ASOS PLC
Annual Report & Accounts 2009
Winning the online fashion race
ASOS PLC Annual Report & Accounts 2009 ASOS is rapidly becoming the
market leader in the UK online
fashion world.
ASOS continues to generate
profitable growth despite
continued investment in
operational resources.
ASOS enjoys strong and
increasing barriers to entry due
to its dominant market position.
01 Highlights 02 Our Business 16 Chairman’s Statement 18 Chief Executive’s Statement
22 Finance Director’s Review 26 Board of Directors 30 Corporate Governance
32 Directors’ Remuneration Report 36 Directors’ Report 40 Independent Auditors’ Report
42 Consolidated Income Statement 43 Statements of Changes in Equity
44 Consolidated Balance Sheet 45 Company Balance Sheet
46 Consolidated Cash Flow Statement 47 Company Cash Flow Statement
48 Notes to the Financial Statements 79 Five Year Group Financial Summary
Winning the online fashion race 01
www.asos.com
The Online Fashion Store
01
163,395
81,044
42,614
20,317
14,428
REVENUE
£’000
+102%
05 06 07 08 09
71,699
37,284
18,126
8,649
6,479
GROSS PROFIT
£’000
+92%
05 06 07 08 09
13,935
6,962
3,246
1,344
840
OPERATING
PROFIT
£’000
+100%
05 06 07 08 09
10,009
5,053
2,484
1,417
879
PROFIT AFTER 
TAXATION
£’000
+98%
05 06 07 08 09
+61%
25,709
15,944
8,385
5,522
3,612
NET ASSETS
£’000
05 06 07 08 09
13.6
6.9
3.4
2.0
1.3
EARNINGS
PER SHARE
pence
+97%
05 06 07 08 09 Stock Exchange Code: ASC ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009
Menswear now accounts for 
18% of our sales.
Our Business
Over half of our male shoppers 
are under the age of 25.
Over half of our female shoppers 
are under the age of 25.
— THE NUMBER OF 
ACTIVE SHOPPERS 
HAS INCREASED TO 
OVER 1.2 MILLION
— OVER 24,000 LINES
FOR SALE
— ASOS IS THE NO. 2 
PLAYER IN THE UK 
ONLINE CLOTHING 
MARKET
— ATTRACTING OVER
5.2 MILLION VISITORS
PER MONTH
■ Womenswear 63%
■ Women’s non clothing 18%
■ Beauty 1%
■ Menswear 18%
■ Women 16 — 25 51%
■ Women 26 — 35 29%
■ Women 36+ 20%
■ Men 16 — 25 52%
■ Men 26 — 35 30%
■ Men 36+ 18%
ASOS PERCENTAGE
OF RETAIL SALES
AGE PROFILE OF
FEMALE SHOPPERS
AGE PROFILE OF
MALE SHOPPERS
02
www.asos.com 03
www.asos.com www www www www w.as .as .as .as sos. os. os. os. o com com com com com
The Online Fashion Store
OUR STRATEGY
OVERVIEW
Our objective is to be the leading fashion website in the UK and 
attract growing numbers of overseas customers.
A key element of our financial strategy is to maximise efficiency while 
continuing to invest in supporting our planned growth.
Uncompromising Presentation
The ASOS website is our shop window and we will continue to 
develop it to ensure that our customers enjoy their time on the site 
and find it easy to find their way around it.
Incredible Choice
We will offer our customers the latest fashion with a target of over 
30,000 options for the Autumn / Winter season. This will be driven 
through both own label and branded products. 
Delivering Impeccable Service
We will increase the number of delivery options available to
our customers.
Winning the online fashion race
AWARDS
2008:
Company High Street
Awards —
Best Online Shopping
APA Awards —
Integrated Marketing Solution 
and Digital Activity of the Year www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
04
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
— 500,000 AVERAGE 
MONTHLY 
CIRCULATION
— ASOS MAGAZINE NOW 
THE THIRD LARGEST 
CIRCULATION AFTER 
GLAMOUR AND 
COSMOPOLITAN
 
Uncompromising
Presentation
ASOS LIFE
In 2008 we joined the 
conversation with customers 
through various social media, 
starting official ASOS pages 
on Facebook, MySpace 
and Bebo. We have also 
introduced ASOS Life, which 
allows customers to talk to 
each other and key people 
within ASOS. 
CASE STUDY 05
www.asos.com
The Online Fashion Store
05
www.asos.com www www www www w.as .as .as .as . os. os. os. os.com com com om com
The Online Fashion Store
The website received a complete overhaul in March 2009 
and we introduced a number of new navigation features to 
enable quick and easy browsing of the extended product 
ranges. We also introduced a 360 degree view of all shoes 
and accessories and we introduced catwalk for menswear 
and for ASOS Outlet.
Our 20 biggest brands are now represented
by a ‘shop in shop’ providing a rich brand
experience for our customers and a
unique distribution platform for our
brand partners.
AWARDS
2008:
APA Awards —
Most Effective Retail Consumer 
Magazine of the Year
PPA Awards —
Customer Magazine of
the Year www.asos.com
06
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009
06
www.asos.com
Stock Exchange Code: ASC
AWARDS
2009:
Cosmopolitan Online
Fashion Awards —
Best Online Retailer
2008:
Maxim Style Awards — 
Multiple Brand Retailer
of the Year
Fashion
6126 *
A.Y.Not Dead *
ACNE DENIM
Adidas
Alexander Wang 
Tees *
Alexandra McQueen 
for Puma *
Alice & Olivia 
Alice and Sens *
Alice McCall
Ann-Sofie Back *
Antik Batik
April 77 *
Aqua Couture
Armand Basi One
Arne and Carlos *+
Bassike *
Belle Sauvage
Bench *
BERMAN BLACK *
Best Behaviour *
Beyond the Valley *
Bibi Chemnitz *
Billabong
Bllack Noir *
Bolongaro Trevor
Calvin Klein
(Lounge & Lingerie)
Chilli Pepper
Chloe (Lounge & 
Swim) *
CK by Calvin Klein 
Coast
Coming Soon By Yoji 
Yamamoto +
Coutique
Dagmar *
Dahlia
Darling
Denham
Designers Remix *
Diesel  
Diesel Black Gold +
Disney Couture *
DKNY (Lounge & 
Lingerie) *
Dolly Dare +
Edwin *
Eksempel *
Ellisborough +
Emporio Armani 
(Lounge) *
Farhi by Nicole 
Farhi * 
Fantasie
Fashion Enter
Fat Face
Freya
Future Classics
Genetic  *
Gestuz
Gomez Gracia *+
Happie Loves It
Heaven & Earth +
Helene Berman +
Horace
House of the Gods
Humanoid *
Hurwundeki
Ichi
Iro *
Jaeger London
JJ Park
Jovonna
Junk Food
Just Cavalli 
K By Karl Lagerfeld *
Karen Millen 
Karen Walker *
Kate Fearnley *
Kuyichi
LAMB +
Lauren Moshi
Lipsy
Lisa Jayne Dann
Little Miss Sew +
LNA 
Lofli
Manoush 
Markus Lupfer
McQ by Alexander 
McQueen
Mina
Mini Market
Minimum *
Motel
Muu Baa 
Natalie Encarnita
Nicola de Main
Nike
Nobody *
Numph *
NW3 *+
Orion
Pa:Nuu *
Patrizia Pepe 
Paul & Joe Sister  
Paul Frank
People Tree
Just a few of our Womens Brands
Choice
Incredible 07
www.asos.com
The Online Fashion Store
“WE WELCOMED A NUMBER OF NEW BRANDS TO 
THE SITE INCLUDING G-STAR, REISS, WAREHOUSE 
AND POLO RALPH LAUREN AND WE LOOK 
FORWARD TO INTRODUCING BOTH GAP AND 
MANGO IN AUGUST 2009”
Peoples Market
Peter Jensen *
Pinko  +
Pinko Skin
Poppy Valentine +
Pringle 1815 
Prophecy
Public Beware
Puma
Quontum
Rainbeaux
Rare
Rebecca Taylor *
Reiss 
Religion
Repetto
Richard Sorger *+
Roxy
Sass & Bide 
Satori
Seafolly 
Selected Femme
Shock Absorber
Siren
Siwy
Soaked In Luxury
Something Else
Sonia By Sonia 
Rykiel 
Sugar Hill Boutique *
Sunseeker
Supertrash
TFNC
The Laden 
Showroom +
The Mountain
Tofu
Totem
Traffic People
Tree Hugger +
Twenty8Twelve 
Unconditional *+
Unique Boutique
Valentino Red *
Vero Moda
Vila
Vix 
Wayne *+
Wheels & Doll Baby 
Whistle 
Wildfox *
William Rast *
Won Hundred *
Work  *
YMC *
Yumi
Accessories
80%20
Abaco *
Adidas * 
Alex Munroe 
Alexia  *
Angel Jackson 
Angie Gooderham 
Anton Heunis 
Jewellery *
Ash 
Bajra *
Berman Black *
Bernstock Speirs *
Bertie 
Betsey Johnson 
Birkenstock 
Bloch *
Blowfish 
Botkier 
Bottle Top - Enviro 
Bourne 
Bracher Emden *
Calvin Klein *
Calvin Klein Jeans 
Carvela 
Cath Kidston 
Causse Gloves *
CC Skye
Chapeau Claudette 
Charlott Vasberg *
Cheeky Monkey 
Chie Mihara 
Coast 
Converse 
Cornelia Jewellery *
Crumpet 
D&G Jewellery *
David & Scotti *
Dents *
Diesel 
Diesel Black Gold
Disaya 
Disney +
Disney Couture 
DKNY Active
Dolce Vita 
Dr Martens 
Dune 
DV
Ela Stone Jewellery 
Eley Kishimoto 
EMU
Erotokritos 
Erva *
Eugenia Kim 
F&J Scarves *
Faith
Farhi By Nicole 
Farhi *
Feud
Finsk
Firetrap
Fluff *
Fornarina
Fred Perry
French Connection
Gaspard Yurkievich 
G-Star *
Guess
H By Hudson
Harajuku Lovers 
Harlot 
Havaianas 
Helene Berman +
House of Harlow 
Jewellery *
Hunter
Imoni *
Irregular Choice
J Lo
Jaeger
Jas MB
Jeepers Peepers +
Jennifer Ouellette *
Jessica Kagan 
Cushman *
Jessica Simpson 
Johnny Loves Rosie 
Johnstons *
Juicy Couture *
Just Cavalli 
Kara Ross *
Karen Millen
Kate Sheridan
Kathryn Amberleigh 
Keds
Killah
Kitson Jewellery *+
Kotur *
Lacoste *
Lala Berlin *
LAMB
Laura Tabor
Laurence Decade 
L’Autre Chose 
Leigh & Luca *
Les Nereides 
Lipsy
Lisa Galibardy  
Lotus
Lulu Guinness *
Luxury Rebel 
Made
Maniyak  +
Martine Sitbon *
MCQ
Melissa
Michael by Michael 
Kors *
Minnetonka 
Mischa Barton +
Miss L-Fire
Miss Sixty
Mogil
Monica Vinader 
Moschino Cheap & 
Chic Jewellery *
Mukluk 
Nike
Nine West
Nogoy
Oasis
O’Neil
Opening Ceremony
Orla Kiely 
Paparazzi  *
Patrizia Pepe 
Paul & Joe 
Paul & Joe Sister 
Paul Frank 
People Tree 
Philip Treacy 
Philosophy by 
Alberta Ferretti *
Pied A Terre 
Pinko 
Poetic Licence 
Preen By Thornton 
Bregazzi 
Pringle
Puma *
Rebecca Minkoff 
Reebok 
Reiss
Repetto *
Rocket Dog
Salvador Sapena 
Satori  *
See By Chloe *
Seychelles 
Shellys 
Shofolk 
Snowjoggers 
Solea 
Sonia By Sonia 
Rykiel *
Stephen Webster *
Steve Madden 
Steven
Studio TMLS 
Superga 
Surface To Air *
Susan Caplan 
Vintage Jewellery 
Swarovski *
Tales From The Earth 
Tarina Tarentino 
Ted Baker 
Terra Plana 
Terry De Havilland 
The Earring Boutique 
Toms
Traits *
Twenty8Twelve
Ugg
United Nude
Vivienne Westwood *
Vivienne Westwood 
for Melissa
VJC Versace Jeans 
William Sharp *
Yarnz *
Zoe & Morgan 
Beauty
Anatomicals
Anna Lou
Barry M
Body Boutique
Bourjois
Carmex
Cath Kidston
Dainty Doll
Elegant Touch Wax
EVO +
Eyeko
Eylure
Fake Bake
Figs & Rouge *
Fudge
Ghd
Girls with Attitude
Hair Rehab
Hairdo. By Jessica 
Simpson & Ken 
Paves
Hei Poa
Jelly Pong Pong
JK Jemma Kidd +
Korres
Liparazzi
Lizzie
Models Own *
Mop
Nails Inc.
