FULMAR plc
ANNUAL REPORT
AND ACCOUNTS
2002 FRONT COVER: FULMAR COLOUR PRINTING – HEIDELBERG 12 UNIT PRINTING PRESS
FINANCIAL HIGHLIGHTS 1
OFFICERS AND PROFESSIONAL ADVISERS 2
CHAIRMAN’S STATEMENT 3
CHIEF EXECUTIVE’S REVIEW 4
DIRECTORS’ REPORT 8
CORPORATE GOVERNANCE 11
STATEMENT OF DIRECTORS’ RESPONSIBILITIES 13
DIRECTORS’ REMUNERATION REPORT 14
INDEPENDENT AUDITORS’ REPORT 16
CONSOLIDATED PROFIT AND LOSS ACCOUNT 18
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 19
CONSOLIDATED BALANCE SHEET 20
COMPANY BALANCE SHEET 21
CONSOLIDATED CASH FLOW STATEMENT 22
NOTES TO THE ACCOUNTS 23
FIVE YEAR REVIEW 39
NOTICE OF MEETING 40
CONTENTS BEFORE TOTAL 2001
EXCEPTIONAL EXCEPTIONAL 2002 RESTATED
ITEM ITEM £000 £000
TURNOVER 41,584 – 41,584 39,740
OPERATING PROFIT 3,848 (753) 3,095 3,739
OPERATING MARGIN 9% 7% 9%
PROFIT/(LOSS) BEFORE TAXATION 3,012 (1,066) 1,946 (97)
TAXATION (981) 320 (661) (777)
PROFIT/(LOSS) AFTER TAXATION 2,031 (746) 1,285 (874)
DIVIDENDS (1,441) – (1,441) (1,476)
RETAINED PROFIT/(LOSS) FOR THE YEAR 590 (746) (156) (2,350)
EARNINGS PER SHARE 7.3p (2.7p) 4.6p (3.0p)
DIVIDEND PER ORDINARY SHARE 5.2p 5.2p
CAPITAL EXPENDITURE 4,106 1,153
NET ASSETS PER SHARE 85.7p 86.3p
FINANCIAL HIGHLIGHTS
FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 1 REGISTERED OFFICE
The Orion Centre
108 Beddington Lane 
Croydon CR0 4YY
(Company number 1031732)
INDEPENDENT AUDITORS
Deloitte & Touche
Chartered Accountants
Global House
High Street 
Crawley RH10 1DL
BANKERS
National Westminster Bank plc
Corporate Banking South East
Turnpike House
123 High Street
Crawley RH10 1DQ
REGISTRARS
Capita IRG plc
The Registry 
34 Beckenham Road 
Beckenham BR3 4TU
SOLICITORS
Norton Rose
Kempson House
Camomile Street 
London EC3A 7AN
STOCKBROKERS
Arbuthnot Securities Limited
Royex House
Aldermanbury Square
London EC2V 7NU
OFFICERS AND PROFESSIONAL ADVISERS
2 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002
DIRECTORS
D H O’SHAUGHNESSY (68)* 
NON-EXECUTIVE CHAIRMAN
He is also Non-executive Chairman of Clearvision International
Ltd and a Non-executive Director of Pira International. Joined 
the board in 1996.
M E TAYLOR (55) 
CHIEF EXECUTIVE
Founded Fulmar in 1971 and has been Chief Executive
since then.
D J HARRIS FCA (57)
FINANCE DIRECTOR AND COMPANY SECRETARY
Joined the board in 1988. He was previously a partner in a 
firm of Chartered Accountants where he specialised in the
printing industry. 
M A AUSTIN MBA (51) 
MARKETING DIRECTOR
Joined the board in 1996 having previously been group
marketing manager for graphic systems at Agfa-Gevaert. 
J D DUTTON FCA (43) 
†
SENIOR INDEPENDENT NON-EXECUTIVE DIRECTOR
He is the Chief Executive of Oasis Trust, a global charity. 
Joined the board in 2001.
* Chairman of the audit committee and member of the remuneration 
and nominations committee.
† Chairman of the remuneration and nominations committee and member 
of the audit committee. In the continuing difficult market conditions of low demand and severe price pressure prevailing in
commercial print, the group’s performance, achieving an increase in pre-tax profit before exceptionals for
the year ended 31 December 2002, is particularly creditable.
The figures in this paragraph disregard the exceptional items referred to below. Turnover for the year
increased by 4.6% to £41.58m from £39.74m. Operating profit increased by 2.9% to £3.85m (2001:
£3.74m), representing an operating margin of 9.3% (2001: 9.4%). Pre-tax profit was up 4.6% at £3.01m
(2001: £2.88m), representing a pre-tax margin of 7.2% (2001: 7.2%). Earnings per share increased to 
7.3p from 6.6p (restated for the implementation of FRS19 relating to deferred taxation). 
The £1.07m exceptional charge relates to the relocation and rationalisation during May 2002 of W E Baxter
and to the closure in June 2002 of Lasercraft. The £2.98m exceptional charge in 2001 related to the
disposal of The Box Room business and comprised a £0.73m provision for loss on disposal and £2.25m
goodwill previously written off to reserves.
After exceptionals, the pre-tax result was a profit of £1.95m (2001: loss of £0.10m) and earnings per 
share were 4.6p (2001: loss per share of 3.0p).
Year end equity shareholders’ funds were £23.75m (2001: £23.90m, as restated), giving net assets per
share of 85.7p (2001: 86.3p). Year end net indebtedness increased to £16.7m (2001: £13.3m), with
resultant gearing of 70% (2001: 56%), reflecting capital expenditure of £4.1m (2001: £1.2m), and 
financing of the Quadracolor acquisition. Net interest payable of £0.84m (2001: £0.86m) was covered 
4.6 times (2001: 4.4 times) by operating profit before exceptionals.
Our commercial printing businesses overall increased sales by 6% in the year. However, this increase
results solely from the acquisition of Quadracolor on 31 January 2002, without which sales of commercial 
print would have declined by 15%, reflecting the intense price pressures and weak demand in the industry.
The excellent quality of the work produced by our group has once again been recognised in the 
PrintWeek magazine awards with Fulmar Colour winning the Fine Art category.
The group’s book printing businesses have continued to prosper, increasing turnover by 29%.
Prolonged periods of intense competition only serve to increase the pressures on our staff. I am pleased to
take this opportunity to thank them for their commitment and congratulate them on their awards success.
The directors are recommending an unchanged final dividend of 3.4p per share, giving unchanged total
dividends for the year of 5.2p per share, which, if approved at the AGM on 12 May 2003, will be paid on
19 May 2003 to those shareholders on the register at the close of business on 11 April 2003.
While our commercial operations continue to suffer the effects of weak demand, our book-related
businesses are performing well. We anticipate that these circumstances will continue for the year ahead
and, given the group’s ability to perform in difficult markets, we remain cautiously optimistic, with the
company well positioned to benefit from any upturn in demand for commercial print. 
DAVID O’SHAUGHNESSY
CHAIRMAN
27 MARCH 2003
CHAIRMAN’S STATEMENT
FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 3 COMMERCIAL PRINTING
Following the acquisition of Quadracolor our commercial printing operations now account for 67% of
group turnover. This sector of our industry, which incorporates marketing literature, corporate brochures
and annual reports, has suffered from continuing weakness in demand and over capacity, resulting in
severe price pressure.
In May 2002, W E Baxter was reorganised and relocated from Lewes in East Sussex to Mitcham, 
near to the group’s operations in Croydon, into previously empty premises already leased by the group.
This move has allowed W E Baxter to source its pre-press and finishing requirements from other group
companies, rather than performing these services in-house, thereby improving group operational
efficiency. Whilst we have retained the paper-over-board ring binder production, Baxter’s PVC ring 
binder operation was closed and the company’s operating costs significantly reduced. The Lewes
freehold premises vacated by W E Baxter are being offered for sale.
On 31 January 2002, the group acquired Quadracolor, a commercial printing operation similar to the
group’s existing businesses but with little client overlap, and Quadracolor Graphics, its pre-press
operation. These businesses were well equipped, using solely Heidelberg printing presses and benefiting
from electronic pre-press and direct-to-plate technology. The companies operate from freehold premises
of 27,000 sq ft situated in Sydenham, South London. The initial consideration was £2.0m and, in
addition, contingent consideration of up to £1.0m may be payable, subject to performance.  
Fulmar Colour took delivery in June 2002 of the first of two 12 colour Heidelberg presses, capable of
printing high quality work in up to 6 colours both sides of a sheet in one pass. The company has derived
significant productivity advantages since completion of the installation late in August. The second press
was installed successfully after the year end. Both presses, installed at a total cost of £4.0m, are now
operating on a 24 hour shift system. Fulmar has introduced a solvent recycling system in conjunction
with these presses to significantly reduce consumption. This is part of the company’s environmental
programme leading to ISO 14001 accreditation.  
BOOK PRINTING
The group’s book cover, jacket and paperback book printing operations, which accounted for 28% 
of group turnover, continued to trade well, increasing turnover by 29%.
The group’s book cover and jacket printer, White Quill, increased turnover by 10% as it continued to
benefit from increasing demand from Bookmarque, the group’s mass market paperback book printing
business. In addition, at the beginning of 2002, a five year supply agreement was signed with the
company’s largest customer. In the first half of the year, permanent 24 hour working was introduced in
pre-press, printing and finishing, thereby significantly reducing the time required to produce covers and
jackets to meet customers’ just-in-time requirements.
