novar plc
novar house
24 queens road
weybridge
surrey kt13 9ux
england
telephone 44 0 1932 850 850
fax 44 0 1932 823 328
website wwwnovarcom
annual report 
and accounts 2003
novar plc annual report and accounts 2003
969fcbc  18304  348 pm  page 1 

Summary:
 novar annual report 2003
group chief executive’ s review 04
“our businesses continue to
outperform their markets 
we continue to invest to
enhance our competitiveness
and to accelerate our growth
once economic activity returns
to more normal levels”
our businesses continue to outperform their
markets our investments in new products and
commercial and market initiatives are driving our
share in markets that were generally down on
2002 costs are coming down we continue to
invest to enhance our competitiveness and to
accelerate our growth once economic activity
returns to more normal levels
intelligent building systems ibs
the reorganisation of the ibs sector into an
integrated global structure has created new
opportunities by allowing us to promote the full
range of ibs solutions to our customers worldwide
t o integrate delivery a major restructuring of our
uk us and german logistics operations has now
completed phase one resulting in improved
delivery and cost performance
in 2003 novar projects established in the uk and
germany began to contribute substantial new
business in the uk we won the fire detection
and building control contracts at london
heathrow’s new terminal 5 worth more than
£40m to be delivered over the next several years
we see further opportunities in the worldwide
airports market as we are bringing on stream
exciting new products for these customers
overall ibs trading performance reflects the
continued weakness in new commercial
construction in the uk us and germany where
key markets were down 6 to 10 against this
we achieved solid growth in the us including
alerton and further growth in the middle east
and southern and eastern europe progress in
the uk was driven by a strong performance in fire
detection and wiring devices
indalex aluminum solutions
the north american soft alloy extrusions markets
saw some recovery in the final quarter of the year
over the full year the markets were down 1
while indalex grew volumes 2 outperforming 
in the key residential construction and
transportation markets
our partnership with asia aluminum group
continues to prosper volumes sourced from 
asia are up over 35 this year our continuing
investment in 25 of the asia aluminum group
has recorded associated earnings of £6m 
2002 £4m and we have received a dividend 
of £19m 2002 £16m
security printing services
security printing had another strong year
achieving record sales and operating profits in us
dollars margins improved as business grew in
the higher value added contact centre and
internet order channels and production costs
were cut a major restructuring programme
closing four printing plants and one older contact
centre was completed in the year
as announced at the interim results clarke
american’s contract with its largest partner bank
was renewed for another seven years and
extended to cover the provision of all of its
cheque related product and service
requirements the new business was successfully
introduced at the end of the third quarter and will
contribute fully to earnings from 2004
current trading and outlook
intelligent building systems markets remain
weak with soft underlying demand for
commercial building construction everywhere
group chief
executive’ s
review
9690105  18304  1252 pm  page 04 05
novar annual report 2003
group chief executive’ s review continued
our investments in new products
and commercial and market
initiatives are driving our market
share gains
the fire detection and building
control contracts at london
heathrow’s new t erminal 5 
are worth more than £40m
indalex grew volumes 2
outperforming in the key
residential construction and
transportation markets
security printing had another
strong year achieving record sales
and operating profits in us dollars
key messages
we have important new products and project
activity coming on stream to drive market share
recently we have seen patchy improvement in
north american aluminium extrusions demand
with pressure on pricing unabated it is difficult 
to project this market for 2004 indalex aluminum
solutions expects to continue to grow its 
market share and will also benefit from further
reductions in its fixed cost base
the outlook for the us cheque market is slightly
down clarke american’s continuing success in
developing its contact centre and online
business which enhances revenue per order
should continue to support solid revenue and
profit performance of our security printing
business at constant currencies
restructuring costs are likely to be similar to
those in 2003 but more significantly weighted 
to the first half of the year importantly the
continuing weakness and uncertain level of 
the us dollar will impact the reported results 
of our us based businesses particularly in the
first half of 2004
despite the uncertain trends in demand we
expect to make further underlying progress at
constant currencies as our investments in
markets new products and cost productivity
continue to drive sales and margins
