and manage significant risks faced by the
Group. Key elements of the system are as follows:
Management structure
The Board has overall responsibility for making significant
strategic decisions. The Executive Directors, together with a
number of senior managers, constitute the Group Executive
Committee, which meets on a regular basis to discuss day-to-day
operational matters. Separate Executive Committees have been
established for each of the Group’s operations in the UK,
France and Germany. A flat reporting structure is maintained
across the Group with clearly defined responsibilities for
operational and financial management.
Control environment
The Group operates authorisation and approval processes that
are an integral part of its operations. Access controls exist where
processes have been automated to ensure the security of data.
Management information systems have been developed to
identify risks and to enable assessment of the effectiveness of
the system of internal control. Accountability is reinforced and
the further scrutiny of costs and revenues encouraged by the
linking of staff incentives to customer satisfaction and profitability.
Budgetary process
A comprehensive budgetary process is completed annually 
and is subject to the approval of the Board. Performance is
monitored through a rigorous and detailed reporting system
through which monthly results are compared to budgets. The
results and explanations for variances are regularly and routinely
reported to the Board. Appropriate action is taken where
variances arise.
Risk management
Specialist departments monitor developments and ensure
compliance with legislative and regulatory requirements. 
A comprehensive risk management programme has been
introduced and a Risk Committee formed, comprising 
key operational managers, to assist and monitor its
development. Through a programme of assessment,
appropriate measures and systems of control are maintained.
Detailed contingency plans are in place or being developed 
for all key sites.
Capital expenditure and investments 
Procedures exist and authority levels are documented to ensure
that capital expenditure is properly appraised and authorised.
Cases for all investment projects are reviewed and approved 
at divisional level. Major investment projects are subject to
approval by the Board.
Centralised treasury function 
All cash payments and receipts are managed by centralised
accounting functions within each of the operating companies.
Weekly reporting of cash balances to the Group Finance
Department ensures the position of the Group as a whole is
properly controlled.
Quality and integrity of staff 
The suitability of staff is determined through rigorous
recruitment procedures. Management continuously monitors
training requirements and annual appraisal procedures are 
in place to ensure that required standards are maintained.
Resource requirements are identified by managers and
reviewed by the relevant national Executive Committee.
6 Board review of internal control
Following publication of guidance for Directors on internal
control: ‘Internal Control Guidance for Directors on the
Combined Code’ (“Turnbull”) the Directors confirm that
procedures were in place to identify, evaluate and manage
significant risks faced by the Group throughout the year 
under review and up to the date of approval of the Annual Report
and Accounts. These include:
• consideration of regular reports presented by the Internal 
Audit Department, external audit and operational management;
• regular review of financial and management reports 
and information;
• consideration of actions taken by management to address 
any issues identified;
• consideration of the results of reviews on Group risk 
and control.
The Board, acting through the Audit Committee, has directed
the work of Internal Audit towards those areas of the business
that are considered to be of the highest risk. A rolling audit
programme ensures that all significant areas of the business 
are independently reviewed within a three-year period. This
programme is continually assessed to ensure it takes account
of the latest information, in particular the results of the annual
review of internal control. During 2002 Internal Audit carried 
out a number of reviews of specific areas of the business 
and the findings of these reviews were considered by the Audit
Committee. The effectiveness of the Internal Audit Department
and the Company’s risk management programme is reviewed
annually by the Audit Committee.
In addition to the rolling annual audit programme, the Board
conducts an annual review of the effectiveness of the internal
control system including financial, operational and compliance
controls and risk management. All major risks are reviewed by
the Group Executive Committee and by key managers across
the Group. The findings of the review are recorded in a risk
register, which is updated regularly based on data from the
Internal Audit and Risk Management departments and other
sources. Overall, the Board is satisfied that the risks identified
by the system of internal control are being managed appropriately.
RA Sandler
Chairman 22 Computacenter plc
Directors’ remuneration report
Remuneration Committee and advisors
The Remuneration Committee (“the Committee”) comprises 
Cliff Preddy (Chairman) and Nick Cosh. Philip Hulme and 
Peter Ogden are non-voting special advisers to the Committee.
Ron Sandler attends meetings but absents himself when his
own remuneration is considered. The Committee’s Terms of
Reference are regularly reviewed by the Board to ensure that its
activities comply fully with the provisions of the Combined Code. 
In considering levels of remuneration, the Committee has
received advice from the Company’s Director of Employee 
and Customer Satisfaction, who in turn has taken advice from
Towers Perrin. Towers Perrin also provides additional advice to
the Company’s management on general remuneration issues
from time to time.
Remuneration policy
The Committee makes recommendations to the Board, and
determines on its behalf, remuneration policy for the Chairman
and other Executive Directors, and on share options for senior
executives. In implementing its policy, the Committee has 
given full consideration to the Combined Code with regard to
Directors’ remuneration, and is satisfied that it has complied 
with the best practice provisions as set out in Section 1. B of 
the code. In particular, the following business considerations
have been addressed:
• to attract, retain and motivate the highest calibre Executive 
Directors;
• to reward Executive Directors through remuneration
arrangements that are both competitive and provide an
incentive for the development and performance of the 
Group in the best interests of shareholders;
• to ensure that total rewards are commercially competitive.
The Board as a whole determines fees for Non-Executive
Directors. The Committee is responsible for determining the
appropriate policy for rewarding the Company’s Executive
Directors, which is based on a combination of fixed and 
variable payments, benefits and share option plans in order 
to achieve a balance between short and long-term goals.
Basic salary and benefits
In seeking to ensure that the basic salary for each Executive
Director is appropriate and competitive, relevant external market
data, as well as increases in salary given to employees of the 
Group generally, are taken into consideration. The Chairman makes
recommendations to the Committee based on this information,
the individual performance of the other Executive Directors
against specific financial and non-financial goals, and the
performance of the Group as a whole.
Performance-related bonus scheme
Mike Norris and Tony Conophy participate in annual
performance-related bonus schemes that are linked to
the overall performance of the Group and the achievement 
of personal objectives agreed with them for the year. For 
2002, the maximum level of bonus for Mike Norris was
£197,500 (2001: £192,500) and for Tony Conophy, £122,500
(2001: £120,000). The actual levels of bonus earned were
£148,125 (2001: £96,250) and £91,875 (2001: £60,000)
respectively.
Share options
The Executive Directors are awarded executive share options
under the Company’s share option schemes, which are subject
to certain performance conditions. The details of the various
performance conditions relating to grants are set out in the table of
Directors’ emoluments below. These conditions are designed to
produce significant and sustained improvements in the Group’s
underlying financial performance. Should the conditions not be
met options will lapse. The amount of an award is normally
limited to a maximum of 1.25 times an individual’s base salary.
Option scheme rules currently specify that grants will not be
made where the total market value of shares, at date of grant,
over which an individual has been granted options to subscribe
in the previous ten years exceeds 4 times his total annual
remuneration. Since these rules were adopted ABI guidelines
have changed and shareholders’ approval to amend the rules to
reflect current ABI guidelines will be sought at the forthcoming
Annual General Meeting.
Pension
Executive Directors are entitled to participate in the
Computacenter Pension Scheme, a defined contribution 
scheme available to all employees under which a maximum
annual Company contribution of £2,500 per employee is payable. 
Both Mike Norris and T ony Conophy participated in the Scheme.
The Scheme also allows employees to make salary sacrifices,
which the Company may contribute to the Scheme on their
behalf. The amount of such salary sacrifices is shown as
Company contributions in excess of the £2,500 limit in the 
table of Directors’ emoluments.
Notice periods
Executive Directors’ employment contracts are subject to a 
rolling notice period of a maximum of 12 months. No contractual
arrangements are in place that guarantee additional payments
upon termination of employment by the Company. The
Committee is satisfied that the contractual arrangements for
Executive Directors comply with the Combined Code. 23 Computacenter plc
Performance graph
The performance of the Company in relation to other UK-quoted shares is shown in the performance graphs below. These comparisons
are taken from the date of Computacenter’s initial listing (21 May 1998).
Computacenter’s shares are quoted on the London Stock Exchange and the Committee has deemed the FTSE Software & Computer
Services sector’s share index as the most appropriate comparator against which to assess total shareholder return performance.
Total Shareholder Return Performance:
Both indices are rebased to 100 at 21 May 1998.
Directors’ remuneration
The Directors’ remuneration and Directors’ interests in share options tables below, and their associated notes, are subject to audit.
Unexpired Basic salary Performance Pension Total Total
contract term and fees Benefits in kind related bonuses contributions 2002 2001
(months) £ £ £ £ £ £
Executive Directors
RA Sandler no term specified 233,961 – – – 233,961 223,253
MJ Norris no term specified 395,000 3,780 148,125 2,500 549,405 504,750
FA Conophy no term specified 228,833 5,205 91,875 22,500 348,413 314,511
Non-Executive
Directors
PAB Beecroft – 2,712 – – – 2,712 30,000
NJ Cosh 25 34,326 – – – 34,326 –
PW Hulme 2 30,000 – – – 30,000 84,241
PJ Ogden 2 30,000 – – 1,500 31,500 31,500
CSF Preddy 25 29,423 – – – 29,423 –
RL Richards – 2,712 – – – 2,712 30,000
986,967 8,985 240,000 26,500 1,262,452 1,218,255
Note: Nick Cosh and Cliff Preddy were appointed as Directors on 8 January 2002. Adrian Beecroft and Rod Richards resigned as Directors on 4 February 2002.