Naturaleve
O.P .I
Ole Henriksen
POP Beauty
Rimmel London
Rose & Co
Rose & Co Cherry 
Kiss
Seche *
Skin Doctors
St Tropez
Tangle Teezer *
Ted Baker *
Tigi Bed Head
Tigi Catwalk
Tigi Hardcore
Tigi S Factor
Toni & Guy
Too Faced
Toxic Twins
Tweezerman
Urban Decay
Young & Pure *
*  New
+ Exclusive www.asos.com
08
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
Fashion
10 Deep *
1000 Reasons *+
55DSL
ACNE *
Addict
Addict Outdoor
ADIDAS
Affliction
Alexander McQueen 
for PUMA *
Alpha
Amplified
April 77 *
Aquascutum *
Arn *
Atelier La Durance *
Ator Berghaus *
Aussie Bum 
B Store *
Baracuta
Ben Sherman
Ben Sherman 
Tailoring
Bench
Berghaus Heritage *
Bjorn Borg
Blue Blood
Bolongaro Trevor
Born
Boss Black
Boss Green *
Boss Orange
Boxfresh
BSA
Buckler
Burlington
Burro *
Calvin Klein
Calvin Klein 365
Calvin Klein Pro 
Stretch
Calvin Klein Steel
Canada Goose
Canadian Sweater 
Company  *
Carhartt *
Carolyn Massey *
Cheap Monday
Chunk
CIN2 *
Closed 
Cold Method 
Comme des Garcons 
Comme des Garcons 
SHIRT 
Corgi 
Crooks & Castles *
D&G
Daniele Alessandrini
Day Birger et 
Mikkelsen
Denham *
Denim Demon *
Dickies
Diesel
Diesel Black Gold
DKNY
Dockers
Dr Denim
Duck & Cover *
Earnest Sewn *
Edwin *
ELC *
Emporio Armani
Energie *
Evisu
Farah Vintage
Farhi
Fat Face *
FC72
FCUK
Fila Gold
Filippa K
Firetrap
Fly 53
Frank Dandy
Franklin & Marshall
Fred Perry
Fred Perry Classic *
Fred Perry Laurel *
French Connection
Full Circle
G Star *
Gabicci Vintage
Gant *
Gap *
Garbstone *
Gilded Age *
Ginch Gonch
Gio Goi
Gloverall *
Hackett *
Hartford
Henri Lloyd
Henrik Vibskov *
Hilfiger Denim
Hilfiger Underwear
Holland Esq *
Hom
Hope
Hugo Boss Golf *
Hugo Boss Red *
Humour
Ian Poulter
IJIN *+
J. Lindeberg
Just a few of our Mens Brands
Choice
Incredible
AWARDS
2009:
Drapers Footwear Awards —
Etailer of the Year
2008:
In Style Shopping
Awards 2008 —
Best Online Shop 09
www.asos.com
The Online Fashion Store
“DURING THE YEAR, OUR PRODUCT RANGES GREW 
BY 157%, RESULTING IN 21,300 OPTIONS ON SITE 
AT THE END OF MARCH 2009 (UP FROM 8,300 AT 
THE END OF MARCH 2008)”
JL BY J. Lindeberg 
Golf
John Galliano +
John Richmond *
John Smedley
Junk De Luxe
Just Cavalli
Kato *
Kicking Mule *
KIDROBOT *
Ksubi *+
Kuyichi
Kuyichi Pure 
Premium *
Lacoste *
Lamundane *
Lavenham *
Lee
Lee Jeans Gold *
Lee Jeans Originals *
Levis
Levis 501
Logoshirt
Lyle & Scott Heritage 
Made In England *
Maharishi
Mango *
Marc by Marc 
Jacobs *
MCQ BY Alexander 
McQueen
MHL by Margaret 
Howell 
Mjolk
Modern Amusement
Money *
Moschino *+
Naked and Famous *
Nice Collective
Nigel Hall
NIKE
NIKE ACG *
Nobody *
Nudie
Oak *
Obey *
Oliver Spencer
One True Saxon
O’Neill Outdoor
Opening Ceremony *
Original Penguin
Pantherella
Pants To Poverty
Paul & Joe
Penfield
Peoples Market
Pepe
Peter Werth
Polo Golf *
Polo Jeans *
Polo Ralph Lauren  
Pringle  
Pringle Golf 
Puffa 
Puma 
Puma 18-Hole Golf 
Puma by Dasler 
RAF by Raf Simons 
Raf Simons for Fred 
Perry 
Real Real Genuine *
Reigning *
Reiss
Religion
Replay
Ringspun
Roberto Cavalli*
Schott
Seal Kay
Sexy Bastard by 
Buckler
Shipley & Halmos  *
Simon Carter 
Sloggi 
Staple *
Stone Island Denim *
Studio Da Artisan *
Sugar Caine *
Sunspel
Superdry
Supra *
Supreme Being
Surface to Air *
Ted Baker
The North Face
Thomas Burberry
Thomas Pink *
Tiger of Sweden
Timberland *
Tommy Hilfiger
Tommy Hilfiger Golf 
True Religion 
Tuesday Night Band 
Practice
Two Stoned 
Unconditional 
Velour 
Victorinox 
Villain  
Vintage 55 *
We Are Replay
What Goes Around *
Whyred
Wilson
Wings and Horns *
Wonhundred *
Wrangler
Wrath Arcane *
YMC
Accessories
55DSL
Acne
Adidas
Adidas Originals
Ally Capellino
Andersons
Anthony Peto
B Store
Bailey of Hollywood
Band of Outsiders
Ben Sherman
Bench
Bill Amberg
Black Dice
Bolongaro Trevor
Boss Hugo Boss 
Boss Hugo Boss 
Green
Boxfresh
Brady
Breil
B-Store
Calvin Klein
Camper
Carhart *
Carrera
Casio
Caterpillar Raw *
Cheap Monday
Cheapo
Chris & Tibor
Chris Habana *
Citizen *
Clarks
COMME des 
GARÇONS SHIRT
Common Projects *
Converse
Creative Rec *
D&G
D.I.E
Dakine
Diesel
Diesel Black Gold
DKNY
Dockers
Dolce & Gabbana
Dr Martens
Eastpak
Emporio Armani
Energie
Evisu
Farhi
Fila
Filippa K
Firetrap
Fly 53 *
Fly London
Franklin & Marshall
Fred Perry
Fred Perry Laurel
French Connection
Full Circle
G Shock
G Star *
G.H. Bass
Gant
Gio Goi
Gola
Grenson
Guess
H By Hudson
Hackett *
Hartford
Helmut Lang *
Henri Lloyd
Henrik Vibskov
Heuer
Hilfiger Denim
Hope
Hudson
Hugo Boss
Hunter
Ignite
Ikon
Illustrated People
Independent *
Insight
Isavedlaurence
J Fold
J. Lindeberg
Jack Purcell *
JAS MB
Jeepers Peepers
Jeffery West
John Smedley
Junk De Luxe
K by Karl Lagerfeld
Kangol
Karl Lagerfeld
Keds
Kenneth Cole
KG By Kurt Geiger
K-Swiss
Lacoste
Lanyard *
Levis
Linda Farrow 
Projects
Links of London *
LogoBag
Luke Roper 1977
Manhattan Portage
Marc By Marc 
Jacobs
Marc Jacobs
McQ by Alexander 
McQueen
Merrell
MHL by Margaret 
Howell
Michael Kors
Minnetonka
Modern Amusement
Nanny State
Narrative
New Balance
Nice Collective
Nigel Hall
Nike
Nooka
Oakley
Officine Creative
Oliver Spencer
Omega
One True Saxon
O’Neill
Onitsuka Tiger
Opening Ceremony
Original Penguin
Paul & Joe
Peckham Rye
Penguin *
Persol
Peter Werth
PF Flyers
Police
Polo By Ralph Lauren
Puma
Raf by Raf Simons
Raf Simons
Raf Simons for 
Eastpak
Raf Simons for Fred
Ralph Lauren
Ray-Ban
Red Wing
Reebok
Replay
Retro Super Future 
Sunglasses
Rogues Gallery
Rolex
Schmoove
Sebago
Seven Jewellery
Shofolk
Simon Carter
Sonia Rykiel
Sperry
Spitfire
Storm
Superdry
Superga
Supreme Being
Tateossian
Ted Baker
The North Face
Timberland Boot Co.
Timex 
Tommy Hilfiger *
Toy *
Tretorn
TW Steel *
U-boat
Vans
Velour
Victoria Plimsolls
Villain
Vivienne Westwood *
Wrangler
YMC
YSL
Zoe and Morgan
New *
Exclusive + www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
10
Stock Exchange Code: ASC
Delivering
— E-MAIL AND TEXT 
ALERTS TO INFORM 
CUSTOMERS
OF DELIVERIES
— 85% OF ORDERS 
TRACKABLE
— CUSTOMER CARE 
AVAILABLE 24/7
— NEXT DAY DELIVERY 
CUT-OFF TIME 6PM
— NEXT DAY DELIVERY
— STANDARD DELIVERY 
PROMISE 2–3 DAYS
— WEEKEND ORDERS 
DELIVERED MONDAY
— SATURDAY DELIVERY
— NOMINATE YOUR DAY 
OF DELIVERY
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009
ASOS OUTLET
In September 2008 we 
launched ASOS Outlet, a 
dedicated shop within ASOS 
selling separately sourced, 
last season’s brands at up to 
70% off.
CASE STUDY
Impeccable Service Following considerable investment in new
warehouse and carrier management systems,
we will shortly be introducing a number of new
service propositions. Our next day delivery
service will be extended allowing customers
to place orders up to 6.00 pm. This includes a
Saturday delivery for orders placed on a Friday.
We will also be introducing a super saver option
and premium ‘same day’ service within London.
Today, approximately 85% of our orders
are trackable.
AWARDS
2009
Drapers Etail Awards —
Best Customer Experience
Cosmopolitan Online
Fashion Awards — 
Best For Bargains
2008
Company High
Street Awards —
Best Place to Spend £50
11
www.asos.com
The Online Fashion Store www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
Our Market
www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
— £43.8 BILLION
TOTAL UK ONLINE 
SPEND IN 2008
— CLOTHING, 
FOOTWEAR AND 
ACCESSORIES 
WAS THE FASTEST 
GROWING SECTOR
IN 2008
  % of market share 2009 2008 Change
 1 Next 6.31% 8.96% -265 bps
 2 ASOS 5.13% 4.74% +39 bps
 3 TopShop.com 3.44% 2.75% +69 bps
 4 River Island 3.17% 2.61% +56 bps
 5 New Look 2.99% 1.83% +116 bps
 6 Fat Face 1.61% 1.45% +16 bps
 7 Dorothy Perkins 1.44% 1.41% +3 bps
 8 M and M Direct 1.39% 1.34% +5 bps
 9 Boden 1.30% 1.31% -1 bps
 10 Laura Ashley 1.19% 1.22% -3 bps
TOP 10 PLAYERS JULY 2009
Source: HITWISE.
— 26.6 MILLION 
TOTAL UK ONLINE 
SHOPPERS IN 2008
— THE AVERAGE UK 
ONLINE SHOPPER 
SPENT £1,502 IN 2008
12 13
www.asos.com
The Online Fashion Store
ASOS RANKS 12 (2008: 17) IN THE TOP 50 UK SHOPPING WEBSITE BY TRAFFIC JULY 2009
Source: HITWISE.
“ACCORDING TO A REPORT BY VERDICT, THE 
PERCENTAGE OF CLOTHING BOUGHT ONLINE 
IS EXPECTED TO DOUBLE IN THE NEXT 3 TO
4 YEARS, FROM 5.7% AT THE END OF 2008
TO OVER 11% BY 2013”
www.next.co.uk 6.31%; www.topshop.com 3.44%;
www.riverisland.com 3.17%
market share
5.13%
OF ONLINE
CLOTHING VISITS
By traffic: July 2009
 in top 50
12th
UK SHOPPING 
WEBSITES
Source: Verdict
UK spending
10%
ONLINE TO BE 
CLOTHING BY 2010 
of 
 Rank Name Share (%)
1 eBay UK 21.60
2 Amazon UK 4.90
3 Argos 1.90
4 Play.com 1.38
5 Marks & Spencer 1.14
6 eBay 1.10
7 Amazon.com 0.93
8 Tesco.com 0.84
9 Next 0.77
10 Gumtree.com 0.74
11 HotUKDeals 0.65
12 ASOS 0.62
13 Tesco Direct 0.57
14 eBay Motors UK 0.55
15 TopShop.com 0.42
16 B&Q Online 0.41
17 Tesco Superstore 0.40
 Rank Name Share (%)
18 HMV.com 0.39
19 Shopping.com UK 0.39
20 River Island 0.38
21 Littlewoods 0.38
22 Ciao UK 0.38
23 Currys 0.37
24 Debenhams 0.37
25 John Lewis 0.36
26 LoveFilm.com 0.36
27 New Look 0.36
28 Ticketmaster United Kingdom 0.35
29 Dell EMEA 0.35
30 Apple (United Kingdom) 0.35
31 O2 Shop 0.34
32 ASDA 0.33
33 Comet UK 0.33
34 PC World E-Commerce 0.31
 Rank Name Share (%)
35 Boots 0.30
36 GAME 0.30
37 My Voucher Codes 0.29
38 IKEA 0.29
39 The Orange Shop 0.29
40 QVCUK.com 0.27
41 Screwfix Direct 0.27
42 Sainsbury’s 0.27
43 Kelkoo United Kingdom 0.27
44 Thetechguys.com 0.27
45 HP 0.26
46 Apple Store 0.26
47 ASDA Direct 0.26
48 Halfords 0.25
49 NexTag UK 0.25
50 VivaStreet UK 0.23 www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
14
www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
What is ASOS?
ASOS is the UK’s largest independent online fashion 
and beauty retailer offering around 25,000 branded and 
own label fashion lines across womenswear, menswear, 
footwear, accessories, jewellery and beauty.
Who are your customers?
We target fashion conscious 16-34 year olds and attract 
over 5.4 million unique visitors a month. As at 31 May 
2009, we had 2.4 million registered users and 1.2 million 
active customers which we define as people who shopped 
with us in the last 6 months.
Last year revenue was up 104% but in the 
first 13 weeks of the current year your sales 
were only up 52%. Have you gone
ex-growth?
Not at all! You have to realise that to deliver last year’s 
results, we had to buy 100% more stock than in the 
previous year. In planning for the current year, we were 
more conservative and this was reflected in the analysts’ 
forecasts at the start of the year when they were looking for 
sales growth of 35% to 40% for the year ending 31 March 
2010. It is still early in the financial year but, if we achieve 
this level of growth, we think it will be an outstanding 
achievement and we hope it will please our shareholders.
You appear to be adopting a high risk 
strategy by expanding overseas. Given the 
current economic environment is this wise?
This past year our international sales amounted to
£32.2m or just under 19.5% of total revenues. This was 
achieved with very little marketing effort on our part but,
as you can see from last year’s numbers, international 
expansion is a major opportunity which we plan to take 
advantage of through a low risk approach. As you are 
probably aware, Nick Beighton recently joined us as 
Finance Director and following his arrival Jon Kamaluddin, 
his predecessor, who joined us in 2004, will be 
spearheading our overseas expansion.
We are not planning a major international launch. What 
you will see is a roll out of the ASOS brand with additional 
emphasis on particular countries. As of today, our 
customers have a choice of six currencies to choose from 
when they shop with us and we export to 58 countries 
worldwide. This will increase to over 100 during the course 
of the current year.
At the forefront of our thinking is customer service. With 
distribution services available today, we can now deliver to 
many places in Europe and North America within two days, 
which is probably as quick, if not quicker, than retailers in 
those countries. This enables us to fulfil international
orders from our distribution centre in Hemel Hempstead 
without the major cost of having to build centres in 
overseas territories.
Questions & Answers
Questions 
and Answers 15
www.asos.com
“WE ARE FIRMLY ESTABLISHED AS THE
UK’S PREMIER ONLINE FASHION BUSINESS
AND I REMAIN POSITIVE ABOUT THE
OUTLOOK FOR ASOS”
www.asos.com
The Online Fashion Store
As shareholders are aware, we have very sophisticated 
technology and during the past year we invested over 
£15.5m in our warehouse operation to meet growing 
demand. We are continuing to benefit from the efficiencies 
that this ongoing investment in logistics is producing and 
this has given us confidence that we have the resources in 
place to expand overseas. 
In due course, probably within the next 18 months, we will 
start to introduce country specific websites but this aspect 
of our plans is still at the development stage.
With over £13.5m on your Balance Sheet
and no borrowings, why are you failing to 
pay a dividend?
The Board looks at this issue very carefully but, given what 
we believe to be the very exciting growth opportunities that 
still exist, we feel that it is in the interest of our shareholders 
that we continue to invest in the business.
Nick Robertson
Chief Executive Officer
AWARDS
2009:
Cosmopolitan Online
Fashion Awards —
Denim to Die For
2008:
Maxim Style Awards —
Brand of the Year
15 www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
It gives me great pleasure to present another outstanding 
set of results for ASOS PLC. Against the worst economic 
climate for retailers in recent memory, the Company 
has produced top line growth of over 100%, has again 
increased its market share and has delivered outstanding 
profit growth. 
It highlights the strength of the Internet as a retail channel 
and its potential position in the retail landscape of 
the future.
The outlook for 2009/10 remains uncertain. Whilst 
some indicators are showing positive signs, the effect of 
unemployment, job security and consumer debt has yet to 
be fully felt. Therefore, we have been more conservative in 
our planning for the 2009/10 financial year. 
That said, the future of online clothing retail remains bright, 
with the Internet set to take an ever increasing share of the 
clothing market. ASOS is ideally positioned to continue to 
exploit this, both in the UK and increasingly internationally, 
and we remain confident that this will be another year of 
strong growth.
MANAGEMENT INCENTIVE PLAN
During the 2009/10 financial year, the Remuneration 
Committee of ASOS will be implementing a new 
management incentive plan for executive directors and 
selected other key employees of the Company. 
The purpose of the plan is to incentivise and reward the 
management of ASOS for superior performance through 
the achievement of challenging Earnings per Share (“EPS”) 
growth targets and to align the interests of management 
with those of shareholders through a demanding Total 
Shareholder Return (“TSR”) condition. Both the EPS and 
TSR conditions will have to be met for awards to vest. 
DIVIDEND
Sustaining the levels of growth delivered to date has 
required and will continue to require significant capital 
investment in the Company. The Board believes it is in the 
best interests of shareholders to continue to exploit the 
significant growth opportunities available to the business 
and consequently, does not propose paying a dividend this 
year. This policy remains under constant review.
PEOPLE
On behalf of the Board I would like to welcome our new 
employees who joined us during the year and to thank
the team for their outstanding contribution to the
ongoing success of ASOS. During the year ASOS
won 17 industry and consumer awards, an
achievement of which they can all be very proud. 
Chairman s
Statement
16 I would also like to welcome Nick Beighton,
who joined us from Luminar Group Holdings plc,
as Finance Director and Company Secretary
and wish Jon Kamaluddin all the best in
his new role as International Director. 
Lord Alli
Chairman
AWARDS
2008:
AIM Awards —
Best Performing Share
over 5 years 
AIM Awards —
Company of the Year 
The Online Fashion Store
17
www.asos.com
“AGAINST THE WORST ECONOMIC CLIMATE
FOR RETAILERS IN RECENT MEMORY,
THE COMPANY HAS PRODUCED TOP
LINE GROWTH OF OVER 100%” ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
BUSINESS REVIEW
I am pleased to report another exceptional year for ASOS. 
Despite the challenging economic conditions, sales grew 
by 104% to £165.4m and profit before tax increased by 
93% to £14.1m. 
We continued our programme of investment throughout 
the year, delivering a number of product initiatives whilst 
building our team and infrastructure to support these 
superior levels of growth. The continued popularity of 
Internet shopping provided a strong backdrop and, with 
the weakness in sterling, our international sales took a 
significant step-up. 
This year has started positively, with sales for the 13 weeks 
to 26 June 52% ahead of the same period last year. This 
compares to an increase of 95% for the same period last 
year. Clearly we are facing much tougher comparables, 
and there is now some evidence to suggest that the rate of 
growth in online sales has begun to moderate. In May 2009, 
the Interactive Media in Retail Group (IMRG) reported an 8% 
year on year growth in clothing sales, the lowest year on 
year increase since the index was launched nine years ago. 