CHIEF EXECUTIVE’S REVIEW
4 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 12
COLOUR
PRINTING
LITHO
QUALITY
HIGH 
with the productivity benefits of printing 6 colours 
to both sides of the sheet at the same time 6 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002
BOOK PRINTING CONTINUED
Bookmarque, whose state-of-the-art operations were commissioned in July 2000, achieved an increase
in turnover of 97% and in December 2002 signed a supply contract with its largest customer for a four
year period providing a 50% increase in volume over their prior agreement. No significant further capital
investment is anticipated at present as the increasing volumes are being achieved using existing
equipment with 24 hour operation.
The growth in orders for paperback covers, deriving from the rapid expansion of Bookmarque, has
required some expenditure on additional equipment within Orion, the group’s specialist finishing
operation. A fourth Geitz foil blocking machine and a second Topspot UV varnishing machine were
installed during the year at a cost of £0.7m. This investment has been supplemented with additional
24 hour working.
The group has also installed equipment for the production of Cyrel UV varnishing plates and foiling 
and embossing dies. For an investment of £0.1m, and in furtherance of the group’s strategy of pursuing
added value, we have ensured that supplies necessary for the rapid production of jackets and covers
are secured.
SPECIALIST OPERATIONS
Specialist operations principally comprise Royle Financial Print. This category’s share of group turnover
reduced to 5%. 
The well publicised lack of activity in City financial markets resulted in a 17% reduction in turnover 
at Royle Financial Print. We do not anticipate any upturn in this market in the near future.
After the year end, the vacant premises in Tamworth, owned by the group and previously occupied 
by The Box Room, were sold for £2.1m, achieving a small profit on sale.
OUTLOOK
Our book-related businesses continue to perform well and we anticipate further growth this year. 
The market for commercial print remains subdued and the pre-existing overcapacity has resulted in
severe price weakness. We do not expect that either of these situations will alter during the year but 
the group’s well organised and efficient businesses remain well placed to compete in these difficult
trading conditions.
MIKE TAYLOR
CHIEF EXECUTIVE
27 MARCH 2003
CHIEF EXECUTIVE’S REVIEW MIKE TAYLOR
CHIEF EXECUTIVE
27 MARCH 2003
with the benefits of manufacturing on state-of-the-art 
equipment together with high quality book jacket production  
P APERBACK BOOK
PRINTING
WEB
SPEED
HIGH  8 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002
The directors present their annual report and the audited financial statements for the year ended
31 December 2002.
ACTIVITIES
The principal activity of the group is that of lithographic printing.
An outline of the group’s developments during the year and future prospects are included in the
Chairman’s Statement and Chief Executive’s Review.
DIVIDENDS
An interim dividend of 1.8p per share (2001 – 1.8p) was paid on 11 November 2002. The directors
recommend the payment of a final dividend of 3.4p per share (2001 – 3.4p) on 19 May 2003 to
shareholders on the register at close of business on 11 April 2003.
Total dividends amounted to £1,441,000 (2001 – £1,476,000) leaving a retained loss for the year of
£156,000 (2001 – loss £2,350,000) to be transferred to reserves.
SUBSTANTIAL SHAREHOLDINGS
As at 14 March 2003, the company had been notified of the following interests in 3% or more of the
issued share capital of the company (excluding directors):
NUMBER OF SHARES %
JUPITER ASSET MANAGEMENT 1,452,500 5.24
HERMES INVESTMENT MANAGEMENT 929,610 3.36
DIRECTORS AND THEIR INTERESTS
The directors who held office at the year end and their interests in the share capital of the company 
are as follows:
ORDINARY SHARES OF 5p EACH
31 DECEMBER 2002 1 JANUARY 2002
BENEFICIAL UNDER BENEFICIAL UNDER
INTERESTS OPTION INTERESTS OPTION
NO.NO. NO. NO.
D H O’SHAUGHNESSY 7,206 – 7,206 –
M E TAYLOR 15,625,463 – 15,272,285 –
D J HARRIS FCA 807,326 14,675 807,326 14,675
M A AUSTIN 11,078 17,923 11,078 17,923
J D DUTTON FCA 7,530 – 7,530 –
Details of the share options are set out in note 5.
There were no changes in the above interests up to the date of this report. 
None of the directors had a material interest in any contract of significance with the company or any
subsidiary during the year.
None of the executive directors held any appointments outside the group during the year.
D J Harris retires by rotation and, being eligible, offers himself for re-election.
DIRECTORS’ REPORT FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 9
EMPLOYMENT POLICIES
The group is committed to the recruitment and employment of people on merit, irrespective of race or
gender. The group also makes every effort to ensure that disabled people receive equal opportunities
and are not discriminated against on the grounds of their disabilities.
HEALTH, SAFETY AND ENVIRONMENTAL POLICIES
Great importance is attached to health, safety and the environment and the group has a strong culture
of proactive management, reinforced by regular internal monitoring and support at executive level. 
This is supported by the group’s health and safety and environmental policies.
CHARITABLE DONATIONS
The group made charitable donations of £2,000 during the year (2001 – £2,000).
SUPPLIERS’ PAYMENT
The group’s payment policy is in accordance with terms that are agreed with individual suppliers.
Creditor days at 31 December 2002 amounted to 77 days (2001 – 70 days).
The company only incurs administrative expenses and the creditor days amounted to 60 days 
(2001 – 54 days).
GOING CONCERN STATEMENT
After making enquiries, the directors have a reasonable expectation that the group has adequate
resources to continue in operational existence for the foreseeable future. For this reason, the directors
continue to adopt the going concern basis in preparing the financial statements.
ANNUAL GENERAL MEETING
Shareholders will find on pages 40 to 42 the notice of the forthcoming annual general meeting of the
company to be held on 12 May 2003. 
In addition to the ordinary business of the meeting, three resolutions (numbered 6 to 8) are proposed as
special business.
AUTHORITY OF DIRECTORS TO ALLOT SHARES
Resolutions 6 and 7 are similar to the authorities given to the directors at the last annual general meeting
of the company.
By law, directors are not permitted to allot new shares (or to grant rights over shares) unless authorised
to do so by shareholders. In addition, directors require specific authority from shareholders before
allotting new shares (or rights in respect of shares) for cash without first offering them to existing
shareholders in proportion to their holdings.
Resolution 6 gives the directors the necessary authority for the period of five years from the date of the
passing of such resolution to allot shares up to an aggregate nominal amount of £461,734 (being equal
to approximately one-third of the issued share capital of the company). 
Resolution 7 empowers the directors, for the period of five years from the date of the passing of such
resolution, to allot shares for cash otherwise than to existing shareholders on a pro-rata basis, up to an
aggregate nominal amount of £69,260, which is the equivalent of 5% of the issued share capital of the
company. It also enables the directors, in the case of an issue by way of rights, to deal with fractional
entitlements and to make such exclusions or other arrangements as may be appropriate to resolve legal,
regulatory or practical problems which might arise, particularly with regard to overseas shareholders.
It is intended that these authorities are renewed at successive annual general meetings. 10 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002
ANNUAL GENERAL MEETING CONTINUED
PURCHASE OF OWN SHARES 
Resolution 8 renews the authority for the company to make market purchases (within the meaning 
of section 163 of the Companies Act 1985) on the London Stock Exchange up to an aggregate of
2,770,405 ordinary shares (equivalent to 10% of the issued share capital of the company) at a minimum
price per ordinary share of 5p and a maximum of 105% of the average of the middle market quotations
of the ordinary shares as derived from the London Stock Exchange Daily Official List for the five business
days immediately preceding the day on which that ordinary share is contracted to be purchased.
This proposal should not be taken as an indication that the company will purchase shares at any
particular price or indeed at all, and the directors will only consider making purchases if they believe 
that such purchases would result in an increase in earnings per share and are in the best interests 
of the shareholders.
The authority will expire at the conclusion of the next annual general meeting of the company, or, 
if earlier, the expiry of 15 months from the date of the passing of such resolution.
AUDITORS
A resolution for the reappointment of Deloitte & Touche as auditors of the company is to be proposed 
at the forthcoming annual general meeting.
Approved by the board of directors and signed on behalf of the board.
D J HARRIS FCA
SECRETARY
27 MARCH 2003
DIRECTORS’ REPORT FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 11
The directors fully support the Principles of Good Governance and the Code of Best Practice (the
“Combined Code”). The board sets out its report on how the group has applied the principles and
whether it has complied with the Combined Code during the year. 
APPLICATION OF THE PRINCIPLES
DIRECTORS
The board comprised three executive and two independent non-executive directors at the year end, 
and met on eight occasions in 2002 following a formal agenda. 
Directors’ biographies are given on page 2.
The separate roles of Chairman and Chief Executive are clearly defined. The Chairman conducts board
and shareholder meetings and ensures that all directors are properly briefed. The Chief Executive is
responsible for developing and co-ordinating the business and implementing group strategy.
There is an agreed procedure for the directors to take independent professional advice at the company’s
expense, to have access to the Company Secretary and receive appropriate training where necessary.
All directors are required to retire by rotation at least every three years when they can offer themselves
for re-election if eligible.
The remuneration and nominations committee monitors, reviews and makes recommendations to the
board on all elements of the remuneration of the directors of the company. It also considers the award 
of options under the company share option plan and makes recommendations to the board in respect 
of the appointment of directors of the company. It consists solely of non-executive directors. The report
on remuneration is set out on page 14.
RELATIONS WITH SHAREHOLDERS 
The company encourages meaningful dialogue with both its institutional and private investors. The
executive directors undertake presentations following the announcement of the interim and final results,
and the directors are available for comment throughout the year and at the annual general meeting.