0
50
100
200
150
300
250
350
21/5/98
31/12/98
31/12/99
31/12/00
31/12/01
31/12/02
Computacenter relative to FTSE Software & Computer 
Services sector
0
50
100
150
300
250
200
350
21/5/98
31/12/98
31/12/99
31/12/00
31/12/01
31/12/02
Computacenter versus FTSE Software and Computer
Services sector
Key
— — — — Computacenter TSR — — — — Sector 24 Computacenter plc
Interests in share options
At 1 January Exercised 
2002 Granted during the year At
Exercise Exercise (or date of during (or since 31 December
price dates appointment) the year appointment) Lapsed 2002
Executive Directors
RA Sandler 333.50p 20/03/04 – 19/03/11 (1) 150,000 –– – 150,000
333.50p 20/03/05 – 19/03/11 (1) 150,000 –– – 150,000
333.50p 20/03/06 – 19/03/11 (1) 200,000 –– – 200,000
322.00p 10/04/05 – 09/04/12 (7) – 91,226 – – 91,226
500,000 91,226 – – 591,226
MJ Norris 41.25p 09/04/99 – 08/04/06 (2) 400,000 –– – 400,000
25.00p 09/04/99 – 08/04/03 (2,9) 300,000 – 300,000 – –
160.00p 31/07/00 – 30/07/07 (2) 250,000 –– – 250,000
670.00p 01/09/03 – 28/02/04 (4) 2,574 –– – 2,574
942.50p 25/04/03 – 24/04/10 (3) 20,424 –– – 20,424
333.50p 20/03/04 – 19/03/11 (1,5) 8,995 –– – 8,995
333.50p 20/03/04 – 19/03/11 (6) 48,726 –– – 48,726
322.00p 10/04/05 – 09/04/12 (7) – 122,670 – – 122,670
1,030,719 122,670 300,000 – 853,389
FA Conophy 670.00p 01/09/03 – 28/02/04 (4) 2,574 –– – 2,574
942.50p 25/04/03 – 24/04/10 (3) 12,732 –– – 12,732
333.50p 20/03/04 – 19/03/11 (6) 35,982 –– – 35,982
322.00p 10/04/05 – 09/04/12 (1,8) – 9,316 – – 9,316
322.00p 10/04/05 – 09/04/12 (7) – 66,770 – – 66,770
51,288 76,086 – – 127,374
Non-Executive Directors
NJ Cosh – – – – –– – –
PW Hulme 25.00p 09/04/99 – 08/04/03 ( 2,9) 1,600,000 – 500,000 – 1,100,000
PJ Ogden 25.00p 09/04/99 – 08/04/03 (2) 1,600,000 –– – 1,600,000
CSF Preddy – – – – –– – –
1 Issued under the terms of the Computacenter Employee Share Option Scheme 1998.
2 Issued under the terms of the Computacenter Services Group plc Unapproved Executive Share Option Scheme.
3 Issued under the terms of the Computacenter Performance Related Share Option Scheme 1998. The options exercisable from 25 April 2003 are exercisable on 
the condition that the average annual compound growth in the Computacenter Group’s earnings per share is at least 5% above the RPI for the three-year period
commencing 1 January 2000.
4 Issued under the terms of the Computacenter Sharesave Plus Scheme, which is available to all employees and full time Executive Directors of the Computacenter
Group.
5 Exercisable on the condition that the average annual compound growth in the Computacenter Group’s fully diluted earnings per share, compared to the base year 
of 2000, is at least equal to the RPI plus 5% in any of the three, four or five year periods up to and including 2003, 2004 and 2005 respectively.
6 Issued under the terms of the Computacenter Performance Related Share Option Scheme 1998. The options become exercisable if the average compound growth 
in the Computacenter Group’s fully diluted earnings per share, compared to the base year of 2000, is at least equal to the RPI plus 5% in any of the three, four or 
five year periods up to and including 2003, 2004 or 2005 respectively.
7 Issued under the terms of the Computacenter Performance Related Share Option Scheme 1998. The options become exercisable if the average annual compound
growth in the Company’s earnings per share (on a pre-exceptional post investment in the Biomni joint venture fully diluted basis) compared to the base year of 2001,
is at least equal to the RPI plus 5% in any of the three, four or five year periods up to and including 2004, 2005 or 2006 respectively.
8 Exercisable on the condition that the average annual compound growth in the Company’s earnings per share (on a pre-exceptional post investment in the Biomni
joint venture fully diluted basis) compared to the base year of 2001, is at least equal to the RPI plus 5% in any of the three, four or five year periods up to and
including 2004, 2005 or 2006 respectively.
9 On 27 March 2002 MJ Norris exercised an option over 300,000 shares at 25.00p each and PW Hulme exercised an option over 500,000 shares at 25.00p each. 
On the same day all of these shares were sold at 355.00p per share, producing a gain on exercise in respect of MJ Norris of £990,000 and £1,650,000 in respect 
of PW Hulme. 
The market price of the ordinary shares at 31 December 2002 was 280.00p and the range during the year was 211.00p to 381.50p.
By order of the Board
AJ Pottinger
Secretary
11 March 2003
Directors’ remuneration report continued 25 Computacenter plc
Directors’ interest in shares
The interests of the Directors in the share capital of the Company at the beginning and end of the year are set out below.
At 31 December 2002 At 1 January 2002
or as at date of appointment 
Number of Number of Number of Number of
ordinary shares ordinary shares ordinary shares ordinary shares
Beneficial Non-beneficial Beneficial Non-beneficial
Executive Directors
RA Sandler 75,000 – 75,000 –
MJ Norris 1,571,265 – 1,685,212 –
FA Conophy 1,762,758 – 1,762,388 –
Non-Executive Directors
NJ Cosh 5,000 – ––
PW Hulme 28,990,057 12,872,707 28,990,057 12,872,707
PJ Ogden 42,162,764 15,000 42,201,264 25,000
CSF Preddy 5,000 – ––
There have been no changes in the interests of the Directors in the shares of Computacenter plc between 31 December 2002 and
11 March 2003.
Major interests in shares
In addition to the Directors’ interests set out above, in so far as is known to the Company, as at 11 March 2003 the following have
interests, directly or indirectly, in 3% or more of the existing issued ordinary share capital of the Company.
Number of Percentage of 
ordinary issued ordinary 
Shareholder shares capital
Aegon UK plc 9,253,153 4.99%
Fidelity International Limited 5,708,940 3.08%
Schroder Investment Management Limited 22,251,917 12.05%
Directors’ report
The Directors present their report and the audited accounts of the
Company for the year ended 31 December 2002
Principal activities 
The Company is a holding company. The principal activities of the group
of subsidiary company undertakings of which it is the parent, are the
design, project management, implementation and support of integrated
information technology systems.
Review of the business 
A detailed review of the Group’s activities, the development of its
business and an indication of future developments is included in the
Chairman’s statement on pages 4 to 5, the Chief Executive’s review 
on pages 6 to 9 and the Finance Director’s review on pages 16 to 17.
Results and dividends 
The Group’s activities resulted in a profit before tax of £55.1 million 
(2001: £34.9 million). The Group profit for the year available to
shareholders amounted to £37.0 million (2001: £19.1 million). The Directors
propose a final dividend for the year of £10.7 million (2001: £5.4 million)
being payable on 30 May 2003 to those shareholders on the register as at
2 May 2002. The Company did not pay an interim dividend during the year.
Directors 
The Directors who served during the year ended 31 December 2002 are
detailed below. Nick Cosh and Cliff Preddy were appointed as Directors
on 8 January 2002 and Adrian Beecroft and Rod Richards resigned as
Directors on 4 February 2002. Brief biographical details of the Directors 
at the date of this Report are given on page 18.
Ron Sandler and Philip Hulme will retire by rotation at the Annual General
Meeting and, being eligible, will offer themselves for re-election. 26 Computacenter plc
Directors’ report continued
Authority to purchase own shares
At the 2002 Annual General Meeting a resolution was passed
giving the Company authority to purchase up to 10% of its
ordinary shares by market purchase. At 31 December 2002,
2,005,000 shares, representing 1% of the issued ordinary
shares, had been purchased. A resolution to further extend 
the authority is to be put to the 2003 Annual General Meeting.
Creditors payment policy 
The Company does not hold any trade creditor balances.
However it is the policy of the Group that each of the businesses
should agree appropriate terms and conditions with suppliers
(ranging from standard written terms to individually negotiated
contracts) and that payment should be in accordance with those
terms and conditions, provided that the supplier has also complied
with them.
Employee share schemes 
The Company operates executive share option schemes and a
performance-related option scheme for the benefit of employees.
During the year, options under these schemes to purchase shares
of the Company have been granted to certain employees in
respect of 1,311,148 ordinary shares of 5p each. At the year-end
9,768,757 (2001: 10,037,665) options remain outstanding under
these schemes. 1,131,273 options were exercised under the
executive share option schemes during the year.
In addition the Company continues to operate a Sharesave
scheme for the benefit of employees. At the year-end, 3,975,011
(2001: 3,615,369) options granted under the Sharesave scheme
remain outstanding.
Employee involvement
Computacenter is committed to the involvement of all employees
in the performance and development of the Group. Regular team
briefing processes exist in which employees are encouraged to
discuss matters affecting day-to-day operations of the Group.
Employee Consultative Forums exist in each country to consult
staff on major issues affecting employment and on matters of
policy. A European Forum meets to discuss trans-national issues.
Every two years, an employee opinion survey is conducted in 
the UK by an external research company to seek employees’
views on a wide range of subjects. Feedback is shared and
action plans developed involving employees from across the
business. The last survey was conducted in November 2002,
leading to action plans that are in the process of being implemented.
Equal opportunities
The Group is committed to equal opportunities. No employee 
or potential employee receives less favourable treatment or
consideration on grounds of race, national or ethnic origin,
gender, disability, sexual orientation, or marital status. To this 
end the Group has an equal opportunities policy, and, in
addition, has entered into a partnership arrangement with 
the UK Commission for Racial Equality. The Group is committed
to make full use of the talents and resources of all its employees
and to provide a healthy environment that encourages good 
and productive working relationships within the organisation. 
Its conduct against this standard is monitored on a regular basis.
Health and safety 
It is the policy of the Group that each business maintains the
high standards necessary to safeguard the health and safety of
its employees, customers and the public. This commitment is
formally contained in the Health and Safety Policy Statement
signed by the Chief Executive, which is available upon request.
