Computacenter Anual Report 2010

Our journey
Computacenter plc
Annual Report and Accounts 2010

Reduce
Boost carbon
productivity emissions by
and agility 1,239 tonnes

Increase
competitive
advantage

Performance
How are we doing against
our strategic objectives?
2010 strategic
objectives
Accelerating Reducing
the growth of cost through
our Contractual increased
Services efficiency and
business industrialisation
of our service
operations

Progress against In 2010 our Group contract base grew
by 9.3 per cent in constant currency;
We continue to invest and derive value from
the Shared Services Factory (‘SSF’), our
2010 strategic evidence that in a difficult economic
environment, customers continue to turn
‘industrialised’ approach, which helps to
standardise customer engagement, service
objectives to Computacenter for contracted services, offerings and also reduce the cost of
to reduce cost and ensure a high quality service delivery. This includes investments
of service delivery. we have made in our offshore service
delivery capability, to take advantage of
the lower costs available, such as in South
Africa. In addition, we have made significant
investments in industry leading tools,
which enable us to provide an enhanced
service at lower cost in areas such as major
incident management and the remote
management of datacenter infrastructure.

Key performance Increase contract base in constant
currency £m
Increase revenue per services head
£’000/head
indicators 2007 409 2007 85

2008 453 2008 86

2009 493 2009 85

2010 539 2010 88

+9.3% +3.0%

Maximising the Growing our profit Ensuring the
return on working margin through successful
capital and freeing increased services implementation
working capital and high-end of the Group-wide
where not product sales ERP system
optimally used

In November 2009, we sold the remaining Overall, 2010 Group revenue increased by The Group-wide ERP system is an
part of our trade distribution business. 6.9 per cent, whilst adjusted profit before extensive IT implementation, as well as a
This, combined with the use of enhanced tax increased by 21.8 per cent. This reflects significant business process change. The
procurement tools for purchasing from the success achieved through the sale of system covers virtually all of our operating
the distribution marketplace, has enabled the trade distribution business, the growth activities with entirely new resource
a working capital inflow of £21 million for in higher margin sales to large organisations scheduling, call logging and maintenance
the Group, despite a revenue increase and growth in services revenues of 6.5 systems that are at the heart of our
of 6.9 per cent. Overall net cash, prior per cent – combined with virtually static business. In addition, as we are managing
to Customer Specific Finance (‘CSF’), selling, general and administration costs. the Group-wide implementation, we have
improved from £86.4 million at the end of This resulted in EBIT to net revenue (overall had substantial internal discussion to agree
2009, to £139.4 million at the end of 2010; revenue less the cost of product for resale) the alignment of Group-wide processes, in
a major improvement from the net debt increasing from 6.0 per cent in 2009 to order to drive maximum efficiency and cost
position of £16.2 million at the end of 2007. 6.6 per cent in 2010. reduction across the Group.
We are pleased to report that Germany,
the first country to go ‘live’ on this system
at the end of January 2011, has been
implemented without material disruption to
the German business. The UK is scheduled
to follow during the third quarter, with
France in 2012.

Increase adjusted operating Increase EBIT as a percentage Delivery against the implementation plan
cash ﬂow £m of net revenue*

2007 38 2007 5.2%

2008 79 2008 4.9% Q3

2009 138 2009 6.0% Q1

2011 2012 2013
2010 108 2010 6.6%

-21.6% +0.6pts

* EBIT to net revenue % is defined as adjusted operating profit as a percentage of net revenue.
Computacenter defines net revenue as turnover less the cost of product for re-sale recognised as an expense.

Welcome
to our journey

Who we are
Computacenter is a leading IT infrastructure services provider.
We add value to our customers by advising on IT strategy,
deploying appropriate technologies, and managing elements
of their infrastructures on their behalf.
Our journey
We are on a journey to become Europe’s best IT company. We
will achieve this objective by constantly delivering IT services
and solutions that enable our customers to achieve their goals.
Our strategy
Our strategy is to deliver long-term earnings growth. To help
measure our success, we have five key strategic initiatives
against which to benchmark our performance (see over page).

T
‘10
‘09
‘07

Highlights
of the year 2
4
5
Overview
Group overview
Chairman’s statement
Operating review
16 Market overview

Revenue £bn Adjusted* operating proﬁt £m

2007 2.38 2007 41.7

Overview
2008 2.56 2008 42.1

2009 2.50 2009 53.9

2010 2.68 2010 64.4

+6.9% +19.5% Business review
18 Finance Director’s review
22 Risk management
24 Corporate Sustainable Development (CSD)

Diluted earnings per share p Total dividend per share p

2007 18.5 2007 8.0

Business review
2008 21.0 2008 8.2

2009 27.7 2009 11.0

2010 33.0 2010 13.2

+19.1% +20.0%
FINANCIAL HIGHLIGHTS OPERATING HIGHLIGHTS Governance
28 Board of Directors
Underlying performance • Revenues improved significantly in all 30 Corporate governance statement
our major geographies 35 Directors’ remuneration report
• Ongoing^ revenues increased 10.7 per 41 Directors’ report
cent to £2.68 billion (2009: £2.42 billion) • Ongoing^ Group product revenue grew
• Adjusted* profit before tax increased markedly, up 12.5 per cent (14.7 per
21.8 per cent to £66.1 million (2009: cent in constant currency) as a result of
£54.2 million) strong customer demand for upgraded
• Adjusted* diluted earnings per share and improved IT infrastructure
(‘EPS’) increased 19.1 per cent to • Our Group annual services contract

Governance
33.0 pence (2009: 27.7 pence) base grew over 7.1 per cent (9.3 per
• Total dividend for 2010 of 13.2 pence cent in constant currency) to £539.4
per share (2009: 11.0 pence) million (2009: £503.6 million) in excess
of market growth predictions#
• Net cash prior to customer specific
financing (‘CSF’) was £139.4 million • Our Group-wide ERP project remains
(2009: £86.4 million) on track with a successful migration
onto the new platform in Germany
Statutory performance • On 15 February 2011 we announced, Financial statements
• Group revenues increased 6.9 per cent subject to the approval of the French 46 Independent auditor’s report
to £2.68 billion (2009: £2.50 billion) Competition Board, our agreement to 47 Consolidated income statement
acquire Top Info for an initial debt free 48 Consolidated statement of
• Profit before tax increased 35.1 per cent comprehensive income
to £65.4 million (2009: £48.4 million) cash consideration of €21 million 49 Consolidated balance sheet
• Diluted EPS increased by 30.9 per cent • Launch of C3Mail, the first in a suite 50 Consolidated statement of changes
in equity
of cloud-based offerings
Financial statements

to 32.6 pence (2009: 24.9 pence) 51 Consolidated cash flow statement
• Net cash after CSF of £111.0 million 52 Notes to the consolidated financial
statements
(2009: £37.3 million) 87 Statement of Directors’ responsibilities
88 Independent auditor’s report
89 Company balance sheet
90 Notes to the Company
financial statements
94 Group five-year financial review
94 Group summary balance sheet
95 Financial calendar
* Adjusted profit before tax and EPS is stated prior to amortisation of acquired intangibles and exceptional items. 96 Corporate information
Adjusted operating profit is also stated after charging finance costs on CSF.
# Source: Gartner.
^ Ongoing revenues exclude revenues from the disposed Trade Distribution business.
Computacenter plc Annual Report and Accounts 2010 1

Group overview
A European business
transacting across the world

Region % of Group revenue Financial highlights

United Kingdom
47% Revenue

£1,265.4m
Adjusted* operating profit

£43.3m
Germany
38% Revenue

£1,005.8m
Adjusted* operating profit

£20.5m
France
13% Revenue

£359.6m
Operating profit

+£1.0m
Benelux
2% Revenue

£45.6m
Operating loss

-£0.4m
2 Computacenter plc Annual Report and Accounts 2010

4
3

1

2 6

1

5

Group revenue by region Group revenue by business type
1. United Kingdom 47% 1. Workplace 23%
2. Germany 38% Desktop, laptop, monitor,
3. France 13% printers, peripherals and consumables.
4. Benelux 2% 2. Datacenter & Networking 29%

Overview
4 Intel and Unix servers, storage,
networking and security.
3. Software product 13%
2 4. Professional services 8%
Professional services delivered
3 by Computacenter.
5. Support and managed services 22%
Support and managed services
delivered by Computacenter.
6. Third party services 5%
Third party resold services.

Business review
2010 highlights Contract wins Revenue by business types

• Revenues, excluding trade distribution, improved • Extended existing desktop managed services 6 1. Workplace 21%
by 10.8 per cent in 2010, to £1.27 billion agreements with AEGON and OB10 1 2. Datacenter &
(2009: £1.14 billion) • Signed a five-year contract with Waitrose providing 5 Networking 29%
• Adjusted* operating profit in the UK increased by hardware support to 269 stores, covering electronic point 3. Software product 15%
14.5 per cent to £43.3 million (2009: £37.8 million) of sale equipment, back office IT and network devices 4 4. Professional services 8%
• Services revenue grew by 13.9 per cent to £380.5 • £10 million infrastructure management outsourcing 2 5. Support and managed
million (2009: £334.0 million) – services revenues contract agreed with Gatwick Airport; scope includes 3 services 23%
for the total UK market declined by 0.1% in 2010** managing two datacenters at the airport, along with 6. Third party services 4%
• RDC revenues increased by 30.3% to £38.2 million 26 critical IT node rooms
(2009: £29.3 million); profits grew by 30.9 per cent • A large global financial institution selected
Computacenter as the sole supplier of cabling
installation services to its new EMEA locations

• Adjusted* operating profit for the year grew by • Signed a three-year €9 million framework agreement 6 1. Workplace 17%
1
8.8 per cent to €23.9 million (2009: €22.0 million) with Dataport for the supply and deployment of Cisco 2. Datacenter &
• Revenue increased by 12.2 per cent to €1,173.1 million datacenter hardware and related services, consultation 5 Networking 34%
(2009: €1,045.1 million) and by 6.2 per cent, excluding work and maintenance 3. Software product 9%
the becom business acquired in 2009 • Volkswagen commissioned Computacenter Germany 4. Professional services 7%
• Services contract base grew by 8.7 per cent to to implement its Windows 7/Office 2010 strategy 4 2 5. Support and managed
€290.0 million (2009: €266.8 million) materially • Union IT Services GmbH renewed an existing 3 services 26%
outperforming the German market** outsourcing contract until 2017 6. Third party services 7%

Governance
• The integrated becom business has started to
deliver real value, especially within the datacenter
product business

• Operating profit of €1.2 million (2009: operating loss • The French Army, an existing customer, awarded 6 1. Workplace 43%
5
€3.1 million), flattered by €1.0 million compared to us its comprehensive hardware supply contract 2. Datacenter &
2009, by a change in classification of certain French • Product supply contract win for the virtualised 4 Networking 17%
tax expenses workplace environment of Europ Assistance 1 3. Software product 19%
• Strong revenue growth, materially outperforming the • Four-year product supply contract with SAE, the 3 4. Professional services 6%
French market**, reported revenue increasing by Government Purchasing Agency, led by the Minister 5. Support and managed
16.9 per cent to €419.4 million (2009: €358.7 million) of Finance 2 services 11%
• Product revenue grew by 19.7 per cent; services • Agreed a three-year global software licensing contract 6. Third party services 4%
revenue grew at 4.6 per cent with EDF
• Proposed acquisition of Top Info, subject to approval
by the French Competition Authority, is anticipated to
deliver further revenue enhancement in 2011

• Adjusted operating loss of €0.46 million in 2010 • Awarded a €10.2 million datacenter project by a 6 1. Workplace 28%
(2009: loss of €0.85 million) wireless technology provider; as well as a licensing 5 1 2. Datacenter &
• Significantly increased revenue, up by 81 per cent contract with a market leader in the field of local search Networking 34%
to €53.2 million (2009: €29.4 million) and advertising – valued at circa €1.2 million 4 3. Software product 10%
• Integrated the Luxembourg team structure into the • VOIP project, worth €0.14 million, for the Red Cross 4. Professional services 5%
3
German organisation, effective from 1 January 2011 Flanders, and a €0.12 million MS System Center 5. Support and managed
project for De Lijn, a regional public transport provider 2 services 19%
• A datacenter technology related contract, for storage 6. Third party services 4%
implementation, valued at €0.23 million, awarded by
Pentair Europe – a leading provider of water solutions
and related technical products

* Adjusted operating profit is stated prior to amortisation of acquired intangibles, exceptional items and finance costs on CSF.
**Based on Gartner figures. Computacenter plc Annual Report and Accounts 2010 3

Chairman’s statement
In 2011, we will continue to invest in our infrastructure, our talents and skills,
as well as enhancing our customers’ experience.

2010 was another year of strong designed to create long-term competitive
progress for our Company. Adjusted* advantage. The services contract base upon
profit before tax once more grew by which these improvements operate grew by
more than 20 per cent. It is worth noting more than seven per cent in 2010 and the
that Computacenter has delivered benefits will increase as time passes. We
greater than 20 per cent compound will continue our relentless focus on cost
annual growth in earnings per share and expense management while supporting
over the last four years. We gained these significant investments.
market share and grew our services
revenues by 6.5 per cent. The German This year marks the 30th anniversary of the
business showed great resilience in founding of Computacenter. Since then
recovering from a poor first quarter, the Company has grown considerably
and our French business became in size and this evolution has required
profitable again. We are pleased with Computacenter to adapt to the ever
this performance, not least because it changing legislative environment. We have
came as a result of the execution of our in place a governance framework, aligned
strategy, rather than simply as a result to the principles of the UK Corporate
of an improving economic backdrop. Governance Code, not simply because
we must do so, but rather because it is the
If 2009 was about cost and expense right thing to do. In this regard, I draw your
reduction and simplifying our structure, attention to pages 30 to 34 of this report
then 2010 showed disciplined sales and and give you my commitment to uphold
service delivery. Pleasing as it was, this only the merits of the Code, as it applies to
confirms that we have the opportunity to do Computacenter.
much more in growing share in our chosen
markets and improving our profitability in a I thank all of our employees for their efforts
sustainable way. and our customers for their business.
We have much to do in 2011, on our journey
In 2011 we will continue to invest in our of continuous improvement, to achieve
infrastructure, our talents and skills as well our potential.
as enhancing our customers’ experience.
We are on course to successfully implement
a single Group-wide ERP system, the
major benefits of which will not manifest
themselves until 2012 and beyond. Our
efforts to ‘industrialise’ our services are
already showing margin improvement Greg Lock
and better customer satisfaction and are Chairman *Adjusted profit before tax and EPS is stated prior to
amortisation of acquired intangibles and exceptional items.

Operating review
Computacenter has again delivered a strong profit performance in 2010.
This leaves us confident that Computacenter continues to meet the IT
investment needs of our customers and is evidence that our customers
rely on Computacenter to help them in reducing their operating costs,
over the longer term.

Overview
Business review
Computacenter has again delivered Group services revenue, as reported,
a strong profit performance in 2010. increased by 6.5 per cent and 8.7 per cent
Group adjusted* profit before tax grew in constant currency. Different to the product
by 21.8 per cent to £66.1 million (2009: revenue growth, the services revenue
£54.2 million). The Group’s adjusted* growth was achieved, as expected, largely
diluted earnings per share (‘EPS’) during the second half of 2010. Particularly
grew by 19.1 per cent to 33.0 pence pleasing, as this is fundamental to the long-
(2009: 27.7 pence), primarily due to term success of Computacenter, is that the
this increase in profitability. We have annual services contract base at December
delivered in excess of 20 per cent 2010, has increased by 7.1 per cent on the
compound annual EPS growth over services contract base level at December

Governance
the last four years. 2009 and 9.3 per cent in constant currency.
This leaves us confident that Computacenter
On a statutory basis, taking into account continues to meet the IT investment needs
amortisation of acquired intangibles and of our customers and is evidence that our
exceptional items, Group profit before tax customers rely on Computacenter to help
increased by 35.1 per cent to £65.4 million them in reducing their operating costs, over
(2009: £48.4 million) and diluted EPS the longer term. The Group annual services
increased by 30.9 per cent to 32.6 pence contract base stood at £539.4 million at the
(2009: 24.9 pence). end of the year (2009: £503.6 million).
Group revenue, as reported, increased In 2009, we reduced operating expenses
in 2010 by 6.9 per cent to £2.68 billion (‘SG&A’) by over £30 million in constant
(2009: £2.50 billion). After the significant currency and the increase gained in
product revenue decline experienced in operational leverage has in no small way
2009, during 2010 customers embarked on contributed to these encouraging results.
refreshing, upgrading and improving their

Furthermore, the early indication of improving
IT infrastructures. This resulted in strong corporate capital expenditure, first detected
Group product revenue growth of 12.5 per some 12 months ago, has persisted, to
cent or 14.7 per cent in constant currency, the extent that we have now gained a high
excluding the effect of the CCD disposal level of confidence that Computacenter’s
towards the end of 2009, but including the progress is sustainable and not of a
acquisitions made late in 2009. This growth short-term nature. The Group incurred no
was achieved steadily over the year as exceptional costs during 2010 and this
a whole and we also believe that, subject to should, in all likelihood, continue until the
performance of the overall macroeconomic ERP benefits start being realised.
conditions, growth should continue
during 2011.

Operating review continued

Our balance sheet has further strengthened Over the last two years, we have done much
considerably. At the end of the year, net to identify those Computacenter offerings,
cash prior to Customer Specific Financing where we have competitive advantage
(‘CSF’) was £139.4 million (2009: net cash of and for which there is market appetite. We
£86.4 million). Including CSF, net funds were believe that this is where our future success
£111.0 million (2009: £37.3 million). This lies and our focus is on repeating delivery of
material improvement in our cash position these offerings, in an efficient and high quality
was primarily due to increased profitability manner. We are investing into tools and
and prudent working capital management, processes, which support repetitive delivery
which we believe is largely sustainable. of these services, whilst ensuring efficiency
However, the figures are flattered by and quality.
approximately £38 million (2009: £30 million)
with the continuation of extended credit As the infrastructure demands of our
terms from one of our major vendors, which customers grow, so their appetite for
have been made available to all of their increased efficiency solutions has also
business partners. These terms could return grown. This has been the driving force
to normal in the second half of 2011. behind the notable interest in cloud related
services. Computacenter has responded
The Board has decided to recommend a with the recent launch of C3Mail, the first in
final dividend of 9.7 pence, bringing the a suite of cloud-based offerings.
total dividend paid for 2010 to 13.2 pence,
representing a 20 per cent increase on the We maintained good progress in preparing
2009 total dividend paid of 11.0 pence. The for our Group ERP implementation. During
increase in dividend is broadly consistent the first week of February 2011, the Release
with our stated policy of maintaining 1 migration onto the new platform in
dividend cover within our target range of Germany was delivered, without material
2 to 2.5 times. Subject to the approval by disruption. However, the remainder of 2011
shareholders at the Annual General Meeting will be important, as migration of the UK
(‘AGM’) on 13 May 2011, the proposed system is scheduled to follow during the
dividend will be paid on 10 June 2011 third quarter. The Release 1 migration has
to shareholders on the register as at significantly reduced implementation risk,
13 May 2011. as the lessons we have learnt will assist
during the subsequent migrations. As our
Our offerings continue to gain momentum people become familiar with the system,
in the market, as customers choose the benefits related to a single Group-wide
to outsource IT infrastructure support system will start to materialise. Due to the
selectively, rather than opting for a commencement of the ERP depreciation,
comprehensive IT outsourcing contract or we will incur an incremental charge of
undertaking the work in-house. Service desk £3 million in 2011.
offshoring remains an attractive offering and
we continue to invest in the expansion of this We did not make any acquisitions during
resource. We currently employ in excess of 2010, but on 15 February 2011, we
750 staff, outside of the UK, Germany and announced that our French business had
France, primarily within our multi-language agreed to acquire Top Info, subject to the
service desk in Barcelona and for an English approval of the French Competition Board.
speaking desk in Cape Town. These facilities Top Info will be acquired for an initial debt
are making significant contributions towards free cash consideration of €21 million, with
fuelling the growth in contractual services, a further €1 million payable, subject to
through addressing the increased demand the financial performance of the Top Info
from customers for global and multi-lingual business in the period to end December
service delivery. 2011. A further circa €15 million will be paid
on the closing date, for the cash on Top
Info’s balance sheet at that time. We believe
that Top Info’s attractive customer portfolio in
France will provide our French business with
new opportunities to deploy its services and
infrastructure solutions further, whilst at the
same time, strengthening its presence within
the IT infrastructure supply market to large
French corporations and the Government.


Increase
competitive
advantage

Overview
Provisioning
in days rather Better
than weeks communication

Computacenter helps Morrisons

Business review
increase competitive advantage
with optimised IT
Customer challenge
“Computacenter helps us To retain its position as the UK’s fourth largest retailer, Morrisons
optimise our IT systems must ensure its 439 stores, 15 distribution sites and 16
and services so we can warehouses are supported by highly available IT systems. In
respond more effectively particular, the retailer’s 131,000 employees need continuous
to demand from our
customers. With its
access to the Internet, email and other desktop-based services.
industrialised processes The retailer also needs to ensure store shelves remain well
and broad skills base, it stocked by enabling rapid product picking at its warehouses.

Governance
has also helped us make Computacenter solution
financial savings.”
We have helped Morrisons transform its IT infrastructure,
Gary Barr, resulting in reduced cost and complexity. From designing
IT Director, a new email platform and implementing a virtual desktop
Morrisons Plc environment to deploying mini datacenters to support a new
warehouse solution, Computacenter has assisted with a wide
range of IT projects. We also provide ‘cradle to grave’ desktop
services, including procurement, configuration, maintenance
and disposal.

Results
Morrisons’ staff now have faster and more reliable access to
the technologies they need. For example, new desktops can
now be provisioned in five days instead of four weeks. This,
along with improved email availability, has increased staff
productivity resulting in greater competitive advantage. The
retailer has also been able to reduce desktop support costs
and power consumption.


Helping Severn Trent Water to cut
costs and boost efficiency with flexible
working initiative
Customer challenge
“The IT transformation
Severn Trent Water has embarked on a ground-breaking IT
has enabled a step
change in our working project that will enable it to adopt flexible working practices –
practices. By embracing increasing staff productivity and reducing costs. The project is
new technologies we can part of the company’s business transformation programme,
also improve the quality which is designed to turn it into the best water company in
and delivery of customer the UK, with the lowest charges, highest standards and
services, which supports great people.
the company’s goal of
highest standards, lowest Computacenter solution
charges and great people The IT transformation extends from the datacenter to the
– in other words ‘being desktop and includes new solutions for back-up, security,
the best’.” storage, networking and IT management, as well as Microsoft
Windows 7. The new operating system will support a Citrix
Myron Hrycyk,
Chief Information Officer, virtual desktop infrastructure that will enable Severn Trent
Severn Trent Water Water to support home working and desk-sharing – this is
crucial as the company’s new office and wider accommodation
programme is designed around a mobile workforce.
Results
By standardising, consolidating and virtualising its infrastructure,
Severn Trent will be able to reduce the total cost of ownership
of IT and create a more predictable expenditure profile. It will
also be able to provide a better user experience by equipping
staff with the latest productivity tools and ensuring reliable
access to critical applications, such as the company’s recently
implemented SAP Enterprise Resource Planning system.

Enable mobility

Predictable
expenditure


UK Together with growing the contract base,
our focus on retaining and ideally, expanding
Revenue our activities with existing customers, is
also delivering success. For example, we

£1,265.4m extended our desktop managed services
agreement with AEGON – to whom we’ve
been providing IT support for over 10 years,
Adjusted* operating profit with a continued end-to-end infrastructure

£43.3m
outsource worth over £12 million for a further
five years until October 2015. We have also
renewed our relationship with OB10, the
global e-Invoicing company, for a further
Excluding the effect of the exit of trade
five years. The scope of this contract,
distribution in 2009, UK revenues improved
worth £6 million, has been expanded to
by 10.8 per cent in 2010, to £1.27 billion
incorporate our multi-site datacenter offering.
(2009: £1.14 billion). This increase was
delivered by healthy revenue growth in both We were also successful in winning a number
the product and services businesses and of new services contracts. We signed a

Overview
was largely attributable to the continuing new five-year, £10 million infrastructure
and increasing capital expenditure of our management outsourcing contract with
customers. The rate of this increase in Gatwick Airport. The scope of work includes
revenue was broadly consistent over the managing two datacenters at the airport,
year, without a significant revenue spike in along with 26 critical IT node rooms.
the fourth quarter and no obvious increased
demand driven by the VAT rate change, but The infrastructure will be monitored and
certainty in this regard is impossible. managed initially, from our facility in Hatfield
and in the future, from Cape Town, with an
onsite support presence at the airport. The
Computacenter UK’s services revenue grew by airport operator will have access to scalable
and agile support models, as well as our
13.9 per cent to £380.5 million (2009: £334.0 million). offshore capability and in the future, access
to ‘utility’ based computer provisioning.
Waitrose, the leading high street retailer,

Business review
Adjusted* operating profit in the UK
increased by 14.5 per cent to £43.3 awarded us a five-year support contract.
million (2009: £37.8 million). This profit Under the agreement, Computacenter will
growth flowed from the strong increase in provide hardware support to 269 stores,
revenues, as well as some services margin covering electronic point of sale equipment,
improvement. We also continue to enjoy as well as back office IT and network
leverage from the cost savings made devices. The service will ensure availability
in 2009. of critical devices and also deliver increased
efficiency for Waitrose.
SG&A in 2010 increased by £3.0 million,
from the significantly reduced base in 2009. RDC, our subsidiary which provides its
This increase was largely due to investment customers with secure and environmentally
into our Services capability, aimed at appropriate solutions to their end-of-life
improving our delivery and as would be IT equipment, once again delivered
expected, higher commissions were also exceptional performance, with overall
earned by our sales teams during the year. revenue up by 30.3 per cent to nearly
£38.2 million (2009: £29.3 million), while
Computacenter UK’s services revenue grew profits grew by 30.9 per cent.
Better user by 13.9 per cent to £380.5 million (2009:
To an increasing extent, IT infrastructure
£334.0 million), whereas services revenues
experience for the total UK market declined by 0.1 refreshes require physical cabling solutions,
prior and during projects. This is evidenced

Governance
per cent in 2010, according to Gartner
figures. Revenue performance in contractual by the 73 per cent increase in contribution
services was encouraging, as anticipated, of our cabling business on the previous
accelerating towards the end of the year year. A large global financial institution is
as new contract wins became active. due to relocate a large number of its current
Particularly pleasing was the increase in the premises across Europe, the Middle East
contractual services base, as it serves as an and Africa (‘EMEA’) and Computacenter’s
encouraging lead indicator for this business’ cabling team has been selected as the sole
revenue into 2011 and beyond. A clear supplier of cabling installation services to all
indication of the return of capital expenditure the new EMEA locations.
into the market can, in part, be seen in Throughout 2010, Computacenter UK has
the strong revenue growth achieved in the continued to win and deliver more critical
Professional Services Business. contracts, enabling our customers to operate
a resilient infrastructure and to reduce their

operating costs. These contracts increase
the opportunity of retaining such customers
over the longer term.



Germany Union IT Services GmbH, as the IT services
provider to the financial service company
Revenue Union Investment, a leading real estate
investment manager in Europe for private

£1,005.8m and institutional investors, renewed the
outsourcing contract with Computacenter
Germany, until 2017. This end-to-end
Adjusted* operating profit outsourcing contract has been expanded

£20.5m
to include the implementation and operation
of a new and flexible IP telecommunication
centre, as part of its unified communication
and collaboration solution.
In Germany, overall adjusted* operating
profit for the year, grew by 8.8 per cent to
€23.9 million (2009: €22.0 million). This result Market confidence improved substantially in the
represents a strong recovery from the slow
start to the year, when adjusted operating second half of the year, with IT infrastructure
profit declined by 46.7 per cent, compared investment into both services and products,
to the 2009 first half result.
accelerating towards the end of the year, with
2010 can be viewed as a year of two halves.
The expiry of some larger contracts at the a particularly strong revenue performance in
end of 2009, as well as general hesitancy December 2010.
in the market for capital expenditure,
resulted in reduced services revenue in
The integrated becom business has started
the first half of 2010, although there were
to deliver real value to Computacenter
early signs of recovery towards the end of
Germany’s overall business, especially within
this period. Market confidence improved
the datacenter product business, which
substantially in the second half of the year,
has seen much healthier activity than last
with IT infrastructure investment into both
year. Additionally, a close relationship with
services and products accelerating towards
Microsoft has contributed to Computacenter
the end of the year, with a particularly strong
Germany’s recent certification as a Microsoft
revenue performance in December 2010.
Voice Specialist, in addition to the existing
For the year as a whole, in local currency
certification as a Cisco Master Unified
and including the acquired becom business,
Communication Specialist.
revenue increased by 12.2 per cent to
€1,173.1 million (2009: €1,045.1 million) It is the first time in Germany that
and by 6.2 per cent, excluding the becom any provider has been awarded both
business which was acquired in 2009. certifications and our response to current
market requirements for multi-vendor
Our services contract base grew by 8.7 per
communication solutions has been materially
cent to €290.0 million (2009: €266.8 million).
enhanced. Our overall relationship with
Both new and existing customers invested
Cisco continues to grow, culminating in the
in high-end products combined with our
award of ‘Cisco Enterprise Partner of the
service offerings.
Year-Europe’.
We signed a three-year framework
Revenue growth in the second half of 2010
agreement, valued at circa €9 million with
was, in part, derived from our reorganisation
Dataport, for the supply and deployment
activities in the first six months. The
of Cisco datacenter hardware and related
managed services delivery structures were
services, including consultation work and
integrated into a new Managed Service
maintenance provision.
Factory and the product and services
Intelligent workplace and communication portfolios were merged. These changes
solutions also combine our product and enabled Computacenter Germany to
service offerings. Volkswagen commissioned maximise its opportunities on the economic
Computacenter Germany to implement rebound and even grow in excess of the
the car manufacturer’s Windows 7/Office German market in 2010.
2010 strategy. The overall project lays the
We are pleased with our overall performance
foundation for the future workplaces at the
for the year, especially as many of our senior
Volkswagen Group, worldwide.
staff members were focused on the design
and implementation work for a smooth
ERP system migration. This was achieved
in early January 2011, an event which will
provide lessons for the rest of the Group’s
future migrations.