ACCOUNTABILITY AND AUDIT 
The responsibilities of the directors and auditors are set out on pages 13 and 16.
The board has established the necessary procedures to implement the guidance for directors on the
Combined Code issued by the Turnbull committee in 1999. These have been in place throughout 2002
and up to the date of approval of the financial statements.
The board of directors has overall responsibility for the group’s systems of internal control and reviewed
them for their effectiveness during the year. Any system of internal control can only provide reasonable
but not absolute assurance against material misstatement or loss. 
CORPORATE GOVERNANCE 12 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002
APPLICATION OF THE PRINCIPLES CONTINUED
ACCOUNTABILITY AND AUDIT CONTINUED
The principal components of the systems for planning, executing, controlling and monitoring the group’s
activities in order to achieve its objectives and minimise major risks are:
• an organisational structure with defined lines of responsibility and delegation of authority;
• a comprehensive budgeting and financial reporting system which enables the board to evaluate the
performance of the group on a monthly basis and take action where necessary on a timely basis;
• continual review and development of the group’s internal control, risk management and management
information systems;
• clearly defined guidelines for capital investment.
Steps continue to be taken to further embed internal control and risk management procedures into the
operations of the business and to deal with areas of improvement which come to management’s and the
board’s attention.
The board has reviewed the need for an internal audit function but does not consider it necessary at the
current time.
The audit committee assists the board in discharging its duty to ensure that the financial statements
presented by the company to its shareholders conform with all legal requirements and that the group’s
systems of internal control are adequate. It considers the continuing appointment of auditors, their fees,
and the scope and findings of their audit. It consists solely of non-executive directors. 
An account of the group’s position and prospects is given in the Chairman’s Statement and Chief
Executive’s Review on pages 3 to 6.
COMPLIANCE STATEMENT
The directors confirm that the company has complied with the provisions of Section 1 of the Combined
Code with the following exception (the relevant provision is shown in brackets):
• throughout the year the audit committee only comprised two non-executive directors rather than
three (D.3.1). The directors believe that two such directors are sufficient given the relative size of 
the group.
CORPORATE GOVERNANCE United Kingdom company law requires the directors to prepare financial statements for each financial
year which give a true and fair view of the state of affairs of the company and the group as at the end 
of the financial year and of the profit or loss of the group for that period. In preparing those financial
statements, the directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable accounting standards have been followed.
The directors are responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the company and to enable them to ensure that the
financial statements comply with the Companies Act 1985. They are also responsible for the system 
of internal control, for safeguarding the assets of the company and hence for taking reasonable steps 
for the prevention and detection of fraud and other irregularities.
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 13 The Directors’ Remuneration Report Regulations 2002 require the auditors to report to the company’s
members on the ‘auditable part’ of the directors’ remuneration report and to state whether in their
opinion that part of the report has been properly prepared in accordance with the Companies Act 1985
(as amended by the Regulations). All information relating to the ‘auditable part’ of the report is shown in
note 5 to the accounts. In all other respects the report contains unaudited information.
Information about the emoluments and share options of the directors is given in note 5 to the accounts.
Their interests in the share capital of the company are shown on page 8.
The remuneration policy for executive directors is controlled by the remuneration and nominations
committee of the board comprising the independent non-executive directors, D H O’Shaughnessy and 
J D Dutton. Their aim is to ensure that the remuneration packages for executive directors are designed
to attract, motivate and retain high quality individuals. The packages reflect the executives’ own
responsibilities and the performance of the group as a whole.
The remuneration policy is as follows:
• competitive salaries are provided by reference to information on similar positions in the printing 
and related industries;
• each executive director will receive an annual bonus if the percentage increase in the group’s
earnings per share in that year exceeds a threshold of the percentage increase in the retail price
index in that period plus 3%, such bonus to be at a rate of 1.5% of the executive director’s basic
salary for each 1% that the earnings per share exceeds the threshold;
• where circumstances exist beyond the scope of the policy (such as negative earnings per share 
in the prior year), the remuneration and nominations committee will use its discretion to determine
whether any bonus is payable and, if so, the amount of such bonus. In forming its view, the
committee will take account of the bonus arrangements set out in the directors’ contracts;
• the company makes fixed payments into the group’s main defined contribution pension scheme
having taken account of the level of basic salary;
• directors may be granted options under the share option plan and hold options under the 
sharesave scheme;
• a benefits package is provided including an appropriate company car, or alternative, and medical
expense and permanent health insurances;
• service contracts are of two years duration and are terminable by not less than two years notice 
by either party. Whilst the committee acknowledges that there is a case for setting one year notice
and contract periods, the committee considers the current arrangements to be in the best interests
of the group in maintaining services of its key directors. Any compensation payments will be
determined having regard to the particular circumstances of the case.
The remuneration of the non-executive directors is determined by the board as a whole in line with fees
paid to non-executive directors of similar companies. They are appointed under fixed term contracts of
two years duration and are terminable by not less than one years notice by either party.
DIRECTORS’ REMUNERATION REPORT
14 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 D J Harris, who retires and offers himself for re-election, is engaged under a service contract which is
terminable by not less than two years notice by either party.
The details of the directors’ contracts are summarised below: Date of contract
D H O’Shaughnessy 01.01.02
M E Taylor 13.03.96
D J Harris 13.03.96
M A Austin 13.03.96
J D Dutton  01.02.03
The committee also approves the terms, conditions and allocation of the company share option and
sharesave schemes. Options are granted under the schemes in phases to offer long term incentives 
to the group’s employees (including the company’s directors who participate with the other employees)
and to allow them to have a stake in its growth.
The graph below shows the company’s total shareholder return performance, assuming dividends are
reinvested, for the five years to 31 December 2002 compared with the return performance achieved by
the Media and Entertainment sector of the London Stock Exchange, in which the company is classified.
Approved by the board of directors and signed on behalf of the board.
D J HARRIS FCA
SECRETARY
27 MARCH 2003
FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 15
0
50
100
150
200
1998
FULMAR plc
FTSE MEDIA AND ENTERTAINMENT – PRICE INDEX             Source: DATASTREAM
1999 2000 2001 2002
250 We have audited the financial statements of Fulmar plc for the year ended 31 December 2002 which
comprise the consolidated profit and loss account, the consolidated statement of total recognised gains
and losses, the balance sheets, the consolidated cash flow statement and the related notes 1 to 26.
These financial statements have been prepared under the accounting policies set out therein. We have
also audited the information in the part of the directors’ remuneration report that is described as having
been audited.
This report is made solely to the company’s members, as a body, in accordance with section 235 of the
Companies Act 1985. Our audit work has been undertaken so that we might state to the company’s
members those matters we are required to state to them in an auditors’ report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
the company and the company’s members as a body, for our audit work, for this report, or for the
opinions we have formed.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS 
As described in the statement of directors’ responsibilities, the company’s directors are responsible for
the preparation of the financial statements in accordance with applicable United Kingdom law and
accounting standards. They are also responsible for the preparation of the other information contained 
in the annual report including the directors’ remuneration report. Our responsibility is to audit the 
financial statements and that part of the directors’ remuneration report described as having been audited
in accordance with relevant United Kingdom legal and regulatory requirements and auditing standards. 
We report to you our opinion as to whether the financial statements give a true and fair view and
whether the financial statements and the part of the directors’ remuneration report described as having
been audited have been properly prepared in accordance with the Companies Act 1985. We also report
to you if, in our opinion, the directors’ report is not consistent with the financial statements, if the
company has not kept proper accounting records, if we have not received all the information and
explanations we require for our audit, or if information specified by law regarding directors’ remuneration
and transactions with the company and other members of the group is not disclosed.
We review whether the corporate governance statement reflects the company’s compliance with the
seven provisions of the Combined Code specified for our review by the Listing Rules of the Financial
Services Authority, and we report if it does not. We are not required to consider whether the board’s
statements on internal control cover all risks and controls, or form an opinion on the effectiveness of 
the group’s corporate governance procedures or its risk and control procedures.
We read the directors’ report and the other information contained in the annual report for the above year
as described in the contents section including the unaudited part of the directors’ remuneration report
and consider the implications for our report if we become aware of any apparent misstatements or
material inconsistencies with the financial statements.
INDEPENDENT AUDITORS’ REPORT 
TO THE MEMBERS OF FULMAR PLC
16 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 BASIS OF AUDIT OPINION 
We conducted our audit in accordance with United Kingdom auditing standards issued by the Auditing
Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts 
and disclosures in the financial statements and the part of the directors’ remuneration report described
as having been audited. It also includes an assessment of the significant estimates and judgements
made by the directors in the preparation of the financial statements and of whether the accounting
policies are appropriate to the circumstances of the company and the group, consistently applied 
and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we
considered necessary in order to provide us with sufficient evidence to give reasonable assurance that
the financial statements and the part of the directors’ remuneration report described as having been
audited are free from material misstatement, whether caused by fraud or other irregularity or error. In
forming our opinion, we also evaluated the overall adequacy of the presentation of information in the
financial statements and the part of the directors’ remuneration report described as having been audited.
OPINION
In our opinion the financial statements give a true and fair view of the state of affairs of the company and
the group as at 31 December 2002 and of the profit of the group for the year then ended and the
financial statements and the part of the directors’ remuneration report described as having been audited
have been properly prepared in accordance with the Companies Act 1985.