Environmental report
The Board is committed to the improvement of the Group’s
environmental performance and to minimising any adverse effects
that its operations may have on the environment. In support of
this, the Company operates a comprehensive Environmental
Management System (EMS), which is scheduled to achieve
accreditation to the international standard ISO 14001 in 2003.
The Computacenter EMS covers the supply, configuration,
storage, installation, recovery and safe disposal of information
technology systems. Training in EMS is provided for staff and 
the system will be monitored and reviewed by the Group Health,
Safety and Environment Department and the BSI. In addition,
RDC, our computer re-use and recycling arm, achieved ISO
14001 in August 2001 (a factor contributing to its success in
winning the prestigious Queen’ s Award for Enterprise in April 2002).
The significant environmental aspects identified are IT waste,
packaging waste, office waste, transport and energy. Progress 
on each of these issues will be monitored throughout the year
and costs and benefits measured. 
The Board recognises that acting in a socially responsible way
benefits the community, our customers and the Group alike.
Copies of Computacenter’s full environmental policy are available
on request.
Performance and personal development
The Group is committed to the development of its employees
through a regular performance review process. Managers are
responsible for setting and reviewing personal objectives aligned 
to corporate and functional goals, reviewing performance 
against behavioural standards appropriate to job level, 
agreeing appropriate training and development interventions, 
and discussing career aspirations. The Group Executive
Committee has overall responsibility for monitoring management
development and ensuring that the appropriate skills are available
to meet the current and future management needs of the Company.
The Company spends approximately £3.5m each year on
technical training and skill development. The Company’s
reward strategy is aligned to the development of a performance
related culture.
Business ethics
The Group has an ethics policy that was issued in January 
2002, drawing together into a single document pre-existing
statements on a number of ethical standards. The policy
commits employees to the highest standards of ethical 
behaviour in all business and personal relationships whilst 
in the workplace or on company business.
Community relations and charity activities
The UK business has a Charity Committee that is chaired by a
member of the Group Executive Committee. This meets regularly
to consider community projects and charitable requests, and to
organise fund-raising events for three corporate charities –
Macmillan Cancer Relief, the NSPCC, and Children in Need.
Support for the corporate charities is reviewed every three years
following consultation with employees. The current term for the
existing charities will end in December 2003.
The Group supports community and charitable projects as part
of its commitment to the concept of corporate social
responsibility and encourages its employees to support such
projects. In 2002 the Group made charitable donations
amounting to £84,340. 27 Computacenter plc
Directors’ report continued
Independent auditors’ report to the members of
Computacenter plc
We have audited the Group’s financial statements for the year ended 
31 December 2002 which comprise the Group Profit and Loss Account,
Group Statement of Total Recognised Gains and Losses, Group Balance
Sheet, Company Balance Sheet, Group Statement of Cash Flows,
Reconciliation of Net Cash Flow to Movement in Net Funds and the 
related notes 1 to 32. These financial statements have been prepared on
the basis of the accounting policies set out therein. We have also audited
the information in the Directors’ Remuneration Report that is described 
as having been audited.
This report is made solely to the Company’s members, as a body, 
in accordance with Section 235 of the Companies Act 1985. Our audit
work has been undertaken so that we might state to the Company’s
members those matters we are required to state to them in an auditors’
report and for no other purpose. To the fullest extent permitted by law, we
do not accept or assume responsibility to anyone other than the Company
and the Company’s members as a body, for our audit work, for this report,
or for the opinions we have formed.
Respective responsibilities of Directors and auditors
The Directors’ responsibilities for preparing the Annual Report, the Directors’
Remuneration Report and the financial statements in accordance with
applicable United Kingdom law and accounting standards are set out 
in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the financial statements and the part of the
Directors’ Remuneration Report to be audited in accordance with relevant
legal and regulatory requirements, United Kingdom Auditing Standards 
and the Listing Rules of the Financial Services Authority.
We report to you our opinion as to whether the financial statements give a
true and fair view and whether the financial statements and the part of the
Directors’ Remuneration Report to be audited have been properly prepared
in accordance with the Companies Act 1985. We also report to you if, 
in our opinion, the Directors’ Report is not consistent with the financial
statements, if the Company has not kept proper accounting records, 
if we have not received all the information and explanations we require for
our audit, or if information specified by law or the Listing Rules regarding
Directors’ remuneration and transactions with the Group is not disclosed.
We review whether the Corporate Governance Statement reflects the
Company’s compliance with the seven provisions of the Combined Code
specified for our review by the Listing Rules, and we report if it does not.
We are not required to consider whether the Board’s statements on internal
control cover all risks and controls, or form an opinion on the effectiveness
of the Group’s corporate governance procedures or its risk and control
procedures.
We read other information contained in the Annual Report and consider
whether it is consistent with the audited financial statements. This other
information comprises the Chairman’s Statement, Chief Executive’s Review,
Finance Director’s Review, Corporate Governance Statement, Directors’
Report and the unaudited part of the Directors’ Remuneration Report. 
We consider the implications for our report if we become aware of any
apparent misstatements or material inconsistencies with the financial
statements. Our responsibilities do not extend to any other information.
Basis of audit opinion 
We conducted our audit in accordance with United Kingdom Auditing
Standards issued by the Auditing Practices Board. An audit includes
examination, on a test basis, of evidence relevant to the amounts and
disclosures in the financial statements and the part of the Directors’
Remuneration Report to be audited. It also includes an assessment 
of the significant estimates and judgements made by the Directors in the
preparation of the financial statements, and of whether the accounting
policies are appropriate to the 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 financial
statements and the part of the Directors’ 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 financial statements and
the part of the Directors’ Remuneration Report to be audited.
Opinion
In our opinion: the financial statements give a true and fair view of the 
state of affairs of the Company and of the Group as at 31 December 2002
and of the profit of the Group for the year then ended; and the financial
statements and the part of the Directors’ Remuneration Report to be audited
have been properly prepared in accordance with the Companies Act 1985.
Ernst & Young LLP
Registered Auditor
Luton
11 March 2003
Statement of Directors’ responsibilities in respect of 
the accounts
Company law requires the Directors to prepare the accounts for
each financial period that 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 Group for that period. In preparing those accounts, the
Directors are required to:
• select suitable accounting policies and then apply them
consistently;
• make judgements and estimates that are reasonable 
and prudent;
• state whether applicable accounting standards have been
followed, subject to any material departures disclosed and
explained in the accounts;
• prepare the accounts on a going concern basis unless it is
inappropriate to presume that the Group or Company will
continue in its business.
The Directors are responsible for keeping proper accounting
records, which disclose with reasonable accuracy at any time
the financial position of the Group and enable them to ensure
that the accounts comply with the Companies Act 1985. They
are also responsible for safeguarding the assets of the Group
and hence taking reasonable steps for the prevention and
detection of fraud and other irregularities.
Auditors
Ernst & Young LLP has expressed its willingness to continue in
office as auditor and a resolution approving the re-appointment
of Ernst & Young LLP as the Company’s auditor will be
proposed at the forthcoming Annual General Meeting.
