The Annual Report of Burberry 2012/2013

annual report 2012/13

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2012/2013 Annual Report

Table of contents

4 7 8 12

Financial Highlights Chairman’s Letter Chief Executive Officer’s Letter Executive Team

Great Brand, Great Company 68 71 Burberry Beyond Our People

Corporate Governance Brand, Business, Culture 17 18 20 Brand Business Culture 76 78 82 93 Board of Directors Directors’ Report Corporate Governance Report Directors’ Remuneration Report

Burberry Group Overview 25 26 27 28 Diversified Business Model Channel Mix Broad Geographic Portfolio Diversified Product Mix

Financial Statements 106 107 108 109 Statement of Directors’ Responsibilities Independent Auditors’ Report to the Members of Burberry Group plc Group Income Statement Group Statement of Comprehensive Income Group Balance Sheet Group Statement of Changes in Equity Group Statement of Cash Flows Notes to the Financial Statements Five Year Summary Independent Auditors’ Report to the Members of Burberry Group plc Company Balance Sheet Notes to the Company Financial Statements Shareholder Information Executive Team

Strategic Themes 32 36 40 44 48 Leverage the Franchise Intensify Accessories Accelerate Retail-Led Growth Invest in Under-Penetrated Markets Pursue Operational Excellence

110 111 112 113 154 156 157

Financial Review 54 60 Group Financial Highlights Principal Risks

158 162 164

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Financial Highlights

Strong Results

Total revenue (Year to 31 March)

Retail revenue (Year to 31 March)

£1,999m

2013 2012 2011 2010 2010* 2009 1,999 1,857 1,501 1,185 1,280 1,202

£1,417m

2013 2012 2011 2010 2010* 2009 1,417 1,270 962 710 749 630

Wholesale revenue (Year to 31 March)

Adjusted operating profit (Year to 31 March)

£473m

2013 2012 2011 2010 2010* 2009 473 478 441 377 434 489

£428m

2013 2012 2011 2010 2010* 2009

Adjusted operating profit is stated before exceptional items. Reported operating profit £346m (2012: £377m)

428 377 301 220 220 181

2009 and 2010* include the results of the discontinued...