head office
parkdean holidays plc
2nd floor
one gosforth park way
gosforth business park
newcastleupontyne
ne12 8et
tel 0191 256 0700
fax 0191 268 6004
website wwwparkdeanholidayscouk
investors’ website wwwparkdeanholidaysplccom
holiday park locations
1  grannie’s heilan’ hame
2  nairn lochloy
3  tummel valley
4  wemyss bay
5  sundrum castle
6  southerness
7  pendine sands 
8  trecco bay
9  ruda
10 st minver
11 newquay
12 white acres
13 crantock beach
14 holywell bay
15 sea acres
16 challaborough bay
17 t orquay
18 west bay
19 warmwell
20 cherry tree
parkdean holidays plc
annual report and accounts 2004
award winning holiday parks
parkdean holidays plc annual report and accounts 2004 designed and produced by college design london  wwwcollegedesigncom
sundrum castle holiday park 01
parkdean holidays plc 
annual report and accounts 2004
financial highlights
•
t urnover increased to £6038m £5191m 2003 including £323m 
from acquisitions
•
operating profit increased to £1287m despite absorbing winter losses 
for white acres and sea acres and head office move and expansion
•
likeforlike operating profit grew by 102 over 2003
•
pretax profit increased to £905m
•
basic earnings per share 1525p
•
proposed final dividend increased by 10 to 33p
– t otal dividend 55p 10 higher than 2003
operations
•
£996 million invested in the estate 
•
six new parks acquired during the year for £47 05m
•
enter 2005 with 40 more pitches than in 2004 
•
booking pattern since return from festive holidays inline with expectations
parkdean holidays plc is a uk focused holiday park operator
owning 20 parks in scotland wales south west england and 
east anglia the company benefits from complementary income
streams from holiday sales onpark retail outlets caravan holiday
home sales and owner income
contents
01 financial highlights
02 chairman’s statement
04 chief executive’s review
09 financial review
14 directors
15 advisers
16 directors’ report
18 remuneration report
21 corporate governance
23 independent auditors’ report 
24 group profit and loss account
25 group balance sheet
26 company balance sheet
27 group statement of cash flows
29 accounting policies
31 notes to the financial statements
43 notice of annual general meeting 02
parkdean holidays plc 
annual report and accounts 2004
chairman’s statement
graham wilson
chairman
the financial year ending 31 october
2004 marked parkdean holidays’ 
fifth anniversary and the group’s third
annual report as a public company
during the year under review parkdean
has continued to successfully deliver
on its key strategic objectives resulting
in increased shareholder returns 
both in terms of capital growth and
dividend payments
the group continues to invest in the
holiday parks under its stewardship and
to improve their financial performance
whilst acquiring additional holiday parks
and maintaining an appropriate balance
of personnel and systems resources
required for the management of an
expanding portfolio of parks the board 
is also mindful of its responsibility to
shareholders to maintain a satisfactory
financial balance between the use of
bank debt and shareholders’ equity
results
group turnover increased from £5191 m
in 2003 to £6038m in 2004 turnover
from acquisitions made during 2004
accounted for £323m of this increase
primarily from southerness turnover at
the 14 parks owned for the whole year
increased by 101 to £57 15m
group operating profit for 2004
increased to £1287m including £066m
from acquisitions operating profit from
the 14 parks owned for the whole year
increased from £1202m in 2003 to
£1221m in 2004 this increase in
operating profit arises despite winter
costs for white acres and sea acres
impacting for the first time in 2004 – 
both parks were acquired in may 2003 
– and incremental costs for the new
reservations and administration centre 
in newcastle upon tyne
the increase in 2004 pretax profit 
of £007m to £905m understates the
significant improvement in performance 
in the 14 parks owned for all of 2004
where likeforlike operating profit 
grew by 102 as described in the
financial review
earnings per share and dividends
basic earnings per share amounted to
1525p fully diluted earnings per share
amounted to 1470p
an interim dividend of 220p per share
2003 200p was paid to shareholders
on 22 september 2004 the directors
are recommending a final dividend of
330p per share on all ordinary shares in
issue to shareholders on the register at 
4 march 2005 payable on 31 march 2005
the total dividend of 55p per share is a
10 increase over 2003 and is covered
24 times
acquisitions and development
the group began the year under review
with 14 parks covering 871 acres with 
a total of 6546 pitches
during the year £996m was invested 
in the existing estate continuing our 
hire fleet improvement programme and
developing new pitches and recreational
and leisure facilities as well as investment
in it systems and hardware
southerness holiday village was
acquired for £530m in march and 
cherry tree warmwell torquay pendine
sands and wemyss bay holiday parks
were bought for £4175m immediately
prior to the yearend  03
at 31 october 2004 the estate of 20
parks covered 1315 acres with a total 
of 9189 pitches 
the group is beginning 2005 with total
pitch numbers 40 higher than 2004
there are correspondingly 40 more 
hire fleet 63 more private pitches 
and 10 less touring pitches clearly
operating profit for 2005 will be
significantly enhanced by this expansion
in the estate
capital resources 
the acquisitions referred to above 
have been substantially funded by the
drawdown of the acquisition facility 
of £3290m available to the group 
in addition the company successfully
placed 1035m new ordinary shares 
at £200 each to raise £1983m net 
of expenses on 20 october 2004
the directors are currently well
advanced in discussions with a
syndicate of banks to put in place 
a new agreement providing increased
debt facilities to the group 
people
the directors continue to strengthen 
the management team as and when
appropriate the directors wish to record
their appreciation of the efforts of all 
our staff in the achievement of a good 
set of results in 2004 and in the wider
development of the group
outlook
parkdean holidays’ 2005 brochure was
launched in late november 2004 with all
20 parks featured the directors intend 
to provide shareholders with an update
on holiday sales at the annual general
meeting on 4 march 2005
the primary task for 2005 is to ensure
the satisfactory performance of the
existing portfolio of 20 parks with 
special emphasis on the five new parks
integrated into the group since late
october 2004 the directors will
continue to seek appropriately priced
acquisitions whilst simultaneously
pursuing organic growth opportunities 
to further enhance shareholder value
graham wilson
chairman
11 january 2005
parkdean holidays plc 
annual report and accounts 2004
turnover £’000
60376
51908
42212
28607
15279
00 01 02 03 04
ebitda £’000
17 269
15372
1 1 219
7 627
5063
00 01 02 03 04
operating profit £’000
12866
12017
8622
5845
4 193
00 01 02 03 04 04
2004 has been a year of significant
progress for the group with the
acquisition of six holiday parks
increasing our portfolio to 20 parks
likeforlike operating profit grew by
102 after allowing for the first year
winter costs at white acres and sea
acres the group also relocated at the
beginning of the year to a new central
office in newcastle upon tyne and the
management team was strengthened
with the appointment of directors of
operations and human resources 
our management team have again
demonstrated their ability to grow
revenues and profits from the existing
estate whilst completing acquisitions and
a range of capital expenditure projects
the group remains focused upon the
domestic market and will continue to 
seek further growth opportunities in 
2005 and beyond this growth will be
achieved by improving profitability in the
existing estate by capitalising on organic
growth opportunities particularly beyond
2005 and by appropriate acquisitions
the directors remain highly selective in
choosing acquisition targets and will only
acquire parks meeting our returns criteria
parkdean’s estate of 20 holiday parks
now covers 1315 acres with a total of
9189 pitches including 2795 hire fleet
pitches 5104 private pitches and 1290
touring pitches this represents a 40
increase over 2003 
holiday sales
total revenue from holiday sales
including income from touring camping
insurance and subletting of privately
owned caravans grew to £2046m 
in 2004 of this revenue £055m 
came from the six parks acquired during
the year revenue from holiday sales
represented 339 of group turnover
and a 464 share of total contribution
after direct wages and marketing costs 
the core group of parks has performed
well in a highly competitive environment
with likeforlike holiday hire revenue at
the existing 14 parks in company owned
hire fleet of £1645m being 81 higher
than the previous year this growth was
gained by a combination of higher
achieved tariff at peak season and
improved occupancy in the autumn 
driven by short breaks 
we continue to focus on direct sales with
only 135 of our holiday hire revenue
sold via agents
parkdean occupies a unique position
within the uk holiday park market with 
in excess of one third of the caravan 
hire fleet in the existing parks being
doubleglazed centrally heated units
continued investment in this higher
specification of accommodation will help
to grow holiday tariff further in both the
spring and autumn and it is our intention
to invest in 68 doubleglazed and
centrally heated units at the newly
acquired parks for 2005
touring revenue in the existing 14 parks
also grew by 7 2 in 2004 to £175m
underlining our successful investment 
in the touring facilities across the group
in 2004 
sales of personal and car breakdown
insurance and cancellation cover of
£084m were 45 higher than the
previous year a reflection of the slightly
higher number of holidays sold directly
2005 will see the introduction of
regulations by the financial services
authority fsa covering the sale and
administration of insurance products 
and parkdean has been granted fsa
approval to operate in this area 
parkdean holidays plc 
annual report and accounts 2004
chief executive’s review
john waterworth
chief executive 05
parkdean holidays plc 
annual report and accounts 2004
turnover by sector
holiday hire 339
retail 247
caravan sales 301
owner income 1 13
contribution by sector
holiday hire 464
retail 216
caravan sales 143
owner income 17 7
caravan sales
caravan sales continued to be buoyant 
in 2004 with turnover of £1819m
achieved 301 of the group’s turnover
£134m came from the six parks acquired
during the financial year caravan sales
provided a 143 share of the total
contribution after direct wages and
marketing costs
during the course of the year caravan
sales were successfully introduced at
ruda in devon for the first time with the
sale of 20 units the company also
continued to develop additional pitches 
at newquay where a total of 53 units
were sold during the year turnover at 
the existing parks grew by 142 to
£1685m in 2004 
caravan sales opportunities at white
acres sea acres crantock beach
holywell bay and torquay remain under
review – all pitches on these parks are
currently used for holiday hire or touring
the group has gained planning consent
at st minver for a development of 32
lodges and these pitches will be
developed for the 2005 season with
some being available for private sale 
the progress of this development will 
be reviewed with a view to introducing
the sale of lodges at other parks in the
future all caravans and lodges sold 
by parkdean are for holiday use only
owner income
owner income of £680m was 
achieved last year representing 113 
of turnover and a 17 7 share of the 
total contribution after direct wages 
and marketing costs £044m of this
revenue came from the six newly acquired
parks the group now has in excess of
5000 owners providing a robust and
transparent income stream for the group
the group is introducing our “owners
select” service across the expanded
estate for the 2005 season providing
improved information and service to 
our holiday homeowners  retail
retail income totalled £1492m in 2004
a 247 share of turnover and a 216
share of the total contribution post direct
wages and marketing retail income at
the six newly acquired parks was £090m
in 2004
the directors are particularly pleased 
with the growth in revenue in the 
group’s bars and food areas targeted 
for improvement in 2004 revenue grew
by 7 0 over 2004 in the bars at the
existing 14 parks and margin after wages
grew by 81 food sales grew by 96
although the achieved margin after wages
remained flat as a better value offering
was promoted to increase daytime 
use of facilities and improve customer
satisfaction the group’s management
team have been particularly focused 
on improving the quality of our food 
and beverage product in 2004 the
provision of strong onpark retail and
leisure offering is a core element of 
our overall holiday product
onpark revenue from other areas of 
the business including sports activities
amusements and membership fees were
at a similar level to the previous year on 
a likeforlike basis 
the outlook for 2005
the group’s capital expenditure plans
focus upon the replacement of 274
holiday hire caravans 136 of which 
will be doubleglazed with either warm 
air or central heating the group will be
spending £13m on “catchup” capital
expenditure on the six newly acquired
parks mainly on upgrading infrastructure
32 new lodge pitches will be developed
at st minver as outlined earlier and
£055m will be invested in further