Greater
staff
productivity

Overview
Supporting
future growth

Computacenter cabling solution boosts
productivity and agility for IKEA

Business review
Customer challenge
“The cabling project had to To provide an exceptional retail experience at its 301 stores,
be carried out on a busy
IKEA needs to ensure its 123,000 employees have continuous
building site that was not
yet wind or rainproof, where access to business-critical systems and information. To
dozens of other contractors safeguard connectivity, IKEA needed to equip their new head
were working at the same office with a robust cabling environment and also equip their
time. Computacenter still 20,000+ m² flagship store with wireless access points covering
managed to ensure that our the complete surface.

Governance
infrastructure was ready in
time and to specification.” Computacenter solution
We deployed a flexible and cost-effective structured cabling
Ken Struelens, environment at IKEA’s new Belgian store and office. Thanks
IT Manager, to our extensive cabling experience, we were able to mitigate
IKEA Belgium implementation risks and work alongside other contractors
to ensure that the installation was completed on time for the
store opening.
Results
IKEA is able to maximise data throughput at its head office and

new store, contributing to greater staff productivity and higher
customer service levels. The cabling infrastructure has been
scaled to support future growth in users, IT devices and access
points, which increases business agility and facilitates change.
A future-proofed and flexible cabling environment will also help
IKEA avoid capital expenditure.



Reduce carbon
emissions by
1,239 tonnes
Minimise risk

£1.8 million
Cost savings

BAA makes cost savings
of more than £1.8 million with
agile virtualised datacenter
Customer challenge
“By virtualising our
As part of its efforts to reduce operational expenditure, BAA
production systems we
have been able to make a is currently undergoing an IT simplification programme. The
significant contribution to sale of Gatwick Airport highlighted the need for a more flexible
the company’s strategic IT infrastructure, BAA decided to virtualise its production
goals for IT simplification datacenters to meet both its agility and cost reduction
and cost reduction while goals. With all the airport operator’s key services reliant upon
achieving greater business datacenter availability, it was crucial that BAA could minimise
agility and IT performance, the risks associated with the project.
which is critical to the
running of BAA’s airports.” Computacenter solution
BAA partnered with Computacenter to design, plan and
Terry Fusco, implement a new virtual datacenter (‘VDC’) based on HP and
Head of IT,
VMware technologies. Computacenter assisted at every stage
Heathrow, BAA
of the project – from evaluating BAA’s existing datacenter
environment and the best workloads to migrate to the virtual
devices to testing and integration. The VDC includes in-built
disaster recovery capabilities as well as network virtualisation
to maximise uptime and flexibility.
Results
The VDC has enabled BAA to reduce its production environment
by 246 servers, with spare capacity to support future growth.
This has contributed to cost savings of £1.8 million. The new
infrastructure will also reduce carbon emissions by 1,239 tonnes
a year, minimise risk and enable greater business agility.


France Towards the end of 2010, we won a four-
year product supply contract with SAE,
Revenue the Government Purchasing Agency led
by the Minister of Finance. EDF, a major

£359.6m energy utilities company, has also awarded
Computacenter France a three-year
global software licensing contract with
Operating profit two extension options of one year each.

+£1.0m Our services business in 2010 grew at
a slower rate than in 2009. However,
while no significant existing contracts
Computacenter France delivered an were lost during 2010, we experienced
operating profit of €1.2 million (2009: a natural erosion of revenue from older
operating loss €3.1 million), flattered to the maintenance contracts and new wins had
extent of €1.0 million, when compared to not yet started contributing revenue. This
2009, by a change in classification of certain resulted in a margin decline of 0.1 per cent
French tax expenses, from administration in local currency, in contractual services.

Overview
expenses in 2009, to income tax expense Encouraging though was the 15.3 per cent
in 2010. growth in professional services revenue,
which should be a natural consequence of
We achieved strong revenue growth,
strong product revenue growth, but which
materially outperforming the French market,
has not previously been realised in France,
with reported revenue increasing by 16.9 per
to this extent.
cent to €419.4 million (2009: €358.7 million).
Although both services and product revenue SG&A expenses were held flat through
growth outperformed their respective effective controls and external costs were
markets, product revenue grew by an reduced sufficiently, to allow for investment in
impressive 19.7 per cent, whilst services enhancing and up-skilling our salesforce. We
revenue growth was lower, at 4.6 per cent. rolled out an opportunity management tool
Services now represent 16.5 per cent (2009: to enhance potential customer engagement
18.4 per cent) of the total business. across the Company and we created a sales
specialist team to provide technical support

Business review
to the salesforce.
We achieved strong revenue growth, materially Additionally, we comprehensively reviewed
outperforming the French market, with reported the salesforce incentivisation mechanisms,
revenue increasing by 16.9 per cent to €419.4 million resulting in changes to individual targets
and other incentive structures. Whilst this
(2009: €358.7 million). investment was aimed at sales acceleration
into 2011 and beyond, there have been
Product growth resulted mainly from clear signs of early successes, making us
increased higher-end enterprise and confident of further organic growth and
software sales. Enterprise revenue growth profitability in 2011. In addition, the proposed
in the year, by 53 per cent, was partly due acquisition of Top Info, subject to approval
to the success in up-scaling our enterprise by the French Competition Authority,
service offerings. The French Army, an is anticipated to deliver further revenue
existing customer, additionally awarded us enhancement in 2011.
a comprehensive hardware supply contract
to support their storage consolidation and
virtualisation project, from conception to
roll-out and training, which supply is due
to continue through 2011. There was
further evidence of encouraging growth

Governance
in enterprise sales in the product supply
contract win for the virtualised workplace
environment of Europ Assistance, a major
international provider of insurance and
assurance services.



Benelux In recognising the business needs of
our local customers, we integrated our
Revenue Luxembourg team structure into the German
organisation, effective from 1 January 2011.

£45.6m Going forward, performance of the Belgium
and Netherlands based businesses will be
reported separately from the Luxembourg
Operating loss business, the latter which will be reported as

-£0.4m
part of the German business performance.

Outlook statement
The Benelux operation showed an adjusted We believe that 2011, as a whole, will
operating loss of €0.46 million in 2010 be a year of continuing improvement
(2009: loss of €0.85 million), resulting from for Computacenter’s performance. As we
an operating profit for Belgium and the state every year, it is always a challenge
Netherlands of €0.49 million (2009: loss drawing any meaningful conclusions
of €0.45 million) and an operating loss for about the new financial year until we have
Luxembourg of € 0.95 million (2009: loss completed at least the first quarter. This year,
of €0.39 million). drawing conclusions from comparisons with
The business in Belgium and the prior first quarter results, will be particularly
Netherlands delivered significantly increased difficult. In the first quarter of 2010 in the
revenue, up by 90.8 per cent to €49.6 UK, we had very buoyant market conditions
million (2009: €26.0 million), largely derived and a large one-off contract, which flattered
through product sales. However, a material revenue to a greater extent, than profit. This
proportion of this revenue was derived from is a marked contrast to Germany, where the
a single, one-off sale. Services revenues comparison is materially easier, due to their
increased by 3.3 per cent to €9.6 million challenging start to 2010.
(2009: €9.3 million) and our managed
services business maintained a stable long- We believe that 2011, as a whole, will be
term contract base. a year of continuing improvement for
This business has strengthened its Computacenter’s performance.
competitive position by combining its local
presence with international shared services
facilities for licensing, service desk and Looking further ahead, we believe there
datacenter activities. This has allowed the are a number of growth drivers which
business to compete for and win, major Computacenter will be able to take
product and licensing contracts, as is advantage of. End user demand for new
evidenced by a €10.2 million datacenter technology is driving the requirement for
project to a high profile wireless technology investment in corporate IT infrastructure,
provider, as well as a licensing contract with helped by economic improvement within
a market leader in the field of local search our customers’ markets. Our services
and advertising, valued at circa €1.2 million. marketplace continues to grow, albeit at
a modest pace, but we feel increasingly
Continued investment into our Professional confident about our ability to continue to
Services offering enabled some project outperform the market. This reflects our
contract wins in the fields of unified customers’ desire not to outsource to a
IP communications; for example, a single supplier, but to ‘smart source’ best of
€0.14 million VOIP project for the Red breed suppliers, playing to Computacenter’s
Cross Flanders, as well as in Microsoft strengths. We believe that these growth
technologies, as evidenced by a €0.12 drivers, coupled with the opportunity to
million MS System Center project for De further reduce our operating cost over time
Lijn, a regional public transport provider. due to our investment in systems, will enable
Additionally, a datacenter technology related Computacenter to continue our earnings
contract, for storage implementation, with momentum.
a value of €0.23 million was awarded by
Pentair Europe, a leading provider of water
solutions and related technical products.
In Luxembourg, a restructuring project, at a
cost to the profit and loss account of circa
€0.48 million, was undertaken to reduce
the future cost base significantly and to Mike Norris
enhance focus on growing the long-term Chief Executive
managed services contract base. An early
success, in this context, is evident from *Adjusted profit before tax and EPS is stated prior to
having been awarded a two-year contract, amortisation of acquired intangibles and exceptional
valued at €0.47 million, by Enovos, a gas items. Adjusted operating profit is also stated after
and electricity utilities company. charging finance costs on CSF.


Computacenter helps Best Buy
UK open new stores on time
with repeatable IT solution
Customer challenge
“By creating a repeatable

Overview
Best Buy Europe is a joint venture between The Carphone
and reliable yet
Warehouse and the US-based electronics retailer Best Buy
customisable approach
for implementing IT at our Co. Inc, and is designed to make it easier for consumers to
new stores, we are able purchase technology. To meet its growth aspirations, Best
to respond more quickly Buy UK needed to launch its first ‘big-box’ stores in a short
to customer demand timeframe. Technology is fundamental to successful day-to-day
and market changes.” retail operations and must be provisioned to a high standard
with transparent costs from the outset.
Trevor Lynch,
Head of IT, Computacenter solution
Best Buy UK We developed a robust ‘new store in a box’ solution for Best

Business review
Buy UK, which will ensure a consistent level of IT quality and
governance across its retail estate. Computacenter is responsible
for provisioning, staging, configuring and installing the store
infrastructure, which includes point of sale devices, desktops,
printers, cabling, network connections and servers. We are
also providing ongoing support under a three-year contract.
Results
By partnering with Computacenter, Best Buy UK has removed
both unnecessary cost and complexity from the launch of new
stores. As a result, it was able to guarantee the on-time opening
of its first six UK stores in 2010. As well as delivering guaranteed
costs, the Computacenter solution also supports continuous
improvement.

Governance

‘Store in
a box’
Remove

unnecessary
cost and
complexity


Market overview
Outperforming the market
Author:
John Simcox, Current Analysis

-0.1%
Decline in value
in total UK IT
market in 2010

2010 was a challenging year for many organisations and
companies delivering technology related products and
services were not immune from it. Economic recovery, whilst
-2.3% welcome, was often patchy and the onset of Government
action – required to address the high levels of annual public
Decline in value sector borrowing built up during the previous few years –
in total mainland dampened commercial and consumer confidence. Despite
this, the IT Services segment of the marketplace in which
Europe IT market Computacenter operates, saw only a modest overall decline
in 2010 in value, and specifically was almost flat in the UK (0.1 per
cent decline) and a 2.3 per cent decline for mainland Europe*
(Germany, France and Benelux).
The IT industry, as a whole, is in some ways well used to dealing
with a market that is declining. It is almost taken as a given that the
technology product you buy today will be superseded in the near
future by a new version offering more features and more performance

+13.9%** at a lower price. Against this background, the sector constantly has
to look at ways to create new opportunities to expand the adoption
Computacenter UK services of technology, in order to grow the overall size of the market. In part,
the cause of the decline in the cost of technology also creates the
revenue growth in 2010 opportunity, as solutions previously thought to be too complex or
expensive become both possible and affordable.

+4.3%** For the IT Services sector, the impact of external events resulting in
an economic downturn is not always negative. Firstly, traditional IT
Computacenter mainland Services contracts are usually for a number of years and therefore,
Europe services revenue the impact of any downturn in the past few years is only really
growth in 2010 seen when these contracts are being renewed or new contracts
negotiated – and not so much in the revenue derived from existing
contracts. This does, of course, present the potential for the
recessionary effect to be felt in the services sector for a number
of years after the economy returns to growth.


However, dealing with and also exiting from an economic downturn IT industry to provide the necessary services in order to successfully
also presents opportunities. As companies seek to respond to and securely integrate these new devices into the corporate
the tougher market conditions, which challenge the potential for environment, in particular ensuring that the user experience
maintaining – let alone growing – revenue, they look at ways of of the device is retained.
operating more efficiently and reducing costs, so that they can
maintain or even grow profitability. The provision of IT, along with In 2010, the corporate sector began the wholesale adoption of
changes in the way that IT is used by the business, are often Microsoft Windows 7; it is to be expected that this will continue
amongst the ways in which companies look to make efficiencies. to gather pace in 2011, especially as Microsoft encourages
As such, there is the real potential for any reduction in the value organisations to move away from its older Windows XP and
of contracts to be more than offset by the decision to increase Windows Vista products. This change in operating system, along
the utilisation of IT within the organisation. Figures from a number with the availability of Microsoft Office 2010, will act as a catalyst
of research agencies support this with the market seeing a slight for the refreshing of hardware and other software being used
downturn in 2010, but returning to growth, albeit modest, in 2011. across the customer base. For many IT service organisations,

Overview
especially those with product related divisions, this presents
a further revenue opportunity.
Cloud computing brings to an end
the claim of smaller enterprises that The public sector, regardless of country, has always been a
significant part of the IT marketplace. As with the commercial world,
outsourcing is not for them, because 2010 was a year in which expenditure by the public sector on IT
they are too small. came under the microscope, with projects re-examined to determine
whether they offered value for money. The change of Government in
One area that is expected to see a lot of attention in 2011 and the UK made this re-appraisal process more acute than some other
beyond, is cloud computing. Much hyped for a number of years, European countries, although countries in the Eurozone had their
the market is now starting to see real traction and that can be own public finance issues to contend with, but the outcome was
expected to grow significantly in the future. The cloud computing broadly similar: IT expenditure closely reviewed and in some cases,
marketplace is itself very diverse with a variety of options open to contracts cancelled or renegotiated. As with the private sector, IT in
the customer, whether ‘Public’: enabling customers to access a the public sector can also be an enabler to drive efficiency and, as
(usually shared) facility provided by the supplier; or ‘Private’ where such, it is to be expected that in the coming year there will be new
opportunities for IT companies to engage with the public sector.

Business review
the facility is dedicated to one customer and (often) on the
customer’s premises – where it is managed and operated by the In the UK, there are some specific initiatives that have the potential
chosen supplier. Within the cloud environment, the customer can to change the supplier landscape for the public sector. There is a
access and use applications on a simple ‘pay as you use’ basis or stated intention to open up the market to companies other than the
alternatively, obtain the core IT infrastructure upon which to place few very large IT companies dominating the sector today. To date,
and run bespoke applications. IT projects undertaken by central Government have tended to be
Cloud computing brings to an end the claim of smaller enterprises of such a scale that only the very largest players have the scale of
that outsourcing is not for them, because they are too small. For operation to be considered as suppliers. Highly publicised project
many, cloud computing provides a very cost effective and highly failures have illustrated that even these large companies may not
flexible solution for meeting the changing IT needs of smaller necessarily provide the answer. Going forward, it is expected that
organisations. The flexibility that the customers crave from adopting large Government projects will be made more modular in scope and
cloud-based solutions does have an impact on the supplier sector thus accessible to smaller companies, who often have the innovative
in that the revenue stability that the industry has enjoyed due to ideas that really make a difference.
the long-term nature of the contracts will not be there, increasing
suppliers’ exposure to economic fluctuations. In the UK there are some specific
It would be wrong to imply that the whole market is moving to initiatives that have the potential to
cloud-based solutions and that the days of companies buying change the supplier landscape for
hardware, software and the associated implementation and
maintenance services are finished. Organisations, even those the public sector.

Governance
who have adopted cloud-based services, will continue to invest
in hardware and software as well. The challenge for the IT industry The UK Government is also expected to establish its own cloud
is that there continues to be price erosion, especially when it relates computing environment (often referred to as ’G-Cloud’), in order to
to CPU performance and storage capacity. If therefore, a company encourage sharing of applications currently used by one department
is to grow (or even simply maintain) its revenues in this area it needs across other departments – rather than individual departments
to be able to also offer a range of quality product related services. incurring the cost of developing solutions that have already been
It would also be wrong to suggest that the product related developed and deployed elsewhere. There is also the potential within
market had become stagnant as a result of the economic issues. G-Cloud for access to ‘off the shelf’ applications to be made widely
Organisations will continue to refresh their equipment base, as available to Government employees. Assuming these initiatives come
failure to do so could have serious consequences for the operational to fruition, it will significantly alter the interaction between Government
efficiency of the business and its ability to capitalise on the latest and the IT industry.
software availability. Whilst 2011 will no doubt prove to be a commercially challenging
year for all companies, there is real cause to believe that the IT
One area that is seeing significant industry, especially those active in the services sector of the industry,

interest at present is what could will see significant opportunities to grow their business and offset any
declines in the more traditional parts of their organisation. However,
be termed the consumerisation the IT services industry will also need to adapt and embrace new
of corporate IT. technology itself, in much the same way as it is encouraging its
customers to do, in order to better service their customers and
One area that is seeing significant interest at present is what could grow profitability.
be termed ’the consumerisation of corporate IT’. With the advances
seen in the capabilities of devices such as smartphones and tablet * Source Gartner figures.
based computing devices, which were primarily developed for the ** Figures provided in constant currency.
consumer market, increasingly, corporate IT departments are being
required to support and even integrate these devices into the IT
real estate. This again presents a commercial opportunity for the

Finance Director’s review
The net funds (excluding CSF) improved from £86.4 million to £139.4 million
by the end of the year.

Turnover and profitability Adjusted operating profit
In 2010, Computacenter Group delivered a strong turnover and Statutory operating profit increased from £52.1 million to
profit, across all our main geographies with revenue growth in all £65.9 million. However, management measure the Group’s operating
business lines. Our 2009 revenues included £84.6 million from the performance using adjusted operating profit, which is stated prior
trade distribution (‘CCD’) business in the UK, which was disposed to amortisation of acquired intangibles, exceptional items and the
in 2009. Excluding CCD, turnover increased by 10.7 per cent, with transfer of internal ERP implementation costs and after charging
product revenues increasing by 12.5 per cent and service revenues finance costs on customer specific financing (‘CSF’) for which the
increasing by 6.5 per cent. Group receives regular rental income. Gross profit is also adjusted
to take account of CSF finance costs. The reconciliation of statutory
This growth was partially achieved due to the impact of the to adjusted results is further explained in the segmental reporting
acquisitions of becom and Thesaurus, which were both made note (note 3) to the financial statements.
in November 2009, offset by a small dilution in growth due to
movements in currency. The like-for-like turnover growth, which UK
excludes currency fluctuations, the CCD disposal and the impact UK revenues, excluding the CCD disposal, grew strongly in 2010
of acquisitions, was 10.3 per cent. On this measure, product by 10.8 per cent overall. Product sales increased by 9.5 per cent
revenue growth was 11.4 per cent, and services growth 7.7 per and services revenues also increased by 13.9 per cent. Revenue
cent. The turnover growth reflects the strong rebound in corporate decline in the government sector was more than offset by growth
infrastructure spending in 2010 across UK, Germany and France. in other sectors, particularly financial services. Adjusted gross profit
margin moved from 14.8 per cent to 15.0 per cent with the loss of
Adjusted profit before tax improved by 21.8 per cent from low margin CCD revenues replaced by higher revenues on corporate
£54.2 million to £66.1 million, albeit £0.9 million of this improvement product sales.
is generated from a change in classification of certain French tax
expenses from administration expenses in 2009 to income tax At a headline level, adjusted operating expenses (‘SG&A’) increased
expense in 2010. Without this classification change, adjusted by £3.0 million as reported. However, we incurred operating
profit before tax increased by 20.1 per cent. expenses of £3.5 million in 2009 in the CCD business. Following
the cost reductions realised in 2009, the UK business entered into
After taking account of exceptional items, in 2009, and amortisation certain targeted SG&A investments to improve efficiency, repeatability
of acquired intangibles, statutory profit before tax increased by and industrialisation of our service operations function.
35.1 per cent from £48.4 million to £65.4 million.


Table 1
Group revenues £m
Half 1 Half 2 Total
2008 1,250.3 1,309.8 2,560.1
2009 1,222.2 1,281.0 2,503.2
2010 1,288.8 1,387.7 2,676.5
2010/09 5.4% 8.3% 6.9%
Table 2
Adjusted profit before tax £m
Half 1 % Half 2 % Total %

Overview
2008 11.3 0.9% 31.8 2.4% 43.1 1.7%
2009 18.2 1.5% 36.0 2.8% 54.2 2.2%
2010 21.2 1.7% 44.9 3.2% 66.1 2.5%
2010/09 16.6% 24.5% 21.8%

Table 3
Revenues by country £m
2010 2009
Half 1 Half 2 Half 1 Half 2
UK 651.9 613.5 624.9 602.0
Germany 455.8 550.0 433.3 497.4
France 164.2 195.4 151.1 168.3
Benelux 16.9 28.8 12.9 13.3

Business review
Total 1,288.8 1,387.7 1,222.2 1,281.0

Germany The operating result turned around from a loss of £2.7 million in 2009
Revenue, as reported, grew in 2010 by 8.1 per cent to £1,005.8 to an operating profit of £1.0 million in 2010. This is a particularly
million (2009: £930.7 million), although approximately £54.3 million pleasing performance, being the first time our French business has
(or 72.3 per cent) of the growth can be attributed to the acquisition generated an operating profit since 2001.
of becom Informationsysteme GmbH (‘becom’).
Benelux
In local currency, revenue grew by 12.2 per cent, with product and Reported revenue increased by 74.0 per cent to £45.6 million
services revenues increasing by 16.8 per cent and 4.1 per cent (2009: £26.2 million), translating to an increase of 80.8 per cent
respectively. The adjusted gross profit percentage for Germany as in local currency. In local currency, product revenue increased by
a whole decreased from 13.4 per cent to 13.1 per cent of sales, 130.5 per cent whilst service revenue grew more modestly by
due to a higher product revenue mix. 6.2 per cent. This is driven by a large product win during 2010
in Belgium and the Netherlands, that is not expected to be

Governance
SG&A increased by £6.2 million to £111.0 million (2009: £104.8 repeated in 2011.
million), albeit excluding the SG&A increase associated with the
acquisition of becom and taking into account the effects of currency, Our business in Belgium returned to profitability in 2010, reporting an
the like-for-like SG&A growth is 2.6 per cent. operating profit of £0.4 million (2009: operating loss of £0.4 million).
The business in Luxembourg however, was once again loss-making,
France and as a consequence we incurred £0.4 million of redundancy costs
The rebound in revenue was most pronounced in France, with revenue within an operating loss of £0.8 million (2009: £0.4 million). From
increasing by 12.6 per cent or 16.9 per cent in local currency. 2011, the Luxembourg business will be managed and reported
Product revenue increased by 19.7 per cent in local currency mainly through our German business and going forward, will form part
due to a relatively buoyant product market and strong growth in of the German geographical segment.
the enterprise product sector. Following two years of double digit The operating loss generated in the Benelux segment was therefore
growth, services revenue grew by a more modest 4.6 per cent, with £0.4 million (2009: £0.8 million).
professional services up 15.3 per cent and managed services down
by 0.1 per cent in local currency. Exceptional items

Following exceptional items of £5.3 million in 2009, no exceptional
Due to the high product sales growth, gross profit percentage items were recorded during 2010. Further details of the prior year
reduced from 11.7 per cent to 10.5 per cent. This led to an exceptional items are provided in note 5 to the financial statements.
overall gross profit increase of £0.4 million, with SG&A down by
£3.3 million. The operating profit is flattered by the change in the Finance income and costs
basis of the calculation of certain tax payments. In 2010, £0.9 million Net finance costs on a statutory basis reduced from £3.7 million in
has been charged in income tax expense that in previous periods 2009 to £0.5 million in 2010. This takes account of finance costs
was classified within administration expenses. on CSF of £2.1 million (2009: £4.0 million). On an adjusted basis,
prior to the interest on CSF, net finance income recovered from
£0.3 million in 2009 to £1.6 million in 2010, mainly due to the
significant improvement in net funds.


Finance Director’s review continued

Table 4
Adjusted operating profit by country £m
2010
Half 1 % Half 2 %
UK 18.1 2.8% 25.2 4.1%
Germany 3.7 0.8% 16.8 3.0%
France (1.2) (0.7%) 2.2 1.1%
Benelux (0.0) (0.1%) (0.4) (1.4%)
Total 20.6 1.6% 43.8 3.2%
2009
Half 1 % Half 2 %
UK 12.6 2.0% 25.2 4.2%
Germany 7.2 1.7% 12.4 2.5%
France (1.4) (1.0%) (1.3) (0.8%)
Benelux (0.4) (3.2%) (0.4) (3.4%)
Total 18.0 1.5% 35.9 2.8%

Taxation The net funds (excluding CSF) improved from £86.4 million to
The effective adjusted tax rate for 2010 was 23.1 per cent (2009: £139.4 million by the end of the year. The Group has a history of
22.6 per cent). The Group’s tax rate continues to benefit from losses strong cash generation. However, the increase in 2010 was unusual,
utilised on earnings in Germany and will benefit from the reducing given the increase in product revenues, due to a number of factors.
corporation tax rate in the UK. Firstly, following the exit from the CCD business in the UK in late
2009, the UK increased the mix of its purchases via distributors,
Deferred tax assets of £11.3 million (2009: £11.4 million) have been resulting in lower stock holdings and increased creditor payment
recognised in respect of losses carried forward. In addition, at 31 terms. Secondly the Group continued to benefit from the extension
December 2010, there were unused tax losses across the Group of of a temporary improvement in credit terms with a significant vendor,
£171.2 million (2009: £188.1 million) for which no deferred tax asset equivalent to £38 million at 31 December 2010, an increase of
has been recognised. Of these losses, £99.4 million (2009: £111.1 approximately £8 million over the course of the year. These terms
million) arise in Germany, albeit a significant proportion have been will continue until at least 30 June 2011.
generated in statutory entities that no longer have significant levels
of trade. The remaining unrecognised tax losses relate to other loss- These factors combined to generate a £21.4 million working capital
making overseas subsidiaries. inflow, despite a 7.1 per cent increase in product sales compared to
2009. This, together with the post tax earnings in the period of £50.3
Earnings per share and dividend million, improved the cash position, by over £50 million in the year,
The adjusted* diluted earnings per share has increased in line with despite continued investment in the ERP system, investment in our
profit growth by 19.1 per cent from 27.7 pence in 2009 to 33.0 datacenters and dividends of £17.0 million paid.
pence in 2010. The statutory diluted earnings per share growth of
30.9 per cent takes into account exceptional items reported in 2009. Whilst the increase in net cash in the year is particularly strong,
changes in future periods are more likely to be in line with the
The Board is recommending a final dividend of 9.7 pence underlying earnings of the business, except if the improvement
per share, bringing the total dividend for the year to 13.2 pence in credit terms with a significant vendor is reversed.
(2009: 11.0 pence). This will be payable on 10 June 2011 to
registered shareholders as at 13 May 2011. CSF reduced in the year from £49.1 million to £28.4 million, partially
due to a decision to restrict this form of financing in the light of the
Cash flow credit environment and reduced customer demand. Taking CSF into
The Group’s trading net funds position takes account of factor account, total net cash at the end of the year was £111.0 million,
financing, but excludes CSF. There is an adjusted cash flow compared to £37.3 million at the start of the year.
statement provided in note 29 that restates the statutory cash flow
to take account of this definition.


Customer specific financing The Group manages its counterparty risk by placing cash on deposit
In certain circumstances, the Group enters into customer contracts across a panel of reputable banking institutions, with no more than
that are financed by leases or loans. The leases are secured only on £50.0 million deposited at any one time except for UK Government
the assets that they finance. Whilst the outstanding balance of CSF backed counterparties where the limit is £70.0 million.
is included within the net funds for statutory reporting purposes,
the Group excludes CSF when managing the net funds of the CSF facilities are committed.
business, as this CSF is matched by contracted future receipts Foreign currency risk
from customers. The Group operates primarily in the UK, Germany, France, and the
Whilst CSF is repaid through future customer receipts, ‘Benelux’ countries, using local borrowings to fund its operations
Computacenter retains the credit risk on these customers and outside of the UK, where principal receipts and payments are
ensures that credit risk is only taken on customers with a strong denominated in Euros. In each country a small proportion of the sales
credit rating. are made to customers outside those countries. For those countries

Overview
within the Eurozone, the level of non-Euro denominated sales is
The committed CSF financing facilities are thus outside of the normal very small and if material, the Group’s policy is to eliminate currency
working capital requirements of the Group’s product resale and exposure through forward currency contracts. For the UK, the vast
service activities. majority of sales and purchases are denominated in Sterling and
Capital Management any material trading exposures are eliminated through forward
Details of the Group’s capital management policies are included currency contracts.
within note 25 of the financial statements. Credit risk
Financial instruments The Group principally manages credit risk through management of
The Group’s financial instruments comprise borrowings, cash customer credit limits. The credit limits are set for each customer
and liquid resources and various items that arise directly from its based on the creditworthiness of the customer and the anticipated
operations. The Group occasionally enters into hedging transactions, levels of business activity. These limits are initially determined when the
principally forward exchange contracts or currency swaps. The customer account is first set up and are regularly monitored thereafter.
purpose of these transactions is to manage currency risks arising In France, credit risk is mitigated through a credit insurance policy
from the Group’s operations and its sources of finance. The which applies to non-Government customers and provides insurance

Business review
Group’s policy remains that no trading in financial instruments for approximately 50 per cent of the relevant credit risk exposure.
shall be undertaken.
There are no significant concentrations of credit risk within the
The main risks arising from the Group’s financial instruments are Group. The Group’s major customer, disclosed in note 3 to the
interest rate, liquidity and foreign currency risks. The overall financial financial statements, consists of entities under the control of the UK
instruments strategy is to manage these risks in order to minimise Government. The maximum credit risk exposure relating to financial
their impact on the financial results of the Group. The policies for assets is represented by carrying value as at the balance sheet date.
managing each of these risks are set out below. Further disclosures
in line with the requirements of IFRS 7 are included in note 24 of Events after the balance sheet date
the accounts. On 15 February 2011, the Group announced its agreement to
acquire TOP Info SAS and its subsidiaries (‘Top Info’), an information
Interest rate risk technology reseller of hardware, software and services based in
The Group finances its operations through a mixture of retained Paris, France. The acquisition is still subject to competition clearance
profits, bank borrowings, invoice factoring in France and the UK and in France, with the closing date not expected before the end of
finance leases and loans for certain customer contracts. The Group’s March 2011. The expected consideration totals €21 million payable
bank borrowings, other facilities and deposits are at floating rates. No on the closing date with an additional €1 million dependent upon the
interest rate derivative contracts have been entered into. When long- performance of Top Info in the period to 31 December 2011. The
term borrowings are utilised, the Group’s policy is to maintain these management and exercise of control over Top Info will not pass to
borrowings at fixed rates to limit the Group’s exposure to interest Computacenter until the closing date.
rate fluctuations. Going concern
As disclosed in the Directors’ Report, the Directors have a reasonable

Governance
Liquidity risk
expectation that the Group has adequate resources to continue its
The Group’s policy is to ensure that it has sufficient funding and operations for the foreseeable future. Accordingly they continue
committed bank facilities in place to meet any foreseeable peak in to adopt the going concern basis in preparing the consolidated
borrowing requirements. The Group’s net funds position improved financial statements.
substantially during 2010, and at the year-end was £139.4 million
excluding CSF, and £111.0 million including CSF.
Due to strong cash generation over the past three years, the Group
is now in a position where it can finance its requirements from its
cash balance. As a result, the Group has not renewed a number
of overdraft and factoring facilities during 2010, and consequently
the uncommitted overdraft and factoring facilities available to the Tony Conophy
Group has reduced to £15.5 million at 31 December 2010 Finance Director
(2009: £100.3 million). 9 March 2011

At 31 December 2010, the Group still has access to a £60.0 million
three-year committed facility established in May 2008, of which
£43.5 million (2009: £42.9 million) is not utilised at the balance sheet
date. This facility is due to expire in May 2011, and is not expected
to be renewed.


