LTG Technologies PLC
Report and Accounts 2003 LTG Technologies PLC is setting the benchmark
for services and products to the global
packaging industry:
● the LTG Mailänder division manufactures
the highest quality presses for metal sheet
printing; and
● Imagelinx is providing world-class solutions
for managing consistent reproduction across
different packaging substrates including metal,
film and paper.
1 Group financial highlights
2 Chairman’s statement
3 Chief Executive’s review
7 Group overview
8 Financial review
12 Board of Directors
14 Directors’ report
16 Statement of Directors’ responsibilities 
in respect of the accounts
16 Corporate governance
18 Directors’ remuneration report
21 Independent auditors’ report 
22 Group profit and loss account
23 Group statement of total recognised 
gains and losses
23 Reconciliation of shareholders’ funds
24 Group balance sheet
25 Company balance sheet
26 Group cash flow statement
26 Reconciliation of net cash flow 
to movement in net debt
27 Notes to the accounts
47 Notice of Annual General Meeting
48 Officers and advisers 2003 2002
Group results highlights £m £m
Sales 58.8 57.9
Operating loss before operating exceptional 
items, goodwill amortisation and write-downs (2.9) (8.4)
Capitalised expenditure written down (5.6) (1.5)
Other operating exceptional items (0.8) (1.8)
Goodwill amortisation and write-down (0.6) (5.6)
Operating loss (9.9) (17.3)
Exceptional items 0.1 (0.6)
Net interest (0.8) (0.7)
Loss before tax (10.6) (18.6)
Group financial highlights LTG Technologies PLC
Report and Accounts 2003
1
Imagelinx
● Sales of £8.1m (up 10% and up 16% at constant foreign
exchange rates)
● Operating loss before goodwill amortisation and operating
exceptional items reduced to £3.0m (2002: £6.3m loss) 
● Costs and sales are being aligned: investments and
expansion projects are largely finished, headcount
and overheads reduced
● Major new client relationships in development
LTG Mailänder 
● Sales of £49.0m (up 19%, up 9% at constant foreign
exchange rates)
● Operating profit of £1.9m (2002: £Nil) before £0.1m
of operating exceptional items 
● Further improvement in gross margin 28.6% (2002: 25.2%)
● Strong order intake in conventional equipment
counterbalanced slow orders for new Sprint high
technology machines due to SARS problems in Asia
and the impact of the strong Euro exchange rate 
● Stabilising exchange rates and renewed confidence in Asia
allow improved outlook for Sprint orders, whilst demand
for conventional equipment remains strong
Group financial highlights
Improved sales and reduced costs
Improved Group sales
Sales from continuing operations up 19% at £57.3m 
(2002: £48.2m) and up 10% at constant exchange rates
New key clients for Imagelinx
Procter & Gamble Haircare, Uniq, Sara Lee, DuPont, Lactalis,
Boots Retail and Arla
Reduced operating losses to £2.9m 
Operating losses before goodwill, interest and operating
exceptional items reduced to £2.9m (2002: £8.4m) and
losses before tax reduced to £10.6m (2002: £18.6m) FRS 15 and arises as management has
deemed that this development work is
unlikely to generate future cash flows.
We remain convinced of the future
of Icon and in December 2003 we
completed a 5% placing of shares
with institutional investors to complete
the development of the Icon technology
ahead of schedule. This technology
will help to deliver the sales growth
planned in Imagelinx and will be a key
differentiator over our competitors.
The Board has changed substantially
over the year. In January 2003, Michael
Williamson joined the Board as Finance
Director replacing Nick Hunter. In March
2003, Gregor Wedell joined the Board as
a Non-executive Director. In December
2003 and January 2004 Dr Thomas
Fischer and Byron Ousey resigned as
Non-executive Directors. In January 2004
Udo Bange resigned as Chief Executive
of the Imagelinx division. On behalf of
the Board I would like to thank all the
Directors, who have left the Group or
have changed their responsibilities, for
their tremendous efforts and welcome
to the Board the new Directors.
In September 2003 the Company moved
from a full listing on the London Stock
Exchange to a listing on the Alternative
Investment Market (“AIM”). The Board
see this listing as being more appropriate
for a Group of this size and believe
it will reduce costs for the Group. 
It remains for me to express my
personal gratitude to my colleagues
and to the shareholders for their help
and support in 2003. The continued
support of all involved is vital for the
Group’s success for 2004 and beyond.
David Straker-Smith
Chairman
11 March 2004
LTG Technologies PLC
Report and Accounts 2003
2
Chairman’s  statement
Chairman’s
statement
David Straker-Smith Chairman
2003 has been a year of progress for
LTG Technologies PLC with the Group
making key advances in consolidating
its competitive position, despite a
background of global uncertainty.
Imagelinx has continued to grow sales
and has reduced its cost base, following
expansion during the previous two
years. LTG Mailänder has returned
to profitability, helped by the
restructuring of the previous years,
while further operational improvements
continue to be made.
Group losses in 2003 were lower at the
pre-tax level at £10.6m against £18.6m
in 2002. Importantly, the operating
losses before operating exceptional items
and goodwill were reduced to £2.9m
versus £8.4m in 2002. The improvement
is due to the sales growth in both
divisions and substantial cost reductions
in the Imagelinx division, whilst retaining
the infrastructure to support growth
and unlock the potential value. 
Group sales were £58.8m in 2003
versus £57.9m for 2002. In March 2003,
we completed the disposal of our
Crabtree business to its management
for £2.2m, to focus on the Imagelinx
and LTG Mailänder businesses.
Adjusted for the sales of Crabtree, sales
of continuing operations were £57.3m
compared with £48.2m; an impressive
growth rate of 19%. In part, this was
due to the effect of changes in exchange
rates, with Imagelinx’s Sterling sales
being negatively affected by the weak
Dollar and the reverse being the case
for LTG Mailänder due to the strong
Euro. Adjusted for exchange rate
changes, sales growth was still very
creditable at 10%.
LTG Mailänder performed well in
2003 with a return to clear profitability,
experiencing continued strong demand
for its conventional equipment and
completing large orders for the new
technology. Sales grew 19% to £49m
(9% at constant exchange rates). This
division is now focussing on further
efficiency improvements and product
launches to generate greater profitability.
Imagelinx continued to capture
prestigious new clients – many are
household names – and reduced its
cost base for the first time in three years.
The years of high expansion costs are
now over – costs and sales are being
aligned. Sales were at £8.1m, a rise
of 10%. However, approximately 50%
of Imagelinx’s sales are in US Dollars.
Excluding the effect of the Dollar
weakness, underlying growth was
a strong 16%. This growth was despite
reduced volumes from its existing
customers, mainly due to the general
caution consumer goods companies
were displaying in incurring
marketing expenses. 
Icon, Imagelinx’s integrated IT system,
is a key part of the future for its services.
We believe we have created exciting
IT systems for Imagelinx and intend to
make them operational during this year.
As part of Imagelinx’s cost reduction
efforts and to bring it to profit more
quickly, we have chosen more cost
effective methods of completing the Icon
system. As we have also taken a cautious
view of IT investments, we have written
down the book value of these systems
by £5.6m. This is in accordance with
2003 has been a year of progress with the
Group making key advances in consolidating
its competitive position. Chief Executive’s review LTG Technologies PLC
Report and Accounts 2003
3
Albert Klein Chief Executive
Despite these difficulties our Group
companies have done relatively well. 
The LTG Mailänder division has
delivered underlying sales growth
of 9% and returned to profitability with
an operating margin of 4%. Costs have
been controlled: Gross margins are
up to 28.6% versus 25.2% in 2002,
overheads have been contained
at £11.0m versus £10.3m during the
prior year (at constant exchange rates),
resulting in operating profits of £1.8m
(at constant exchange rates) (versus
£Nil in 2002). This was due to a strong
performance in our conventional
equipment business where demand
converted into orders and sales orders
for Sprint technology obtained in 2002
were completed.
Imagelinx has achieved sales growth
of 16% at constant exchange rates
despite some existing clients spending
less, due in large to the economic
downturn. This demonstrates Imagelinx’s
ability to gain new clients and expand
its business. We are proud to have
started working with Procter & Gamble
Haircare, Uniq, Sara Lee, DuPont,
Lactalis, Boots Retail and Arla. 
Imagelinx is now involved in the
marketing of a range of products
spanning from baby milk to Paul Bocuse
ready-to-eat meals and from Nice‘n’Easy
hair colorants to Mach3 shaving blades.
There is plenty of scope to sell our
services for products in the spectrum
between these. 
We have reduced costs at Imagelinx
to be more in line with sales. We
Chief Executive’s
review
no longer have to incur the high
expansion costs of the last two years
and we have curtailed projects which
did not offer the prospects of profits
within a reasonable time frame.
We may return to them in time.
By reviewing our sales network and
by working with suppliers who offer
better value for money to Icon, overall
operating costs have been reduced by
25% at constant exchange rates. As
a result Imagelinx has seen its operating
losses before operating exceptional
items and goodwill substantially reduced
to £3.1m (at constant exchange rates)
from £6.3m in 2002. We have also
written off £5.6m of prior year’s
expenditure for Icon to reflect our
cautious view of these IT investments
and terminations of contracts
with suppliers. 
Significant achievements, operational
changes and corporate developments
At the operating level, several key
developments have taken place
in our Group during 2003. 
In LTG Mailänder major Sprint
equipment contracts have been
completed and delivered to customers
in Europe, the Far East and Central
America, such as the Dae Sung
in Korea, Kian Joo in Malaysia, and
Grupo Zapata in Mexico. Typically
these systems cost between €3m
and €5m. Some of these installations
are now the most productive
metal printing operations in the
world with astounding operating
performance. These installations
are showcases for the efficiency
of Sprint printing technology and
will allow us to further push the sale
of this technology. 
LTG Mailänder has launched a new
coating system under the Sprint brand
name. This reduces set-up times by up
to 50% and offers significantly higher
speeds and reduced coating material
usage. The system can be used both
The LTG Mailänder division has delivered
underlying sales growth of 9% and returned to
profitability with an operating margin of 4%.
£ per US $ £ per €€ per US $
2003 2002 Change 2003 2002 Change 2003 2002 Change
Average rate for 
profit and loss account 0.610 0.667 (8.5)% 0.690 0.629 9.7% 1.131 0.943 19.9%
Closing rate for 
balance sheet purposes 0.562 0.625 (10.1)% 0.704 0.654 7.7% 1.254 1.046 19.9%
Overview
In 2003, the business environment
has been anything but easy. In Asia,
a key market for LTG Mailänder’s Sprint
high technology printing machines,
we experienced the effects of the SARS
crisis through to September 2003.
This disrupted business activity and
confidence in the Far East quite severely,
restricting the flow of new orders for
Sprint machines. Overall the strong
Euro made customers outside the EU
think twice before signing on the
dotted line. 
In the US, Imagelinx’s clients, due to
the uncertain economic environment,
reduced expenditure wherever possible.
Sales of Imagelinx to existing clients
were down significantly. On top of this,
half of Imagelinx’s sales were affected
by the declining US Dollar.
The following table may give a glimpse
of what we have to deal with as a result
of unstable currencies:  LTG Technologies PLC
Report and Accounts 2003
4
Chief Executive’s review
with UV and with conventional drying
technology, so supporting Sprint and
conventional sales. We believe this
product will make a substantial
contribution to sales in the near future. 
LTG Mailänder has also largely
completed the introduction of
an integrated manufacturing planning
and inventory management system
allowing major efficiency gains in the
future. The system has already led
to much more accurate cost control
and improved timely and cost effective
manufacturing. Further improvements
are expected to flow from this system.
Imagelinx has introduced a Print
Certification Database (“PSD”) – an
advanced print quality data management
system. The system allows the capture
and administration of information on
printing presses around the world on-line
and replaces Imagelinx’s current system
for that purpose. It is the first of a series
of modules to be launched under the
name Icon. It is the basis of Imagelinx’s
capability to deliver top quality digital
packaging graphics information
globally, for large organisations. 
Major global brand managers have
expressed strong interest in the Icon
technology. As a result, £1.5m of capital
was raised in January 2004 in order
to complete the technology ahead
of schedule and make it available
to clients earlier.
This focus of Imagelinx upon the major
consumer product groups in the USA
and Europe, servicing clients out of key
operations in the USA and UK, has
allowed the closure of sales operations
in Germany, Japan and Italy.
We have also reviewed all major areas
of activity and expenditure in the
holding Company, LTG Technologies
PLC. An example of this review resulted
in the move of the listing to AIM. 
Funding and cash flow of the Group
On 26 February 2003 the Company
discounted a receivable due on
24 August 2003 from International
Thermo Systems LLC with a nominal
value of $3.141m (£1.995m at that
date) for the sum of $2.909m (£1.811m)
of which $1.884m (£1.197m) was used
to repay bank debt. This receivable
related to deferred consideration from
the sale of the Industrial Ovens division
in 2000.
On 18 March 2003 the Company
disposed of its interest in the business
activities of LTG Gateshead Limited
(formerly Crabtree of Gateshead
Limited) for a cash consideration
of £2.2m (£2.051m after expenses).
The Group experienced a net cash
outflow in 2003 of £4.2m resulting
in a net indebtedness position at the
31 December 2003 of £6.1m (2002:
£1.7m). This net outflow of £4.2m
represents total outflows from operations
of £8.1m, before the receipt of funds
from the disposal of Crabtree and early
receipt on the ITS loan note totalling
£3.9m. The early discount of the
ITS loan note was also used to reduce
the facility with LBBW from €10m
to €8.25m.
Group financial performance
The following table shows the financial performance of the divisions consolidated
into the Group’s results:
Imagelinx has introduced “PSD” – a system
which allows the capture and administration
of information on printing presses around
the world on-line.
Imagelinx LTG Mailänder Total
Unaudited Unaudited
2003
(1)
2002 2003
(2)
2002 2003
(1)
2003 2002
(3)
£m £m £m £m £m £m £m
Sales 8.6 7.4 44.7 41.1 53.3 57.1 48.5
Gross margin 4.0 3.1 12.8 10.3 16.8 17.8 13.5
Gross margin % 46.6% 42.3% 28.6% 25.2% 31.5% 31.2% 27.8%
Operating costs (7.1) (9.4) (11.0) (10.3) (18.1) (18.9) (19.8)
Divisional operating 
(loss)/profit before 
operating exceptional 
items and goodwill (3.1) (6.3) 1.8 — (1.3) (1.1) (6.3)
Operating exceptional items (6.0) (2.1) (0.1) 0.4 (6.1) (6.3) (1.7)
Divisional operating 
(loss)/profit before 
goodwill – continuing (9.1) (8.4) 1.7 0.4 (7.4) (7.4) (8.0)
Common costs (2.2) (2.2) (2.2)
Group operating 
exceptional items (0.1) (0.1) (0.8)
Goodwill (0.6) (0.6) (0.6)
Operating loss – continuing (10.3) (10.3) (11.6)
Discontinued operations 0.4 0.4 (5.7)
Group operating loss (9.9) (9.9) (17.3)
(1) adjusted to 2002 exchange rates
(2) adjusted to 2002 exchange rates, continuing operations only 
(3) continuing operations only  Chief Executive’s review LTG Technologies PLC
Report and Accounts 2003
5
The cash outflow from operating
activities (operating loss before
tax adding back depreciation,
goodwill amortisation and the write
down of capitalised assets) in 2003
was £1.4m. Capital expenditure,
principally Icon development was
£2.2m, interest, tax and financing
was £0.5m and the adverse
movement in working capital was
£4.0m. The large adverse movement
in working capital, arose due to
the high level of cash held at the end
of 2002, resulting from large down
payments received on contracts
awarded in December 2002. 