AJ Pottinger
Secretary
11 March 2003 28 Computacenter plc
Group profit and loss account
For the year ended 31 December 2002
2002 2001
Note £’000 £’000
Turnover
Turnover: Group and share of joint venture’s turnover 1,930,135 2,097,224
Less: share of joint venture’s turnover (3,398) (3,801)
Continuing operations 1,926,737 2,030,803
Discontinued operations – 62,620
Group turnover 2 1,926,737 2,093,423
Operating costs 3 (1,870,570) (2,038,340)
Operating profit
Continuing operations 56,167 59,608
Discontinued operations – (4,525)
Group operating profit 4 56,167 55,083
Share of operating loss in joint venture (1,272) (2,174)
Share of operating loss in associate (13) (67)
Total operating profit: Group and share of associate and joint venture 2 54,882 52,842
Release of provisions related to/(loss on) termination of operations 5 863 (16,213)
Profit on ordinary activities before interest and taxation 55,745 36,629
Interest receivable and similar income 7 7,367 7,815
Interest payable and similar charges 8 (8,031) (9,544)
Profit on ordinary activities before taxation 55,081 34,900
Tax on profit on ordinary activities 9 (18,074) (15,799)
Profit on ordinary activities after taxation 37,007 19,101
Minority interests – equity 25 (43)
Profit attributable to members of the parent company 37,032 19,058
Dividends – ordinary dividends on equity shares 10 (10,657) (5,435)
Retained profit for the period 26,375 13,623
Earnings per share
Basic 11 20.4p 10.5p
Diluted 11 19.8p 9.9p
Diluted (excluding effect of non-operating exceptional items) 11 19.3p 17.9p
Dividends per ordinary share 11 5.8p 2.9p
Group statement of total recognised gains and losses
For the year ended 31 December 2002
2002 2001
£’000 £’000
Profit for the financial year excluding share of joint venture and associate 37,978 20,647
Share of joint venture’s loss for the year (933) (1,522)
Share of associate’s loss for the year (13) (67)
Profit attributable to members of the parent company for the financial year 37,032 19,058
Exchange differences on retranslation of net assets of associated and subsidiary undertakings 1,238 254
Total recognised gains for the year 38,270 19,312 29 Computacenter plc
Group balance sheet
At 31 December 2002
2002 2001
Note £’000 £’000
Fixed assets
Intangible assets
Positive goodwill 12 5,039 7,957
Negative goodwill 12 (4,793) –
246 7,957
Tangible assets 13 96,733 103,523
Investments 14 12,366 13,531
109,345 125,011
Current assets
Stocks 15 95,742 95,385
Debtors 16 286,882 295,837
Cash at bank and in hand 92,072 109,665
474,696 500,887
Creditors: amounts falling due within one year 17 (328,522) (395,695)
Net current assets 146,174 105,192
Total assets less current liabilities 255,519 230,203
Creditors: amounts falling due after more than one year 18 (1,613) (2,006)
Provision for joint venture deficit
Share of gross assets 943 3,380
Share of gross liabilities (7,834) (7,370)
21 (6,891) (3,990)
Provision for liabilities and charges 21 (1,743) (2,189)
Total assets less liabilities 245,272 222,018
Capital and reserves
Called up share capital 22 9,237 9,281
Share premium account 23 69,004 68,710
Capital redemption reserve 23 100 –
Profit and loss account 23 166,792 143,825
Shareholders’ funds – equity 245,133 221,816
Minority interests – equity 139 202
245,272 222,018
Approved by the Board on 11 March 2003
MJ Norris FA Conophy
Chief Executive Finance Director 30 Computacenter plc
Company balance sheet
At 31 December 2002
2002 2001
Note £’000 £’000
Fixed assets
Tangible assets 13 38,257 39,859
Investments 14 129,050 127,172
167,307 167,031
Current assets
Debtors 16 467 24,780
Cash at bank and in hand 1 –
468 24,780
Creditors: amounts falling due within one year 17 (31,853) (55,583)
Net current liabilities (31,385) (30,803)
Total assets less current liabilities 135,922 136,228
Provisions for liabilities and charges 21 (1,577) (2,189)
Total assets less liabilities 134,345 134,039
Capital and reserves
Called up share capital 22 9,237 9,281
Share premium account 23 69,004 68,710
Capital redemption reserve 23 100 –
Merger reserve 23 55,990 55,990
Profit and loss account 14 58
Shareholders’ funds – equity 134,345 134,039
Approved by the Board on 11 March 2003
MJ Norris FA Conophy
Chief Executive Finance Director 31 Computacenter plc
Group statement of cash flows
For the year ended 31 December 2002
2002 2001
Note £’000 £’000
Cash inflow from operating activities 24 60,614 86,576
Returns on investments and servicing of finance 25 (468) (1,515)
Taxation
Corporation tax paid (17,485) (17,770)
Capital expenditure and financial investment 25 (9,097) (18,687)
Acquisitions and disposals 25 7,559 (4,437)
Equity dividends paid (5,324) (5,294)
Cash inflow before financing 35,799 38,873
Financing 25 (43,083) (278)
(Decrease)/increase in cash in the year (7,284) 38,595
Reconciliation of net cash flow to movement in net funds
For the year ended 31 December 2002
2002 2001
£’000 £’000
Net funds at 1 January 2002 53,287 13,407
(Decrease)/increase in cash in the year (7,284) 38,595
Cash outflow from repayment of debt and lease finance 38,787 1,500
Change in net cash resulting from cash flows 84,790 53,502
New finance leases (1,164) –
Amortisation of debt issue costs (196) (215)
Net funds at 31 December 2002 83,430 53,287 32 Computacenter plc
Notes to the financial statements
1 Accounting policies
Basis of preparation
The financial statements are prepared under the historical cost
convention and in accordance with applicable accounting
standards.
In preparing the financial statements for the current year, the
Group has adopted FRS18 ‘Accounting Policies’ and FRS19
‘Deferred Tax’. The adoption of these standards has not required
any revisions to the financial statements in either the current or
prior years. 
Basis of consolidation
The Group financial statements consolidate the financial
statements of Computacenter plc and all its subsidiary
undertakings for the period drawn up to 31 December each
year. No profit and loss account is presented for Computacenter
plc as permitted by section 230 of the Companies Act 1985.
The profit after tax for Computacenter plc was £15,259,000
(2001: £4,497,000).
Undertakings, other than subsidiary undertakings, in which the
Group holds a participating interest and over which it exerts
significant influence are treated as associated undertakings. The
Group financial statements include the appropriate share of those
undertakings’ results (from the date of acquisition) and net assets
based on audited financial statements of those undertakings.
Undertakings which the Group jointly controls with other entities
are accounted for as joint ventures. The Group financial statements
include the appropriate share of those undertakings’ results, and
the appropriate share of the gross assets and liabilities of those
undertakings.
Depreciation of tangible fixed assets
Freehold land is not depreciated. Depreciation is provided on all
other tangible fixed assets at rates calculated to write off the
cost, less estimated residual value, of each asset evenly over its
expected useful life, as follows:
Freehold buildings 50 years
Leasehold acquisition costs period to expiry of lease
Structural improvements shorter of 7 years & period to
expiry of lease
Fixtures and fittings
– Head office 5 – 15 years
– Other shorter of 7 years & period to
expiry of lease
Office machinery, computer
hardware and software 2 – 15 years
Motor vehicles 3 years
Investments
Fixed asset investments are shown at cost less provision for
impairment.
Leases
Assets held under finance leases and hire purchase contracts
that transfer substantially all the risks and rewards of ownership
to the Group are treated as if they had been purchased and an
amount equivalent to their fair value is included under tangible
fixed assets. Depreciation is provided in accordance with the
Group’s normal depreciation policy. The capital element of the
related rental obligations is included in creditors. Leasing and hire
purchase payments are treated as consisting of capital and
finance charge elements and the finance charge is included in
interest payable in the profit and loss account.
Rentals paid under operating leases are charged to income on a
straight line basis over the term of the lease.
Stocks
Stocks are valued at the lower of average cost and net realisable
value after making due allowance for any obsolete or slow
moving items. Cost includes all costs incurred in bringing each
product to its present location and condition. Net realisable value
is based on estimated selling price less any further costs
expected to be incurred to completion and disposal.
Revenue recognition and deferred product revenue
Product revenue is recognised when receivable under a contract
following delivery of a product. Maintenance revenue is
recognised over the maintenance period on a straight line basis,
which approximates to the level of completion of an individual
contract. The unrecognised maintenance revenue is included as
deferred income in the balance sheet.
Taxation
The charge for taxation is based on the profit for the year and
takes into account taxation deferred because of timing
differences between the treatment of certain items for taxation
and accounting purposes.
Deferred tax is recognised in respect of all timing differences that
have originated but not reversed at the balance sheet date
where transactions or events that result in an obligation to pay
more, or a right to pay less, tax in the future have occurred at
the balance sheet date, with the following exception:
• deferred tax assets are recognised only to the extent that the
Directors consider that it is more likely than not that there will
be suitable taxable profits from which the future reversal of the
underlying timing differences can be deducted.
Deferred tax is measured on a non-discounted basis at the tax
rates that are expected to apply in the periods in which timing
differences reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.
Goodwill
Goodwill arising on acquisitions prior to 31 December 1997 was
written off against reserves in the period of acquisition. Goodwill
previously eliminated against reserves has not been reinstated on
implementation of FRS10.
Goodwill arising on acquisitions since 1 January 1998 has been
capitalised, classified as an intangible asset on the balance sheet
and amortised on a straight line basis over its useful economic life
up to a presumed maximum of 20 years. It is reviewed for impairment
at the end of the first full financial year following acquisition and
in other periods if events or changes in circumstances indicate
that the carrying value may not be recoverable.
Negative goodwill arising on acquisitions is classified as an
intangible item on the balance sheet and amortised on a 
straight line basis over the periods expected to be benefited. 33 Computacenter plc
Pensions
The Group operates a defined contribution pension scheme
available to all UK employees. Contributions are charged to the
profit and loss account as they become payable in accordance
with the rules of the scheme.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling
at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are retranslated at the rate of
exchange ruling at the balance sheet date. All differences are
taken to the profit and loss account.
Net assets of overseas subsidiaries and associated undertakings
are translated at the rate of exchange ruling at the balance sheet
date. Profit and loss financial statements of overseas subsidiaries
are translated using average rates of exchange. Exchange
differences arising from the retranslation of opening net assets
and profit and loss financial statements using year-end rates of
exchange are taken directly to reserves.
Financial instruments
A discussion of how the Group manages its financial risks is
included in the Finance Director’s review on pages 16 and 17.
Forward exchange contracts are used to hedge foreign
exchange exposures arising on forecast receipts and payments
in foreign currencies. Gains or losses arising on these forward
contracts are taken to the profit and loss account at maturity.
The Group has decided not to include short-term debtors and
creditors within the numerical disclosures, as permitted under
FRS13.
Capital instruments
Shares are included in shareholders’ funds. Other instruments
are classified as liabilities if they contain an obligation to transfer
economic benefits and if not they are included in shareholders’
funds. The finance cost recognised in the profit and loss account
in respect of capital instruments other than equity shares is
allocated to periods over the term of the instrument at a constant
rate on the carrying value.
2 Turnover and segmental analysis
The Group operates in one principal activity, that of the provision of distributed information technology and related services. Turnover
represents the amounts derived from the provision of goods and services which fall within the Group’s ordinary activities, stated net 
of VAT. 
An analysis of turnover by destination and origin, operating profit/(loss) and net assets/(liabilities) is given below:
2002 2001
£’000 £’000
Turnover by destination
UK
Continuing 1,584,471 1,744,226
Discontinued – 54
Total 1,584,471 1,744,280
France 313,797 267,157
Belgium & Luxembourg 11,560 13,608
Germany – continuing 4,503 323
Germany – discontinued – 62,566
Rest of the World 12,406 5,489
Total 1,926,737 2,093,423
2002 2001
£’000 £’000
Turnover by origin
UK
Continuing 1,597,344 1,753,999
Discontinued – 54
Total 1,597,344 1,754,053
France 316,773 262,460
Belgium & Luxembourg 12,620 14,344
Germany – discontinued – 62,566
Total 1,926,737 2,093,423 34 Computacenter plc
Notes to the financial statements
2 Turnover and segmental analysis continued
2002 2001
£’000 £’000
Operating profit/(loss)
UK
Continuing 57,642 54,438
Discontinued – (3,105)
Total 57,642 51,333
France 2,389 6,381
Belgium & Luxembourg (3,864) (1,211)
Germany – discontinued – (1,420)
Total Group excluding associate & joint venture undertaking 56,167 55,083
Share of operating result of associate and joint venture undertaking (1,285) (2,241)
Total operating profit 54,882 52,842
2002 2001
£’000 £’000
Net assets/(liabilities) employed
UK 183,346 182,257
France 10,400 12,079
Belgium & Luxembourg (4,426) 67
Germany (588) (6,449)
Subtotal 188,732 187,954
Net assets of associated undertaking
UK 46 8
Rest of the world 62 150
Net assets employed 188,840 188,112
Net funds 83,430 53,288
Net operating assets 272,270 241,400
Non-operating liabilities (26,998) (19,382)
Net assets 245,272 222,018
During the period, Computacenter France acquired the business of GE Capital IT Solutions (GECITS) in France. These operations have
been fully integrated under operating profit with those of Computacenter France and therefore it is not possible to separately identify the
amounts relating to the acquired activities.