Deloitte & Touche
Chartered Accountants and Registered Auditors
Crawley
27 MARCH 2003
FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 17 YEAR ENDED 31 DECEMBER    
BEFORE TOTAL
EXCEPTIONAL EXCEPTIONAL 2002 2001
ITEMS ITEMS RESTATED *
NOTE £000 £000 £000 £000
Turnover 2, 3 41,584 – 41,584 39,740
Continuing operations:
– ongoing 36,051 – 36,051 39,740
– acquired 5,533 – 5,533 –
Cost of sales 3 (27,210) – (27,210) (25,098)
Gross profit 3 14,374 – 14,374 14,642
Administrative expenses 3 (10,526) (753) (11,279) (10,903)
Operating profit/(loss) 3, 4 3,848 (753) 3,095 3,739
Continuing operations:
– ongoing 3,371 (753) 2,618 3,739
– acquired 477 – 477 –
Loss on closure/disposal of subsidiary – (32) (32) (2,977)
Loss on disposal of fixed assets – (281) (281) –
Profit/(loss) on ordinary activities before interest 3,848 (1,066) 2,782 762
Interest receivable and similar income 5– 5 13
Interest payable and similar charges 6 (841) – (841) (872)
Profit/(loss) on ordinary activities before taxation 3,012 (1,066) 1,946 (97)
Tax on profit/(loss) on ordinary activities 7 (981) 320 (661) (777)
Profit/(loss) on ordinary activities after taxation 19 2,031 (746) 1,285 (874)
Equity dividends paid and proposed 8, 19 (1,441) – (1,441) (1,476)
Retained profit/(loss) for the financial year 590 (746) (156) (2,350)
Earnings/(loss) per ordinary share 9 7.3p (2.7p) 4.6p (3.0p)
Diluted earnings/(loss) per ordinary share 9 7.3p (2.7p) 4.6p (3.0p)
All activities relate to continuing operations.
* The restatement of comparatives is described in note 17.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
18 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 YEAR ENDED 31 DECEMBER
2002 2001
RESTATED *
NOTE £000 £000
Profit/(loss) attributable to shareholders and total 
recognised gains and losses related to the year 1,285 (874)
Note on prior period adjustment
Total recognised gains and losses related to the year as above 1,285
Prior period adjustment (3,186)
Total gains and losses recognised since the last annual report 17 (1,901)
* The restatement of comparatives is described in note 17.
CONSOLIDATED STATEMENT OF TOTAL 
RECOGNISED GAINS AND LOSSES
FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 19 20 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002
AT 31 DECEMBER AT 31 DECEMBER
2002 2001
RESTATED *
NOTE £000 £000
Fixed assets
Tangible assets 10 34,857 32,242
Current assets
Stocks 12 1,908 1,594
Debtors 13 14,875 12,489
Cash at bank and in hand 6 22
16,789 14,105
Creditors: amounts falling due within one year 14 (11,757) (12,110)
Net current assets 5,032 1,995
Total assets less current liabilities 39,889 34,237
Creditors: amounts falling due after more than one year 15 (12,376) (7,148)
Provisions for liabilities and charges 17 (3,766) (3,186)
23,747 23,903
Capital and reserves
Called up share capital 18 1,385 1,385
Share premium account 19 17,921 17,921
Capital redemption reserve 19 188 188
Profit and loss account 19 4,253 4,409
Total equity shareholders’ funds 23,747 23,903
* The restatement of comparatives is described in note 17.
These financial statements were approved by the board of directors on 27 March 2003. 
Signed on behalf of the board of directors
M E TAYLOR
D J HARRIS FCA
DIRECTORS
CONSOLIDATED BALANCE SHEET FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 21
AT 31 DECEMBER AT 31 DECEMBER
2002 2001
RESTATED *
NOTE £000 £000
Fixed assets
Tangible assets 10 12,814 13,027
Investments 11 8,569 6,584
21,383 19,611
Current assets
Debtors 13 10,890 8,674
Cash at bank and in hand 2,403 88
13,293 8,762
Creditors: amounts falling due within one year 14 (4,166) (4,348)
Net current assets 9,127 4,414
Total assets less current liabilities 30,510 24,025
Creditors: amounts falling due after more than one year 15 (7,836) (3,323)
Provisions for liabilities and charges 17 (821) (720)
21,853 19,982
Capital and reserves
Called up share capital 18 1,385 1,385
Share premium account 19 17,921 17,921
Capital redemption reserve 19 188 188
Profit and loss account 19 2,359 488
Total equity shareholders’ funds 21,853 19,982
* The restatement of comparatives is described in note 17.
These financial statements were approved by the board of directors on 27 March 2003. 
Signed on behalf of the board of directors
M E TAYLOR
D J HARRIS FCA
DIRECTORS
COMPANY BALANCE SHEET 22 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002
AT 31 DECEMBER AT 31 DECEMBER
2002 2001
NOTE £000 £000
Net cash inflow from operating activities 23 5,899 7,198
Returns on investments and servicing of finance
Interest received 5 13
Interest paid (476) (410)
Interest element of finance lease and hire purchase rentals (365) (462)
(836) (859)
Taxation paid (388) (662)
Capital expenditure
Purchase of tangible fixed assets (1,457) (851)
Sale of tangible fixed assets 635 361
(822) (490)
Acquisitions and disposals
Acquisition of subsidiaries 26 (1,985) –
Overdraft acquired with subsidiaries 26 (104) –
Disposal of subsidiary 26 – 541
Cash disposed of with subsidiary 26 – (21)
(2,089) 520
Equity dividends paid (1,441) (1,542)
Cash inflow before financing 323 4,165
Financing
Repurchase of ordinary share capital – (1,018)
New secured loans 6,140 110
Repayment of secured loans (1,739) (1,785)
Capital element of finance lease and hire purchase rentals (2,901) (2,467)
1,500 (5,160)
Increase/(decrease) in cash 25 1,823 (995)
* The restatement of comparatives is described in note 17.
CONSOLIDATED CASH FLOW STATEMENT 1. ACCOUNTING POLICIES
The financial statements are prepared in accordance with applicable accounting standards. The particular accounting policies
adopted are described below.
ACCOUNTING CONVENTION
The financial statements are prepared under the historical cost convention.
BASIS OF CONSOLIDATION
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings for all 
financial periods ended 31 December, except that subsidiaries held exclusively with a view to subsequent resale are excluded from
consolidation. For acquisitions made in the year the acquisition method of accounting is used. The results of subsidiaries are 
included in the consolidated profit and loss account from the date of acquisition.
GOODWILL
Goodwill represents the excess of the fair value of the cost of acquisition over the fair value of the separable net assets acquired. 
For acquisitions made before 1998 goodwill has been eliminated against the consolidated profit and loss account reserve as a matter
of accounting policy. This goodwill would be charged in the consolidated profit and loss account on subsequent disposal of the
businesses to which it related. Goodwill arising on future acquisitions will be capitalised and written off over its estimated useful life.
TANGIBLE FIXED ASSETS
No depreciation is provided on freehold land or assets in the course of construction. On other assets depreciation is provided on 
cost or net book value in order to write off the cost less residual value over the estimated useful lives of the assets. The rates of
depreciation are as follows:
• Freehold buildings and long leasehold land and buildings – 2% per annum
• Short leasehold land and buildings – over the term of the lease
• Plant and machinery – 10 – 25% per annum
• Motor vehicles – 20% per annum
• Fixtures, fittings and equipment – 10 – 25% per annum.
The group capitalises directly attributable interest on all tangible fixed assets in the course of construction. Rates of capitalisation
depend on whether a specific loan has been taken out (when the actual interest rate and interest paid is used), or where the
construction is financed by general borrowings (when a weighted average rate is calculated on all non-specific borrowings).
INVESTMENTS
Shares in group companies are stated in the parent company balance sheet at cost less provision for any impairment in value.
STOCKS
Stocks and work-in-progress are stated at the lower of cost and net realisable value. Cost includes materials, direct labour and
appropriate production overheads.
DEFERRED TAXATION
The group has adopted Financial Reporting Standard 19, ‘‘Deferred Tax”. Deferred tax is provided in full on timing differences which
result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to
apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and
expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax 
is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred 
tax assets and liabilities are not discounted.
FINANCIAL INSTRUMENTS
The group manages its financial risks using a limited number of financial instruments. These comprise cash and money market
deposits, bank loans and overdrafts, finance leases and other debtors and creditors arising directly from operations. The group 
does not undertake any trading in financial instruments.
NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2002
FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 23 1. ACCOUNTING POLICIES CONTINUED
LEASES AND HIRE PURCHASE CONTRACTS
Assets obtained under finance leases and hire purchase contracts are capitalised at their fair value on acquisition and depreciated 
over their estimated useful lives. The finance charges are allocated over the period of the lease in proportion to the capital element
outstanding.
Operating lease rentals are charged to income in equal annual amounts over the lease term.
PENSION COSTS
For the defined benefit scheme the expected cost of providing pensions, as calculated periodically by professionally qualified
actuaries, is charged to the profit and loss account so as to spread the cost over the service lives of the scheme members in 
such a way that the pension cost is a substantially level percentage of current and expected future pensionable payroll.
Payments to the defined contribution schemes are charged to the profit and loss account in the period to which they relate.
ASSETS AWAITING DISPOSAL
Assets awaiting disposal are reclassified from fixed assets to current assets and carried at the lower of cost and net realisable value.
2. TURNOVER
Turnover represents amounts derived from the provision of goods and services which fall within the group’s ordinary activities after
deduction of trade discounts and value added tax. The turnover and pre-tax profit/(loss), all of which arises in the United Kingdom, 
is attributable to the group’s principal activity.