Risk management
Protecting our business

Strategic
objectives
Accelerating Reducing cost
the growth of through increased
our contractual efficiency and
services industrialisation
business of our service
operations

Principal risks Our offerings transpire to be uncompetitive
within the market or an unforeseen technology
There is an absence of appropriate investment
into automated tools and other efficiency
shift occurs where the market develops measures, which effectively fails to reduce
appetite for different equipment and solutions the need for manual intervention activity
to those offered. or a suitable return on these investments
We potentially do not dedicate correct levels is not realised.
of resource to satisfy our customers’ varying
needs for innovation.
Our growth aspirations are impacted by the
economic climate and with a certain level of
uncertainty about a full return to economic
stability in the short-term; there is the
potential for reduced capital expenditure
from customers.

Principal mitigations We formally review all lost bids and most
won bids to ensure that we keep abreast of
The industrialisation and investment review
board convenes monthly and monitors the
customer expectation from their IT services return on investment as well as the planned
and solutions partner. We formally review our KPI improvements.
internal service providers against price points
and benchmarked service quality standards.
We launched a Customer Value Scorecard
to identify our larger customers’ innovation
needs and we are currently implementing the
‘continual improvement framework’ to detect
where innovation needs are arising.
We operate within different economies that
are affected differently at different times. We
also believe that our offerings are targeted
specifically towards being beneficial to our
customers who are looking to reduce costs.


Computacenter’s Group Risk Department facilitates a process Safeguards already in place and further required mitigations for each
through which the Group’s most senior management team identified risk are included in the risk logs, together with the owners
identify all the significant risks posed to the strategic goals. During of the risks. The frequencies for reviewing the effectiveness of the
2010, the Strategic Risk Profiling Project (‘SRPP’), or ‘top-down’ safeguards, as well as the date by which mitigation plans need to
risk identification, was additionally facilitated by an external risk be progressed, are added to complete the risk plans.
consultancy and the result of this exercise was adopted by the Board
and shared with all the business unit leaders across the Group. The Group Risk Committee, chaired by the Chief Executive,
convenes quarterly to review progress against the risk plans.
The annual ‘bottom-up’ risk assessment process involves all Additionally, the Committee considers any new risks of potential
business unit leaders across the Group, to identify and prioritise, in significance which may be added to the appropriate risk log and
accordance with a pre-approved risk matrix of severity and likelihood for which a risk plan is required.
values, those risks posed to the objectives and targets set for their
individual business units. The output of this process presents a risk
footprint for each business unit, as well as, a collated top risks log
for the Group, which is compared to the SRPP log.

Overview
Maximising the Growing our Ensuring the
return on working profit margin successful
capital and freeing through increased implementation
working capital services and high- of the Group-wide
where not end product sales ERP system
optimally used

Business review
Following significant progress over the last Our sales teams do not focus on our defined With a project of this scale, there is the
years in freeing working capital through the propositions and target market, resulting in potential that during early transition operational
disposal of the distribution business, as well ‘over-promising’ on the scope of services issues could occur which may impact on
as other working capital optimisation initiatives, offered to new customers or making customer service levels and ultimately, overall
a material increase in working capital demand non-standard offerings during the life of a financial performance of the Company.
could harm further progress in this regard. contract, resulting in margin erosion, customer After the ERP system is embedded there
dissatisfaction or delays in the initial phases is the potential that the full return on this
of the contract. investment is not realised.
Our vendor partners compete in the high-
end sales environment and approach our
customers directly.

There is continued focus on strict cost control Governance boards and a tool through The transition of the various systems have
and in future, the ERP system will facilitate which all relevant parties have to engage, been phased over a period of circa three
a common approach to working capital aim to prevent any non-standard offerings. years, with the other countries providing
management, across the Group, through All change management will be reviewed by back-up support to the transitioning country.
best practice and other working capital a governance board and if material, the same Lessons learnt from the early 2011 transition

Governance
control adoption. approval process as for new contracts will in Germany will be deployed in the UK
be initiated. and France.
Senior management work very closely with Return on investment plans have been
our leading vendor partners and customers developed and will be built into the internal
in order to continually promote and protect the governance structure at all relevant levels
value we bring to the sale. Computacenter’s and targets have already been added to
customers demand optimisation of their senior management pay plans.
IT infrastructures and to this end, vendor
independent solutions are imperative.


Corporate Sustainable
Development (CSD)
Acting responsibly
Computacenter recognises that its people and the societies and Human rights
environment within which we operate are integral contributors to 1. Support and respect the internationally proclaimed
delivering value and supporting our key strategic aspirations. Whilst human rights
we pride ourselves on the provision of technologically advanced
information solutions, we recognise that our business occurs within Human rights
a wider community including employees, shareholders, customers, 2010 objectives and achievements – SI not formalised
suppliers, business partners and the natural environment as a whole. • Maintain human rights awareness through the Company’s
‘Principles of Employee Behaviour’
In 2007, the Group committed itself to the 10 core principles of the ✓ All human rights related policies across the Group have been
United Nations Global Compact (‘UNGC’), aimed at demonstrating reviewed and made available to new starters through an employee
ethical, environmental and social responsibility towards our own handbook, new employment contracts and/or the intranet. Training
workforce and in our business interaction within each community remains available to all
and country we operate. In 2009, the Group published its first • France’s HR team will improve the recruitment of minority groups
Communication on Progress (‘CoP’) on the UNGC website, followed ✓ Various initiatives in France have resulted in 30 per cent more
by our second CoP in April 2010. Additionally, the Group retains seniors in full time equivalent (‘FTE’) employ and circa 47 per cent
its membership to the FTSE4Good Index Series. The Group’s CSD more disabled in FTE employment than in 2009
Policy is annually reviewed by the highest governance structure,
the Group Board. 2011 objectives
• Maintain human rights awareness through the Company’s
Integral to this commitment, we strive to incorporate the UNGC and ‘Principles of Employee Behaviour’
its principles into our strategy, culture and day-to-day operations. • Germany will launch a comprehensive life balance awareness
We do this through the development, communication and programme, the LEO programme, aimed at engaging employees
implementation of relevant policies to manage and monitor our within the second half of their careers, as well as young
progress towards these principles. Since our commitment to the professionals
core principles, we have adopted and revised a number of policies
and procedures across the Group. Health and Safety
2010 objective and achievements – SI’s = AIR and AFR
We support public accountability and will publish, as part of our • Maintain the Accident Incident Rate (AIR) at below 2.5 and the
annual Business Review, a Report on Progress. We are also Accident Frequency rate (AFR) at below 1.0
communicating our sustainability efforts and achievements with ✓ In the UK, the average AIR improved to 0.61 (2009: 0.69) and the
all our shareholders in the Annual Report and Accounts, as well as average AFR improved to 0.34 (2009: 0.39)
our Company website. We believe that what is not measured is ✓ In Germany, the average AIR increased to 1.53 (2009: 1.44) and
not effectively managed and in line with this, we are endeavouring the average AFR declined to 0.86 (2009: 0.80)
to identify at least one standard indicator (‘SI’), as recognised by the ✓ In France, the average AIR increased to 1.40 (2009: 1.30) and the
Global Reporting Initiative (‘GRI’), per core principle. In this regard, average AFR declined to 0.78 (2009: 0.76)
we have made progress, but there remains more work to be done
over the next years. 2011 objectives
• Maintain the AIR and the AFR at 2.5 and 1.0 respectively and
Computacenter will seek to collaborate with and encourage our retain BS OHSAS 18001 and UVDB certifications
suppliers, contractors and customers to operate in a similar socially • The marginal decline in the accident rates in Germany and France
responsible manner, as guided by the UNGC ten principles. We have been identified as being due to road accidents, stress and
have already secured support from the majority of our suppliers and back strain. In France, the MASE Health and Safety management
contractors, but we acknowledge that this will be an ongoing task. system has been launched and the objective is to progress
the action plan towards certification in 2012. Stress prevention
and road safety awareness training will be undertaken in both
Germany and France, with back safety training to be provided
to all employees in Germany
AIR – Number of accidents per 1,000 employees.
AFR – Number of accidents per 100,000 working hours.
Health and Safety Group average AIR
Mike Norris
Chief Executive Officer 2007 2.27

2008 1.97

2009 1.14

2010 1.18


2. Ensure that the Group is not complicit in human
rights abuses
Computacenter recognises that
its people and the societies and
2010 objectives and achievements – SI yet to be formalised.
• Amend the questionnaire to incorporate requirements of the environment within which we operate
Anti-Bribery Bill and to include questions on diversity are integral contributors to delivering
✓ The Supplier Assessment questionnaire has been reviewed to
specifically address matters of diversity and anti-bribery and all key value and supporting our key strategic
and new vendors are required to complete the questionnaire. An aspirations.
on-line version of the questionnaire has been launched to facilitate
ease of completion
• Select supplier audits will be conducted in France, in order to verify 4. Eliminate all forms of forced and compulsory labour
sustainable development conformance levels and these activities

Overview
will be monitored quarterly by utilising the GRI scorecard 2010 objectives and achievements – SI to be formalised.
✓ Initial conformance verification audits have commenced in France, • Maintain current status and reassess vendor conformance,
but GRI scorecard measurement postponed through the completion of a questionnaire to be revised
during 2010
2011 objectives ✓ The Supplier Assessment questionnaire has been reviewed to
• Maintain key and new vendor assessments through the specifically address matters of diversity and anti-bribery and all key
questionnaire and monitoring of the returns and new vendors are required to complete the questionnaire. An
• In France, the target is to directly interact with 100 suppliers on-line version of the questionnaire has been launched in France
to verify returned questionnaires and to assess a suitable GRI to facilitate ease of completion
scorecard measurement for this principle ✓ The voluntary employee representation structure in Germany has
Labour standards been altered to a formal Works Council in terms of the German
3. Uphold employees’ freedom of association Works Constitution Act
• Select supplier audits will be conducted in France, in order to verify
2010 objectives and achievements – SI to be formalised. sustainable development conformance levels and these activities
• Maintain current status and reassess vendor conformance, will be monitored quarterly by utilising the GRI scorecard

Business review
through the completion of a questionnaire to be revised ✓ Initial conformance verification audits have commenced in France,
during 2010 but GRI scorecard measurement postponed
✓ The Supplier Assessment questionnaire has been reviewed to
2011 objectives
specifically address matters of diversity and anti-bribery and all
• Maintain current status and reassess vendor conformance,
key and new vendors are required to complete the questionnaire.
through the review of questionnaire responses
An on-line version of the questionnaire has been launched in
France to facilitate ease of completion
✓ The voluntary employee representation structure in Germany
will be monitored quarterly by utilising the GRI scorecard
has been altered to a formal Works Council in terms of the
German Works Constitution Act
will be monitored quarterly by utilising the GRI scorecard
✓ Initial conformance verification audits have commenced in France,
but GRI scorecard measurement postponed
2011 objectives
• Maintain current status and reassess vendor conformance, “To help deliver a better service to our
through the review of questionnaire responses members and minimise environmental
• Embed the new processes involved in the Works Council
in Germany impact, we wanted to equip revenue-

Governance
generating employees and occasional
home-workers with the ability to access
corporate systems and data while outside
the office environment. Computacenter
helped us design and implement a secure
and reliable mobile computing solution that
supports flexible working, reduces travel,
cuts carbon emissions and has enabled
significant cost savings.”
Martin Elsender,
Technology Services – Supplier Delivery,

Nationwide


Corporate Sustainable Development (CSD) continued

5. Abolish all forms of child labour Environment
7. Apply precaution to activities which can impair
2010 objectives and achievements – SI not formalised but continued the environment
support for educational initiatives within the communities where we
operate, will be monitored and reported. Electricity consumption at Group head ofﬁce (million kWh)
• Continue to develop young careers and seek assurance from
2007 2.48
all key vendors that no child labour is deployed, on behalf of the
Group, in non-European geographies 2008 2.44
• Reassess vendor conformance, through the completion of the
revised questionnaire 2009 2.16
✓ The Supplier Assessment questionnaire has been reviewed and all
key and new vendors are required to complete the questionnaire. 2010 2.21
France to facilitate ease of completion 2010 objectives and achievements – SI = Group Carbon Footprint
✓ In the UK, the graduate development programme has been in million kWh
repeated with 12 graduate intakes during 2010. The Handelsblatt • Reduce electricity consumption at the Group head office
und Junge Carriere again presented Computacenter Germany ✗ Electricity consumption at the Hatfield location increased by circa
with the Fair Company seal for the appropriate treatment of 2.2 per cent during 2010. This is due to relocation of various
student interns. In France, the FTE of apprentices employed functions to Hatfield, including a service desk relocated from
increased by 15.1 per cent Milton Keynes, corresponding broadly with electricity consumption
reductions at the vacated locations
2011 objective
✓ New energy efficient lighting has been installed in the Hatfield car
• Continue to develop young careers and seek assurance from
park, which reduces the electricity used in this area by 50 per cent
all key vendors that no child labour is deployed, on behalf of the
• Complete a Carbon Trust accredited energy audit at the Group’s
Group, in non-European geographies
head office and investigate the viability of further energy reduction
6. Support equality in respect of employment and occupation strategies
and eliminate all discrimination ✓ An energy audit, performed by Envido, resulted in the development
of electricity reduction plans for Hatfield, detailed under the 2011
2010 objectives and achievements – SI = Increase in staff utilisation
objectives
of the UK Benefits@Computacenter website.
✓ The average CO2 emitted per UK fleet vehicle reduced from
• Reassess vendor conformance through a follow-up circulation of
168 g/km in 2009, to 146 g/km in 2010
the revised CSD questionnaire
• Achieve bronze status to the Mayor of London’s Green
✓ The Supplier Assessment questionnaire has been reviewed and all
Procurement Code
key and new vendors are required to complete the questionnaire.
✓ Bronze status achieved to the Mayor of London’s Green
Procurement Code
France to facilitate ease of completion
• A ‘safe and environmentally friendly driving’ training course to be
• Progress the Investors in People improvement plan
delivered to relevant staff in France
✓ Investors in People improvement plan has been collated into
✓ Approximately 69 per cent of all employees in France have
separate projects, driven by various members of management,
completed an environment friendly driving course
with good progress achieved
• Develop web conferencing utilisation in France and monitor usage
• Monitor Benefits@Computacenter website utilisation
through GRI Scorecard guidelines
✓ Staff utilisation of Benefits@Computacenter in the UK, has
✓ Web enabled conferencing facilities have been deployed within
increased by 13 per cent and the Excellence in Action reward and
France, together with five further Teleconference facilities in the
recognition scheme has seen a 30 per cent increase in use
UK. GRI scorecard guidelines will be considered and likely relate
• France’s HR team will improve the recruitment of minority groups
to minutes of use
✓ Various initiatives in France have resulted in 30 per cent more
• Develop an Environment Management System in France, to
seniors in FTE employment and circa 47 per cent more disabled
ISO 14001 level 1 in 2010 and level 3 in 2012
in FTE employ than in 2009
✓ France has opted to develop an environmental management
2011 objectives system aligned to the 1, 2, 3 Environmental Standards and level 1
• A work life balance intranet portal, including family support, is due to be audited for certification during February 2011
Balance@Computacenter, launched in Germany, will be expanded
and its availability promoted during 2011
• The Benefits@Computacenter offering will be further promoted
in the UK


2011 objectives 9. Encourage the development of environmentally
• Proceed with the installation of the Voltage Optimisation devices friendly technologies
at Hatfield and monitor the projected electricity consumption
2010 objectives and achievements – SI = Proportion of customer
reduction of between 7 and 10 per cent per year
contract wins where ‘Green IT’ was part of the contract scope.
• Proceed with the viability study for the installation of a 15 to 20 kW
• Actively market the datacenter solutions
wind turbine installation at Hatfield
✓ The Group has significantly expanded the availability of datacenter
• Achieve certification to level 1 to the 1,2,3 Environmental
facilities, in order to provide customers with an offering which
Standards in France
would reduce cost and their carbon exposure, to the extent where
• Expand on the participation in Germany in the Volkswagen Green
additional facilities are being planned
Fleet programme
• Continue to track customer demand for ‘Green IT’ offerings
8. Undertake initiatives to promote greater involvement ✓ In 2010, 17.71 per cent (2008: 13.75 per cent) (2009: 18.82 per
in the community cent) of new contract wins included an express ‘Green IT’ scope

Overview
• Computacenter France will develop and launch the ‘Green IT’
2010 objectives and achievements – SI = Track and monitor charity
Advisory Services for customers
fundraising activities.
✓ France has launched a ‘Green IT’ offering including IT Recycling
• Maintain the current level of charity fundraising activity, with an
and Print Optimisation solutions
appropriate focus on local needs
✓ RDC achieved the goal of zero landfill for all waste, which
✓ Employees in the UK raised £115,000 during 2010, of which
contributed to being awarded the 2010 Award for Environmental
circa £40,000 was donated to the Willows Foundation, a Hatfield
Excellence for Recycling Performance, by the Chartered Institution
based charity. Support for the Hertfordshire Fire and Rescue
of Wastes Management
dogs continued as well as support for a road safety awareness
campaign at local schools, called Kidsafe 2011 objectives
✓ Computacenter UK became a founding member of Herts 100, • Continue to track customer demand for ‘Green IT’ offerings
a charity which enables combined support of various organisations • Computacenter France will expand on its ‘Green IT’ Advisory
within the region, to reach the primary needs of the society in Services for customers, with the addition of audit and
the region consulting services
✓ Computacenter France continued its support to ONG Aide
Anti-corruption
et Action

Business review
10. Impede corruption in all its forms, including extortion
• Continue to track and monitor charity fundraising activities
and bribery
✓ Employees in Germany are encouraged to report their private
charity efforts and such voluntary activities are logged and internally 2010 objectives and achievements – SI not yet formalised.
publicised • Review the Anti-Bribery Bill requirements and revise the Business
✓ Group subsidiary and reuse and recycling specialists, RDC, was Ethics policies across the Group
invited to participate as speakers at the United Nations Industrial ✓ A Group-wide Code of Conduct and a revised Business Ethics
Development Organisation (‘UNIDO’) event in Vienna, in November Policy for the Group were developed, following the promulgation
2010, where the development of safe IT reuse strategies into of the UK Bribery Act in April 2010
developing countries were explored • Communicate to all the revised version of the Ethics Policies,
2011 objectives when completed
• Maintain the current level of charity fundraising activity ✓ The Code of Conduct and revised Ethics Policy has been issued
• Continue to track and monitor charity fundraising activities for implementation across the Group
• Reassess vendor conformance, through the completion of the
revised questionnaire
We strive to incorporate the UNGC and ✓ The Supplier Assessment questionnaire has been reviewed to
its principles into our strategy, culture specifically address matters of diversity and anti-bribery and all key
and new vendors are required to complete the questionnaire. An
and day-to-day operations. on-line version of the questionnaire has been launched in France
to facilitate ease of completion

Governance
2011 objective
• Launch training and anti-bribery awareness sessions across the
Group to ensure alignment to the Code of Conduct

Stephen Benadé
Company Secretary
9 March 2011


Board of Directors

1 2

3 4

5 6

7 8


1 Greg Lock 2 Mike Norris
Chairman Chief Executive
Greg is the Chairman of Kofax plc and a Non-Executive Director Mike Norris graduated with a degree in Computer Science and

Overview
of United Business Media and private technology company, Target Mathematics from East Anglia University in 1983. He joined
Group. He has more than 38 years’ experience in the software and Computacenter in 1984 as a salesman in the city office. In 1986 he
computer services industry, including four years as Chairman of was Computacenter’s top account manager. Following appointments
SurfControl plc and from 1998 to 2000, as General Manager of IBM’s as Regional Manager for London Operations in 1988 and General
Global Industrial sector. Greg also served as a member of IBM’s Manager of the Systems Division in 1992 with full sales and
Worldwide Management Council and as a governor of the marketing responsibilities, he became Chief Executive in December
IBM Academy of Technology. Age 63. 1994 with responsibility for all day-to-day activities and reporting
channels across Computacenter. Mike also led the Company
through flotation on the London Stock Exchange in 1998.
Mike was awarded an Honorary Doctor of Science from
Hertfordshire University in 2010. Age 49.

3 Tony Conophy 4 Peter Ogden
Finance Director Non-Executive

Business review
Tony has been a member of the Institute of Chartered Management Peter founded Computacenter with Philip Hulme in 1981 and was
Accountants since 1982. He qualified with Semperit (Ireland) Ltd Chairman of the Company until 1998, when he became a Non-
and then worked for five years at Cape Industries plc. He joined Executive Director. He is Chairman of Dealogic (Holdings) plc and
Computacenter in 1987 as Financial Controller, rising in 1991 to prior to founding Computacenter, he was a Managing Director of
General Manager of Finance. In 1996 he was appointed Finance Morgan Stanley and Co. Age 63.
and Commercial Director of Computacenter (UK) Limited with
responsibility for all financial, purchasing and vendor relations
activities. In March 1998 he was appointed Group Finance Director.
Age 53.

5 John Ormerod 6 Philip Hulme
Non-Executive Non-Executive
John is the Senior Independent Director and Audit Committee Philip founded Computacenter with Peter Ogden in 1981 and
Chairman of Misys plc, a Non-Executive Director and Chairman worked for the Company on a full-time basis until stepping down as
of the Audit Committee of Gemalto NV, a Non-Executive Director Executive Chairman in 2001. He is a Director of Dealogic (Holdings)
of ITV Plc and Deputy Chairman of Tribal Group plc. John has held plc and was previously a Vice President and Director of the Boston
senior positions with Arthur Andersen and with Deloitte, where he Consulting Group. Age 62.

Governance
was a member of the UK Executive Committee and elected Board.
Age 62.

7 Ian Lewis 8 Brian McBride
Non-Executive Non-Executive
Ian is Director of the University Computing Service at the University Brian was most recently Vice President and Managing Director of
of Cambridge. During his career he has held a number of senior Amazon.co.uk. His early career and management development was
positions, including First Vice President and Global Chief Technology at IBM, where he started and spent 12 years in sales, culminating
Officer of Merrill Lynch’s Investment Banking and Sales division and in the appointment as Director of UNIX Marketing for IBM Europe.

Global CTO at Dresdner Kleinwort Wasserstein Investment Banking. Brian has had broad non-executive experience, having served as
Age 50. Chairman of the Remuneration Committee and SID of S3 PLC, NED
at Celtic Football Club PLC and Chairman of Virgin Mobile. Age 55.


Corporate governance statement

Compliance statement
The Board remains committed to the principles of good corporate governance and supports the best practice guidelines contained
within the FRC Combined Code on Corporate Governance (‘the Code’) as published in June 2008, which can be found on the
FRC’s website (www.frc.org.uk/corporate/ukcgcode.cfm). This statement explains the Company’s governance policies and
practices and sets out how the principles of the Code have been applied for the year ended 31 December 2010 (‘the year’). The
Board confirms that, save as detailed below, the Company has complied with section one of the Code throughout the financial
year. During 2011, the Board will consider the requirements as set out in the revised UK Corporate Governance Code published
in June 2010, including annual re-election of the Directors and external board evaluation.
Board of Directors
Composition
At 31 December 2010 the Board consisted of Greg Lock (Chairman); two Executive Directors, Mike Norris and Tony Conophy; and
four Non-Executive Directors: Philip Hulme, Ian Lewis, Peter Ogden, John Ormerod. Cliff Preddy stepped down from the Board at
the conclusion of the Annual General Meeting (AGM) held on 14 May 2010. Brian McBride was appointed to the Board as Non-
Executive Director on 10 January 2011. Details of the current Directors, including their membership of Committees, are set out
below and their biographies, which include details of their other significant commitments, appear on page 29. The Board considers
that Greg Lock was independent on appointment and that Ian Lewis, John Ormerod and Brian McBride are also independent
under the provisions of the Code. Brian McBride is currently the Senior Independent Director.
The Combined Code on Corporate Governance, provision A.3.2, states that at least half of the Board, excluding the Chairman,

Executive Directors
1
Non-Executive Directors
2
Independent Non-Executive Directors
Chairman

3
2

must consist of independent Non-Executive Directors. The Company was not compliant with this provision during the year. The
Nominations Committee considered the size and structure of the Board, including the required skills and agreed that the present
size and composition of the Board remained appropriate, for the requirements of the Company. The primary reason for the lack
of non-conformance to this provision relates to the lack of independence of the founder members, Philip Hulme and Peter Ogden,
due to the duration of their membership to the Board. The Nominations Committee continues to believe that these two Directors’
experience and business acumen bring significant value to the Board as a whole. The Nominations Committee will consider the
Board’s composition again in 2011.
Following Cliff Preddy’s departure from the Company, the Board did not initially nominate a Director to act as Senior Independent
Director, but at the Board meeting in August 2010, Mr Ormerod agreed to act as interim Senior Independent Director. This role was
relinquished upon the appointment of Brian McBride on 10 January 2011.
Audit Remuneration Nominations
Name PLC Board Independent Committee Committee Committee
Greg Lock Chairman On appointment No Yes Chair
Mike Norris Executive No No No No
Tony Conophy Executive No No No No
Philip Hulme Non-Executive No No No No
Ian Lewis Non-Executive Yes Yes Yes Yes
Brian McBride1 Senior Independent Director Yes Yes Chair Yes
Peter Ogden Non-Executive No No No No
John Ormerod Non-Executive Yes Chair Yes Yes
Cliff Preddy2 Senior Independent Director Yes Yes Chair Yes
Stephen Benadé Secretary Not Applicable Secretary Secretary Secretary
1
Brian McBride joined the Board on 10 January 2011.
2
Cliff Preddy stepped down from the Board on 14 May 2010.

Roles and responsibilities of the Board
The Board has responsibility for the overall management and performance of the Group; it sets the Company’s strategic aims,
ensuring that sufficient resources are in place to meet these objectives. The Board reviews the performance of senior management
in order to ensure that they are meeting the agreed objectives. The Directors set appropriate values and standards, ensuring that
obligations to shareholders and other stakeholders are understood and met and that a satisfactory dialogue with shareholders is
maintained. A framework of prudent and effective controls exists to ensure that risks are properly identified, assessed and managed.


Roles and responsibilities of the Board continued
The roles of Chairman and Chief Executive are separate and their responsibilities are clearly defined in writing, reviewed and
approved annually by the Board. In summary, the Chairman’s role is to lead and manage the Board. The Chairman facilitates the
contribution of all Directors and is responsible for ensuring constructive relations between them. The Chief Executive is responsible
for the day-to-day management of the Group’s activities and execution of the strategy approved by the Board. There is no
individual or group of individuals who dominate the Board’s decision making processes. The Board believes that it oversees
the Group effectively and is proactive in its approach.
There is a documented schedule of matters which is reserved for the Board and these matters include the agreement of strategies
and budgets and the approval of acquisitions and major capital expenditure. This schedule is reviewed annually or more frequently
where required and updated by the Board.
Board effectiveness
Upon joining the Board, all Directors receive a comprehensive induction programme, tailored to their requirements. New Directors
receive an induction pack which contains information on the Group’s business, its structure and operations, the Board procedures,
various corporate governance related matters and details of Directors’ duties and responsibilities. As part of the induction
programme, all new Directors meet with senior management and meetings are arranged with major shareholders.
All Directors receive appropriate documentation in advance of each Board and Committee meeting, including detailed briefings
on all matters where the Board is required to reach a decision, as well as regular reports on the performance of the Group. Senior
management frequently present to the Board on the results and strategies of their respective business units, thus ensuring the
Board remain familiar with key elements of the business and the management of the Group.
The Board is subject to an annual performance review, which is led by the Chairman and covers the effectiveness of the Board as
a whole, its individual Directors and its Committees. The performance review takes into account a wide range of factors, including
strategic and operational matters, corporate governance, risk management and shareholder advocacy. Each Director is required
to complete a questionnaire, followed by one-to-one meetings with the Chairman. The information from the questionnaires and
interviews is compiled into a report and presented to the Board. The performance of the Chairman is assessed by the Non-
Executive Directors, led by the Senior Independent Director. All Directors provide feedback on the performance of the Chairman.
Board support
The Group Company Secretary is responsible for advising the Board on all corporate governance matters and for ensuring that all
Board procedures are followed, applicable rules and regulations are complied with and the Board is updated on regulatory and
governance matters. All Directors have access to the advice and services of the Company Secretary.
A procedure is in place to enable individual Directors to obtain independent professional advice, at the Company’s expense,
where they believe it is important to the furtherance of their duties. No such advice was sought by any Director during the year.
Board meetings
The attendance of the Directors at scheduled Board and Committee meetings held during 2010 is detailed below. The Board
convenes at least eight scheduled meetings per year, as well as a full day strategy review, with at least one meeting each year
at the location of an overseas business.
Board Audit Remuneration Nominations
Director Meetings Committee Committee Committee
Number of scheduled meetings held 11 5 6 5
Executive
Mike Norris, Chief Executive 11 n/a n/a n/a
Tony Conophy, Finance Director 11 n/a n/a n/a

Non-Executive
Greg Lock, Chairman 11 n/a 6 5
Philip Hulme 11 n/a n/a n/a
Ian Lewis 10 5 5 5
Peter Ogden 9 n/a n/a n/a
John Ormerod 10 5 6 5
Cliff Preddy (to 14 May 2010) 4 2 4 2
Unscheduled Board meetings are required to conclude matters considered at a previous meeting, or to address an imperative
issue, or to consider the contents of disclosures. Two such meetings were convened during 2010 and Peter Ogden and John
Ormerod attended one such meeting and the remainder of the Board was present at all meetings. It is inevitable that there will be
occasions when circumstances arise to prevent Directors from attending meetings. In such circumstances, the absent Director
will review the Board papers and raise any considerations on specific issues with the Chairman prior to the meeting.
In addition to the formal Board and Committee meetings, the Chairman and the Non-Executive Directors, individually and as a
group, meet without the other Executive Directors being present, at least once a year.
During 2010, in addition to participating in the review of the Group’s strategy, approval of the budget and oversight of the Group’s
operating performance, the Board reviewed the integration of acquisitions made at the end of 2009; monitored the investment in
and implementation of the new Group ERP system; reviewed the plans for industrialisation of key customer service processes;
and reviewed the plans for development of the senior executive team, including succession planning and talent identification.