That said, according to a report by Verdict the percentage 
of clothing bought online is expected to double in the next 
3 to 4 years, from 5.7% at the end of 2008 to over 11% by 
2013. At ASOS, we remain committed to winning the online 
fashion race. According to Hitwise, ASOS remains the 
second most visited apparel and accessories site on the 
Internet in the UK and in May 2009, we became a top 10 
UK e-commerce site for the first time, coming in 10th 
place, a rise of eight places on the year. We will continue 
our programme of investment, albeit at more conservative 
levels in the short-term, in order to exploit the opportunities 
that exist both in the UK and internationally.
Chief Executive s
Statement
18
www.asos.com
KEY PERFORMANCE INDICATORS 2008/09 2007/08 Increase
Sales (£’000) 165,395 81,044 104%
Retail margin (excluding third party and delivery)  46.3% 47.6% —
Average basket value (£ including value added tax) 59.5 53.0 12%
Average units per basket 2.58 2.54 —
Average selling price per unit (£ including value added tax) 23.09 20.89 11%
Returns % to sales (by value) 26.0% 26.1% —
% International sales 19.5% 10.0% —
Number of orders (’000) 3,979 2,235 78% The Online Fashion Store
19
www.asos.com
“WE CONTINUED OUR PROGRAMME OF 
INVESTMENT THROUGHOUT THE YEAR, 
DELIVERING A NUMBER OF PRODUCT
INITIATIVES WHILST BUILDING OUR TEAM
AND INFRASTRUCTURE TO SUPPORT THESE
SUPERIOR LEVELS OF GROWTH”
INTERNATIONAL
Our international business has grown strongly over the 
year and now represents 19% of our sales, up from 10% in 
2007/08. Sterling’s weakness, particularly against the US 
dollar and the euro, has assisted with this growth as has an 
increase in marketing activity in Northern Europe and the 
US. During the year we increased the number of countries 
that we ship to from 34 to 58. Our top five performing 
countries outside the UK were Ireland, Denmark, Sweden, 
France and the US.
The Board believes that international expansion represents 
the largest growth opportunity open to ASOS. Accordingly, 
Jon Kamaluddin was appointed International Director 
in April 2009. Jon is responsible for developing and 
implementing our international strategy.
We will continue to add to the number of countries that we 
ship to, we will introduce flat rate shipping charges and we 
will increase our digital marketing activity. Ultimately we will 
introduce stand-alone, country specific, ASOS sites.
During the first phase of our international expansion all 
orders will be fulfilled from our UK warehouse. This will 
enable us to offer the full ASOS range of over 20,000 lines 
without introducing significant additional stock risk. This 
approach allows us to build scale in each local market 
ahead of significant infrastructure investment. 
DELIVERING INCREDIBLE CHOICE
During the year, our product ranges grew by 157%, 
resulting in 21,300 options on site at the end of March 
2009 (up from 8,300 at the end of March 2008). As at 
20 June 2009, there were 24,700 options on the ASOS 
website, up from 12,260 a year prior. We anticipate that 
we will extend this to approximately 30,000 options for the 
Autumn/Winter season. 
In September 2008 we launched ASOS Outlet, a dedicated 
shop within ASOS selling separately sourced, last season’s 
brands at up to 70% off. In February 2009, we launched 
Designer Brands at ASOS and Little ASOS (childrenswear). 
Our own-label ranges were also extended with the 
introduction of Maternity and ASOS Black, a premium 
range. We plan to launch an own-label childrenswear range 
and an own-label plus size range later in the year. 
We welcomed a number of new brands to the site 
including G-Star, Reiss, Warehouse and Polo Ralph Lauren 
and we look forward to introducing both Gap and Mango 
in August 2009. This takes the total number of brands now 
represented on ASOS to 820 compared to 600 twelve 
months ago.
DELIVERING UNCOMPROMISING PRESENTATION
The website received a complete overhaul in March 2009 
and we introduced a number of new navigation features to 
enable quick and easy browsing of the extended product 
ranges. We also introduced a 360 degree view of all shoes 
and accessories and we introduced catwalk for menswear 
and for ASOS Outlet.  www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
20
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
Chief Executive’s Statement continued
LITTLE ASOS
In February 2009 we launched 
Little ASOS (childrenswear). 
We also plan to launch an 
own-label childrenswear range.
CASE STUDY
Our 20 biggest brands are now represented by a “shop in 
shop” providing a rich brand experience for our customers 
and a unique distribution platform for our brand partners. 
DELIVERING IMPECCABLE SERVICE
Following considerable investment in new warehouse and 
carrier management systems, we will shortly be introducing 
a number of new service propositions. Our next day delivery 
service will be extended allowing customers to place orders 
up to 6.00 pm. This includes a Saturday delivery for orders 
placed on a Friday. We will also be introducing a super saver 
option and premium “same day” service within London. 
Today, approximately 85% of our orders are trackable.
COMMUNITY AND SOCIAL MEDIA
In 2008 we joined the conversation with customers through 
various social media, starting official ASOS pages on 
Facebook, MySpace and Bebo. On Twitter, our approach 
was slightly different: in addition to officially providing real 
time News & Offers, Customer Care and Service Updates 
there are 55 members of the ASOS team across various 
departments actively talking to customers. This more 
immediate and personal approach is resonating with our 
customers and we now have the largest Twitter following of 
all UK retailers. We have also introduced ASOS Life, which 
allows customers to talk to each other and key people 
within ASOS. 
INVESTING IN INFRASTRUCTURE
Over the past year, we have invested in systems to support 
our back office operations of buying, merchandising and 
fulfilment, recently installing a new warehouse management 
system at our Hemel Hempstead warehouse. This system 
will support our increasing range size, international 
expansion, as well as our demands for advanced delivery 
and returns options. 
During the next twelve months we plan to continue 
our investment in systems (focusing on merchandise 
management and stock planning) and will further develop 
our website systems in preparation for our international 
expansion.  AWARDS
2009    
Growth Company Awards — 
AIM Company of the Year
2008   
Esquire Awards —
Best Credit Crunch Survivor
The Online Fashion Store
21
www.asos.com
Subject to further investment in storage and handling 
equipment, our site in Hemel Hempstead is capable of 
supporting annual sales of approximately £350m. 
THIRD PARTY REVENUES
We have strengthened the team responsible for deriving 
revenue from advertising banners, inserts, list sales and 
display advertising in our magazine. Consequently, after 
what was a somewhat disappointing year in this area, we 
expect third party revenues to grow in the coming year. 
SUMMARY AND OUTLOOK
We are firmly established as the UK’s premier online fashion 
business and I remain positive about the outlook for ASOS. 
First quarter sales are growing at 52%, an exceptional 
performance, given the current economic climate. It is clear 
that the structural shift to online continues and I believe that 
ASOS is ideally placed to exploit it. Moreover, international 
expansion is a key opportunity for ASOS and I expect our 
international business to grow substantially in the years 
to come.
With three-quarters of the financial year to go, including the 
key Christmas period, it is too early to assess whether our 
current performance will continue for the full year. That said, 
I believe ASOS can look forward to another year of strong 
progress and development. 
Nick Robertson
Chief Executive Officer
“OUR INTERNATIONAL 
BUSINESS HAS GROWN 
STRONGLY OVER THE YEAR 
AND NOW REPRESENTS
19% OF OUR SALES” www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
22
The year ended March 2009 was another excellent year 
for ASOS with sales more than doubling and pre-tax profit 
increasing to £14.1m, up 93% from £7.3m in the financial 
year 2007/08.
Strong retail sales, up 108%, were driven by a combination 
of higher customer traffic, enhanced product choice and 
compelling customer promotions. The sales growth rates 
were evenly split over the year. Delivery receipts increased 
less strongly than retail sales, as we offered a range of 
delivery incentives over the Christmas trading period.
We saw a disappointing performance in third party 
revenues, which declined 22% over the year. This area of 
our business has now been strengthened significantly to 
address this performance going forward.
Finance Director s
Review
Segmental analysis of revenues: 
£’000 2008/09 2007/08 Increase
UK  133,165 73,044 82%
International  32,230 8,000 303%
Group revenues 165,395 81,044 104%
£’000 2008/09 2007/08 Increase
Retail sales  149,343 71,685 108%
Delivery receipts  15,084 8,117 86%
Third party revenues*  968 1,242 -22%
Total revenues 165,395 81,044 104%
* Advertising revenues. 
REVENUES
An analysis of revenues is shown below:
Our revenues from international territories have grown by 
303% over the last year, assisted by a weaker sterling 
against the euro and US dollar. The largest sales territories 
outside the UK are Ireland, Denmark, Sweden, France and 
the US. The Online Fashion Store
23
www.asos.com
GROSS PROFIT
Our gross profit increased 92% on the prior year, and the 
Group gross margin achieved was 43.3% (2007/8: 46.0%). 
The enhanced branded mix and promotional investment 
drove a 130 basis point dilution in the retail margin. 
Additionally, we offered our customers several free delivery 
periods over the Christmas trading period, which, although 
offering better value for our customers and incremental 
cash, diluted our percentage gross margin. This movement 
accounted for most of the decline in the Group gross margin.
During 2009/10 we expect a further easing of the Group 
gross margin as a result of a continued increase in the mix
of branded versus own label products and increased 
sourcing costs resulting from adverse foreign currency 
movements. 
During the year, we invested again in recruiting people across 
the Group (including a significant strengthening of senior 
management), resulting in a 117% increase in payroll and staff 
costs. Our headcount at the end of the year (excluding the 
logistics team which is outsourced) amounted to 441 people, 
up from 222 at the end of the last financial year. 
Warehouse costs rose by 56% to £15.6m, but delivered 
greater productivity year on year. This operating cost ratio 
reduced from 11.1% last year (excluding the warehouse 
provision) to 9.4% in 2008/09.
Marketing costs increased by 52% to £6.4m. These 
costs include the ASOS magazine production, direct 
marketing, creative and PR costs. The largest element of 
this expenditure relates to the production of the magazine. 
Cost growth in this area was substantially lower than sales 
growth due to the timing of the Easter edition and a more 
targeted mailing approach during the financial year.
Production costs were previously included in marketing 
costs and have been split out separately for this financial 
year. The costs relate to preparing, photographing, editing 
OPERATING COSTS
Operating costs increased by 91% to £57.8m:
£’000 2008/09 2007/08 Increase
Payroll and staff costs  22,298  10,279 117%
Warehousing  15,566  9,992 56%
Marketing  6,430  4,226 52%
Production 1,764  891 98%
Other operating costs  9,856  3,954 149%
Depreciation 1,850  980 89%
Operating costs 57,764 30,322 91%
% of sales  34.9% 37.4% -250bps  www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
24
Finance Director’s Review continued
and placing product images on the website. As a result of 
the significant increase in the number of lines introduced to 
our website, production costs increased 98% to £1.8m. 
Other costs include the head office running costs, IT 
infrastructure and legal and professional fees. During the 
course of the year there were a number of investment 
step changes that have precipitated a higher running 
cost particularly in improving the system infrastructure 
and software. The high growth rates experienced in the 
overseas territories have led to a number of one-off costs 
relating to managing the legal and fiscal environment.
A key element of our financial strategy for the 2009/10 
financial year will be to maximise the efficiency from our 
operational resources invested in the business while 
continuing to invest in supporting growth where necessary.
OPERATING PROFIT
Operating profit for the financial year 2008/09 increased by 
100% to £13.9m. The operating margin weakened slightly 
from 8.6% in 2007/08 to 8.4% in 2008/09. The 270 basis 
points gross margin decline was therefore largely offset by 
an improvement in operating cost ratios. 
FINANCE INCOME
While our cash balance increased during the financial 
year by £3.2m, the financial income derived from these 
balances declined from £0.35m in 2007/08 to £0.27m in 
2008/09 as a result of lower interest rates.
INTEREST IN JOINT VENTURE
In September 2009, we acquired a 50% stake in a 
business called Crooked Tongues Ltd. for a nominal 
sum. Our share of losses for the first six months of this 
start-up entity was £78,000. The business website, 
www.crookedtongues.com, is a leading authority in trainers 
and sneakers. This investment allows us to participate in 
sales from an additional customer segment.
TAXATION
The effective tax rate for the Group was 29.1%, 110 
basis points above the UK corporation tax rate of 28.0%. 
Going forward, we expect the effective rate of tax to be 
maintained around 1% ahead of the statutory rate. The Online Fashion Store
25
www.asos.com
During the year we commenced our IT strategy of 
migrating to tier 1 system and software solutions. Our 
capital expenditure was directed towards delivering an 
improved warehouse management system, more robust 
data centre and better management information systems.
We anticipate that our capital expenditure in the 2009/10 
financial year will be approximately £11.0m and will be 
deployed in a similar profile to the 2008/09 financial 
year spend. 
CASH FLOW AND NET CASH
The Group ended the financial year with a net cash position 
of £13.6m, up from £10.4m at the end of March 2008. 
Major sources of cash inflow consisted of £15.8m of 
EBITDA, trade payables of £10.6m and other creditors 
of £4.2m. 
During the year, the Company spent £1.9m funding the 
employee benefit trust (EBT). Share options under the 
Group’s share option schemes were exercised during the 
period, raising £0.3m.
All of the Group’s investments continue to be funded from 
operating cash flow. Surplus funds are invested in short-
term deposits with the objective of maximising fixed interest 
rate returns whilst providing the flexibility to fund ongoing 
operations. It is not the Group’s policy to engage in 
speculative activity or to use complex financial instruments.
Nick Beighton
Finance Director
EARNINGS PER SHARE
Fully diluted earnings per share grew by 94%. 
CAPITAL EXPENDITURE
Capital expenditure during the year amounted to £8.2m against £4.7m in the prior year:
£’000  Actual 2008/09 Actual 2007/08
IT   4,781 944
Warehouse  2,749 2,942
Office fixtures and fit-out  670 854
Total  8,200 4,740
“OUR PRE TAX PROFIT INCREASED BY 93%
YEAR ON YEAR” www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
26 26
www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
1 Lord Waheed Alli
 Chairman
2 Nick Robertson
 Chief Executive 
3 Nick Beighton
 Finance Director and
Company Secretary
4 Peter Williams
 Non-executive director
5 Jon Kamaluddin
 International Director
6 Robert Bready
 Product and Trading Director
Board 
of Directors
1 23
4 56 27
www.asos.com
The Online Fashion Store
 Lord Waheed Alli
Chairman
At present Chairman of Chorion Ltd, 
an intellectual property rights owning 
company, and non-executive director 
of Olga Productions Ltd.
Formerly Managing Director at
Carlton Television responsible for the 
production of all its programmes, and 
previously he was the Managing 
Director of Planet 24, one of the largest 
independent production companies in 
the UK, which he founded with Charlie 
Parsons and Bob Geldof.
He was appointed a working Labour peer 
in July 1998. He is active in the House of 
Lords where he takes a particular interest 
in issues concerning equality .
Waheed is also a trustee of the Elton 
John Aids Foundation, Vice-President 
of UNICEF , Chancellor of De Montfort 
University, President of the National 
Youth Theatre and a patron of a number 
of other voluntary organisations. 
Waheed is a member of the Audit and 
Remuneration committees.
Nick Robertson
Chief Executive
Nick started his career in 1987 with 
the advertising agency Young and 
Rubicam and in 1991 moved to Carat, 
the UK’s largest media planning and 
buying agency. 
In 1995 he co-founded Entertainment 
Marketing, a marketing services 
business, and in 2000 he 
co-founded ASOS.com.
Nick Beighton
Finance Director and 
Company Secretary
Nick qualified as a chartered 
accountant with KPMG in Nottingham. 
After qualification Nick worked out of 
the Manchester office in transaction 
services and within the Strategic 
Business Management Group.
Nick moved to Matalan in 1999 to 
work as Head of Finance. He was then 
Business Change and IT Director before 
joining Matalan’s retail board in 2003.
Nick was appointed to the Luminar 
board as Finance Director in August 
2005. His appointment as Finance 
Director at ASOS.com came in
April 2009. 
Peter Williams
Non-executive Director
Peter is currently a non-executive 
director of ASOS plc, the online fashion 
retailer, Cineworld Group plc, one of the 
UK’ s leading cinema chains, and is a 
member of the Design Council.
From December 2008 to May 2009 he 
was the executive director at JJB Sports 
plc responsible for the turnaround 
strategy. During that period he redefined 
the retail proposition, renegotiated the 
banking facilities, closed 2 loss making 
subsidiaries, disposed of the leisure 
division, restructured the plc board and 
implemented a Company Voluntary 
Agreement (CVA) – a first for a UK listed 
company.
For 13 years up to 2004, Peter worked 
for Selfridges, initially as Chief Financial 
Officer and then as Chief Executive, 
during its radical transformation from 
“Grace Brothers” to one of the world’ s 
leading department stores.  Following 
Selfridges, he was the Chief Executive of 
Alpha Airports Group plc, an international 
company specialising in tax and duty 
free retailing and airline catering.