upgrading our financial and holiday
booking systems to better manage the
enlarged group total capital expenditure
for 2005 is anticipated to be £10m 
a similar level to 2004 albeit across 
a larger group
parkdean’s holiday brochure featuring 
all 20 parks has now been distributed 
to the 480000 enquirers and customers
on our database this brochure has been
distributed later than in previous years
due to our desire to include the recently
acquired parks this conscious decision
has resulted in an anticipated lag in
bookings from our database booking
patterns since the return to work after 
the christmas and new y ear break
demonstrate a sufficient level of holiday
demand to recover this shortfall in the 
first quarter
the directors are pleased with the
integration of the six parks acquired
during the year and the enthusiasm of 
the management and staff substantial
progress has been made on this winter’s
capital expenditure programme with
many of the group’s new hire fleet now
being in situ at our parks 2005 has an
early easter and the board are pleased
with the progress across the group 
in preparing for the coming season
john waterworth
chief executive
11 january 2005
0607
parkdean holidays plc 
annual report and accounts 2004
chief executive’s review continued
timeline
oct 2004
acquisition of wemyss bay cherry
tree pendine sands warmwell and
torquay holiday parks for £4175m 
mar 2004
acquisition of southerness holiday
village for £53m
nov 2003
group central office relocated to
gosforth increasing telesales and
administration capability
may 2003
acquisition of white acres and sea
acres for £1850m
may 2002
flotation on aim at £100 per share
mar 2002
ruda holiday park acquired for
£1500m
nov 2001
first consolidated brochure for
2002 season launched featuring all
11 of the group’s parks
mar 2001
creation of a central office based in
newcastle to manage administration
of the business
mar 2001
acquisition of grannie’s heilan’
hame nairn lochloy tummel valley
sundrum castle st minver west
bay and challaborough bay holiday
parks for £1550m name changed
to parkdean holidays
july 2000
acquisition of crantock beach
newquay and holywell bay holiday
parks for £423m
nov 1999
company formed as premier dawn
limited with mbo of trecco bay
holiday park for £2135m
listing putsborough caravan at ruda holiday park warmwell holiday park the 2004 profit and loss account
reports on trading for the 14 parks
owned for the full year including a 
full year for white acres and sea 
acres acquired on 2 may 2003 with
those parks’ winter costs impacting 
for the first time also included is
seven months’ trading for southerness
holiday village acquired on 24 march
2004 therefore not including its winter
costs and 12 days trading for the five
parks acquired from bourne leisure 
on 20 october 2004
trading performance
group turnover increased to £6038m
from £5191m in 2003 this included
£323m from the six holiday parks
acquired during the year turnover on 
the 14 existing parks grew by 101 
to £57 15m 
group operating profit increased to
£1287m in 2004 from £1202m last
year operating profit from the ongoing
business increased to £1221m from
£1202m in 2003 despite absorbing
white acres and sea acres winter 
costs for the first time and additional
central costs following relocation of our
reservations and administrative centre 
in newcastle upon tyne the six parks
acquired in 2004 generated operating
profit of £066m the vast majority of
which was generated by southerness
the operating profit for the 14 parks 
owned for the whole of 2004 grew by
102 over 2003 “proforma” operating
profit for the same 14 parks white acres
and sea acres are estimated to have
incurred an operating loss of £095m 
in the period prior to their acquisition 
by parkdean in 2003 
interest
interest charges increased to £381m 
in 2004 from £304m in 2003 this
increase arose as a result of the full 
year effect of the debt drawn down and
assumed on the pactrem acquisition in
may 2003 interest on the debt drawn 
to fund the southerness acquisition 
on 24 march 2004 and 12 days’ 
interest on the debt drawn to part 
fund the acquisition of five holiday 
parks on 20 october 2004 
pretax profit
the pretax profit achieved by the 
group in 2004 was £905m compared
to £898m in 2003 
taxation
as anticipated the effective taxation rate
for 2004 remained the same as 2003 
at 33 the tax on profit on ordinary
activities for 2004 is £299m compared
to £297m in 2003 
shareholder returns
basic earnings per share in 2004 
were 1525p
diluted earnings per share in 2004
amounted to 1470p compared to
1652p in 2003
the board is recommending a final
dividend for 2004 of 330p per share
making a total for 2004 of 550p per
share a 10 increase over 2003 
all shares in issue on 31 october 2004
including the 1035m shares placed 
on 20 october 2004 will qualify for the 
final dividend this results in dividend
cover falling from 30 times in 2003 
to 24 times in 2004
0809
parkdean holidays plc 
annual report and accounts 2004
financial review
michael norden
finance director cash flow
the group generated £17 50m 
from operating activities compared to
£1366m in 2003 this principally arose
from the ebitda for the period which
was £17 27m compared with £1537m 
in 2003 there was negligible net
movement in working capital in 2004
interest payments of £358m were made
in 2004 with taxation paid increasing
from £133m in 2003 to £237m in
2004 of total gross capital expenditure
of £996m £814m was paid from cash
resources with the remainder largely
being funded via hire purchase contracts
the group made the first scheduled
repayment of term debt of £125m to 
its bankers and repaid £109m of
outstanding hire purchase contracts 
in the year 
during the year the group settled 
a liability for deferred acquisition
consideration of £300m relating 
to pactrem in addition a net sum 
of £4930m was expended on the
acquisition of six holiday parks this 
was funded by the draw down of long
term loans totalling £3650m and the 
net proceeds of £1983m from the
placing of 1035m new ordinary shares
on 20 october 2004
the net increase of cash in the year 
was £326m compared to £183m
generated in 2003 this resulted in 
a cashbook balance of £645m at 
31 october 2004
capital expenditure
capital expenditure totalling £982m 
net of disposals was incurred in 2004
this included the replacement of 176
caravan holiday homes the addition of 
8 new lodges and 42 additional caravan
holiday homes for hire a total of 125 
new caravan bases were created around
the estate and a further 110 bases were
upgraded in addition facilities for touring
caravans were improved at a number 
of parks
further significant expenditure 
was incurred in the development of
recreational leisure and retail facilities
this expenditure included a new indoor
swimming pool and flume at sundrum
castle multi sports areas at several 
parks and improvements to retail outlets
at ruda trecco bay grannie’s heilan’
hame and west bay
in the second half of the year the group
invested in additional works including
£019m in the first stages of improved 
it systems for holiday reservations
acquisitions
the group completed two acquisitions
during 2004
on 24 march 2004 the group acquired
the share capital of southerness holiday
village holdings limited the owner 
of southerness holiday village for a net
cash consideration of £530m this was
fully funded by debt from the group’s
acquisition facility 
on 20 october 2004 the group
acquired five holiday parks from bourne
leisure the consideration was £4175m
and was funded by £2573m from the
group’s acquisition facility and the
placing of 1035m ordinary shares 
at £200 each raising £1983m net 
of expenses 
10 11
parkdean holidays plc 
annual report and accounts 2004
financial review continued  croyde bay north devon funding
net debt at 31 october 2004 was
£7332m compared to £4322m at the
end of 2003 the main increase in debt
was due to the debt drawn to fund the
acquisition of six parks in 2004 
gearing calculated by reference to 
net debt rose slightly to 1167 at 
31 october 2004 from 1096 in 2003
the group’s current banking facilities
comprise utilised debt facilities 
of £77 25m including a £3290m
revolving acquisition facility along 
with additional £1525m revolving
credit and ancillary facilities 
the directors are at an advanced 
stage in discussions likely to result in 
an expanded debt facility being made
available to the group in the first half 
of 2005 successful completion of these
discussions will result in unamortised
financing issue costs of £08m being
written off in the first half of 2005
the group has taken out further interest
rate protection following the draw down
of the acquisition facility in october 2004
and now has between 74 and 81 
of its long term debt hedged until 
31 october 2008
shareholders’ funds
the group’s balance sheet has again
strengthened significantly during the 
year net assets of £3944m at 31
october 2003 increased to £6282m 
at 31 october 2004 of this increase 
in net assets £36m represented
retained profit for 2004 and £1983m
arose from the net proceeds of the
placing of 1035m new ordinary shares
on 20 october 2004
developments in accounting policies
the group has adopted the amendment
to financial reporting standard 5
frs5 “reporting the substance 
of transactions”  application note g –
revenue recognition which was issued
in november 2003 as a result the group
no longer recognises gross turnover 
and cost of sales arising in supermarkets
operated by concessionaires on the
group’s holiday parks this decision 
has resulted in an adjustment to turnover
and cost of sales in the comparative
figures for 2003 with no profit effect
note 1 to these financial statements
provides a full explanation
under the london stock exchange rules
for aim companies parkdean holidays
plc will be required to adopt international
financial reporting standards for the
year ending 31 october 2008 the
directors are reviewing the requirements
of the new standards to ensure the
group is able to implement them at the
appropriate time 
michael norden
finance director
11 january 2005
121 3
parkdean holidays plc 
annual report and accounts 2004
financial review continued 14
parkdean holidays plc 
annual report and accounts 2004
directors 
1 graham wilson fca 51
chairman
graham has 25 years experience in the
holiday park sector in 1989 he led the
management buyout of beazer’s holiday
subsidiary by parkdean leisure which
then floated in 1993 in 1995 parkdean
leisure was acquired by vardon plc 
and he joined the vardon main board 
in 1998 vardon sold the holiday division
to rank plc and graham left the company
graham established parkdean holidays
for the acquisition of trecco bay holiday
park in november 1999 graham is also
nonexecutive chairman of amdega
bns telecom and premier direct plc and
a nonexecutive director of goals soccer
centres plc
2 john waterworth 41
chief executive
john has more than 19 years experience
in the leisure industry including spells
with warner holidays and granada
entertainments he joined parkdean
leisure as a holiday park general
manager in 1992 and rapidly rose
through the parkdean leisure
management structure becoming
operations director in 1995 shortly
before the sale of parkdean leisure to
rank plc john had left parkdean leisure
and taken up the position of general
manager for butlins at skegness when
graham wilson set up the company 
he invited john to take the managing
director’s post and pursue the “buy 
and build” strategy
3 michael norden fcca 37
finance director
michael joined parkdean leisure as
group financial controller in 1995 until
its sale to rank in 1998 his previous
experience also includes that of group
financial controller at stadium plc he
joined parkdean holidays in may 2000
and was promoted to finance director in
july 2001 michael has been responsible
for recruiting a strong central finance
team and for the installation of the
controls systems and management
reporting necessary in a fast moving 
cash generative business
4 david stonehouse fca 49
nonexecutive director
david joined the parkdean holidays
board on flotation having acted for the
company as a consultant since january
2002 he has wide public company
experience gained in executive positions
at quality care homes plc sunderland
plc and newcastle united plc david 
is chairman of newcastle based
accountants unw and chief executive 
of technology services group limited
1
2
3
4
5
6 15
advisers
registered office
2nd floor
one gosforth park way
gosforth business park
newcastle upon tyne
ne12 8et
independent auditors
ernst  y oung llp
citygate
st james’ boulevard
newcastle upon tyne
ne1 4jd
financial advisers
macarthur and co limited
60 lombard street
london
ec3v 9ea
bankers
n m rothschild  sons
limited
82 king street
manchester
m2 4wq
bank of scotland
1921 spring gardens
manchester
m2 1fb
registrars
capita registrars
the registry
34 beckenham road
beckenham
kent
br3 4tu
financial public relations
college hill
78 cannon street
london
ec4n 6hh
solicitors
dickinson dees
st ann’s wharf
112 quayside
newcastle upon tyne
ne99 1sb
morisons
erskine house
68 queen street
edinburgh
eh2 4nn
nominated adviser 
 broker
charles stanley  
co limited
25 luke street
london 
ec2a 4ar
parkdean holidays plc 
annual report and accounts 2004
5 nick magoolagan 45
nonexecutive director
nick and his equal partner sold their
100 interest in welcome holidays
limited the fast growing cottage holiday
booking agency to cendant in 2002
nick has many years experience in the
direct selling of holidays and specialises
in marketing holidays on the internet 
nick joined the parkdean holidays board
on flotation
6 judith archibold 43