Corporate governance statement continued

Directors
The Company arranges insurance cover in respect of legal action against the Directors and to the extent allowed by legislation,
the Company has granted an indemnity to Directors against claims brought by third parties.
All Directors are subject to election at the first AGM after their appointment and currently are required to retire by rotation, at least
every three years. Those Non-Executive Directors who have served for more than nine years are obliged to offer themselves for
re-election annually. One third of the Board is required to retire at each AGM.
Board Committees
The Board has delegated certain governance responsibilities to three principal Board Committees; Audit Committee, Remuneration
Committee and Nominations Committee. The Terms of Reference for each Committee can be obtained from the Company’s
website www.computacenter.com/investors or from the Company Secretary, by request. The composition and main
responsibilities of the Committees are detailed below:
Audit Committee
Prior to 14 May 2010, the Audit Committee consisted of three Independent Non-Executive Directors; John Ormerod (Chairman),
Ian Lewis and Cliff Preddy. Following the AGM on 14 May 2010, when Cliff Preddy stepped down from the Board, the Committee
continued to be served by the two remaining independent Non-Executive Directors. During the year, the Committee met on five
occasions and attendance at those meetings is set out in the table below:
Audit Committee members Role Attendance record
John Ormerod (Chairman) Non-Executive Director 5/5
Ian Lewis Non-Executive Director 5/5
Cliff Preddy (to 14 May 2010) Senior Independent Director 2/2
The Chairman, Group Chief Executive, Group Finance Director, Group Internal Audit Manager, Group Financial Controller and the
external auditor are routinely invited to, and attend, the majority of meetings. Periodically, the Committee also meets privately with
the external auditor and the Group Internal Audit Manager. The Board believes that the members of the Committee have sufficient
skills, qualifications and experience to enable the Committee to discharge its duties, in accordance with the Terms of Reference.
The Board is satisfied that John Ormerod has relevant and recent financial experience. The Terms of Reference for the Committee
are reviewed annually to ensure that they are in line with current best practice.
The Committee’s key duties include, to:
• Consider the reappointment of the external auditor, and make a recommendation to the Board. In doing this, the Committee
reviews reports on the execution by the auditor of its work; considers the report on audit firms by the Auditing Inspection Unit;
and draws upon the experience of Committee members of the work of other firms and at other businesses;
• Review the independence of the Group’s auditor. Annually the Committee receives a report on the auditor’s internal procedures
to ensure that they remain independent, including its procedure for the rotation of key audit personnel. To support maintaining
the objectivity and independence of the external auditor, the Committee has approved a formal policy governing the
engagement of the external auditor to provide non-audit services. This policy precludes the auditor from providing certain
services and permits other limited services which are subject to low fee thresholds or which require prior approval in
accordance with a pre-agreed authority matrix;
• Review the audit plan and results of the external audit. This includes receiving the auditor’s assessment of audit risk and
approval of its audit plan and fees. The Committee reviews the accounting policies adopted by the Group;
• The Committee receives reports from management and the auditor on the Group’s annual and interim financial statements and
reviews any other published financial information. In doing so, the Committee considers the application of accounting policies
and key judgments in areas such as revenue recognition on major contracts, impairment and financial statement disclosure;
• Receive reports on the Group’s systems of internal control and risk management from the Group’s management, the Group
Risk Manager, internal audit and external auditor, and to review and report to the Board on their effectiveness. During 2010
the Committee has received reports on the design of controls in the new ERP system;
• Evaluate and monitor the effectiveness of the internal audit function;
• Review the Group’s business ethics policy and ensure procedures are in place for an appropriate investigation, following any
concerns or potential breaches that may be raised by staff; and
• Evaluate the effectiveness of the Committee, including its performance and constitution.
Nominations Committee
In compliance with the Code, the majority of the Committee is made up of Independent Non-Executive Directors. The Committee
convened five times during 2010 and the members’ attendance at those meetings is set out below:
Nominations Committee members Role Attendance record
Greg Lock (Chairman) Chairman 5/5
John Ormerod Non-Executive Director 5/5
Cliff Preddy (to 14 May 2010) Senior Independent Director 2/2
The Committee is responsible for reviewing the Board’s composition, skills, knowledge and experience and nominating candidates
for both Executive and Non-Executive Directorships on the basis of merit and objective criteria. It also ensures that the procedures
for the appointment of new Directors are formal, rigorous and transparent and that there is an orderly succession for appointments
to the Board and senior management. To assist in this regard, the Group Chief Executive is invited to attend the meetings of this
Committee, when appropriate.


Board Committees continued
Nominations Committee continued
The Nominations Committee led the search for a new Non-Executive Director after Cliff Preddy stepped down from the Board on
14 May 2010. The Committee appointed an external agency to identify candidates against pre-determined criteria, as prepared by
the Nominations Committee. Through this process, the Committee identified a number of candidates who were all interviewed by
various members of the Board. The Committee applied consideration to the Board’s constitution, combined skills and diversity
and Brian McBride was recommended and appointed to the Board as a Non-Executive Director on 10 January 2011.
Remuneration Committee
In line with the Code, the majority of the members of this Committee are Independent Non-Executive Directors. Generally the Chief
Executive Officer attends part of the Committee meetings by invitation. Following Cliff Preddy’s departure from the Board and
as Chairman of the Remuneration Committee, on the 14 May 2010, Greg Lock, the Chairman of the Board, agreed to chair the
Remuneration Committee in the interim. Therefore, until the appointment of Brian McBride on 10 January 2011, the Company was
not compliant with B2.1 of the Combined Code. The Committee convened on six occasions during the year and the attendance
of the members is set out below:
Remuneration Committee members Role Attendance record
Cliff Preddy (Chairman to 14 May 2010) Senior Independent Director 4/4
John Ormerod Non-Executive Director 6/6
Greg Lock Non-Executive Director 6/6
The Committee is responsible for the Group’s policy on executive remuneration and decides on the specific packages of the
Executive Directors and senior management. Further information on the Remuneration Committee and its activities can be found
in the Directors’ Remuneration Report on pages 35 to 40.
Directors’ remuneration
The principles and details of Directors’ remuneration are contained in the Remuneration Report on pages 35 to 40.
Relations with shareholders
The Board acknowledges the importance of maintaining regular communication with its shareholders and the Group has an
established programme of communication based on the Group’s financial reporting calendar. In addition to this programme, the
Executive Directors have regular contact with institutional shareholders. The Board receives regular reports on the meetings with
and other feedback from the Company’s major shareholders, in order to ensure that they have a comprehensive understanding
of their views. During the latter part of 2010, Greg Lock met a number of larger shareholders and summaries of those discussions
were shared with the Board. Brian McBride, as Senior Independent Director since 10 January 2011, is available to address any
shareholder queries that are unable to be resolved through regular channels.
All of the Directors attend the AGM and value the opportunity of welcoming individual shareholders and other investors to
communicate directly and address their questions. In addition to mandatory information, a full and balanced explanation of the
business of all general meetings is sent in advance to shareholders. Resolutions at the Company’s general meetings have been
passed on a show of hands and proxies for and against each resolution (together with any abstentions) are announced at such
meetings, noted in the minutes, available on the Company’s website and notified to the market.
Internal controls
The Board has overall responsibility for maintaining and reviewing the Group’s systems of internal control, ensuring that the controls
are robust and effective enabling risks to be appropriately assessed and managed. The Group’s systems and controls are
designed to manage risks, safeguard the Group’s assets and to ensure reliability of information used both within the business and
for publication. Systems are designed to govern, rather than eliminate, the risk of failure to achieve business objectives and can
provide reasonable, but not absolute, assurance against material misstatement or loss.
The Board conducts an annual review of the effectiveness of the systems of internal control including financial, operational
and compliance controls and risk management systems. Where weaknesses have been identified, safeguards are implemented
and monitored.
All systems of internal control are designed to continuously identify, evaluate and manage significant risks faced by the Group.
The key elements of the Group’s controls are as follows:
Responsibilities and authority structure
The Board has overall responsibility for making strategic decisions and there is a written schedule of matters reserved for the
Board. The Group Executive Committee meets on a quarterly basis to discuss day-to-day operational matters. Separate Executive
Committees have been established for each of the Group’s operations in the UK, France and Germany. A flat reporting structure is
maintained across the Group, with clearly defined responsibilities for operational and financial management.
Control environment
The Group operates defined authorisation and approval processes throughout all of its operations. Access controls exist where
processes have been automated to ensure the security of data. Management information systems have been developed to identify
risks and to enable assessment of the effectiveness of the systems of internal control. Accountability is reinforced and further
scrutiny of costs and revenues encouraged, by the linking of staff incentives to customer satisfaction and profitability.


Corporate governance statement continued

Internal controls continued
Planning and reporting processes
A three-year strategic plan is prepared or updated annually and reviewed by the Board. A comprehensive budgetary process is
completed annually and is subject to the approval of the Board. Performance is monitored through a rigorous and detailed financial
and management reporting system, by which monthly results are compared to budgets, the previous year and the agreed targets.
The results and explanations for variances are regularly and routinely reported to the Board. Appropriate action is taken where
variances arise.
Management and specialists within the Finance Department are responsible for ensuring the appropriate maintenance of financial
records and processes that ensure financial information is relevant, reliable, in accordance with the applicable laws and regulations,
and distributed both internally and externally in a timely manner. A review of the consolidation and financial statements is completed
by management to ensure that the financial position and results of the Group are appropriately reflected. All financial information
published by the Group is subject to review by the Audit Committee.
Risk management
The Risk and Insurance Department monitors developments and oversees compliance with legislative and regulatory requirements.
A comprehensive risk management programme is developed and monitored by the Group Risk Committee, the members of which
include senior operational managers across the Group, the Group Finance Director, the Group Risk Manager and the Group
Internal Audit Manager. The Group Risk Committee is chaired by the Group’s Chief Executive. Further information on the
Company’s risks can be found within the Risk Report on page 22. Through a programme of assessment, appropriate measures
and systems of control are maintained. Detailed business interruption contingency plans are in place for all key sites and these are
regularly tested, in accordance with an agreed schedule.
Capital expenditure and investments
Procedures exist and authority levels are documented to ensure that capital expenditure is properly appraised and authorised.
Cases for all investment projects are reviewed and approved at divisional level. Major investment projects are subject to approval
by the Board.
Centralised treasury function
The Board has established and reviews regularly, key treasury policies over matters such as counterparty exposure; borrowing
arrangements; and foreign exchange exposure management. All cash payments and receipts are managed by centralised finance
functions within each of the operating companies. Weekly reporting of cash balances to the Group Finance Department ensures
that the position of the Group, as a whole, is properly controlled. The management of liquidity and borrowing facilities for customer
specific requirements, ongoing capital expenditure and working capital of the business is undertaken by the Group Finance
Director, with regular reporting to the Board.
Quality and integrity of staff
Rigorous recruitment procedures are in place to ensure that new employees are of a suitable calibre. Management continuously
monitors training requirements and ongoing appraisal procedures are in place to ensure that required standards are maintained.
Resource requirements are identified by managers and reviewed by the relevant national Executive Committee. The Company has
a comprehensive Business Ethics Policy in place and should an employee be found in breach of the policy, appropriate disciplinary
actions are applied. A separate Code of Conduct, which confirms the prohibition of forms of bribery, was adopted by the Group.
Towards the end of 2010, the Group adopted a revised and separate Anti-Bribery Code of Conduct. Additionally, increased focus
on enhanced succession arrangements for key members of management across the Group has resulted in plans which received
continuous progress reviews.
Internal audit
The Group has an internal audit function led by the Group Internal Audit Manager who reports to the Chairman of the
Audit Committee.
The Board, acting through the Audit Committee, has directed the work of Internal Audit towards those areas of the business that
are considered to be of the highest risk. The Audit Committee approves a rolling audit programme, ensuring that all significant
areas of the business are independently reviewed over, approximately a three-year period. The programme and the findings of the
reviews are continually assessed to ensure they take account of the latest information and in particular, the results of the annual
review of internal control. The effectiveness of the Internal Audit Department and the Group’s risk management programme are
reviewed annually by the Audit Committee.
Compliance with DTR
The information that is required by DTR 7.2.6, information relating to the share capital of the Company, can be found within the
Directors’ Report on page 41.
By order of the Board

Stephen Benadé
Company Secretary
9 March 2011


Directors’ remuneration report

This report has been prepared by the Remuneration Committee (‘the Committee’) and approved by the Board. In preparing this
report and establishing its policy, the Board has given full consideration to, and follows the provisions of, the Combined Code, the
Companies Act 2006 and the relevant parts of the Listing Rules of the UK Listing Authority. Parts of this report have been audited
by the Company’s auditors Ernst & Young LLP, in accordance with the requirements of the Companies Act 2006. The audited
sections are identified within the report. A resolution to approve this report will be proposed at the forthcoming Annual General
Meeting (AGM) of the Company.
Remuneration Committee and advisors
All of the Independent Non-Executive Directors and the Chairman of the Board were members of the Committee throughout 2010.
Cliff Preddy was the Chairman of the Committee until he stepped down from the Board on 14 May 2010. Greg Lock, Chairman of
the Board, agreed to serve the Committee as Interim Chairman until such time as a new Non-Executive Director and Chairman of
the Committee was appointed. On the 10 January 2011, the Board appointed Brian McBride as a Non-Executive Director. Brian
will also act as Chairman of the Remuneration Committee and Senior Independent Director. The attendance of Cliff Preddy, Ian
Lewis, Greg Lock and John Ormerod at Committee meetings can be found in the Corporate Governance statement on page 30.
The Chief Executive Officer (‘CEO’) generally attends parts of the Committee meetings by invitation.
The Committee’s Terms of Reference are available for public inspection, either on the Company’s website
(www.computacenter.com/investors) or by request from the Company Secretary. During the year, the Remuneration Committee
received external advice from Deloitte & Touche LLP and Mercer Limited. In addition, employees of the Group, who provided
material advice or services to the Committee during the year were Stephen Benadé (Company Secretary) and Barry Hoffman
(HR Director).
The Committee considers comparative practice in the European technology sector, FTSE techMARK 100 companies and
FTSE 250 companies.
Remuneration policy
The Committee reviews and determines, on behalf of the Board, the overall remuneration policy of the Executive Directors,
Chairman and with advice from the CEO, the senior executives. No individual is involved in deciding his own remuneration. The
Executive Directors make recommendations for approval by the Board concerning the fees for Non-Executive Directors that reflect
the time, commitment and responsibilities of their roles.
The Company’s remuneration policy is designed to reward Executive Directors with remuneration arrangements that are
competitive, but not excessive and which further align the interests of the Directors and shareholders. The policy is designed to
ensure that a significant proportion of the total remuneration is dependent upon the Group’s financial performance; over the fiscal
year as well as over extended periods and that the remuneration policy is aligned to the Group’s risk profile. These objectives are
achieved through a combination of base salary and benefits, performance related annual bonuses, a defined contribution pension
scheme and share incentive schemes.
The Committee considers, when reviewing the remuneration of the Executive Directors and other senior executives, the wider
remuneration levels of all employees of the Group. The Committee reviews the average base salary increases applied across the
Group when base salary increases of the Executive Directors and other senior executives are considered.
Remuneration
The main elements of Executive Directors’ Remuneration for 2010 are shown below, with the 2011 elements detailed on page 36.
Fixed Performance based
Element Basic salary Bonus Performance Share Plan
Maximum CEO: Finance Director: 100% of base salary
award: 100% of 75% of
base salary base salary
Maximum Uplift 115% 86.25%

Purpose: Reflects competitive salary levels Rewards the delivery of Group Improved motivation for senior
and takes account of personal operational performance and executives to contribute to growth
contribution and performance. achievement of personal objectives. and profitability and better align the
Company’s incentive arrangements
with shareholders’ interests.

Performance Individual contribution. 80 per cent of the maximum bonus EPS growth, relative to RPI.
standard: potential based on achievement of
specific Group annual financial
performance targets, with the balance
based on personal objectives approved
by the Remuneration Committee each
year. For the personal objective
component to be payable, Group
budgeted profit must be achieved.


Directors’ remuneration report continued

Basic salary and benefits
Each Executive Director’s salary is reviewed annually, in order to ensure that the basic salary and benefits remain appropriate.
During the review, the Committee considers various factors including performance and relevant market practices on pay, as well
as conditions affecting the Group generally. For 2010, the Board as a whole, agreed that no Executive Director would receive a
base salary increase during the year, but that a study be undertaken at the end of the year to review the total reward levels and
incentive structures.
At the end of 2010, Mercer Limited was engaged by the Remuneration Committee to perform a total remuneration benchmarking
exercise. This study highlighted a misalignment of the CEO and Finance Director’s total earnings, compared to the FTSE250
comparator group. The Remuneration Committee agreed that it was preferable to address this misalignment by adjusting both
base salaries and bonus opportunity, rather than base salary alone. It was agreed that for 2011, the CEO’s base salary would be
increased from £475,000 to £500,000 and the Finance Director’s base salary would be increased from £300,000 to £315,000.
The Executive Directors receive benefits in line with those offered to employees throughout the Group, including the provision
of a car allowance, life insurance, personal accident insurance and the opportunity to participate in the Group’s Save as You Earn
scheme (‘SAYE’), as well as participation in the flexible benefits scheme (‘MyBenefits’).
Performance-related bonus scheme
The Executive Directors participate in an annual performance-related bonus scheme and in 2010, for the role of CEO, this had
a maximum bonus opportunity of 100 per cent of base salary. For the role of Finance Director, the maximum bonus opportunity
was 75 per cent of base salary.
The level of bonus payable is dependent on the achievement of Group financial performance targets and specific personal
objectives. Regarding the award for 2010, up to 80 per cent of the maximum bonus potential was linked to the financial
performance of the Group against pre-agreed targets. The balance (20 per cent) of the maximum bonus potential was related to
the achievement of specific personal objectives agreed with each Director, for the year, by the Chairman or CEO, as appropriate,
and approved by the Committee. In order for the personal objective element of the bonus to be achieved, the Group budgeted
profit target had to have been reached.
In addition, from 2010, it was possible to exceed the maximum bonus opportunity, subject to an overachievement on the PBT
element of the bonus targets, on a straight-line basis, up to a maximum bonus uplift of 115 per cent of base salary for the role of
CEO and 86.25 per cent for the role of Finance Director. For 2010, Mike Norris earned £467,875 (2009: £413,250), representing
86.0 per cent of the maximum and Tony Conophy earned £221,630 (2009: £189,000), representing 98.50 per cent of the
maximum.
Pension
The Executive Directors participate in the Computacenter Pension Scheme, a defined contribution salary sacrifice scheme, under
which a maximum annual Company contribution of £5,850 per employee is payable, based on basic salary. For the year 2010, the
CEO and Finance Director received the maximum annual Company contribution of £5,850. The scheme also allows employees to
make additional salary sacrifices, which the Company may contribute to the scheme, on their behalf.
Share incentive schemes
Share incentive schemes are considered to be an important part of the executive remuneration policy, designed to support
management retention and motivation, whilst aligning senior management’s interests with those of shareholders.
The details of the historical grants and associated performance conditions are set out in the table of Directors’ interests in share
options on page 39.
Performance Share Plan – annual awards
The Performance Share Plan 2005 (‘PSP’) is the Company’s primary long-term incentive scheme for Executive Directors and senior
employees. The Committee approves grants under this scheme, once a year, although further grants may be made in appropriate
circumstances. For 2010, the Committee agreed that awards made to the Executive Directors would be at one times base salary.
Annual awards under this plan are subject to performance conditions, as detailed below:
For 2010, the PSP performance target was based on the Group’s annual adjusted earnings per share (‘EPS’) growth in relation
to the retail price index (‘RPI’) and measured over a three-year period. This arrangement applies throughout the Group, except in
France, where in accordance with local market practice, a two-year measurement period applies, with a further condition that the
shares are held for an additional two-year holding period, in order to gain favourable tax treatment. One quarter of the shares will
vest if cumulative annual EPS growth equals RPI plus 3 per cent per annum. Awarded shares will vest in full if cumulative annual
EPS growth equals or exceeds RPI plus 7.5 per cent per annum. If cumulative annual growth in EPS is between 3 per cent and 7.5
per cent per annum above RPI, shares awarded will vest on a straight line basis. No share awards will vest if cumulative annual EPS
growth is less than RPI plus 3 per cent per annum. There will be no retesting of the performance condition and any awarded shares
that do not vest will automatically lapse.
EPS has been chosen as a performance measure as it is widely used and is considered a transparent yardstick. EPS is calculated
on a pre-exceptional, diluted basis.


Share incentive schemes continued
Performance Share Plan – annual awards
The Committee reviewed the performance criteria to ensure that these remain sufficiently challenging in light of market expectations
and in comparison to market practice. It was agreed that the performance conditions for the annual grant made in 2010, would
remain the same.
The Committee have recommended certain changes to the award limit and performance conditions to the Performance Share Plan
(‘PSP’) for grants made from 2011 onwards. For those changes which require it, shareholder approval will be sought at the AGM to
be held on 13 May 2011. The proposed changes to the PSP are set out in detail in the Notice of Meeting 2011.
Share options
The Company also operates the Computacenter Employee Share Option Scheme 2007 (‘the scheme’). As the PSP is the primary
long-term incentive scheme, the Committee intends that the scheme be used only in exceptional circumstances. No grants were
made to employees or Directors, under this scheme, during 2010. The Executive Directors have historically been awarded share
options under the Company’s previous share option schemes and details of these grants can be found in the table of Directors’
interests in share options on page 39.
The maximum number of options that can be awarded under the scheme will remain three times base salary, although this can
be exceeded in exceptional circumstances. Where grants are made to Executive Directors, it is current policy to grant a maximum
of 1.25 times base salary.
Should grants be made under the scheme in 2011, any applicable performance conditions will be subject to review by the
Committee, taking account of prevailing market conditions, Group plans and objectives. There is currently no intention to make
grants under this scheme.
Dilution limits
The Company uses a mixture of both new issue and market purchase shares to satisfy awards under the option, PSP and SAYE
schemes. In line with best practice, the use of new issue or treasury shares to satisfy awards made under all share schemes, is
restricted to 10 per cent in any ten-year rolling period, with a further restriction for discretionary schemes of 5 per cent in the same
period. As at the year-end, the potential dilution from awards under all share plans was approximately 5.41 per cent and the
potential dilution from awards under the discretionary schemes was approximately 1.87 per cent.
Minimum shareholding
The Committee believes that it is beneficial for Executive Directors and certain members of the senior management team to build
up and retain a shareholding in the Company. With effect from 2011, executives will be required to build up, over a five year period,
and maintain a shareholding under the Share Ownership Guidelines, until such time as the following minimum level of qualifying
interest is reached:
Group 1 Group CEO 2 x base salary
Group 2 Group Finance Director 1 x base salary
Executives within the remit of the Remuneration Committee
Executives within the Group Executive Committee
Group 3 Senior Country, Functional or Other Executives 0.5 x base salary
Directors’ contracts
Contract/letter Unexpired term Notice
of appointment (months)* as at period
Director start date Expiry date 10 March 2011 (months)
Executive
Mike Norris 23.04.1998 n/a none specified 12
Tony Conophy 23.04.1998 n/a none specified 12

Non-Executive
Greg Lock 01.07.2008 2011 AGM 2 3
Philip Hulme 05.05.2009 2012 AGM 14 3
Ian Lewis 15.06.2009 2012 AGM 14 3
Peter Ogden 05.05.2009 2012 AGM 14 3
John Ormerod 31.10.2009 2012 AGM 14 3
Brian McBride 10.01.2011 2014 AGM 38 3
* Calculated as at 9 March 2011, assuming that future Annual General Meetings will be held in May each year, and further assuming re-election where required
to retire at earlier Annual General Meetings in accordance with the Company’s Articles of Association.



Directors’ contracts continued
All Executive Directors have a rolling 12 month service contract with the Company, which is subject to 12 months’ notice by either
the Company or the Director.
No contractual arrangements are in place, which guarantee additional payments upon termination of employment by the Company.
All service contracts provide for summary termination in the event of gross misconduct.
Executive Directors are permitted to hold outside Directorships, subject to approval by the Chairman, and such Executive Director
is permitted to retain any fees paid for such services. During the year, Mike Norris served as a Non-Executive Director of Triage
Limited and received a fee of £19,500.
The Non-Executive Directors have not entered into service contracts with the Company. They each operate under a letter of
appointment which sets out their terms, duties and responsibilities. Non-Executive Directors are appointed for an initial term,
which runs to the conclusion of the third Annual General Meeting, following their appointment and may be renewed at that point
for a further three-year term.
The Board is aware of the revised UK Corporate Governance Code published in May 2010, as it relates to all Directors offering
themselves for annual re-election at each AGM and the Board has agreed to consider this during the second half of 2011.
Performance graph
Computacenter’s shares are quoted on the London Stock Exchange and the Committee has deemed the FTSE Software &
Computer Services share index as the appropriate comparator, against which to assess Total Shareholder Return performance.
The performance of the Group over the last five financial years, in relation to other relevant UK-quoted shares, is shown in the
graph below:
Total Shareholder Return performance
Computacenter versus FTSE Software and Computer Services sector
200

150
Total return (%)

100

50

0
Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10

Computacenter – 83.5% FTSE All Share – S/W and Computer Services – 51.5%


Audited information
The Directors’ remuneration and Directors’ interests in share incentive schemes detailed in the tables below, and their associated
notes, are subject to audit.
Directors’ remuneration
Performance
Basic salary related Total Total
and fees bonuses Other 2010 2009
£ £ £ £ £
Executive Directors
Mike Norris 475,000 467,875 – 942,875 888,250
Tony Conophy 314,800 221,630 – 536,430 503,800

Non–Executive Directors
Greg Lock1 150,000 – – 150,000 140,000
Philip Hulme2 39,000 – – 39,000 34,000
Ian Lewis2, 3 44,500 – – 44,500 38,583
Peter Ogden2 39,000 – – 39,000 34,000
John Ormerod2, 4 53,000 – – 53,000 47,000
Cliff Preddy5 16,964 – – 16,964 39,500
1,132,264 689,505 – 1,821,769 1,725,133
1
Greg Lock received an annual increase of £10,000 pa as Chairman of the Board.
2
Philip Hulme, Ian Lewis, Peter Ogden, John Ormerod and Cliff Preddy all received an annual increase in Non-Executive Director fees of £5,000.
3
During 2010 Ian Lewis received an additional annual fee of £5,500 for his services as Chairman of the ERP Project Committee, a committee separate
from the Board.
4
John Ormerod received an additional annual fee of £14,000 for his services as Chairman of the Audit Committee.
5
Cliff Preddy received an additional annual fee of £7,000 for his services as Chairman of the Remuneration Committee. Cliff Preddy stepped down from the Board
on 14 May 2010.

Brian McBride was appointed as a Non-Executive Director on 10 January 2011 for which he will receive an annual fee of £39,000. In addition he will receive
an annual fee of £7,000 for his services as Chairman of the Remuneration Committee and a further additional fee of £5,000 for his services as Senior
Independent Director.