After qualifying as a Chartered 
Accountant with Arthur Andersen, 
Peter has held executive positions with 
Accenture, Aiwa (a division of Sony), 
Bandive Limited and Freemans plc. His 
previous non-executive positions have 
been with Capital Radio Group plc and 
GCap Media plc.
Jon Kamaluddin
International Director
Jon Kamaluddin began his career 
in Corporate Recovery at Arthur 
Andersen, where he qualified as a 
Chartered Accountant.
Jon then joined Marks & Spencer, 
where he spent 3 years in a number 
of finance positions including Head of 
Finance for the per una brand.
Jon joined ASOS in 2004 as Finance 
Director, in April 2009 he was 
appointed International Director in 
order to develop and implement a 
suitable international strategy for
the business.
Robert Bready
Product and Trading Director
Robert Bready began his career at 
River Island where he held a variety 
of merchandising roles across 
womenswear and menswear.
After five years, Robert moved to The 
Arcadia Group, where he spent eight 
years working across young fashion 
retailers Miss Selfridge and TopMan, 
eventually becoming a senior executive 
for the Miss Selfridge brand.
In 2005 Robert joined ASOS.com and 
was quickly promoted from Head of 
Merchandising to Product and
Trading Director. www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
28 28
www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
7 Hash Ladha
 Marketing and
Operations Director
8 James Hart
eCommerce Director
9 Stefan Pesticcio
Buying Director
(Menswear, Kidswear
and Outlet)
10 Caren Downie
Buying Director
Womenswear
11 Gary Mudie
IT Director
Operating 
Board
7 8
10 11
9 29
www.asos.com
The Online Fashion Store
Hash Ladha
Marketing and Operations Director
Hash started his career at Arcadia 
working at Evans then Topman, after 
which he joined BHS as Marketing 
Manager for the Menswear and 
Home divisions. In 2000 he became 
Head of Marketing for Austin Reed. 
In 2003 he joined New Look as 
Business Development Director to 
launch Menswear and then became 
Marketing Director for all Divisions. 
Hash joined ASOS.com in
September 2007. 
James Hart
eCommerce Director
James started his career in 1996 
at Entertainment Marketing and 
was invited to join ASOS as its first 
employee in 1999. Over the last 
10 years James has held various 
positions focused on improving the 
online customer journey, culminating 
in his appointment to the Operating 
Board in April 2008.
Stefan Pesticcio
Buying Director (Menswear, Kidswear 
& Outlet)
Stefan Pesticcio began his career 
within the buying function at River 
Island 20 years ago, he moved to 
Top Man at The Arcadia Group where 
he stayed for 8 years before moving 
onto Debenhams. At Debenhams 
he covered various Buying and 
Designer roles across own-label 
brands including Maine New England 
and Jasper Conran. His last role at 
Debenhams was Head of Menswear, 
before joining ASOS.com in October 
2007 as Menswear Buying Director. 
Along with Menswear, Stefan has 
also recently taken responsibility of 
Kidswear and Outlet.
Caren Downie
Buying Director Womenswear
During Caren Downie’s career she 
has worked for names such as 
Warehouse, French Connection, 
Wallis & Pilot. She joined Topshop in 
1998 as Head of Buying and became 
Buying Director in 2004. During the 
9½ years Caren spent at Topshop 
she was influential in helping shape 
the success of the brand, including 
their successful New Generation 
partnership with London Fashion 
Week. Caren joined ASOS.com 
in 2008 as Womenswear Buying 
Director.
Gary Mudie
IT Director
Gary Mudie commenced his career at 
The Arcadia Group, holding early roles 
within finance and retail before moving 
into a group IT role. After ten years, 
Gary spent two years at US consulting 
firm, Computer Sciences Corporation, 
before moving into the media sector 
with Universal Music, establishing 
the early digital music platforms for 
future online downloads. In 2003, he 
moved to Paperchase, later acquired 
by US Borders Group, working with 
both UK and International divisions as 
Global Chief Information Officer. Gary 
joined ASOS.com as IT Director in 
2008 and in 2009 assumed additional 
responsibilities for logistics. www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
30
POLICY ON CORPORATE GOVERNANCE
APPLICATION OF PRINCIPLES
Although not formally required to do so, the directors 
have sought to embrace the principles contained in the 
Combined Code 2003 as revised in June 2006 (“the 
Code”) applicable to fully listed companies, in formulating 
and applying the Company’s corporate governance 
policies. These policies are monitored to ensure that they 
are appropriate to the Company’s circumstances and 
comply as far as possible with the provisions of the Code 
given the size of the Company.
DIRECTORS
The Company is managed by a Board of directors and 
they have the necessary skills and experience to effectively 
operate and control the business. There are six directors 
in total, of whom two are non-executive directors. Lord 
Waheed Alli and Peter Williams, the non-executive 
directors, comprise both the audit and remuneration 
committees. The Board meets once a month and the 
directors make every effort to attend all Board meetings.
The Board is responsible for taking all major strategic 
decisions and also addressing any significant operational 
matters. In addition, the Board reviews the risk profile of the 
Company and ensures that an adequate system of internal 
control is in place. Management information systems are in 
place to enable the directors to make informed decisions to 
properly discharge their duties.
The roles of the Chairman and the Chief Executive are 
separate. The Chairman is responsible for the running of 
the Board and he meets regularly and separately with the 
Chief Executive to discuss matters for the Board. As the 
business has developed, the composition of the Board 
has been under constant review to ensure that it remains 
appropriate to the managerial requirements of the 
Company. One-third of the directors retire annually in 
rotation in accordance with the Company’s articles of 
association. This enables the shareholders to decide on 
the election of their Company’s Board.
The Board takes decisions regarding the appointment of 
new directors as a whole and this is only done following 
a thorough assessment of potential candidates’ skills and 
suitability for the role. 
All directors are offered appropriate training to develop their 
knowledge and ensure they remain up to date in relevant 
matters for which they have responsibility as a member of 
the Board.
The Chairman’s Statement and Chief Executive’s Statement 
included in this annual report give the Board’s current 
assessment of the Company’s prospects. The directors 
are responsible for preparing the financial statements as 
set out in the statement of directors’ responsibilities. The 
responsibilities of the auditors are set out in their report.
REMUNERATION COMMITTEE
Details concerning the composition and meetings of the 
remuneration committee are contained in the directors’ 
remuneration report on page 32.
AUDIT COMMITTEE
During the period the audit committee, which is chaired by 
Peter Williams, a non-executive director, has met twice with 
CORPORATE GOVERNANCE 31
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the external auditors being in attendance. The committee 
has a responsibility for reviewing the financial statements 
provided to shareholders. In addition, the committee 
reviews the business and financial risks and internal 
controls as described below.
The duties of the committee also include ensuring that the 
auditors provide a cost-effective service to the Company 
and remain objective and independent and to consider 
from time to time the need for an internal audit function.
RELATIONS WITH SHAREHOLDERS
The Company has institutional shareholders and is, where 
practicable, willing to enter into a dialogue with them. The 
Chief Executive and the Finance Director meet regularly 
with institutional investors within the confines of relevant 
legislation and guidance.
The Board invites communication from its private investors 
and encourages participation by them at the Annual 
General Meeting (AGM). All Board members present at the 
AGM are available to answer questions from shareholders. 
Notice of the AGM in excess of 21 clear days is given and 
the business of the meeting is conducted with separate 
resolutions, voted on initially by a show of hands and with 
the result of the voting being clearly indicated.
INTERNAL CONTROL
The Board is responsible for the Company’s system of 
internal control and for reviewing its effectiveness. Such a 
system is designed to mitigate the risk of failure to achieve 
business objectives and can only provide reasonable but not 
absolute assurance against material misstatement or loss.
The Board is of the view that there is an ongoing process 
for identifying, evaluating and managing the Company’s 
significant risks and that it has been in place for the period 
ended 31 March 2009 and up to the date of approval of 
the annual report and financial statements, and that it is 
regularly reviewed by the Board.
The internal control procedures are delegated to executive 
directors and senior management in the Company 
operating within a clearly defined departmental structure. 
The Board regularly reviews the internal control procedures 
in the light of the ongoing assessment of the Company’s 
significant risks. On a monthly basis management 
accounts, including a comprehensive forecast, are 
reviewed by the Board in order to provide effective 
monitoring of financial performance. At the same time the 
Board considers other significant strategic, organisational 
and compliance issues to ensure that the Company’s 
assets are safeguarded and financial information and 
accounting records can be relied upon. The Board formally 
monitors monthly progress on each development.
GOING CONCERN
The directors consider that the Group and the Company 
have adequate resources to remain in operation for 
the foreseeable future and have therefore continued to 
adopt the going concern basis in preparing the financial 
statements. The Group has a strong Balance Sheet with 
no external financing and highly experienced management 
to help grow the business in future years. The Group will 
also benefit from a significant migration to online shopping 
enabling it to benefit from increased sales in the future.  www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
32
REMUNERATION COMMITTEE
The members of the Remuneration Committee are Peter 
Williams (Chairman of the Remuneration Committee) 
and Lord Waheed Alli. The Chief Executive Officer of 
the Company is also invited to attend the meetings of 
the Remuneration Committee but is absent when his 
remuneration is under discussion.
ROLE OF THE REMUNERATION COMMITTEE
The Remuneration Committee reviews and determines on 
behalf of the Board and shareholders of the Company the 
pay, benefits and other terms of service of the executive 
directors of the Company and the broad pay strategy with 
respect to senior Company employees. During the year, 
the Remuneration Committee received advice on executive 
remuneration from Hewitt New Bridge Street.
BEST PRACTICE
As the Company is AIM-listed it is not legally required to set 
out its remuneration policy but is doing so on a voluntary 
basis. To the extent that such principles are relevant to the 
current circumstances of the Company, the provisions of 
inter alia the Directors’ Remuneration Report Regulations 
2002 and the Combined Code are taken into account.
REMUNERATION POLICY
The objective of the Company’s remuneration policy is 
to attract and retain the directors and senior executives 
needed to run the Company in a cost-effective manner.
The remuneration policy of the Company has six principal 
components:
1. Basic salaries — Basic salaries are determined by the 
Remuneration Committee bearing in mind the salaries 
paid in AIM-listed and other small market capitalisation 
retail companies. Within that frame of reference, it is 
intended that pay should be at or near the median level.
2. Pensions — defined contribution pension provision of 
15% of salary is offered to the executive Directors.
3. Bonuses — Bonuses are payable according to 
the achievement by the Company of certain pre-
determined profit before tax targets. The level of 
bonuses payable on achievement of the targets is set 
at the level perceived correct to provide the necessary 
incentives for executive directors. 
4. Performance Share Plan — The Company established 
a performance share plan in 2006 for the executive 
directors and senior employees. The scheme is 
overseen by the Remuneration Committee which shall 
determine the terms under which eligible individuals 
may be invited to participate.
5. Share option scheme — The Company has in place 
a share option scheme covering senior employees, 
under which share options are normally granted once 
a year. The exercise price of the options granted 
under the scheme is set equal to the market value of 
the Company’s shares at the time of grant. The share 
option scheme is overseen by the Remuneration 
Committee. There is currently no intention to make any 
new share option grants under this scheme. 
DIRECTORS’ REMUNERATION REPORT 33
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6. Management Incentive Plan — The Company will 
establish a new management incentive plan during 
2009 which the Remuneration Committee will 
oversee and determine the terms under which eligible 
individuals may be invited to participate. Participants 
in this scheme will not be granted an award of shares 
under the Performance Share Plan in the year in which 
they have received an award under the Management 
Incentive Plan. Members will be required to invest their 
own money, based on a multiple of gross salary, to buy 
shares in the Company (investment shares). Options 
will then be granted over shares (incentive shares). The 
number of incentive shares will be defined as a multiple 
of investment shares, dependent on performance 
against stretching Earnings per Share (“EPS”) and 
Total Shareholders Return (“TSR”) performance criteria 
and subject to a maximum. For the 2009 awards, the 
TSR performance condition relates to the Company’s 
performance measured against a notional investment 
in all of the companies in the FTSE All Share General 
Retailers index over the three year period commencing 
1 April 2009.
DIRECTORS’ REMUNERATION
The aggregate remuneration paid to the directors during the period was as follows:
 
 Salary Bonuses Pensions March 2009 March 2008
Director £ £ £  £  £
Lord Waheed Alli — — — — —
Peter Williams 41,000 — — 41,000 30,000
Nick Robertson 280,000 156,800 — 436,800 352,500
Jon Kamaluddin 190,000 106,400 28,500 324,900 210,000
Rob Bready 220,000 123,200 33,000 376,200 262,500
  731,000 386,400 61,500 1,178,900 855,000 www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
34
Directors’ Remuneration Report continued
DIRECTORS’ SERVICE CONTRACTS
All executive directors are employed under service contracts. The services of all executive directors may be terminated by 
the provision of a maximum of 12 months’ notice by the Company and the individual. Services of non-executive directors 
may be terminated by the provision of a maximum of 3 months notice by the Company and the individual.
DIRECTORS’ SHARE OPTIONS
Details of options for the directors who served during the year are as follows:
      Range of
 31 March   31 March Exercisable exercise 
Director 2008  Granted  Exercised   2009  date prices
Lord Waheed Alli 1,579,657 — — 1,579,657 2001–2011 12.7p
Peter Williams 100,000 — — 100,000 2006–2016 94.5p
Nick Robertson 1,179,599 — (339,599) 840,000 2005–2016 10.2p — 98p
Jon Kamaluddin 471,000 — (10,000) 461,000 2006–2016 43.5p — 98p
Rob Bready 285,000 — — 285,000 2007–2018 53p — 98p
The market price of ordinary shares at 31 March 2009 was 301p (2008: 248p) and the range during the period was from 
195.5p to 420.0p (2008: 112p to 284p). 35
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DIRECTORS’ PERFORMANCE SHARE PLAN
Details of performance share plans for the directors who served during the year are as follows:
   31 March  31 March Vesting
Director    2008 Granted 2009 date
Lord Waheed Alli   — — — —
Peter Williams   — — — —
Nick Robertson   292,992 61,635 354,627 2009–2011
Jon Kamaluddin   233,781 41,823 275,604 2009–2011
Rob Bready   291,619 48,427 340,046 2009–2011
SAYE PLAN
The Company purchased the following shares for directors under the SAYE plan:
    31 March   31 March
Director    2008 Granted 2009
Lord Waheed Alli    — — —
Peter Williams    — — —
Nick Robertson    — 3,319 3,319
Jon Kamaluddin    — 3,319 3,319
Rob Bready    — 3,319 3,319 www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
36
The directors submit their report and audited financial 
statements of the Group and the Company for the year 
ended 31 March 2009.
PRINCIPAL ACTIVITIES
The principal activity of the Company is that of a 
holding company. The principal activity of its subsidiary 
undertakings is that of Internet retailing.
BUSINESS REVIEW AND FUTURE DEVELOPMENTS
The results for the year and the financial position of the 
Group are shown in the financial statements. Review of the 
business and future developments of the Group is within 
the Chief Executive’s statement and Finance Director’s 
review (pages 18 to 25).
PRINCIPAL RISKS AND UNCERTAINTIES
There are a number of risks that face the Group in the 
course of conducting its business operations. Although not 
exhaustive, the following list highlights the principal issues:
Economic and market risks
The Group’s performance is directly impacted by the 
economic environment and competitor pricing. Consumer 
spending is integral to achieve sales growth. The Group 
strives to deliver value to all customers via investment in 
quality and price, alongside the development of extensive 
product ranges.
Competitive activity
Internet retailing is global and highly competitive. 
Competitive pressures are increasing in the United 
Kingdom, as high street retailers continue to extend their 
product offering not only in stores but to also incorporate 
online shopping. In order for the Company to remain 
competitive in the marketplace, a proactive approach is 
adopted to remain up to date with competitor activity and 
consumer trends.
Employee engagement and retention
At year end, the Group consists of 441 employees who 
are central to the Group’s success. In order for effective 
and efficient operations within the workplace, the Group 
relies on professional relationships amongst colleagues, 
and invests in staff training and development. The Group 
ensures employees are provided with conditions for fulfilling 
careers, through the employment policies, competitive 
remuneration and benefits packages it offers staff.
Health and safety 
The Group has programmes and policies in operation 
to supply team members and those with access to the 
Group’s facilities with orientation and training on safe 
workplace expectations and practices. There is no 
guarantee, however, that these practices are effectively 
performed in all circumstances.
Supply chain 
The Group exists within a complex supply chain. Much 
effort is placed on working with suppliers and the 
warehouse to manage potential risk of interruptions and 
delays in supply or distribution that may adversely impact 
on trade.