3. ANALYSIS OF OPERATIONS
CONTINUING OPERATIONS TOTAL TOTAL
ONGOING ACQUIRED 2002 2001
£000 £000 £000 £000
Turnover 36,051 5,533 41,584 39,740
Cost of sales (23,277) (3,933) (27,210) (25,098)
Gross profit 12,774 1,600 14,374 14,642
Administrative expenses (10,156) (1,123) (11,279) (10,903)
Operating profit 2,618 477 3,095 3,739
4. OPERATING PROFIT
2002 2001
£000 £000
Operating profit is after charging:
Depreciation and amortisation
– Owned assets 1,749 2,103
– Leased assets 1,175 948
Rentals under operating leases
– Plant and machinery – 9
– Other operating leases 589 542
Auditors’ remuneration
– Audit fee 83 80
– Other fees 5 5
Exceptional restructuring costs 753 –
NOTES TO THE ACCOUNTS 
24 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 5. INFORMATION REGARDING DIRECTORS AND EMPLOYEES
2002 2001
£000 £000
Staff costs during the year (including directors):
Wages and salaries 13,917 13,463
Social security costs 1,448 1,407
Pension costs 305 300
15,670 15,170
NO. NO.
Average number of persons employed (including directors):
Production 308 308
Sales and administration 130 143
438 451
BASIC BENEFITS PENSION TOTAL TOTAL
SALARY FEES IN KIND CONTRIBUTIONS BONUS 2002 2001
£000 £000 £000 £000 £000 £000 £000
Individual directors’ 
emoluments:
D H O’Shaughnessy – 22––– 22 22
M E Taylor 126 – 1 41 12 180 165
D J Harris 117 – 5 11 11 144 132
M A Austin 89 –1412 8 123 106
J D Dutton – 15––– 15 14
J L Hewitt –––––– 5
332 37 20 64 31 484 444
The emoluments of J L Hewitt were paid as a fee to Electrocomponents plc, a company of which he is a director. 
Three directors (2001 – three) are members of money purchase pension schemes.
AT AT EXERCISE DATE FROM
31 DECEMBER 1 JANUARY PRICE IN WHICH EXPIRY
DIRECTORS’ SHARE OPTIONS 2002 2002 PENCE EXERCISABLE DATE
Director and date of grant of option:
D J Harris
15 March 1996 3,246 3,246 154.0 15.03.99 14.03.06
7 October 1999 11,429 11,429 87.5 07.10.02 06.10.09
M A Austin
15 March 1996 6,494 6,494 154.0 15.03.99 14.03.06
7 October 1999 11,429 11,429 87.5 07.10.02 06.10.09
The options may not be exercised unless there has been a growth in the earnings per share over a three year, or longer, period 
from grant which exceeds the sum of the percentage increase in the Retail Prices Index and 2% over the same period.
The company’s share price at 31 December 2002 was 65.5p, and the range during the financial year was 50.0p to 86.5p. 
M E Taylor controls the company.
FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 25 6. INTEREST PAYABLE AND SIMILAR CHARGES
2002 2001
£000 £000
Bank loans and overdrafts 476 410
Finance leases and hire purchase contracts 365 462
841 872
7. TAX ON PROFIT/(LOSS) ON ORDINARY ACTIVITIES
2002 2001
RESTATED
£000 £000
United Kingdom corporation tax at 30% (2001 – 30%) 354 420
Over provision in prior years – (89)
Deferred tax – origination and reversal of timing differences 307 446
661 777
The 2002 exceptional losses on closure of subsidiary and on disposal of fixed assets reduced the 2002 tax charge by £10,000 
and £84,000 respectively. The 2001 loss on disposal of subsidiary reduced the 2001 tax charge by £157,000.
The tax assessed for the year differs to that resulting from applying the standard 30% rate of UK corporation tax as explained
below:
2002 2001
£000 £000
Profit/(loss) on ordinary activities before tax 1,946 (97)
Tax at 30% (2001 – 30%) (584) 29
Effects of:
Expenses not deductible for tax purposes (112) (89)
Capital allowances in excess of depreciation 338 446
Exceptional loss on disposal of subsidiary – (846)
Overprovision in prior years – 89
Other differences 4 40
Current tax charge for the year (354) (331)
Deferred tax has not been provided in respect of gains realised that have been rolled over into the acquisition cost of replacement
assets. This tax will become payable if the replacement assets are sold and further rollover relief is not obtained. The estimated
amount of tax that would become payable by the company and the group in these circumstances is £167,000 (2001 – £167,000).
Group deferred tax assets of £447,000 (2001 – £478,000) and £1,330,000 (2001 – £1,330,000) (company £ nil (2001 – £ nil) 
and £868,000 (2001 – £868,000)) have not been recognised in respect of timing differences relating to revenue losses and capital
losses respectively as there is insufficient evidence that the assets will be recovered due to the uncertainty of the availability of
future profits against which the losses can be recovered.
8. EQUITY DIVIDENDS PAID AND PROPOSED
2002 2001
£000 £000
Interim paid – 1.8p per ordinary share (2001 – 1.8p) 499 534
Final proposed – 3.4p per ordinary share (2001 – 3.4p) 942 942
1,441 1,476
NOTES TO THE ACCOUNTS
26 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 9. EARNINGS PER SHARE
Basic and diluted earnings per share are based on a profit of £1,285,000 (2001 – loss of £874,000) and average ordinary shares in
issue during the year of 27,704,047 (2001 – 29,227,730). The additional earnings per share figures have been presented because 
the post-tax exceptional loss does not relate to the profitability of the group on an on-going basis.
10. TANGIBLE FIXED ASSETS
LONG SHORT OFFICE
FREEHOLD LEASEHOLD LEASEHOLD EQUIPMENT
LAND AND LAND AND LAND AND PLANT AND AND
BUILDINGS BUILDINGS BUILDINGS MACHINERY VEHICLES TOTAL
THE GROUP £000 £000 £000 £000 £000 £000
Cost
At 1 January 2002 7,985 5,591 79 32,750 1,794 48,199
Acquisition of subsidiaries 1,058 – – 3,538 332 4,928
Additions 89 25 113 3,683 196 4,106
Disposals – – – (3,446) (435) (3,881)
Transfer to current assets (576) – (79) – – (655)
At 31 December 2002 8,556 5,616 113 36,525 1,887 52,697
Accumulated depreciation
At 1 January 2002 1,199 360 74 13,191 1,133 15,957
Acquisition of subsidiaries – – – 1,835 168 2,003
Charge for the year 133 111 7 2,422 251 2,924
Disposals – – – (2,586) (379) (2,965)
Transfer to current assets – – (79) – – (79)
At 31 December 2002 1,332 471 2 14,862 1,173 17,840
Net book value
At 31 December 2002 7,224 5,145 111 21,663 714 34,857
At 31 December 2001 6,786 5,231 5 19,559 661 32,242
Included in the net book value of plant and machinery and motor vehicles at 31 December 2002 are amounts of £12,587,000
(2001 – £10,436,000) and £42,000 (2001 – £15,000) respectively relating to assets held under finance leases and hire purchase
contracts.
Included within the cost of freehold land and buildings are amounts relating to land of £1,292,000 (2001 – £1,542,000) which are 
not depreciated.
Included within the cost of long leasehold buildings and plant and machinery at 31 December 2002 are finance costs of £91,000 
(2001 – £91,000) and £170,000 (2001 – £170,000) respectively.
FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 27 10. TANGIBLE FIXED ASSETS CONTINUED
LONG SHORT OFFICE
FREEHOLD LEASEHOLD LEASEHOLD EQUIPMENT
LAND AND LAND AND LAND AND PLANT AND AND
BUILDINGS BUILDINGS BUILDINGS MACHINERY VEHICLES TOTAL
THE COMPANY £000 £000 £000 £000 £000 £000
Cost
At 1 January 2002 7,409 5,591 – 1,674 360 15,034
Additions 89 25 113 – 9 236
Disposals –––– (66) (66)
At 31 December 2002 7,498 5,616 113 1,674 303 15,204
Accumulated depreciation
At 1 January 2002 1,199 360 – 250 198 2,007
Charge for the year 123 111 2 143 54 433
Disposals –––– (50) (50)
At 31 December 2002 1,322 471 2 393 202 2,390
Net book value
At 31 December 2002 6,176 5,145 111 1,281 101 12,814
At 31 December 2001 6,210 5,231 – 1,424 162 13,027
Included in the net book value of plant and machinery as at 31 December 2002 are amounts of £1,242,000 (2001 – £1,380,000)
relating to assets held under finance leases and hire purchase contracts.
Included within the cost of freehold land and buildings are amounts relating to land of £1,292,000 (2001 – £1,292,000) which are
not depreciated.
Included within the cost of long leasehold buildings and plant and machinery at 31 December 2002 are finance costs of £91,000 
(2001 – £91,000) and £16,000 (2001 – £16,000) respectively.
11. INVESTMENTS HELD AS FIXED ASSETS
SHARES IN
SUBSIDIARY
UNDERTAKINGS
THE COMPANY £000
Cost and net book value
At 1 January 2002 6,584
Additions 1,985
At 31 December 2002 8,569
The additions relate to the acquisition of the entire issued share capital of Quadracolor Limited and Quadracolor Graphics Limited
on 1 February 2002. Included in the group accounts is a profit after tax of £277,000 attributable to these companies. The cash
effects of the acquisition are given in note 26.