company secretary
judith joined parkdean holidays as 
inhouse solicitor in september 2002 
and became company secretary in
november 2002 she is a qualified
solicitor with over 15 years experience
dealing with all aspects of company and
business law prior to joining parkdean
holidays judith worked as a senior
associate at dickinson dees and as 
a senior legal advisor at venture capital
company 3i 16
parkdean holidays plc 
annual report and accounts 2004
directors’ report
the directors present their report and the group financial statements for the year ended 31 october 2004
principal activity
the principal activity of the group is the ownership and management of caravan and camping holiday parks
review of the business results and dividends and future developments 
a review of the business results and dividends and likely future developments of the group are contained in the other information presented 
on pages 1 to 13 with these financial statements
political and charitable donations
the group made no political donations and made donations of £4090 2003 £4047 to various charities in the year to 31 october 2004 
employee involvement
regular meetings are held between local management and employees to allow for the free flow of information and ideas
the company operates a share save scheme to encourage the involvement of employees in the company’s performance all employees can
participate in the share save scheme once they have been employed for a qualifying period
disabled employees
the group gives full consideration to applications for employment from disabled persons where the requirements of the role can be adequately
fulfilled by a handicapped or disabled person where an existing employee becomes disabled the group’s policy is to provide continuing
employment under normal terms and conditions wherever possible
directors and their interests
the directors who served during the financial year and their interests in the share capital of the company were as follows
at 31 october 2004 at 31 october 2003
20p ordinary shares 20p ordinary shares
graham wilson 592606 592606
john waterworth 598835 598835
michael norden 72741 72 7 41
david stonehouse 28494 28494
nick magoolagan 275000 275000
there has been no change in the directors’ interests in the share capital of the company since 31 october 2004
the directors’ interests in options to purchase or subscribe for share capital of the company are disclosed in the remuneration report
major interests in shares
at 6 january 2005 the company had been notified of the following shareholdings representing 3 or more of the company’s ordinary 
share capital
 holding no of shares
deutsche asset management 945 4705000
framlington investment management limited 7 87 3918550
merrill lynch investment managers 7 63 3798970
scottish widows investment partnership 688 3427 000
morley fund management 665 3312739
fc asset management 497 2473679
investec asset management 493 2453613
insight asset management 345 1715170
gartmore investment management 321 1599913 parkdean holidays plc 
annual report and accounts 2004
17
creditor payment policy 
it is the group’s policy that payments to suppliers are made in accordance with the terms and conditions agreed between the group and its
suppliers provided all trading terms and conditions are met 
at 31 october 2004 the group had an average of 20 days purchases outstanding in trade creditors 2003 26 days
statement of directors’ responsibilities in respect of the financial statements
company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs 
of the group and of the company and of the profit or loss of the group for that period in preparing those financial statements the directors are
required to
• select suitable accounting policies and then apply them consistently
• make judgements and estimates that are reasonable and prudent 
• state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial
statements and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business
the directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position
of the group and to enable them to ensure that the financial statements comply with the companies act 1985 they are also responsible for
safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities
auditors
a resolution to reappoint ernst  y oung llp as the company’s auditors will be put to the forthcoming annual general meeting
by order of the board
judith archibold
secretary
11 january 2005 18
parkdean holidays plc 
annual report and accounts 2004
remuneration report
as an aim listed company parkdean holidays plc is not required to comply with schedule 7a of the companies act however the directors
feel it is appropriate to present the following information to shareholders
remuneration committee and advisers
the company’s remuneration committee is chaired by david stonehouse and its other member is nick magoolagan 
the committee makes recommendations to the board on an overall remuneration package for executive directors and other senior executives 
in order to retain attract and motivate high quality executives capable of achieving the group’s objectives 
remuneration policy
the remuneration package consists of basic salary benefits share options performance related bonuses and pensions consideration 
is given by the committee to pay and employment policies for the whole business especially when determining annual salary increases 
the details of individual components of the remuneration package are discussed below
basic salary and benefits
salary and benefits are reviewed annually in december and become effective from the following 1 january benefits principally comprise 
a car pension and private healthcare
the fees for nonexecutive directors are determined by the board within the limits stipulated in the articles of association the nonexecutive
directors are not involved in any discussions or decision about their own remuneration graham wilson’s remuneration is determined by the 
nonexecutive directors 
performance related bonuses
bonuses are awarded to the executive directors based on fixed formulae relating to the group’s financial performance determined in advance
by the remuneration committee
executive share options
the company operates an executive share option scheme the parkdean holidays plc executive share option scheme 2002 pursuant 
to which directors and senior executives may be granted options to acquire ordinary shares in the company at a fixed option price
savings related share option scheme
the company operates a share save scheme in which all employees and executive directors once they have been employed for a qualifying
period can participate monthly amounts are saved by employees who are granted options to subscribe for shares employees are then entitled
to exercise options from 3 or 5 years following grant at a price of 81p per share for the options granted in 2002 and 121p per share for the
options granted in 2003 
all three executive directors have chosen to save the maximum amount allowed under the scheme and as a result each executive director holds
options over 20432 shares these are exercisable from 30 september 2007 at a price of 81p per share
pension contributions
the company makes contributions of 125 of basic salary into personal pension schemes for john waterworth and michael norden
service agreements
all service agreements for the executive directors are terminable on 12 months’ notice by either party the service agreements for the 
nonexecutive directors can be terminated by the director at any time without notice and by the company giving 12 months’ notice parkdean holidays plc 
annual report and accounts 2004
19
performance graph
the graph below shows the total shareholder return in terms of the change in value with dividends reinvested of an initial investment of £100
on 30 may 2002 date of first admission to aim in a holding of the company’s shares against a corresponding investment in a hypothetical
holding of shares in the companies represented in the ftse allshare index the ftse all share index was selected as it represents a broad
equity market index
directors’ remuneration
the remuneration of the directors is as follows
basic salary benefit pension total total
and fees bonuses in kind
1
contributions 2004 2003
£000 £000 £000 £000 £000 £000
executive directors
graham wilson 85 10 – – 95 85
john waterworth 149 40 16 19 224 194
michael norden 82 10 10 10 112 105
nonexecutive directors
david stonehouse 29 – – – 29 24
nick magoolagan 23 – – – 23 20
total 368 60 26 29 483 428
1 
the remuneration packages of john waterworth and michael norden include noncash benefits including the provision of a company car fuel and private
healthcare
50
100
150
200
250
300
30 may 02 31 oct 02 31 oct 03 31 oct 04
parkdean total return v ftse allshare total return
£
total shareholder return
ftse all share index 20
parkdean holidays plc 
annual report and accounts 2004
remuneration report 
continued
interests in options
the interests of the directors in share options are as follows
at granted exercised at
1 november during the during the 31 october
exercise 2003 year year 2004
price no no no no
graham wilson a £100 300000 – – 300000
b £147 200000 – – 200000
c £225 – 200000 – 200000
john waterworth a £100 500000 – – 500000
b £147 500000 – – 500000
c £225 – 500000 – 500000
michael norden a £100 200000 – – 200000
b £147 200000 – – 200000
c £225 – 200000 – 200000
david stonehouse a £100 70000 – – 70000
the options are exercisable between the following dates
a 30 may 2005 and 30 may 2012
b 5 june 2006 and 5 june 2013 and
c the announcement of preliminary results for the year ending 31 october 2007 and the announcement of the preliminary results for the year
ending 31 october 2013
the directors may only exercise the options marked b above if the group’s earnings per share at the time of exercise is greater than a target
based on 6 compound annual growth from a notional base of 126 pence per share in 2003 
the directors may only exercise the options marked c above if the group’s earnings per share at the time of exercise is greater than a target
based on 9 compound annual growth adjusted for the impact of acquisitions from a notional base of 17 pence per share for the year ending
31 october 2005
the market price of the company’s shares on 31 october 2004 was £226 the highest and lowest market prices during the year for each
share option that is unexpired at the end of the year are as follows
highest lowest
company share price £247 £175
the interests of the directors to subscribe for or acquire ordinary shares have not changed since the year end
by order of the board
judith archibold
secretary
11 january 2005 parkdean holidays plc 
annual report and accounts 2004
21
corporate governance
parkdean holidays plc is listed on aim and is not subject to the requirements of the combined code on corporate governance nor is it
required to disclose its specific policies in relation to corporate governance however the directors are committed to delivering high standards
of corporate governance to the company’s shareholders and other stakeholders including employees suppliers and the wider community 
the board of directors operates within the framework described below
the workings of the board and its committees
the board of directors
the board currently comprises the executive chairman the chief executive the finance director and two independent nonexecutive directors
the biographies of each director and the company secretary appear on pages 14 and 15
the directors demonstrate a range of experience and calibre sufficient to ensure appropriate independent judgement on issues of strategy
performance resources and standards of conduct vital to the continued success of the group 
the board is responsible to shareholders for the proper management of the group a statement of the directors’ responsibilities in respect 
of the financial statements is given on page 17 
the full board generally meets at least bimonthly with the executive directors meeting more frequently the board reviews trading performance
ensures adequate funding and human resources are in place sets and monitors strategy examines major acquisition possibilities reviews and
monitors management performance and ensures that the company’s obligations to shareholders and others are met reporting to shareholders
where considered necessary the nonexecutive directors have a particular responsibility to ensure strategies proposed by the executive directors
are fully considered and performance of management is monitored and assessed to enable the board to discharge its duties all directors
receive appropriate and timely information briefing papers are distributed to all directors in advance of board meetings the chairman ensures
that the directors take independent professional advice as required
the following committees deal with the specific aspects of the group’s affairs
remuneration committee
the remuneration committee chairman is david stonehouse and its other member is nick magoolagan with graham wilson normally attending
as an invitee the remuneration committee is responsible for making recommendations to the board within agreed terms of reference regarding
the group’s framework of executive remuneration the committee determines the contract terms remuneration and other benefits for each of 
the executive directors including performance related bonus schemes pension rights and compensation payments the board of directors
excluding nonexecutive directors determines the remuneration of the nonexecutive directors
further details of the group’s policies on remuneration and service contracts are given in the report on directors’ remuneration on pages 18 to 20