3 Operating costs
2002 2001 2001 2001
All continuing ContinuingDiscontinued Total
£’000 £’000 £’000 £’000
(Increase)/decrease in stocks of finished goods (357) 19,029 4,789 23,818
Goods for resale and consumables 1,484,202 1,570,346 45,446 1,615,792
Staff costs (note 6) 227,175 222,090 10,533 232,623
Depreciation and other amounts written off 
tangible and intangible assets 16,758 16,993 1,183 18,176
Other operating charges 142,792 142,737 5,194 147,931
1,870,570 1,971,195 67,145 2,038,340 35 Computacenter plc
4 Operating profit
2002 2001
£’000 £’000
This is stated after charging:
Auditors’ remuneration – audit services – UK 147 142
– audit services – overseas 65 53
– non-audit services – UK 154 135
– non-audit services – overseas 16 119
Depreciation of owned assets 16,884 17,847
Depreciation of assets held under finance leases and hire purchase contracts 255 –
Operating lease rentals – plant & machinery 1,635 7,345
– land & buildings 10,637 9,196
Amortisation of positive goodwill 449 329
Impairment of listed investment 1,865 –
Impairment of goodwill 2,899 –
And after crediting:
Amortisation of negative goodwill 3,728 –
Rentals received under operating leases 260 204
5 Exceptional items
2002 2001
£’000 £’000
Recognised below operating profit:
UK
Closure of iGroup software development activities – (3,101)
Germany
Loss on disposal – (3,080)
Release of provision/other closure costs 863 (7,388)
Goodwill written back to reserves – (2,644)
863 (16,213)
6 Staff costs
2002 2001
£’000 £’000
Wages and salaries 191,851 196,414
Social security costs 30,369 31,764
Other pension costs 4,955 4,445
227,175 232,623
The Group operates a defined contribution scheme available to all UK employees.
The cost to the Group for the period to 31 December 2002 was £4,730,000 (2001: £4,091,000). There were no outstanding or prepaid
contributions as at the balance sheet date. 36 Computacenter plc
Notes to the financial statements
6 Staff costs continued
The average number of persons employed by the Group, including Directors, during the year was as follows:
Number of employees
2002 2001
Supply chain services 1,592 1,534
Managed services 1,898 1,853
Sales and customer services 1,224 1,120
Business support 643 691
Direct business 129 132
Professional services 438 488
Other services 50 141
5,974 5,959
Details of Directors’ remuneration, pension entitlements and share options are disclosed in the Directors’ remuneration report on 
pages 22 to 24.
7 Interest receivable and similar income
2002 2001
£’000 £’000
Bank interest 5,802 6,375
Other interest receivable 1,565 1,440
7,367 7,815
8 Interest payable and similar charges
2002 2001
£’000 £’000
Bank loans and overdrafts 3,256 1,456
Other loans 4,775 8,088
8,031 9,544
9 Tax on profit on ordinary activities
a) The charge based on the profit for the year comprises:
2002 2001
£’000 £’000
UK Corporation tax* 20,021 15,681
Adjustment relating to prior years (1,197) –
18,824 15,681
Foreign tax 35 564
Group current tax 18,859 16,245
Share of joint venture’s tax (339) (652)
Total current tax 18,520 15,593
Deferred tax
Origination and reversal of timing differences (504) 206
Adjustment relating to prior year 58 –
Group deferred tax (446) 206
Tax on profit on ordinary activities 18,074 15,799
*Includes a tax credit of £nil (2001: £930,000) relating to the effect of non-operating exceptional items. 37 Computacenter plc
9 Tax on profit on ordinary activities continued
b) Factors affecting the current tax charge
The tax charge for the year is higher than the standard rate of Corporation Tax in the UK (30%). The principal reasons for this difference
are set out below:
2002 2001
£’000 £’000
Total profit before taxation 55,081 34,900
At 30% 16,524 10,470
Expenses not deductible for tax purposes 487 739
Funding to overseas entity not deductible for tax purposes – 924
Goodwill amortised (984) 99
Impairment of goodwill 870 –
Goodwill reinstated on disposal – 793
Accounting depreciation in excess of tax depreciation (137) 12
Amount provided against investments 558 –
Profits of overseas undertakings not taxable due to brought forward loss offset – (669)
Losses of overseas undertakings not available for relief 1,202 3,225
Current tax charge 18,520 15,593
Tax losses have been surrendered by way of Group relief to Computacenter (UK) Ltd, which has paid the tax value for these losses.
c) Factors that may affect future tax charges
Based on current capital investment plans the Group expects to continue to be able to claim capital allowances in excess of
depreciation in future years.
The Group has tax losses arising from the results of its French subsidiary of £3,500,000 that are available for a restricted amount of 
time for offset against the future taxable profits of that company. Deferred tax assets have not been recognised in respect of these
losses, as they may not be used to offset taxable profits due to the limited length of time that the loss remains available.
d) Deferred tax
Group
The deferred tax assets/(liabilities) included in the balance sheet are as follows:
2002 2001
£’000 £’000
Accelerated capital allowances 2,133 2,189
Other short-term timing differences (390) –
1,743 2,189
Provision for deferred tax (included in provisions for liabilities and charges):
£’000
At 1 January 2002 2,189
Deferred tax credit in Group profit & loss account:
Current year (504)
Prior year 58
At 31 December 2002 1,743 38 Computacenter plc
Notes to the financial statements
9 Tax on profit on ordinary activities continued
d) Deferred tax continued
Company
The deferred tax liabilities included in the balance sheet are as follows:
2002 2001
£’000 £’000
Accelerated capital allowances 1,577 2,189
Provision for deferred tax (included in provisions for liabilities and charges):
£’000
At 1 January 2002 2,189
Deferred tax credit in Company profit & loss account:
Current year 24
Prior year (636)
At 31 December 2002 1,577
10 Dividends
The Directors recommend the payment of a dividend of 5.8p per share (2001: 2.9p per share), representing an aggregate charge
of £10,657,000 (2001: £5,435,000). The Computacenter ESOP trust has waived the dividends payable in respect of 1,427,042
(2001: 1,427,042) ordinary shares that it owns which are not allocated to employees. The Computacenter Trustees Limited 
has waived dividends in respect of 457,796 (2001: 461,011) shares which it owns which are not allocated to employees and 
the Computacenter Quest (“Qualifying Employee Scheme Trust”) has similarly waived dividends in respect of 1,102,266 
(2001: 1,109,143) shares that it owns. 
11 Earnings per share
The calculation of earnings per ordinary share is based on profit attributable to members of the holding Company of £37,032,000
(2001: £19,058,000) and on 181,622,000 (2001: 181,252,000) ordinary shares, being the weighted average number of ordinary shares
in issue during the year after excluding the shares owned by the Computacenter Employee Share Trust, Computacenter Trustees
Limited and the Computacenter Quest. 
The diluted earnings per share is based on the same earnings figure of £37,032,000 (2001: £19,058,000) and on 186,632,000 
(2001: 191,928,000) ordinary shares, calculated as the basic weighted average number of ordinary shares, plus 5,010,000 
(2001: 10,676,000) dilutive share options.
12 Goodwill
Positive Negative
£’000 £’000
Cost
At 1 January 2002 8,611 –
Additions 430 8,521
At 31 December 2002 9,041 8,521
Amortisation
At 1 January 2002 654 –
Charge/credit in the year 449 3,728
Impairment 2,899 –
At 31 December 2002 4,002 3,728
Net book value
At 31 December 2002 5,039 4,793
At 31 December 2001 7,957 –
The Group has amortised its acquired positive goodwill on a straight line basis over a period of 20 years, which is the estimated useful
economic life. In addition, the Group has reviewed the carrying value of goodwill acquired and associated future cashflows, and has
recognised an impairment to reduce the carrying value to a level that the Directors consider to be appropriate. The acquired negative
goodwill is amortised over a period of two years. The Group will continue to review the estimated useful life of the goodwill acquired. 39 Computacenter plc
13 Tangible fixed assets
Short leasehold Fixtures, fittings,
Freehold land property and equipment and
and buildings improvements vehicles Total
£’000 £’000 £’000 £’000
Group
Cost
At 1 January 2002 68,047 9,425 90,584 168,056
Reclassified (7,299) 1,320 5,979 –
Exchange adjustments – – 809 809
Additions 200 503 9,615 10,318
On acquisition – – 506 506
Disposals (7) (27) (11,610) (11,644)
At 31 December 2002 60,941 11,221 95,883 168,045
Depreciation
At 1 January 2002 4,454 5,431 54,648 64,533
Exchange adjustments – – 368 368
Charge for year 3,082 1,005 13,051 17,138
Disposals (6) (41) (10,680) (10,727)
At 31 December 2002 7,530 6,395 57,387 71,312
Net book value
At 31 December 2002 53,411 4,826 38,496 96,733
At 31 December 2001 63,593 3,994 35,936 103,523
Certain assets were reclassified during the year from freehold land and buildings into short leasehold property and improvements or
fixtures and fittings following receipt of the final work package analysis from contractors, enabling a more accurate analysis of the
expenditure.