NOTES TO THE ACCOUNTS
28 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 11. INVESTMENTS HELD AS FIXED ASSETS CONTINUED
Details of the company’s subsidiary undertakings, all of which are wholly owned, operate and are incorporated in Great Britain, 
are as follows:
Name Activity
Fulmar Colour Printing Company Limited Lithographic printers
Pegasus Colourprint Limited Lithographic printers
Quadracolor Limited Lithographic printers
Royle Print Limited* Lithographic printers
The White Quill Press Limited Lithographic printers
Bookmarque Limited Paperback book printers
W E Baxter Limited* Lithographic printers and manufacturers of loose leaf binders
Royle Financial Print Limited Financial document printers
Osier Graphics Limited Lithographic platemakers
Masterlith Limited Lithographic platemakers
Quadracolor Graphics Limited Lithographic platemakers
White Quill Repro Limited Lithographic platemakers
Delta Colour Proofing Limited Lithographic proofers
Surrey Proofing Limited Lithographic proofers
Royle Design Associates Limited Designers
Lasercraft UK Limited Laser cutting of paper
Orion Print Finishers Limited Print finishers
W R Royle Group Limited Parent company
*Held by a subsidiary company.
Details of the company’s non-trading subsidiary undertakings have not been given because they are too numerous and do not
materially affect the accounts.
All subsidiary undertakings have only ordinary share capital except Pegasus Colourprint Limited which also has 249,200 preferred
ordinary shares, W E Baxter Limited which also has 6,690 preference shares and W R Royle Group Limited which also has 
16,600 preference shares.
12. STOCKS
THE GROUP
2002 2001
£000 £000
Raw materials and consumables 691 686
Work-in-progress 1,182 873
Finished goods and goods for resale 35 35
1,908 1,594
FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 29 30 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002
13. DEBTORS
THE GROUP THE COMPANY
2002 2001 2002 2001
£000 £000 £000 £000
Trade debtors 11,793 10,078 233 691
Amounts owed by subsidiary undertakings – – 8,569 5,719
Assets awaiting disposal 2,423 1,847 1,847 1,847
Other debtors 177 183 164 246
Prepayments and accrued income 482 381 77 171
14,875 12,489 10,890 8,674
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
THE GROUP THE COMPANY
2002 2001 2002 2001
£000 £000 £000 £000
Bank loans and overdrafts (see note 16) 1,646 3,729 987 906
Trade creditors 5,151 3,993 363 417
Obligations under finance leases and
hire purchase contracts (see note 21) 2,715 2,414 304 299
Amounts owed to subsidiary undertakings – – 1,357 1,629
Corporation tax 179 148 – –
Other taxation and social security 622 593 74 25
Accruals and deferred income 502 291 139 130
Proposed dividends 942 942 942 942
11,757 12,110 4,166 4,348
15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
THE GROUP THE COMPANY
2002 2001 2002 2001
£000 £000 £000 £000
Bank loans (see note 16) 7,712 2,829 7,463 2,646
Obligations under finance leases and
hire purchase contracts (see note 21) 4,664 4,319 373 677
12,376 7,148 7,836 3,323
NOTES TO THE ACCOUNTS FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 31
16. LOANS AND OVERDRAFTS
THE GROUP THE COMPANY
2002 2001 2002 2001
£000 £000 £000 £000
Bank overdrafts 542 2,381 – –
Bank loans 8,816 4,177 8,450 3,552
9,358 6,558 8,450 3,552
Analysis of repayments:
Within one year or on demand 1,646 3,729 987 906
Between one and two years 1,107 531 982 458
Between two and five years 3,113 1,277 2,989 1,167
After five years 3,492 1,021 3,492 1,021
9,358 6,558 8,450 3,552
The group’s banking facilities are secured by legal charges over the assets of the group. The bank loans not wholly payable within
five years are repayable by monthly or quarterly installments, and bear interest at 1% or 1.1% over the banks’ base rate.
The parent company has guaranteed the bank loans, overdrafts and obligations under finance leases and hire purchase contracts
of the subsidiaries. The extent of this liability at the balance sheet date was £9,215,000 (2001 – £8,839,000). However, the
directors consider it to be highly improbable that any liability will crystallise.
17. PROVISIONS FOR LIABILITIES AND CHARGES
Deferred tax
The group’s policy for accounting for deferred tax has changed to take into account the new accounting standard FRS19 
“Deferred Tax” and the comparative figures for tax on profit on ordinary activities and the deferred tax provision have been restated.
As a result of the change in accounting policy and the prior period adjustment, profit after tax has decreased by £307,000 
(2001 - £446,000).
The provision for deferred tax is as follows:
THE GROUP THE COMPANY
2002 2001 2002 2001
RESTATED RESTATED
£000 £000 £000 £000
Capital allowances in excess of depreciation 3,987 3,376 821 720
Losses carried forward (221) (190) – –
3,766 3,186 821 720
Movement in deferred tax in the year:
THE GROUP THE COMPANY
2002 2002
RESTATED RESTATED
£000 £000
At 1 January 2002 3,186 720
Charge to profit and loss account 307 101
Acquisition of subsidiaries 273 –
At 31 December 2002 3,766 821 32 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002
18. CALLED UP SHARE CAPITAL
2002 2001
£000 £000
Authorised
40,000,000 ordinary shares of 5p each 2,000 2,000
Called up, allotted and fully paid
27,704,047 ordinary shares of 5p each 1,385 1,385
The company operates a company share option plan where options granted may not be exercised unless there has been 
a growth in the earnings per share over a three year, or longer, period from grant which exceeds the sum of the percentage 
increase in the Retail Prices Index and 2% over the same period. At 31 December 2002 options to subscribe for 85,140 ordinary 
shares (2001 – 100,090) were held following the grant in 1996. The options may be exercised between 15 March 1999 and 
14 March 2006 at 154p per share. Further options were held at 31 December 2002 to subscribe for 395,432 ordinary shares 
(2001 – 468,579), granted in 1999, which may be exercised between 7 October 2002 and 6 October 2009 at 87.5p per share.
19. COMBINED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS AND STATEMENT OF MOVEMENTS 
IN RESERVES
CALLED UP SHARE CAPITAL PROFIT
SHARE PREMIUM REDEMPTION AND LOSS TOTAL TOTAL
CAPITAL ACCOUNT RESERVE ACCOUNT 2002 2001
RESTATED RESTATED RESTATED
THE GROUP £000 £000 £000 £000 £000 £000
At 1 January as previously stated 1,385 17,921 188 7,595 27,089 27,765
Prior period adjustment – – – (3,186) (3,186) (2,740)
At 1 January as restated 1,385 17,921 188 4,409 23,903 25,025
Profit/(loss) attributable to members – – – 1,285 1,285 (874)
Dividends paid and proposed – – – (1,441) (1,441) (1,476)
Purchase of own shares –––– – (1,018)
Goodwill previously written off to reserve–––– – 2,246
At 31 December 1,385 17,921 188 4,253 23,747 23,903
The cumulative amount of goodwill resulting from acquisitions that has been written off to reserves amounts to £4,227,000 
(2001 – £4,227,000).
CALLED UP SHARE CAPITAL PROFIT
SHARE PREMIUM REDEMPTION AND LOSS TOTAL TOTAL
CAPITAL ACCOUNT RESERVE ACCOUNT 2002 2001
RESTATED RESTATED RESTATED
THE COMPANY £000 £000 £000 £000 £000 £000
At 1 January as previously stated 1,385 17,921 188 1,208 20,702 21,773
Prior period adjustment – – – (720) (720) (612)
At 1 January as restated 1,385 17,921 188 488 19,982 21,161
Profit attributable to members – – – 3,312 3,312 1,315
Dividends paid and proposed – – – (1,441) (1,441) (1,476)
Purchase of own shares –––– – (1,018)
At 31 December 1,385 17,921 188 2,359 21,853 19,982
As permitted by Section 230 of the Companies Act 1985, the profit and loss account of the parent company is not presented as
part of these financial statements. The parent company’s profit after taxation for the year was £3,312,000 (2001 – £1,315,000).
NOTES TO THE ACCOUNTS FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 33
20. FINANCIAL INSTRUMENTS
The group finances its operations with a combination of retained profits and borrowings. Short term flexibility is achieved by the use
of overdraft facilities.
The group has no financial assets other than an immaterial amount of cash at bank. All financial assets and liabilities are in sterling. 
The interest rate profile of the financial liabilities of the group is set out below:
2002 2001
£000 £000
At floating interest rates 16,671 12,850
At fixed interest rates 66 441
Total 16,737 13,291
Weighted average fixed rate 8.0% 8.0%
Weighted average time fixed 0 years 1 year
The benchmark rate for determining interest payments on the financial liabilities at floating interest rates is bank base rate.
The group has no undrawn committed borrowing facilities (2001 – undrawn loan facility of £1.3 million expiring in 2003).
There are no material differences between fair and book values of financial instruments on a discounted cash flow basis.
Short term debtors and creditors (other than borrowings) have been excluded from disclosure.