audit committee
the audit committee which is chaired by david stonehouse comprises both nonexecutive directors and meets not less than three times
annually the committee provides a forum for reporting by the group’s external and internal auditors meetings are also attended by invitation 
by john waterworth and michael norden
the company has an established internal audit function whose primary responsibility is to formalise internal audit procedures and provide
continuous independent review of the group’s internal controls and business practices the internal audit function reports to the audit
committee on a regular basis 
nominations committee
the company has appointed a nominations committee chaired by the chairman graham wilson and also comprising the two nonexecutive
directors the committee will evaluate the balance of skills knowledge and experience on the board and prepare descriptions of the role and
capabilities required for any future board appointments and develop and monitor the process of such appointments 22
parkdean holidays plc 
annual report and accounts 2004
corporate governance
continued 
shareholder relations
communications with shareholders are given a high priority by the board of directors who take responsibility for ensuring a satisfactory dialogue
takes place
the operating and financial reviews on pages 4 to 13 include a detailed review of the business and planned future developments 
the executive directors meet with the company’s institutional shareholders following the announcement of interim and final results and at other
appropriate times the chairman ensures that the views of shareholders are communicated to the board as a whole the directors are also in
regular contact with stockbrokers’ analysts the group has developed a web site containing investor information to improve communications
with individual investors and other interested parties
the annual general meeting is a major opportunity for communication with private and institutional investors the chairman aims to ensure all
members of the board attend the annual general meeting to answer shareholders’ relevant questions details of the resolutions to be proposed
at the annual general meeting to be held on 4 march 2005 are set on pages 43 to 44
internal control
the directors acknowledge their responsibility for the group’s system of internal control and for reviewing its effectiveness the system of
internal control is designed to manage the risk of failure to achieve the group’s strategic objectives it cannot totally eliminate the risk of failure
but will provide reasonable although not absolute assurance against material misstatement or loss
the group’s key risk management processes and system of internal control procedures include the following
• management structure authority to operate the various holiday parks is delegated to local management within limits set by the board these
procedures are supplemented by operating standards set by the senior management as required for the business as a whole
• identification and evaluation of business risks the major financial commercial legal regulatory and operating risks within the group are
identified through daily weekly and monthly reporting procedures the internal auditor regularly reviews these risks to ensure they are being
effectively managed and appropriately insured and reports his findings to the audit committee
• information and financial reporting systems the group’s financial reporting procedures include detailed operational budgets for the year ahead
and a threeyear plan reviewed and approved by the board performance is monitored throughout the year through the weekly and monthly
reporting of key performance indicators together with information on key risk areas relevant action is then taken including the preparation 
of updated forecasts for the year
• investment appraisal a budgetary process and authorisation levels regulate capital expenditure for expenditure beyond specified levels
detailed written proposals are submitted to the board commercial legal and financial due diligence work is carried out when a new business
is to be acquired
• audit committee the audit committee through reports by the internal auditor monitors the internal controls in force and identifies any
perceived gaps in the control environment the audit committee also considers and determines relevant action in respect of control issues
raised by internal or external auditors
as an aim listed company the board is not required to make a statement on the effectiveness of its internal controls however the directors
believe it is useful to highlight the following processes which take place on an ongoing basis
• review of reports prepared throughout the year by the internal auditor
• weekly and monthly reporting of financial information including profit and loss accounts balance sheets cash flow statements and other key
performance indicators
• regular reporting to the board on certain specific matters including treasury management insurance legal and health and safety issues
• the chairman of the audit committee reports the outcome of audit committee meetings to the full board of directors parkdean holidays plc 
annual report and accounts 2004
23
independent auditors’ report 
to the members of parkdean holidays plc
we have audited the group’s financial statements for the year ended 31 october 2004 which comprise the group profit and loss account
group balance sheet company balance sheet group statement of cash flows accounting policies and the related notes 1 to 23 these
financial statements have been prepared on the basis of the accounting policies set out therein
this report is made solely to the company’s members as a body in accordance with section 235 of the companies act 1985 our audit work
has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditors’ report
and for no other purpose to the fullest extent permitted by law we do not accept or assume responsibility to anyone other than the company
and the company’s members as a body for our audit work for this report or for the opinions we have formed
respective responsibilities of directors and auditors
the directors are responsible for preparing the annual report including the financial statements which are prepared in accordance with
applicable united kingdom law and accounting standards as set out in the statement of directors’ responsibilities in relation to the financial
statements
our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and united kingdom
auditing standards
we report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with
the companies act 1985 we also report to you if in our opinion the directors’ report is not consistent with the financial statements if the
company has not kept proper accounting records if we have not received all the information and explanations we require for our audit or if
information specified by law regarding directors’ remuneration and transactions with the group is not disclosed
we read other information contained in the annual report and consider whether it is consistent with the audited financial statements this other
information comprises financial highlights chairman’s statement chief executives review financial review directors and advisers directors’
report remuneration report corporate governance and notice of annual general meeting we consider the implications for our report if we
become aware of any apparent misstatements or material inconsistencies with the financial statements our responsibilities do not extend to any
other information
basis of audit opinion
we conducted our audit in accordance with united kingdom auditing standards issued by the auditing practices board an audit includes
examination on a test basis of evidence relevant to the amounts and disclosures in the financial statements it also includes an assessment 
of the significant estimates and judgements made by the directors in the preparation of the financial statements and of whether the accounting
policies are appropriate to the group’s circumstances consistently applied and adequately disclosed
we planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide 
us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement whether caused by
fraud or other irregularity or error in forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial
statements
opinion
in our opinion the financial statements give a true and fair view of the state of affairs of the company and of the group as at 31 october 2004
and of the profit of the group for the year then ended and have been properly prepared in accordance with the companies act 1985
ernst  young llp
registered auditor
newcastle upon tyne
11 january 2005 24
parkdean holidays plc 
annual report and accounts 2004
group profit and loss account
for the year ended 31 october 2004
2003
2004 restated
notes £000 £000
group turnover 1 60376 51908
continuing operations 
– ongoing 57 147 51908
– acquisitions 3229 –
cost of sales 2c 17 935 15019
gross profit 42441 36889
administrative expenses 2c 29575 24872
group operating profit 2a 12866 12017
continuing operations 
– ongoing 12205 12017
– acquisitions 661 –
interest payable and similar charges 5 3814 3036
profit on ordinary activities before taxation 9052 8981
tax on profit on ordinary activities 6 2985 2973
profit on ordinary activities after taxation 6067 6008
dividends 8 2511 1972
retained profit for the financial year 21 3556 4036
earnings per share
basic earnings per share pence 9 1525 1672
diluted earnings per share pence 9 1470 1652
there were no recognised gains or losses other than the profit on ordinary activities after taxation for the year  parkdean holidays plc 
annual report and accounts 2004
25
group balance sheet
at 31 october 2004
2004 2003
notes £000 £000
fixed assets
tangible assets 10 148242 90830
148242 90830
current assets
stocks 12 4213 2970
debtors 13 4617 1866
cash at bank and in hand 14 6445 3187
15275 8023
creditors amounts falling due within one year 15 19659 15440
net current liabilities 4384 7 417
total assets less current liabilities 143858 83413
creditors amounts falling due after more than one year 16 76315 41572
provisions for liabilities and charges
deferred taxation 19 4725 2405
62818 39436
capital and reserves
called up equity share capital 20 9957 788 7
share premium account 21 41629 23873
profit and loss account 21 11232 76 7 6
equity shareholders’ funds 21 62818 39436
the financial statements on pages 24 to 42 were approved by the board of directors on 11 january 2005 and were signed on its behalf by
john waterworth michael norden
director director 26
parkdean holidays plc 
annual report and accounts 2004
company balance sheet
at 31 october 2004
2004 2003
notes £000 £000
fixed assets
investments 11 75842 52437
75842 52437
current assets
debtors
– amounts due within one year 13 67 257
– amounts due from subsidiary undertakings 
after more than one year 58231 26573
cash at bank and in hand 4841 1262
63139 28092
creditors amounts falling due within one year 15 11245 7 012
net current assets 51894 21080
total assets less current liabilities 127 736 73517
creditors amounts falling due after more than one year 16 74052 39872
53684 33645
capital and reserves
called up equity share capital 20 9957 788 7
share premium account 21 41629 23873
profit and loss account 21 2098 1885
equity shareholders’ funds 21 53684 33645
the financial statements on pages 24 to 42 were approved by the board of directors on 11 january 2005 and were signed on its behalf by
john waterworth michael norden
director director parkdean holidays plc 
annual report and accounts 2004
27
group statement of cash flows
for the year ended 31 october 2004
2004 2003
notes £000 £000
net cash inflow from operating activities 2b 17 501 13659
returns on investments and servicing of finance
interest paid 3368 2857
interest element of finance lease and hire purchase payments 209 101
payment of issue costs on long term loans – 1178
net cash outflow from returns on investments and
servicing of finance 3577 4136
taxation
uk corporation tax paid 2373 1332
capital expenditure and financial investment
purchase of tangible fixed assets 8140 5205
disposal of tangible fixed assets 166 230
net cash outflow from capital expenditure 
and financial investment 7 974 4975
acquisitions
purchase of subsidiary undertakings 51130 10889
cashoverdraft acquired with subsidiary undertakings 1832 1448
payment of deferred consideration 3000 –
net cash outflow on acquisitions 52298 12337
equity dividends paid 2051 1081
net cash outflow before financing 50772 10202
financing
issue of ordinary share capital 20700 8330
share issue costs 829 439
new long term loans 36500 7 000
repayment of long term loans 1250 2357
capital element of finance lease and hire purchase payments 1091 503
net cash inflow from financing 54030 12031
increase in cash 14 3258 1829 28
parkdean holidays plc 
annual report and accounts 2004
group statement of cash flows
for the year ended 31 october 2004
reconciliation of net cash flow to movement in net debt
2004 2003
notes £000 £000
cash flows
increase in cash 3258 1829
new long term loans 36500 7 000
payment of issue costs on long term loans – 1178
repayment of long term loans 1250 2357
capital element of finance lease rental payments 1091 503
payment of deferred consideration 3000 –
changes in net debt resulting from cash flows 27 901 1133
acquisitions
finance leases acquired – 2627
long term loans acquired – 2357
deferred consideration arising – 3000
other non cash changes
amortisation of issue costs on long term loans 180 119
new finance leases introduced 2012 –