In December 2003 we announced the
placing of 11.5m shares, providing the
Group with £1.5m of capital for the
completion of the Icon technology. These
proceeds were received in January 2004. 
Looking ahead
For the current year we are optimistic.
LTG Mailänder can contain costs
by focussing on efficiency improvements
rather than on headcount reductions
as in the past. When exchange rates
stabilise Asian demand for Sprint
technology should transpire into orders.
In the meantime, our conventional
business underpins sales. 
Imagelinx should see further sales
growth on the basis of its business with
existing and new clients. Its cost base
has been reduced. The Icon project
is approaching completion and will soon
offer large clients significant benefits
not available from other suppliers
in our markets.
There are four key strategic objectives,
which the Group will continue to focus
upon, all of which confirm our
competitive advantage.
● Deliver the Icon technology
– the recent placing of shares
providing £1.5m of capital will
enable the early completion of
this technology. This integrated
system will offer clients significant
advantages, allowing them to
monitor and influence the progress
of their projects. A new product
launch can then be monitored
and amended on line as it is being
finalised, without the need to
maintain costly in house brand
management functions. Future
investments in this system will be
made in line with the requirements
of our clients and their willingness
to fund tailored developments.
● Grow the Imagelinx client base
– new client acquisition remains
strong. It is our intention to continue
to provide high levels of client service
and to provide clients with the
leading edge technology that they
are demanding. The Icon technology
will provide this. 
● Continue to provide Imagelinx
clients with high levels of service
– increasing sales and adding value
to our existing clients. In 2003 we
experienced variations in demand
for our services over the year, with
high and low levels of activity. It is
very important we maintain high
levels of customer support and be able
to respond to our client’s demands.
The development and completion of Icon
will provide us with a platform to expand
our business.
Imagelinx and LTG Mailänder’s financial performances are given below:
Imagelinx 2003 Underlying
at 2002 change %
foreign 2003 v (at constant
exchange 2002 exchange
2003 rates 2002 % change rates)
Unaudited Unaudited Unaudited Unaudited Unaudited
£m £m £m £m £m
Sales 8.1 8.6 7.4 10% 16%
Gross margin 3.8 4.0 3.1 23% 28%
Other operating expenses (6.8) (7.1) (9.4) (27)% (25)%
Operating loss before operating
exceptional items and goodwill (3.0) (3.1) (6.3) — —
Operating exceptional items (6.2) (6.0) (2.1) 193% 184%
Operating loss before goodwill (9.2) (9.1) (8.4) 10% 8%
LTG Mailänder (continuing operations only) 2003 Underlying
at 2002 change %
foreign 2003 v (at constant
exchange 2002 exchange
2003 rates 2002 % change rates)
Unaudited Unaudited Unaudited Unaudited Unaudited
£m £m £m £m £m
Sales 49.0 44.7 41.1 19% 9%
Gross margin 14.0 12.8 10.3 35% 24%
Other operating expenses (12.1) (11.0) (10.3) 16% 6%
Operating profit before operating 
exceptional items and goodwill 1.9 1.8 — — —
Operating exceptional items (0.1) (0.1) 0.4 — —
Operating profit before goodwill 1.8 1.7 0.4 389% 343% LTG Technologies PLC
Report and Accounts 2003
6
Chief Executive’s review
Hence it is necessary to carry capacity
during low periods of activity. We
have scaled back infrastructure, but
retained capacity to meet customer
demand. There are signs that this
bold customer focus will pay off
as activity begins to rise again. 
● Maintain leading market position in
Sprint and conventional equipment
– LTG Mailänder is the market
leader in the supply of metal sheet
decorating equipment. It delivers
high specification equipment
worldwide, resulting from high
quality manufacturing capability.
This provides LTG Mailänder with
a strong competitive advantage
in this market place. 
The sales prospects for both divisions
are strong. The development and
completion of Icon will provide us with
a platform to expand our business in
the changing world of print technology.
Imagelinx is continually increasing its
client base and attracting new customers,
with its service offering and unique
technology platform. We anticipate
that this will lead to the accelerated
acquisition of new clients and eventually
expansion of existing business with
Imagelinx. An increase in sales for
Imagelinx together with effective
management of the cost base will 
lead to a continued improvement of
Imagelinx’s operating result.
For LTG Mailänder we are seeing
returns on our investment in the new
Sprint technology, despite the difficult
external market. Interest in SprintSystem
equipment is strong with a very high
number of enquiries being handled. We
are in a good position to maintain and
in time increase our market leadership.
Management and staff
In response to the move to AIM and
the relative size of the Group, the main
Board of LTG Technologies PLC has
been restructured. We will adhere
to best practice in terms of corporate
governance. The Board now has four
full time Executive Directors and four
Non-executive Directors. 
This year enormous efforts and
commitment have been required from
employees across the Group, in order
to make the LTG Mailänder division
profitable, and to consolidate a platform
for growth in the Imagelinx division.
We therefore thank everyone in the
Group for their efforts in the year.
Albert Klein
Chief Executive
11 March 2004 Group overview LTG Technologies PLC
Report and Accounts 2003
7
Group overview
LTG Technologies PLC is setting the
benchmark for services and products
to the global packaging industry.
Global
packaging
services
CONCEPT
CREATIVE
DESIGN
ARTWORK
CONSTRUCTION
PRE-PRESS
PRINT
➡➡➡➡
Imagelinx
LTG Mailänder
Imagelinx is a packaging graphics service provider
to branded goods companies, delivering a global solution
for the accurate and consistent translation of creative content
into printed packaging.
Imagelinx’s global presence 
● UK Nottingham ● USA Boston, Chicago, Neenah/WI ● Germany Hamburg
● France Paris ● Korea Seoul
Smartcolour technology and Sprint printing hardware:
100% accuracy, 100% confidence, every time.
With Smartcolour software, the Sprint produces virtually
unlimited amounts of colours from just six inks.
● World market and technology leader, manufacturing in Stuttgart LTG Technologies PLC
Report and Accounts 2003
8
Financial review
Financial review
Michael Williamson Finance Director
Results from continuing operations
The Group delivered improved results
over 2002 at the operating level, but
incurred operating exceptional items
in terms of restructuring and the write
down of costs capitalised from prior
years. LTG Mailänder made a profit
of £1.9m in 2003 against £Nil in 2002,
with growth of 9% at constant exchange
rates in sales in a very competitive and
difficult market environment. Imagelinx
did not deliver its sales potential, but
substantially reduced its operating
losses from £6.3m to £3m. This was
principally due to cost reductions which
gave rise to significant one off charges
for restructuring of £0.5m. Operating
exceptional items also included a write
down of £5.6m for capitalised costs. 
Trading results
Table 1 opposite highlights the effect
of movements in exchange rates on the
performance of the Group. The LTG
Mailänder division is based in Germany
and invoices customers globally in
Euros. It takes out forward currency
contracts for major customers, where
the invoicing currency is not in Euros.
In 2003 the increase in the value of the
Euro resulted in a favourable impact
upon LTG Mailänder sales by £4.3m
and profits by £0.1m. In Imagelinx
in 2003 the weakness in the value of
the US Dollar resulted in an adverse
impact upon Imagelinx sales by £0.5m
and profit and loss £0.1m.
Imagelinx operational performance
Imagelinx delivered underlying growth
of 16%. It was adversely affected by
the weakness of the Dollar over 2003,
with sales growth on translation of
10%. New client sales (customers less
than one year old) were £1.2m. This
growth was offset by a decline in sales
from existing customers. Gross margins
increased to 47% from 42% in 2002
through higher volumes and reductions
in direct labour costs. Operating costs
were reduced by 27% (at constant
exchange rates this reduction was 25%).
These reductions were necessary due
to reduced demand from existing
customers and a lack of revenue in
operations in Japan, Italy and Germany.
Loss making and inefficient operations
were closed or scaled back. Headcount
was reduced to 112 (2002: 162).
LTG Mailänder (continuing operations)
operational performance
LTG Mailänder has reported growth
of 19%. At constant exchange rates this
growth is 9%. This has been achieved
in an uncertain and competitive market
place. Gross margin as a percentage
of sales has improved to 28.6% from
25.2%, due to greater manufacturing
utilisation. The other operating expenses
removing the effect of exchange have
increased by 6%. 
Shareholders’ funds
Shareholders’ funds have decreased
as a result of the loss for the year
and a further increase in the pension
provision required under FRS 17. This
decrease can be summarised as shown
in the table on page 10.
FRS 17 was adopted in the 2002
reported accounts in respect of the
Crabtree of Gateshead pension fund
and the unfunded defined benefit
scheme in LTG Mailänder GmbH.
Following this standard brings any
deficit or surplus arising in the fund
onto the Group’s balance sheet.
The net assets of the Group would
be £3.1m, prior to the accrual for
the pension provision as shown
in the table on page 10.
Pensions
The Group adopted FRS 17 early
in 2002, being the most appropriate
method to treat this aspect of the
Group’s responsibilities. The financial
position of the Group is sensitive to
the position of the Crabtree defined
benefit scheme, which had £10.1m
of assets at 31 December 2003. The
present value of the scheme’s liabilities
has been calculated at £16.4m at
31 December 2003. The resulting
deficit in the pension scheme is £6.3m.
This deficit, plus the £1.1m liability
on the LTG Mailänder GmbH scheme
represents the total £7.4m pension
fund deficit.
The size of the calculated deficit in the
Crabtree defined benefit scheme is
highly sensitive to changes in financial
conditions in the equity and bond
markets, inflation rates and assumed
mortality rates. In the valuation at
31 December 2003 a 0.5% increase
in the inflation assumption and rate
of increase in pensions payment
increased the present value of scheme
liabilities by £0.7m over the value at
31 December 2002. An increase in
the mortality rate assumption increased
the present value of scheme liabilities
at 31 December 2003 by £0.4m over
the value at 31 December 2002.
The Crabtree scheme has 99 existing
pensioners and 280 deferred pensioners
according to the latest information
from the Trustees. Payments to
pensioners in 2003 were £342,000.
There were no changes in the assumptions
on the LTG Mailänder GmbH scheme,
and as such, the only movement during
the year arose on exchange, due to the
retranslation of the Euro liability.
The Group delivered improved results
over 2002 at the operating level. Financial review LTG Technologies PLC
Report and Accounts 2003
9
The Mailänder scheme has 24 existing
pensioners and 52 deferred pensioners
according to the latest information
from the Trustees. Payments to
pensioners in 2003 were £12,000.
Impairment review of Imagelinx assets
In accordance with FRS 11 the Board
has undertaken reviews at the half
year and full year for impairment
of the carrying value of the investment
and goodwill associated with Imagelinx.
As a result of the most recent review,
no impairment has been taken on the
goodwill, but the carrying value of the
investment in the Company balance
sheet has been written down by £12.5m.
The goodwill held in the Group balance
sheet for Imagelinx is £6.9m and the
carrying value of the investment in the
Company balance sheet is £12.6m.
Fixed asset capitalisation
In accordance with FRS 15 and FRS 11
the Board has undertaken a review
to determine whether acquired or
self-constructed, the tangible fixed
assets relating to IT development
should continue to be capitalised.
As a result of the review £5.6m (2002:
£1.5m) of capitalised costs have been
written down. IT development costs,
which continue to be capitalised
at 31 December 2003 are £1.0m.
Derivatives and other
financial instruments
The Group’s principal financial
instruments throughout the year
comprised bank loans, bank overdrafts,
finance leases and hire purchase
contracts. The main purpose of these
financial instruments is to raise finance
for the Group’s operations. The Group
has various other financial instruments
such as trade debtors and trade
creditors that arise directly from
its operations. 
The Group also enters into derivative
transactions (principally forward
currency contracts). The purpose
Trading results
1. Sales by division Underlying
growth (at
constant
2003 2002 Growth exchange  
£m £m % rates) %
LTG Mailänder 49.0 41.1 19% 9%
Imagelinx 8.1 7.4 10% 16%
Internal sales 0.1 (0.3) – –
Continuing operations 57.2 48.2 19% 10%
Discontinued operations 1.6 9.7––
Total Group 58.8 57.9 2% (5)%
2. Exchange rates used in translation 
of overseas earnings 
$ $ €€
Currency to £1 2003 2002 2003 2002
Average rate for profit and loss account 1.64 1.50 1.45 1.59
Closing rate for balance sheet purposes 1.78 1.60 1.42 1.53
3. Imagelinx operational performance
2003 2002
£m £m
Sales 8.1 7.4
Gross margin 3.8 3.1
Other operating expenses (6.8) (9.4)
Operating loss before operating exceptional 
items and goodwill (3.0) (6.3)
Operating exceptional items (6.2) (2.1)
Operating loss before goodwill (9.2) (8.4)
4. LTG Mailänder (continuing operations) 
operational performance
2003 2002
£m £m
Sales 49.0 41.1
Gross margin 14.0 10.3
Other operating expenses (12.1) (10.3)
Operating profit before operating exceptional 
items and goodwill 1.9 —
Operating exceptional items (0.1) 0.4
Operating profit before goodwill and interest 1.8 0.4
Imagelinx delivered underlying
growth of 16%. LTG Technologies PLC
Report and Accounts 2003
10
Financial review
Operating exceptional items
Summary of operating exceptional items
2003 2002
£m £m
Capitalised assets written down 5.6 1.1
Severance and restructuring costs 0.6 1.1
ITS loan note write down 0.1 0.1
Write down of fixed assets 0.1 0.4
Provision due to termination of agent — 0.4
Rights issue costs — 0.3
Exchange difference on subsidiary loan — 0.3
Income arising out of patent litigation — (0.4)
6.4 3.3
Shareholders’ funds
Summary of decrease in shareholders’ funds
£000
Shareholders’ funds at 1 January 2003 7,839
Loss for the year (10,680)
Actuarial loss (1,221)
Other recognised gains and losses (249)
Shareholders’ funds at 31 December 2003 (4,311)
Net assets before pension fund provision
£000
Net liabilities at 31 December 2003 (4,311)
Pension fund deficit under FRS 17 (7,374)
Net assets before pension fund provision 3,063
is to manage the interest rate and
currency risks arising from the Group’s
operations and its sources of finance.
It is, and has been throughout the period
under review, the Group’s policy that
no speculation or trading in financial
instruments shall be undertaken (save
for the ITS loan note described on the
following page).
The main risks arising from the Group’s
financial instruments are interest rate
risk, liquidity risk and foreign currency
risk. The Board reviews and agrees
policies for managing each of these
risks and they are summarised below.
These policies have remained broadly
unchanged since the beginning of
2000. The magnitude of this risk that
has arisen over the period is detailed
in note 20.