jurgen hintz
group chief executive
9690105  18304  1252 pm  page 05 novar annual report 2003
intelligent building systems 06
ibs lands t erminal 5 
baa has awarded 
a five year contract 
to novar projects for
the design supply 
and installation of the
fire detection voice
alarm and building
management systems
at t erminal 5 heathrow 
6500 employees
serving the worldwide construction industry
operating in over 30 countries 
from north america through europe the middle east and asia
comprehensive portfolio
including fire detection and alarm energy management and environmental control
access control and intruder alarm cctv  and data and cable management systems
intelligent building
systems
9690611  18304  1252 pm  page 06 07
novar annual report 2003
intelligent building systems continued
novar intelligent building systems is a global business
supplying electrical electronic and control products
and services to building operators contractors and
developers worldwide with operations in over 30
countries in north america europe the middle east
india south east asia and china novar’s intelligent
building systems include a wide range of high 
quality innovative offerings for fire detection and 
alarm energy management and environmental 
control access control and intruder alarm cctv and
electrical and data connectivity
novar has a proven track record of bringing innovative
solutions processes and products to the construction
industry today’s buildings are sophisticated
environments they have complex requirements for
safety comfort and effective business operations in
other words high intelligence high capacity systems
novar intelligent building systems works with customers
installers value added resellers distributors specifiers
and endusers our experience in delivering large scale
projects worldwide across a broad scope of different
applications is illustrated by the success we have had
with the heathrow t5 project
in 2003 baa awarded novar contracts worth more than
£40 million to supply the lifesafety and building
management systems for heathrow terminal 5 one of
europe’s largest and most sophisticated construction
projects comprising a gent fire detection voice alarm
and public address system and a trend system to
control and monitor all heating ventilation and air
conditioning plant serving the t5 campus the novar
package will be the largest of its type ever to be
installed in the uk the systems’ use of innovative
technology some of it being specially developed for
the project will have significant wholelife cost benefits
for the new terminal novar’s use of advanced design
testing and manufacturing techniques will play a crucial
part in ensuring successful completion of the contract
the proven ability of its supply chain to achieve 
industry leading order turnaround times while virtually
eliminating defects will be especially important
the systems at terminal 5 will together establish new
benchmarks for the design delivery integration and
operation of lifesafety and building services control
equipment not just in airports but in commercial
buildings generally indeed novar’s project
management skills and experience already extend well
beyond its established businesses in the uk germany
and north america
the international markets division of intelligent building
systems is involved in a wide range of projects around
the world with novar products installed in many
landmark buildings including commercial office and
retail complexes theatres art galleries hotels hospitals
and major public infrastructure works
in spain esser’ s early warning fire detection system has
been installed in the financial “city” of the banco de
santander central hispano in madrid the complex 
of four buildings and some 35000 square metres of
office space will house more than 25000 esser fire
detectors monitored by novar’s market leading
centralised management software system
in dubai the madinat jumeirah resort complex
designed to be one of the most luxurious resort
complexes in the world will include mk’ s insignia range
of wiring devices and gent’s fire detection systems
building on novar’s success in supplying fire detection
and safety equipment at the neighbouring jumeirah
beach hotel featured below
in singapore novar is involved with several prestigious
building projects including the stock exchange
building the new supreme court and capital tower
with gent mk and ega products all supplied and
installed the common services tunnel stage 1
comprising some 14 kilometres of linked tunnels will
accommodate a series of underground utilities such as
water pipes and power and telecommunications cables
and is being designed to service the new downtown
financial and business hub development in marina
south in addition to t rend’ s building controls there are
opportunities for electrical trunking and cabling and
wiring devices finally novar has recently been
awarded the contract to supply fire detection and 
lifesafety systems at a large new terminal building 
at changi airport building on its success at heathrow
a gent integrated fire and voice alarm system is installed at the
600 room jumeirah beach hotel in dubai
9690611  18304  1253 pm  page 07