decrease in accrual for issue costs on long term loans – 300
movement in net debt 14 30093 9536
net debt at 1 november 43225 33689
net debt at 31 october 14 73318 43225 parkdean holidays plc 
annual report and accounts 2004
29
accounting policies
for the year ended 31 october 2004
basis of preparation
the financial statements are prepared under the historical cost convention and in accordance with applicable accounting standards the
accounting polices have been applied consistently through the year and the prior year apart from the change in accounting policy for the
recognition of revenue following first time application of frs5 application note g revenue recognition this does not have an effect on
reported profit further details are given in note 1
basis of consolidation
the group financial statements consolidate the financial statements of parkdean holidays plc and all its subsidiary undertakings drawn up 
to 31 october each year no profit and loss account is presented for parkdean holidays plc as permitted by section 230 of the companies 
act 1985
subsidiary undertakings have been included in the group financial statements using the acquisition method of accounting accordingly 
the group profit and loss account and the group statement of cash flows include the results and cash flows for southerness holiday village
holdings limited and its subsidiary southerness holiday village limited for the period from acquisition 24 march 2004 to 31 october 2004
similarly the group profit and loss account and the group statement of cash flows include the results and cash flows for cherry tree holiday
park pendine sands holiday park torquay holiday park warmwell holiday park and wemyss bay holiday park for the period since
acquisition 20 october 2004 to 31 october 2004
goodwill
should positive goodwill arise on the acquisition of subsidiary undertakings it is capitalised classified as an asset on the balance sheet and
amortised on a straight line basis over its useful economic life of 20 years it is reviewed for impairment at the end of the first financial year
following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable 
investments
investments in subsidiary undertakings are included in the company’s financial statements valued at the lower of cost and the directors’
estimate of net realisable value
depreciation
depreciation is provided on all tangible fixed assets other than freehold land at rates calculated to write off the cost less estimated residual
value of each asset evenly over its expected useful life in monthly instalments as follows
freehold land – land not depreciated site services over 10 – 25 years
leasehold land – over the period to the end of the lease
freehold and leasehold buildings – over 10 – 50 years
plant and equipment – over 3 – 15 years
caravans and lodges – over 10 – 20 years
motor vehicles – over 4 years
stocks
stocks are stated at the lower of purchase cost on a first in first out basis or net realisable value stocks include caravans previously held for
use as hire fleet in the business but now available for resale
revenue recognition
revenue from holidays is recognised over the period of the holiday revenue from insurance products is recognised when the group has
fulfilled all of its contractual obligations revenue from concession operations is included gross in turnover if the group is in substance acting 
as principal where the group is in substance acting as agent only the group’s share of revenue under concession arrangements is recognised
in turnover revenue from caravan sales is recognised when the group has fulfilled all of its obligations which is typically when all proceeds 
have been received and the keys are handed over revenue from pitch fees is recognised evenly over a twelve month period to the date of the
next renewal 
taxation
the charge for taxation is based on the profit for the year and takes into account taxation deferred because of timing differences in the treatment
of certain items for taxation and accounting purposes
deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions
or events that result in an obligation to pay more tax or a right to pay less tax in the future have occurred at the balance sheet date with the
following exceptions
• provision is made for gains on disposal of fixed assets that have been rolled over into replacement assets only where at the balance sheet
date there is a commitment to dispose of the replacement assets
• deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable
profits from which the future reversal of the underlying timing differences can be deducted 30
parkdean holidays plc 
annual report and accounts 2004
accounting policies
continued
deferred tax is measured on a nondiscounted basis at the tax rates that are expected to apply in the periods in which timing differences
reverse based on tax rates and laws enacted or substantively enacted at the balance sheet date 
related party transactions
the company has taken advantage of available exemptions from disclosure of related party transactions which are eliminated on consolidation
leasing and hire purchase commitments
assets obtained under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives
the interest element of hire purchase obligations is charged to the profit and loss account over the period of the agreement and represents 
a constant proportion of the balance of capital repayments outstanding
rentals paid under operating leases are charged to income on a straight line basis over the lease term
share options
the company has taken advantage of the exemption in uitf17 revised employee share schemes from applying the abstract to the
company’s inland revenue approved saye scheme
pension costs
the group contributes to the defined contribution pension plans of individual employees contributions are charged to the profit and loss
account as they become payable in accordance with the rules of the plans
finance costs
finance costs are deducted from loans and are charged to the profit and loss account over the life of the instrument
derivative instruments
the group uses interest rate swaps caps and floor arrangements to manage its interest rate exposure
the group’s criteria for interest rate swaps are
• the instrument must be related to an asset or liability and
• it must change the character of the interest rate by converting a variable rate to a fixed rate or vice versa
interest rate swaps are not revalued to fair value or shown on the group balance sheet at the year end if terminated early the gain or loss is
recognised in full at that time parkdean holidays plc 
annual report and accounts 2004
31
notes to the financial statements
for the year ended 31 october 2004
1 group turnover and segmental analysis
turnover represents the amount derived from the provision of goods and services falling within the group’s activities after deduction of trade
discounts and value added tax
turnover profit before tax and net assets are attributable to one continuing activity the management of caravan and camping holiday parks 
and arises wholly within the uk all income streams result from the activity of managing caravan and camping holiday parks
during the year financial reporting standard 5 application note g – revenue recognition has become mandatory and has been adopted by
the group the group has determined that shop concession income demonstrates the attributes of an agency arrangement as defined in the
application note as a result only the group’s share of such income is recognised in turnover where previously this has been recorded gross
this change in policy has resulted in a reduction in turnover and cost of sales as shown below there is no effect on reported profit 
2004 2003
£000 £000
turnover including gross concession sales 62819 53581
adjustment for concession sales – impact of applying frs5 2443 1673
turnover 2003 as restated 60376 51908
2004 2003
£000 £000
cost of sales including cost of concession sales 20378 16692
adjustment for concession sales – impact of applying frs5 2443 1673
cost of sales 2003 as restated 17 935 15019
2 group operating profit
a this is stated after chargingcrediting
2004 2003
£000 £000
auditors’ remuneration
– audit services 84 65
– non audit services 63 30
profit on disposal of tangible fixed assets 24 –
depreciation of owned fixed assets 3904 3135
depreciation of assets held under hire purchase contracts 499 220
operating lease rentals
– plant and machinery 240 176
fees paid to the auditors in respect of the acquisitions were £368000 2003 £209000 the nonaudit remuneration relates primarily to
taxation services
b reconciliation of operating profit to net cash inflow from operating activities
2004 2003
£000 £000
operating profit 12866 12017
depreciation 4403 3355
profit on disposal of tangible fixed assets 24 –
increase in stocks 58 734
decreaseincrease in debtors 1351 132
decrease in creditors 1037 847
net cash inflow from operating activities 17 501 13659 32
parkdean holidays plc 
annual report and accounts 2004
notes to the financial statements
continued
2 group operating profit continued
c analysis of results between ongoing operations and acquisitions during the year
2003
2004 restated
£000 £000
cost of sales
– ongoing 16693 15019
– acquisitions 1242 –
17 935 15019
administrative expenses
– ongoing 28249 24872
– acquisitions 1326 –
29575 24872
3 staff costs
2004 2003
£000 £000
wages and salaries 10733 9066
social security costs 933 709
other pension costs 247 214
11913 9989
the monthly average number of employees was as follows
2004 2003
no no
full time 292 273
seasonal 638 617
930 890
4 directors’ emoluments
2004 2003
£000 £000
emoluments 454 405
contributions paid to money purchase pension schemes 29 23
2004 2003
no no
members of money purchase pension schemes 2 2
the emoluments of the highest paid director were £205000 2003 £179000 and the pension contributions were £19000 2003 £15000
5 interest payable and similar charges
2004 2003
£000 £000
bank loans and overdrafts 3425 2816
finance charges payable under finance leases and hire purchase contracts 209 101
amortisation of finance costs 180 119
3814 3036 parkdean holidays plc 
annual report and accounts 2004
33
6 tax on profit on ordinary activities
a analysis of tax charge in the year
2004 2003
£000 £000
current tax
uk corporation tax at 30 2003 30 2417 2478
deferred tax capital allowances in excess of depreciation
origination and reversal of timing differences 614 510
adjustment in respect of prior periods 46 15
568 495
tax on profit on ordinary activities 2985 2973
b factors affecting tax charge for the year
the tax for the year is higher 2003 higher than the standard rate of corporation tax in the uk 30 the differences are explained below
2004 2003
£000 £000
profit on ordinary activities before taxation 9052 8981
profit on ordinary activities before taxation multiplied by standard rate of
corporation tax in the uk of 30 2003 30 2716 2694
effects of
depreciation of non qualifying assets 297 261
expenses not deductible for tax purposes 18 33
capital allowances in advance of depreciation 614 510
total current tax 2417 2478
the effective tax rate was 330 2003 331 principally as a result of some depreciation on non qualifying fixed assets and expenses not
being deductible for tax purposes
c factors that may affect future tax charges
no provision has been made for deferred tax on gains recognised on revaluing land and buildings to their fair value on acquisitions such tax
would become payable only if the property was sold without it being possible to claim rollover relief the total amount unprovided is £140m
2003 £94m it is not envisaged that any of this tax will become payable in the foreseeable future
7  profit attributable to members of the parent undertaking
the profit on ordinary activities after taxation of the parent undertaking was £2724000 for the year ended 31 october 2004 2003 £2861000
8 dividends
2004 2003
£000 £000
interim paid of 22p per share 2003 20p 868 789
final proposed of 33p per share 2003 30p 1643 1183
2511 1972
if approved at the agm the final dividend will be paid on 31 march 2005 to shareholders on the register on 4 march 2005
9 earnings per share
2004 2003
profit attributable to equity shareholders £000 6067 6008
weighted average number of ordinary shares no 39772604 35923671
basic earnings per share pence per share 1525 1672
weighted average diluting effect of employee share options no 1485708 455048
diluted weighted average number of ordinary shares no 41258312 36378719
diluted earnings per share pence per share 1470 1652 34
parkdean holidays plc 
annual report and accounts 2004
notes to the financial statements
continued
10 tangible fixed assets
caravans
plant
freehold leasehold machinery
land and land and and
buildings buildings equipment total
group £000 £000 £000 £000
cost
at 1 november 2003 55763 24746 19877 100386
acquisitions 48130 – 3870 52000
additions 2529 1122 6306 9957
disposals – – 940 940
at 31 october 2004 106422 25868 29113 161403
depreciation
at 1 november 2003 953 2092 6511 9556
provided during the year 769 681 2953 4403
disposals – – 798 798
at 31 october 2004 1722 2773 8666 13161
net book value
at 31 october 2004 104700 23095 20447 148242
at 31 october 2003 54810 22654 13366 90830
the net book value of caravans plant and machinery above includes an amount of £4836000 2003 £3321000 in respect of assets held
under finance leases and hire purchase contracts
11 fixed asset investments
subsidiary
undertakings
company £000
cost
at 1 november 2003 52437
acquisitions
additions 23405
transfer of group undertakings
additions 13839
disposals 13839
at 31 october 2004 75842
details of the investments in subsidiary undertakings are as follows