The Group has adopted the Ethical Trading Initiative (“ETI”) 
code of conduct which is extremely stringent on child 
DIRECTORS’ REPORT 37
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labour. We ensure that all new and existing suppliers meet 
our ethical policies and do not use any child labour.
Fraud 
The Group has to be constantly vigilant against fraudulent 
transactions which are a common occurrence within 
Internet retailing. Investment is placed in systems that 
monitor and control the impact of fraud, which if not 
managed correctly could be significant.
Compliance
The Group must comply with regulatory requirements 
especially in relation to employment, competition and 
environmental issues, planning, pensions and taxation 
legislation over the Company’s products and services. The 
Group adheres to strict compliance practices with regular 
audits and reviews, in addition to monitoring of regulatory 
developments.
IT systems and infrastructure 
To trade, the Group is dependent on its IT infrastructure. 
Significant impact on the business could result from a 
failure in these systems. Regular testing and updates are 
undertaken by the Group to ensure the continued integrity 
and efficiency of its systems.
Environmental, social and community issues 
In the next few months, we will take the responsibility 
of making a change in our work on climate and the 
environment. We are ambitious to reduce emissions in 
our distribution networks and are working on a plan to 
implement these changes. To provide best quality, choice 
and value for money for our customers, we need strong 
and constructive relationships with our suppliers. We 
will continue to monitor these relationships with existing 
suppliers and ensure that new suppliers meet our policies 
of fair trading. 
Research and development
The Group does not carry out research and development 
activities. 
RESULTS AND DIVIDENDS
The audited financial statements for the 12 months to 31 
March 2009 are set out on pages 42 to 78. The Group 
profit after tax for the financial year was £10.0m (2008: 
£5.1m), which will be transferred to reserves. The directors 
do not recommend the payment of a dividend (2008: £nil). 
SUBSEQUENT EVENTS
No matter, which is material to the operations of the Group, 
has occurred between the Balance Sheet date and the 
date of approval of the financial statements.
DIRECTORS 
The directors who held office during the year and up to the 
date of signing the financial statements were:
Lord W Alli
Peter Williams
Nick Robertson
Jon Kamaluddin 
Robert Bready
Nick Beighton (appointed 27 April 2009) www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
38
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The directors are responsible for preparing the Annual 
Report and the financial statements in accordance with 
applicable law and regulations.
Company law requires the directors to prepare financial 
statements for each financial year. Under that law the 
directors have elected to prepare the Group and Parent 
Company financial statements in accordance with 
International Financial Reporting Standards (IFRSs) as 
adopted by the European Union. The financial statements 
are required by law to give a true and fair view of the state 
of affairs of the Company and the Group and of the profit 
or loss of the Group for that period.
In preparing those financial statements, the directors are 
required to:
●  select suitable accounting policies and then apply them 
consistently;
●  make judgements and estimates that are reasonable 
and prudent;
●  state that the financial statements comply with IFRSs 
as adopted by the European Union; 
●  prepare the financial statements on the going concern 
basis, unless it is inappropriate to presume that the 
Group will continue in business, in which case there 
should be supporting assumptions or qualifications 
as necessary. 
The directors confirm that they have complied with the 
above requirements in preparing the financial statements.
The directors are responsible for keeping proper 
accounting records that disclose with reasonable accuracy 
at any time the financial position of the Company and the 
Group and to enable them to ensure that the financial 
statements comply with the Companies Act 1985. They 
are also responsible for safeguarding the assets of the 
Company and the Group and hence for taking reasonable 
steps for the prevention and detection of fraud and other 
irregularities.
The directors are responsible for the maintenance and 
integrity of the Company’s website and legislation in 
the United Kingdom governing the preparation and 
dissemination of financial statements may differ from 
legislation in other jurisdictions.
PAYMENT OF CREDITORS
It is the policy of the Group in respect of all its creditors, 
where reasonably practicable, to settle the payment with 
those creditors according to the terms formally agreed 
with them.
The creditor payment period for the Group throughout the 
financial year under review is 73 days (2008: 68 days).
The creditor payment period for the Company throughout 
the financial year under review is nil (2008: nil).
Directors’ Report continued 39
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DONATIONS
During the year charitable donations totalling £26,560 
(2008: £3,950) were made by the Group. The majority of 
this donation was made to the Retail Trust. Retail Trust 
is the principal charity of the retail sector. They operate 
helplines to support advice and provide counselling to 
everyone working in or retired from the retail industry.
FINANCIAL RISK MANAGEMENT
The Group’s policies on Market risk, Credit risk, Liquidity 
risk and Capital risk management have been considered in 
note 23. 
TREASURY SHARES
The ASOS.com Limited Employee Benefit Trust (EBT) 
was set up to satisfy awards granted under the ASOS 
Performance Share Plan and incentive scheme (PSP) 2006 
and the SAYE scheme 2008. The trustees of the plan are 
Ogier Employee Benefit Trustee Limited and are resident 
in Jersey. Details of treasury shares held by the Group are 
shown in note 18 of the financial statements. 
DIRECTORS’ INDEMNITIES
The Company maintains liability insurance for its directors 
and officers, which is a qualifying third party indemnity 
provision for the purposes of the Companies Act 2006.
GOING CONCERN
The directors consider that the Group and the Company 
have adequate resources to remain in operation for 
the foreseeable future and have therefore continued to 
adopt the going concern basis in preparing the financial 
statements. The Group has a strong Balance Sheet with no 
external financing and a highly experienced management 
to help grow the business in future years. The Group will 
continue to benefit from a significant migration to online 
shopping enabling it to benefit from increased sales in the 
future. 
STATEMENT ON DISCLOSURE OF 
INFORMATION TO AUDITORS
The directors who held office at the date of the approval 
of this Directors’ Report confirm that, so far as they are 
aware, there is no relevant audit information of which the 
Company auditors are unaware, and each director has 
taken all the steps that he/she ought to have taken as a 
director to ensure the Board is aware of any relevant audit 
information and to establish that the Company auditors are 
aware of that information. 
INDEPENDENT AUDITORS
PricewaterhouseCoopers LLP have expressed their 
willingness to continue in office as auditors and a resolution 
proposing their reappointment will be submitted to the 
forthcoming Annual General Meeting.
By order of the Board
N Beighton
Finance Director
Second Floor
Registered Office
Greater London House
London, NW1 7FB www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
40
INDEPENDENT AUDITORS’ REPORT TO THE 
MEMBERS OF ASOS PLC
We have audited the Group and Parent Company financial 
statements (the ‘‘financial statements’’) of ASOS PLC 
for the year ended 31 March 2009 which comprise the 
Consolidated Income Statement, the Group and Company 
Statements of Changes in Equity, the Consolidated 
Balance Sheet, the Company Balance Sheet, the 
Consolidated Cash Flow Statement, the Company Cash 
Flow Statement and the related notes. These financial 
statements have been prepared under the accounting 
policies set out therein. 
RESPECTIVE RESPONSIBILITIES OF DIRECTORS 
AND AUDITORS
The directors’ responsibilities for preparing the Annual 
Report and the financial statements in accordance with 
applicable law and International Financial Reporting 
Standards (IFRSs) as adopted by the European Union 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 International Standards on Auditing (UK and Ireland). 
This report, including the opinion, has been prepared 
for and only for the Company’s members as a body in 
accordance with Section 235 of the Companies Act 1985 
and for no other purpose. We do not, in giving this opinion, 
accept or assume responsibility for any other purpose or 
to any other person to whom this report is shown or into 
whose hands it may come save where expressly agreed by 
our prior consent in writing.
We report to you our opinion as to whether the 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 whether in our opinion the 
information given in the Directors’ Report is consistent 
with the financial statements. The information given in 
the Directors’ Report includes that specific information 
presented in the Chief Executive’s Statement and the 
Finance Director’s Review that is cross-referred from the 
Business Review section of the Directors’ Report. 
In addition we report to you if, in our opinion, the Company 
has not kept proper accounting records, if we have not 
received all the information and explanations we require 
for our audit, or if information specified by law regarding 
directors’ remuneration and other transactions is 
not disclosed.
We read other information contained in the Annual Report 
and consider whether it is consistent with the audited 
financial statements. The other information comprises 
only the Company Information, Chairman’s Statement, the 
Chief Executive’s Statement, the Finance Director’s 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. 41
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BASIS OF AUDIT OPINION
We conducted our audit in accordance with International 
Standards on Auditing (UK and Ireland) issued by the 
Auditing Practices Board. An audit includes examination, 
on a test basis, of evidence relevant to the amounts and 
disclosures in the 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 and Company’s circumstances, 
consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all 
the information and explanations which we considered 
necessary in order to provide us with sufficient evidence 
to give reasonable assurance that the 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.
OPINION
In our opinion:
●  the Group financial statements give a true and fair 
view, in accordance with IFRSs as adopted by the 
European Union, of the state of the Group’s affairs as 
at 31 March 2009 and of the Group’s profit and cash 
flows for the year then ended;
●  the Parent Company financial statements give a true 
and fair view, in accordance with IFRSs as adopted by 
the European Union as applied in accordance with the 
provisions of the Companies Act 1985, of the state of 
the Parent Company’s affairs as at 31 March 2009 and 
cash flows for the year then ended;
●  the financial statements have been properly prepared 
in accordance with the Companies Act 1985; and
●  the information given in the Directors’ Report is 
consistent with the financial statements.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
10 Bricket Road
St Albans
Herts
AL1 3JX
26 June 2009 www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
42
CONSOLIDATED INCOME STATEMENT
For the year ended 31 March 2009
    31 March 31 March
    2009 2008
   Notes £’000 £’000
Revenue    2 165,395 81,044
Cost of sales    (93,696) (43,760)
Gross profit    71,699 37,284
Administrative expenses    (57,764) (30,322)
Operating profit   3 13,935 6,962
Share of post tax losses of joint venture    10 (78) —
Finance income   5 268 349
Profit before tax    14,125 7,311
Income tax expense   6 (4,116) (2,258)
Profit for the year from continuing operations    10,009 5,053
Profit for the year    10,009 5,053
Earnings per share    
Basic   7 13.6p 6.9p
Fully diluted   7 12.8p 6.6p
     43
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STATEMENTS OF CHANGES IN EQUITY
For the year ended 31 March 2009
 Share Share Retained Treasury
 capital premium earnings shares Total
Group £’000 £’000 £’000 £’000 £’000
Balance as at 1 April 2008 2,564 3,356 10,967 (943) 15,944
Shares allotted in the year 26 252 — — 278
Purchase of shares by Employee Benefit Trust — — — (1,929) (1,929)
Share options charge — — 262 — 262
Profit for the year — — 10,009 — 10,009
Tax on share options — — 1,145 — 1,145
Balance as at 31 March 2009 2,590 3,608 22,383 (2,872) 25,709
Balance as at 1 April 2007 2,544 3,128 2,949 (236) 8,385
Shares allotted in the year 20 228 — — 248
Purchase of shares by Employee Benefit Trust — — — (707) (707)
Share options charge — — 477 — 477
Profit for the year — — 5,053 — 5,053
Tax on share options — — 2,488 — 2,488
Balance as at 31 March 2008 2,564 3,356 10,967 (943) 15,944
    Restated
  Share Share retained
  capital premium earnings Total
Company  £’000 £’000 £’000 £’000
Balance as at 1 April 2008   2,564 3,356 (3,694) 2,226
Shares allotted in the year  26 252 — 278
Loss for the year  — — (267) (267)
Share options charge  — — 262 262
Balance as at 31 March 2009  2,590 3,608 (3,699) 2,499
Balance as at 1 April 2007 as previously reported  2,544 3,128 (4,605) 1,067
Adjustment for share options charge  — — 554 554
Balance as at 1 April 2007 — restated  2,544 3,128 (4,051) 1,621
Shares allotted in the year  20 228 — 248
Loss for the year  — — (120) (120)
Share options charge  — — 477 477
Balance as at 31 March 2008  2,564 3,356 (3,694) 2,226 www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
44
CONSOLIDATED BALANCE SHEET
As at 31 March 2009
  2009 2008
  Notes  £’000  £’000 £’000
Non-current assets   
Goodwill  8  1,060  1,060
Property, plant and equipment  9  11,578 5,590
Interest in joint venture  10  162 —
Deferred tax asset  12  3,562 2,876
    16,362 9,526
Current assets   
Inventories  13 28,085  11,694
Trade and other receivables  14 3,404  4,778
Cash and cash equivalents   13,587  10,369
    45,076  26,841
Current liabilities   
Trade and other payables  15 (34,135)  (18,648)
Current tax liabilities   (1,594)  (1,095)
   (35,729)  (19,743)
Net current assets    9,347 7,098
Non-current liabilities   
Provisions for other liabilities and charges  16  — (680)
Net assets    25,709 15,944
Equity   
Called up share capital  17  2,590 2,564
Share premium    3,608 3,356
Treasury shares    (2,872) (943)
Retained earnings    22,383 10,967
Shareholders’ equity    25,709 15,944
The financial statements on pages 42 to 78 were approved by the Board on 26 June 2009 and signed on its behalf:
N Robertson
Director
N Beighton
Director 45
www.asos.com
The Online Fashion Store
COMPANY BALANCE SHEET
As at 31 March 2009
  2009 2008
  Notes  £’000  £’000 £’000
Non-current assets     
Investments  11  2,293 2,031
Current assets     
Trade and other receivables  14 484  502
Cash and cash equivalents   103  74
   587  576
Current liabilities     
Trade and other payables  15 (381)  (381)
Net current assets    206 195
Net assets    2,499 2,226
Equity     
Called up share capital  17  2,590 2,564
Share premium    3,608 3,356
Retained earnings    (3,699) (3,694)
Shareholders’ equity    2,499 2,226
The financial statements on pages 42 to 78 were approved by the Board on 26 June 2009 and signed on its behalf:
N Robertson
Director
N Beighton
Director www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
46
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 March 2009
    31 March 31 March
    2009 2008
   Notes £’000 £’000
Operating profit    13,935 6,962
Adjusted for     
Depreciation charge   9 1,850 963
Loss on disposal of property, plant and equipment    — 17
(Increase) in inventories    (16,391) (6,011)
Decrease/(increase) in trade and other receivables    1,374 (3,109)
Increase in trade and other payables    15,487 11,418
(Decrease)/increase in provision for other liabilities and charges    (680) 680
Impairment of property, plant and equipment    362 254
Share options charge    262 477
Cash generated from operations    16,199 11,651
Taxation paid    (3,158) (1,811)
Net cash generated from operating activities    13,041 9,840
Cash flow from investing activities    
Payments to acquire property, plant and equipment   9 (8,200) (4,740)
Payments to acquire interest in joint venture    10 (240) —
Finance income   5 268 349
Net cash from investing activities    (8,172) (4,391)
Cash flow from financing activities     
Proceeds from issue of ordinary shares    278 248
Purchase of own shares by Employee Benefit Trust    (1,929) (707)
Net cash from financing activities    (1,651) (459)
Net cash generated from continuing operations   21 3,218 4,990
Opening cash and cash equivalents    10,369 5,379
Closing cash and cash equivalents   21 13,587 10,369 47
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    31 March 31 March
    2009 2008
    £’000 £’000
Operating loss    (267) (120)
Adjusted for   
Decrease/(increase) in trade and other receivables    18 (78)
(Decrease) in trade and other payables    — (1)
Cash used in operating activities    (249) (199)
Cash flow from financing activities   
Proceeds from issue of ordinary shares    278 248
Net cash from financing activities    278 248
Net increase in cash and cash equivalents    29 49
Opening cash and cash equivalents    74 25
Closing cash and cash equivalents    103 74
COMPANY CASH FLOW STATEMENT
For the year ended 31 March 2009 www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
48
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2009
1) ACCOUNTING POLICIES
ASOS PLC is a public limited company incorporated and domiciled in 
the United Kingdom.
The principal accounting policies applied in the preparation of these 
consolidated and Parent Company financial statements are set out 
below. These policies have been consistently applied to all the years 
presented unless otherwise stated.
A) BASIS OF PREPARATION
The financial statements have been prepared on a going concern and 
historical cost basis. The principal accounting policies adopted are 
set out below.
The financial statements for both the Parent Company and the 
Group have been prepared in accordance with International Financial 
Reporting Standards (IFRS) and International Financial Reporting 
Interpretation Committee (IFRIC) interpretations as adopted by the 
European Union and those parts of the Companies Act 1985 and 
2006 as applicable to companies reporting under IFRS. The directors 
have taken advantage of the exemption available under section 230 
of the Companies Act 1985 and have not presented an Income 
Statement for the Company alone.
The Group and Company financial statements are presented in 
sterling and all values are rounded to the nearest thousand pounds 
except where otherwise indicated.