21. FINANCIAL COMMITMENTS
THE GROUP
2002 2001
£000 £000
Capital commitments:
Contracted for but not provided 1,827 87
THE GROUP THE COMPANY
2002 2001 2002 2001
£000 £000 £000 £000
Obligations under finance leases and hire purchase contracts:
Minimum lease payments due:
Within one year 2,715 2,414 304 299
Between one and two years 2,276 1,955 328 313
Between two and five years 2,388 2,364 45 364
7,379 6,733 677 976
Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate. 21. FINANCIAL COMMITMENTS CONTINUED
Operating lease commitments
The group and the company were committed to making the following payments under operating leases in the next twelve months:
THE GROUP                              THE COMPANY
LAND AND BUILDINGS OTHER                                                       OTHER
2002 2001 2002 2001 2002 2001
£000 £000 £000 £000 £000 £000
Leases which expire:
Within one year – – 66 41 7 1
Within two to five years – 72 178 166 11 11
After five years 165 79 – – – –
165 151 244 207 18 12
22. PENSION SCHEMES
The group operates a number of funded pension schemes which are administered independently of the group’s finances. 
The schemes covering the largest number of employees are of the defined contribution type. The group also operates a defined
benefit scheme.
The pension cost of the defined benefit scheme is assessed in accordance with the advice of qualified actuaries using the attained
age method. The main actuarial assumptions used in the most recent formal valuation were:
• an investment return of 9% per annum
• salary increases of 8% per annum
• pension accrued before 1 April 1988: no increase per annum on non-GMP
• pension accrued between 1 April 1988 and 6 April 1997: 3% increase per annum on non-GMP
• pension accrued post 6 April 1997: 4.5% increase per annum.
The contribution levels are maintained in accordance with the advice of the pension scheme’s actuarial advisors at 9.6%.
The most recent formal valuation was at 1 April 1999. At that date the market value of the scheme’s assets was £5.66 million and
the actuarial valuation of the assets was sufficient to cover 113% of the benefits that had accrued to members after allowing for
expected future increases in earnings. The scheme also met the Minimum Funding Requirement set out in the Pensions Act 1995.
As required by SSAP 24, the figures included in the accounts in respect of the group’s defined benefit scheme are based on an
actuarial valuation carried out at 1 April 1999. This does not take into account any impact of the fall in the general stock market
values since that date. Any such impact will be reflected in the next SSAP 24 triennial valuation as at 1 April 2002 based upon
which subsequent pension costs will be determined until the adoption of FRS 17.
The disclosures required by Financial Reporting Standard 17, Retirement Benefits, are set out below; the scheme assets are valued
at market value and the liabilities are estimated by an actuary using the projected unit method. The financial assumptions used to
calculate the scheme liabilities by the actuary under FRS17 are:
2002 2001
% %
Discount rate 5.50 6.00
Inflation rate 2.50 2.75
Salary increases 2.50 4.50
Increase to pensions in payment 3.00 3.00
Rate of revaluation of deferred pensions in excess of GMP 2.50 2.75
NOTES TO THE ACCOUNTS
34 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 22. PENSION SCHEMES CONTINUED
The assets in the scheme and the expected rate of return were:
LONG-TERM LONG-TERM
EXPECTED RATE EXPECTED RATE
OF RETURN VALUE OF RETURN VALUE
2002 2002 2001 2001
% £000 % £000
Equities 7.25 3,423 7.00 4,440
Bonds 4.50 572 5.50 668
Property 7.25 193 7.00 253
Cash 4.50 178 4.50 274
4,366 5,635
The following amounts were measured in accordance with the requirements of FRS17:
2002 2001
£000 £000
Total market value of assets 4,366 5,635
Present value of scheme liabilities (5,108) (5,151)
(Deficit)/surplus in the scheme (742) 484
Related deferred tax asset/(liability) 223 (145)
Net pension (liability)/asset (519) 339
If the above amounts had been recognised in the financial statements, the group’s net assets and profit and loss reserve would be
as follows:
2002 2001
RESTATED
£000 £000
Net assets excluding pension (liability)/asset 23,747 23,903
FRS17 pension (liability)/asset (519) 339
Net assets including pension (liability)/asset 23,228 24,242
Profit and loss reserve excluding pension (liability)/asset 4,253 4,409
FRS17 pension (liability)/asset (519) 339
Profit and loss reserve including pension (liability)/asset 3,734 4,748
FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 35 NOTES TO THE ACCOUNTS
36 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002
22. PENSION SCHEMES CONTINUED
Analysis of amount that would be charged to operating profit:
2002
£000
Current service cost 126
Total operating charge 126
Analysis of the amount that would be credited to other finance income:
2002
£000
Expected return on pension scheme assets 376
Interest on pension scheme liabilities (309)
Net return 67
Analysis of amount that would be recognised in the Statement of Total Recognised Gains and Losses (STRGL):
2002
£000
Actual return less expected return on pension scheme assets (1,584)
Experience gains and losses arising on the scheme liabilities 185
Changes in assumptions underlying the present value of the scheme liabilities 148
Actuarial loss recognised in the STRGL (1,251)
Movement in surplus/(deficit) during the year: 2002
£000
Surplus in scheme at beginning of year 484
Movement in year:
Current service costs (126)
Contributions 84
Other finance income 67
Acturial loss (1,251)
Deficit in scheme at end of year (742)
History of experience gains and losses: 2002
£000
Difference between the expected and actual return on the scheme assets (1,584)
Percentage of scheme assets (36%)
Experience gains and losses on scheme liabilities 185
Percentage of the present value of the scheme liabilities 4%
Total actuarial loss that would be recognised in the STRGL (1,251)
Percentage of the present value of the scheme liabilities (24%) 23. RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES
2002 2001
£000 £000
Operating profit 3,095 3,739
Exceptional closure costs (32) –
Depreciation charges 2,924 3,051
(Increase)/decrease in stocks (195) 157
Decrease in debtors 134 220
(Decrease)/increase in creditors (27) 31
Net cash inflow from operating activities 5,899 7,198
24. ANALYSIS OF CHANGES IN NET DEBT
AT ACQUISITION AT
1 JANUARY NON-CASH OF SUBSIDIARY 31 DECEMBER
2002 CHANGES UNDERTAKINGS CASH FLOW 2002
£000 £000 £000 £000 £000
Cash at bank and in hand 22 – – (16) 6
Bank overdrafts (2,381) – – 1,839 (542)
Bank loans (4,177) – (238) (4,401) (8,816)
Finance leases and hire purchase contracts (6,733) (2,649) (898) 2,901 (7,379)
(13,269) (2,649) (1,136) 323 (16,731)
25. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
2002 2001
£000 £000
Increase/(decrease) in cash 1,823 (995)
Cash (in)/outflow from debt and lease financing (1,500) 4,142
Change in net debt resulting from cash flows 323 3,147
New finance leases and hire purchase contracts (2,649) (302)
Debt acquired with subsidiaries (1,136) –
Movement in net debt in the year (3,462) 2,845
Net debt at 1 January (13,269) (16,114)
Net debt at 31 December (16,731) (13,269)
FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 37 26. ACQUISITIONS AND DISPOSAL OF SUBSIDIARIES
BOOK VALUE ACQUISITIONS
AT DATE OF FAIR VALUE FAIR VALUES DISPOSAL
ACQUISITION ADJUSTMENT 2002 2001
£000 £000 £000 £000
Tangible fixed assets 2,389 536 2,925 572
Stocks 119 – 119 144
Debtors 1,944 – 1,944 918
(Overdraft)/cash at bank (104) – (104) 21
Creditors (2,626) – (2,626) (383)
Provisions for liabilities and charges (273) – (273) –
1,449 536 1,985 1,272
Goodwill on acquisitions/(loss on disposal) – (731)
1,985 541
Satisfied by: 
Loan notes of £1,900,000 and costs of acquisitions of £85,000 (1,985) –
Cash (net of costs of disposal) – 541
The fair value adjustment reflects a revaluation of the freehold land and buildings. Contingent loan note consideration of up to
£1,000,000 (fair value £ nil) is payable depending on the profitability of the acquired subsidiaries in the period from acquisition to 
31 December 2003. 
The profits/(loss) after tax of Quadracolor Limited and Quadracolor Graphics Limited for the year ended 31 October 2001 were
£80,000 and £129,000 respectively, and for the three months ended 31 January 2002 were £(18,000) and £46,000 respectively.
The group loss on disposal of the The Box Room Limited of £2,977,000 included £2,246,000 in respect of goodwill previously
written off to reserves. In addition, included in the 2001 group accounts is a loss after tax of £288,000 (2000 – £209,000)
attributable to The Box Room Limited.
The Quadracolor companies, acquired on 31 January 2002, had a net cash inflow from operating activities of £599,000, paid
£56,000 in respect of returns on investments and servicing of finance, paid taxation of £53,000, paid £50,000 for net capital
expenditure and repaid debt of £377,000. The subsidiary disposed of on 23 October 2001, The Box Room Limited, had a net 
cash outflow from operating activities of £538,000, received £5,000 in respect of returns on investments and servicing of finance,
and paid £76,000 in respect of capital expenditure. 
NOTES TO THE ACCOUNTS
38 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 2002 2001 2000 1999 1998
£000 £000 £000 £000 £000
PROFIT AND LOSS ACCOUNT
Turnover 41,584 39,740 40,523 38,536 38,371
Operating profit before exceptional items 3,848 3,739 4,647 5,184 5,297
Exceptional items (1,066) (2,977) – – (211)
Net interest paid (836) (859) (676) (624) (713)
Profit/(loss) before taxation 1,946 (97) 3,971 4,560 4,373
BALANCE SHEET
Fixed assets 34,857 32,242 36,920 29,804 28,665
Net current assets 5,032 1,995 1,337 2,899 3,012
Creditors over one year (12,376) (7,148) (10,492) (6,710) (7,654)
Provisions for liabilities and charges (3,766) (3,186) (2,740) (2,328) (2,027)
Net assets 23,747 23,903 25,025 23,665 21,996
All comparatives are restated as described in note 17.