proportion of
voting rights
name of company holding and shares held nature of business
upperbay limited ordinary shares 100 operation of holiday parks
newquay holiday parks limited ordinary shares 100 dormant
premier dawn properties limited ordinary shares 100 property holding
premier dawn ebt limited ordinary shares 100 dormant
parkdean leisure limited ordinary shares 100 dormant
parkdean holiday parks limited ordinary shares 100 operation of holiday parks
preference shares 100
parkdean holidays south west limited ordinary shares 100 dormant
preference shares 100
ruda holiday park limited ordinary shares 100 dormant
texcourt limited ordinary shares 100 dormant
pactrem limited ordinary shares 100 operation of holiday parks
southerness holiday village holdings limited ordinary shares 100 holding company
formerly border travel services holdings limited
southerness holiday village limited ordinary shares 100 operation of holiday parks
parkdean caravan parks limited ordinary shares 100 operation of holiday parks
wemyss bay caravan park limited ordinary shares 100 property holding
parkdean properties limited formerly haven leisure ph limited ordinary shares 100 property holding
 held by subsidiary undertaking parkdean holidays plc 
annual report and accounts 2004
35
11 fixed asset investments continued
analysis of transfer of group undertakings
during the year parkdean holidays plc transferred all of its interest in shares in pactrem limited to parkdean holiday parks limited parkdean
holiday parks limited issued 8634 ordinary shares of £1 each to parkdean holidays plc as consideration for the shares in pactrem limited
the shares were issued at premium of £1602 per share giving a total consideration of £13839000 equal to the book value of the investment
transferred no profit or loss has been recognised on the transfer of the investments in shares
all of the trading assets and liabilities of pactrem limited were transferred to parkdean holiday parks limited with effect from 1 november 2003
analysis of the acquisition of southerness holiday village holdings limited formerly border travel services holdings limited
alignment of
accounting fair value
book value revaluations policies e to group
£000 £000 £000 £000
tangible fixed assets 3266 2985a – 6251
stocks 429 44b 91 476
debtors 529 61c 82 386
cash 1805 – – 1805
creditors 622 267d 63 952
deferred taxation 76 – – 76
net assets 5331 2613 54 7 890
discharged by
cash consideration 5385
consideration for working capital 2136
costs associated with the acquisition 369
7890
 including £100000 for separate property
on 24 march 2004 border travel services holdings limited was acquired and immediately changed its name to southerness holiday 
village holdings limited this company owns southerness holiday village limited which owns southerness holiday village a holiday park 
in dumfries and galloway the table above shows the consolidated opening position of the group of new companies adjustments have been
made to reflect a provisional assessment of the fair value of the separable assets and liabilities acquired as follows
revaluations
a valuation of fixed assets to reflect the directors’ assessment of fair value the adjustment reflects an increase in the value of land by £2481000
and an increase in the value of other fixed assets of £504000 
b adjustment to value stock at lower of cost and net realisable value
c assessment of provision for bad and doubtful debts
d recognition of accruals
alignment of accounting policies
e to align with the group’s revenue recognition policies
southerness holiday village was previously part of a company that prepared financial statements to 1 december each year due to the 
seasonal nature of the holiday park industry losses arise during the closed season the results of southerness holiday village for the period
from 2 december 2003 to 24 march 2004 reported a loss after taxation of £31000 the profit after taxation for the financial year ended 
1 december 2003 was £376000
further analysis of the preacquisition results including cash flow information is not available 36
parkdean holidays plc 
annual report and accounts 2004
notes to the financial statements
continued
11 fixed asset investments continued
analysis of the acquisition of cherry tree holiday park pendine sands holiday park torquay holiday park warmwell holiday park and 
wemyss bay holiday park
provisional
fair value
book value revaluations to group
£000 £000 £000
tangible fixed assets 32176 13573a 45749
stocks 865 156b 709
debtors 3941 225c 3716
cash 27 – 27
creditors 3941 470d 4411 
deferred taxation 1676 – 1676
net assets 31392 12722 44114
discharged by
cash consideration 41750
adjustment to consideration for cash and stocks on the parks 892
costs associated with the acquisition 1472
44114
on 20 october 2004 parkdean caravan parks limited a newly incorporated subsidiary of parkdean holidays plc acquired the business 
trade assets and liabilities of cherry tree holiday park in norfolk pendine sands holiday park in south wales torquay holiday park in devon
warmwell holiday park in dorset and wemyss bay holiday park in scotland at the same time parkdean holidays plc acquired the entire share
capital of wemyss bay caravan park limited a company owning the property of wemyss bay holiday park and haven leisure ph limited 
a company owning the properties at cherry tree holiday park and warmwell holiday park haven leisure ph limited immediately changed 
its name to parkdean properties limited
the table above shows the consolidated opening position of the companies and the parks acquired adjustments have been made to reflect 
a provisional assessment of the fair value of the separable assets and liabilities acquired as follows
revaluations
a valuation of fixed assets to reflect the directors’ assessment of fair value the adjustment reflects an increase in the value of land of £8936000
and an increase in the value of other tangible fixed assets of £4637 000
b adjustment to value of stock at lower of cost and net realisable value
c assessment of provision for bad and doubtful debts
d recognition of accruals
the fair values are provisional at this stage due to the proximity of the acquisition to the year end
prior to 20 october 2004 the five acquired parks were included within companies that prepared financial statements to 31 december each
year during the period from 1 january 2004 to 20 october 2004 the five parks together generated turnover of £20536000 and operating
profit of £4354000 the total operating profit generated by the five parks during the year ended 31 december 2003 was £3762000
further analysis of the preacquisition results including cash flow information is not available as the parks were not held in separate 
statutory companies parkdean holidays plc 
annual report and accounts 2004
37
12 stocks
group company
2004 2003 2004 2003
£000 £000 £000 £000
retail 199 264 – –
caravans 3197 2317 – –
other 817 389 – –
4213 2970 – –
in the opinion of the directors there is no material difference between the replacement cost of stock and the amounts above
13 debtors
group company
2004 2003 2004 2003
£000 £000 £000 £000
trade debtors 1741 685 – –
other debtors 1190 101 67 253
prepayments and accrued income 1686 1080 – 4
4617 1866 67 257
14 analysis of net debt
at other at
1 november cash noncash 31 october
2003 flow changes 2004
group £000 £000 £000 £000
cash at bank and in hand 3187 3258 – 6445
term loans due within one year 1091 1250 2500 2341
deferred consideration due within one year 3000 3000 – –
term loans due after more than one year 39872 36500 2320 74052
finance leases and hire purchase contracts 2449 1091 2012 3370
43225 27 901 2192 73318
15 creditors amounts falling due within one year
group company
2004 2003 2004 2003
£000 £000 £000 £000
current instalment due on loans note 17 2341 1091 2341 1091
deferred acquisition consideration – 3000 – 3000
obligations under finance leases and hire purchase contracts 1107 749 – –
trade creditors 2362 2844 – –
amounts due to subsidiary undertakings – – 5165 1025
corporation tax 1010 966 849 575
other taxes and social security costs 772 349 – –
other creditors 1619 956 – –
accruals and deferred income 8805 4302 1247 138
proposed dividend 1643 1183 1643 1183
19659 15440 11245 7 012 38
parkdean holidays plc 
annual report and accounts 2004
notes to the financial statements
continued
16 creditors amounts falling due after more than one year
group company
2004 2003 2004 2003
£000 £000 £000 £000
loans note 17 74052 39872 74052 39872
obligations under finance leases and hire purchase contracts 2263 1700 – –
76315 41572 74052 39872
the group maturity analysis of obligations under finance leases and hire purchase agreements is presented in note 18 financial instruments
and derivatives
17  loans
group company
2004 2003 2004 2003
£000 £000 £000 £000
n m rothschild  sons limited
term loans
‘a’ – libor  15 repayable on 31 october 2012 18750 20000 18750 20000
‘b’ – libor  15 repayable on 31 october 2012 10600 7 000 10600 7 000
‘c’ – libor  15 repayable on 31 october 2012 32900 – 32900 –
62250 27 000 62250 27 000
vendor loan notes
unsecured a1 loan notes 2012 – fixed 45 interest 11500 11500 11500 11500
unsecured a2 loan notes 2012 – fixed 45 interest 1500 1500 1500 1500
secured b loan notes 2007 – fixed 8 2000 2000 2000 2000
total loans outstanding 77 250 42000 77 250 42000
less unamortised issue costs 857 1037 857 1037
less included in creditors amounts falling due within one year note 15 2341 1091 2341 1091
due after more than one year note 16 74052 39872 74052 39872
 guaranteed by an undrawn facility with nm rothschild  sons until 31 october 2012 and repayable on 15 march 2012
 guaranteed by an undrawn facility with nm rothschild  sons until 31 october 2012 and repayable on 15 march 2007
the maturity analysis of the loans is presented in note 18 financial instruments and derivatives and is the same for both group and company  parkdean holidays plc 
annual report and accounts 2004
39
18 financial instruments and derivatives
the group’s principal financial instruments other than derivatives comprise bank and other loans finance leases and hire purchase contracts
cash and short term deposits the main purpose of these financial instruments is to fund the group’s operations in addition loan notes have
been used to finance acquisitions the group has various other financial instruments such as trade debtors and creditors that arise directly from
its operations the disclosures below exclude short term debtors and creditors
the group also enters into derivative transactions in the form of interest swaps caps and floors the purpose of these transactions is to manage
interest rate risks arising from the group’s sources of finance
it is and has been throughout the period under review the group’s policy that no trading in financial instruments shall be undertaken
the main risks arising from the group’s financial instruments are interest rate risk and liquidity risk the board reviews and agrees policies for
managing each of these risks and they are summarised below
interest rate risk
the group borrows at both fixed and floating rates of interest and uses interest rate swaps caps and floors to generate an appropriate interest
rate profile to manage the group’s exposure to interest rate fluctuations the directors periodically review the group’s interest rate profile with
detailed review following the issuance and redemption of debt instruments and on significant changes in interest rates and takes action where
appropriate by using the financial instruments noted above
liquidity risk
the group’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans finance leases and hire
purchase contracts and revolving credit facilities
the business of the group is seasonal and therefore is subject to large fluctuations in its cash requirements winter costs and the annual 
capital expenditure programme ensure that the group’s peak working capital requirement usually occurs between march and may each year
the funding for this is achieved by partial utilisation of a £1525m 2003 £1525m revolving credit facility available until 31 october 2012 
at 31 october 2004 none 2003 none of this facility was drawn this facility is included within the maturity analysis of undrawn borrowing
facilities presented below
interest rate risk profile of financial liabilities
the group has financial instruments as at 31 october 2004 subject to fixed and floating interest rates as follows
finance leases
and hire 
long term purchase total total
loans agreements 2004 2003 2003
 share £000 £000 £000  share £000
fixed rate liabilities 521 38176 3370 41546 553 24015
floating rate liabilities 47 9 38217 – 38217 447 19397
total 1000 76393 3370 79763 1000 43412
the disclosures above include unamortised issue costs of the long term loans of £857 000 2003 £1037 000
analysis of the fixed interest rate profile is as follows excluding finance leases and hire purchase agreements
2004 2003
weighted average fixed interest rate  597 45
weighted average period for which rate is fixed years 432 years 589 years
the £6225m nm rothschild and sons limited term loans subject to floating interest rates 2003 £27m are protected using a combination of
swaps and floors £2350m 2003 £7m of these term loans were protected at 31 october 2004 under these arrangements and are classified
within fixed rate loans for the purposes of the disclosure above with the remaining £3875m 2003 £20m classified within floating rate loans
the fixed rate long term loans include £15m vendor loan notes 2003 £15m guaranteed by bank facilities which if drawn would have floating
rates attached 
interest rate risk profile of financial assets