Interest rate risk
The Group borrows funds in desired
currencies at fixed and floating rates
of interest. Policy in respect of interest-
bearing liabilities arising is to achieve
the most efficient outcome for the
Group, regardless of the nature of
credit taken. At 31 December 2003,
cash balances and overdrafts were
generally held in the operating
currencies of the companies holding
these balances.
Liquidity risk
The Group’s policy is to have adequate
access to bank facilities in the Group’s
main trading currencies. Current
facilities all mature within one year,
while cash deposits when arising are
held in short-term accounts. At the
year-end the Group had been successful
in applying this policy, with facilities
and short-term cash held in the
desired forms.
Foreign currency risk
As a result of the significant investment
in operations in Germany and the USA,
the Group’s balance sheet can be
significantly affected by movements in
the US Dollar/Sterling, and Euro/Sterling
rates. The Group minimises its exposure
to investments in foreign currencies
where possible by aligning the currencies
of liabilities and assets.
The Group also has transactional
currency exposures. Such exposures
arise from sales or purchases by
an operating unit in currencies other
than the unit’s functional currency. 
The Group requires all its operating
units to use forward currency contracts
to eliminate the currency exposures
on foreign currency receivables when
the size of the receivable is sufficient
to warrant this. At the year-end, the
Group has hedged 89% of the foreign
currency receivables. 
Where an exchange risk arises, the
Group requires all its operating units
to use forward currency contracts
to eliminate the currency exposures
on foreign currency payables when
the size of the payable is sufficient
to warrant this. At the year-end none
of these payables had been hedged.
LTG Mailänder has reported growth of
19%. At constant exchange rates this
growth is 9%. Financial review LTG Technologies PLC
Report and Accounts 2003
11
Taxation
An analysis of the taxation charge
is set out in note 8 to the accounts.
The taxation charge as a percentage
of loss before taxation was 0.3% in
the current year compared to a credit
of 0.4% in the previous year. 
Liquidity
On 19 December 2003 the Company
announced the successful placing
of 11.5 million shares, providing
the Group with £1.475m of funds for
the completion of the Icon technology.
The proceeds were received in January
2004. The number of shares in issue
following the placing of new shares
is 242,338,635.
On 26 February 2003 the Company
discounted a receivable due on
24 August 2003 from International
Thermo Systems LLC (“ITS loan note”)
with a nominal value of $3.141m
(£1.995m at that date) for the sum
of $2.909m (£1.811m) of which
$1.884m (£1.197m) was used to repay
bank debt. The Company received the
following payments €1,751m and
$850,880. The Euro receipt of €1,751m
was used to reduce the facility with
LBBW from €10m to €8.25m. The
$850,880 (£542,962) was retained
in the Company. 
On 18 March 2003 the Company
disposed of its interest in the business
activities of LTG Gateshead Limited
(formerly Crabtree of Gateshead
Limited) for a cash consideration
of £2.2m (£2.051m after expenses).
The Group experienced a net cash
outflow in 2003 of £4.2m resulting
in a net indebtedness position at
31 December 2003 of £6.1m (2002:
£1.7m) This net outflow of £4.2m
represented total outflows from
operations of £8.1m, before the receipt
of funds from the disposal of Crabtree
and early receipt on the ITS loan note
totalling £3.9m. The cash outflow prior
to capital expenditure, working capital
movement and financing (losses before
tax adding back depreciation, goodwill
amortisation and the write down of
capitalised assets) in 2003 was £1.4m.
Capital expenditure, principally Icon
development was £2.2m, interest, tax
and financing was £0.5m and the
adverse movement in working capital
was £4.0m. The adverse movement in
working capital reflected a high level
of cash held at the end of 2002 of
£6.2m, resulting from large down
payments received on contracts
awarded in December 2002. 
The Group has committed facilities
available of €8.25m, which are
renewable on 31 December 2004.
Going concern
At 31 December 2003, the Group had
net current liabilities of £9,538,000,
net liabilities of £4,311,000 and had
incurred a loss for the year ended
31 December 2003 of £10,680,000.
The Directors continually monitor the
financial position of the Group, taking
into account the latest forecasts of
future cash flows and analyses of these
forecasts, sensitised in respect of the key
uncertainties facing the Group’s ability
to generate cash. The Directors consider
that a key uncertainty is the timing
of actual versus targeted sales in the
Imagelinx division while it is building
up the client base for its pioneering
services. Another key uncertainty which
the Board is monitoring closely is the
strength of the underlying recovery of
the LTG Mailänder division, particularly
given the current geopolitical risk
and its possible effect on the business
environment. The Board has identified
savings which can be realised in the
short-term in both divisions, if necessary,
while minimising the effect on the
Group’s global operating capability. 
Based on this assessment, the Directors
have a reasonable expectation that
the Group has adequate resources
to continue in operational existence
for the foreseeable future. For this
reason, they continue to adopt the
going concern basis in preparing
the accounts.
Michael Williamson 
Finance Director
11 March 2004 LTG Technologies PLC
Report and Accounts 2003
12
Board of Directors
Non-executive Directors
David Straker-Smith 
Non-executive Chairman (45)
David Straker-Smith is an executive director
of CrossBorder Capital Ltd, global investment
advisors, and is director of a number
of private companies. He previously worked
for Gerrard & National Holdings PLC
as a main board director, and subsequently
at ING Barings Securities. He was appointed
a Director of LTG Technologies PLC
in September 1998 and became Chairman
in December 1999.
John Holmes
Non-executive Director (65)
John Holmes was appointed a Non-executive
Director of LTG Technologies PLC in June
1999 on his retirement. Mr Holmes has more
than 40 years experience in the engineering
industry with extensive international
experience with Wilmot Breedon, Plessey,
Stewart Warner and Crabtree of Gateshead
whom he joined in 1991 as Manufacturing
Director. In 1994 he became Managing
Director of Crabtree Group PLC.
Alistair Rae
Non-executive Director (45)
Alistair Rae was appointed a Non-executive
Director of LTG Technologies PLC in July
2002. He qualified as a chartered accountant
with KPMG in 1983 and after three years
with Deloitte & Touche in London
and Luxembourg, he joined Cazenove
& Co’s Corporate Finance Department.
He was managing director of Cazenove’s
South East Asian business, based in Hong
Kong. In 1996 he became a director
of HSBC Investment Bank plc and is now
director of Corporate Affairs at Jarvis plc.
Gregor Wedell 
Non-executive Director (36)
Gregor Wedell was appointed a Non-executive
Director of LTG Technologies PLC in March
2003. He is head of the corporate department
of the law firm Schalast & Partner, Dresden,
Germany, and a board member of a number
of German associations and companies.
After spending two years in the Brussels
office of the firm he has since been based
in Dresden and Frankfurt, specialising
in company law and intellectual property.
Board of
Directors Board of Directors LTG Technologies PLC
Report and Accounts 2003
13
Executive Directors
Albert Klein
Chief Executive (42) 
After graduating from St Gallen University,
Switzerland, with a Masters Degree in
Business and Administration, Mr Klein worked
for Carrier Corporation in the USA and
England for four years before taking an active
role in Dr. Klein Erben Holding GmbH and its
subsidiaries in 1994. From 1994 until March
1996 he was Chairman of LTG Holding and
a member of the Supervisory Board. In March
1996 he was appointed as Managing
Director of LTG Holding and in September
1998 he was appointed Chief Executive
of LTG Technologies PLC.
Dr Ing Peter Heizmann
Sales Director (64) 
In 1963 Dr Heizmann graduated as
an engineer (Dipl-Ing.) at the Technische
Hochschule in Munich, where he also
obtained his doctorate in 1969. He joined
LTG Holding GmbH as sales engineer in
1969 and was put in charge of the metal
decorating division in 1980. He became
Sales Director of LTG Holding in 1993.
He was appointed a Director of LTG
Technologies PLC in September 1998.
Dr Franz Wimpffen
Director of Business Development (45) 
Dr Wimpffen graduated from St Gallen
University, Switzerland with a doctorate
in Corporate Finance and in 1989 joined
LTG Holding. In 1990, Dr Wimpffen became
Finance Manager of the metal decorating
division of LTG Holding and in 1996 he was
made Finance Director of LTG Mailänder
GmbH. In 1998 he was made additionally
Chief Executive Officer of LTG Mailänder
GmbH, moving in 1999 to become Finance
Director of the LTG Mailänder division.
He became Director of Business
Development in November 2000.
Michael Williamson
Finance Director and Company Secretary (46) 
Mr Williamson joined LTG Technologies PLC
in January 2003. After graduating with
a degree in economics, he qualified in London
as a chartered accountant. Subsequently
he held senior financial management
positions in the pharmaceutical industry
with Aventis and GlaxoSmithKline.
He has also been a main board director
of MFI Furniture Group plc.  Results and dividends
The Group profit and loss account for the year ended 31 December 2003 is shown on page 22. Analyses of turnover and operating profit or loss
by activity are shown in note 2 to the accounts. The Group retained loss for the year amounted to £10,680,000 (2002: loss of £18,554,000).
The Directors recommend that no dividend be paid.
Principal activities
The Group’s principal activities during the year were the provision of pre-press and graphic brand management services, and the manufacture
of metal decorating machinery, including printing presses, coaters, drying ovens and exhaust air purification – principally supplied to the
metal packaging industry – plus spare parts and servicing of equipment. The Group’s products are sold worldwide. 
The Group’s major operations are in Nottingham (England), Chicago (USA), Boston (USA), Neenah (USA), Stuttgart (Germany) and Tokyo (Japan).
Review of the business and future developments
The Group’s business activities over the year and future prospects are set out in the Chairman’s Statement on page 2, Chief Executive’s Review
on pages 3 to 6 and Financial Review on pages 8 to 11.
Research and development
Research and development is concentrated on the development of new products capable of generating greater turnover.
Substantial interests in share capital
As of 16 February 2004, the Company’s share register of substantial shareholdings showed the following interests in 3% or more of the
Company’s ordinary shares:
Name Holding %
LTG Holding GmbH and Co.KG 102,677,214 42.38
LBBW Trust GmbH 18,302,708 7.55
Capital Group Companies Inc 17,785,714 7.34
Artemis Investment Management 11,000,000 4.54
David Straker-Smith 9,349,857 3.85
Other than disclosed above, the Directors are not aware of any other person holding, or beneficially interested in 3% or more of the ordinary
share capital of the Company.
The ultimate beneficial owner of LTG Holding GmbH and Co. KG is Dr. Klein Erben Holding GmbH.
Directors and their interests
The Directors during the year were as follows:
David Straker-Smith Alistair Rae Udo Bange (resigned 29 January 2004)
Albert Klein Michael Williamson (appointed 22 January 2003) Byron Ousey (resigned 19 January 2004) 
John Holmes Gregor Wedell (appointed 17 March 2003) Dr Thomas Fischer (resigned 31 December 2003)
Dr Franz Wimpffen Dr Ing Peter Heizmann Nick Hunter (resigned 22 January 2003)
The interests of the Directors and their families in the share capital of the Company were as follows:
At At
31 December 1 January 
2003 2003
ordinary ordinary
5p shares 5p shares
Albert Klein 848,548
†
848,548
†
Udo Bange 590,555* 590,555*
David Straker-Smith 9,349,857 9,349,857
Dr Ing Peter Heizmann 124,285 124,285
Dr Franz Wimpffen 18,333 18,333
John Holmes 2,750 2,750
Byron Ousey 10,783 10,783
Dr Thomas Fischer — —
Alistair Rae — —
Michael Williamson — —
Gregor Wedell — —
†
All held by the Corsage Investment Trust, the beneficiaries of which include Albert Klein and his family. 
* 20 shares held in trust on behalf of LTG Metal Decorating GmbH.
Directors’ report LTG Technologies PLC
Report and Accounts 2003
14
Directors’ report Directors and their interests (continued)
In addition, Albert Klein held throughout the period 102,677,214 shares or 22.9% of the issued share capital of Dr. Klein Erben Holding GmbH,
which together with his family trust (of which he is a beneficiary), is the ultimate beneficial owner of 42.4% of the issued share capital of
the Company (as at 16 February 2004).
The Executive Directors, along with other employees, have been granted options and similar rights over the shares held by the
LTG Technologies PLC Employee Share Trust. Details of these interests are disclosed in the report on Directors’ remuneration.
Events since the balance sheet date 
See note 24.
Disabled employees
The Group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately
fulfilled by a handicapped or disabled person.
Where existing employees become disabled, it is the Group’s policy wherever practicable to provide continuing employment under normal
terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.
Employee involvement
Regular meetings are held between local management and employees to allow a free flow of information and ideas. A share option scheme
exists to provide employees with further incentivisation.
Creditor payment policy and practice
It is the Company’s policy that payments to suppliers are made in accordance with those terms and conditions agreed between the Company
and its suppliers, provided that all trading terms and conditions have been complied with.
At 31 December 2003, the Company had an average of 65 days’ purchases (2002: 92 days’ purchases) outstanding in trade creditors.
Auditors
During the year Ernst & Young LLP resigned as the Group’s auditors and the Directors appointed BDO Stoy Hayward LLP to fill the vacancy.
BDO Stoy Hayward LLP have expressed their willingness to continue in office and a resolution to re-appoint them as the Group’s auditors
will be proposed at the forthcoming Annual General Meeting.
Annual General Meeting
The following resolutions will be considered at the Annual General Meeting (“AGM”) as Special Business:
1. An Ordinary Resolution authorising the Directors to allot up to an aggregate amount of 24,233,865 ordinary shares (representing
approximately 10% of the total issued share capital of the Company at the date hereof) such authority to expire at the next AGM
of the Company;
2. A Special Resolution disapplying the statutory pre-emption rights on the allotment of ordinary shares for cash, such powers to be limited to:
(a) The allotment of ordinary shares in relation to a rights issue; and
(b) The allotment of ordinary shares (in circumstances other than (a) above) representing no more than 10% of the issued share capital of
the Company.
Such authority to expire at the next AGM of the Company.
By order of the Board
Michael Williamson
Company Secretary 
11 March 2004
Directors’ report LTG Technologies PLC
Report and Accounts 2003
15 Company law requires the Directors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the
Company and 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; and
● prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in 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 to 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 for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Corporate governance
The Company is committed to high standards of corporate governance. The Board is accountable to the Company’s shareholders for good corporate
governance. This statement describes how the principles of corporate governance are applied to the Company and the degree of the Company’s
compliance with the Code provisions set out in Section 1 of the Combined Code prepared by the Committee on Corporate Governance.
Following publication of the Higgs Review – The Role and Effectiveness of Non-executive Directors and the Smith Report – Combined Code
Guidance for Audit Committees in January 2003, the Financial Reporting Council issued the new Combined Code on 23 July 2003, which
comes into effect for reporting years beginning on or after 1 November 2003. The principles and provisions of the new Code have been
considered by the Board. The Board will continue to review its practices in the light of the new Code. 
The Company moved from a full listing on the Stock Exchange to a listing on AIM on 26 September 2003, and as such the Company is not
covered by the Listing Rules. Nevertheless, in the interests of providing maximum transparency to shareholders, the Board complies with
those provisions of the Combined Code it deems relevant, ensuring that embedded risk controls are in place.