RECENT ACCOUNTING DEVELOPMENTS
Standards, amendments and interpretations effective for 
2008/9 or issued and early adopted:
In preparing the Group financial statements for the current year, the 
Group has adopted the following new IFRS, amendments to IFRS 
and IFRIC Interpretations which have not had a significant impact on 
the results or net assets of the Group:
Amendments to IAS 39 ‘Financial Instruments: Recognition and 
Measurement’ and IFRS 7 ‘Financial Instruments: Disclosures’, 
effective from 1 July 2008. These amendments permit the 
reclassification of financial assets in particular circumstances. 
The adoption of the amendments to IAS 39 and IFRS 7 has had 
no impact on the results or net assets of the Group.
IFRIC 12 ‘Service Concession Arrangements’, effective for annual 
periods beginning on or after 1 January 2008. This interpretation 
applies to public sector service concession operators and explains 
how to account for the obligations undertaken and rights received 
in service concession arrangements. No member of the Group is an 
operator and hence the adoption of IFRIC 12 has had no impact on 
the results or net assets of the Group. 
Standards, amendments and interpretations not yet effective, 
but not expected to have a significant impact on the Group:
IFRS 8 ‘Operating Segments’, effective for annual periods beginning 
on or after 1 January 2009. This new standard replaces IAS 14 
‘Segment Reporting’ and requires segmental information to be 
presented on the same basis that management uses to evaluate 
performance of its reporting segments in its management reporting.
Amendment to IAS 23 ‘Borrowing Costs’, effective for annual periods 
beginning on or after 1 January 2009. The standard has been revised 
to require capitalisation of borrowing costs when such costs relate to 
a qualifying asset. 
IFRIC 14 ‘The Limit on a Defined Benefit Asset, Minimum Funding 
Requirements and their Interaction’, effective for annual periods 
beginning on or after 1 January 2009 as endorsed by the EU. 
This interpretation provides guidance on how to assess the limit 
on the amount of surplus in a defined benefit scheme that can be 
recognised as an asset under IAS 19 ‘Employee Benefits’.  49
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1) ACCOUNTING POLICIES continued
IFRIC 13 ‘Customer Loyalty Programmes’, effective for annual 
periods beginning on or after 1 July 2008. This interpretation requires 
customer loyalty award credits to be accounted for as a separate 
component of the sales transaction in which they are granted 
and therefore part of the fair value of the consideration received is 
allocated to the award credits and deferred over the period that the 
award credits are fulfilled.
IFRIC 15 ‘Agreements for the Construction of Real Estate’, effective 
for annual periods beginning on or after 1 January 2009.
IFRIC 16 ‘Hedges of a Net Investment in a Foreign Operation’, 
effective for annual periods beginning on or after 1 October 2008.
IFRIC 17 ‘Distributions of Non-Cash Assets to Owners’, effective for 
annual periods beginning on or after 1 July 2009.
IFRIC 18 ‘Transfers of Assets from Customers’, effective for transfers 
of assets from customers received on or after 1 July 2009.
Standards, amendments and interpretations not yet effective 
and under review as to their impact on the Group:
Amendment to IAS 1 ‘Presentation of Financial Statements’, effective 
for annual periods beginning on or after 1 January 2009.
Amendment to IAS 27 ‘Consolidated and Separate Financial 
Statements’, effective for annual periods beginning on or after 
1 July 2009.
Amendment to IAS 32 ‘Financial Instruments: Presentation’ and IAS 
1 ‘Presentation of Financial Statements’ — Puttable Instruments 
and Instruments with Obligations Arising on Liquidation, effective for 
annual periods beginning on or after 1 January 2009.
Amendment to IAS 39 ‘Financial Instruments: Recognition and 
Measurement’— Eligible hedged items, effective for annual periods 
beginning on or after 1 July 2009.
Amendments to IFRS 1 ‘First-time Adoption of IFRSs’ and IAS 27 
‘Consolidated and Separate Financial Statements’ — Cost of an 
Investment of a Subsidiary, Jointly Controlled Entity or Associate, 
effective for annual reporting periods beginning on or after 
1 January 2009.
Amendment to IFRS 2 ‘Share-Based Payment’ — Vesting Conditions 
and Cancellations, effective for annual periods beginning on or after 
1 January 2009.
Amendments to IFRS 3 ‘Business Combinations’, effective for 
business combinations for which the acquisition date is on or after 
the beginning of the first annual reporting period beginning on or after 
1 July 2009.
B) BASIS OF CONSOLIDATION
The financial statements consolidate the financial statements of 
ASOS PLC, all its subsidiaries, its joint venture and the Employee 
Benefit Trust made up to 31 March 2009. All intra-Group 
transactions, balances, income and expenses are eliminated 
on consolidation. 
Subsidiary companies are consolidated using the acquisition 
method of accounting and where a Company is accounted for as a 
subsidiary, uniform accounting policies are applied and the year ends 
are coterminous.
The Employee Benefit Trust is considered to be a Special Purpose 
Entity (SPE) where the substance of the relationship between the 
Group and the SPE indicates that the SPE is controlled by the Group 
— in substance, the activities of the Trust are being conducted on 
behalf of the Group according to its specific business needs in order 
to obtain benefits from its operation. On this basis, the assets held by 
the trust are consolidated into the Group’s financial statements.  www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
50
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2009
1) ACCOUNTING POLICIES continued
C) GOODWILL
Goodwill arising on acquisition is initially measured at cost, being the 
excess of the cost of the acquisition over the Group’s share of net fair 
value of the acquired entity’s identifiable assets and liabilities at the 
date of acquisition.
Goodwill is not amortised, but is reviewed for impairment at least 
annually; any impairment is recognised immediately in the Income 
Statement and is not subsequently reversed.
D) PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at cost less accumulated 
depreciation and any provision for impairment in value. Cost includes 
the original purchase price of the asset and the costs attributable 
in bringing the asset to its working condition for its intended use. 
Depreciation is provided to write down the cost of property, plant 
and equipment to their estimated residual values, based on current 
prices at the Balance Sheet date, over their remaining useful lives by 
equal annual instalments. Assets in the course of construction are not 
depreciated. Residual values and useful lives are assessed at each 
Balance Sheet date.
The depreciation rates applicable are summarised as follows:
Plant and machinery 33% on cost 
Fixtures and fittings 20% on cost/over the lease term
Computer and telecoms equipment 33% on cost
Website maintenance costs are written off as they are incurred.
E) INVESTMENTS
Investments in subsidiary companies are stated at cost, subject to 
review for impairment.
F) SHARE-BASED PAYMENTS
The Group operates a number of equity-settled, share-based 
compensation plans. Employees of the Group receive part of their 
remuneration in the form of share-based payment transactions, 
whereby employees render services in exchange for shares or 
rights over shares (equity-settled transactions) or in exchange for 
entitlements to cash payments based on the value of the shares (cash-
settled transactions). 
The fair value of the employee services received in exchange for the 
grant of the options is recognised as an expense. The total amount to 
be expensed over the vesting period is determined by reference to the 
fair value of the options granted, excluding the impact of any non-
market vesting conditions (for example, profitability and sales growth 
targets). Non-market vesting conditions are included in assumptions 
about the number of options that are expected to vest. At each 
Balance Sheet date, the entity revises its estimates of the number 
of options that are expected to vest. It recognises the impact of the 
revision to original estimates, if any, in the Income Statement, with a 
corresponding adjustment to equity.
The fair value of employee share option plan is calculated at the grant 
date using the Black–Scholes model. In accordance with IFRS 2 
‘Share based payment’, the resulting cost is charged to the Group 
Income Statement over the vesting period. The value of the charge is 
adjusted to reflect expected and actual levels of vesting. 
In accordance with IFRIC 11, ASOS.com is required to recognise 
share-based payment arrangements involving equity instruments 
for ASOS PLC where ASOS.com have remunerated those providing 
services to the entity in this way. In ASOS.com, the entity has 
recognised in equity a contribution from its parent equal to the amount 
at which the services provided are measured. 51
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1) ACCOUNTING POLICIES continued
The proceeds received net of any directly attributable transaction 
costs are credited to share capital (nominal value) and share premium 
when the options are exercised.
G)  INVENTORIES
Inventories are valued at the lower of cost and net realisable value, 
on a first in, first out (FIFO) basis. Cost of purchase comprises the 
purchase price including import duties and other taxes, transport and 
handling costs and any other directly attributable costs less trade 
discounts. 
A provision is made for any slow-moving or obsolete stock. 
H) TRADE RECEIVABLES
Trade receivables are non-interest bearing and are recognised initially 
at fair value, and subsequently measured at amortised cost using 
the effective interest rate method less provision for impairment. A 
provision for impairment of trade receivables is established when 
there is objective evidence that the Group will not be able to collect 
all amounts due according to the original terms of the receivables. 
Significant financial difficulties of the debtor, probability that the 
debtor will enter bankruptcy or financial reorganisation, and default or 
delinquency in payments (more than 30 days overdue) are considered 
indicators that the trade receivable is impaired. 
I) CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash at bank and in hand and 
short-term deposits with an original maturity of three months or less.
For the purposes of the Company and Consolidated Cash Flow 
Statement, cash and cash equivalents consist of cash and 
short-term deposits.
J) TAXATION 
The tax expense included in the Group Income Statement consists of 
current and deferred tax.
Current tax is the expected tax payable on the taxable income for the 
year, using tax rates enacted or substantially enacted by the Balance 
Sheet date. Tax is recognised in the Group Income Statement except 
to the extent that it relates to items recognised directly in Equity, in 
which case it is recognised in the Statements of Changes in Equity.
Deferred tax is provided using the Balance Sheet liability method, 
providing for all timing differences between the carrying amounts of 
assets and liabilities for financial reporting purposes and the amounts 
used for taxation purposes.
Deferred tax is calculated at the tax rates that have been enacted 
or substantially enacted by the Balance Sheet date. Deferred tax is 
charged or credited to the Group Income Statement, except when it 
relates to items charged or credited directly to Equity, in which case 
the deferred tax is also recognised in Equity.
Deferred tax assets are recognised to the extent that it is probable 
that taxable profits will be available against which deductible 
temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each 
Balance Sheet date and reduced to the extent that it is no longer 
probable that sufficient taxable profits will be available to allow all or 
part of the asset to be recovered.
Deferred tax assets and liabilities are offset against each other when 
there is a legally enforceable right to set off current taxation assets 
against current taxation liabilities and it is the intention to settle these 
on a net basis. www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
52
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2009
1) ACCOUNTING POLICIES continued
K) PENSION COSTS 
For certain employees, the Group contributes to their personal 
pension plans. The costs of these contributions are charged to the 
Income Statement in the year in which they become payable.
L) LEASED ASSETS
Rentals applicable to operating leases, where substantially all the 
benefits and risks of ownership remain with the lessor, are charged to 
the Income Statement over the period of the lease.
M) REVENUE
Revenue consists primarily of Internet and advertising sales as well as 
postage and packaging receipts. 
Internet sales are recorded net of returns, relevant vouchers, and 
value added tax and recognised when the significant risks and 
rewards of ownership have been transferred to the buyer. 
Advertising revenue is measured at the fair value of the consideration 
received or receivable, net of value added tax. Revenue from 
advertising is recognised when the service is completed and the 
magazine is delivered to customers. 
The amount of revenue arising from sale of goods and provision of 
services has been disclosed in note 2 of the financial statements.
N) TRADE PAYABLES
Trade payables are non-interest bearing and are recognised initially 
at fair value and subsequently measured at amortised cost using the 
effective interest method.
O) SIGNIFICANT ESTIMATES AND JUDGEMENTS
The preparation of the consolidated financial statements requires 
management to make judgements, estimates and assumptions that 
affect the application of policies and reported amounts of assets 
and liabilities, income and expenses. The estimates and associated 
assumptions are based on historical experience and various other 
factors that are believed to be reasonable under the circumstances, 
the results of which form the basis of making judgements about 
carrying values of assets and liabilities that are not readily apparent 
from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an 
ongoing basis. Revisions to accounting estimates are recognised in 
the period in which the estimate is revised if the revision affects only 
that period, or in the period of the revision and future periods if the 
revision affects both current and future periods.
Critical estimates and assumptions are made in particular with regard 
to the calculation of fair value of employee share options using the 
Black–Scholes model. The inputs and assumptions of the model are 
detailed in note 18.
Critical estimates and assumptions have also been made with regard 
to the stock provision to reflect the net realisable value of the stock 
held at the year end.
The criteria for recognition of the deferred tax assets are detailed in 
note 6.
P) SEGMENTAL REPORTING
A business segment is a group of assets and operations engaged 
in providing products or services that are subject to risks and 
returns that are different from those of other business segments. 
A geographical segment is engaged in providing products or services 
within a particular economic environment that are subject to risks and 
returns that are different from those of segments operating in other 
economic environments. 53
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1) ACCOUNTING POLICIES continued
Q) FOREIGN CURRENCY TRANSLATION
(a) Functional and presentation currency
Items included in the financial statements of each of the Group’s 
entities are measured using the currency of the primary economic 
environment in which the entity operates (“the functional currency”). 
The consolidated financial statements are presented in sterling, which 
is the Group’s functional and presentation currency.
(b) Transactions and balances
Foreign currency transactions are translated into the functional 
currency using the exchange rates prevailing at the dates of the 
transactions. Foreign exchange gains and losses resulting from the 
settlement of such transactions and from the translation at year-end 
exchange rates of monetary assets and liabilities denominated in 
foreign currencies are recognised in the Income Statement.
Translation differences on non-monetary financial assets and liabilities 
are reported as part of the fair value gain or loss. 
R) IMPAIRMENT OF NON-FINANCIAL ASSETS
Assets that have an indefinite useful life, for example goodwill, are 
not subject to amortisation and are tested at least annually for 
impairment. Assets that are subject to amortisation are reviewed for 
impairment whenever events or changes in circumstances indicate 
that the carrying amount may not be recoverable. An impairment loss 
is recognised for the amount by which the asset’s carrying amount 
exceeds its recoverable amount. The recoverable amount is the 
higher of an asset’s fair value less costs to sell and value in use. 
For the purposes of assessing impairment, assets are grouped at 
the lowest levels for which there are separately identifiable cash flows 
(cash-generating units). Non-financial assets other than goodwill 
that suffered impairment are reviewed for possible reversal of the 
impairment at each reporting date.
S) FINANCIAL ASSETS AND LIABILITIES
The Group classifies its financial assets in the following category: 
loans and receivables. The classification depends on the purpose for 
which the financial assets were acquired. Management determines 
the classification of its financial assets at initial recognition.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed 
or determinable payments that are not quoted in an active market. 
They are included in current assets, except for maturities greater than 
12 months after the Balance Sheet date. These are classified as non-
current assets. The Group’s loans and receivables comprise “trade 
and other receivables” and cash and cash equivalents in the Balance 
Sheet. 
Financial liabilities and equity instruments are classified according 
to the substance of the contractual arrangements entered into. An 
equity instrument is any contract that gives a residue interest in the 
assets of the Group after deducting all of its liabilities. 
T) DIVIDEND INCOME
Dividend income is recognised when the right to receive payment 
is established.
U) SHARE CAPITAL
Ordinary shares are classified as equity.
V) SHARE PREMIUM 
The share premium account is used to record amounts received in 
excess of the nominal value of shares on issue of new shares.
W) FINANCE INCOME AND DIVIDENDS
Finance income is recognised in the period to which it relates on an 
accruals basis. Dividends are recognised when a legal entitlement to 
payment arises. www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
54
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2009
1) ACCOUNTING POLICIES continued
X) PROVISIONS
Provisions for onerous leases are recognised when the Group 
believes that the unavoidable costs of meeting the lease obligations 
exceed the economic benefits expected to be received under the 
lease. Where material, these obligations are discounted to their 
present value.
Other provisions are recognised when: the Group has a present legal 
or constructive obligation as a result of past events; it is probable that 
an outflow of resources will be required to settle the obligation; and 
the amount can be reliably estimated. Provisions are not recognised 
for future operating losses.
Where there are a number of similar obligations, the likelihood that an 
outflow will be required in settlement is determined by considering the 
class of obligations as a whole.
Y) JOINT VENTURE
An entity is treated as a joint venture where the Group holds a long-
term interest and shares control under a contractual agreement.
In the Group accounts the joint venture is accounted for 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. In the 
Balance Sheet, the interest in joint ventures is shown as the Group’s 
share of net assets.