FIVE YEAR REVIEW
FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 39 40 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002
NOTICE OF MEETING
Notice is hereby given that the annual general meeting of Fulmar plc will be held at its registered office, The Orion Centre, 
108 Beddington Lane, Croydon, Surrey CR0 4YY on Monday 12 May 2003 at 12 noon for the following purposes:
Ordinary business
1. To receive and adopt the company’s financial statements and reports of the directors and auditors for the year ended
31 December 2002.
2. To receive and adopt the directors’ remuneration report for the year.
3. To approve the final dividend of 3.4p per share for the year ended 31 December 2002.
4. To re-elect D J Harris who retires by rotation, as a director.
5. To re-appoint Deloitte & Touche as auditors of the company, to act as such until the conclusion of the next annual 
general meeting, and to authorise the directors to fix their remuneration.
Special business
6. To consider and, if thought fit, pass the following resolution as an Ordinary Resolution:
THAT: 
(a) the directors be and they are hereby generally and unconditionally authorised in accordance with section 80 of
the Companies Act 1985 to exercise all the powers of the company to allot relevant securities (within the meaning
of the said section 80) up to an aggregate nominal amount of £461,734 during the period commencing on the
date of the passing of this resolution and expiring on 11 May 2008, but so that this authority shall allow the
company to make before the expiry of this authority offers or agreements which would or might require relevant
securities to be allotted after such expiry and notwithstanding such expiry the directors may allot relevant
securities in pursuance of such offers or agreements; and
(b) all authorities previously conferred under the said section 80 be and they are hereby revoked, provided that such
revocation shall not have retrospective effect.
7. To consider and, if thought fit, pass the following resolution as a Special Resolution:
THAT, subject to and conditional upon the passing as an Ordinary Resolution of resolution number 5 set out in the
notice of this meeting: 
(a) the directors be and they are hereby empowered, pursuant to section 95 of the Companies Act 1985 (the “Act”),
to allot equity securities (within the meaning of section 94 of the Act) pursuant to the authority given in
accordance with section 80 of the Act by the said resolution number 5 as if section 89(1) of the Act did not apply
to any such allotment, provided that this power shall be limited to the allotment of equity securities:
(i) in connection with or the subject of an offer or invitation, open for acceptance for a period fixed by the
directors, to holders of ordinary shares and such other equity securities of the company as the directors
may determine on the register on a fixed record date in proportion (as nearly as may be) to their respective
holdings of such securities or in accordance with the rights attached thereto (including equity securities
which, in connection with such offer or invitation, are the subject of such exclusions or other arrangements
as the directors may deem necessary or expedient to deal with fractional entitlements that would otherwise
arise or with legal or practical problems under the laws of, or the requirements of any recognised regulatory
body or any stock exchange in, any territory or otherwise howsoever); (ii) pursuant to the terms of any share scheme for employees approved by the members in general meeting; and
(iii) (otherwise than pursuant to sub-paragraphs (i) or (ii) of this resolution) up to an aggregate nominal amount of
£69,260, 
and shall expire on 11 May 2008, except that the company may before such expiry make offers or agreements which
would or might require equity securities to be allotted after such expiry and notwithstanding such expiry the directors
may allot equity securities in pursuance of such offers or agreements; and
(b) all authorities previously conferred under section 95 of the Act be and they are hereby revoked, provided that such
revocation shall not have retrospective effect.
8. To consider and, if thought fit, pass the following resolution as a Special Resolution:
THAT the company be and is hereby generally and unconditionally authorised to make market purchases (within the meaning
of section 163(3) of the Companies Act 1985) of ordinary shares of 5p each in the capital of the company (“Ordinary Shares”)
on such terms and in such manner as the directors may from time to time determine provided that:
(a) the maximum number of Ordinary Shares hereby authorised to be acquired is 2,770,405;
(b) the minimum price which may be paid for an Ordinary Share is 5p;
(c) the maximum price which may be paid for an Ordinary Share is an amount equal to 105% of the average of the middle
market quotations for an Ordinary Share as derived from the London Stock Exchange Daily Official List for the five
business days immediately preceding the day on which that Ordinary Share is contracted to be purchased;
(d) the minimum and maximum prices per Ordinary Share referred to in sub-paragraphs (b) and (c) of this resolution are 
in each case exclusive of any expenses payable by the company;
(e) the authority conferred by this resolution shall expire at the conclusion of the annual general meeting of the company 
to be held in 2004, or, if earlier, the expiry of 15 months from the date of the passing of such resolution unless such
authority is varied, revoked or renewed prior to such time by the company in general meeting by Special Resolution; 
and
(f) the company may enter into a contract to purchase Ordinary Shares under the authority conferred by this resolution
prior to the expiry of such authority which will or may be completed wholly or partly after the expiry of such authority 
and may make a purchase of Ordinary Shares in pursuance of any such contract.
By order of the board Registered office:
D J Harris The Orion Centre
Secretary 108 Beddington Lane
4 April 2003 Croydon CR0 4YY
FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002 41 42 FULMAR plc ANNUAL REPORT AND ACCOUNTS 2002
Notes
Only holders of ordinary shares registered on the register of members of the company at 12 noon on 10 May 2003 shall be entitled to attend and vote
or to be represented at the meeting in respect of the shares registered in their name at that time. Changes to entries on the register of members after 
12 noon on 10 May 2003 shall be disregarded in determining the rights of any person to attend and vote at the meeting.
A member entitled to attend and vote at the meeting may appoint one or more proxies to attend and (on a poll) to vote instead of him. A proxy need 
not be a member of the company. The appointment of a proxy will not preclude a member from attending and voting in person. 
To be valid, an instrument appointing a proxy in respect of the meeting and the power of attorney or other authority (if any) under which it is signed, 
or a copy of such authority certified notarially, must be deposited with the company’s registrars, Capita IRG plc, The Registry, 34 Beckenham Road,
Beckenham BR3 4TU, not less than 48 hours before the time appointed for holding the meeting.
The register of directors’ holdings, copies of the directors’ service agreements and the company’s memorandum and articles of association are 
available for inspection at the registered office of the company during normal business hours on any weekday and will be available at the place 
of the meeting from 15 minutes prior to the commencement of the meeting until the conclusion thereof.
The final dividend in respect of the year ended 31 December 2002 will, if approved, be paid on 19 May 2003 to holders of ordinary shares on 
the register at the close of business on 11 April 2003.
NOTICE OF MEETING FORM OF PROXY
I/We of ..........................................................................................................................................................................................................................
(BLOCK CAPITALS PLEASE)
of .....................................................................................................................................................................................................................................
..........................................................................................................................................................................................................................................
being a member of Fulmar plc, hereby appoint the Chairman of the Meeting or .........................................................................
(BLOCK CAPITALS PLEASE)
..........................................................................................................................................................................................................................................
as my/our proxy to vote for me/us and on my/our behalf at the Annual General Meeting of the company to be held
on 12 May 2003, and at every adjournment thereof. I/We direct my/our proxy to vote on the resolutions set out in
the notice convening the meeting as indicated below.
Dated ............................................................................ 2003 Signature.........................................................................................................
Please indicate with an ‘X’ in the appropriate box how you wish your proxy to vote. Unless otherwise instructed, the
proxy will vote or abstain from voting at his discretion.
Notes
1. You may, if you wish, delete the words ‘the Chairman of the Meeting or’ and substitute the name of your proxy of choice. Please initial such an
alteration. A proxy need not be a member of the company.
2. To be effective, this form of proxy and the power of attorney or other authority (if any) under which it is signed, or a copy of such authority certified
notarially, must be deposited with the company’s registrars, Capita IRG plc, The Registry, 34 Beckenham Road, Beckenham BR3 4TU not less than 
48 hours before the time appointed for holding the meeting.
3. In the case of corporations this form of proxy must be completed under its common seal or under the hand of some officer or attorney or other
person duly authorised.
4. In the case of joint holders, the signature of any one joint holder is sufficient. The vote of the senior who tenders a vote, whether in person or by
proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority shall be determined by the order in
which the names stand in the register of members in respect of the share.
5. Completion and return of this form of proxy will not preclude a member from attending and voting in person.
6. On any motion to amend any resolution, to propose a new resolution or to adjourn the meeting, or on any other motion or resolution put to the
meeting, the proxy will vote or abstain from voting at his discretion.
RESOLUTIONS FOR AGAINST
1. To receive and adopt the financial statements and reports of the
directors and auditors for the year ended 31 December 2002.
2. To receive and adopt the directors’ remuneration report for the year.
3. To approve the final dividend of 3.4p per share for the year ended 
31 December 2002.
4. To re-elect D J Harris as a director.
5. To re-appoint Deloitte & Touche as auditors until the next annual general
meeting and to authorise the directors to fix their remuneration.
6. The resolution (item 5 in the notice) relating to the allotment of
securities.
7. The resolution (item 6 in the notice) relating to the disapplication 
of pre-emption rights.
8. The resolution (item 7 in the notice) relating to the purchase by 
the company of its own shares.
✄ 2
BUSINESS REPLY SERVICE
Licence No. MB122
Capita Registars (Proxies)
PO Box 25
Beckenham
Kent BR3 4BR
THIRD FOLD AND TUCK IN EDGE
SECOND FOLD
FIRST FOLD FIRST FOLD  FULMAR plc
THE ORION CENTRE
108 BEDDINGTON LANE
CROYDON
SURREY 
CR0 4YY