the group’s financial assets comprise cash and on a seasonal basis cash deposits see note 14 where headroom allows the group places
deposits on call at daily and monthly rates 40
parkdean holidays plc 
annual report and accounts 2004
notes to the financial statements
continued
18 financial instruments and derivatives continued
maturity analysis of financial liabilities
long long
term term finance
loans issue loans leases and total
gross costs net hp contracts 2004
2004 £000 £000 £000 £000 £000
amounts repayable
in one year or less or on demand 2500 159 2341 1107 3448
in more than one year but not more than two years 2750 159 2591 943 3534
in more than two years but not more than five years 17 000 477 16523 1212 17 735
in more than five years 55000 62 54938 108 55046
77 250 857 76393 3370 79763
long long
term term finance
loans issue loans leases and total
gross costs net hp contracts 2003
2003 £000 £000 £000 £000 £000
amounts repayable
in one year or less or on demand 1250 159 1091 749 1840
in more than one year but not more than two years 2500 159 2341 649 2990
in more than two years but not more than five years 11750 477 11273 829 12102
in more than five years 26500 242 26258 222 26480
42000 1037 40963 2449 43412 
maturity analysis of undrawn committed borrowing facilities
the group has the following undrawn borrowing facilities available with the following expiry profile
2004 2003
£000 £000
in more than two years
to fund acquisitions and organic capital expenditure – 32900
to fund organic capital expenditure – 600
to fund working capital 15250 15250
to guarantee vendor loan notes and deferred consideration 15000 18000
30250 66750
fair value of financial instruments
book value fair value
2004 2003 2004 2003
£000 £000 £000 £000
nonderivatives
cash at bank and in hand 6445 3187 6445 3187
long term loans 76393 40963 74903 39473
finance leases and hire purchase contracts 3370 2449 3286 2455
derivatives used to hedge interest rate risk
assets – – 216 328
liabilities – – 482 214
the fair values of the derivatives were obtained from the issuing banks the fixed rate loans and the finance leases and hire purchase contracts
have been valued using a discounted cash flow calculation the discount rate used was the interest rate paid on the nm rothschild  sons
limited term loans at the year end parkdean holidays plc 
annual report and accounts 2004
41
18 financial instruments and derivatives continued
hedges
unrecognised
total net
gains losses gainslosses
£000 £000 £000
unrecognised gains and losses on hedges at 1 november 2002 – 495 495
gains and losses arising in previous years that were recognised in 2003 – 87 87
changes in value arising in 2003 and unrecognised during 2003 – 522 522
gains and losses arising before 1 november 2002 and
during 2003 that were not recognised at 31 october 2003 – 114 114
transfer of gains and losses position 328 328 –
unrecognised gains and losses on hedges at 1 november 2003 328 214 114
gains and losses arising in previous years that were recognised in 2004 63 119 56
changes in value arising in 2004 and unrecognised during 2004 49 387 436
unrecognised gains and losses on hedges at 31 october 2004 216 482 266
of which
gains and losses expected to be recognised in 2005 89 140 51
19 provisions for liabilities and charges
deferred taxation
group company
2004 2003 2004 2003
£000 £000 £000 £000
at 1 november 2405 1534 – –
acquired 1752 376 – –
charge for the year 568 495 – –
at 31 october 4725 2405 – –
capital allowances in advance of depreciation 4725 2405 – –
20 called up equity share capital
group and company
2004 2004 2003 2003
no £000 no £000
authorised
equity – ordinary shares of 20p each 56000000 11200 56000000 11200
2004 2004 2003 2003
no £000 no £000
allotted and fully paid 
equity – ordinary shares of 20p each 49783260 9957 39433260 7 887
on 20 october 2004 10350000 new ordinary shares of 20p each were issued and admitted to trading on aim including 6406675 
ordinary shares of 20p each issued by way of a vendor placing as consideration for the acquisition of parkdean properties limited formerly
haven leisure ph limited and wemyss bay caravan park limited see note 11 all of the new shares issued rank pari passu with the
existing issued ordinary shares the new shares were issued at £200 each the premium on the issue of the new shares of £18630000 
less issue costs of £874000 has been credited to the share premium account
at 31 october 2004 options had been granted and were still outstanding under the company’s share option schemes these options are
exercisable for a total of 4442285 2003 3215688 ordinary shares in periods between 2005 and 2013 2003 2005 and 2013 at prices
ranging from 81p to 225p 2003 81p to 1465p per share during the year options were granted for 1300000 2003 1240000 shares
under the executive share option scheme options lapsed for 20000 shares under the executive share option scheme no options were granted
under the share save scheme 2003 201676 and options lapsed for 53403 shares under the share save scheme no options were exercised
during the year 2003 nil 42
parkdean holidays plc 
annual report and accounts 2004
notes to the financial statements
continued
21 reconciliation of movement in equity shareholders’ funds
total
called up share profit equity
equity premium and loss shareholders’
share capital account account funds
group £000 £000 £000 £000
at 1 november 2002 6487 17 382 3640 27 509
issue of ordinary shares 1400 6491 – 7 891
profit on ordinary activities after taxation – – 6008 6008
dividends – – 1972 1972 
at 1 november 2003 7 887 23873 7 676 39436
issue of ordinary shares 2070 17 756 – 19826
profit on ordinary activities after taxation – – 6067 6067
dividends – – 2511 2511
at 31 october 2004 9957 41629 11232 62818
total
called up share profit equity
equity premium and loss shareholders’
share capital account account funds
company £000 £000 £000 £000
at 1 november 2002 6487 17 382 996 24865
issue of ordinary shares 1400 6491 – 7 891
profit on ordinary activities after taxation – – 2861 2861
dividends – – 1972 1972 
at 1 november 2003 7 887 23873 1885 33645
issue of ordinary shares 2070 17 756 – 19826
profit on ordinary activities after taxation – – 2724 2724
dividends – – 2511 2511
at 31 october 2004 9957 41629 2098 53684
22 capital and other commitments
a capital commitments
amounts contracted for but not provided in the financial statements in respect of subsidiary undertakings amounted to £4261000 
2003 £4830000
b other financial commitments
at 31 october 2004 the group annual commitments under noncancellable operating leases were as follows
plant and machinery
2004 2003
£000 £000
operating leases which expire
within one year 27 100
in two to five years 111 83
in more than five years 12 –
150 183
c pension commitments
the group operates a defined contribution pension scheme the assets of the scheme are held separately from those of the group in an
independently administered fund the pension cost charge represents contributions payable by the group to the fund and amounted to
£247 000 2003 £214000 there were no contributions outstanding at 31 october 2004 or 31 october 2003
23 guarantees and contingent liabilities
the companies in the group have provided a composite guarantee and debenture and supplemental deed in which the assets of each company
are charged against the borrowings of other companies in the group
the group sells caravan holiday homes sited on the group’s holiday parks to private customers a proportion of these caravan sales are funded
in part by third party finance companies an obligation may arise as a consequence of default by the group’s customer resulting in the group
being required to purchase the caravan from the finance company at a price based on an agreed formula these caravan holiday homes are
immediately written down to trade values in due course the caravans are resold in the normal course of trade and the financial impact to the
group is insignificant parkdean holidays plc 
annual report and accounts 2004
43
notice of annual general meeting
notice is hereby given that the annual general meeting of parkdean holidays plc the “company” will be held at the offices of dickinson
dees at st ann’s wharf 112 quayside newcastle upon tyne ne99 1sb at 1100am on friday 4 march 2005 for the following purposes
1 to consider and approve the accounts and reports of the directors and auditors of the company for the year ended 31 october 2004
2 to declare a final dividend of 33 pence per ordinary share
3 to reappoint mr d c stonehouse as a director of the company
4 to reappoint mr n m magoolagan as a director of the company
5 to reappoint ernst  y oung llp as the auditors of the company and to authorise the directors to agree their remuneration
as special business to consider and if thought fit pass the following resolutions of which resolutions 6 and 7 will be proposed as ordinary
resolutions and resolutions 8 and 9 will be proposed as special resolutions
6 that the authorised share capital of the company be increased to £15000000 by the creation of 19000000 ordinary shares of 
20 pence each 
7  that in substitution for the authority granted to the directors pursuant to an ordinary resolution passed at the extraordinary general meeting
of the company held on 5 august 2003 the directors be generally and unconditionally authorised for the purpose of section 80 of the
companies act 1985 the “act” to exercise all the powers of the company to allot relevant securities within the meaning of section 80 
of the act up to an aggregate nominal amount of £3318884 provided that this authority shall expire on the day preceding the fifth
anniversary of the date of this resolution save that the company may before such expiry make an offer or agreement which would or might
require relevant securities to be allotted after such expiry and the directors may allot relevant securities in pursuance of such offer or
agreement notwithstanding that the authority conferred by this resolution has expired 
all authorities previously conferred under section 80 of the act are revoked but such revocation shall not have retrospective effect
8 that subject to the passing of the resolution numbered 7 in the notice containing this resolution and in substitution for the authority granted
to the directors pursuant to a special resolution passed at the annual general meeting of the company held on 5 march 2004 the directors
be empowered pursuant to section 95 of the companies act 1985 the “act” to allot equity securities as defined in section 942 of the
act for cash pursuant to the authority so conferred as if section 891 of the act did not apply to any such allotment provided that this
power shall be limited to
81 the allotment of equity securities in connection with any rights issue open offer or other preemptive offer to holders of equity securities
in proportion as nearly as may be practicable to their respective holdings of such equity securities but subject to such exclusions 
or other arrangements as the directors may deem necessary or expedient in relation to fractional entitlements or any legal or practical
problems under the laws of any territory or the requirements of any regulatory body or stock exchange in any territory or any other matter
whatsoever and
82 otherwise than pursuant to paragraph 81 above the allotment of equity securities up to an aggregate nominal amount of £995665
being 10 of the nominal value of the existing issued share capital and shall expire on the conclusion of the next annual general meeting
of the company after the passing of this resolution except that the company may before such expiry make an offer or agreement which
would or might require equity securities to be allotted after such expiry and the directors may allot equity securities in pursuance of any
such offer or agreement notwithstanding that the power conferred by this resolution has expired all powers previously conferred under
section 95 of the act are revoked but such revocation shall not have retrospective effect
9 that the directors be authorised
91 to exercise the power contained in the articles of association of the company to offer holders of ordinary shares the right to elect to
receive new ordinary shares credited as fully paid instead of cash in respect of any dividend or part thereof paid or declared during
the period commencing on the date hereof and expiring two months following the conclusion of the next annual general meeting of the
company after the passing of this resolution and 44
parkdean holidays plc 
annual report and accounts 2004
notice of annual general meeting
continued
92 to determine the basis of allotment of new ordinary shares in respect of any such dividend so that the relevant value of such new ordinary
shares shall be nearly as possible equal to but not in excess of the cash amount a holder of ordinary shares would have received by
way of dividend and for these purposes the relevant value shall be the average of the highest and lowest prices for bargains transacted
in such shares as derived from the appendix the daily official list on the day when the ordinary shares are first quoted “ex” the relevant
dividend and on the four subsequent dealing days adjusted if need be as the auditors may consider appropriate 
11 january 2005
by order of the board
judith archibold
secretary
registered office
2nd floor
one gosforth park way
gosforth business park
newcastle upon tyne
ne12 8et
notes
1 a member entitled to attend and vote at the meeting convened by the above notice is entitled to appoint one or more proxies to attend and
on a poll to vote instead of him a proxy need not be a member of the company