Interests in share incentive schemes
Exercise/ At 1 Granted Exercised At 31
Scheme share price January during the during the December
Director type (p) Exercise dates Note 2010 year year Lapsed 2010
Mike Norris Option 322.00 10/04/2005 – 09/04/2012 3 122,670 – – – 122,670
320.00 01/12/2014 – 31/05/2015 2 4,859 – – – 4,859
Total 127,529 – – – 127,529

PSP 285.25 01/04/2010 – 01/10/2010 5 156,026 – 156,026 – –
187.00 01/04/2011 – 01/10/2011 6 223,930 – – – 223,930
126.50 13/03/2012 – 13/09/2012 7 208,102 – – – 208,102
123.00 20/03/2012 – 20/09/2012 8 390,000 – – – 390,000
316.00 15/03/2013 – 15/09/2013 9 150,316 – – 150,316
Total 978,058 150,316 156,026 – 972,348
Tony
Conophy Option 322.00 10/04/2005 – 09/04/2012 1,4 9,316 – – – 9,316
322.00 10/04/2005 – 09/04/2012 3 66,770 – – – 66,770
178.00 01/12/2012 – 31/05/2013 2 9,438 – – – 9,438
Total 85,524 – – – 85,524

PSP 285.25 01/04/2010 – 01/10/2010 5 101,319 – 101,319 – –
187.00 01/04/2011 – 01/10/2011 6 136,364 – – – 136,364
126.50 13/03/2012 – 13/09/2012 7 131,433 – – – 131,433
123.00 20/03/2012 – 20/09/2012 8 240,000 – – – 240,000
316.00 15/03/2013 – 15/09/2013 9 – 94,937 – – 94,937
Total 609,116 94,937 101,319 – 602,734



Interests in share incentive schemes continued
The Company’s Non-Executive Directors are not invited or permitted to participate in any of the Company’s Employee
Share Schemes.
Notes:
1
Issued under the terms of the Computacenter Employee Share Option Scheme 1998.
2
Issued under the terms of the Computacenter Sharesave Plus Scheme, which is available to employees and full-time Executive Directors of the
Computacenter Group.
3
Issued under the terms of the Computacenter Performance Related Share Option Scheme 1998. The options become exercisable if the average annual compound
growth in the Group’s earnings per share (on a post-investment in the Biomni joint venture, diluted basis) compared to the base year of 2001, is at least equal to the
RPI plus 5 per cent in any of the three-, four- or five-year periods up to and including 2004, 2005 or 2006 respectively.
4
Exercisable on the condition that the average annual compound growth in the Group’s earnings per share (on a post-investment in the Biomni joint venture, diluted
basis) compared to the base year of 2001, is at least equal to the RPI plus 5 per cent in any of the three-, four- or five-year periods up to and including 2004, 2005
or 2006 respectively.
5
Issued under the terms of the Computacenter Performance Share Plan 2005. One quarter of the shares will vest if the average annual compound growth
in the Group’s earnings per share is at least equal to RPI plus 3 per cent over the three consecutive financial years starting on 1 January 2007 and ending on
31 December 2009, compared to the base year of 2006. Awards will vest in full if the Group’s cumulative annual growth is at or above RPI plus 7.5 per cent.
If the Group’s earnings per share growth over the period is between 3 per cent and 7.5 per cent above RPI, awards will vest on a straight line basis.
6
7
8
If in 2011, profit before tax reaches £90 million, 25 per cent of the awards will vest, if the profit before tax is £100 million or more, 100 per cent of the awards
will vest, awards will vest on a straight line basis between those limits.
9
Issued under the terms of the Computacenter Performance Share Plan 2005. One quarter of the shares will vest if cumulative annual EPS growth equals RPI plus
3 per cent per annum. Awarded shares will vest in full if cumulative annual EPS growth equals or exceeds RPI plus 7.5 per cent per annum. If cumulative annual
growth in EPS is between 3 per cent and 7.5 per cent per annum above RPI, shares awarded will vest on a straight line basis.

Gains made from Executive Share Schemes during the year by the Directors were:
Exercise Market value Gain on
Number of price at exercise exercise
Date of vesting Scheme shares (p) (p) (£)
Director
Tony Conophy 16/03/2010 PSP 101,319 n/a 313.56 317,695
Mike Norris 16/03/2010 PSP 156,026 n/a 313.56 489,235
The market price of the ordinary shares at 31 December 2010 was 388.00 pence. The highest price during the year was 404.00
pence and the lowest was 246.00 pence.

Stephen Benadé
Company Secretary
9 March 2011


Directors’ report

The Directors present their report and the audited financial statements of Computacenter plc and its subsidiary companies
(‘the Group’) for the year ended 31 December 2010.
Principal activities
The Company is a holding company. The principal activities of the Group, of which it is the parent, are the supply, implementation,
support and management of information technology systems.
Business review
The Companies Act 2006 requires the Group to prepare a business review, which commences at the start of the Report and
Accounts up to page 27 excluding the market overview on pages 16 and 17, as this overview has been externally compiled.
The review includes information about the Group’s operations, financial performance throughout the year and likely developments,
key performance indicators, principal risks and information regarding the Group’s sustainable development plan.
Corporate governance
Under Disclosure and Transparency Rule 7.2, the Company is required to include a Corporate Governance Statement within the
Directors’ Report. Information on the corporate governance practices can be found in the Corporate Governance Statement on
pages 30 to 34, which is incorporated into the Directors’ Report by reference.
Results and dividends
The Group’s activities resulted in a profit before tax of £65.4 million (2009: £48.4 million). The Group profit for the year, attributable
to shareholders, amounted to £50.3 million (2009: £37.7 million).
The Directors recommend a final dividend of 9.7 pence per share totalling £14.9 million (2009: additional interim dividend
£11.8 million). Dividends are recognised in the accounts in the year in which they are paid, or in the case of a final dividend, when
approved by the shareholders. As such, the amount recognised in the 2010 accounts, as described in note 11, is made up of last
year’s additional interim dividend (8 pence per share) and the interim dividend (3.5 pence per share).
The final ordinary dividend for 2010, if approved at the forthcoming Annual General Meeting (AGM), will be paid on 10 June 2011 to
those shareholders on the register as at 13 May 2011. The Company paid an interim dividend of £5.2 million on 15 October 2010.
Post Balance Sheet Event
Details regarding the potential acquisition of the French company, Top Info SAS and its subsidiaries, can be found in the Operating
Review, page 6.
Directors and Directors’ authority
The Directors who served throughout the year ended 31 December 2010 were Tony Conophy, Philip Hulme, Ian Lewis
Greg Lock, Mike Norris, John Ormerod and Peter Ogden. Cliff Preddy stepped down from the Board at the conclusion of the
AGM held on 14 May 2010. Brian McBride was appointed to the Board as Non-Executive Director, Chairman of the Remuneration
Committee and Senior Independent Director on 10 January 2011. Brief biographical details of the Directors at the date
of this report are given on page 29.
Tony Conophy and John Ormerod will retire by rotation at the forthcoming AGM and, being eligible, will offer themselves for re-
election. Philip Hulme and Peter Ogden, having served as Directors for more than nine years, will also retire and offer themselves
for re-election at the AGM. Brian McBride, who will be attending his first AGM since his appointment, will offer himself for election.
The Company’s Articles of Association provide for a Board of Directors consisting of not fewer than three, but not more than
20 Directors, who manage the business and affairs of the Company. The Directors may appoint additional or replacement
Directors, who shall serve until the next AGM of the Company at which point they will be required to stand for election by the
members. A Director may be removed from office at a general meeting by the passing of an Ordinary Resolution (provided
special notice has been given).
Members have previously approved a Resolution to give the Directors authority to allot shares and a renewal of this authority is
proposed at the 2011 AGM. This authority allows the Directors to allot shares up to the maximum amount stated in the Notice
of Annual General Meeting (approximately one-third of the issued share capital) and this authority would generally expire at the
following AGM. In addition, the Company may not allot shares for cash (unless pursuant to an employee share scheme) without first
making an offer to existing shareholders in proportion to their existing holdings. This is known as pre-emption rights. A Resolution to
allow a limited dis-application of these pre-emption rights has been passed by the members previously, and a renewal of this
authority is proposed for the 2011 AGM. This authority is also restricted to a specific amount (as detailed in the Notice of Annual
General Meeting), which is approximately 5 per cent of the issued share capital. This authority generally expires at the conclusion
of the following AGM.


Directors’ report continued

Directors’ indemnities
The Company has granted indemnities to each of its Directors and Officers to the extent permitted by law and these indemnities
remain in force at the date of this report. The indemnities are uncapped and cover all costs, charges, losses and liabilities the
Directors may incur to third parties, in the course of acting as Directors of the Company or its subsidiaries. The Company has
made qualifying third party indemnity provisions, for the benefit of its Directors, during the year and these remain in force at the
date of this report.
Directors’ conflicts of interests
Since 2008 and in satisfaction of a revised requirement of the Companies Act 2006, all Directors have submitted details, to the
Company Secretary, of any current situations (appointments or otherwise) which may give rise to a conflict or potential conflict of
interest. These were reviewed by the Board and the Board identified those which required further consideration and, if appropriate,
approval. Following consideration, the Board approved the conflict or potential conflict matters, subject to the condition that the
Directors concerned abstain from participating in any discussion or decision affected by the conflict matter. In each case,
authorisation was given by Directors who were genuinely independent of the conflict matter. A record of all authorisations is
maintained by the Company Secretary and will be reviewed by the Board twice a year. All Directors are required to notify the
Company Secretary of any changes to their registered interests, including new potential conflicts of interest.
Directors’ interests in shares
The interests of the Directors in the share capital of the Company at the beginning and end of the year are set out below:
At 1 January 2010
At 31 December 2010 or as at date of appointment
Number of Number of Number of Number of
ordinary shares ordinary shares ordinary shares ordinary shares
Beneficial Non-Beneficial Beneficial Non-Beneficial
Executive Directors
Mike Norris 1,385,658 – 1,385,658 –
Tony Conophy 2,175,905 – 2,175,905 –

Non-Executive Directors
Greg Lock 350,000 – 350,000 –
Philip Hulme 18,291,770 10,143,921 19,291,770 9,143,921
Ian Lewis 45,000 – 45,000 –
Peter Ogden 35,335,636 979,166 35,335,636 979,166
John Ormerod 25,000 – 15,000 –
Cliff Preddy1 14,166 – 14,166 –
1
Cliff Preddy stepped down from the Board on 14 May 2010, his share interests are as at date of leaving.

Between 31 December 2010 and 9 March 2011 there have been no changes to the interests detailed above.
Major interests in shares
In addition to the Directors’ interests set out above, as at 9 March 2011, the Company had been notified, in accordance with the
Financial Services Authority’s Disclosure and Transparency Rules, of the following substantial interests in the Company’s issued
ordinary share capital.
Number % of
of ordinary issued
shares held share capital
Standard Life Investments Ltd 11,281,778 7.33
Investec Asset Management Ltd 7,658,451 5.00
JP Morgan Asset Management Holdings Inc 7,647,154 4.99


Capital structure
As at 10 March 2011, there were 153.8 million fully paid ordinary shares in issue, all of which have full voting rights and there are
no restrictions on the transfer of shares.
Pursuant to the Company’s share schemes, there are two employee trusts which, as at the year-end, held a total of 5,393,341
ordinary shares of 6 pence each, representing 3.5 per cent of the issued share capital. During the year the Trusts purchased a total
of 908,290 shares. The voting rights attached to these shares are not exercisable directly by the employees, but are exercisable
by the Trustees. However, in line with good practice, the Trustees do not exercise these voting rights.
In the event of another company taking control of the Company, the employee share schemes operated by the Company have
set change of control provisions. Participants may, in certain circumstances, be allowed to exchange their options for options of an
equivalent value over shares in the acquiring company. Alternatively, the options may vest early, in which case, early vesting under
the executive schemes will be pro-rated accordingly and under the Sharesave scheme, employees will only be able to exercise the
option, to the extent of their accumulated saving.
The Company was granted authority at the 2010 AGM, to make market purchases of up to 15,384,979 ordinary shares of 6
pence each. This authority will expire at the 2011 AGM, where approval from shareholders will be sought to renew the authority.
During the period 115,371 ordinary shares of 6 pence each were purchased for cancellation, at a total cost of £447,617.
This represented 0.75 per cent of the issued share capital of the Company.
Significant agreements and relationships
The Group has various borrowing facilities provided primarily by Barclays Bank plc, the most significant of which is a £60 million
secured credit facility signed in May 2008. Further details regarding the status of these facilities and their renewal considerations,
in light of the Groups current balance sheet strength, are provided in the Finance Director’s Review on pages 18 to 21. These
agreements include a change of control provision, which may result in the facility being withdrawn or amended upon a change of
control of the Group. In addition to financing arrangements, the Board considers that there are a number of major product suppliers
who are significant to the business, namely HP, IBM, Cisco, Microsoft, Oracle and Lenovo.
Creditors’ payment policy
The Company does not hold any trade creditor balances. However, it is the policy of the Group that each of the businesses should
agree appropriate terms and conditions with suppliers (ranging from standard written terms to individually negotiated contracts) and
that payment should be in accordance with those terms and conditions, provided that the supplier has also complied with them.
Group creditor days amounted to 50 (2009: 46).
Financial instruments
The Group’s financial risk management objectives and policies are discussed in the Finance Director’s Review on pages 18 to 21.
Employee share schemes
The Company operates executive share option schemes and a performance-related option scheme for the benefit of employees.
During the year, as in the previous year, no options over ordinary shares of 6 pence each were granted under the executive share
option schemes.
At the year-end, options remained outstanding under these schemes, in respect of a total of 2,162,756 ordinary shares of 6
pence each (2009: 2,714,756 shares). During the year, 267,000 options over shares were exercised and options over 285,000
shares lapsed.
The Company also operates a Performance Share Plan (‘PSP’) to incentivise employees. During the year, 1,195,677 ordinary
shares of 6 pence each were conditionally awarded (2009: 3,029,337 shares). At the year-end, awards over 5,249,112 shares
remained outstanding, under this scheme (2009: 5,053,973 shares). During the year, awards over 850,791 shares were transferred
to participants and awards over 149,747 shares lapsed.
In addition, the Company operates a Sharesave scheme for the benefit of employees. At the year-end 2,758,808 options granted
under the Sharesave scheme remained outstanding (2009: 2,595,964).
Corporate sustainable development
The Board recognises that acting in a socially responsible way benefits the community, our customers, shareholders, the
environment and employees alike. Further information can be found in the Corporate Sustainable Development Report on
pages 24 to 27.
Health, safety and environment
It remains the policy of the Group that each business maintains the high standards necessary to safeguard the health and safety
of its employees, customers, contractors and the public. This commitment is formally contained in the Health and Safety Policy
Statement, which is available from the Company’s website at www.computacenter.com/corporate-responsibility or upon request.
The Group’s Health, Safety and Environment (‘HSE’) Department monitors and reviews all procedures and policies, utilising the
advice of external consultants, where necessary, in order to ensure that management systems comply with current legal
requirements. Further objectives in relation to the maintenance of appropriate health, safety and environment standards,
are detailed in the Corporate Sustainable Development Report on pages 24 to 27.


Directors’ report continued

Equal opportunities
The Group acknowledges the importance of equality and diversity and is committed to equal opportunities. The Group monitors
and regularly reviews policies and practices to ensure that it meets current legislative requirements, as well as Computacenter’s
own internal standards. The Group is committed to making full use of the talents and resources of all its employees and to provide
a healthy environment that encourages productive and mutually respectful working relationships within the organisation. Policies
dealing with equal opportunities are in place in all parts of the Group, which take account of the Group’s overall commitment and
also addresses local regulatory requirements. Further information can be found in the Corporate Sustainable Development Report
on pages 24 to 27.
Employee involvement
Computacenter remains committed to involving all employees in significant business issues, particularly matters which affect their
work and working environment. Employee involvement is undertaken through a variety of methods including team briefings,
intranet, electronic mail and in-house publications. The primary method is through team briefings where managers are tasked with
ensuring that information sharing, discussion and feedback happen on a regular basis. Employee consultative forums exist in each
country to consult staff on major issues affecting employment and matters of policy and to enable management to seek the views
and opinions of employees on a wide range of business matters. Should there be transnational issues to discuss a facility exists
to engage a European forum made up of representatives from country forums.
Performance and personal development
The Group is committed to the development of its employees through a regular performance review process. Managers are
responsible for setting and reviewing personal objectives, aligned to corporate and functional goals. Performance is reviewed
against behavioural standards appropriate to job level, with agreement on appropriate training and development interventions
and through discussing career aspirations. The Board closely oversees and monitors management development and the availability
of the required skills to meet the current and future management needs of the Group. At divisional and functional level, review
processes exist to ensure that there is breadth and depth of management talent throughout the business. The UK business retains
its Investor in People status. The Board also directly monitors and reviews progress on succession and development plans of key
senior management.
Computacenter’s reward strategy is reviewed regularly and continues to emphasise performance-related pay, particularly for more
senior managers, with bonus payments aligned to financial performance.
Key performance indicators (‘KPIs’)
Performance and operational KPIs can be found within the strategy spread at the front of the report and accounts. The Board
considers employee-driven attrition rates as a KPI in relation to employee issues. For the year ended 31 December 2010, this figure
was 7.78 per cent (2009: 6.14 per cent). Further KPIs on employee and environmental matters can be found within the Corporate
Sustainable Development Report on pages 24 to 27.
Workplace
International human rights obligations and international employment laws are met through a broad range of policies across
the Group. These ensure that, for example, employees are not subject to discrimination, arbitrary or unjust dismissal or unjust
application of wage rates. Further information on this can be found in the Corporate Sustainable Development Report on
pages 24 to 27.
Business ethics
An ethics policy is operated by the Group, which commits Computacenter employees to the highest standards of ethical behaviour
in respect of customers, suppliers, colleagues and other stakeholders in the business. The policy includes a requirement for all
employees to report abuses or non-conformance with the policy (‘whistle-blowing’) and sets out the procedures to be followed.
The Group has additionally adopted a Code of Ethics specifically aimed at the prevention of bribery.
Community relations and charitable activities
The Group supports community and charitable projects as part of its commitment to corporate social responsibility and
encourages its employees to support such projects. It also organises and supports ad hoc charitable fundraising events.
In addition, the donation of IT equipment to schools and other charitable causes is a feature of the Group’s recycling programmes.
Further information on the Group’s community initiatives can be found within the Corporate Sustainable Development Report on
pages 24 to 27. In 2010 the Group made charitable donations amounting to £115,000 (2009: £100,050).
During the year the Group did not make any political donations to any political party, or other political organisation and did not incur
any political expenditure within the meaning of Sections 362 to 379 of the Companies Act 2006.
Going concern
The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the
foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Auditor
Ernst & Young LLP has expressed its willingness to continue in office as auditor and a resolution approving the re-appointment
of Ernst & Young LLP as the Company’s auditor will be proposed at the forthcoming AGM.


Directors’ responsibilities
Statement of Directors’ responsibilities in relation to the financial statements
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable company
law and those International Financial Reporting Standards as adopted by the European Union.
The Directors are required to prepare financial statements for each financial year which present fairly the financial position of the
Company and of the Group and the results and cash flows of the Group for that period. In preparing the 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 being disclosed and
explained in the accounts; and
• prepare the accounts on a going concern basis, unless it is inappropriate to presume that the Group or Company will continue
in its 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 enable them to ensure that the accounts comply with the Companies Act 2006 and Article 4
of the IAS Regulation. They are also responsible for safeguarding the assets of the Group and hence, taking reasonable steps for
the prevention and detection of fraud and other irregularities.
Disclosure of information to auditor
Each of the persons who is a Director at the date of approval of this report confirms that:
• to the best of each Director’s knowledge and belief, there is no information relevant to the preparation of their report of which
the Group’s auditors are unaware; and
• each Director has taken all steps a Director might reasonably be expected to have taken, to be aware of relevant audit
information and to establish that the Group’s auditors are aware of that information.
Directors’ responsibility statement
• The financial statements, prepared in accordance with International Financial Reporting Standards, as adopted by the EU,
give a true and fair view of the assets, liabilities, financial position and profit for the Company and undertakings included in
the consolidation taken as a whole; and
• Pursuant to the Disclosure and Transparency Rules the Company’s annual report and accounts include a fair review of the
development and performance of the business and the position of the Company and the undertakings included in the
consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.
On behalf of the Board

Mike Norris Tony Conophy
Chief Executive Finance Director
9 March 2011


Independent auditor’s report to the
members of Computacenter plc
We have audited the Group financial statements of Computacenter plc for the year ended 31 December 2010 which comprise the
Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the
Consolidated Statement of Changes in Equity, the Consolidated Cash Flow Statement and the related notes 1 to 33. The financial
reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards
(‘IFRSs’) as adopted by the European Union.
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act
2006. 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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for
the opinions we have formed.
Respective responsibilities of Directors and auditors
As explained more fully in the Directors’ Responsibilities Statement set out on page 45, the Directors are responsible for the
preparation of the Group financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit
and express an opinion on the Group financial statements in accordance with applicable law and International Standards on
Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable
assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an
assessment of: whether the accounting policies are appropriate to the Group’s circumstances and have been consistently applied
and adequately disclosed; the reasonableness of significant accounting estimates made by the Directors; and the overall
presentation of the financial statements.
Opinion on financial statements
In our opinion the Group financial statements:
• Give a true and fair view of the state of the Group’s affairs as at 31 December 2010 and of its profit for the year then ended;
• Have been properly prepared in accordance with IFRSs as adopted by the European Union; and
• Have been prepared in accordance with the requirements of the Companies Act 2006 and Article 4 of the IAS Regulation.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors’ Report for the financial year for which the Group financial statements are
prepared is consistent with the Group financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following:
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• Certain disclosures of Directors’ remuneration specified by law are not made; or
• We have not received all the information and explanations we require for our audit.
Under the Listing Rules we are required to review:
• The Directors’ statement, set out on page 44, in relation to going concern; and
• The part of the Corporate Governance Statement relating to the Company’s compliance with the nine provisions of the
June 2008 Combined Code specified for our review; and
• Certain elements of the report to shareholders by the Board on Directors’ remuneration.
Other matter
We have reported separately on the Parent Company financial statements of Computacenter plc for the year ended 31 December
2010 and on the information in the Directors’ Remuneration Report that is described as having been audited.

Nick Powell (Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
London
9 March 2011


Consolidated income statement
For the year ended 31 December 2010

2010 2009
Note £’000 £’000
Revenue 3 2,676,495 2,503,198
Cost of sales (2,310,682) (2,153,395)
Gross profit 365,813 349,803

Distribution costs (18,978) (19,032)
Administrative expenses (280,288) (272,876)
Operating profit: 4
Before amortisation of acquired intangibles and exceptional items 66,547 57,895
Amortisation of acquired intangibles (655) (517)
Exceptional items 5 – (5,299)
Operating profit 65,892 52,079

Finance income 7 2,329 1,307
Finance costs 8 (2,823) (4,977)

Profit before tax:
Before amortisation of acquired intangibles and exceptional items 66,053 54,225
Exceptional items – (5,299)
Profit before tax 65,398 48,409

Income tax expense:
Before exceptional items (15,078) (12,113)
Tax on exceptional items 5 – 1,415
Income tax expense 9 (15,078) (10,698)
Profit for the year 50,320 37,711

Attributable to:
Equity holders of the parent 10 50,321 37,703
Non-controlling interests (1) 8
50,320 37,711

Earnings per share 10
– basic 34.1p 25.7p
– diluted 32.6p 24.9p


Consolidated statement of comprehensive income

2010 2009
£’000 £’000
Profit for the year 50,320 37,711
Exchange differences on translation of foreign operations (4,076) (10,173)
Total comprehensive income for the period 46,244 27,538

Equity holders of the parent 46,250 27,543
Non-controlling interests (6) (5)
46,244 27,538


Consolidated balance sheet
As at 31 December 2010

2010 2009
Notes £’000 £’000
Non-current assets
Property, plant and equipment 12 88,882 105,290
Intangible assets 13 78,531 72,965
Investment in associate 15 47 57
Deferred income tax asset 9 15,577 16,444
183,037 194,756
Current assets
Inventories 17 81,569 67,086
Trade and other receivables 18 471,133 475,646
Prepayments 44,219 55,785
Accrued income 39,971 29,538
Forward currency contracts 24 562 726
Cash and short-term deposits 19 159,269 108,017
796,723 736,798
Total assets 979,760 931,554

Current liabilities
Trade and other payables 20 440,790 378,929
Deferred income 100,840 123,861
Financial liabilities 21 37,936 48,647
Income tax payable 5,941 3,815
Provisions 23 2,644 2,202
588,151 557,454
Non-current liabilities
Financial liabilities 21 10,320 22,022
Provisions 23 10,749 11,605
Other non-current liabilities – 227
Deferred income tax liabilities 9 978 1,674
22,047 35,528
Total liabilities 610,198 592,982
Net assets 369,562 338,572

Capital and reserves
Issued capital 26 9,233 9,186
Share premium 26 3,697 2,929
Capital redemption reserve 26 74,957 74,950
Own shares held 26 (10,146) (9,657)
Foreign currency translation reserve 26 12,137 16,208
Retained earnings 279,674 244,940
Shareholders’ equity 369,552 338,556
Non-controlling interests 10 16
Total equity 369,562 338,572
Approved by the Board on 9 March 2011

MJ Norris FA Conophy


Consolidated statement of changes in equity

Attributable to equity holders of the parent
Foreign
Capital Own currency Non-
Issued Share redemption shares translation Retained controlling Total
capital premium reserve held reserve earnings Total interests equity
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2010 9,186 2,929 74,950 (9,657) 16,208 244,940 338,556 16 338,572
Profit for the year – – – – – 50,321 50,321 (1) 50,320
Other comprehensive income – – – – (4,071) – (4,071) (5) (4,076)
Total comprehensive income – – – – (4,071) 50,321 46,250 (6) 46,244
Cost of share-based payments – – – – – 2,620 2,620 – 2,620
Deferred tax on share-based
payment transactions – – – – – 789 789 – 789
Exercise of options 46 264 – 1,563 – (1,563) 310 – 310
Issue of share capital 8 504 – – – – 512 – 512
Purchase of own shares – – – (2,501) – – (2,501) – (2,501)
Cancellation of own shares (7) – 7 449 – (449) – – –
Equity dividends – – – – – (16,984) (16,984) – (16,984)
At 31 December 2010 9,233 3,697 74,957 (10,146) 12,137 279,674 369,552 10 369,562

At 1 January 2009 9,181 2,890 74,950 (11,169) 26,368 218,970 321,190 21 321,211
Profit for the year – – – – – 37,703 37,703 8 37,711
Other comprehensive income – – – – (10,160) – (10,160) (13) (10,173)
Total comprehensive income – – – – (10,160) 37,703 27,543 (5) 27,538
Cost of share-based payments – – – – – 2,555 2,555 – 2,555
Deferred tax on share-based
payment transactions – – – – – 298 298 – 298
Exercise of options 5 39 – 2,072 – (2,072) 44 – 44
Purchase of own shares – – – (560) – – (560) – (560)
Equity dividends – – – – – (12,514) (12,514) – (12,514)
At 31 December 2009 9,186 2,929 74,950 (9,657) 16,208 244,940 338,556 16 338,572


Consolidated cash flow statement

2010 2009
Notes £’000 £’000
Operating activities
Profit before taxation 65,398 48,409
Net finance costs 494 3,670
Depreciation 12 31,722 35,326
Amortisation 13 6,550 4,631
Share-based payments 2,620 2,555
Loss on disposal of property, plant and equipment 815 23
Profit on disposal of business 5 – (1,879)
(Increase)/decrease in inventories (16,400) 34,126
(Increase)/decrease in trade and other receivables (3,660) 52,348
Increase in trade and other payables 46,435 10,960
Other adjustments (49) 283
Cash generated from operations 133,925 190,452
Income taxes paid (11,281) (17,500)
Net cash flow from operating activities 122,644 172,952

Investing activities
Interest received 2,284 1,717
Acquisition of subsidiaries, net of cash acquired 16 – (9,742)
Proceeds from sale of business 5 – 2,982
Proceeds from sale of property, plant and equipment 372 7
Purchases of property, plant and equipment (12,856) (9,511)
Purchases of intangible assets (12,774) (11,790)
Net cash flow from investing activities (22,974) (26,337)

Financing activities
Interest paid (3,200) (4,540)
Dividends paid to equity shareholders of the parent 11 (16,984) (12,514)
Proceeds from share issues 822 44
Purchase of own shares (2,501) (560)
Repayment of capital element of finance leases (20,641) (20,956)
Repayment of loans (12,622) (40,248)
New borrowings 5,957 16,357
Increase/(decrease) in factor financing 1,568 (25,600)
Net cash flow from financing activities (47,601) (88,017)

Increase in cash and cash equivalents 52,069 58,598
Effect of exchange rates on cash and cash equivalents (1,090) (533)
Cash and cash equivalents at the beginning of the year 19 104,954 46,889
Cash and cash equivalents at the year-end 19 155,933 104,954


Notes to the consolidated financial statements

1 Authorisation of financial statements and statement of compliance with IFRS
The consolidated financial statements of Computacenter plc for the year ended 31 December 2010 were authorised for issue
in accordance with a resolution of the Directors on 9 March 2011. The balance sheet was signed on behalf of the Board by
MJ Norris and FA Conophy. Computacenter plc is a limited company incorporated and domiciled in England whose shares
are publicly traded.
The Group’s financial statements have been prepared in accordance with International Financial Reporting Standards (‘IFRS’),
as adopted by the European Union as they apply to the financial statements of the Group for the year ended 31 December 2010
and applied in accordance with the Companies Act 2006.
2 Summary of significant accounting policies
Basis of preparation
The consolidated financial statements are presented in Sterling and all values are rounded to the nearest thousand (£’000) except
when otherwise indicated.
Basis of consolidation
The consolidated financial statements comprise the financial statements of Computacenter plc and its subsidiaries as at
31 December each year. The financial statements of subsidiaries are prepared for the same reporting year as the parent
company, using existing GAAP in each country of operation. Adjustments are made on consolidation translating any differences
that may exist between the respective local GAAPs and IFRS.
All intra-group balances, transactions, income and expenses and profit and losses resulting from intra-group transactions have
been eliminated in full.
Subsidiaries are consolidated from the date on which the Group obtains control and cease to be consolidated from the date
on which the Group no longer retains control.
Non-controlling interests represent the portion of profit or loss and net assets in subsidiaries that is not held by the Group and
is presented separately within equity in the consolidated balance sheet, separately from parent shareholders’ equity.
Changes in accounting policy and disclosures
The accounting policies adopted are consistent with those of the previous financial year except as follows:
The Group has adopted the following new and amended IFRS and IFRIC interpretations during the year. Except as noted below,
adoption of these standards did not have any effect on the financial performance or position of the Group. They did however give
rise to additional disclosures. The other pronouncements which came into force during the year were not relevant to the Group:
IFRS 3 (revised) Business Combinations
IFRS 3 (Revised) introduces significant changes in the accounting for business combinations. It requires that all acquisition related
costs are expensed in the period incurred rather than included in the cost of the investment, that changes to the contingent
consideration following a business combination are shown in the statement of comprehensive income instead of adjusting goodwill
and that changes to deferred tax assets relating to business combinations are only reflected within goodwill if they occur within the
measurement period. The Group has applied IFRS 3 (Revised) with effect from 1 January 2010. During the period the Group
recognised the benefit of tax losses of £1.7 million attributable to an acquisition completed in a previous period. The impact is included
within current income tax expense. Had the standard not been adopted, an adjustment to goodwill would have been required.
IAS 27 (amended) Consolidated and Separate Financial Statements
The amended standard requires that a change in the ownership interest of a subsidiary (without loss of control) is accounted for as
a transaction with owners in their capacity as owners and these transactions will no longer give rise to goodwill or gains and losses.
The standard also specifies the accounting when control is lost and any retained interest is remeasured to fair value with gains or
losses recognised in profit or loss.