The Chairmen of the Audit, Remuneration and Nomination Committees will be available to answer questions at this year’s AGM to be held
on 19 April 2004.
The Board 
The Board currently comprises the independent Non-executive Chairman, the Chief Executive, three other Executive Directors and three
other independent Non-executive Directors. Short biographies of each of the Directors, which illustrate their range of experience, are set
out on pages 12 and 13. There is a clear division of responsibility at the head of the Company, the Chairman being responsible for running
the Board and the Chief Executive for implementing Group strategy. John Holmes has been nominated as the Senior Independent Director.
The Board structure ensures that no individual or group dominates the decision-making process. The Board is responsible to shareholders
for the proper management of the Group. A statement of the Directors’ responsibilities in respect of the accounts is set out above and
a statement on going concern is given on page 11.
The Board considers that, although Gregor Wedell is deemed not to be independent under the definition of independence in the new Code,
as there are no relationships or circumstances that might affect his judgement; he is independent not withstanding the fact that he represents
LTG Holding GmbH, a significant shareholder and has close family ties with the Company’s Directors.
All Directors have access to the advice and services of the Company Secretary. The need for Director training is regularly assessed by the Company.
The Chairman ensures that the Directors take independent professional advice as required.
The Board meets formally every month, reviewing trading performance, ensuring adequate funding, setting and monitoring strategy, examining
major acquisition possibilities and reporting to shareholders. The Non-executive Directors have a particular responsibility to ensure that the
strategies proposed by the Executive Directors are fully considered. The Board receives appropriate and timely information, Board papers
being sent out several days prior to the meeting. 
The Board has a formal schedule of matters specifically reserved to it for decision. These include the approval of financial statements,
acquisitions and disposals, material agreements, non-recurring projects, major capital expenditures, and strategic plans. It delegates
responsibility to the Board Committees detailed below.
Nomination Committee
The Nomination Committee is chaired by David Straker-Smith and its other member is John Holmes. It is responsible for proposing
candidates for appointment to the Board, having regard to the balance and structure of the Board. In appropriate cases, recruitment
consultants will be used to assist the process. All Directors are subject to re-election at least every three years.
Statement of Directors’ responsibilities in respect of the accounts
Corporate governance
LTG Technologies PLC
Report and Accounts 2003
16
Statement of Directors’ responsibilities in respect
of the accounts Remuneration Committee
The Remuneration Committee is chaired by David Straker-Smith and its other members are John Holmes and Alistair Rae. It is responsible
for making recommendations to the Board, within agreed terms of reference, on the Company’s framework of Executive remuneration and
its cost. The Remuneration Committee determines the contract terms, remuneration and other benefits for each of the Executive Directors,
including performance related bonus schemes, pension rights and compensation payments. The Board itself determines the remuneration
of the Non-executive Directors. The Remuneration Committee will be advised as necessary by a firm of remuneration consultants.
Further details of the Company’s policies on remuneration, service contracts and compensation payments are given in the Remuneration
Report on pages 18 to 20. The report has been prepared by the Board following the provisions in Schedule B to the Combined Code.
Audit Committee
The Audit Committee is chaired by David Straker-Smith and its other member is John Holmes. It meets not less than two times annually.
The Audit Committee provides a forum for reporting by the Group’s external auditors. Meetings are also attended, by invitation, by the
Chief Executive and the Finance Director.
The Audit Committee is responsible for reviewing a wide range of matters including the half year and annual accounts on or before their
submission to the Board and monitoring the controls which are in force to ensure the integrity of the information reported to the shareholders.
The Audit Committee advises the Board on the appointment of external auditors and on their remuneration both for audit and non-audit
work, and discusses the nature, scope and results of the audit with external auditors. The Audit Committee keeps under review the cost
effectiveness and the independence and objectivity of the external auditors.
Relations with shareholders
The Board recognises the importance of communications with shareholders. The Chairman’s Statement and Chief Executive’s Review provide
a detailed review of the business and future developments. There is regular dialogue with institutional shareholders including presentations
after the Group’s preliminary announcement of the year-end results and at the half year.
The Board uses the AGM to communicate with private and institutional investors and welcomes their participation. Details of resolutions
to be proposed at the AGM on 19 April 2004 can be found in the Notice of the Meeting on page 47.
Risk and internal controls
The Board is responsible for establishing and maintaining the Group’s system of internal control. Internal control systems are designed
to meet the particular needs of the Group and the risks to which it is exposed, and by their nature can provide reasonable but not absolute
assurance against material misstatement or loss. The key procedures which the Directors have established with a view to providing effective
internal controls are as follows:
● Management structure – The Board has overall responsibility for the Group and there is a formal schedule of matters specifically reserved
for decision by the Board. Each Executive Director has been given responsibility for specific aspects of the Group’s affairs;
● Quality and integrity of personnel – The integrity and competence of personnel is ensured through high recruitment standards and
subsequent training courses. High quality personnel are seen as an essential part of internal control;
● Identification of business risks – The Board is responsible for identifying the major business risks faced by the Group and for determining
the appropriate course of action to manage those risks;
● Budgetary processes – The Board is responsible for Group strategy, approving budgets and plans, approving acquisitions or disposals and
determining treasury and dividend policy. Each year the Board approves the annual budget and strategic plan. Key risk areas are identified;
● Monitoring and reporting performance – Monthly results, including variances from plans and prior year, together with updated forecasts
for current performance for up to 24 months are reported to the Board. These reports cover sales, profits and losses, cash flows, capital
expenditure and balance sheets. Key risk areas are identified. Performance is monitored and relevant action taken throughout the year
through the monthly reporting process to the Board;
● Investment appraisal – Capital expenditure is regulated by a budgetary process and authorisation levels. For expenditure beyond specified
levels, detailed written proposals have to be submitted to the Board. Reviews are carried out after the capital expenditure or acquisition
is complete, and for some projects, during the project or acquisition period, to monitor expenditure; major overruns are investigated.
Proposals for research and development programmes beyond specified limits are considered by the Board. Due diligence work is carried
out if a business is to be acquired; and
● Audit Committee – The Audit Committee monitors the controls which are in force and any perceived gaps in the control environment.
It considers and determines relevant action in respect of any control issues raised by the external auditors. It reviews the effectiveness
of the system of internal financial control as it operates during the year and reports conclusions to the Board.
Retirement and appointment of Directors
Gregor Wedell, appointed Director on 17 March 2003, retires from the Board at the AGM and, being eligible, offers himself for re-election.
Dr Franz Wimpffen and John Holmes retire by rotation and, being eligible, offer themselves for re-election. 
Corporate governance LTG Technologies PLC
Report and Accounts 2003
17
Corporate governance The Remuneration Committee is chaired by David Straker-Smith and its other members are John Holmes and Alistair Rae. It makes
recommendations to the Board, within agreed terms of reference, on an overall remuneration package for Executive Directors and other senior
Executives in order to attract, retain and motivate high quality Executives capable of achieving the Group’s objectives. The package consists
of basic salary, benefits, share options, performance related bonuses and pensions, with a significant proportion based on performance and
dependent upon the achievement of targets. Consideration is given to pay and employment policies elsewhere in the Group, especially when
determining annual salary increases. In addition, the Remuneration Committee will be advised when necessary by a firm of Executive remuneration
consultants to maximise comparability within the marketplace and pays particular attention to the remuneration levels of the Company’s
closest competitors. 
The details of individual components of the remuneration package and service contracts are discussed below. 
Salary and benefits: The salary and benefits of Executive Directors are reviewed annually. The Remuneration Committee takes into account
prevailing market rates for similar positions in comparable companies, responsibilities, individual and corporate performance, and the
experience which each Director brings to the Group. Following the review, Executive Directors received basic pay increases of approximately
14%. Benefits principally comprise private healthcare, life assurance and pension contributions.
Annual performance bonuses: Each Executive Director has the opportunity to receive an annual bonus, if Group business and individual
targets are met. The Group business plan targets for 2003 were not achieved principally due to the sales shortfall to plan of Imagelinx.
The individual performance and contribution of key Executives in 2003 was recognised by the Remuneration Committee and bonuses were
awarded, as set out on page 19.
Share options: Share options are granted in accordance with the LTG Technologies PLC Employee Share Incentive Plan, which was approved
by the Remuneration Committee on 23 December 1999. The first options were granted under this scheme to Executive Directors and certain
other employees effective 1 January 2000. 
The share options are awarded by the Remuneration Committee based on the movement in the Company’s share price. The exercise price
of options granted is normally the higher of the nominal value of the shares and the market price at the date of grant, although this can be
adjusted at the absolute discretion of the Remuneration Committee. 
On 13 February 2003 the Remuneration Committee agreed to the issue of new options to Executive Directors subject to performance conditions
relating to Group and individual business plan targets or objectives. Share options issued effective 14 April 2003 are exercisable, at a price
of £0.03 per share, between 14 April 2006 and 13 April 2013. Share options issued effective 30 April 2003 are exercisable, at a price of £0.04
per share, between 30 April 2006 and 30 April 2013. The awards were made to Directors as set out on page 20.
Share options issued effective 1 January 2000 are exercisable, at a price of £0.40 per share, between 1 January 2002 and 31 December 2009.
This initial grant was made as a single block following the listing of the Company on AIM enabling incentivised remuneration of this type.
No performance criteria apply to this award, as this was made on the basis of past performance rather than future performance.
Share options issued effective 1 January 2001 are exercisable, at a price of £0.85 per share, between 1 January 2004 and 31 December 2010. 
A reversionary interest in shares was granted on 26 January 2001; the vestment date is 26 February 2004 with the amount being determined
as the share value above £0.85 per share. This block grant with performance targets was made to incentivise key Executives over a key phase
in the development of the Group. The awards were made to Directors as set out on page 20.
Performance related bonuses: These are calculated based on internal targets, which are determined in advance of each year by the
Remuneration Committee. 
Pensions: The Executive Directors, with the exception of Dr Ing Peter Heizmann and Dr Franz Wimpffen, are members of the LTG Technologies
PLC Executive Pension Plan (see note 27) which is a defined contribution scheme. The Company’s contributions are 12% of basic salary.
Dr Ing Peter Heizmann’s pension entitlement is a final salary scheme with an entitlement in the year of £43,309 (€61,356) per annum.
Dr Franz Wimpffen has no pension entitlement above the German state scheme. 
Fees: The fees for Non-executive Directors are determined by the Board within the limits stipulated in the Articles of Association. The Non-executive
Directors are not involved in any discussions or decision about their own remuneration.
Service contracts: The service contracts of all the Executive Directors except for Dr Ing Peter Heizmann have unlimited terms up to retirement,
but a notice period of one year. None of the Non-executive Directors have service contracts. There are no special provisions for compensation
in the event of loss of office. The Remuneration Committee considers the circumstances of individual cases of early termination and determines
compensation payments accordingly.
The market price of the Company’s shares on 31 December 2003 was £0.135. The highest market price in 2003 was £0.145, and the lowest
was £0.03.
Directors’ remuneration report LTG Technologies PLC
Report and Accounts 2003
18
Directors’ remuneration report Directors’ remuneration
Basic salary
and fees Bonus Benefits Total Total
Date of 2003 2003 2003 2003 2002
contract£££ £ £
Executive Directors
Albert Klein 29/9/98 158,000 70,000 17,232 245,232 267,088
Udo Bange 29/9/98 127,500 — — 127,500 140,614
Dr Ing Peter Heizmann 24/9/98 114,551 — 19,843 134,394 114,948
Nick Hunter 31/8/99 5,425 — 211 5,636 91,758
Dr Franz Wimpffen 14/5/90 97,583 40,000 10,533 148,116 130,533
Michael Williamson 1/11/02 142,000 40,000 2,605 184,605 —
Non-executive Directors
David Straker-Smith 29/9/98 40,000 — — 40,000 40,000
Dr Thomas Fischer 24/9/98 40,000 — — 40,000 40,000
John Holmes 30/6/99 15,000 — — 15,000 15,000
Byron Ousey 11/5/00 15,000 — — 15,000 15,000
Alistair Rae 27/6/02 20,000 — — 20,000 10,000
Gregor Wedell 01/4/03 10,000 — — 10,000 —
785,059 150,000 50,424 985,483 864,941
During the year, £53,000 (2002: £120,000) was recharged to a related Company in respect of services of Albert Klein, a Director of the Company,
made available to it. This offsets a portion of the costs set out above. 
Pension entitlements
The Executive Directors, with the exception of Dr Ing Peter Heizmann and Dr Franz Wimpffen, are members of the LTG Technologies PLC
Executive Pension Plan (see note 27), which is a defined contribution scheme. The Company’s contributions are 12% of basic salary,
and were as follows for the year:
Total Total
2003 2002
£ £
Albert Klein 17,400 15,840
Udo Bange 14,400 12,780
Michael Williamson 13,200 —
Nick Hunter 597 9,900
45,597 38,520
Dr Ing Peter Heizmann’s pension entitlement is a final salary scheme with an accrued annual pension of £43,309 per annum, an increase of £3,231
over 2002. The expense charged in the accounts of the Group in respect of this scheme was £20,053 (2002: £38,296). This is an occupational
scheme subject to German law. The transfer value of Dr Ing Peter Heizmann’s accrued benefits at the end of 2003 was £581,071 (2002: £488,148).
The transfer value represents a liability of the Company, not a sum due to Dr Ing Peter Heizmann. Dr Franz Wimpffen has no pension
entitlement other than the German state scheme.
Directors’ remuneration report LTG Technologies PLC
Report and Accounts 2003
19 Interests in options and similar rights
The interests of the Directors are as follows:
Granted on Granted on Granted on Granted on Granted on Total Total
1 January 1 January 26 January 14 April 30 April 31 December 31 December 
2000
(1)
2001
(2)
2001
(3)
2003
(4)
2003
(5)
2003 2002
No. No. No. No. No. No. No.
Albert Klein 322,050——— 700,000 1,022,050 531,729
Udo Bange 142,500———— 142,500 608,700
Dr Ing Peter Heizmann 213,750 9,990——— 223,740 223,740
Dr Franz Wimpffen 71,250——— 200,000 271,250 93,450
Michael Williamson — — — 700,000 — 700,000 —
Nick Hunter 85,500 — 90,021 — — 175,521 175,521
The options held in 2002 by Albert Klein and Dr Franz Wimpffen were surrendered on the receipt of options issued in 2003.
(1) The options have an exercise price of £0.40 per share and are exercisable between 1 January 2002 and 31 December 2009.
(2) The options have an exercise price of £0.85 and are exercisable between 1 January 2004 and 31 December 2010.
(3) A reversionary interest was granted in the number of shares indicated. The date of vestment of the reversionary interest is 26 February
2004 and is based on the market value of LTG Technologies PLC’s shares above £0.85 per share. The full rights to one third of the
reversionary interest are also dependent on the achievement of certain performance criteria: in the case of Nick Hunter, to the degree by
which the growth in the earnings per share of the Company exceeds RPI, in a range between 2% and 6%.
(4) The options have an exercise price of £0.03 per share and are exercisable between 14 April 2006 and 13 April 2013.
(5) The options have an exercise price of £0.04 per share and are exercisable between 30 April 2006 and 29 April 2013.