Z) TREASURY SHARES
The Group purchases shares on the market as part of the 
Performance Share Plan for directors (note 18). The investment held 
at year-end is reflected as a reduction of equity within the Group’s 
financial statements. The right to the shares is deemed to be an 
employee benefit and therefore is charged to the Income Statement 
over the vesting period. 55
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2) SEGMENTAL ANALYSIS
The revenue and profit of the Group for the year was derived from the same classes of businesses as noted in the Directors’ Report. The revenue was 
derived from the following sources:
Primary segment by class of business
  Marketing services
 Internet retailing (Discontinued) Total
 2009 2008 2009 2008 2009 2008
 £’000 £’000 £’000 £’000 £’000 £’000
Revenue 165,395 81,044 — — 165,395 81,044
Cost of sales (93,696) (43,760) — — (93,696) (43,760)
Gross profit 71,699 37,284 — — 71,699 37,284
Operating costs (57,764) (30,322) — — (57,764) (30,322)
Operating profit 13,935 6,962 — — 13,935  6,962
Share of post tax losses of joint venture (78) — — — (78) —
Net finance income 268 349 — — 268 349
Profit before tax 14,125 7,311 — — 14,125 7,311
Taxation (4,116) (2,258) — — (4,116) (2,258)
Profit for the year 10,009 5,053 — — 10,009 5,053
      
Assets 61,427 35,937 11 430 61,438 36,367
Liabilities (35,724) (20,418) (5) (5) (35,729) (20,423)
      
Capital expenditure 8,200 4,740 — — 8,200 4,740
Depreciation 1,850 963 — — 1,850 963
 
The above figures are net of intercompany balances and transactions.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
56
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2009
2) SEGMENTAL ANALYSIS continued
The table below analyses the different streams of revenue for the Group:
   2008/09 2007/08 
   £’000 £’000 Increase
Retail sales    149,343 71,685 108%
Delivery receipts    15,084 8,117 86%
Third party revenues (advertising income)   968 1,242 –22%
Total revenue   165,395 81,044 104%
Secondary segment by geographical analysis
Total assets and capital expenditure cannot be apportioned meaningfully across the geographical areas. An analysis of Group revenue based on 
customer location is as follows:
    2009 2008
    £’000 £’000
Internet retailing
UK    133,165 73,044
EU    23,182 5,255
North America    3,223 659
Rest of the world    5,825 2,086
    165,395 81,044 57
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The Online Fashion Store
3) OPERATING PROFIT 
    2009 2008
    £’000 £’000
Operating profit is stated after charging/(crediting)  
Depreciation of property, plant and equipment — owned    1,850 963
Cost of inventory recognised as an expense    76,369 37,050
Increase in provision for stock obsolescence    520 395
Foreign exchange gains    (61) —
Loss on the sale of property, plant and equipment    — 17
Operating leases — land and buildings    2,634 1,304
Operating leases — other    71 106
Impairment of property, plant and machinery    362 254
In addition, the following has been charged in respect of auditors’ remuneration:  
Auditors’ remuneration:  
Audit and audit related services  
Statutory audit of Parent Company and Group financial statements    15 15
Statutory audit of the Company’s subsidiaries pursuant to legislation    41 42
    56 57
Other services including non-audit services:  
Fees payable to Company’s auditor for other services relating to taxation    138 18
All other services    28 —
Total fees for other services, including non-audit services    166 18
Costs relating to the audit and non-audit services pertaining to the Parent Company are borne by ASOS.com Limited.  www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
58
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2009
4) STAFF COSTS INCLUDING DIRECTORS’ REMUNERATION
The average monthly number of employees (including executive directors) employed by the Group and Company was as follows:
    2009 2008
    Number Number
By activity:  
Management    4 3
Sales and administration    366 173
    370 176
The employee costs, including directors, for the Group and the Company during the year was as follows:
 Group Company
  2009 2008 2009 2008
  £’000 £’000 £’000 £’000
Wages and salaries   15,784 7,199 — —
Social security costs  1,434 884 — —
Other pension costs  233 — — —
Share based payments  898 792 — —
  18,349 8,875 — —
Employee costs pertaining to Parent Company are borne by ASOS.com Limited. 
Aggregate compensation to key management personnel, being the directors of ASOS PLC, was as follows:
    2009 2008
    £’000 £’000
Aggregate emoluments    1,117 855
Aggregate gains made on exercise of share options    1,029 —
Pension payments    62 —
Share-based payments    466 452
Total    2,674 1,307
During the year two directors exercised their share options (2008: nil). 59
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4) STAFF COSTS INCLUDING DIRECTORS’ REMUNERATION continued
Three (2008: three) directors were entitled to shares under the ASOS Performance Share Plan (PSP).
In relation to the highest paid director:
    2009  2008
    £’000 £’000
Aggregate emoluments    437 353
Aggregate gains made on exercise of share options    1,001 —
Total    1,438 353
The highest paid director exercised 339,599 share options during the year (2008: nil). An award of 61,635 shares was also made under the ASOS 
Performance Share Plan (PSP).
5) FINANCE INCOME 
    2009  2008
    £’000 £’000
Interest on bank deposits    268 349
6) INCOME TAX EXPENSE
a) Analysis of tax charge
    2009  2008
    £’000 £’000
Current tax
UK corporation tax on profits of the year    4,109 2,355
Over provision made in prior year    (18) —
    4,091 2,355
Deferred tax
Deferred tax on capital allowances      166 124
Deferred tax on share options    (141) (221)
Total deferred tax (note 12)    25 (97)
Tax on profit on ordinary activities    4,116 2,258 www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
60
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2009
6) INCOME TAX EXPENSE continued
b) Factors affecting the tax charge for the year  
The tax assessed for the year is higher (2008: higher) than the standard rate of corporation tax in the UK 28% (2008: 30%). The differences are 
explained below:
    2009  2008
    £’000 £’000
Profit before tax    14,125 7,311
Profit on ordinary activities multiplied by the   
standard rate of corporation tax in the UK of 28% (2008: 30%)    3,955 2,193
Effects of:  
Expenses not deductible for taxation purposes    179 65
Over provision made in prior year    (18) —
    4,116 2,258
  
With effect from 1 April 2008, the statutory rate of corporation tax in the UK changed to 28% from 30%. Current taxation for the year ended 
31 March 2009 has therefore been calculated at a rate of 28%. 
c) Tax on recognised gains and losses not included in the Consolidated Income Statement
    2009  2008
    £’000 £’000
Current tax credit on exercise of share options    434 199
Deferred tax credit on movement in share option valuations    711 2,289
    1,145 2,488
d) Deferred tax assets recognised
A deferred tax asset of £3,562,000 (2008: £2,876,000) has been recognised as the directors believe this amount is likely to be recovered in the 
foreseeable future. This asset arises from deferred tax on share-based payments less accelerated capital allowances. This asset will be recovered as 
share options are exercised. 
The Company has losses of £246,000 (2008: £246,000) which are available for offset against future taxable profits. These have not been recognised 
at the year end. 61
www.asos.com
The Online Fashion Store
7) EARNINGS PER SHARE
Basic earnings per share amounts are calculated by dividing the profit attributable to equity holders of the Parent Company by the weighted average 
number of ordinary shares in issue during the year.
Diluted earnings per share amounts are calculated by dividing the profit attributable to equity holders of the Parent Company by the weighted average 
number of ordinary shares in issue during the year, adjusted for the effects of potentially dilutive share options.
The dilution effect is calculated on the full exercise of all ordinary share options granted by the Group, including performance-based options which the 
Group considers to have been earned.
The calculations of earnings per share are based on the following:
 2009 2008
  Potentially   Potentially
  dilutive share   dilutive share
 Basic options Diluted Basic options Diluted
Profit attributable to shareholders 
(continuing operations) (£’000) 10,009 — 10,009 5,053 — 5,053
Weighted average number of shares 73,635,398 4,508,766 78,144,164 72,865,070 4,275,246 77,140,316
Earnings per share 13.6p — 12.8p 6.9p — 6.6p
There have been no transactions involving ordinary shares between the reporting date and the date of the approval of these financial statements 
which would significantly change the earnings per share calculations shown above. www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
62
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2009
8) GOODWILL
    2009 2008
    £’000 £’000
Group  
Carrying value at 1 April     1,060 1,060
Impairment    — —
Carrying value at 31 March     1,060 1,060
 
Goodwill relates to the acquisition of ASOS.com Limited, a 100% subsidiary of ASOS PLC.
Goodwill arising on business combinations is not amortised but is reviewed for impairment on an annual basis or more frequently if there are any 
indications that the goodwill may be impaired. Goodwill acquired in a business combination is allocated to groups of cash-generating units according 
to the level at which management monitor that goodwill.
 Recoverable amounts for cash-generating units are based on the higher of value in use and fair value less costs to sell. Value in use is calculated from 
cash flow projections for five years using data from the Group’s latest results and internal forecasts, the results of which are reviewed by the Board. 
The key assumptions for the value in use calculation include growth rates, expected changes in margins and future changes in the market.
In March 2009 and 2008 impairment reviews were performed by comparing the carrying value of goodwill with the recoverable amount of the cash-
generating units to which goodwill has been allocated. Management determined that there has been no impairment in the current year.  63
www.asos.com
The Online Fashion Store
9) PROPERTY, PLANT AND EQUIPMENT
    Assets
 Plant and  Fixtures and Comuter under
 machinery fittings equipment construction Total
Group £’000 £’000 £’000 £’000 £’000
Cost
At 1 April 2007 25 670 2,146 7 2,848
Additions 8 3,788 923 21 4,740
Disposals — (51) (117) — (168)
At 1 April 2008 33 4,407 2,952 28 7,420
Additions 20 3,400 1,372 3,408 8,200
At 31 March 2009 53 7,807 4,324 3,436 15,620
Accumulated depreciation   
At 1 April 2007 11 232 519 — 762
Charge for the year 1 349 612 1 963
Impairment — 254 — — 254
Disposals — (32) (117)  — (149)
At 1 April 2008 12 803 1,014 1 1,830
Charge for the year 2 741 1,049 58 1,850
Impairment — 362 — — 362
At 31 March 2009 14 1,906 2,063 59 4,042
Net book value
At 31 March 2009 39 5,901 2,261 3,377 11,578
At 31 March 2008 21 3,604 1,938 27 5,590
The impairment comprises computer systems that have been upgraded.  www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
64
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2009
10)  INTEREST IN JOINT VENTURE
     Interest in joint
     venture
     £’000
At 1 April 2008     —
Initial investment in joint venture     —
Long-term loan to joint venture      240
Share of post-tax losses in joint venture     (78)
At 31 March 2009     162
     2009
Share of profit/(loss) in joint venture     £’000
Turnover     92
Cost of sales     (54)
Gross profit     38
Administrative expenses     (115)
Operating (loss)     (77)
Interest payable     (1)
(Loss) before tax     (78)
Income tax expense     —
Loss after tax     (78) 65
www.asos.com
The Online Fashion Store
10)  INTEREST IN JOINT VENTURE continued
     2009
Share of assets/(liabilities) in joint venture     £’000
Balance sheet — joint venture     
Non-current assets     58
Current assets     81
Total assets     139
Liabilities due less than one year     (96)
Liabilities due more than one year     (121)
Total liabilities     (217)
Net assets     (78)
Capital and reserves     
Share capital     —
Share premium     —
Profit and loss reserve     (78)
Net assets     (78)
11) INVESTMENTS
    Capital
    Investment   contribution   Total 
Company   £’000 £’000 £’000
Cost
At 1 April 2007    2,766 554 3,320
Additions     —  477 477
At 1 April 2008    2,766 1,031 3,797
Additions     —  262 262
At 31 March 2009   2,766 1,293 4,059
Provision for impairment
At 31 March 2008 and at 31 March 2009     (1,766)
Net book value
31 March 2009     2,293
31 March 2008     2,031 www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
66
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2009
11) INVESTMENTS continued
The following are the Company’s subsidiaries and interest in joint ventures:
    Proportion
   Country of of ordinary Nature of
Name of company   incorporation shares held business
ASOS.com Limited   UK 100% Internet retailer
Entertainment Marketing (UK) Limited   UK 100% Dormant
Brindle Limited   UK 100% Dormant
Crooked Tongues Limited   UK 50% Internet retailer
12) DEFERRED TAX ASSETS
    2009 2008
    £’000 £’000
Deferred tax asset    3,562 2,876
The following are the major deferred tax assets/(liabilities) recognised by the Group and movements thereon during the current and prior year:
   Accelerated tax Share-based
   depreciation payments Total
At 31 March 2007   (81) 571  490 
(Charge)/credit to the Group Income Statement   (124)  221  97 
Credit to equity   —  2,289 2,289 
At 31 March 2008   (205)  3,081  2,876 
Credit to the Group Income Statement   (166)  141  (25) 
Credit to equity   —  711  711 
At 31 March 2009   (371) 3,933  3,562 
13) INVENTORIES
    2009 2008
Group      £’000  £’000
Goods for resale    28,085 11,694 67
www.asos.com
The Online Fashion Store
14) TRADE AND OTHER RECEIVABLES
 2009 2008
  Group Company Group Company
   £’000   £’000 £’000 £’000
Trade receivables  922 — 1,843 —
Less: provision for impairment of trade receivables  (145) — (66) —
Trade receivables — net of provision  777 — 1,777 —
Prepayments  482 12 286 2
Receivables from related parties (note 20)  59 472 — 500
Other receivables  2,086 — 2,715 —
  3,404 484 4,778 502
    
The fair values of trade and other receivables are as follows:
 2009 2008
  Group Company Group Company
   £’000   £’000 £’000 £’000
Trade receivables  777 — 1,777 —
Receivables from joint venture  59 — — —
Receivables from related parties  — 472 — 500
Other receivables  2,086 — 2,715 —
  2,922 472 4,492 500
The above trade and other receivables fall into the “loans and receivables” category of the Group’s financial assets.
Group
As of 31 March 2009, Group trade receivables of £18,000 (2008: £59,000) were impaired. The amount of the provision was £145,000 (2008: 
£66,000) as at 31 March 2009 which includes an additional provision in relation to supplier debit balances. The individually impaired receivables are 
mainly related to wholesalers, considered to be experiencing financial difficulties. The ageing of these impaired receivables is as follows:
    2009 2008
    £’000 £’000
3 to 6 months    127 7
Over 6 months    18 59
    145 66 www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
68
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2009
14) TRADE AND OTHER RECEIVABLES continued
 As of 31 March 2009, Group trade receivables of £44,000 were past due but not impaired. These relate to a number of independent customers for 
whom there is no recent history of default. The ageing analysis of these trade receivables is as follows:
    2009 2008
    £’000 £’000
3 to 6 months    44  118
Over 6 months    —  4
    44 122
Company
As of 31 March 2009, Company receivables from related parties of £472,000 (2008: £500,000) were fully recoverable. Company receivables from 
related parties that are less than three months past due are not considered impaired. As of 31 March 2009, receivables of £472,000 (2008: £500,000) 
were past due but not impaired. These relate to subsidiary undertakings and joint venture for which there is no history of default. The ageing analysis 
of these receivables is as follows:
    2009 2008
    £’000 £’000
3 to 6 months    — —
Over 6 months    472 500
    472 500
The carrying amounts of the Group and Company’s receivables are denominated in the following currencies:
 2009 2008
  Group Company Group Company
   £’000   £’000 £’000 £’000
Pounds sterling  777 472 1,777 283
 Movements on the Group provision for impairment of trade receivables are as follows:
    2009 2008
    £’000 £’000
As at 1 April     66 5
Impairment of trade receivables during the year    79 61
As at 31 March     145 66 69
www.asos.com
The Online Fashion Store
14) TRADE AND OTHER RECEIVABLES continued
 The creation and release of provision for impaired receivables have been included in “Administration expenses” in the Income Statement. Amounts 
charged to the allowance account are generally written off, where there is no expectation of recovery.
 The other classes within trade and other receivables do not contain impaired assets.
 The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable mentioned above. The Group does not hold any 
collateral as security.
Management believe that the unimpaired receivables are fully recoverable.
15) TRADE AND OTHER PAYABLES
 2009 2008
  Group Company Group Company
   £’000   £’000 £’000 £’000
Trade payables  18,820 — 8,201 —
Amounts owed to related parties (note 20)  — 381 — 381
Accruals  9,907 — 6,379 —
Other payables  5,408 — 4,068 —
  34,135 381 18,648 381
All trade payables are due in less than one year. www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
70
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2009
16) PROVISIONS FOR OTHER LIABILITIES AND CHARGES
     Property
     provisions
Group     £’000
At 1 April 2008     680
Charged to the income statement:     —
Additional provisions     —
Utilised during the year     (228)
Released in the year     (452)
At 31 March 2009     —
Property provisions comprised future rent and rates payable on onerous and vacant property leases. The release of this provision relates to use of the 
vacant property, which has been recommissioned for use during the year.