Freehold land
and buildings
£’000
Company
Cost
At 1 January 2002 42,337
Additions 13
At 31 December 2002 42,350
Depreciation
At 1 January 2002 2,478
Charge for year 1,615
At 31 December 2002 4,093
Net book value
At 31 December 2002 38,257
At 31 December 2001 39,859
Included in the figures above are the following items which are held under finance leases and hire purchase contracts:
Fixtures, fittings, 
equipment and vehicles
2002 2001
£’000 £’000
Group
Cost 1,164 –
Accumulated depreciation (255) –
Net book value 909 –
Depreciation charge for the year 255 – 40 Computacenter plc
Notes to the financial statements
14 Investments
2002 2001
£’000 £’000
Group
Loan to joint venture 7,000 6,250
Associated undertaking (a) 108 158
Own shares (b) 2,503 2,503
Other listed investments (c) 2,755 4,620
12,366 13,531
Share of net
tangible assets
£’000
(a) Associated undertaking
At 1 January 2002 158
Share of losses of associated undertaking (13)
Sale of shares (37)
At 31 December 2002 108
The Group’s share of post acquisition accumulated profits of the associated undertaking at 31 December 2002 is £26,000 (2001: £39,000).
The Group has received £710,000 (2001: £1,127,000) from the associated undertaking for the provision of administrative services and
the reimbursement of costs incurred.
£’000
(b) Own shares – at cost
Cost
At 1 January 2002 and 31 December 2002 3,084
Provided
At 1 January 2002 and 31 December 2002 581
Net book value
At 31 December 2001 and 31 December 2002 2,503
Own shares comprise the following:
i) Computacenter Employee Share Ownership Plan
Shares in the parent undertaking comprise 1,427,042 (2001: 1,427,042) 5p ordinary shares of Computacenter plc purchased by a third
party and funded by a bank loan on behalf of the Computacenter Employee Share Ownership Plan (“the Plan”).
None of these shares were awarded to executives of the Company under the Computacenter (UK) Limited Cash Bonus and Share Plan.
Shares previously awarded are to be held on behalf of employees and former employees of Computacenter (UK) Limited and their
dependants, excluding Jersey residents. The distribution of these shares is dependant upon the trustee holding them on the employee’s
behalf for a restrictive period of three years.
Since 31 December 2002 the definition of beneficiaries under the ESOP Trust has been expanded to include employees who have 
been awarded options to acquire ordinary shares of 5p each in Computacenter plc under the other employee share plans of the
Computacenter Group, namely the Computacenter Services Group plc Approved Executive Share Option Plan, the Computacenter
Employee Share Option Scheme 1998, Computacenter Services Group plc Unapproved Executive Share Option Scheme, the
Computacenter Performance Related Share Option Scheme 1998, the Computacenter Sharesave Plus Scheme and any future similar
share ownership schemes.  41 Computacenter plc
14 Investments continued
The market value of the shares in the parent undertaking at 31 December 2002 was £3,996,000.
All costs incurred by the Plan are settled directly by Computacenter (UK) Limited and charged in the accounts as incurred.
The plan has waived the dividends payable in respect of 1,427,042 shares that it owns which are not allocated to employees. 
Any dividends received by the Plan in respect of shares allocated to the beneficiaries would be paid in full to them.
ii) Computacenter Qualifying Employee Share Trust (“the QUEST”)
During the year there were no 5p ordinary share subscriptions by the QUEST. The total shares held are 1,102,266 (2001: 1,109,143).
All of these shares will continue to be held by the QUEST until such time as the options are exercised. The market value of these shares
at 31 December 2002 was £3,086,000 (2001: £3,827,000). The Company has waived dividends in respect of all of these shares.
iii) Computacenter Trustees Limited 
During the year no new awards of share allocations were made under the Computacenter Bonus Plus Share Plan. At the year-end,
the total number of shares held by Computacenter Trustees Limited was 501,036 (2001: 575,776) shares of which 43,240 (2001:
117,895) shares are allocated against the Bonus Plus awards and 457,796 (2001: 457,881) shares are unallocated. Dividends are 
paid in respect of the allocated shares but waived in respect of the unallocated shares.
£’000
(c) Other listed investments
Cost
At 1 January 2002 and 31 December 2002 4,620
Provided
At 1 January 2002 –
Charge in year 1,865
31 December 2002 1,865
Net book value
31 December 2002 2,755
31 December 2001 4,620
At 31 December 2002, the market value of listed investments was £2,755,000 (2001: £3,208,500).
Shares in Loans to Shares in Shares in
subsidiary subsidiary joint associated Other listed
undertakings undertakings venture undertaking investments Total
£’000 £’000 £’000 £’000 £’000 £’000
Company
Cost
At 1 January 2002 136,451 3,668 25 75 4,617 144,836
Additions 21,706––––21,706
Disposals – – – (37) – (37)
Repaid – (914) – – – (914)
At 31 December 2002 158,157 2,754 25 38 4,617 165,591
Provided
At 1 January 2002 (14,910) (2,754) – – – (17,664)
Charge in the year (17,015) – – – (1,862) (18,877)
At 31 December 2002 (31,925) (2,754) – – (1,862) (36,541)
Net book value
At 31 December 2002 126,232 – 25 38 2,755 129,050
At 31 December 2001 121,541 914 25 75 4,617 127,172 42 Computacenter plc
Notes to the financial statements
14 Investments continued
Details of the principal investments at 31 December 2002 in which the Group or the Company holds more than 20% of the nominal
value of ordinary share capital are as follows:
Subsidiary and associated undertaking Country of registration Nature of business Proportion held
Computacenter (UK) Limited England IT infrastructure services 100%
Computacenter France SA France IT infrastructureservices 99.4%
Computacenter GmbH Germany IT infrastructure services 100%
Computacenter NV/SA Belgium IT infrastructure services 100%
RD Trading Limited England IT asset management 100%**
Computacenter NV Luxembourg IT infrastructure services 100%
ICG International
Computer Group BV Netherlands Non trading 64.6%*
Biomni Limited England Software development 50%
ICG Services Limited England International IT infrastructure services 35.7%
* includes indirect holdings of 32.4% via Computacenter (UK) Limited and 32.2% via Computacenter France SA.
**includes indirect holdings of 100% via Computacenter (UK) Limited. 
On 15 February 2002, the Group acquired trade and assets of an element of GE Capital Information Technology Solutions SA. 
Analysis of this transaction is as follows:
Book value Fair value
£’000 £’000
Net assets:
Fixed assets 506 506
Stocks 75 75
Cash 8,521 8,521
9,102 9,102
Discharged by:
Cash consideration 581
Negative goodwill arising 8,521
15 Stocks
Group
2002 2001
£’000 £’000
Goods held for resale 95,742 95,385
There is no material difference between the balance sheet value of stock and its replacement cost. 43 Computacenter plc
16 Debtors: due within one year
Group Company
2002 2001 2002 2001
£’000 £’000 £’000 £’000
Trade debts factored without recourse
Gross debts 250 324 – –
Other trade debtors 265,788 281,047 – –
Amount owed by subsidiary undertakings – – 91 24,653
Other debtors, prepayments and accrued income 20,844 14,466 376 127
286,882 295,837 467 24,780
Trade debts factored without recourse in 2002 represented a proportion of the debts of the Group’s French subsidiary, which had been
factored without recourse but where the Group had retained limited risks in the event of slow payment. The Group is not obliged to support
any losses in respect of these debts.
17 Creditors: amounts falling due within one year
Group Company
2002 2001 2002 2001
£’000 £’000 £’000 £’000
Bank overdrafts 7,626 17,935 – –
Loans (see note 20) – 38,117 – 38,117
Obligations under finance leases and hire purchase contracts (see note 19) 690 – – –
Trade creditors 155,828 187,905 – –
Corporation tax 9,280 9,780 – –
Other creditors including taxation and social security (see below) 51,978 37,586 – –
Amounts owed to subsidiary undertakings – – 21,137 11,687
Amounts owed to associated undertaking 186 – – –
Accruals 57,308 67,383 – 396
Deferred income 34,910 31,606 – –
Dividend payable 10,716 5,383 10,716 5,383
328,522 395,695 31,853 55,583
Included within other creditors is £51,978,000 (2001: £37,418,000) in respect of taxation and social security balances.
18 Creditors: amounts falling due after more than one year 
Group Company
2002 2001 2002 2001
£’000 £’000 £’000 £’000
Loans (see note 20) 326 326 – –
Other creditors – 678 – –
Deferred income 1,287 1,002 – –
1,613 2,006 – –
19 Obligations under finance leases and hire purchase contracts 
2002 2001
£’000 £’000
Amounts payable: 
within one year 478 –
between two and five years 212 –
690 – 44 Computacenter plc
Notes to the financial statements
20 Loans 
Group Company
2002 2001 2002 2001
£’000 £’000 £’000 £’000
Loans comprise:
Wholly repayable within five years 326 38,639 – 50,000
Less: amounts owed to subsidiary undertakings – – – (11,687)
Less: issue costs – (196) – (196)
– 38,443 – 38,117
Less: amounts due within one year – (38,117) – (38,117)
326 326 – –
Analysed as amounts due:
Within one year – 38,313 – 50,000
Between one and two years 326 326 – –
326 38,639 – 50,000
Less: issue costs – (196) – (196)
326 38,443 – 49,804
Group
The loan due between one and two years comprises an amount of £326,000 (2001: £326,000) relating to the Executive Share 
Option Scheme.