By order of the Board
David Straker-Smith
Chairman
11 March 2004
Directors’ remuneration report LTG Technologies PLC
Report and Accounts 2003
20
Directors’ remuneration report We have audited the financial statements of LTG Technologies PLC for the year ended 31 December 2003 on pages 22 to 46. These financial
statements have been prepared under the accounting policies set out on pages 27 to 29. 
Respective responsibilities of Directors and auditors
The Directors’ responsibilities for preparing the annual report and the financial statements in accordance with applicable law and United
Kingdom Accounting Standards are set out in the statement of Directors’ responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom
Auditing Standards. 
We report to you our opinion as to whether the financial statements give a true and fair view and 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 Group has not kept proper accounting records, if we have not received all the information and explanations we require for our audit,
or if information specified by law regarding Directors’ remuneration and transactions with the Company and other members of the Group
is not disclosed.
We read other information contained in the annual report and consider whether it is consistent with the audited financial statements.
This other information comprises only the Chairman’s Statement, the Chief Executive’s Review, the Financial Review, the Corporate
Governance Statement, the Directors’ Remuneration Report and the Directors’ 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.
Our report has been prepared pursuant to the requirements of the Companies Act 1985 and for no other purpose. No person is entitled
to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of the Companies
Act 1985 or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this
report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.
Basis of audit opinion
We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes
examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment
of the significant estimates and judgements made by the Directors in the preparation of the financial statements, and of whether the
accounting policies are appropriate to the 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 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.
Going concern
In forming our opinion we have considered the adequacy of the disclosures made in note 1 to the financial statements, relating to the
financial requirements of the Group. Due to the significance of this matter, we draw it to your attention, but our opinion is not qualified
in this respect.
Opinion
In our opinion the financial statements give a true and fair view of the state of affairs of the Group and the Company as at 31 December
2003 and of the loss of the Group for the year then ended and have been properly prepared in accordance with the Companies Act 1985.
BDO Stoy Hayward LLP
Chartered Accountants
and Registered Auditors
London
11 March 2004
Independent auditors’ report LTG Technologies PLC
Report and Accounts 2003
21
Independent auditors’ report 
to the members of LTG Technologies PLC Before Operating
Exceptional Exceptional
items and items and
goodwill goodwill Total
2003 2003 2003 2002
Notes £’000 £’000 £’000 £’000
Turnover
– Continuing 57,252 — 57,252 48,209
– Discontinued 1,592 — 1,592 9,675
Group turnover 2 58,844 — 58,844 57,884
Cost of sales
– Continuing (39,258) — (39,258) (34,575)
– Discontinued (1,167) — (1,167) (7,220)
(40,425) — (40,425) (41,795)
Gross profit
– Continuing 17,994 — 17,994 13,634
– Discontinued 425 — 425 2,455
18,419 — 18,419 16,089
Other operating expenses 3 (21,298) (6,454) (27,752) (27,743)
Goodwill amortisation – continuing — (620) (620) (620)
Goodwill amortisation – discontinued — (220)
Goodwill impairment – discontinued — (4,774)
Group operating (loss)/profit
– Continuing (3,299) (7,074) (10,373) (11,583)
– Discontinued 420 — 420 (5,685)
(2,879) (7,074) (9,953) (17,268)
Share of operating loss in associate (19) — (19) —
Total operating loss 2 (2,898) (7,074) (9,972) (17,268)
Profit/(loss) on disposal of discontinued operations 5 106 (658)
Loss on ordinary activities before investment income,
interest and taxation (9,866) (17,926)
Amounts written off investments — (57)
Interest receivable and similar income 6 86 152
Interest payable and similar charges 7 (721) (843)
Other finance (expense)/income 27 (142) 40
Loss on ordinary activities before taxation (10,643) (18,634)
Tax on loss on ordinary activities 8 (37) 80
Loss on ordinary activities after taxation and transferred 
from reserves (10,680) (18,554)
Loss per ordinary share – basic and diluted 10 (4.72p) (11.60p)
Group profit and loss account LTG Technologies PLC
Report and Accounts 2003
22
Group profit and loss account
for the year ended 31 December 2003 2003 2002
Note £’000 £’000
Loss for the year 
– Group (10,661) (18,554)
– Associated undertaking (19) —
(10,680) (18,554)
Exchange difference on retranslation of net assets of subsidiary undertakings (249) 635
Actuarial loss 27 (1,221) (3,046)
Total recognised gains and losses relating to the year (12,150) (20,965)
Reconciliation of shareholders’ funds
for the year ended 31 December 2003
2003 2002
£’000 £’000
Total recognised gains and losses (12,150) (20,965)
Other movements:
New shares issued — 5,246
Premium on share issue — 2,099
Share issue costs written off against share premium account — (252)
Total movement during the year (12,150) (13,872)
Opening shareholders’ funds 7,839 21,711
Shareholders’ (deficit)/funds (4,311) 7,839
Group statement of total recognised gains and losses
Reconciliation of shareholders’ funds
LTG Technologies PLC
Report and Accounts 2003
23
Group statement of total recognised gains and losses
for the year ended 31 December 2003 As restated
2003 2002
Notes £’000 £’000
Fixed assets
Intangible assets 11 9,676 10,507
Tangible assets 12 4,524 11,793
Investments 13 158 86
14,358 22,386
Current assets
Stocks 14 7,414 11,926
Debtors 15 8,258 10,597
Cash at bank and in hand 690 6,170
16,362 28,693
Creditors: amounts falling due within one year 16 (25,900) (33,758)
Net current liabilities (9,538) (5,065)
Total assets less current liabilities 4,820 17,321
Creditors: amounts falling due after more than one year 17 (88) (666)
Provisions for liabilities and charges 18 (1,669) (2,641)
Net assets excluding pension liabilities 3,063 14,014
Pension liability 27 (7,374) (6,175)
Net (liabilities)/assets (4,311) 7,839
Capital and reserves
Called up share capital 21 11,542 11,542
Share premium account 22 37,828 37,828
Merger reserve 22 3,524 3,524
Other reserves 22 (2,169) (1,920)
Profit and loss account 22 (55,036) (43,135)
Equity shareholders’ (deficit)/funds (4,311) 7,839
Albert Klein Michael Williamson
Director Director
11 March 2004 11 March 2004 
Group balance sheet LTG Technologies PLC
Report and Accounts 2003
24
Group balance sheet
at 31 December 2003 2003 2002
Notes £’000 £’000
Fixed assets
Tangible assets 12 82 131
Investments 13 17,224 13,070
17,306 13,201
Current assets
Debtors 15 4,611 28,314
Cash at bank and in hand 47 921
4,658 29,235
Creditors: amounts falling due within one year 16 (9,783) (10,931)
Net current (liabilities)/assets (5,125) 18,304
Net assets 12,181 31,505
Capital and reserves
Called up share capital 21 11,542 11,542
Share premium account 22 37,828 37,828
Profit and loss account 22 (37,189) (17,865)
Equity shareholders’ funds 12,181 31,505
Albert Klein Michael Williamson
Director Director
11 March 2004 11 March 2004 
Company balance sheet LTG Technologies PLC
Report and Accounts 2003
25
Company balance sheet
at 31 December 2003 2003 2002
Notes £’000 £’000
Net cash outflow from operating activities 23 (5,443) (1,447)
Returns on investment and servicing of finance
Interest and similar charges paid (690) (799)
Interest and similar income received 86 192
Interest element of finance lease rental payments (31) (44)
(635) (651)
Taxation
Taxation paid (357) (68)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (2,224) (4,778)
Payments to acquire intangible fixed assets (57) (388)
Purchase of investments (91) —
Receipts from sales of tangible fixed assets 222 571
(2,150) (4,595)
Acquisitions and disposals
Purchase of business — (192)
Deferred consideration received on sale of Industrial Ovens division 1,743 —
Sale of business – Crabtree of Gateshead Limited 2,200 —
Net cash transferred with sale of business (82) —
3,861 (192)
Financing
Receipt of loan from related party — 2,500
Issue of ordinary share capital — 4,845
Share issue cost — (252)
Repayment of short-term loans (297) (30)
Repayment of capital element of finance leases and hire purchase contracts (219) (36)
New short-term loans 1,005 —
489 7,027
(Decrease)/increase in cash 23 (4,235) 74
Reconciliation of net cash flow to movement in net debt
for the year ended 31 December 2003
2003 2002
Note £’000 £’000
(Decrease)/increase in cash in the period (4,235) 74
Increase/(decrease) in debt and lease financing (489) 66
Change in net debt arising from cash flows (4,724) 140
Exchange movement 279 610
Loans and finance leases disposed of with sale of business 50 —
Movement in the year (4,395) 750
Net debt at beginning of year (1,710) (2,460)
Net debt at end of year 23 (6,105) (1,710)
Group cash flow statement LTG Technologies PLC
Report and Accounts 2003
26
Group cash flow statement
for the year ended 31 December 2003 1. Accounting policies
Basis of preparation
The accounts are prepared under the historical cost convention in accordance with applicable accounting standards.
The disclosure requirements of FRS 17 “Retirement Benefits” have been adopted by the Group in the financial statements set out above.
The effect of FRS 17 is to include on the balance sheet at 31 December 2003 a net pension liability of £7.374m (2002: £6.175m). The Group
has restated the 2002 comparatives in respect of the Group’s liability for post-retirement benefits. The overseas post-retirement benefits have
been reclassified as pension liabilities.
Going Concern
At 31 December 2003, the Group had net current liabilities of £9,538,000, net liabilities of £4,311,000 and had incurred a loss for the year
ended 31 December 2003 of £10,680,000.
The Directors continually monitor the financial position of the Group, taking into account the latest forecasts of future cash flows and analyses
of these forecasts, sensitised in respect of the key uncertainties facing the Group’s ability to generate cash. The Directors consider that the major
such uncertainty is the timing of actual versus targeted sales in the Imagelinx division while it is building up the client base for its pioneering
services. Another key uncertainty which the Board is monitoring closely is the strength of the underlying recovery of the LTG Mailänder
division, particularly given the current geopolitical risk and its possible effect on the business environment. The Board has identified cash savings
which can be realised in the short-term in both divisions, if necessary, while minimising the effect on the Group’s global operating capability. 
Based on this assessment, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational
existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the accounts.
Basis of consolidation
The Group accounts consolidate the accounts of LTG Technologies PLC and all its subsidiary undertakings drawn up to 31 December each
year. No profit and loss account is presented for LTG Technologies PLC as permitted by section 230 of the Companies Act 1985. Results
of companies acquired in the course of the year are consolidated from the date of acquisition.
An entity is treated as an associate undertaking where the Group has a participating interest and exercises significant influence over its operating
and financial policy decisions.
In the Group accounts, interests in associated undertakings are accounted for by using the equity method of accounting. The consolidated
profit and loss account includes the Group’s share of the operating results, interest, pre-tax results and attributable taxation of such undertakings
based on audited financial statements. In the consolidated balance sheet, the interests in associated undertakings are shown as the Group’s
share of identifiable net assets, including any unamortised premium paid on acquisition.
Turnover
Turnover represents the amounts receivable from customers for goods sold and services provided, net of trade discounts and excluding value
added tax.
Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected
useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with
the expenditure to which they relate.
Goodwill
Positive goodwill arising on acquisitions is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over
its useful economic life of 15 years. It is reviewed for impairment at the end of the first full financial year following the acquisition and in
other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Concessions and rights
Amortisation is provided in equal annual instalments on the original costs of all concessions and rights, so as to write them down to
their residual value over their estimated useful lives, estimated to be three years. It is reviewed for impairment at the end of the first full
financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may
not be recoverable.
Research and development
Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project
is carried forward when its future recoverability can be reasonably regarded as assured. Any expenditure carried forward is amortised in line
with the lifetime of the related agreement.
Development costs – up to seven years
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
27
Notes to the accounts
for the year ended 31 December 2003 1. Accounting policies (continued)
Depreciation on tangible fixed assets
Depreciation is provided in equal annual instalments on the original costs of all tangible fixed assets, other than freehold land, so as to write
them down to their residual value over their estimated useful lives. The estimated useful lives are as follows:
Leasehold land and buildings the lease term
Leasehold improvements the lease term
Plant and machinery three to ten years
Office equipment four to ten years
Motor vehicles four to five years
IT project costs three years
The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may
not be recoverable.
Stocks and work in progress
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location
and condition, as follows:
Raw materials and consumables – purchase cost, moving average
Work in progress and finished goods – cost of direct materials and labour plus attributable overheads based on a normal level of activity
Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.
Long-term contracts
Revenue and profit on long-term contracts, including substantial contracts which are in progress at a period end, are recognised when the
outcome of the contract can be measured with reasonable certainty, on the basis of percentage completion.
Foreign currencies
Group – The balance sheets of the overseas companies are translated at the rate of exchange ruling at the balance sheet date. The profit and
loss statements of the overseas companies are translated at the average exchange rate for the period. The exchange difference arising on the
retranslation of opening net assets and the difference between average and closing rate profit and loss account is taken directly to reserves.
All other translation differences are taken to the profit and loss account.
Company – Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction or at the contracted rate if the
transaction is covered by a forward rate exchange contract. Monetary assets and liabilities denominated in foreign currencies are retranslated
at the rate of exchange ruling at the balance sheet date or if appropriate at the forward contract rate. All differences are taken to the profit
and loss account.
Derivative instruments
The Group uses forward foreign currency contracts to reduce exposure to foreign exchange rates on operations. The Group considers its
derivative instruments qualify for hedge accounting when certain criteria are met. 
A derivative instrument is considered to be used for hedging purposes when it alters the risk profile of an existing underlying exposure of the
Group in line with the Group’s risk management policies.
Interest differentials on derivative instruments are recognised by adjusting the net interest charge. Premiums or discounts on derivative
instruments are amortised over the shorter of the life of the instrument or the underlying exposure.
Currency swap agreements and forward exchange contracts are retranslated at the rates ruling at the balance sheet date. Resulting gains
or losses, where the instrument is used to hedge a committed future transaction, are deferred until the transaction occurs.
Pensions
The Group operates one defined benefit pension scheme, now closed, which requires contributions to be made to separately administered
funds. The cost of providing benefits under the plan is determined using the projected unit credit actuarial valuation method. Actuarial gains
and losses are recognised immediately in the statement of recognised gains and losses. FRS 17, “Retirement Benefits”, has been adopted early
in accounting for this fund as the Group believes that this is the most appropriate way to treat this aspect of the Group’s responsibilities.
The Group also provides for defined benefit pensions under German law at its German operations, that are accounted for in accordance with
FRS 17 in these financial statements. These contributions are in part unfunded. See note 27. 
The Group operates a number of defined contribution schemes. Contributions are charged in the profit and loss account as they become
payable in accordance with the rules of the scheme.
The Group maintains an employee savings plan with employer participation in accordance with the provisions of Section 401(k) of the US
Internal Revenue code. 
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
28
Notes to the accounts
for the year ended 31 December 2003 1. Accounting policies (continued)
Leasing and hire purchase commitments
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the
Group, and hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives. The capital elements of
future obligations under leases and hire purchase contracts are included as liabilities in the balance sheet. The interest elements of the rental
obligations are charged in the profit and loss account over the periods of the leases and hire purchase contracts and represent a constant
proportion of the balance of capital repayments outstanding.