17) CALLED UP SHARE CAPITAL
    2009 2008
    £’000 £’000
Authorised:  
100,000,000 (2008: 100,000,000) ordinary shares of 3.5p each    3,500 3,500
Allotted, issued and fully paid:  
73,991,962 (2008: 73,262,013) ordinary shares of 3.5p each    2,590 2,564
During the year 729,949 (2008: 586,000) ordinary shares of 3.5p each were issued as a result of exercise of employee share options. Total 
consideration received in respect of these options was £278,000 (2008: £248,000). 71
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The Online Fashion Store
18) SHARE-BASED PAYMENTS
Equity-settled share-based payments
The following table illustrates the number and weighted average exercise prices of, and movements in, share options during the year. The settlement 
method for these is equity
 2009 2008
  Share Weighted Share Weighted
  options average options average
  number exercise number exercise
   ’000 (p) ’000 (p)
Outstanding at the beginning of the year   5,983 58.7 5,840 47.4
Granted during the year   200 147.3 738 138.1
Forfeited during the year   (64) 95.4 (9) 117.0
Exercised during the year   (730) 35.0 (586) 42.3
Outstanding at the end of the year  5,389 59.0 5,983 58.7
Exercisable at the end of the year  4,344 46.1 3,928 32.5
Options were exercised on ten (2008: twelve) occasions throughout the year and the weighted average share price upon exercise was 248 pence 
(2008: 186 pence).
Options outstanding at 31 March 2009 are exercisable at prices ranging between 4.5 pence and 290 pence (2008: 4.5 pence and 232.50 pence) and 
have an average remaining contract life of 5.3 years (2008: 6.4 years) and a weighted average fair value of 33 pence (2008: 31.5 pence).
The fair value of share options granted is calculated at the date of grant using a Black–Scholes option pricing model. The inputs into the model are 
the risk-free interest rate at the date of grant which during the year ranged from 4.25% to 5.28% (2008: 4.25% to 5.28%); expected volatility of 35% 
(2008: 35%), the share price at the date of grant, the option life, and an expected exercise date of 50% of the life of the option.
Expected volatility was found using a historical volatility calculator and with reference to that of comparable companies.
Share options granted prior to 7 November 2002 fall outside the scope of IFRS 2 and therefore no charge has been recognised within the 
Income Statement. www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
72
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2009
18) SHARED-BASED PAYMENTS continued
Share options 
Details of options granted under both the Company’s EMI Approved Share Option scheme and an unapproved share option scheme are 
shown below.
   Period in which
 Numbers of shares outstanding Option exercisable
Issue date 01/04/2008 Issued  Exercised Lapsed 31/03/2009 price From To
06/12/2000 1,579,657 — — — 1,579,657 12.7p 16/01/2001 15/01/2011
31/01/2003 59,000 100,000 102,800 — 56,200 4.5p 31/01/2005 31/01/2013
26/02/2004 359,599 — 229,599 — 130,000 10.25p 26/02/2006 25/02/2014
30/07/2004 250,000 — 110,000 — 140,000 56.5p 30/07/2006 29/07/2014
10/08/2004 175,000 — 35,000 — 140,000 43.5p 10/08/2006 09/08/2014
29/04/2005 500,000 — 100,000 — 400,000 49.5p 29/04/2007 28/04/2015
09/05/2005 — — — — — 43p 09/05/2007 08/05/2015
07/07/2005 160,000 — — — 160,000 53p 07/07/2007 06/07/2015
08/07/2005 45,000 — 45,000 — — 49.5p 08/07/2007 07/07/2015
11/07/2005 750,000 — — — 750,000 57.5p 11/07/2007 10/07/2015
04/01/2006 50,000 — — — 50,000 68p 04/01/2008 03/01/2016
04/04/2006 100,000 — — — 100,000 94.5p 04/04/2008 04/04/2016
26/04/2006 500,000 — 107,550 — 392,450 93.25p 26/04/2008 25/04/2016
04/07/2006 446,000 — — — 446,000 98p 04/07/2008 03/07/2016
26/07/2006 280,000 — — 40,000 240,000 82.75p 26/07/2009 25/07/2016
30/04/2007 493,051 — — 23,504 469,547 117p 23/04/2010 22/04/2017
03/09/2007 100,000 — — — 100,000 116.5p 03/09/2010 02/09/2017
31/01/2008 135,000 — — — 135,000 232.5p 31/03/2011 30/01/2018
07/04/2008 — 100,000 — — 100,000 290p 07/04/2011 07/04/2018
Total 5,982,307 200,000 729,949 63,504 5,388,854
 
During the year the Board reinstated options over 100,000 ordinary shares of 4.5 pence to a former director to whom these were granted in 2003.  73
www.asos.com
The Online Fashion Store
18) SHARED-BASED PAYMENTS continued
ASOS Performance Share Plan
Under the rules of the ASOS Performance Share Plan (PSP) and subject to performance conditions, the PSP allows the directors to be awarded 
ordinary shares in the capital of the Company.
Vesting of awards
Awards will normally vest on or following the third anniversary of grant once the committee has determined the extent to which the applicable 
performance conditions (see below) have been satisfied and provided that the participant is still employed in the Company’s Group.
The performance conditions will be structured such that the vesting of an award will be determined by the Company’s annual compound growth in 
normalised earnings per share (“EPS”) in excess of inflation (“RPI”) over a three year performance period commencing on the first day of the financial 
year in which the award is granted. 
For the initial awards the annual growth targets will be as set out in the table below:
Annual compound EPS growth of the Vesting percentage of the shares subject
Company over the performance period to an award
Less than RPI + 10% 0%
Equal to RPI + 10% 25%
Greater than or equal to RPI + 30% 100%
Between RPI + 10% and RPI + 30% Between 25% and 100% pro rata on a straight-line basis
The Remuneration Committee may amend the performance conditions applying to existing awards at any given time if an event occurs which causes 
the Committee to consider it appropriate to amend them, provided that, in the opinion of the Committee, the amended conditions are not materially 
less challenging to achieve in the changed circumstances than those originally set.
The Remuneration Committee will review the performance conditions each time awards are granted and may impose different performance conditions 
for subsequent awards, provided that, in the opinion of the Committee, the different performance conditions are not materially less challenging in light 
of the Company’s circumstances than those set for the initial awards. www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
74
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2009
18) SHARED-BASED PAYMENTS continued
SAYE
 2009 2008
  Share Weighted Share Weighted
  options average options average
  number exercise number exercise
   ’000 (p) ’000 (p)
Brought forward   — — — —
Granted during the year   322 244 — —
Forfeited during the year   — — — —
Exercised during the year   — — — —
Outstanding at the end of the year  322 244 — —
The SAYE scheme commenced on 1 July 2008. Options were granted on two occasions. The first issue was on 19 July 2008 at 283.2p and the 
second issue was made on 7 January 2009 at 207.4p.
The scheme will run for three years and eligible employees can contribute between £50 and £250 a month. On maturity, the employee has the option 
to buy the shares in the Company at a discount of 20% on the share price as at the commencement of the scheme.
The accounting for the SAYE scheme is in accordance with IFRS2 Share-based payments. The fair value of the employees services received in 
exchange for the grant of the option is recognised as an expense in the Income Statement. The total amount to be expensed over the vesting period 
is determined by reference to the fair value of the options granted. The vesting period is three years, the length of the scheme.
The fair value of share options granted is calculated at a discount of 20% on the market value at the date of grant using a Black–Scholes option 
pricing model. The inputs into the model are the risk-free interest rate at the date of grant which during the year ranged from 2.81% to 4.9%; 
expected volatility of 35%.
PERFORMANCE SHARE PLAN (“PSP”)
The table below illustrates the shares issued to directors and other key employees of the Group during the year:
Directors’ performance share plan
Director   31 March 2008 Granted number 31 March 2009 Vesting date
Lord Waheed Alli   — — — —
Peter Williams   — — — —
Nick Robertson   292,992 61,635 354,627 2009–2011
Jon Kamaluddin   233,781 41,823 275,604 2009–2011
Rob Bready   291,619 48,427 340,046 2009–2011 75
www.asos.com
The Online Fashion Store
18) SHARED-BASED PAYMENTS continued
     Share Share
     options  options
    number number
    2009 2008
Other key employees:    ’000 ’000
Brought forward     — —
Awarded during the year     183 —
Forfeited during the year     — —
Exercised during the year     — —
Outstanding at the end of the year    183 —
The vesting date for the above shares awarded to other key employees of the Group is 2011.
 The total cost for the PSP to the Group for the year ended 31 March 2009 was £569,000, of which £466,000 relates to the directors and £103,000 
relates to other key employees of the business.
Employee Benefit Trust (“EBT”)
The ASOS.com Limited Employee Benefit Trust (EBT) was set up to satisfy awards granted under the ASOS Performance Share Plan 2006 and the 
SAYE scheme 2008. The trustees of the plan are Ogier Employee Benefit Trustee Limited and are resident in Jersey.
As at 31 March 2009 the EBT held 1,450,052 shares (2008: 818,392) to the value of £2,872,318 (2008: £943,000). The consideration paid for 
ordinary shares of 3.5p each held by the EBT as at 31 March 2009 has been shown as an EBT reserve and presented within equity for the Group as 
treasury shares. These shares were purchased at market value.
The total IFRS 2 charge in the Income Statement for all three schemes for the year ended 31 March 2009 was £898,000 (2008: £792,000). www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
76
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2009
19) OPERATING LEASE COMMITMENTS
Total of future lease payments under non-cancellable operating leases are as follows:
 2009 2008
  Land and   Land and 
  buildings Other buildings Other
Group  £’000 £’000 £’000 £’000
Leases which expire    
Within one year  2,741 1 1,019 —
Within two to five years  10,278 — 7,900 —
In over five years  3,045 — 5,665 —
Total  16,064 1 14,584 —
 
20) RELATED PARTY TRANSACTIONS
Transactions with key management personnel
Only members of the Board of directors of ASOS PLC are deemed to be key management personnel. It is the Board who have responsibility for 
planning, directing and controlling the activities of the Group. Key management personnel compensation is disclosed in note 4 and in the Directors’ 
Remuneration report.
During the year, there were no other material transactions or balances between the Group and its key management personnel or members of their 
close family.
During the year the Company entered into transactions, in the ordinary course of business, with other related parties as follows:
    2009 2008
    £’000 £’000
Transactions during the year with subsidiary undertakings
Costs recharged by subsidiary undertakings    267 116
Balance at 31 March with subsidiary undertakings and joint venture
Amounts owed by subsidiary undertakings    472 500
Amounts owed by joint venture    59 —
Amounts owed to subsidiary undertakings    381 381
Loans made to employee benefit trust    2,872 943 77
www.asos.com
The Online Fashion Store
20) RELATED PARTY TRANSACTIONS continued
During the year the Group made a loan of £1,573,490 (2008: £707,000) to the ASOS.com employee benefit trust to acquire shares in the Company 
to satisfy grants made under the rules of the PSP plan. 
1,579,657 share options were granted to Lord W Alli in December 2000. Lord Alli has agreed to indemnify ASOS PLC against 50% of the employer’s 
insurance liability that will arise on exercise of the above options.
21) NOTES TO THE CASH FLOW STATEMENT
   At 1 April  At 31 March
   2008 Cash flow 2009
   £’000 £’000 £’000
Group 
Cash and cash equivalents    10,369 3,218 13,587
Company   
Cash and cash equivalents   74 29 103
22) FINANCIAL INSTRUMENTS
The Group’s principal financial instruments comprise cash, trade receivables and trade payables that arise directly from operations. The main 
purpose of these financial instruments is the funding of the Group’s trading activities. It has been the Group’s policy throughout the year under 
review that no trading in financial instruments should be undertaken.
Interest rate risk profile of financial assets
The only financial asset of the Group is cash at bank and in hand which is denominated in sterling. The US dollar and euro bank accounts 
have been retranslated to sterling at the closing spot rate on the 31 March 2009. The balance at 31 March 2009 was £13,586,727 
(31 March 2008: £10,369,000).
Management has adopted a low risk policy relating to the investment of surplus funds, which are held on time deposit with the Group’s bank. 
Exposure to credit risk is monitored on an ongoing basis. www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
78
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2009
23) FINANCIAL RISKS
Financial risk factors
The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk and cash flow and fair value interest rate risk), 
credit risk and liquidity risk. The Group’s overall risk management programme focuses on the unpredictability of the financial markets and seeks to 
minimise potential adverse effects on the Group’s financial performance. The Group does not currently use derivative financial instruments to hedge 
all risk exposures. The Group has future plans to use derivative financial instruments to hedge against foreign exchange volatility.
(a) Market risk 
(i) Foreign exchange
The Group operates internationally and is therefore exposed to foreign exchange risk arising from various currency exposures, primarily with respect 
to the euro and US dollar. Foreign exchange risk arises from commercial transactions and recognised assets and liabilities.
(ii) Cash flow and fair value interest rate risk
As the Group has no significant interest-bearing assets, the Group’s income and operating cash flows are substantially independent of changes in 
market interest rates.
As the Group has no significant interest-bearing borrowings, the Group is not exposed to cash flow interest rate risk.
(b) Credit risk
The Group’s credit risk arises through credit exposure to customers and Group companies and also with banks with which cash is held.
Management have a credit control process. As the majority of the Group’s advertising customers are large companies with which the Group has a 
long-standing relationship, the risk of default is considered to be low and write-offs due to bad debts are extremely low.
Management consider the risk of default of Group debtors to be negligible.
The Group ensures that deposits are only placed with banks which have a minimum credit rating of AA (Standard and Poor’s rating).
(c) Liquidity risk
Management are responsible for managing the Group’s liquidity. Sufficient funds need to be available to meet business needs as and when they arise. 
Once all business needs have been met, any surplus cash will be invested in daily deposit accounts with the Group’s bank.
(d) Capital risk management
The Group’s objectives when managing capital (defined as net debt plus equity) are to safeguard the Group’s ability to continue as a going concern 
in order to provide returns for their shareholders and benefits for other stakeholders, while maintaining strong credit rating and headroom while 
optimising return to shareholders through an appropriate balance of debt and equity funding. The Group manages its capital structure and makes 
adjustments to it, in light of changes to economic conditions and the strategic objectives of the Company. 79
www.asos.com
The Online Fashion Store
FIVE YEAR GROUP FINANCIAL SUMMARY
 2009 2008 2007 2006 2005
 £ £ £ £ £
Income statement
Revenue 165,395 81,044 42,614 20,317  14,428
Cost of sales (93,696) (43,760) (24,488) (11,668) (7,949)
Gross profit 71,699 37,284 18,126 8,649 6,479
Operating costs (57,764) (30,322) (15,262) (9,744) (5,411)
Goodwill impairment — — (188) — (228)
Insurance proceeds 
(1)
 — — 570 2,439 —
Operating profit/(loss) 13,935 6,962 3,246 1,344  840
Share of post-tax losses of joint venture (78) — — — —
Finance income 268 349 124 61 39
Profit before taxation 14,125 7,311 3,370 1,405  879
Taxation (4,116) (2,258) (951) 12  —
Profit/(loss) for the financial year 10,009 5,053 2,419 1,417  879
Earnings per share
Basic 13.6p 6.9p 3.4p 2.0p 1.3p
Fully diluted 12.8p 6.6p 3.3p 1.9p 1.2p
Balance sheet
Cash at bank 13,587 10,369 5,379 3,744  2,060
Net assets 25,709 15,944 8,385 5,522  3,612
(1) 
2007 and 2006 — business interruption insurance claim following Buncefield explosion. www.asos.com
ASOS PLC ANNUAL REPORT AND ACCOUNTS 2009 Stock Exchange Code: ASC
80
SHAREHOLDER NOTES www.asos.com
The Online Fashion Store
Created by
www.jonesandpalmer.co.uk
DIRECTORS:
Lord W Alli (Chairman)
N Robertson
J Kamaluddin
R Bready
P Williams
N Beighton (appointed 27 April 2009)
COMPANY SECRETARY:
J Kamaluddin
(resigned 27 April 2009)
N Beighton
(appointed 27 April 2009)
REGISTERED OFFICE:
Second Floor
Greater London House
Hampstead Road
London
NW1 7FB
Registered in England number
4006623
INDEPENDENT AUDITORS:
PricewaterhouseCoopers LLP
Chartered Accountants and
Registered Auditors
10 Bricket Road
St Albans
Hertfordshire
AL1 3JX
LAWYERS:
Lawrence Graham LLP
4 More London Riverside
London SE1 2AU
FINANCIAL ADVISOR,
NOMINATED ADVISOR
AND JOINT BROKER:
JPMorgan Cazenove Limited
20 Moorgate
London EC2R 6DA
JOINT BROKER:
NUMIS Securities Limited
5th Floor
10 Paternoster Square
London EC4M 7LT
FINANCIAL PR:
Cubitt Consulting Limited
30 Coleman Street
London EC2R 5AL
REGISTRARS:
Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield HD8 0GA
COMPANY INFORMATION ASOS PLC
Greater London House
Hampstead Road
London
NW1 7FB
www.asos.com
ASOS PLC
Greater London House
Hampstead Road
London
NW1 7FB