2 Summary of significant accounting policies continued
Improvements to IFRS
In May 2009 the IASB issued its second omnibus of amendments to its standards, primarily with a view to removing
inconsistencies and clarifying wording. The adoption of the amendments did not have any impact on the financial position
or performance of the Group.
New standards and interpretations not yet effective
During the year, the IASB and IFRIC have issued the following standards and interpretations which are expected to have
implications for the reporting of the financial position or performance of the Group or which may require additional disclosures
in future financial years.
IAS 24 Related Party Disclosures (Amendment) (effective* 1 January 2011)
The amended standard clarified the definition of a related party to simplify the identification of such relationships and to eliminate
inconsistencies in its application. The revised standard introduces a partial exemption of disclosure requirements for government
related entities. The Group does not expect any impact on its financial position or performance.
IFRS 9 Financial Instruments: Classification and Measurement (effective* 1 January 2013)
IFRS 9 as issued reflects the first phase of the IASB’s work on the replacement of IAS 39 and applies to classification and
measurement of financial assets as defined in IAS 39. In subsequent phases, the IASB will address classification and measurement
of financial liabilities, hedge accounting and derecognition. The adoption of the first phase of IFRS 9 will have an effect on the
classification and measurement of the Group’s financial assets. The Group will quantify the effect in conjunction with the other
phases, when issued, to present a comprehensive picture.
Improvements to IFRS (issued in May 2010)
The Group expects no impact from the adoption of the amendments on its financial position or performance.
* The effective dates stated above are those given in the original IASB/IFRIC standards and interpretations. As the group prepares its financial statements in
accordance with IFRS as adopted by the European Union (EU), the application of new standards and interpretations will be subject to their having been endorsed
for use in the EU via the EU endorsement mechanism. In the majority of cases this will result in an effective date consistent with that given in the original standard
or interpretation but the need for endorsement restricts the group’s discretion to early adopt standards.

Critical judgments and estimates
The preparation of the Group’s financial statements requires management to make judgments on how to apply the Group’s
accounting policies and make estimates about the future. Due to the inherent uncertainty in making these critical judgments
and estimates, actual outcomes could be different.
The more significant judgments and estimates, where a risk exists that a material adjustment to the carrying value of assets
and liabilities in the next financial year could occur, relate to:
• revenue recognition where, on a limited number of support and managed services contracts, an estimate of the total contract
costs is required to determine the stage of completion;
• estimation of residual value of assets owned to support certain contracts;
• impairment of intangible assets and goodwill, which is based upon estimates of future cash flows and discount rates for the
relevant cash-generating units;
• recognition of deferred tax assets in respect of losses carried forward, which are dependent upon estimates of future profitability
of certain Group companies; and
• other estimated tax positions, where the decisions of tax authorities are uncertain.
Further information is provided within this note summarising significant accounting policies, and notes 9 and 14 to the
financial statements.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation, down to residual value, is calculated on a straight-line basis over the estimated useful life of the asset as follows:
Freehold buildings 25–50 years
Short leasehold improvements shorter of 7 years and period to expiry of lease
Fixtures and fittings
– Head office 5–15 years
– Other shorter of 7 years and period to expiry of lease
Office machinery, computer hardware 2–15 years
Motor vehicles 3 years
Freehold land is not depreciated. An item of property, plant and equipment is derecognised upon disposal or when no future
economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on de-recognition of the asset
(calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the income
statement in the year the item is derecognised.


Notes to the consolidated financial statements continued

Leases
Assets held under finance leases, which transfer to the Group substantially all the risks and benefits incidental to ownership of the
leased item, are capitalised at the inception of the lease at the fair value of the leased asset or, if lower, at the present value of the
minimum lease payments. Lease payments are apportioned between the finance charges and reduction of the lease liability so as
to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income.
Capitalised leased assets are depreciated over the shorter of the estimated useful life of the asset and the lease term.
Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are classified as operating leases.
Operating lease payments are recognised as an expense in the income statement on a straight-line basis over the lease term.
Intangible assets
Software and software licences
Software and software licences include computer software that is not integral to a related item of hardware. These assets are
stated at cost less accumulated amortisation and any impairment in value. Amortisation is calculated on a straight-line basis over
the estimated useful life. Currently software is amortised over four years.
The carrying values of software and software licences are reviewed for impairment when events or changes in circumstances
indicate that the carrying value may not be recoverable. If any such indication exists and where the carrying values exceed the
estimated recoverable amount, the assets are written down to their recoverable amount.
Software under development
Costs that are incurred and that can be specifically attributed to the development phase of management information systems
for internal use are capitalised and amortised over their useful life, once the asset becomes available for use.
Other intangible assets
Intangible assets acquired as part of a business are carried initially at fair value. Following initial recognition intangible assets are
carried at cost less accumulated amortisation and accumulated impairment losses. Intangible assets with a finite life have no
residual value and are amortised on a straight-line basis over their expected useful lives with charges included in administrative
expenses as follows:
Existing customer contracts 5 years
Existing customer relationships 10 years
Tools and technology 7 years
The carrying value of intangible assets is reviewed for impairment whenever events or changes in circumstances indicate the
carrying value may not be recoverable.
Goodwill
Business combinations on or after 1 January 2004 are accounted for under IFRS 3 (Revised) using the purchase method. Any
excess of the cost of the business combination over the Group’s interest in the net fair value of the identifiable assets, liabilities and
contingent liabilities is recognised in the balance sheet as goodwill and is not amortised. Goodwill recognised on acquisitions prior
to 1 January 2004, the date of transition to IFRS, is recorded at its amortised cost at transition to IFRS and is no longer amortised.
Any goodwill asset arising on the acquisition of equity accounted entities is included within the cost of those entities.
After initial recognition, goodwill is stated at cost less any accumulated impairment losses, with the carrying value being
reviewed for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value
may be impaired.
For the purpose of impairment testing, goodwill is allocated to the related cash-generating units monitored by management, usually
at business segment level or statutory company level as the case may be. Where the recoverable amount of the cash-generating
unit is less than its carrying amount, including goodwill, an impairment loss is recognised in the income statement.
Goodwill arising on acquisitions prior to 31 December 1997 remains set off directly against reserves even if the related investment
becomes impaired or the business is disposed of.
Impairment of assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication
exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset’s recoverable amount.
Where an asset does not have independent cash flows, the recoverable amount is assessed for the cash-generating unit to which
it belongs. The recoverable amount is the higher of the fair value less costs to sell and the value in use of the asset or cash-
generating unit. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is
written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset. Impairment losses of continuing operations are recognised in the income statement in those expense categories consistent
with the function of the impaired asset.
Financial assets
Financial assets are recognised at their fair value which initially equates to the consideration given plus directly attributable
transaction costs associated with the investment.


Inventories
Inventories are carried at the lower of weighted average cost and net realisable value after making allowance for any obsolete
or slow-moving items. Costs include those incurred in bringing each product to its present location and condition, on a first-in,
first-out basis.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make
the sale.
Trade and other receivables
Trade receivables, which generally have 30–90 day terms, are recognised and carried at their original invoice amount less an
allowance for any uncollectable amounts. An estimate for doubtful debts is made when collection of the full amount is no longer
probable. Balances are written off when the probability of recovery is assessed as being remote.
Receivables subject to factoring arrangement
Some of the Group’s trade receivables are subject to factoring arrangements. These transactions do not meet IAS 39’s
requirements for derecognition, since the risks and rewards have not been substantially transferred. All receivables sold through
factoring transactions which do not meet the IAS 39 derecognition criteria continue to be recognised in full in the Group financial
statements even though they are legally subject to the factoring arrangement; a corresponding liability is recorded in the
consolidated balance sheet as ‘Factor Financing’. Gains and losses relating to the sale of such assets are not recognised
until the assets are derecognised.
Cash and cash equivalents
Cash and short-term deposits in the balance sheet comprise cash at bank and in hand and short-term deposits with an original
maturity of three months or less.
For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and short-term deposits
as defined above, net of outstanding bank overdrafts.
Interest-bearing borrowings
All borrowings are initially recognised at fair value less directly attributable transaction costs. Borrowing costs are recognised
as an expense when incurred.
After initial recognition, interest-bearing borrowings are subsequently measured at amortised cost using the effective interest
method. Amortised cost is calculated by taking into account any issue costs and any discount or premium on settlement.
De-recognition of financial assets and liabilities
Financial assets
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
de-recognised where:
• the rights to receive cash flows from the asset have expired;
• the Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full
without material delay to a third party under a ‘pass-through’ arrangement; or
• the Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the
risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset,
but has transferred control of the asset.
Financial liabilities
A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expires.
Derivative financial instruments
The Group uses foreign currency forward contracts to hedge its risks associated with foreign currency fluctuations. Forward
contracts are initially recognised at fair value on the date that the contract is entered into and are subsequently remeasured at fair
value at each reporting date. The fair value of forward currency contracts is calculated by reference to current forward exchange
rates for contracts with similar maturity profiles. Forward contracts are recorded as assets when the fair value is positive and as
liabilities when the fair value is negative.
Any gains or losses arising from changes in fair value on forward contracts are taken directly to the income statement.



Foreign currency translation
The Group’s presentation currency is Pounds Sterling (£). Each entity in the Group determines its own functional currency and
items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign
currencies are initially recorded in the functional currency at the exchange rate ruling at the date of the transaction. Monetary assets
and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the balance
sheet date. All differences are taken to the consolidated income statement.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate
as at the date of initial transaction.
The functional currencies of the overseas subsidiaries are Euro (€), US dollar (US$) and South African rand (ZAR). As at the
reporting date, the assets and liabilities of these overseas subsidiaries are translated into the presentation currency of the Group
at the rate of exchange ruling at the balance sheet date and their income statements are translated at the average exchange rates
for the year. Exchange differences arising on the retranslation are recognised in the consolidated statement of comprehensive
income. On disposal of a foreign entity, the deferred cumulative amount recognised in the consolidated statement of
comprehensive income relating to that particular foreign operation is recognised in the income statement.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation.
If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at
a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to
the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a borrowing cost.
Taxation
Current tax
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or
paid to the tax authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively
enacted by the balance sheet date.
Deferred tax
Deferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their
carrying amounts in the financial statements, with the following exceptions:
• where the temporary difference arises from the initial recognition of goodwill or from an asset or liability in a transaction that
is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss;
• in respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, where
the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will
not reverse in the foreseeable future; and
• deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which
the deductible temporary differences, carried forward tax credits or tax losses, can be utilised.
Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply
when the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the
balance sheet date.
Income tax is charged or credited directly to the statement of comprehensive income if it relates to items that are credited
or charged to the statement of comprehensive income. Otherwise income tax is recognised in the income statement.
VAT
Revenues, expenses and assets are recognised net of the amount of VAT except:
• where the VAT incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case
the VAT is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
• trade receivables and payables are stated with the amount of VAT included.
The net amount of VAT recoverable from, or payable to, the taxation authority is included as part of receivables or payables
in the balance sheet.


Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can
be reliably measured. Revenue is measured at the fair value of the consideration received, excluding discounts and rebates
given to customers, VAT and other sales tax or duty. The following specific recognition criteria must also be met before revenue
is recognised:
Product
Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on
dispatch of goods.
Professional Services
Revenue is recognised when receivable under a contract following delivery of a service or in line with the stage of work completed.
The stage of completion is determined by reference to the costs incurred as a proportion of the total estimated costs of the
contract and unbilled revenue is recognised within accrued income. If the total estimated costs and revenues of a contract cannot
be reliably estimated, revenue is recognised only to the extent that costs have been incurred. A provision is made as soon as a loss
is foreseen.
Support and Managed Services
Contracted service revenue is recognised on a percentage of completion basis. Usually revenue is recognised on a straight-line
basis, when this is representative of the stage of completion of an individual contract. Unrecognised contracted revenue is included
as deferred income in the balance sheet. Amounts invoiced relating to more than one period are deferred and recognised over their
relevant life.
On a limited number of Support and Managed Service contracts recognising revenue on a straight-line basis is not representative
of the stage of completion. On these contracts, the stage of completion is determined by reference to the costs incurred as a
proportion of the total estimated costs of the contract and unbilled revenue is recognised within accrued income. If a contract
cannot be reliably estimated revenue is recognised only to the extent that costs have been incurred. A provision is made as soon
as a loss is foreseen.
Where a contract contains several elements, the individual elements are accounted for separately where appropriate.
Finance income
Income is recognised as interest accrues.
Dividends
Dividend income is recognised when the Group’s right to receive payment is established.
Operating leases
Rental income arising from operating leases is accounted for on a straight-line basis over the lease term.
Pensions and other post-employment benefits
The Group operates a defined contribution scheme available to all UK employees. Contributions are recognised as an expense
in the income statement as they become payable in accordance with the rules of the scheme. There are no material pension
schemes within the Group’s overseas operations.
Exceptional items
The Group presents as exceptional items on the face of the income statement, those material items of income and expense
which, because of the nature and expected infrequency of the events giving rise to them, merit separate presentation to allow
shareholders to understand better elements of financial performance in the year, so as to facilitate comparison with prior periods
and to assess better trends in financial performance.



Share-based payment transactions
Employees (including Executive Directors) of the Group can receive remuneration in the form of share-based payment transactions,
whereby employees render services in exchange for shares or rights over shares (‘equity-settled transactions’).
The cost of equity-settled transactions with employees is measured by reference to the fair value of the award at the date at which
they are granted. The fair value is determined by utilising an appropriate valuation model, further details of which are given in note
27. In valuing equity-settled transactions, no account is taken of any performance conditions as none of the conditions set are
market-related ones.
The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the
performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the
award (‘vesting date’). The cumulative expense recognised for equity-settled transactions at each reporting date, until the vesting
date, reflects the extent to which the vesting period has expired and the Directors’ best estimate of the number of equity
instruments that will ultimately vest. The income statement charge or credit for a period represents the movement in cumulative
expense recognised as at the beginning and end of that period. As the schemes do not include any market-related performance
conditions, no expense is recognised for awards that do not ultimately vest.
Where the terms of an equity-settled award are modified, as a minimum, an expense is recognised as if the terms had not been
modified. In addition, an expense is recognised for any modification, which increases the total fair value of the share-based
payment arrangement, or is otherwise beneficial to the employee as measured at the date of modification.
Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not
yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award, and
designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were
a modification of the original award, as described in the previous paragraph.
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share
(see note 10).
The Group has an employee share trust for the granting of non-transferable options to executives and senior employees. Shares in
the Group held by the employee share trust are treated as investment in own shares and are recorded at cost as a deduction from
equity (see note 26).
Own shares held
Computacenter plc shares held by the Group are classified in shareholders’ equity as ‘own shares held’ and are recognised at
cost. Consideration received for the sale of such shares is also recognised in equity, with any difference between the proceeds
from sale and the original cost being taken to revenue reserves. No gain or loss is recognised in the performance statements on
the purchase, sale, issue or cancellation of equity shares.


3 Segmental analysis
For management purposes, the Group is organised into geographical segments, with each segment determined by the location
of the Group’s assets and operations. The Group’s business in each geography is managed separately and held in separate
statutory entities.
No operating segments have been aggregated to form the below reportable operating segments.
Management monitor the operating results of its geographical segments separately for the purposes of making decisions about
resource allocation and performance assessment. Segment performance is evaluated based on adjusted operating profit or loss
which is measured differently from operating profit or loss in the consolidated financial statements. At a Group level, however,
management measure performance on adjusted profit before tax. Adjusted operating profit or loss takes account of the interest
paid on customer-specific financing (‘CSF’) which management consider to be a cost of sale for management reporting purposes.
Excluded from adjusted operating profit is the amortisation of acquired intangibles, exceptional items and the transfer of internal
ERP implementation costs as management do not consider these items when reviewing the underlying performance of a segment.
Segmental performance for the years ended 31 December 2010 and 2009 was as follows:
UK Germany France Benelux Total
£’000 £’000 £’000 £’000 £’000

Results
Revenue 1,265,431 1,005,812 359,611 45,641 2,676,495
Adjusted gross profit 189,614 131,511 37,815 4,753 363,693
Adjusted net operating expenses (146,277) (111,014) (36,825) (5,150) (299,266)
Adjusted segment operating profit/(loss) 43,337 20,497 990 (397) 64,427
Adjusted net interest 1,626
Adjusted profit before tax 66,053

Other segment information
Capital expenditure:
Property, plant and equipment 10,552 5,967 491 108 17,118
Intangible fixed assets 11,935 701 138 – 12,774

Depreciation 21,142 9,971 491 118 31,722
Amortisation 4,073 2,339 138 – 6,550

Share-based payments 1,918 489 213 – 2,620



3 Segmental analysis continued
£’000 £’000 £’000 £’000 £’000

Results
Revenue 1,226,917 930,673 319,384 26,224 2,503,198
Adjusted gross profit 181,149 124,395 37,448 2,838 345,830
Adjusted net operating expenses (143,310) (104,831) (40,169) (3,597) (291,907)
Adjusted segment operating profit/(loss) 37,839 19,564 (2,721) (759) 53,923
Adjusted net interest 302
Adjusted profit before tax 54,225

Other segment information
Capital expenditure:
Property, plant and equipment 11,042 8,107 783 118 20,050
Intangible fixed assets 11,891 15,301 71 – 27,263

Depreciation 24,015 10,064 1,118 129 35,326
Amortisation 3,302 1,209 120 – 4,631

Share-based payments 1,893 357 305 – 2,555

Reconciliation of adjusted results
Management review adjusted measures of performance as shown in the tables above. Adjusted profit before tax excludes
exceptional items and the amortisation of acquired intangibles as shown below:
2010 2009
£’000 £’000
Adjusted profit before tax 66,053 54,225
Exceptional items – (5,299)
Profit before tax 65,398 48,409


3 Segmental analysis continued
Reconciliation of adjusted results continued
Management also review adjusted measures for gross profit, operating expenses, operating profit and net interest, which in
addition takes account of interest costs of CSF within cost of sales (as these are considered to form part of the gross profit
performance of a contract). The reconciliation for adjusted operating profit to operating profit, as disclosed in the Consolidated
Income Statement, is as follows:
£’000 £’000 £’000 £’000 £’000
Adjusted segment operating profit/(loss) 43,337 20,497 990 (397) 64,427
Add back interest on CSF 1,442 678 – – 2,120
Amortisation of acquired intangibles (519) (136) – – (655)
ERP implementation costs (4,250) 4,250 – – –
Segment operating profit/(loss) 40,010 25,289 990 (397) 65,892

Adjusted segment operating profit/(loss) 37,839 19,564 (2,721) (759) 53,923
Add back interest on CSF 2,921 1,051 – – 3,972
Amortisation of acquired intangibles (481) (36) – – (517)
Exceptional items (3,155) (291) (1,613) (240) (5,299)
ERP implementation costs (2,728) 2,728 – – –
Segment operating profit/(loss) 34,396 23,016 (4,334) (999) 52,079

Sources of revenue
Each geographical segment principally consists of a single entity with shared assets, liabilities and capital expenditure. The Group
has three sources of revenue, which are aggregated and shown in the table below. The sale of goods is recorded within product
revenues and the rendering of services is split into Professional and Support and Managed Services.
Revenue performance is reported to the Chief Operating Decision Maker excluding the UK Trade Distribution business, which was
disposed of on 27 November 2009. The table below reflects revenue performance before and after the impact of the sold business.
2010 2009
£’000 £’000
Sources of revenue
Product revenue
Ongoing operations 1,888,362 1,678,613
Trade distribution – 84,589
Total product revenue 1,888,362 1,763,202
Services revenue
Professional services 192,448 175,364
Support and managed services 595,685 564,632
Total services revenue 788,133 739,996
Total revenue 2,676,495 2,503,198

Information about major customers
Included in revenues arising from the UK segment are revenues of approximately £311 million (2009: £397 million) which arose
from sales to the Group’s largest customer. For the purposes of this disclosure a single customer is considered to be a group of
entities known to be under common control. This customer consists of entities under control of the UK Government, and includes
the Group’s revenues with central government, local government and certain government controlled banking institutions.



4 Group operating profit
This is stated after charging:
2010 2009
£’000 £’000
Auditors’ remuneration:
Audit of the financial statements 400 416
Other fees to auditors – local statutory audits for subsidiaries 31 27
– other services in pursuant of legislation 12 12
– taxation services 68 146
– other services 46 98
557 699

Depreciation of property, plant and equipment 31,722 35,326
Loss on disposal of property, plant and equipment 815 23
Profit on disposal of business, net of goodwill – 1,879
Amortisation of intangible assets 6,550 4,631

Net foreign currency differences (35) (897)

Costs of inventories recognised as an expense 1,696,592 1,588,654

Operating lease payments – minimum lease payments 37,343 40,174
In addition to the auditors’ remuneration disclosed above, further costs £139,000 incurred in 2009 in relation to non-audit services
in respect of the acquisition of becom Informationssysteme GmbH were capitalised at 31 December 2009.

5 Exceptional items
2010 2009
£’000 £’000
Operating profit
Profit on disposal of business, net of goodwill – 1,879
Restructuring costs – (7,178)
– (5,299)

Income tax
Tax on exceptional items included in operating profit – 1,415
The profit on disposal of business of £1,879,000 arose from the Group disposing of its Trade Distribution division to Ingram Micro in
November 2009. The disposal did not match the criteria of IFRS 5 ‘Non-current assets held-for-sale and discontinued operations’
as the disposal did not represent a separate major line of business or geographical area of operations and hence was not treated
as a discontinued operation. The Group received consideration of £2,982,000 in cash and cash equivalents, net of costs incurred
in relation to the sale. This was offset by the disposal of goodwill associated with the business of £1,002,000. The directly
attributable goodwill associated with the Trade Distribution business originally arose from the acquisition of Metrologie UK in 1999.
Separately, related inventories of £8,574,000 were sold to Ingram Micro at cost.
Restructuring costs arose in 2009 from the change programme to reduce costs. They included expenses from headcount
reductions of £5,309,000 and vacant premises costs of £1,869,000.


6 Staff costs and Directors’ emoluments
2010 2009
£’000 £’000
Wages and salaries 440,352 427,853
Social security costs 67,136 66,407
Share-based payments 2,620 2,555
Pension costs 15,938 16,142
526,046 512,957
Share-based payments arise from transactions accounted for as equity-settled share-based payment transactions.
The average monthly number of employees during the year was made up as follows:
2010 2009
No. No.
UK 4,947 4,765
Germany 4,169 4,093
France 1,203 1,121
Benelux 195 194
10,514 10,245

7 Finance income
2010 2009
£’000 £’000
Bank interest receivable 1,878 1,249
Income from investments 451 58
2,329 1,307

8 Finance costs
2010 2009
£’000 £’000
Bank loans and overdrafts 352 429
Finance charges payable on customer-specific financing 2,120 3,972
Finance costs on factoring 206 391
Other interest 145 185
2,823 4,977



9 Income tax

a) Tax on profit on ordinary activities
2010 2009
£’000 £’000
Tax charged in the income statement
Current income tax
UK corporation tax 12,917 11,181
Foreign tax 3,306 1,394
Adjustments in respect of prior periods (1,682) (853)
Total current income tax 14,541 11,722

Deferred tax
Origination and reversal of temporary differences (1,239) (2,284)
Losses utilised 5,535 4,803
Changes in recoverable amounts of deferred tax assets (6,608) (3,691)
Adjustments in respect of prior periods 2,849 148
Total deferred tax 537 (1,024)
Tax charge in the income statement 15,078 10,698

b) Reconciliation of the total tax charge
2010 2009
£’000 £’000
Accounting profit before income tax 65,398 48,409

At the UK standard rate of corporation tax of 28.0 per cent (2009: 28.0 per cent) 18,311 13,555
Expenses not deductible for tax purposes 1,446 803
Non-deductible element of share-based payment charge 490 715
Relief on share option gains (607) (364)
Adjustments in respect of current income tax of previous periods 1,167 (705)
Higher tax on overseas earnings 110 69
Other differences 781 (457)
Effect of changes in tax rate 197 –
Current year profits offset against brought forward losses (438) –
Capital gain relieved by unrecognised losses brought forward – (835)
Changes in recoverable amounts of deferred tax assets (6,608) (3,691)
Losses of overseas undertakings not available for relief 229 1,609
At effective income tax rate of 23.1 per cent (2009: 22.1 per cent) 15,078 10,698
c) Tax losses
Deferred tax assets of £11.3 million (2009: £11.4 million) have been recognised in respect of losses carried forward.
In addition, at 31 December 2010, there were unused tax losses across the Group of £171.2 million (2009: £188.1 million) for
which no deferred tax asset has been recognised. Of these losses, £99.4 million (2009: £111.1 million) arise in Germany, albeit
a significant proportion have been generated in statutory entities that no longer have significant levels of trade. The remaining
unrecognised tax losses relate to other loss-making overseas subsidiaries.


9 Income tax continued
d) Deferred tax
Deferred income tax at 31 December relates to the following:
Consolidated balance sheet Consolidated income statement
2010 2009 2010 2009
£’000 £’000 £’000 £’000
Deferred income tax liabilities
Accelerated capital allowances 922 438 (752) (250)
Revaluations of foreign exchange contracts to fair value 56 – 56
Effect of changes in tax rate on opening liability – – (45) –
Arising on acquisition – 1,236 – (135)
Gross deferred income tax liabilities 978 1,674
Deferred income tax assets
Relief on share option gains 2,266 909 (568) (512)
Other temporary differences 2,049 3,751 1,478 (1,238)
Effect of changes in tax rate on opening liability – – 234 –
Revaluations of foreign exchange contracts to fair value – (27) (27) –
Losses available for offset against future taxable income 11,262 11,423 161 1,111
Fair value adjustments on acquisition of subsidiary (note 16) – 388 – –
Gross deferred income tax assets 15,577 16,444
Deferred income tax charge 537 (1,024)
Net deferred income tax asset 14,599 14,770
At 31 December 2010, there was no recognised or unrecognised deferred income tax liability (2009: £nil) for taxes that would be
payable on the unremitted earnings of the Group’s subsidiaries as the Group has no liability to additional taxation should such
amounts be remitted due to the availability of double taxation relief.
e) Impact of rate change
The Finance (No 2) Act 2010 reduced the main rate of UK Corporation Tax from 28 per cent to 27 per cent with effect from 1 April
2011. The impact of the new rate is to reduce the UK deferred tax asset by £0.2 million. Additional changes to the main rate of UK
Corporation Tax to reduce the rate by 1 per cent per annum to 24 per cent by 1 April 2014 have been proposed. These changes
have not been substantively enacted at the balance sheet date and consequently are not included in these financial statements.
The effect of these proposals would be to reduce the UK net deferred tax asset by £0.2 million.