Rentals payable under operating leases are charged in the profit and loss account on a straight-line basis over the lease term.
Warranty costs
Provision is made for the estimated cost of meeting future warranty claims relating to sales made up to the balance sheet date.
Deferred taxation
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 have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax,
with the following exceptions:
● provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal
of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding
agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance
sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the
replacement assets are sold;
● provision is made for deferred tax that would arise on remittance of the retained earnings of overseas subsidiaries, associates and joint
ventures only to the extent that, at the balance sheet date, dividends have been accrued as receivable; and
● 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 an undiscounted 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.
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
29 2. Turnover and segmental analysis
In the opinion of the Directors, the Group operates in two divisions with all significant operations being based either in Europe (in the United
Kingdom and Germany) or the United States. The segmental analysis of operations is as follows:
Segmental analysis by activity
Imagelinx LTG Mailänder Total
2003 2002 2003 2002 2003 2002
£’000 £’000 £’000 £’000 £’000 £’000
Group sales
Continuing 8,141 7,368 48,983 41,102 57,124 48,470
Discontinued — — 1,592 9,675 1,592 9,675
Total 8,141 7,368 50,575 50,777 58,716 58,145
Group level sales 128 (261)
Total sales 58,844 57,884
Operating (loss)/profit
Continuing (2,996) (6,263) 1,947 (48) (1,049) (6,311)
Discontinued — — 420 155 420 155
Divisional operating (loss)/profit before 
exceptionals and goodwill (2,996) (6,263) 2,367 107 (629) (6,156)
Operating exceptional items (6,199) (2,119) (113) (423) (6,312) (2,542)
Total (9,195) (8,382) 2,254 (316) (6,941) (8,698)
Group operating exceptional items (142) (779)
Common costs (2,250) (2,177)
(9,333) (11,654)
Goodwill amortisation (620) (840)
Impairment write-down of goodwill — (4,774)
Group operating loss (9,953) (17,268)
Share of operating loss in associate (19) —
Non-operating exceptional items 106 (658)
Net interest (635) (691)
Other finance (expense)/income of Group undertakings (142) 40
Amounts written off investments — (57)
Loss before tax (10,643) (18,634)
Net assets/(liabilities)
Continuing activities (941) (10,642) 1,199 (793) 258 (11,435)
Discontinued activities — — — (1,064) — (1,064)
(941) (10,642) 1,199 (1,857) 258 (12,499)
Unallocated net (liabilities)/assets (4,569) 20,338
Total net (liabilities)/assets (4,311) 7,839
Segmental analysis by geographical area
Non interest
Sales by Sales by Operating bearing net 
origin destination loss assets/(liabilities)
2003 £’000 £’000 £’000 £’000
Europe 54,464 29,266 (8,623) 6,566
Asia 877 12,648 (374) (1,370)
Americas 5,363 13,786 (956) (3,495)
Rest of the world — 5,004 — —
Intersegment (1,860) (1,860) — —
58,844 58,844 (9,953) 1,701
Interest bearing net liabilities (6,012)
Total net liabilities at 31 December 2003 (4,311)
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
30
Notes to the accounts
for the year ended 31 December 2003 2. Turnover and segmental analysis (continued)
Segmental analysis by geographical area (continued)
Non interest
bearing
Sales by Sales by Operating net assets/
origin destination loss (liabilities)
2002 £’000 £’000 £’000 £’000
Europe 55,677 24,614 (13,696) 16,422
Asia 838 14,602 (1,121) (891)
Americas 4,428 13,286 (2,187) (1,565)
Rest of the world 69 8,510 (264) (58)
Intersegment (3,128) (3,128) — —
57,884 57,884 (17,268) 13,908
Interest bearing net liabilities (6,069)
Total net assets at 31 December 2002 7,839
3. Other operating expenses
Other operating expenses are as follows:
As
restated
2003 2002
£’000 £’000
Distribution costs
Continuing 700 2,400
Discontinued — 92
700 2,492
Administration expenses
Continuing 20,593 19,722
Discontinued 5 2,208
20,598 21,930
Operating exceptional items: continuing operations
Rights issue costs — 296
Severance costs 607 621
Write-down of tangible fixed assets 5,654 1,498
Loss on disposal of fixed assets 51 —
Income arising out of patent litigation — (423)
Exchange difference on subsidiary loan — 336
Interest cost of early redemption of a receivable 142 147
Operating exceptional items: discounted operations
Provision due to termination of agent — 358
Severance costs — 488
Total operating exceptional items 6,454 3,321
Goodwill amortisation: continuing operations 620 620
Goodwill amortisation: discontinued operations — 220
Goodwill impairment: discontinued operations — 4,774
Total administration expenses 27,672 30,865
Total other operating expenses 28,372 33,357
Less goodwill amortisation and impairment (set out above) (620) (5,614)
Other operating expenses 27,752 27,743
Prior year administration expenses of £1,089,000 have been transferred to operating exceptional items. These expenses relate to the capitalised
expenditure written down in the prior year, and have been transferred in order to be consistent with the current year treatment.
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
31 4. Operating loss
This is stated after charging/(crediting):
2003 2002
£’000 £’000
Auditors’ remuneration
– audit services – UK* 100 237
– audit services – overseas 110 165
210 402
– non-audit services – UK 320 619
– non-audit services – overseas 110 63
430 682
*£61,000 (2002: £132,000) of this relates to the Company
2003 2002
£’000 £’000
Research and development expenditure written off 645 641
Depreciation of owned assets 1,585 1,838
Depreciation of fixed assets held under finance leases 246 452
Amortisation of goodwill 620 840
Impairment of goodwill — 4,774
Amortisation of intangible assets 448 856
Operating lease rentals 
– land and buildings 1,870 1,696
– plant and machinery 463 327
(Profit)/loss on disposal of fixed assets (59) 128
Rent receivable on operating leases (59) (243)
Exchange losses 264 635
Staff costs (including Directors) are as follows:
2003 2002
£’000 £’000
Wages and salaries 18,269 21,712
Social security costs 3,190 3,359
Other pension costs 369 475
21,828 25,546
The average monthly number of employees during the year was made up as follows:
2003 2002
No. No.
Direct labour 278 427
Sales 8 20
Administration 224 310
510 757
Details, for each Director, of remuneration, pension entitlements and interests in share options are set out in the Directors’ Remuneration
Report on pages 18 to 20.
5. Exceptional items
2003 2002
£’000 £’000
Profit/(loss) on disposal – Crabtree of Gateshead Limited 106 (658)
The profit/(loss) arising from the exceptional items should have no tax impact in the current year. The current year credit represents the
release of an over provision in the prior year. See note 18.
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
32
Notes to the accounts
for the year ended 31 December 2003 6. Interest receivable and similar income
2003 2002
£’000 £’000
Foreign exchange gains on financing items — 17
Bank interest receivable 1 22
Other interest receivable 85 113
86 152
7. Interest payable and similar charges
2003 2002
£’000 £’000
Bank loans and overdrafts 632 653
Finance charges payable under finance leases 31 44
Other loans 58 146
721 843
8. Tax on loss on ordinary activities
Tax on loss on ordinary activities
2003 2002
£’000 £’000
UK Current tax:
Adjustments in respect of previous years — (43)
Overseas tax:
Adjustments in respect of previous years 37 (37)
37 (80)
Deferred tax:
Originating and reversal of timing differences — —
37 (80)
Factors affecting the tax credit for the year
2003 2002
£’000 £’000
Loss on ordinary activities before tax (10,643) (18,643)
Loss on ordinary activities before tax multiplied by the standard rate of corporation tax in the UK at 30% (2002: 30%) (3,193) (5,590)
Effect of:
Disallowed expenses and non-taxable income 959 2,670
Capital allowances in excess of depreciation 179 153
Other timing differences (60) 736
Adjustments in respect of previous periods — (80)
Tax losses 2,291 2,497
Effect of German tax pooling agreement — (466)
Effective overseas tax rate (139) —
Current tax charge/(credit) for the period 37 (80)
9. Loss attributable to members of the Parent Company
The loss dealt with in the accounts of the Parent Company was £19,324,000 (2002: loss £14,213,000).
10. Loss per ordinary share
The calculation of loss per ordinary share (and diluted) is based on losses of £10,680,000 and on 226,413,633 ordinary shares, being the weighted
average number of ordinary shares in issue during the year. 4,425,002 shares held by ESOTs are excluded from the total number of shares.
The calculation of loss per ordinary share (and diluted) for the prior year is based on losses of £18,554,000 and on 159,998,949 ordinary shares,
being the weighted average number of ordinary shares in issue during the year. 4,425,002 shares held by ESOTs are excluded from the total
number of shares.
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
33 11. Intangible fixed assets
Concessions Development
Goodwill and rights costs Total
Group £’000 £’000 £’000 £’000
Cost:
At 1 January 2003 15,709 2,519 3,838 22,066
Exchange adjustment — 50 343 393
Increase during the year — 57 — 57
Disposals — (482) — (482) 
At 31 December 2003 15,709 2,144 4,181 22,034
Amortisation:
At 1 January 2003 8,231 1,970 1,358 11,559
Exchange adjustment — 85 128 213
Provided during the year 620 214 234 1,068
Disposals — (482) — (482)
At 31 December 2003 8,851 1,787 1,720 12,358
Net book value:
At 31 December 2003 6,858 357 2,461 9,676
At 31 December 2002 7,478 549 2,480 10,507
12. Tangible fixed assets
Fixtures
Land and Plant and and IT project
buildings machinery fittings costs Total
Group £’000 £’000 £’000 £’000 £’000
Cost:
At 1 January 2003 1,276 8,139 6,611 6,032 22,058
Exchange adjustment 2 97 310 246 655
Additions 14 469 155 1,589 2,227
Disposals — (1,284) (181) — (1,465)
Disposals – Crabtree of Gateshead Limited (301) (3,959) (1,612) — (5,872)
Disposals – Icon write-down — — — (6,614) (6,614)
At 31 December 2003 991 3,462 5,283 1,253 10,989
Depreciation:
At 1 January 2003 160 5,608 4,496 1 10,265
Exchange adjustment 1 156 344 — 501
Transfer from provisions — — — 108 108
Provided during the year 56 1,064 604 107 1,831
Disposals — (1,102) (147) — (1,249)
Disposals – Crabtree of Gateshead Limited (98) (3,426) (1,467) — (4,991)
At 31 December 2003 119 2,300 3,830 216 6,465
Net book value: 
At 31 December 2003 872 1,162 1,453 1,037 4,524
At 31 December 2002 1,116 2,531 2,115 6,031 11,793
The net book value of plant and machinery includes £182,000 (2002: £960,000) in respect of assets held under finance leases and hire
purchase contracts. Depreciation charged on these assets was £246,000 during the year (2002: £452,000).
Plant and machinery includes £Nil gross, accumulated depreciation £Nil (2002: £810,000 gross, accumulated depreciation £703,000) which
have been leased to third parties under operating leases. These assets were disposed of during the year. The depreciation charged on these
assets was £98,000 during the year (2002: £260,000).
The net book value of land and buildings (none of which are investment properties, and none of which arise in the books of the Company) comprises:
Group
2003 2002
£’000 £’000
Long leasehold 872 1,116
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
34
Notes to the accounts
for the year ended 31 December 2003 12. Tangible fixed assets (continued)
Fixtures
and
fittings
Company £’000
Cost:
At 1 January 2003 213
Additions 3
At 31 December 2003 216
Depreciation:
At 1 January 2003 82
Provided during the year 52
At 31 December 2003 134
Net book value: 
At 31 December 2003 82
At 31 December 2002 131
13. Investments
Group
The Group’s investment of £86,000 consists of 1,425,002 shares in the Company held by LTG Technologies PLC employee share trusts
(2002: investment of £86,000 consisting of 1,425,002 shares in the Company held by the LTG Technologies PLC Employee Share Trust).
The nominal value of these shares is £71,000, the market value at 31 December 2003 £192,000.
The LTG Technologies PLC Employee Share Option Trust holds a further 3,000,000 shares issued during 2000, which have previously been
deducted from the profit and loss reserves. The nominal value of these shares is £150,000, the market value at 31 December 2003 £405,000.
These shares have in part been granted to Directors and employees in the form of share options, while some remain available for distribution
to employees under the rules of the LTG Technologies PLC Share Incentive Plan.
Associates Own shares Total
£’000 £’000 £’000
Cost:
At 1 January 2003 — 571 571
Additions 91 — 91
Share of losses for the year (19) — (19)
At 31 December 2003 72 571 643
Amortisation:
At 1 January 2003 — 485 485
Amount provided in the year ———
At 31 December 2003 — 485 485
Net book value:
At 31 December 2003 72 86 158
At 31 December 2002 —8686
The following information is given in respect of the Group’s share of its investment in Imagelinx Korea Co Ltd, which was set up on 1 April 2003,
for the nine months ending 31 December 2003.
£’000
Turnover 33
Loss before tax (19)
Fixed assets 25
Current assets 50
Creditors (3)
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
35 13. Investments (continued)
Subsidiaries Own shares Total
Company £’000 £’000 £’000
Cost:
At 1 January 2003 24,155 571 24,726
Additions 20,170 — 20,170
At 31 December 2003 44,325 571 44,896
Amortisation:
At 1 January 2003 11,171 485 11,656
Amount provided in the year 16,016 — 16,016
At 31 December 2003 27,187 485 27,672
Net book value:
At 31 December 2003 17,138 86 17,224
At 31 December 2002 12,984 86 13,070
Principal investments
The Group has the following interest in subsidiaries:
Country of 
incorporation
Name of undertaking Notes or registration Description of shares held
Imagelinx UK Ltd* (1) Great Britain Ordinary £1 shares
DRP Studios Limited (4) Great Britain Ordinary £1 shares
Imagelinx Deutschland GmbH (1) Germany Euro stock
Imagelinx USA Inc. (1) USA Common stock $10
Imagelinx Italia srl (1) Italy Euro stock
Imagelinx Japan Co. Ltd (1) Japan JPY stock
LTG Mailänder GmbH (2) Germany Euro stock
Tam Air Industrie (UK) Ltd (2) Great Britain Ordinary £1 shares
LTG Print Systems Holding GmbH (3) Germany Euro stock
LTG Smartcolour GmbH (1) Germany Euro stock
LTG Italia srl (2) Italy Euro stock
Nippon LTG KK (2) Japan JPY stock
LTG Gateshead Group PLC (formerly Crabtree of Gateshead Group PLC)* (3) Great Britain Ordinary £1 shares
LTG Gateshead Holdings Ltd (formerly Crabtree of Gateshead Holdings Ltd) (4) Great Britain Ordinary £1 shares
LTG of Gateshead Ltd (formerly Crabtree of Gateshead Ltd)* (4) Great Britain Ordinary £1 shares
LTG Holdings (UK) Limited* (3) Great Britain Ordinary £1 shares
LTG Hong Kong Limited (4) Hong Kong Ordinary HK$1 shares
Crabtree Technologies (Shenzhen) Limited (2) China RMB stock
LTG Technologies Holdings Inc.* (3) USA Common stock $1
LTG Technologies Inc. (2) USA Common stock $1
The Group holds 100% of the nominal value of the issued stock of all of the above. The Company directly holds 100% of the nominal value
of those marked *. All Group companies have the same financial year ending 31 December.