21 Provisions for liabilities and charges
£’000
Provision for joint venture deficit
At 1 January 2002 3,990
Share of loss retained by joint venture 933
Consortium relief claimed by Group 1,968
At 31 December 2002 6,891
Deferred taxation
Deferred tax provided in the accounts is as follows:
Provided
£’000
Group
At 1 January 2002 2,189
Capital allowances in advance of depreciation (446)
At 31 December 2002 1,743
Provided
£’000
Company
At 1 January 2002 2,189
Capital allowances in advance of depreciation (612)
At 31 December 2002 1,577
There are no potential deferred tax liabilities that have not been provided for at 31 December 2002 (2001: nil). Note 9c details those
assets which have not been provided for. 45 Computacenter plc
22 Share capital
2002 2001
£’000 £’000
Authorised
Equity
Ordinary shares of 5p each 25,000 25,000
2002 2002 2001 2001
No ‘000 £’000 No ‘000 £’000
Allotted, called up and fully paid
Equity
Ordinary shares of 5p each 184,752 9,237 185,620 9,281
During the year the Company repurchased 2,005,000 of its own shares for a total consideration of £4,646,000. The shares were
cancelled upon repurchase.
Options
Executive Share Option Scheme
During the year, options were exercised with respect to 1,131,273 (2001: 1,601,273) 5p ordinary shares at a nominal value of £57,000
(2001: £80,000) and at an aggregate premium of £494,000 (2001: £1,142,000).
Under the Executive Share Option Scheme, options remaining outstanding at the year end comprise:
2002 2001
Exercise Number Number
Date of grant Exercisable between price outstanding outstanding
24/04/92 24/04/95 – 23/04/02 25.00p – 80,000
01/06/93 01/06/96 – 31/05/03 28.75p 15,000 15,000
20/07/94 20/07/97 – 19/07/04 32.50p – 11,000
09/04/96 09/04/99 – 08/04/03 25.00p 2,700,000 3,500,000
09/04/96 09/04/99 – 08/04/03 41.25p 802,000 889,273
31/07/97 31/07/00 – 30/07/07 160.00p 1,007,000 1,168,000
16/03/98 16/03/01 – 15/03/08 300.00p 571,400 684,900
01/04/99 01/04/02 – 31/03/09 565.00p 141,331 237,204
05/05/99 05/05/02 – 04/05/09 565.00p 306,255 329,665
24/08/99 24/08/02 – 23/08/09 565.00p 22,573 22,573
24/08/99 24/08/03 – 23/08/09 565.00p 13,724 13,724
30/06/00 30/06/03 – 29/06/10 377.50p 92,000 92,000
30/06/00 30/06/04 – 29/06/10 377.50p 66,000 66,000
30/06/00 30/06/05 – 29/06/10 377.50p 40,000 40,000
27/09/00 27/09/03 – 26/09/10 380.00p 1,273,471 1,431,471
27/09/00 27/09/04 – 26/09/10 380.00p 289,998 289,998
27/09/00 27/09/05 – 26/09/10 380.00p 289,998 289,998
20/03/01 20/03/04 – 19/03/01 333.50p 158,995 158,995
20/03/01 20/03/05 – 19/03/11 333.50p 150,000 150,000
20/03/01 20/03/06 – 19/03/11 333.50p 200,000 200,000
19/09/01 19/09/04 – 18/09/11 245.00p 100,000 150,000
19/09/01 19/09/05 – 18/09/11 245.00p 50,000 50,000
19/09/01 19/09/06 – 18/09/11 245.00p 50,000 50,000
10/04/02 10/04/05 – 09/04/12 322.00p 864,482 –
10/04/02 10/04/05 – 09/04/12 331.00p 81,000 –
11/10/02 11/10/05 – 10/10/12 220.00p 85,000 –
9,370,227 9,919,801
During the year options in respect of 448,783 shares lapsed, 1,131,273 were exercised and 1,030,482 new options were granted. 46 Computacenter plc
Notes to the financial statements
22 Share capital continued
Computacenter Sharesave Scheme
The Company established the Computacenter Sharesave Scheme, which is available to all employees and full time Executive Directors
of the Company and its subsidiaries who have worked for a qualifying period. Under the scheme the following options have been
granted and are outstanding at the year-end:
Date of grant Share price Exercisable between Number
August 1998 670.00p 01/09/03 – 28/02/04 7,908
September 1998 425.00p 01/12/03 – 31/05/04 242,943
September 1999 565.00p 01/12/02 – 31/05/03 50,956
September 1999 565.00p 01/12/04 – 31/05/05 13,009
September 2000 435.00p 01/12/03 – 31/05/04 8,408
September 2000 435.00p 01/12/05 – 31/05/06 4,107
January 2001 350.00p 01/02/04 – 31/07/04 159,668
January 2001 350.00p 01/02/06 – 31/07/06 106,638
October 2001 185.00p 01/12/04 – 31/05/05 1,282,071
October 2001 185.00p 01/12/06 – 31/05/07 634,217
October 2002 220.00p 01/12/05 – 31/05/06 796,698
October 2002 220.00p 01/12/07 – 31/05/08 668,388
3,975,011
The Group has taken advantage of the SAYE exemption available under UITF 17 in accounting for options granted under the Sharesave
scheme.
Computacenter Performance Related Share Option Scheme
Under the Computacenter Performance Related Share Option Scheme, options can be granted and those options will be subject 
to certain performance conditions, designed to produce significant and sustained improvements in the Company’s underlying
performance. During the year 280,666 options were granted and at 31 December 2002 these were outstanding as follows:
2002 2001
Exercise Number Number
Date of grant Exercisable between price outstanding outstanding
25/04/00 25/04/03 – 24/04/10 942.50p 33,156 33,156
20/03/01 20/03/04 – 19/03/11 333.50p 84,708 84,708
10/04/02 10/04/05 – 09/04/12 322.00p 280,666 –
398,530 117,864 47 Computacenter plc
23 Reconciliation of shareholders’ funds and movements on reserves
Capital Profit Total
Share Share redemption Merger and loss shareholders’
capital premium reserve reserve account funds
£’000 £’000 £’000 £’000 £’000 £’000
Group
At 1 January 2001 9,201 67,568 – – 127,304 204,073
Shares issued 80 1,142 – – – 1,222
Total recognised gains in the year – – – – 19,312 19,312
Goodwill reinstated on disposal – – – – 2,644 2,644
Equity dividends – – – – (5,435) (5,435)
At 31 December 2001 9,281 68,710 – – 143,825 221,816
Shares issued 56 294 – – – 350
Shares repurchased (100) – 100 – (4,646) (4,646)
Total recognised gains in the year – – – – 38,270 38,270
Equity dividends – – – – (10,657) (10,657)
At 31 December 2002 9,237 69,004 100 – 166,792 245,133
Profit Total
Share Share Capital Merger and loss shareholders’
capital premium redemption reserve account funds
£’000 £’000 reserve £’000 £’000 £’000
Company
At 1 January 2001 9,201 67,568 – 55,990 996 133,755
Shares issued 80 1,142 – – – 1,222
Total recognised gains in the year – – – – 4,497 4,497
Equity dividends – – – – (5,435) (5,435)
At 31 December 2001 9,281 68,710 – 55,990 58 134,039
Shares issued 56 294 – – – 350
Total recognised gains in the year – – – – 15,259 15,259
Shares repurchased (100) – 100 – (4,646) (4,646)
Equity dividends – – – – (10,657) (10,657)
At 31 December 2002 9,237 69,004 100 55,990 14 134,345
The cumulative amount of goodwill resulting from acquisitions which has been written off directly to reserves is £79,469,000 
(2001: £79,469,000). This goodwill would be charged in the profit and loss account on subsequent disposal of the businesses to
which it relates. All shareholders’ funds are attributable to equity interests in the Company.
24 Reconciliation of operating profit to operating cash flows
2002 2001
£’000 £’000
Operating profit 56,167 55,083
Depreciation 17,138 17,847
Impairment of listed investment 1,865 2,099
Amortisation of positive goodwill 449 329
Impairment of positive goodwill 2,899 –
Amortisation of negative goodwill (3,728) –
Loss on disposal of fixed assets 110 836
Termination of UK operation – iGroup – (2,531)
Decrease in debtors 8,955 42,983
(Increase)/decrease in stocks (282) 24,059
Decrease in creditors (23,708) (54,755)
Currency and other adjustments 749 626
Net cash inflow from operating activities 60,614 86,576 48 Computacenter plc
Notes to the financial statements
25 Analysis of gross cash flows
2002 2001
£’000 £’000
Returns on investments and servicing of finance
Interest received 7,367 7,815
Interest paid (7,835) (9,330)
Net cash outflow for returns on investments and servicing of finance (468) (1,515)
2002 2001
£’000 £’000
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (9,154) (17,706)
Receipts from sales of tangible fixed assets 807 769
Investment in joint venture (750) (1,750)
Net cash outflow for capital expenditure and financial investment (9,097) (18,687)
2002 2001
£’000 £’000
Acquisitions and disposals
Payments to acquire interest in subsidiary undertakings (419) –
Receipt from sale of shares in associate 38 –
Net cash acquired with subsidiary undertakings 8,521 –
Payment to acquire business (581) (1,357)
Termination of German operation – (3,080)
Net cash inflow/(outflow) for acquisitions and disposals 7,559 (4,437)
2002 2001
£’000 £’000
Financing
Issue of ordinary share capital 350 1,222
Repurchase of own shares (4,646) –
Net repayment of capital element of finance leases (474) –
Bonds repurchased (38,313) (1,500)
Net cash outflow from financing (43,083) (278)
26 Analysis of changes in net funds
At 1 January Cash flows in Other non-cash At 31 December
2002 year changes 2002
£’000 £’000 £’000 £’000
Cash at bank and in hand 109,665 (17,593) – 92,072
Bank overdrafts (17,935) 10,309 – (7,626)
91,730 (7,284) – 84,446
Debt due within one year (38,117) 38,313 (196) –
Finance leases – 474 (1,164) (690)
Debt due after one year (326) –– (326)
53,287 31,503 (1,360) 83,430 49 Computacenter plc
27 Other financial commitments
Annual commitments under non-cancellable operating leases are as follows:
2002 2001
Land/buildings Other Land/buildings Other
£’000 £’000 £’000 £’000
Group
Operating leases which expire:
Within one year 225 2,114 557 2,326
Between two and five years 637 3,874 829 2,934
Over five years 4,692 – 3,782 –
5,554 5,988 5,168 5,260
28 Capital commitments
At both 31 December 2001 and 31 December 2002 all future contracted Group capital expenditure had been provided for.