10 Earnings per ordinary share
Earnings per share (‘EPS’) amounts are calculated by dividing profit attributable to ordinary equity holders by the weighted average
number of ordinary shares outstanding during the year (excluding own shares held).
Diluted earnings per share amounts are calculated by dividing profit attributable to ordinary equity holders by the weighted average
number of ordinary shares outstanding during the year (excluding own shares held) adjusted for the effect of dilutive options.
Adjusted basic and adjusted diluted EPS are presented to provide more comparable and representative information. Accordingly
the adjusted basic and adjusted diluted EPS figures exclude amortisation of acquired intangibles and exceptional items.
2010 2009
£’000 £’000
Profit attributable to equity holders of the parent 50,321 37,703
Amortisation of acquired intangibles 655 517
Tax on amortisation of acquired intangibles (187) (145)
Exceptional items within operating profit – 5,299
Tax on exceptional items included in profit before tax – (1,415)
Profit before amortisation of acquired intangibles and exceptional items 50,789 41,959



10 Earnings per ordinary share continued
2010 2009
000’s 000’s
Basic weighted average number of shares (excluding own shares held) 147,752 146,918
Effect of dilution:
Share options 6,370 4,671
Diluted weighted average number of shares 154,122 151,589

2010 2009
pence pence
Basic earnings per share 34.1 25.7
Diluted earnings per share 32.6 24.9
Adjusted basic earnings per share 34.4 28.6
Adjusted diluted earnings per share 33.0 27.7

11 Dividends paid and proposed
2010 2009
£’000 £’000
Declared and paid during the year:
Equity dividends on ordinary shares:
Final dividend for 2009: nil (2008: 5.5 pence) – 8,097
Interim dividend for 2010: 3.5 pence (2009: 3.0 pence) 5,173 4,417
Additional interim dividend for 2009: 8.0 pence (2008: nil) 11,811 –
16,984 12,514

Proposed (not recognised as a liability as at 31 December)
Equity dividends on ordinary shares:
Final dividend for 2010: 9.7 pence (2009: nil) 14,926 –
Additional interim dividend for 2009: 8.0 pence (2008: nil) – 11,863


12 Property, plant and equipment
Fixtures, fittings,
Freehold land Short leasehold equipment and
and buildings improvements vehicles Total
£’000 £’000 £’000 £’000
Cost
At 1 January 2009 67,507 17,629 164,716 249,852
Additions 21 2,991 16,662 19,674
Acquisition of subsidiary undertaking – – 376 376
Disposals – (123) (16,483) (16,606)
Foreign currency adjustment (97) (1,531) (4,205) (5,833)
At 31 December 2009 67,431 18,966 161,066 247,463
Additions – 2,816 14,302 17,118
Disposals – (1,506) (8,377) (9,883)
Foreign currency adjustment (40) (642) (1,555) (2,237)
At 31 December 2010 67,391 19,634 165,436 252,461
Accumulated depreciation and impairment
At 1 January 2009 23,580 8,893 94,064 126,537
Provided during the year 2,543 1,850 30,933 35,326
Disposals – (123) (16,453) (16,576)
Foreign currency adjustment (6) (1,128) (1,980) (3,114)
At 31 December 2009 26,117 9,492 106,564 142,173
Provided during the year 2,535 2,685 26,502 31,722
Disposals – (1,345) (7,351) (8,696)
Foreign currency adjustment (3) (470) (1,147) (1,620)
At 31 December 2010 28,649 10,362 124,568 163,579
Net book value
At 31 December 2010 38,742 9,272 40,868 88,882
At 31 December 2009 41,314 9,474 54,502 105,290
At 1 January 2009 43,927 8,736 70,652 123,315
Included in the figures above are the following amounts relating to leased assets which are used to satisfy specific
customer contracts:
Fixtures, fittings, equipment
and vehicles
2010 2009
£’000 £’000
Cost
At 1 January 85,651 82,661
Additions 4,262 10,462
Disposals (5,844) (7,472)
At 31 December 84,069 85,651

Accumulated depreciation and impairment
At 1 January 47,579 31,742
Charge for year 18,766 23,309
Disposals (4,884) (7,472)
At 31 December 61,461 47,579
Net book value 22,608 38,072



13 Intangible assets
Other
intangible
Goodwill Software assets Total
£’000 £’000 £’000 £’000
Cost
At 1 January 2009 30,812 35,131 6,422 72,365
Additions 13,594 11,264 526 25,383
Acquisition of subsidiary undertaking – 151 1,729 1,880
Disposals (1,002) (131) – (1,133)
Foreign currency adjustment – (989) (32) (1,020)
At 31 December 2009 43,404 45,426 8,645 97,475
Additions – 12,774 – 12,774
Foreign currency adjustment (437) (312) (80) (829)
At 31 December 2010 42,967 57,888 8,565 109,420
Amortisation and impairment
At 1 January 2009 – 17,661 3,153 20,814
Charged during the year – 4,114 517 4,631
Disposals – (131) – (131)
Foreign currency adjustment – (791) (13) (804)
At 31 December 2009 – 20,853 3,657 24,510
Charged during the year – 5,801 749 6,550
Foreign currency adjustment – (158) (13) (171)
At 31 December 2010 – 26,496 4,393 30,889
Net book value
At 31 December 2010 42,967 31,392 4,172 78,531
At 31 December 2009 43,404 24,573 4,988 72,965
At 1 January 2009 30,812 17,470 3,269 51,551


14 Impairment testing of goodwill and other intangible assets
Goodwill acquired through business combinations have been allocated to the following cash-generating units:
• Computacenter (UK) Limited
• RD Trading
• Computacenter Germany
These represent the lowest level within the Group at which goodwill is monitored for internal management purposes.
Movements in goodwill
Computacenter Computacenter
(UK) Limited RD Trading Germany Total
£’000 £’000 £’000 £’000
1 January 2009 29,977 835 – 30,812
Additions 1,454 – 12,140 13,594
Disposals (1,002) – – (1,002)
31 December 2009 30,429 835 12,140 43,404
Foreign currency adjustment – – (437) (437)
31 December 2010 30,429 835 11,703 42,967
On 27 November 2009, Computacenter UK sold its Trade Distribution business. As a consequence, directly attributable goodwill
of £1,002,000 was disposed of, and included within the exceptional profit on disposal of business (note 5). This goodwill arose from
the acquisition of Metrologie UK in 1999.
Additions to goodwill in 2009 arose from the purchase of becom in Germany on 26 November 2009 and Thesaurus in the UK
on 27 November 2009.
The acquired assets and liabilities of becom were fully integrated within Computacenter Germany during the first half of 2010.
The goodwill arising on the acquisition is tested for impairment against the Computacenter Germany cash-generating unit.
The acquired assets and liabilities of Thesaurus were immediately integrated within Computacenter (UK) Limited, consequently
the goodwill arising on the acquisition is tested for impairment against the Computacenter (UK) Limited cash-generating unit.
Key assumptions used in value-in-use calculations
The recoverable amounts of all three cash-generating units have been determined based on a value-in-use calculation. To calculate
this, cash flow projections are based on financial budgets approved by senior management covering a three-year period and on
long-term market growth rates of 2.5 per cent (2009: 2.5 per cent) thereafter.
Key assumptions used in the value-in-use calculation for all cash-generating units for 31 December 2010 and 31 December
2009 are:
• budgeted revenue, which is based on long-run market growth forecasts;
• budgeted gross margins, which are based on average gross margins achieved in the year immediately before the budgeted
year, adjusted for expected long-run market pricing trends; and
• the discount rate applied to cash flow projections is 12.0 per cent (2009: 12.0 per cent).
Each cash-generating unit generates value substantially in excess of the carrying value of goodwill attributed to each of them.
Management therefore believes that no reasonably possible change in any of the above key assumptions would cause the carrying
value of the unit to materially exceed its recoverable amount.
No impairment provision on goodwill has been required at either 31 December 2010 or at 31 December 2009.
Other intangible assets
Other intangible assets consist of customer contracts, customer relationships and tools and technology. The expected useful lives
are shown in note 2.



15 Investments
a) Investment in associate
2010 2009
£’000 £’000
Cost
At 1 January 57 –
Acquired via subsidiary undertaking – 57
At 31 December 57 57

Impairment
At 1 January – –
Charge for year (10) –
At 31 December (10) –
Carrying value 47 57
During 2009 the Group acquired a 20 per cent interest in Gonicus GmbH as part of the acquisition of becom. Their principal activity
is the provision of Open Source Software. Gonicus is a private entity, incorporated in Germany, that is not listed on any public
exchange and therefore there is no published quotation price for the fair value of this investment. The reporting date of Gonicus
is 31 December. An impairment provision of £10,000 (2009: £nil) has been recorded in 2010 as a result of losses expected at
Gonicus GmbH. The carrying value of the investment at 31 December 2010 £47,000 (2009: £57,000).

b) Investment in subsidiaries
The Group’s principal subsidiary undertakings are as follows:
Proportion of voting rights
and shares held
Country of
Name incorporation Nature of business 2010 2009
Computacenter (UK) Limited England IT Infrastructure services 100% 100%
Computacenter France SA France IT Infrastructure services 100% 100%
Computacenter Holding GmbH Germany IT Infrastructure services 100% 100%
Computacenter GmbH Germany IT Infrastructure services 100% 100%
CC Managed Services GmbH Germany IT Infrastructure services 100% 100%
Computacenter NV/SA Belgium IT Infrastructure services 100% 100%
RD Trading Limited England IT Asset Management 100%* 100%*
Computacenter PSF SA Luxembourg IT Infrastructure services 100% 100%
Computacenter USA USA IT Infrastructure services 100%* 100%*
Computacenter Services (Iberia) SLU Spain International Call Centre Services 100%* 100%*
Digica Group Holdings Limited England IT infrastructure and application services 100% 100%
Allnet Limited England In-premises cabling services 100% 100%
becom Informationssysteme GmbH Germany IT Infrastructure services 100%** 100%**
* Includes indirect holdings of 100 per cent via Computacenter (UK) Limited.
** Includes indirect holdings of 100 per cent via Computacenter Holding GmbH.

Computacenter plc is the ultimate parent entity of the Group.


16 Business combinations
becom Informationssysteme GmbH (‘becom’)
On 26 November 2009 the Group acquired 100 per cent of the voting shares of becom for a consideration of €2.0 million.
The costs of acquisition amounted to €258,000. becom is based in Germany and is a leading IT infrastructure services provider.
The acquisition has been accounted for using the purchase method of accounting. The 2009 consolidated financial statements
include the results of becom for the one month period from the acquisition date.
The book and fair values of the net assets at date of acquisition and at 31 December 2010 were as follows:
2009 2010
Provisional Final
2009 fair value fair value
Book value to Group to Group
£’000 £’000 £’000
Intangible assets
Comprising:
Existing customer relationships – 1,348 1,348
Software 151 151 151
Total intangible assets 151 1,499 1,499
Property, plant and equipment 376 376 376
Investment in associate 169 64 64
Deferred income tax assets – 388 388
Inventories 275 275 275
Trade and other receivables 13,512 12,220 12,220
Prepayments 91 91 91
Cash and short-term deposits 286 286 286
Trade and other payables (15,009) (17,706) (17,706)
Deferred income (110) (110) (110)
Bank overdraft (7,111) (7,111) (7,111)
Deferred tax liabilities – (405) (405)
Net liabilities (7,370) (10,133) (10,133)
Goodwill arising on acquisition 12,140 12,140
2,007 2,007
Discharged by:
Cash paid 1,778 1,778
Costs associated with the acquisition, settled in cash 229 229
2,007 2,007
Cash and cash equivalents acquired
Cash and short-term deposits (286) (286)
Bank overdraft 7,111 7,111
Cash outflow on acquisition 8,832 8,832
From the date of acquisition to 31 December 2009, becom contributed £12,114,000 to the Group’s revenue and £196,000 to the
Group’s profit after tax.
The provisional and final fair values include adjustments to the book values to recognise additional accruals for further expected
tax liabilities and to reflect the value of the customer relationships acquired with the business. At acquisition becom held various
intercompany balances with other companies within the Group of which it was a member. As part of the fair value calculations
the Group has made provision against these receivables where it does not expect to recover the amounts due. Deferred tax assets
arise from the temporary differences on the other fair value adjustments.
Included in the £12,140,000 of goodwill that arose on acquisition are certain intangible assets that cannot be individually separated
and reliably measured from the acquiree due to their nature. These items include the expected value of synergies and an
assembled workforce.



16 Business combinations continued
Thesaurus Computer Services Limited (‘Thesaurus’)
On 27 November 2009 the Group acquired certain assets and liabilities of Thesaurus from Thesaurus Computer Services Limited
and BDO LLP for a consideration of £900,000. The costs of acquisition amounted to £10,000. Thesaurus is a private company
based in the UK which provides mainframe service solutions.
The book and provisional and final fair values of the assets acquired were as follows:
2009 2010
Provisional Final
2009 fair value fair value
Book value to Group to Group
£’000 £’000 £’000
Customer relationships – 381 381
Creditors (146) (146) (146)
Deferred income (779) (779) (779)
Net liabilities (925) (544) (544)
Goodwill arising on acquisition 1,454 1,454
910 910
Discharged by:
Cash 900 900
Costs associated with the acquisition, settled in cash 10 10
910 910
From the date of acquisition to 31 December 2009, Thesaurus contributed £1,003,000 to the Group’s revenue and £52,000
to the Group’s profit after tax.
Included in the goodwill of £1,454,000 recognised above are certain intangible assets that cannot be individually separated and
reliably measured from the acquiree due to their nature. These items include the expected value of synergies and an assembled
workforce.
If the acquisitions of becom and Thesaurus had taken place at the beginning of 2009, Group revenues for the year ended
31 December 2009 would have been £2,596,314,000 and profit after tax would have been £27,528,000. In the 11 months prior
to acquisition in 2009, becom reported a loss of £10,330,000.

17 Inventories
2010 2009
£’000 £’000
Inventories for re-sale 81,569 67,086

18 Trade and other receivables
2010 2009
£’000 £’000
Trade receivables 467,808 473,336
Other receivables 3,325 2,310
471,133 475,646
For terms and conditions relating to related party receivables, refer to note 32.
Trade receivables are non-interest bearing and are generally on 30–90 day terms.
Note 24 sets out the Group’s strategy towards credit risk.


18 Trade and other receivables continued
The movements in the provision for impairment of receivables were as follows:
2010 2009
£’000 £’000
At 1 January 10,977 13,545
Charge for the year 10,120 7,367
Utilised (3,548) (4,310)
Unused amounts reversed (3,748) (5,042)
Foreign currency adjustment (701) (583)
At 31 December 13,100 10,977
As at 31 December, the ageing analysis of trade receivables is as follows:
Neither past Past due but not impaired
due nor
Total impaired <30 days 30–60 days 60–90 days 90–120 days >120 days
£’000 £’000 £’000 £’000 £’000 £’000 £’000
2010 467,808 384,107 60,184 14,015 3,971 2,701 2,830
2009 473,336 393,215 55,281 14,719 6,426 1,977 1,718
At 31 December 2010, Trade receivables include receivables sold and financed through factoring transactions of £191.0 million
(2009: £299.2 million ) which do not meet IAS 39 criteria for derecognition. These receivables continue to be recognised in full in the
Group financial statements even though they are legally subject to the factoring arrangement; a corresponding liability is recorded in
the consolidated balance sheet as Factor Financing (see Note 21).

19 Cash and short-term deposits
2010 2009
£’000 £’000
Cash at bank and in hand 104,269 53,017
Short-term deposits 55,000 55,000
159,269 108,017
Cash at bank and in hand earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for
varying periods of between one day and three months depending on the immediate cash requirements of the Group, and earn
interest at the respective short-term deposit rates. The fair value of cash and cash equivalents is £159,269,000 (2009:
£108,017,000).
Due to strong cash generation over the past three years, the Group is now in a position where it can finance its requirements
from its cash balance. As a result, the Group has not renewed a number of overdraft and factoring facilities during 2010,
and consequently the uncommitted overdraft and factoring facilities available to the Group has reduced to £15.5 million at
31 December 2010 (2009: £100.3 million).
For the purposes of the consolidated cash flow statement, cash and cash equivalents comprise the following at 31 December:
2010 2009
£’000 £’000
Cash at bank and in hand 104,269 53,017
Short-term deposits 55,000 55,000
Bank overdrafts (note 21) (3,336) (3,063)
155,933 104,954

20 Trade and other payables
2010 2009
£’000 £’000
Trade payables 258,861 229,038
Other payables 181,929 149,891
440,790 378,929
Terms and conditions of the above financial liabilities:
For terms and conditions relating to related parties, refer to note 32.
Trade payables are non-interest bearing and are normally settled on net monthly terms.
Other payables, which principally relate to other taxes, social security costs and accruals, are non-interest bearing and have
an average term of three months.



21 Financial liabilities
2010 2009
£’000 £’000
Current
Bank overdrafts 3,336 3,063
Other loans – ‘CSF’ 2,024 6,315
Other loans – ‘Non-CSF’ – 3,605
Factor financing 16,494 14,846
Current obligations under finance leases – ‘CSF’ (note 22a) 16,082 20,718
Current obligations under finance leases – ‘Non-CSF’ (note 22a) – 100
37,936 48,647
Non-current
Other loans – ‘CSF’ 1,508 173
Non-current obligations under finance leases – ‘CSF’ (note 22a) 8,812 21,849
10,320 22,022

a) Bank overdrafts
The bank overdrafts are unsecured and are subject to annual review.
b) Finance leases
The finance leases are only secured on the assets that they finance. These assets are in the main used to satisfy specific customer
contracts. There are a small number of assets that are utilised internally.
c) Other loans
The other loans are unsecured borrowings to finance equipment sold to customers on specific contracts or for equipment
for own use.
Other loans comprise the following:
Maturity date Interest rate £’000
31 December 2010
2011 0%–7.84% 1,988
2012 0% 1,504
2013 3.95%–4.60% 34
2014 3.09%–4.25% 4
2015 2.47%–3.34% 2
3,532
Less: current instalments due on other loans 2,024
1,508

Maturity date Interest rate £’000
31 December 2009
2010 0%–6.91% 9,696
2011 7.84% 270
2013 3.95%–4.60% 119
2014 3.09%–4.25% 8
10,093
Less: current instalments due on other loans 9,920
173
The table below summarises the maturity profile of these loans:
2010 2009
£’000 £’000
Not later than one year 2,024 9,920
After one year but not more than five years 1,508 173
3,532 10,093
The finance lease and loan facilities are committed.


21 Financial liabilities continued
d) Factor financing
Computacenter UK has access to factor financing arrangements.
France
Factor finance expired during the year and has not been renewed.
UK
Factor financing is in respect of trade debts factored with recourse which represents a proportion of the debts. Under the terms
of the arrangement certain trade debts are sold to the factor who in turn advances cash payments in relation to these debts.
A non-utilisation fees is payable at 0.25 per cent of the available facility where the amounts drawn down equate to less than
50 per cent of said facility. In the event of a default in payment of a debtor the Group is obliged to support losses to the extent
of cash advanced against that debt. In normal circumstances this will be recovered from the cash pool of debts in which they hold
an interest. The Group is obliged to repay any advance of cash in excess of the maximum amount available for draw-down as
calculated under the terms of the agreement.
e) Facilities
At 31 December 2010, the Group had available £15.5 million of uncommitted overdraft facilities (2009: £100.3 million of
uncommitted overdraft and factoring facilities). The Group also had access to a £60.0 million (2009: £60.0 million) committed facility
of which £43.5 million (2009: £42.9 million) is not utilised as at the balance sheet date. This facility is due to expire in May 2011.

22 Obligations under leases
a) Finance lease commitments
The Group has finance leases for various items of plant and machinery; these leases have no terms of renewal or purchase options
and escalation clauses. Future minimum lease payments under finance leases together with the present value of the net minimum
lease payments are as follows:
2010 2009
Minimum Present value Minimum Present value of
payments of payments payments payments
£’000 £’000 £’000 £’000
Within one year 16,843 16,082 22,462 20,818
After one year but not more than five years 9,343 8,812 22,848 21,849
26,186 24,894 45,310 42,667
Future finance charges (1,292) (2,643)
Present value of finance lease obligation 24,894 42,667
b) Operating lease commitments where the Group is lessee
The Group has entered into commercial leases on certain properties, motor vehicles and items of small machinery. There are
no restrictions placed upon the Group by entering into these leases.
Future commitments payable under non-cancellable operating leases as at 31 December are as follows:
2010 2009
£’000 £’000
After one year but not more than five years 63,231 47,993
More than five years 16,294 14,574
115,902 98,323
c) Operating lease receivables where the Group is lessor
During the year the Group entered into commercial leases with customers on certain items of machinery. These leases have
remaining terms of between one and five years.
Future amounts receivable by the Group under the non-cancellable operating leases as at 31 December are as follows:
2010 2009
£’000 £’000
After one year but not more than five years 7,887 14,704
25,025 37,652
The amounts receivable are directly related to the finance lease obligations detailed in note 21.



23 Provisions
Property
provisions
£’000
At 1 January 2010 13,807
Arising during the year 2,132
Utilised (2,309)
Movement in discount rate (5)
Exchange adjustment (232)
At 31 December 2010 13,393

Current 2010 2,644
Non-current 2010 10,749
13,393

Current 2009 2,202
Non-current 2009 11,605
13,807
Assumptions used to calculate the property provisions are based on the market value of the rental charges plus any contractual
dilapidation expenses on empty properties and the Directors’ best estimates of the likely time before the relevant leases can be
reassigned or sublet, which ranges between one and seven years. The provisions in relation to the UK properties are discounted
at a rate based upon the Bank of England base rate. Those in respect of the European operations are discounted at a rate based
on Euribor.

24 Financial instruments
An explanation of the Group’s financial instrument risk management objectives, policies and strategies are set out in the Finance
Director’s Review on pages 18 to 21.
Credit risk
The Group principally manages credit risk through management of customer credit limits. The credit limits are set for each
customer based on the creditworthiness of the customer and the anticipated levels of business activity. These limits are initially
determined when the customer account is first set up and are regularly monitored thereafter. The balance of trade receivables
relates to customers for whom there is no recent history of default. In determining the recoverability of the trade receivables, the
Group considers any change in the credit quality of the trade receivables from the date the credit was initially granted up to the
reporting date. The maximum exposure on trade receivables, as at the reporting date, is their carrying value. In France, credit risk is
mitigated through a credit insurance policy which applies to non-Government customers and provides insurance for approximately
50 per cent of the relevant credit risk exposure.
With respect to credit risk arising from the other financial assets of the Group, which comprise cash and cash equivalents, the
Group’s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount
of cash and cash equivalents.
There are no significant concentrations of credit risk within the Group.
Interest rate risk
The Group finances its operations through a mixture of retained profits, bank borrowings, cash and short-term deposits, invoice
factoring in the UK and finance leases and loans for certain customer contracts. The Group’s bank borrowings, other facilities and
deposits are at floating rates. No interest rate derivative contracts have been entered into. When long-term borrowings are utilised,
the Group’s policy is to maintain these borrowings at fixed rates to limit the Group’s exposure to interest rate fluctuations.
Fair values
The carrying value of the Group’s short-term receivables and payables is a reasonable approximation of their fair values.
The fair value of all other financial instruments carried within the Group’s financial statements is not materially different from
their carrying amount.


24 Financial instruments continued
Interest rate sensitivity
The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant,
of the Group’s profit before tax (through the impact on floating rate borrowings). There is no impact on the Group’s equity.
Effect
Change on profit
in basis before tax
points £’000
2010
Sterling +25 236
Euro +25 38

2009
Sterling +25 97
Euro +25 (52)
The impact of a reasonably possible decrease to the same range shown in the table would result in an opposite impact on the
profit before tax of the same magnitude.
Forward currency contracts
At 31 December 2010 the Group held 148 foreign exchange contracts (2009: 61) as hedges of an inter-company loan and future
expected payments to suppliers. The exchange contracts are being used to reduce the exposure to foreign exchange risk. The
terms of these contracts are detailed below:
31 December 2010
Buy Sell Value of Maturity Contract
currency currency contracts dates rates
UK Euros Sterling €1,100,000 Feb 11 1.1628
Dollars Sterling $12,623,564 Jan–Mar 11 1.5572–1.6189
Germany Dollars Euros $75,468,000 Jan–Aug 11 1.228–1.417
Euros Dollars €5,724,727 Jan–Apr 11 1.279–1.319

31 December 2009
Buy Sell Value of Maturity Contract
currency currency contracts dates rates
UK
Euros Sterling €2,630,000 Mar 10 1.1208
Sterling Dollars $5,632,000 Jan–Feb 10 1.584–1.615
Sterling SA rand R400,500 Jan 10 11.9438
Dollars Sterling $2,537,000 Jan–Feb 10 1.594–1.668
SA rand Sterling R801,000 Jan 10 11.958–11.978
Germany
Dollars Euros $39,906,000 Jan–Apr 10 1.435–1.508
Euros Dollars $2,695,000 Jan–Feb 10 1.460–1.487
Exchange rate sensitivity
The majority of the transactions in each of the Group’s geographical segments are denominated in the functional currency of that
segment. There are, however, a limited number of transactions where foreign currency exchange risk exists. In these instances
the Group enters into forward currency contracts, as shown in the above table, in order to mitigate such risk. At the end of the
year the fair value of the outstanding contracts was an asset of £562,000 (2009: £726,000).
Other than differences arising from the translation of results of operations outside of the Group’s functional currency, reasonably
foreseeable movements in the exchange rates of +10 per cent or -10 per cent would not have a material impact on the Group’s
profit before tax or equity.



24 Financial instruments continued
Liquidity risk
The table below summarises the maturity profile of the Group’s financial liabilities as at 31 December based on contractual
undiscounted payments:
On demand <3 months 3–12 months 1–5 years >5 years Total
£’000 £’000 £’000 £’000 £’000 £’000
Year ended 31 December 2010
Financial liabilities 20,498 5,157 13,033 10,884 – 49,572
Property provisions – – 2,688 9,348 1,972 14,008
Trade and other payables – 440,790 – – – 440,790
20,498 445,947 15,721 20,232 1,972 504,370

On demand <3 months 3–12 months 1–5 years >5 years Total
£’000 £’000 £’000 £’000 £’000 £’000
Year ended 31 December 2009
Financial liabilities 18,608 11,605 37,399 23,027 – 90,639
Property provisions – 312 1,844 9,345 2,847 14,348
Trade and other payables – 378,929 – – – 378,929
18,608 390,846 39,243 32,372 2,847 483,916
Fair value measurements recognised in the consolidated balance sheet
Financial instruments which are recognised at fair value subsequent to initial recognition are grouped into Levels 1 to 3 based
on the degree to which the fair value is observable. The three levels are defined as follows:
• Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets
or liabilities;
• Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
• Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability
that are not based on observable market data (unobservable inputs).
At 31 December 2010 the Group had forward currency contracts, which were measured at Level 2 fair value subsequent to initial
recognition, to the value of an asset of £562,000 (31 December 2009: £726,000).
The realised losses from forward currency contracts in the period to 31 December 2010 of £164,000 (2009: gain of £1,370,000),
are offset by broadly equivalent realised gains on the related underlying transactions.

25 Capital management
Computacenter’s approach to capital management is to ensure that the Group has a strong capital base to support the
development of the business and to maintain a strong credit rating, whilst aiming to maximise shareholder value.
Consistent with the Group’s aim to maximise return to shareholders, the dividend policy is to maintain a dividend cover of between
2–2.5 times. In 2010 the cover was 2.5 times, on a pre-exceptional basis (2009: 2.5 times).
The Group’s capital base is primarily utilised to finance its fixed assets and working capital requirements. The Group intends to
optimise the use of working capital and improve its cash flow. As a consequence, the UK exited the Trade Distribution business
in 2009, and has sourced an increasing proportion of its product business via distributors in order to reduce the working capital
requirements of the business.
Capital is allocated across the Group in order to minimise the Group’s exposure to exchange rates. Each country finances its own
operations, typically resulting in borrowings in France with cash on deposit in the UK and Germany. During 2010, we introduced
a cash pooling arrangement, which group companies can access and allows the Group to pool its funds without physical money
movements.
In certain circumstances, the Group enters into customer contracts that are financed by leases, which are secured only on the
assets that they finance, or loans. Whilst the outstanding amounts of this ‘customer-specific financing’ are included within net
funds for statutory reporting purposes, the Group excludes this ‘customer-specific financing’ when managing the net funds of the
business as this outstanding financing is matched by committed future revenues. These financing facilities, which are committed,
are thus outside of the normal working capital requirements of the Group’s product resale and services activities.


25 Capital management continued
The measures of net funds that the Group monitors are:
2010 2009
£’000 £’000
Net funds excluding customer-specific financing 139,439 86,403
Customer-specific loans (3,532) (6,488)
Customer-specific finance leases (24,894) (42,567)
Net funds 111,013 37,348
The net funds (excluding customer-specific financing) improved in the year from £86.4 million to £139.4 million by the end of the
year. The Group has a history of strong cash generation, however the rise in net funds in 2010 was unusual, given the increase
in product revenues, due to a number of factors. Firstly, following the exit from the CCD business in the UK in late 2009, the UK
increased the mix of its purchases via distributors, resulting in lower stock holdings. Secondly, the Group continued to benefit from
the extension of a temporary improvement in credit terms with a significant vendor, equivalent to £38 million at 31 December 2010,
an increase of approximately £8 million over the course of the year.
Each operating country manages working capital in line with Group policies. The key components of working capital, i.e. trade
receivables, inventory and trade payables, are managed in accordance with an agreed number of days targeted in the budget
process, in order to ensure efficient capital usage.
An important element of the process of managing capital efficiently is to ensure that each operating country rewards behaviour at
an Account Manager and Account Director level to minimise working capital, at a transactional level. This is achieved by increasing
commission payments for early payment by customers and reduced commission payments for late payment by customers, which
encourages appropriate behaviour.
The Group regularly reviews the adequacy of its facilities against any foreseeable peak borrowing requirement and, as a result of the
strong cash position, has allowed certain bank and factoring facilities to expire during 2010. At 31 December 2010, the Group had
available £15.5 million of uncommitted overdraft facilities (2009: £100.3 million of uncommitted overdraft and factoring facilities).
The Group also still has access to a £60.0 million (2009: £60.0 million) three year committed facility established in May 2008, of
which £43.5 million (2009: £42.9 million) is not utilised at the balance sheet date. This facility is due to expire in May 2011.
26 Issued capital and reserves
Authorised share capital
In accordance with the Companies Act 2006, the Company no longer has an authorised share capital. The Company’s Articles
of Association has been amended to reflect this change.
A ordinary shares
Issued and fully paid No. ’000 £’000
At 1 January 2009 153,021 9,181
Ordinary shares issued during the year for cash on exercise of share options 78 5
At 31 December 2009 153,099 9,186
Purchase of own ordinary shares for cancellation (115) (7)
Ordinary shares issued during the year for cash 109 8
Ordinary shares issued during the year for cash on exercise of share options 787 46
At 31 December 2010 153,880 9,233
The holders of A ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per
share at the general meetings of the Company. On a winding up of the Company, holders of A ordinary shares may be entitled
to the residual assets of the Company.
The Company has a number of share option schemes under which options to subscribe for the Company’s shares have been
granted to certain executives and senior employees (note 27).
Share premium
The share premium account is used to record the aggregate amount or value of premiums paid when the Company’s shares
are issued/redeemed at a premium.
Capital redemption reserve
The capital redemption reserve is used to maintain the Company’s capital following the purchase and cancellation of it own shares.
During the year the Company repurchased 115,371 of its own shares for cancellation (2009: nil).



26 Authorised and issued capital and reserves continued
Own shares held
Own shares held comprise the following:
i) Computacenter Employee Share Ownership Plan
Shares in the parent undertaking comprise 5,277,811 (2009: 4,998,011) 6 pence ordinary shares of Computacenter plc purchased
by the Computacenter Employee Share Ownership Plan (‘the Plan’). The number of shares held represents 3.4 per cent (2009:
3.3 per cent) of the Company’s issued share capital.
None of these shares were awarded to executives of the Company under the Computacenter (UK) Limited Cash Bonus and Share
Plan. Options previously awarded are to be held on behalf of employees and former employees of Computacenter (UK) Limited and
their dependants, excluding Jersey residents. The distribution of these shares is dependant upon the trustee holding them on the
employees’ behalf for a restrictive period of three years.
Since 31 December 2002 the definition of beneficiaries under the ESOP Trust has been expanded to include employees who
have been awarded options to acquire ordinary shares of 6 pence each in Computacenter plc under the other employee share
plans of the Computacenter Group, namely the Computacenter Services Group plc Approved Executive Share Option Plan, the
Computacenter Employee Share Option Scheme 1998, the Computacenter Services Group plc Unapproved Executive Share
Option Scheme, the Computacenter Performance Related Share Option Scheme 1998, the Computacenter Sharesave Plus
Scheme and any future similar share ownership schemes.
All costs incurred by the Plan are settled directly by Computacenter (UK) Limited and charged in the accounts as incurred.
The Plan Trustees have waived the dividends receivable in respect of 5,277,811 (2009: 4,998,011) shares that it owns which
are all unallocated shares.
ii) Computacenter Qualifying Employee Share Trust (‘the QUEST’)
The total shares held are 115,530 (2009: 730,565), which represents 0.1 per cent (2009 : 0.5 per cent) of the Company’s issued
share capital. All of these shares will continue to be held by the Quest until such time as the Sharesave options granted against
them are exercised. The market value of these shares at 31 December 2010 was £448,256 (2009: £1,829,000). The Quest
Trustees have waived dividends in respect of all of these shares. During the year the Quest subscribed for 407,023 (2009: nil)
6 pence ordinary shares.
Foreign currency translation reserve
The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial
statements of foreign subsidiaries.