The Group has the following interest in associates:
Country of
incorporation or
Name of associate Notes registration Holding Description of shares held
Graphic Vision and Innovation LLC (1) USA 30% Common Stock $1
Imagelinx Korea Co. Ltd (1) Korea 45% KRW stock
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
36
Notes to the accounts
for the year ended 31 December 2003 13. Investments (continued)
The following information is given in respect of the Group’s share in a joint venture, Graphic Vision and Innovation LLC. This has been accounted
for as a quasi-subsidiary.
£’000
Turnover 175
Loss before tax (253)
Fixed assets —
Current assets 9
Current liabilities (711)
Net assets (706)
Principal activities
1. Service provider to print suppliers and branded goods companies
2. Manufacturer and/or supplier of metal decorating print lines and ancillary equipment and services
3. Holding company
4. Not trading
All of the above companies operate principally in their country of incorporation or registration and are included in these consolidated
financial statements.
Disposal of the Crabtree of Gateshead business
On 18 March 2003, the Group completed the disposal of the assets and certain of its liabilities (excluding inter alia its pension fund liability)
of Crabtree of Gateshead Limited to Ever 1919 Limited. The disposal is analysed as follows:
£’000
Net assets disposed of:
Fixed assets 881
Stock 3,624
Debtors 1,350
Cash 82
Creditors (3,334)
2,603
Loss on disposal (552)
Expenses of sale 149
2,200
Satisfied by:
Cash 2,200
The loss on disposal was £552,000 after deducting professional fees. A provision for the loss on disposal was made in the prior year. See note 18
for further details.
14. Stocks
2003 2002
Group £’000 £’000
Raw materials and consumables 4,832 4,999
Work in progress 2,355 3,479
Long-term contract work in progress — 661
Finished goods and goods for resale 227 2,537
Asset held for sale — 250
7,414 11,926
The difference between purchase price or production cost of stocks and their replacement cost is not material.
2003 2002
Group £’000 £’000
Long-term contract balances consist of:
Costs to date less provision for losses — 6,569
Less applicable payments on account — (5,908)
— 661
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
37 15. Debtors
Group Company Group Company
2003 2003 2002 2002
£’000 £’000 £’000 £’00
Amounts falling due within one year:
Trade debtors 7,381 — 6,819 —
Amounts owed by Group undertakings — 4,500 — 26,345
Other debtors and prepayments 877 111 3,778 1,969
8,258 4,611 10,597 28,314
16. Creditors: amounts falling due within one year
Group Company Group Company
2003 2003 2002 2002
£’000 £’000 £’000 £’000
Current instalments due on loans (note 17) 716 — 33 —
Overdraft 5,968 5,900 7,492 7,212
Obligations under finance leases and hire purchase contracts (note 19) 86 — 190 —
Trade creditors 7,960 457 10,341 84
Amounts owed to Group undertakings — 2,963 85 3,332
Corporation tax —— 320 —
Payments received on account 5,087 — 8,562 —
Other taxes and social security costs 532 47 1,040 48
Other creditors and accruals 5,551 416 5,695 255
25,900 9,783 33,758 10,931
The Group’s bank borrowings (loans and overdraft) are secured on certain assets of the Group.
17. Creditors: amounts falling due after more than one year
2003 2002
Group £’000 £’000
Loans — 10
Obligations under finance leases and hire purchase contracts (note 19) 25 155
Other creditors 63 501
88 666
Analysis of loans
Amounts falling due:
In one year or less or on demand 716 33
Between one and two years — 10
716 43
Less included in creditors: amounts falling due within one year (716) (33)
— 10
18. Provisions for liabilities and charges
Post- Provision for
Loss on retirement maintenance
disposal benefits warranties Total
Group £’000 £’000 £’000 £’000
At 1 January 2003 as previously stated 658 994 1,983 3,635
Transfer to pension liability (note 27) — (994) — (994)
At 1 January 2003 as restated 658 — 1,983 2,641
Exchange differences — — 154 154
Arising during the year — — 107 107
Utilised (552) — (575) (1,127)
Released to profit and loss account (106) — — (106)
At 31 December 2003 — — 1,669 1,669
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
38
Notes to the accounts
for the year ended 31 December 2003 18. Provisions for liabilities and charges (continued)
The provision for loss on disposal of £658,000 was made at 31 December 2002, due to the disposal of the business activities of Crabtree
of Gateshead to Ever 1919 Limited on 18 March 2003. The actual loss was subsequently calculated to be £552,000 and therefore the excess
provision not utilised has been released to the profit and loss account during the year.
The provision for maintenance warranties of £1,669,000 (2002: £1,983,000) is calculated based on expected warranty claims following past
experience. The guarantee period can range from one to two years, though expense incurred is normally within the first year. Actual costs
are therefore expected to be incurred mainly within one year.
Deferred taxation
Deferred tax is not provided in the accounts as the Group and Company have an overall deferred tax asset, the timing of the recovery of which
is not sufficiently certain to recognise the asset.
Not Not
provided provided
2003 2002
Group £’000 £’000
Disclaimed capital allowances (360) (308)
Other timing differences (994) (672)
(1,354) (980)
Less losses (5,561) (3,201)
(6,915) (4,181)
No provision has been made for deferred taxation in respect of earnings which are retained overseas because the availability of double tax
relief should ensure that no tax will be payable on any earnings remitted to the United Kingdom.
Not Not
provided provided
2003 2002
Company £’000 £’000
Capital allowances (disclaimed)/in advance of depreciation (25) 3
Short-term timing differences — (26)
Losses (1,341) (915)
(1,365) (938)
19. Obligations under leases and hire purchase contracts
Amounts due under finance leases and hire purchase contracts:
2003 2002
Group £’000 £’000
Amounts payable:
– within one year 86 190
– in one to two years 25 104
– in two to five years — 51
Amounts payable after more than one year 25 155
111 345
Annual commitments under non-cancellable operating leases are as follows:
Land and Land and
buildings Other buildings Other
2003 2003 2002 2002
£’000 £’000 £’000 £’000
Operating leases which expire:
– within one year 1,734 167 1,502 22
– in two to five years 221 149 458 1,269
– in over five years 108 — 117 —
2,063 316 2,077 1,291
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
39 20. Derivatives and other financial instruments
An explanation of the Group’s objectives, policies and strategies for the role of derivatives and other financial instruments in creating and
changing the risks of the Group in its activities can be found on pages 9 and 10. The disclosures below exclude short-term debtors and creditors. 
Interest rate risk profile of financial liabilities
The interest rate profile of the financial liabilities of the Group as at 31 December was as follows:
Financial
liabilities on Floating
which no Fixed rate rate
interest is financial financial
Total paid liabilities liabilities
2003 £’000 £’000 £’000 £’000
Euro 6,571 — 6,571 —
US Dollar 3—— 3
Sterling 221 68 111 42
Total cost and net book value at 31 December 2003 6,795 68 6,682 45
2002
Euro 6,177 — 6,177 —
US Dollar 55—— 55
Sterling 1,648 — 345 1,303
Total cost and net book value at 31 December 2002 7,880 — 6,522 1,358
The Euro liability represents bank borrowings subject to an interest rate of 8.75% and 8.00%. The Sterling floating rate liability is subject
to interest at 2.00% over the HSBC base rate. Sterling fixed rate liabilities comprise finance leases for fixed assets at varying rates of interest. 
Fixed rate financial liabilities
Weighted Weighted
average average
Weighted period for Weighted period for
average which rate average which rate
interest rate is fixed interest rate is fixed
2003 2003 2002 2002
% Years % Years
Sterling 8.57 1 9.58 2
Euro 8.65 1 8.75 1
Interest rate risk profile of financial assets
The interest rate profile of the financial assets of the Group as at 31 December was as follows:
Financial
Floating assets on
rate which no
financial interest
Total assets is received
2003 £’000 £’000 £’000
Euro 444 — 444
US$ 155 — 155
Yen 16 — 16
RMB 35 — 35
HK$ 1— 1
Sterling 39 — 39
Cost and net book value at 31 December 2003 690 — 690
2002
Euro 5,485 — 5,485
US$ 2,175 1,811 364
Yen 9— 9
RMB 127 — 127
HK$ 2— 2
Sterling 183 — 183
Cost and net book value at 31 December 2002 7,981 1,811 6,170
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
40
Notes to the accounts
for the year ended 31 December 2003 20. Derivatives and other financial instruments (continued)
Interest rate risk profile of financial assets (continued)
During the year the Group held a promissory note in respect of US$3,141,000 discounted to US$ 2,909,000 translated at 2002 year-end
to the discounted value of £1,811,000 as deferred consideration in respect of the sale of the Industrial Ovens division. This was received
on 26 February 2003.
The assets on which no interest is received comprises bank current accounts.
Currency exposures
As explained on page 10, the Group’s objectives in managing the currency exposures arising from its net investment overseas (in other
words, its structural currency exposures) are to maintain a low cost of borrowings while hedging against currency depreciation on
operational exposures. Gains and losses arising from these structural currency exposures are recognised in the statement of total recognised
gains and losses.
The table below shows the Group’s currency exposures; in other words, those transactional (or non-structural) exposures that give rise to the
net currency gains and losses recognised in the profit and loss account. Such exposures comprise the monetary assets and monetary liabilities
of the Group that are not denominated in the operating (or ’functional’) currency of the operating unit involved.
Functional currency of Group operation: Net foreign currency monetary assets/(liabilities)
£ US$ € Total
2003 £’000 £’000 £’000 £’000
Sterling — (3) (5,748) (5,751)
Euro 1—— 1
1 (3) (5,748) (5,750)
2002
Sterling — 1,977 (5,359) (3,382)
Euro 13 —4
1 1,980 (5,359) (3,378)
The amounts shown in the table above take into account the effect of forward foreign currency contracts entered into to manage these currency
exposures. As at 31 December, the Group also held open various forward foreign currency contracts taken out to hedge expected future
foreign currency sales.
Maturity of financial liabilities
The maturity profile of the Group’s financial liabilities at 31 December was as follows:
2003 2002
£’000 £’000
In one year or less, or on demand 6,770 7,715
In more than one year but not more than two 25 100
In more than two years but not more than five — 46
In more than five years — 19
6,795 7,880
Borrowing facilities
The Group has various borrowing facilities available to it. The undrawn committed facilities available at 31 December in respect of which all
conditions precedent had been met at that date are as follows:
2003 2002
£’000 £’000
Within one year — 380
The HSBC facility at 31 December 2003 was a composite facility, multi-currency and available to various UK Group companies. Debit and credit
balances within LTG Technologies PLC and Imagelinx UK Ltd are netted within the overall facility.
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
41 20. Derivatives and other financial instruments (continued)
Fair values of financial assets and financial liabilities
Set out below is a comparison by category of book values and fair values of all the Group’s financial assets and financial liabilities as at 31 December:
2003 2003 2002 2002
Book value Fair value Book value Fair value
£’000 £’000 £’000 £’000
Primary financial instruments
Short-term borrowings and current portion of long-term borrowings (6,684) (6,684) (7,525) (7,525)
Long-term borrowings —— (10) (10)
Finance leases (111) (111) (345) (345)
Promissory note —— 1,811 1,811
Cash at bank and in hand 690 690 6,170 6,170
Derivative financial instruments held to hedge the currency
exposure on expected future sales and settlements
Forward currency contracts — 134 — 324
Market values have been used to determine the fair value of forward foreign currency contracts. 
Hedges
Gains and losses on instruments used for hedging are not recognised until the exposure that is being hedged is itself recognised.
Unrecognised gains and losses and deferred gains and losses on financial instruments used for hedging are as follows:
Gains Losses Total
2003 £’000 £’000 £’000
Gains and losses deferred at 31 December 2003 134 — 134
Of which:
Gains and losses expected to be recognised in the profit and loss account in 2004 134 — 134
Gains and losses included in the profit and loss account that arose in previous years 324 — 324
2002
Gains and losses deferred at 31 December 2002 324 — 324
Of which:
Gains and losses expected to be recognised in the profit and loss account in 2003 324 — 324
Gains and losses included in the profit and loss account that arose in previous years 347 — 347
21. Share capital
2003 2002
No. £’000 No. £’000
Authorised
Ordinary shares of 5p each 310,000,000 15,500 310,000,000 15,500
Allotted, called up and fully paid
Ordinary shares of 5p each 230,838,635 11,542 230,838,635 11,542
22. Reserves
Share Profit
premium Merger Other and loss
account reserve reserves account
Group £’000 £’000 £’000 £’000 
At 1 January 2003 37,828 3,524 (1,920) (43,135)
Loss for the year — — — (10,680)
Exchange loss on retranslation of net assets of subsidiary undertakings — — (249) —
Actuarial loss — — — (1,221)
At 31 December 2003 37,828 3,524 (2,169) (55,036)
Other reserves comprise various capital reserves arising on consolidation plus foreign exchange differences arising on the retranslation of
subsidiary companies denominated in foreign currencies.
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
42
Notes to the accounts
for the year ended 31 December 2003 22. Reserves (continued)
Share Profit
premium and loss
account account
Company £’000 £’000
At 1 January 2003 37,828 (17,865)
Loss for the year — (19,324)
At 31 December 2003 37,828 (37,189)
23. Notes to the statement of cash flows 
(a) Reconciliation of operating loss to net cash outflow from operating activities
2003 2002
£’000 £’000 £’000 £’000
Operating loss (9,972) (17,268)
Depreciation of tangible fixed assets 1,831 2,290
Amortisation and impairment of intangible fixed assets 1,068 6,470
Loss on disposal of tangible fixed assets 5,646 128
Decrease in stocks 1,236 3,553
(Increase)/decrease in operating debtors and prepayments (443) 3,142
(Decrease)/increase in operating creditors and accruals (3,971) 1,116
(Decrease) in other provisions (641) (959)
Write-down of property held for resale — 293
Employers’ pension contribution (216) (212)
Share of loss in associate 19 —
4,529 15,821
Net cash outflow from operating activities (5,443) (1,447)
(b) Analysis of net debt
At At
1 January Exchange Sale of 31 December 
2003 Cash flow movement business 2003
£’000 £’000 £’000 £’000 £’000
Cash 6,170 (5,768) 288 — 690
Overdraft (7,492) 1,533 (9) — (5,968)
(1,322) (4,235) 279 — (5,278)
Short-term loans (43) 8 — 35 —
Other loans — (716) — — (716)
Finance lease obligations (345) 219 — 15 (111)
Total (1,710) (4,724) 279 50 (6,105)
24. Post-balance sheet events
On 14 January 2004, the Company received £1,475,000 (net of expenses) in respect of an issue of 11,500,000 further shares.
25. Capital commitments
Amounts contracted for but not provided in the accounts amounted to £Nil (2002: £560,000) for the Group; none in either year for the Company.
26. Contingent liabilities
The Group’s bankers have provided performance bonds, guarantees and indemnities at 31 December 2003 amounting to £476,000
(2002: £1,099,000), in respect of which they have the right of recourse to LTG Mailänder GmbH and the shares in Imagelinx UK Ltd.