29 Contingent liabilities
The Group has given a VAT deferred import duty guarantee of £500,000 (2001: £250,000).
Computacenter (UK) Limited has given a guarantee in the normal course of business to a supplier of a subsidiary undertaking for an
amount not exceeding £994,000 (2001: £1,137,000).
Computacenter plc has provided cross guarantees in respect of certain bank loans and overdrafts of its subsidiary undertakings.
The amount outstanding at 31 December 2002 is £7,441,000 (2001: £22,117,000).
30 Related party transactions
Group
Biomni, the joint venture between Computacenter and Dealogic Limited, (formerly known as Computasoft Limited), provides the
Computacenter e-procurement system used by many of Computacenter’s major customers. An annual fee has been agreed on 
a commercial basis for use of the software for each installation. Total fees paid in the year to Biomni amounted to £3,759,000 
(2001: £3,759,000). Both PJ Ogden and PW Hulme are Directors of and have a material interest in Dealogic Limited.
During the year, the Group supplied goods to Dealogic in the normal course of business totalling £114,470 (2001: £376,000). 
At 31 December 2002 Dealogic owed the Group £nil (2001: £26,000). 50 Computacenter plc
Notes to the financial statements
31 Financial instruments
The Group’s approach to managing financial risk is described in the Finance Director’s review on pages 16 and 17.
a) Interest rate risk 
Financial liabilities 
The interest rate profile of the financial liabilities of the Group is as follows:
At fixed At floating Interest
interest rates interest rates free Total
£’000 £’000 £’000 £’000
2002
Sterling – 511 690 1,201
Euro – 7,441 – 7,441
– 7,952 690 8,642
At fixed At floating Interest
interest rates interest rates free Total
£’000 £’000 £’000 £’000
2001
Sterling 38,117 326 – 38,443
Euro – 17,935 678 18,613
38,117 18,261 678 57,056
The weighted average period for maturity of financial liabilities at 31 December 2002 is one year (2001: one year).
The financial liabilities of the Group comprise:
2002 2001
£’000 £’000
Fixed rate bonds – 38,117
Other borrowings 7,952 18,261
Finance leases 690 –
Other creditors due after one year – 678
8,642 57,056
Financial assets
The interest rate profile of the financial assets of the Group is as follows:
At floating Interest
interest rates free Total
£’000 £’000 £’000
2002
Sterling 91,228 2,755 93,983
Euro 844 – 844
92,072 2,755 94,827 51 Computacenter plc
31 Financial instruments continued
At floating Interest
interest rates free Total
£’000 £’000 £’000
2001
Sterling 103,388 4,620 108,008
Euro 6,277 – 6,277
109,665 4,620 114,285
The financial assets of the Group comprise:
2002 2001
£’000 £’000
Cash and deposits 92,072 109,665
Long-term equity investments 2,755 4,620
94,827 114,285
The sterling floating rate assets and liabilities are based on the three month LIBOR rate. The Euro floating rate liabilities are based on the
overnight Euribor rate.
b) Currency exposure
The Group does not have any significant currency exposures on monetary assets and liabilities. No Group company holds significant
monetary assets or monetary liabilities that are not denominated in the functional currency of the company involved. At 31 December
2002, the UK company had entered into a forward contract to purchase ¤60 million at an exchange rate of 1.562 (2001: nil). 
c) Maturity of financial liabilities
2002 2001
£’000 £’000
In one year or less, or on demand 8,316 56,730
In more than one year but not more than two years 326 –
In more than two years but not more than five years – 326
8,642 57,056
d) Undrawn committed borrowing facilities
The Group has various available borrowing facilities. The undrawn committed facilities available at 31 December 2002 in respect of
which all conditions precedent had been met were £69,618,000 (2001: £28,724,000). All of these facilities are subject to annual review.
e) Fair value of financial instruments
2002 2001
Book value Fair value Book value Fair value
£’000 £’000 £’000 £’000
Interests in equities 2,755 2,755 4,620 3,209
Cash and deposits 92,072 92,072 109,665 109,665
Fixed rate bonds –– (38,117) (39,343)
Other borrowings (8,642) (8,642) (18,261) (18,261)
Other creditors due after one year –– (678) (678)
Forward foreign currency contract – 701 – 701
(8,642) (7,941) (57,056) (58,282)
32 Post balance sheet event
On 2 January 2003, Computacenter plc completed the acquisition from GE of the businesses of GE CompuNet in Germany and
GECITS in Austria. The initial consideration of ¤57 million (£36.5 million) was payable on completion, with up to a further ¤64 million
(£41.0 million) being payable contingent on the financial performance of the acquired businesses over 2003 and 2004.  52 Computacenter plc
Five year financial review
Year ended 31 December
1998 1999 2000 2001 2002
£’m £’m £’m £’m £’m
Turnover 1,586.2 1,760.6 1,988.4 2,093.4 1,926.7
Operating profit 66.3 75.6 61.4 55.1 56.2
Profit on ordinary activities before taxation 64.6 75.1 55.6 34.9 55.1
Profit on ordinary activities after taxation 43.4 53.0 39.2 19.1 37.0
Diluted earnings per share 
(excluding exceptional items) 23.5p 28.1p 20.8p 17.9p 19.3p
Year-end headcount 4,582 5,618 5,788 5,894 6,022
Summary balance sheet
Year ended 31 December
1998 1999 2000 2001 2002
£’m £’m £’m £’m £’m
Intangible assets – 3.8 6.2 8.0 0.2
Tangible assets 59.8 96.6 109.4 103.5 96.7
Investments 1.4 2.8 11.8 13.5 12.4
Stocks 109.8 92.9 119.6 95.4 95.7
Debtors 236.6 244.2 339.6 295.8 286.9
Cash 63.6 63.7 71.6 109.7 92.1
Creditors due within one year (307.4) (292.8) (410.0) (395.7) (328.5)
Creditors due after one year (42.0) (41.0) (39.5) (2.0) (1.6)
Provisions (1.0) (1.7) (4.5) (6.2) (8.6)
Net Assets 120.8 168.5 204.2 222.0 245.3
Financial calendar
Record date: 2 May 2003
Annual General Meeting: 9 May 2003
Dividend Payment date: 30 May 2003
Interim Report 2003 mailed to shareholders: September 2003
Annual Report 2003 mailed to shareholders: April 2004
Annual General Meeting: May 2004 Board of Directors:
Ron Sandler (Executive Chairman)
Mike Norris (Chief Executive)
Tony Conophy (Finance Director)
Nick Cosh (Non-Executive Director)
Philip Hulme (Non-Executive Director)
Peter Ogden (Non-Executive Director)
Cliff Preddy (Non-Executive Director)
Company Secretary: 
Alan Pottinger FCIS
Registered Office:
Hatfield Avenue
Hatfield
Hertfordshire
AL10 9TW
Telephone: +44 (0) 1707 631000
Registrar and Transfer Office:
Lloyds TSB Registrars
The Causeway
Worthing
West Sussex
BN99 6BA
Tel: +44 (0) 1903 502541
Principal Bankers:
Barclays Bank plc
PO Box 544
54 Lombard Street
London
EC3V 9EX
Tel: +44 (0) 20 7699 5000
Stockbrokers and Investment Bankers:
HSBC Investment Bank plc
Vintners Place
68 Upper Thames Street
London
EC4V 3BJ
Tel: +44 (0) 20 7336 9000
Goldman Sachs International
Peterborough Court
133 Fleet Street
London
EC4A 2BB
Tel:+44 (0) 20 7774 1000
Auditors:
Ernst & Young LLP
400 Capability Green
Luton
LU1 3LU
Tel: +44 (0) 1582 643000
Solicitors:
Linklaters & Alliance
One Silk Street
London
EC2Y 8HQ
Tel: +44 (0) 20 7456 2000
© Computacenter plc 2003.
Designed and produced by Carnegie Orr +44 (0)20 7610 6140.
Company Registration Number: 
3110569
Internet Addresses:
Computacenter Group
www.computacenter.com
Biomni
www.biomni.com
Principal Offices:
UK and European Headquarters
Computacenter (UK) Ltd
Hatfield Avenue
Hatfield
Hertfordshire
AL10 9TW
United Kingdom
Tel: +44 (0) 1707 631000
Fax: +44 (0) 1707 639966
Austria
Computacenter GmbH
Stachegasse 13
A-1120 Vienna
Tel: +43 1 80 191 0
Fax: +43 1 80 191 99
Belgium
Computacenter NV/SA
Ikaroslaan 31
1930 Zaventem
Belgium
Tel: +32 (0) 2 704 9411
Fax: +32 (0) 2 704 9595
France
Computacenter France SA
150 rue de la Belle Etoile
ZI Paris Nord 2
BP 50387
95943 Roissy CDG Cedex
France
Tel: +33 (0) 1 48 17 41 00
Fax: +33 (0) 1 48 63 04 72
Germany
CC CompuNet AG & Co. oHG
Europaring 34-40
50170 Kerpen
Germany
Tel: +49 (0) 22 73 / 5 97 0
Fax: +49 (0) 22 73 / 5 97 130
Luxembourg
Computacenter SA
26 Place de la Gare
BP 3041
L-1030 Luxembourg
Tel: +352 (0) 226291 1
Fax: +352 (0) 226291 815
Corporate information www.computacenter.com
E&OE. All trademarks acknowledged.
© 2003 Computacenter.
All rights reserved.
Computacenter plc, Hatfield Avenue,
Hatfield, Hertfordshire, AL10 9TW
Telephone +44 (0) 1707 631000
Fax +44 (0) 1707 639966