2 a form of proxy is enclosed to be effective it must be deposited at the office of the company’s registrars capita registrars proxy department
the registry 34 beckenham road beckenham kent br3 4tu so as to be received not later than 48 hours before the time appointed for
holding the meeting completion of the proxy does not preclude a member from subsequently attending and voting at the meeting in person
if he or she wishes
3 to be entitled to attend and vote at the meeting and for the purpose of determining the number of votes cast members must be entered
on the company’s register of members no later than 500pm on wednesday 2 march 2005
explanatory notes on the resolutions constituting special business
these notes are intended to explain the special business to be transacted at the annual general meeting
resolution 6 increase in share capital
this resolution would increase the authorised share capital from £11200000 to £15000000 by creating an additional 19000000 ordinary
shares of 20 pence the company wishes to maintain an appropriate level of capital to maintain and develop its business it is intended that the
additional share capital created by this resolution would be used to satisfy the exercise of options granted under the company’s employee share
schemes and to develop the company’s business in line with its stated policy of expanding by way of acquisition
resolution 7 authority to allot shares 
resolution 7 would allow the directors to allot unissued ordinary shares and securities convertible into shares “relevant securities” up to a
maximum aggregate nominal amount of £3318884 this represents approximately one third of the issued share capital as at 31 october 2004
the date to which the company’s last audited accounts are drawn the authority will expire on the day preceding the fifth anniversary of the
date of the resolution the directors have no current intention of exercising this authority
resolution 8 disapplication of preemption rights
this resolution replaces the authority of the directors to allot shares that was given to them by the special resolution passed at the annual general
meeting of the company on 5 march 2004 the resolution is conditional upon the passing of resolution number 7 
resolution 8 would allow the directors to allot equity securities for cash without the need first to offer such equity securities to existing shareholders
the authority which disapplies the statutory preemption provisions contained in section 89 of the companies act 1985 the “act” would remain in
force until the end of the annual general meeting of the company in 2006
the requirement imposed by section 89 of the act would not apply to allotments in connection with a rights or similar issue or where the strict
application of section 89 could give rise to practical problems for example the issue of shares in a foreign jurisdiction the proposed limit on
the nominal value of the ordinary shares that may be allotted for cash otherwise than in connection with a rights issue is £995665 which
represents 10 of the issued share capital at the date of the notice of annual general meeting the directors have no current intention of
exercising this authority
resolution 9 authority to offer a scrip dividend
this resolution gives the directors authority to offer scrip dividends as an alternative to cash dividends it is not currently the directors’ intention
to offer such an alternative but they would like the flexibility to do so
documents available for inspection
copies of the directors’ service contracts and the register of directors’ and their families’ interests in the shares of the company are available
for inspection at the registered office of the company during usual business hours on any weekday excluding saturdays and public holidays
and will be available for inspection during the annual general meeting and for a period of at least 30 minutes before the meeting commences designed and produced by college design london  wwwcollegedesigncom
sundrum castle holiday park  
head office
parkdean holidays plc
2nd floor
one gosforth park way
gosforth business park
newcastleupontyne
ne12 8et
tel 0191 256 0700
fax 0191 268 6004
website wwwparkdeanholidayscouk
investors’ website wwwparkdeanholidaysplccom
holiday park locations
1  grannie’s heilan’ hame
2  nairn lochloy
3  tummel valley
4  wemyss bay
5  sundrum castle
6  southerness
7  pendine sands 
8  trecco bay
9  ruda
10 st minver
11 newquay
12 white acres
13 crantock beach
14 holywell bay
15 sea acres
16 challaborough bay
17 t orquay
18 west bay
19 warmwell
20 cherry tree
parkdean holidays plc
annual report and accounts 2004
award winning holiday parks
parkdean holidays plc annual report and accounts 2004


Summary:
 04
2004 has been a year of significant
progress for the group with the
acquisition of six holiday parks
increasing our portfolio to 20 parks
likeforlike operating profit grew by
102 after allowing for the first year
winter costs at white acres and sea
acres the group also relocated at the
beginning of the year to a new central
office in newcastle upon tyne and the
management team was strengthened
with the appointment of directors of
operations and human resources 
our management team have again
demonstrated their ability to grow
revenues and profits from the existing
estate whilst completing acquisitions and
a range of capital expenditure projects
the group remains focused upon the
domestic market and will continue to 
seek further growth opportunities in 
2005 and beyond this growth will be
achieved by improving profitability in the
existing estate by capitalising on organic
growth opportunities particularly beyond
2005 and by appropriate acquisitions
the directors remain highly selective in
choosing acquisition targets and will only
acquire parks meeting our returns criteria
parkdean’s estate of 20 holiday parks
now covers 1315 acres with a total of
9189 pitches including 2795 hire fleet
pitches 5104 private pitches and 1290
touring pitches this represents a 40
increase over 2003 
holiday sales
total revenue from holiday sales
including income from touring camping
insurance and subletting of privately
owned caravans grew to £2046m 
in 2004 of this revenue £055m 
came from the six parks acquired during
the year revenue from holiday sales
represented 339 of group turnover
and a 464 share of total contribution
after direct wages and marketing costs 
the core group of parks has performed
well in a highly competitive environment
with likeforlike holiday hire revenue at
the existing 14 parks in company owned
hire fleet of £1645m being 81 higher
than the previous year this growth was
gained by a combination of higher
achieved tariff at peak season and
improved occupancy in the autumn 
driven by short breaks 
we continue to focus on direct sales with
only 135 of our holiday hire revenue
sold via agents
parkdean occupies a unique position
within the uk holiday park market with 
in excess of one third of the caravan 
hire fleet in the existing parks being
doubleglazed centrally heated units
continued investment in this higher
specification of accommodation will help
to grow holiday tariff further in both the
spring and autumn and it is our intention
to invest in 68 doubleglazed and
centrally heated units at the newly
acquired parks for 2005
touring revenue in the existing 14 parks
also grew by 7 2 in 2004 to £175m
underlining our successful investment 
in the touring facilities across the group
in 2004 
sales of personal and car breakdown
insurance and cancellation cover of
£084m were 45 higher than the
previous year a reflection of the slightly
higher number of holidays sold directly
2005 will see the introduction of
regulations by the financial services
authority fsa covering the sale and
administration of insurance products 
and parkdean has been granted fsa
approval to operate in this area 
parkdean holidays plc 
annual report and accounts 2004
chief executive’s review
john waterworth
chief executive 05
parkdean holidays plc 
annual report and accounts 2004
turnover by sector
holiday hire 339
retail 247
caravan sales 301
owner income 1 13
contribution by sector
holiday hire 464
retail 216
caravan sales 143
owner income 17 7
caravan sales
caravan sales continued to be buoyant 
in 2004 with turnover of £1819m
achieved 301 of the group’s turnover
£134m came from the six parks acquired
during the financial year caravan sales
provided a 143 share of the total
contribution after direct wages and
marketing costs
during the course of the year caravan
sales were successfully introduced at
ruda in devon for the first time with the
sale of 20 units the company also
continued to develop additional pitches 
at newquay where a total of 53 units
were sold during the year turnover at 
the existing parks grew by 142 to
£1685m in 2004 
caravan sales opportunities at white
acres sea acres crantock beach
holywell bay and torquay remain under
review – all pitches on these parks are
currently used for holiday hire or touring
the group has gained planning consent
at st minver for a development of 32
lodges and these pitches will be
developed for the 2005 season with
some being available for private sale 
the progress of this development will 
be reviewed with a view to introducing
the sale of lodges at other parks in the
future all caravans and lodges sold 
by parkdean are for holiday use only
owner income
owner income of £680m was 
achieved last year representing 113 
of turnover and a 17 7 share of the 
total contribution after direct wages 
and marketing costs £044m of this
revenue came from the six newly acquired
parks the group now has in excess of
5000 owners providing a robust and
transparent income stream for the group
the group is introducing our “owners
select” service across the expanded
estate for the 2005 season providing
improved information and service to 
our holiday homeowners  retail
retail income totalled £1492m in 2004
a 247 share of turnover and a 216
share of the total contribution post direct
wages and marketing retail income at
the six newly acquired parks was £090m
in 2004
the directors are particularly pleased 
with the growth in revenue in the 
group’s bars and food areas targeted 
for improvement in 2004 revenue grew
by 7 0 over 2004 in the bars at the
existing 14 parks and margin after wages
grew by 81 food sales grew by 96
although the achieved margin after wages
remained flat as a better value offering
was promoted to increase daytime 
use of facilities and improve customer
satisfaction the group’s management
team have been particularly focused 
on improving the quality of our food 
and beverage product in 2004 the
provision of strong onpark retail and
leisure offering is a core element of 
our overall holiday product
onpark revenue from other areas of 
the business including sports activities
amusements and membership fees were
at a similar level to the previous year on 
a likeforlike basis 
the outlook for 2005
the group’s capital expenditure plans
focus upon the replacement of 274
holiday hire caravans 136 of which 
will be doubleglazed with either warm 
air or central heating the group will be
spending £13m on “catchup” capital
expenditure on the six newly acquired
parks mainly on upgrading infrastructure
32 new lodge pitches will be developed
at st minver as outlined earlier and
£055m will be invested in further
upgrading our financial and holiday
booking systems to better manage the
enlarged group total capital expenditure
for 2005 is anticipated to be £10m 
a similar level to 2004 albeit across 
a larger group
parkdean’s holiday brochure featuring 
all 20 parks has now been distributed 
to the 480000 enquirers and customers
on our database this brochure has been
distributed later than in previous years
due to our desire to include the recently
acquired parks this conscious decision
has resulted in an anticipated lag in
bookings from our database booking
patterns since the return to work after 
the christmas and new y ear break
demonstrate a sufficient level of holiday
demand to recover this shortfall in the 
first quarter
the directors are pleased with the
integration of the six parks acquired
during the year and the enthusiasm of 
the management and staff substantial
progress has been made on this winter’s
capital expenditure programme with
many of the group’s new hire fleet now
being in situ at our parks 2005 has an
early easter and the board are pleased
with the progress across the group 
in preparing for the coming season
john waterworth
chief executive
11 january 2005
0607
parkdean holidays plc 
annual report and accounts 2004
chief executive’s review continued
timeline
oct 2004
acquisition of wemyss bay cherry
tree pendine sands warmwell and
torquay holiday parks for £4175m 
mar 2004
acquisition of southerness holiday
village for £53m
nov 2003
group central office relocated to
gosforth increasing telesales and
administration capability
may 2003
acquisition of white acres and sea
acres for £1850m
may 2002
flotation on aim at £100 per share
mar 2002
ruda holiday park acquired for
£1500m
nov 2001
first consolidated brochure for
2002 season launched featuring all
11 of the group’s parks
mar 2001
creation of a central office based in
newcastle to manage administration
of the business
mar 2001
acquisition of grannie’s heilan’
hame nairn lochloy tummel valley
sundrum castle st minver west
bay and challaborough bay holiday
parks for £1550m name changed
to parkdean holidays
july 2000
acquisition of crantock beach
newquay and holywell bay holiday
parks for £423m
nov 1999
company formed as premier dawn
limited with mbo of trecco bay
holiday park for £2135m
listing putsborough caravan at ruda holiday park warmwell holiday park