LTG Technologies PLC has given Company guarantees of £1,203,000 (2002: £1,818,000) in respect of prepayments received.
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
43 27. Pension commitments
LTG Technologies PLC
Certain members of the Board and other employees of LTG Technologies PLC are members of a defined contribution scheme operated by the
Company. This scheme is described in the Directors’ Remuneration Report on pages 18 to 20. The expense charged to the profit and loss account
in 2003 was £78,000 (2002: £60,000). The unpaid contributions outstanding at the year-end, included in other creditors are £Nil (2002: £Nil).
LTG Gateshead Limited (formerly Crabtree of Gateshead Limited)
The Company operated a defined contribution pension scheme for all employees during the year. The assets of the scheme were held separately
from those of the Company in independently administered funds. The pension cost charged to the profit and loss account for the year
was £18,000 (2002: £84,000). The unpaid contributions outstanding at the year-end, included in other creditors are £Nil (2002: £37,480).
This pension scheme was transferred with other assets and trade to Ever 1919 Limited as part of the disposal.
The Group also operates a closed funded pension scheme providing benefits based on final pensionable pay for all eligible employees. The assets
of the scheme are held separately from those of the Group in an independently administered fund. Contributions to the scheme are determined
on the advice of a qualified actuary. With effect from 30 April 2000 the Crabtree Pension Scheme ceased to accept new members and operated
as a closed scheme. The ongoing responsibility to protect the funding of pension liabilities accrued to 30 April 2000 remains with the Group. 
LTG Mailänder GmbH
The Company operates an unfunded defined benefit scheme which is now closed to new entrants. Contributions to this scheme are made
on the advice of independent qualified actuaries using the Projected Unit Credit method. The aim is for the benefits to be fully funded during
the scheme members’ working lives. The regular pension cost is also assessed under the Projected Unit Credit method. The pension cost for
this scheme for the year was £15,000 (2002: £51,000).
The Group has restated the 2002 comparatives in respect of the Group liability for post-retirement benefits. The overseas post-retirement
benefits have been reclassified as pension liabilities.
FRS 17, “Retirement Benefits”, has been adopted early in accounting for these defined benefit funds as the Company believes that this is the
most appropriate way to treat this aspect of the Company’s obligations. On the balance sheet as at 31 December 2003 is a net pension liability
of £7,374,000 (2002: £6,175,000). The statement of recognised gains and losses is impacted by a charge of £1,221,000 (2002: £3,046,000).
The profit and loss account was charged with £Nil in 2003 (2002: £Nil) in respect of employers’ contributions, while being charged with
£142,000, (2002: credited with £40,000) in respect of other finance income. The valuation used for FRS 17 purposes has been based on the
most recent actuarial valuation at 5 April 2003 updated to 31 December 2003 by Hazel Carr Pensions Consulting plc and by M&L Gesellschaft
für Versicherungsmathematik mbH in respect of LTG Mailänder GmbH. Scheme assets are stated at their market values at the respective
balance sheet dates.
The major assumptions used by the actuary were:
At At At At
31 December 31 December 31 December 31 December 
2003 2002 2001 2000
Rate of increase in pensions in payment 2.0%–2.5% 2.0% 2.0%–2.3% 2.0%–2.3%
Discount rate 5.4%–6.0% 5.5%–6.0% 5.8%–6.0% 6.0%
Inflation assumption 0%–2.8% 0%–2.3% 0%–2.6% 0%–2.6%
The assets in the scheme and the expected rate of return were:
Long-term Long-term Long-term
rate of rate of rate of
return Value at return Value at return Value at 
expected at 31 December expected at 31 December expected at 31 December
31 December 2003 31 December 2002 31 December 2001
2003 £’000 2002 £’000 2001 £’000
Equities 7.8% 7,299 7.8% 6,226 8.0% 8,575
Bonds 6.0% 2,375 6.5% 2,873 6.0% 1,805
Other 6.0% 421 6.5% 479 6.0% 903
As restated
31 December 31 December 
2003 2002
£’000 £’000
Total market value of assets 10,095 9,578
Present value of scheme liabilities (17,469) (15,753)
Deficit in the scheme (7,374) (6,175)
Related deferred tax asset — —
Net pension liability (7,374) (6,175)
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
44
Notes to the accounts
for the year ended 31 December 2003 27. Pension commitments (continued)
Analysis of the amount charged to operating profit
31 December 31 December 
2003 2002
£’000 £’000
Employers’ contribution — —
Analysis of the amount charged/(credited) to other finance income
31 December 31 December 
2003 2002
£’000 £’000
Expected return on pension scheme assets 691 841
Interest on pension scheme liabilities (813) (781)
Pension scheme expenses (20) (20)
Net return (142) 40
Analysis of amount recognised in statement of total recognised gains and losses (STRGL)
31 December 31 December 
2003 2002
£’000 £’000
Actual return less expected return on pension scheme assets 53 (2,377)
Experience gains and losses arising on the scheme liabilities 42 (186)
Changes in assumptions underlying the present value of the scheme liabilities (1,316) (483)
Actuarial loss recognised in STRGL (1,221) (3,046)
Movement in deficit during the year
As restated
31 December 31 December 
2003 2002
£’000 £’000
Deficit in scheme at beginning of the year as previously stated (5,181) (2,387)
Transfer from provisions (994) (850)
Deficit in scheme at beginning of the year as restated (6,175) (3,237)
Movement in year:
Employers’ contributions 216 212
Other finance (expense)/income (142) 40
Actuarial loss (1,221) (3,046)
Exchange adjustment (52) (144)
Deficit in scheme at end of the year (7,374) (6,175)
The valuation at 31 December 2003 showed an increase in the deficit from £6,175,000 to £7,374,000. Over the year ended 31 December 2003,
the employer paid contributions of £216,000. 
The exchange adjustment arises in respect of the LTG Mailänder GmbH unfunded defined benefit scheme which is denominated in Euros.
History of experience gains and losses
31 December 31 December 
2003 2002
Difference between the expected and actual return on scheme assets:
– amount (£’000) 53 (2,377)
– percentage of scheme assets 0.5% (24.8%)
Experience gains and losses on scheme liabilities:
– amount (£’000) 42 (186)
– percentage of the present value of the scheme liabilities 0.3% (1.3%)
Total amount recognised in statement of total recognised gains and losses:
– amount (£’000) (1,221) (3,046)
– percentage of the present value of the scheme liabilities (7.4%) (20.6%)
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
45 27. Pension commitments (continued)
LTG Technologies Inc. and Imagelinx USA Inc.
These companies maintain an employee savings plan with employer participation in accordance with the provisions of Section 401(k) of the
US Internal Revenue code. All employees of age 21 or over and who have more than one year of service are eligible to participate. The plan
allows participants to make pre-tax contributions with the Company matching certain percentages as determined by the Board of Directors.
The percentage may change due to profitability of the Company. 
This savings scheme is therefore similar to a defined contribution scheme in the manner of employer contributions. The expense charged
to the accounts in 2003 was £84,000 (2002: £95,000). The unpaid contributions outstanding at the year-end, included in other creditors
are £Nil (2002: £3,000).
Imagelinx UK Limited
Eligible employees are entitled to membership of a defined contribution Group plan. The expense charged to the profit and loss account
in 2003 was £96,000 (2002: £174,000). The unpaid contributions outstanding at the year-end, included in other creditors are £14,000
(2002: £12,000).
Tam Air Industrie (UK) Limited
Eligible employees are entitled to membership of a defined contribution Group plan operated by AXA Equity and Law. Tam Air makes a monthly
pension contribution equal to 6% of the employee’s gross basic salary. Employees make a minimum pension contribution of 4% of salary
but may contribute more. The expense charged to the profit and loss account in 2003 was £8,000 (2002: £11,000). The unpaid contributions
outstanding at the year-end, included in other creditors are £Nil (2002: £Nil).
28. Related party transactions
During the year, the LTG Technologies Group entered into transactions with companies which form part of the LTG Holding GmbH & Co.
KG Group of companies. LTG Holding GmbH and Co. KG is a major direct and indirect shareholder of LTG Technologies PLC, controlling
42.4% of the shares in the Company. Transactions were as follows: 
Sales
2003 2002
£’000 £’000
LTG Holding GmbH & Co. KG group companies 460 737
Sales of products to LTG Holding GmbH & Co. KG group companies were made at prices determined in accordance with Group policy.
Purchases of goods
2003 2002
£’000 £’000
LTG Holding GmbH & Co. KG group companies — —
Services recharged by the LTG Technologies Group
2003 2002
£’000 £’000
LTG Holding GmbH & Co. KG group companies 205 150
These services comprised EDP services, subcontracted production services and maintenance services substantially as a part of Group charges.
Services and rent recharged to the LTG Technologies Group
2003 2002
£’000 £’000
LTG Holding GmbH & Co. KG 2,449 2,157
These comprise rent and internal services rendered – mainly technical – recharged at prices determined in accordance with Group policy.
Receivables
2003 2002
£’000 £’000
LTG Holding GmbH & Co. KG group companies 71 2,252
This principally comprises £Nil (2002: £1,958,000) of deferred consideration from ITS LLC, part of the LTG Holding GmbH & Co. KG Group,
for the sale of the Industrial Ovens division. This was repaid on 26 February 2003.
Payables
2003 2002
£’000 £’000
LTG Holding GmbH & Co. KG group companies 1,320 1,303
These relate principally to rent and internal services rendered – mainly technical – recharged at prices determined in accordance with Group policy.
Notes to the accounts LTG Technologies PLC
Report and Accounts 2003
46
Notes to the accounts
for the year ended 31 December 2003 NOTICE IS HEREBY GIVEN that the AGM of the Company will be held at 10 Foster Lane, London EC2V 6HR on 19 April 2004 at 11 a.m.
for the following purposes:
1. To receive the Directors’ Report and Accounts for the year ended 31 December 2003 and the Auditors’ Report thereon.
2. To approve the Directors’ Remuneration Report as set out in the Annual Report for the year ended 31 December 2003.
3. To elect Gregor Wedell, following his appointment as a Director during the year.
4. To re-elect Dr Franz Wimpffen, who is retiring by rotation, as a Director.
5. To re-elect John Holmes, who is retiring by rotation, as a Director.
6. To re-appoint BDO Stoy Hayward LLP as auditors.
7. To authorise the Directors to fix the remuneration of the auditors.
As special business to consider and, if thought fit, to pass resolutions 8 and 9 of which resolution 8 will be proposed as an Ordinary
Resolution and resolution 9 will be proposed as a Special Resolution:
8. That the Directors be and are hereby authorised to exercise all powers of the Company to allot relevant securities in accordance with
section 80 of the Companies Act 1985 (as amended or in force from time to time) (“the Act”) subject to the following restrictions
and provisions:
(i) this authority shall be limited to the allotment of relevant securities up to an aggregate nominal value of £1,211,693.25 (representing
approximately 10% of issued share capital of the Company at the date hereof);
(ii) this authority shall expire at the conclusion of the next AGM, save that the Company may before such expiry make an offer or
agreement which would or might require relevant securities to be allotted after such expiry and the Directors may allot relevant
securities in pursuance of such offer or agreement as if the authority conferred hereby had not expired.
9. Subject to the passing of resolution 8 as an Ordinary Resolution, that the Directors be and are hereby empowered in terms of section 95
of the Act to allot equity securities (as defined by section 94 of the Act) for cash pursuant to the authority conferred by resolution 8
as if section 89(1) of the Act did not apply to such allotment, provided that such powers shall be limited to:
(i) the allotment of equity securities in connection with a rights issue in favour of ordinary shareholders where the equity securities allotted
are in proportion (as nearly as may be) to the respective number of ordinary shares held by such ordinary shareholders subject to such
exclusions and other arrangements as the Directors may deem necessary or expedient; and
(ii) the allotment (otherwise than pursuant to paragraph (i) above) of such equity securities up to an aggregate nominal value of
£1,211,693.25 (representing approximately 10% of the issued share capital of the Company at the date hereof);
and provided that this power shall expire at the conclusion of the next AGM of the Company to be held in 2005.
By order of the Board
Michael Williamson
Secretary
11 March 2004
Notes:
1. A member of the Company who is entitled to attend and vote at the above meeting is entitled to appoint a proxy to attend and, on a poll,
to vote in his place. A proxy need not also be a member of the Company. The appointment of a proxy will not preclude a member of the
Company from attending and voting at the meeting if he so desires. CREST members may lodge their proxy vote by utilising the CREST
Proxy Voting system and should refer to the CREST User Manual for instructions.
2. The register of Directors’ share interests will be available for inspection at the registered office of the Company during normal business hours
up to and including the date of the AGM and will also be available for inspection at the meeting.
3. The Company specifies, pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, that only those shareholders registered
in the register of members of the Company 48 hours before the time for which the Meeting is called shall be entitled to attend and vote
at the AGM in respect of the number of shares registered in their respective names at that time. Changes to entries on the register after
that time will be disregarded in determining the rights of any person to attend or vote at the AGM.
4. Resolution 2: The UK Government has introduced legislation requiring companies to put an annual resolution on Directors’ pay. The Directors’
Remuneration Report for which approval is sought is contained in full within the Annual Report for the year ended 31 December 2003.
In line with the legislation, this vote will be advisory. Copies of the Directors’ Service Contracts will be available for inspection at the
Registered Office of the Company, during normal hours on any weekdays (Saturdays and public holidays excepted) from the date of this
notice until the date of the AGM. These documents will also be available for inspection at the place of the AGM for at least 15 minutes
prior to the meeting and during the meeting itself.
Notice of Annual General Meeting LTG Technologies PLC
Report and Accounts 2003
47
Notice of Annual General Meeting Registered no: 
3567041
Directors
David Straker-Smith
Non-executive Chairman
Albert Kenngott Klein
Chief Executive
Michael Williamson
Finance Director
Dr Ing Peter Elmar Heizmann
Sales Director
Dr Franz Wimpffen
Director of Business Development
John Holmes 
Non-executive Director
Alistair Rae
Non-executive Director
Gregor Wedell
Non-executive Director
Company Secretary
Michael Williamson
Auditors
BDO Stoy Hayward LLP
8 Baker Street
London W1U 3LL
Bankers
Landesbank Baden-Württemberg
Am Hauptbahnhof 2
70137 Stuttgart
Germany
HSBC Bank PLC
110 Grey Street
Newcastle upon Tyne NE1 6JG
Financial adviser and broker
Seymour Pierce Limited
Bucklersbury House
3 Queen Victoria Street
London EC4N 8EL
Solicitors
Maclay Murray & Spens, London
10 Foster Lane
London EC2V 6HR
Registrars
Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield HD8 0LA
Registered office
42 Portman Road
Reading
Berkshire RG30 1EA
Officers and advisers LTG Technologies PLC
Report and Accounts 2003
48
Officers and advisers T HE D ESIGN P ORTFOLIO
a member of the flathill communications group plc
www.flathillplc.com
designed & produced by LTG Technologies PLC
42 Portman Road
Reading
Berkshire RG30 1EA
www.ltg-technologies.com