27 Share-based payments
Executive share option scheme
During the year, options were exercised with respect to 267,000 (2009: 115,000) 6 pence ordinary shares at a nominal value
of £16,020 (2009: £6,900) at an aggregate premium of £674,980 (2009: £283,075).
Under the Computacenter Employee Share Option Scheme 1998 and the Computacenter Services Group Executive Share
Scheme, options in respect of 285,000 (2009: 1,385,383) shares lapsed.
The numbers of shares under options outstanding at the year-end comprise:
2010 2009
Number Number
Date of grant Exercisable between Exercise price outstanding outstanding
27/09/2000 27/09/2003–26/09/2010 380.00p – 169,000
19/09/2001 19/09/2005–18/09/2011 245.00p – 50,000
19/09/2001 19/09/2006–18/09/2011 245.00p – 50,000
10/04/2002 10/04/2005–09/04/2012 322.00p 168,816 203,816
10/04/2002 10/04/2005–09/04/2012 331.00p 35,000 45,000
21/03/2003 21/03/2006–20/03/2013 266.50p 42,500 62,500
02/04/2004 02/04/2007–01/04/2014 424.00p 39,000 45,000
24/10/2006 24/10/2009–23/10/2016 250.00p 1,462,800 1,674,800
17/04/2007 17/04/2010–16/04/2017 285.00p 225,200 225,200
1,973,316 2,525,316
Please refer to the information given in the Directors’ interest in share incentive schemes table in the Directors’ Remuneration
Report on page 39 for details of the vesting conditions attached to the Executive share options.
The following table illustrates the number (‘No.’) and weighted average exercise prices (‘WAEP’) of share options for the Executive
Share Option Scheme.
2010 2010 2009 2009
No. WAEP No. WAEP
Executive share option scheme
Outstanding at the beginning of the year1 2,525,316 2.72 4,025,699 £2.93
Granted during the year – – – –
Forfeited during the year (285,000) 3.34 (1,385,383) £3.34
Exercised during the year2 (267,000) 2.59 (115,000) £2.52
Outstanding at the end of the year 1,973,316 2.65 2,525,316 £2.72

Exercisable at the end of the year 1,973,316 2.65 2,300,116 £2.71
The weighted average remaining contractual life for the share options outstanding as at 31 December 2010 is 5.27 years
(2009: 5.70 years).
Notes
1
Included within this balance are options over 203,816 (2009: 517,816) shares that have not been accounted for under IFRS 2 as the options were granted on
or before 7 November 2002. These options have not been subsequently modified and therefore do not need to be accounted for in accordance with IFRS 2.
2
The weighted average share price at the date of exercise for the options exercised is £3.32 (2009 £3.20).

Computacenter Performance Related Share Option Scheme
Under the Computacenter Performance Related Share Option scheme, options granted will be subject to certain performance
conditions as described in the Directors’ Remuneration Report.
During the year no options lapsed (2009: 206,367). No options were granted during the course of the year.
At 31 December 2010 the number of shares under outstanding options was as follows:
2010 2009
Number Number
Date of grant Exercisable between Exercise price outstanding outstanding
10/04/2002 10/04/2005–09/04/2012 322.00p 189,440 189,440



27 Share-based payments continued
The following table illustrates the number (‘No.’) and weighted average exercise prices (‘WAEP’) of share options for the
Performance Related Share Option Scheme.
2010 2010 2009 2009
No. WAEP No. WAEP
Computacenter performance related share option scheme
Outstanding at the beginning of the year1 189,440 3.22 395,807 £3.75
Forfeited during the year – – (206,367) £4.24
Outstanding at the end of the year 189,440 3.22 189,440 £3.22

Exercisable at the end of the year 189,440 3.22 189,440 £3.22
Notes
1
Included within this balance are options over 189,440 (2009: 189,440) shares that have not been accounted for under IFRS 2 as the options were granted on
or before 7 November 2002. These options have not been subsequently modified and therefore do not need to be accounted for in accordance with IFRS 2.

The weighted average remaining contractual life for the share options outstanding as at 31 December 2010 is 1.3 years
(2009: 2.3 years).
Computacenter LTIP Performance Share Plan
Under the Computacenter LTIP Performance Share Plan, shares granted will be subject to certain performance conditions
as described in the Directors’ Remuneration Report.
During the year 1,195,677 (2009: 3,029,337) shares were awarded, 850,791 (2009: 1,216,601) were exercised and 149,747
(2009: 383,260) lapsed.
At 31 December 2010 the number of shares outstanding was as follows:
2010 2009
Share price at Number Number
Date of grant Maturity date date of grant outstanding outstanding
17/04/2007 01/04/2009 282.25p – 35,526
17/04/2007 01/04/2010 282.25p – 739,529
17/03/2008 17/03/2010 180.00p – 180,347
17/03/2008 01/04/2011 180.00p 1,161,872 1,117,942
13/03/2009 13/03/2012 126.50p 1,282,117 1,323,685
13/03/2009 13/03/2011 126.50p 129,952 156,944
20/03/2009 20/03/2012 123.00p 1,500,000 1,500,000
15/03/2010 15/03/2013 315.8p 1,175,171 –
5,249,112 5,053,973
The weighted average share price at the date of exercise for the options exercised is £3.12 (2009: £1.28).
The weighted average remaining contractual life for the options outstanding as at 31 December 2010 is 1.9 years (2009: 2.4 years).
Computacenter Sharesave Scheme
The Company operates a Sharesave Scheme which is available to all employees and full time Executive Directors of the Company
and its subsidiaries who have worked for a qualifying period. All options granted under this scheme are satisfied at exercise by way
of a transfer of shares from the Computacenter Qualifying Employee Share Trust. During the year 1,487,532 (2009: 585,766)
options were granted with a fair value of £2,286,768 (2009: £543,319).


Under the scheme the following options have been granted and are outstanding at the year-end:
2010 2009
Number Number
Date of grant Exercisable between Share price outstanding outstanding
October-2004 01/12/2009–31/05/2010 335.00p – 64,421
October-2005 01/12/2010–31/05/2011 222.00p 10,731 81,894
October-2006 01/12/2009–31/05/2010 254.00p – 131,409
October-2006 01/12/2011–31/05/2012 254.00p 61,565 65,818
October-2007 01/12/2010–31/05/2011 178.00p 155,840 1,101,273
October-2007 01/12/2012–31/05/2013 178.00p 529,609 570,565
October-2009 01/12/2012–31/05/2013 320.00p 368,291 407,336
October-2009 01/12/2014–31/05/2015 320.00p 146,629 173,248
October-2010 01/12/2013-31/05/2014 286.00p 592,900 –
October-2010 01/12/2015-31/05/2016 258.00p 893,243 –
2,758,808 2,595,964
The following table illustrates the No. and WAEP of share options for the Sharesave scheme:
2010 2010 2009 2009
No. WAEP No. WAEP
Sharesave scheme
Outstanding at the beginning of the year 2,595,964 2.21 3,043,897 £2.13
Granted during the year 1,487,532 2.69 585,766 £3.20
Forfeited during the year (305,699) 2.63 (970,622) £2.36
Exercised during the year1 (1,018,989) 1.85 (63,077) £2.31
Outstanding at the end of the year 2,758,808 2.55 2,595,964 £2.21

Exercisable at the end of the year 166,571 1.81 195,830 £2.81
Notes
1
The weighted average share price at the date of exercise for the options exercised is £3.63 (2009: £2.68).

The weighted average remaining contractual life for the options outstanding as at 31 December 2010 is 3.5 years (2009: 2.3 years).
The fair value of the Executive Share Option Scheme, the Performance Related Share Option Scheme, the LTIP Performance
Share Plan and Sharesave Scheme plans are estimated as at the date of grant using the Black-Scholes valuation model. The
following tables give the assumptions made during the year ended 31 December 2010 and 31 December 2009:
2010
LTIP LTIP
performance performance SAYE SAYE
Nature of the arrangement share plan share plan scheme scheme
Date of grant 15/03/10 15/03/10 29/10/10 29/10/10
Number of instruments granted 1,075,637 120,040 593,109 894,423
Exercise price £nil £nil £2.86 £2.58
Share price at date of grant £3.16 £3.16 £3.66 £3.66
Contractual life (years) 3 2 3 5
See note 9 See note 9
on page 38 in on page 38 in Three-year Five-year
the Directors’ the Directors’ service period service period
remuneration remuneration and savings and savings
Vesting conditions report report requirement requirement
Expected volatility n/a n/a 56.0% 49.10%
Expected option life at grant date (years) 3 2 3 5
Risk-free interest rate n/a n/a 1.88% 1.88%
Dividend yield 3.48% 3.48% 3.01% 3.01%
Fair value per granted instrument determined at grant date £2.83 £2.83 £1.47 £1.58



2009
LTIP LTIP LTIP
performance performance performance SAYE SAYE
Nature of the arrangement share plan share plan share plan scheme scheme
Date of grant 20/03/09 13/03/09 13/03/09 29/10/09 29/10/09
Number of instruments granted 1,500,000 156,944 1,372,393 409,604 176,162
Exercise price £nil £nil £nil £3.20 £3.20
Share price at date of grant £1.23 £1.27 £1.27 £2.94 £2.94
Contractual life (years) 3 3 3 3 5
See note 10 See note 9 See note 9
on page 38 in on page 38 in on page 38 in Three-year Five-year
the Directors’ the Directors’ the Directors’ service period service period
remuneration remuneration remuneration and savings and savings
Vesting conditions report report report requirement requirement
Expected volatility n/a n/a n/a 53.80% 48.90%
Expected option life at grant date (years) 3 3 3 3 5
Risk-free interest rate n/a n/a n/a 2.80% 2.80%
Dividend yield 6.67% 6.48% 6.48% 2.79% 2.79%
Fair value per granted instrument determined at grant date £0.99 £1.10 £1.02 £0.90 £1.00
The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may occur.
The expected volatility reflects the assumption that the recent historical volatility is indicative of future trends, which may also not
necessarily be the actual outcome.
No other features of the options granted were incorporated into the measurement of fair value.

28 Analysis of changes in net funds
At At
1 January Cash flows Non-cash Exchange 31 December
2010 in year flow differences 2010
£’000 £’000 £’000 £’000 £’000
Cash and short-term deposits 108,017 52,452 – (1,200) 159,269
Bank overdraft (3,063) (383) – 110 (3,336)
Cash and cash equivalents 104,954 52,069 – (1,090) 155,933
Other loans and leases non-CSF (3,705) 3,705 – – –
Factor financing (14,846) (1,568) – (80) (16,494)
Net funds excluding customer-specific financing 86,403 54,206 – (1,170) 139,439
Customer-specific finance leases (42,567) 20,641 (3,468) 500 (24,894)
Customer-specific other loans (6,488) 2,960 – (4) (3,532)
Total customer-specific financing (49,055) 23,601 (3,468) 496 (28,426)
Net funds 37,348 77,807 (3,468) (674) 111,013

At At
1 January Cash flows Non-cash Exchange 31 December
2009 in year flow differences 2009
£’000 £’000 £’000 £’000 £’000
Cash and short-term deposits 53,372 55,698 – (1,052) 108,017
Bank overdraft (6,483) 2,901 – 519 (3,063)
Cash and cash equivalents 46,889 58,598 – (533) 104,954
Other loans and leases non-CSF – (3,705) – – (3,705)
Factor financing (42,280) 25,600 – 1,834 (14,846)
Net funds excluding customer-specific financing 4,609 80,493 – 1,301 86,403
Customer-specific finance leases (55,191) 21,056 (10,163) 1,731 (42,567)
Customer-specific other loans (34,009) 27,496 – 25 (6,488)
Total customer-specific financing (89,200) 48,552 (10,163) 1,756 (49,055)
Net (debt)/funds (84,591) 129,045 (10,163) 3,057 37,348


29 Adjusted management cash flow statement
The adjusted management cash flow has been provided to explain how management view the cash performance of the business.
There are two primary differences to this presentation compared to the statutory cash flow statement, as follows:
1) Factor financing is not included within the statutory definition of cash and cash equivalents, but operationally is managed
within the total net funds/borrowings of the businesses; and
2) Items relating to customer-specific financing are adjusted for as follows:
a. Interest paid on customer-specific financing is reclassified from interest paid to adjusted operating profit; and
b. Where customer-specific assets are financed by finance leases and the liabilities are matched by future amounts receivable
under customer operating lease rentals, the depreciation of leased assets and the repayment of the capital element of
finance leases are offset within net working capital; and
c. Where assets are financed by loans and the liabilities are matched by amounts receivable under customer operating lease
rentals, the movement on loans within financing activities is offset within working capital.
2010 2009
£’000 £’000
Adjusted profit before taxation 66,053 54,225
Net finance income (1,626) (302)
Depreciation and amortisation 19,506 17,695
Share-based payment 2,620 2,555
Working capital movements 21,358 65,337
Other adjustments 293 (1,567)
Adjusted operating cash inflow 108,204 137,943
Net interest received 1,204 1,149
Income taxes paid (11,281) (17,500)
Capital expenditure and disposals (25,258) (21,294)
Acquisitions and disposals – (6,775)
Equity dividends paid (16,984) (12,514)
Cash inflow before financing 55,885 81,009
Financing
Proceeds from issue of shares 822 44
Purchase of own shares (2,501) (560)
Increase in net funds excluding CSF in the period 54,206 80,493

Increase in net funds excluding CSF 54,206 80,493
Effect of exchange rates on net funds excluding CSF (1,170) 1,301
Net funds excluding CSF at beginning of period 86,403 4,609
Net funds excluding CSF at end of period 139,439 86,403

30 Capital commitments
At 31 December 2010 and 31 December 2009 the Group held no significant commitments for capital expenditure.
31 Pensions and other post-employment benefit plans
The Group has a defined contribution pension plan, covering substantially all of its employees in the UK. The amount recognised
as an expense for this plan is detailed in note 6.



32 Related party transactions
During the year the Group entered into transactions, in the ordinary course of business, with related parties. Transactions entered
into are as described below:
Biomni provides the Computacenter e-procurement system used by many of Computacenter’s major customers. An annual
fee has been agreed on a commercial basis for use of the software for each installation. Both PJ Ogden and PW Hulme are
Directors of and have a material interest in Biomni Limited.
The table below provides the total amount of transactions that have been entered into with related parties for the relevant
financial year:
Sales to Purchases Amounts Amounts
related from related owed by owed to
parties parties related parties related parties
£’000 £’000 £’000 £’000
Biomni Limited 12 31 2 –
Terms and conditions of transactions with related parties
Sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s length transactions.
Outstanding balances at the year-end are unsecured and settlement occurs in cash. There have been no guarantees provided
or received for any related party receivables. The Group has not recognised any provision for doubtful debts relating to amounts
owed by related parties. This assessment is undertaken each financial year through examining the financial position of the related
party and the market in which the related party operates.
Compensation of key management personnel (including Directors)
The Board of Directors is identified as the Group’s key management personnel. Please refer to the information given in the
Directors’ remuneration table in the Directors’ Remuneration Report on page 39 for details of compensation given to the Group’s
key management personnel. A summary of the compensation of key management personnel is provided below:
2010 2009
£’000 £’000
Short-term employee benefits 1,734 1,725
Social security costs 353 235
Share based payment transactions 974 951
Pension costs 12 11
Total compensation paid to key management personnel 3,073 2,922
The interest of the key management personnel in the Group’s share incentive schemes are disclosed in the Directors’ remuneration
report on page 39.
33. Events after the reporting period
On 15 February 2011, the Group announced its agreement to acquire TOP Info SAS and its subsidiaries (‘Top Info’), an information
technology reseller of hardware, software and services based in Paris, France. The acquisition is still subject to competition
clearance in France, with the closing date not expected before the end of March 2011. The expected consideration totals
€21 million payable on the closing date with an additional €1 million dependant upon the performance of Top Info in the period to
31 December 2011. The management and exercise of control over Top Info will not pass to Computacenter until the closing date.


Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law
and United Kingdom Generally Accepted Accounting Practice.
Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the
state of affairs of the Company and of the profit or loss of the Company 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 Company 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 Company and to enable them to ensure that the financial statements comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the
company’s web site. Legislation in the United Kingdom governing the preparation and dissemination of financial statements
may differ from legislation in other jurisdictions.


Independent auditor’s report to the
members of Computacenter plc
We have audited the Parent Company financial statements of Computacenter plc for the year ended 31 December 2010 which
comprise the Company Balance Sheet and the related notes 1 to 12. The financial reporting framework that has been applied in
their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice).
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act
2006. 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 auditor’s 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 auditor
As explained more fully in the Directors’ Responsibilities Statement set out on page 87, the directors are responsible for the
preparation of the Parent Company financial statements and for being satisfied that they give a true and fair view. Our responsibility
is to audit and express an opinion on the Parent Company financial statements in accordance with applicable law and International
Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical
Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable
assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an
assessment of: whether the accounting policies are appropriate to the Parent Company’s circumstances and have been
consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Directors;
and the overall presentation of the financial statements.
Opinion on financial statements
In our opinion the Parent Company financial statements:
• Give a true and fair view of the state of the Company’s affairs as at 31 December 2010;
• Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• Have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion:
• The part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies
Act 2006; and
• The information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent
with the Parent Company financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our
opinion:
• Adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been
received from branches not visited by us; or
• The Parent Company financial statements and the part of the Directors’ Remuneration Report to be audited are not in
agreement with the accounting records and returns; or
• Certain disclosures of Directors’ remuneration specified by law are not made; or
• We have not received all the information and explanations we require for our audit.
Other matter
We have reported separately on the Group financial statements of Computacenter plc for the year ended 31 December 2010.

Nick Powell (Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
London
9 March 2011


Company balance sheet
As at 31 December 2010

2010 2009
Note £’000 £’000
Fixed assets
Intangible assets 2 110,221 118,721
Tangible assets 3 25,331 26,947
Investments 4 161,943 159,323
297,495 304,991
Current assets
Debtors 5 90,126 90,126
Cash at bank and in hand 791 17
90,917 90,143

Creditors: amounts falling due within one year 6 113,569 146,364
Net current liabilities (22,652) (56,221)
Total assets less current liabilities 274,843 248,770
Creditors: amounts falling due after more than one year 7 26,704 35,704
Provisions for liabilities and charges 8 246 436
Total assets less liabilities 247,893 212,630

Capital and reserves
Called up share capital 9 9,233 9,186
Share premium account 9 3,697 2,929
Capital redemption reserve 9 74,957 74,950
Merger reserve 9 55,990 55,990
Own shares held 9 (8,185) (7,696)
Profit and loss account 9 112,201 77,271
Equity shareholders’ funds 247,893 212,630
Approved by the Board on 9 March 2011

MJ Norris FA Conophy


Notes to the Company financial statements

1 Accounting policies
Basis of preparation
The financial statements of Computacenter plc were approved for issue in accordance with a resolution of the Directors
on 9 March 2011. The balance sheet was signed on behalf of the Board by MJ Norris and FA Conophy.
The financial statements are prepared under the historical cost convention and in accordance with the applicable UK
Accounting Standards.
No profit and loss account is presented for the Company as permitted by section 408 of the Companies Act 2006. The profit
after tax for the Company was £51,306,000 (2009: £826,000). There are no other recognised gains or losses other than the
profit for the year.
The Company has taken advantage of the exemption in paragraph 2D(b) of FRS 29 Financial Instruments: Disclosure and has
not disclosed information required by that standard, as the Group’s consolidated financial statements, in which the Company
is included, provide equivalent disclosures for the Group under IFRS 7 Financial Instruments: Disclosures.
Intellectual property
Licences purchased in respect of intellectual property are capitalised, classified as an intangible asset on the balance sheet
and amortised on a straight-line basis over the period of the licenc0e, normally 20 years.
Depreciation of fixed assets
Freehold land is not depreciated. Depreciation is provided on all other tangible fixed assets at rates calculated to write off the cost,
less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 25 years
Investments
Fixed asset investments are shown at cost less provision for impairment. In addition, subsequent to the adoption of UITF Abstract
41, investments in subsidiaries also include the FRS 20 cost of share-based payments.
Impairment of assets
The carrying values of assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value
may not be recoverable.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are
taken to the profit and loss account.
Share-based payment transactions
The expense for share-based payments is recognised in the subsidiary companies employing the relevant employees. The
Company records a corresponding increase in its investments in subsidiaries with a credit to equity which is equivalent to the
FRS 20 cost in the subsidiary undertakings.
Taxation
Corporation tax payable is provided on taxable profits at the current tax rate. Where Group relief is surrendered from other
subsidiaries in the Group, the Company is required to pay to the surrendering company an amount equal to the loss surrendered
multiplied by the current tax rate.
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, or a right to pay less, tax in the future have occurred at the balance
sheet date.
Deferred tax is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which timing
differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.


2 Intangible assets
Intellectual
property
£’000
Cost
At 1 January 2010 and 31 December 2010 169,737

Amortisation
At 1 January 2010 51,016
Charge in the year 8,500
At 31 December 2010 59,516

Net book value
At 31 December 2010 110,221
At 31 December 2009 118,721

3 Tangible assets
Freehold land
and buildings
£’000
Cost
At 1 January 2010 and 31 December 2010 42,350

Depreciation
At 1 January 2010 15,403
Charge in the year 1,616
At 31 December 2010 17,019

Net book value
At 31 December 2010 25,331
At 31 December 2009 26,947

4 Investments
Investments Loans to
in subsidiary subsidiary
undertakings undertakings Investment Total
£’000 £’000 £’000 £’000
Cost
At 1 January 2010 228,487 2,754 25 231,266
Share-based payments 2,620 – – 2,620
At 31 December 2010 231,107 2,754 25 233,886
Amounts provided
At 1 January 2010 and 31 December 2010 69,164 2,754 25 71,943

Net book value
At 31 December 2010 161,943 – – 161,943
At 31 December 2009 159,323 – – 159,323
Details of the principal investments at 31 December in which the Company holds more than 20 per cent of the nominal value
of ordinary share capital are given in the Group accounts in note 15.


Notes to the Company financial statements continued

5 Debtors
2010 2009
£’000 £’000
Amount owed by subsidiary undertaking 90,000 90,000
Other debtors 126 126
90,126 90,126

6 Creditors: amounts falling due within one year
2010 2009
£’000 £’000
Amount owed to subsidiary undertaking 112,446 145,853
Accruals 568 137
Corporation tax 555 374
113,569 146,364

7 Creditors: amounts falling due after more than one year
2010 2009
£’000 £’000
Deferred income 26,704 35,704

8 Provisions for liabilities and charges
Deferred
taxation
£’000
At 1 January 2010 436
Capital allowances in advance of depreciation (190)
At 31 December 2010 246
The deferred tax balance all relates to capital allowances in advance of depreciation.
9 Reconciliation of shareholders’ funds and movements on reserves
Capital Own Profit Total
Share Share redemption shares Merger and loss shareholders’
capital premium reserve held reserve account funds
£’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2009 9,181 2,890 74,950 (9,208) 55,990 88,476 222,279
Shares issued 5 39 – – – – 44
Exercise of options – – – 2,072 – (2,072) –
Total recognised gains
and losses in the year – – – – – 826 826
Purchase of own shares – – – (560) – – (560)
Share options granted to
employees of subsidiary
companies – – – – – 2,555 2,555
Equity dividends – – – – – (12,514) (12,514)
At 31 December 2009 9,186 2,929 74,950 (7,696) 55,990 77,271 212,630
Shares issued 8 504 – – – – 512
Exercise of options 46 264 – 1,563 – (1,563) 310
Total recognised gains
and losses in the year – – – – – 51,306 51,306
Purchase of own shares – – – (2,501) – – (2,501)
Cancellation of own shares (7) – 7 449 – (449) –
Share options granted to
employees of subsidiary
companies – – – – – 2,620 2,620
Equity dividends – – – – – (16,984) (16,984)
At 31 December 2010 9,233 3,697 74,957 (8,185) 55,990 112,201 247,893


10 Contingent liabilities
The Company has given a guarantee in the normal course of business to a supplier of a subsidiary undertaking for an amount
not exceeding £8,000,929 (2009: £6,715,000), and to a customer of a subsidiary undertaking for an amount not exceeding
£5,998,800 (2009: £13,333,00).
The Company has provided cross guarantees in respect of certain bank loans and overdrafts of its subsidiary undertakings.
The amount outstanding at 31 December is £3,336,000 (2009: £3,063,000).
11 Related party transactions
The Company has taken the exemption in FRS 8 not to disclose transactions with other wholly owned Group Companies.
The Company has not traded with any of the related parties disclosed in note 32 of the Group accounts.
12 Auditors’ remuneration
All auditors’ remuneration is borne by Computacenter (UK) Ltd, a fully-owned UK subsidiary of the Company.


Group five-year financial review
Year ended 31 December

2006 2007 2008 2009 2010
£m £m £m £m £m
Revenue 2,269.9 2,379.1 2,560.1 2503.2 2,676.5
Adjusted* operating profit 33.3 41.7 42.1 53.9 64.4
Adjusted* profit before tax 38.0 42.7 43.1 54.2 66.1
Profit for the year 18.9 28.9 37.3 37.7 50.3
Adjusted* diluted earnings per share 13.8p 18.5p 21.0p 27.7p 33.0p
Net cash/(debt) excluding CSF 29.4 (16.2) 4.6 86.4 139.4
Year-end headcount 9,328 9,877 10,220 10,296 10,566
* Before amortisation of acquired intangibles and exceptional items. Adjusted operating profit is stated after charging finance costs on customer-specific financing.
In 2008 and 2009 adjusted diluted EPS also excludes the effects of exceptional items within the tax charge for the year.

Group summary balance sheet
Year ended 31 December
2006 2007 2008 2009 2010
£m £m £m £m £m
Tangible assets 84.9 116.4 123.3 105.3 88.9
Intangible assets 9.9 45.2 51.6 73.0 78.5
Deferred tax asset 6.2 8.2 16.7 16.4 15.5
Inventories 94.6 110.5 105.8 67.1 81.6
Trade and other receivables 427.3 454.2 529.5 475.6 471.1
Prepayments and accrued income 50.4 61.4 97.7 85.3 84.2
Forward currency contracts 0.1 (0.4) (0.6) 0.7 0.6
Cash 77.9 29.2 53.4 108.0 159.3
Current liabilities (459.8) (496.1) (602.6) (557.5) (588.2)
Non-current liabilities (26.4) (50.4) (53.6) (35.5) (22.0)
Net assets 265.2 278.1 321.1 338.6 369.6


Financial calendar
Title Date
Dividend record date 13 May 2011
AGM 13 May 2011
Dividend payment date 10 June 2011
Interim results announcement 30 August 2011
Dividend record date 16 September 2011

Dividend payment date 14 October 2011

Overview
Business review
Governance


Corporate information
Board of Directors Principal Bankers Principal Offices
Greg Lock (Non-Executive Chairman) Barclays Bank plc UK and Group Headquarters
Mike Norris (Chief Executive) PO Box 544 Computacenter
Tony Conophy (Finance Director) 54 Lombard Street Hatfield Avenue
Brian McBride (Senior Independent Director) London Hatfield
Philip Hulme (Non-Executive Director) EC3V 9EX Hertfordshire
Ian Lewis (Non-Executive Director) United Kingdom AL10 9TW
Peter Ogden (Non-Executive Director) Tel: +44 (0) 845 755 5555 United Kingdom
John Ormerod (Non-Executive Director) Tel: +44 (0) 1707 631000
Auditors Fax: +44 (0) 1707 639966
Company Secretary Ernst & Young LLP
Stephen Benadé Belgium
One More London Place
Registered Office London Computacenter NV/SA
Hatfield Avenue SE1 2AF Ikaroslaan 31
Hatfield United Kingdom B-1930 Zaventem
Hertfordshire Tel: +44 (0) 20 7951 2000 Belgium
AL10 9TW Tel: +32 (0) 2 704 9411
United Kingdom Stockbrokers and Investment Bankers Fax: +32 (0) 2 704 9595
Telephone: +44 (0) 1707 631000 Credit Suisse
One Cabot Square France
Registrar and Transfer Office London Computacenter France SA
Equiniti E14 4QJ 150 rue de la Belle Etoile
Aspect House United Kingdom ZI Paris Nord 2
Spencer Road Tel: +44 (0) 20 7888 8888 BP 52387
Lancing HSBC Investment Bank plc 95943 Roissy CDG Cedex
BN99 6FE France
United Kingdom Level 18 Tel: +33 (0) 1 48 17 41 00
Tel: +44 (0) 871 384 2074 8 Canada Square Fax: +33 (0) 1 70 73 42 22
London
(Calls to this number are charged at 8p E14 5HQ Germany
(+VAT) per minute from a BT landline. United Kingdom Computacenter AG & Co. oHG
Other telephony providers’ cost may vary). Tel: +44 (0) 20 7991 8888 Europaring 34-40
Solicitors 50170 Kerpen
Linklaters Germany
Tel: +49 (0) 22 73 / 5 97 0
One Silk Street Fax: +49 (0) 22 73 / 5 97 1300
London
EC2Y 8HQ Luxembourg
United Kingdom Computacenter PSF SA
Tel: +44 (0) 20 7456 2000 Rue des Scillas 45
Company Registration Number L-2529 Howald
3110569 Luxembourg
Tel: +352 (0) 26 29 11
Internet Address Fax: +352 (0) 26 29 1 815
Computacenter Group
Netherlands
www.computacenter.com
Computacenter N.V.
Beech Avenue 54-80
1119 PW, Schiphol-Rijk
The Netherlands
Tel: +31 (0) 20 658 6800
Fax: +31 (0) 20 658 6111
South Africa
Building 3
Parc du Cap
Mispel Road
Bellville, 7535
South Africa
Tel: +27 (0) 21 957 4900
Fax: +27 (0) 21 948 3135
Spain
Computacenter Services (Iberia) S.L.U.
C/Balmes 236
08006 Barcelona
Spain
Tel: +34 (0) 936 207 000
Fax: +34 (0) 936 207 025


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Ensuring
staff
productivity

Cut costs
and boost
efficiency

Computacenter Anual Report 2010

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Computacenter Anual Report 2010