Annual Report and Accounts 2012 - Speedy Hire plc

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58 Financial statements Consolidated cash flow statement For the year ended 31 March 2012 Cash generated from operations before changes in hire fleet 24 69.7 49.7 Purchase of hire equipment (64.2) (41.8) Proceeds from sale of hire equipment 19.4 16.2 Cash generated from operations 24.9 24.1 Interest paid (7.2) (10.5) Tax paid – (1.3) Net cash flow from operating activities 17.7 12.3 Cash flow from investing activities Proceeds from disposal of accommodation hire assets, net 33.4 – Purchase of non-hire property, plant and equipment (6.6) (4.9) Acquisition of business 25 (5.2) – Net cash flow from/(to) investing activities 21.6 (4.9) Net cash flow before financing activities 39.3 7.4 Cash flow for financing activities Finance lease payments – (0.1) Repayment of bank loans (33.9) (18.4) Repayment of previous cash-flow-based loan facility (89.8) – Proceeds from asset-based revolving credit facility 91.2 – Repayment of asset-based revolving credit facility (4.0) – Dividends paid (2.1) (2.1) Net cash flow to financing activities (38.6) (20.6) Increase/(decrease) in cash 0.7 (13.2) (Overdraft)/cash at the start of the financial year (0.7) 12.5 Cash/(overdraft) at the end of the financial year – (0.7) Analysis of cash Cash 0.2 0.2 Bank overdraft (0.2) (0.9) – (0.7) Speedy Hire Plc Annual Report and Accounts 2012 Note 2012 £m 2011 £m
Notes to the financial statements Financial statements 59 1 Accounting policies Speedy Hire Plc is a company incorporated and domiciled in the United Kingdom. The consolidated financial statements of the Company for the year ended 31 March 2012 comprise the Company and its subsidiaries (together referred to as the ‘Group’). The consolidated and Parent Company financial statements were approved by the Board of Directors on 15 May 2012. Statement of compliance Both the Group and Parent Company financial statements have been prepared and approved by the Directors in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS’). Basis of preparation The financial statements are prepared on the historical cost basis except that derivative financial instruments are held at fair value. The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. Further information on the Group’s business activities, together with the factors likely to affect its future development, performance and position, is set out in the Chief Executive’s Review above. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Group Financial Review above. In addition, note 18 to the financial statements includes the Group’s objectives, policies and processes for managing its capital, its financial risk management objectives, details of its financial instruments and hedging activities and its exposure to credit risk and liquidity risk. The Group signed a £220m asset-based revolving credit facility (‘the Facility’) on 30 June 2011, which matures in January 2015 and has no prior scheduled repayment requirements. This replaces the £210m cash-flow-based facility, which was due to mature in June 2012. The Group meets its day-to-day working capital requirements through operating cash flows, supplemented as necessary by borrowings. The Directors have prepared cash flow projections for the period to September 2014 which show that the Group is capable of continuing to operate within its existing loan facilities and can meet the covenant tests set out within the Facility. The key assumptions on which the projections are based include an assessment of the impact of future market conditions on projected revenues and an assessment of the net capital investment required to support the expected level of revenues. Whilst the Directors consider that there is a degree of subjectivity involved in their assumptions, on the basis of the above the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the Annual Report and financial statements. Basis of consolidation Subsidiaries are entities controlled by the Company. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intra-Group balances, and any unrealised gains and losses or income and expenses arising from intra-Group transactions, are eliminated in preparing the consolidated financial statements. New accounting standards and accounting standards not yet effective The following new standards, amendments to standards and interpretations issued by the International Accounting Standards Board became effective during the year, but have no material effect on the Group’s financial statements: > > IAS 24 ‘Related Party Disclosures (revised); > > IFRIC 19 ‘Extinguishing Financial liabilities with Equity Instruments’; and > > Improvements to IFRSs 2010. A number of new standards, amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2011, and have not been applied in preparing these consolidated financial statements. None of these is expected to have a significant effect on the consolidated financial statements of the Group. Revenue Revenue is measured at the fair value of consideration received or receivable, net of returns, trade discounts and volume rebates. Revenue is recognised in the income statement on a straight-line basis over the period of the hire. Revenue arising from the sale of ex-hire fleet assets and consumable stock is recognised in the income statement when the significant risks and rewards of ownership have been transferred to the buyer. Transfer occurs when the product or asset is received at the customer’s location. Speedy Hire Plc Annual Report and Accounts 2012 Financial statements
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Measured progress Annual Report and
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Measured progress Actions count. Re
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Measured progress Financial highlig
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Financial KPIs Revenue £m 600 500
Page 9 and 10: New build 2010 18.1% 25.7% New buil
Page 11 and 12: 1 3 2 4 Thames Water Speedy is a st
Page 13 and 14: Majors By 2013 the top 100 construc
Page 15 and 16: Products and services ePod Speedy p
Page 17 and 18: Costs Speedy has remained focused o
Page 19 and 20: 2 Actions Over 70% of our carbon fo
Page 21 and 22: We remain committed to our strategy
Page 23 and 24: The Group will maintain its focus o
Page 25 and 26: Risk description Potential impact S
Page 27 and 28: Our performance UK & Ireland Asset
Page 29 and 30: Our performance International Asset
Page 31 and 32: Exceptional items Exceptional items
Page 33 and 34: Ishbel Macpherson Non-Executive Cha
Page 35 and 36: Substantial shareholders As at 11 M
Page 37 and 38: Articles of association The Company
Page 39 and 40: Matters requiring Board or Committe
Page 41 and 42: Performance evaluation During the y
Page 43 and 44: Remuneration report This report has
Page 45 and 46: Components of remuneration The main
Page 47 and 48: Benefits under the Performance Plan
Page 49 and 50: Emoluments of the Directors The emo
Page 51 and 52: 1 The interests at 1 April 2011 are
Page 53 and 54: Review of the work of the external
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Page 57 and 58: Financial statements 55 Consolidate
Page 59: Consolidated statement of changes i
Page 63 and 64: Financial statements 61 1 Accountin
Page 65 and 66: Financial statements 63 1 Accountin
Page 67 and 68: Financial statements 65 2 Segmental
Page 69 and 70: Financial statements 67 3 Exception
Page 71 and 72: 7 Financial expense Financial state
Page 73 and 74: 10 Dividends The aggregate amount o
Page 75 and 76: Financial statements 73 12 Intangib
Page 77 and 78: Financial statements 75 18 Financia
Page 79 and 80: Financial statements 77 18 Financia
Page 81 and 82: 20 Provisions Financial statements
Page 83 and 84: Financial statements 81 23 Share in
Page 85 and 86: Financial statements 83 27 Commitme
Page 87 and 88: Company statement of changes in equ
Page 89 and 90: Notes to the Company financial stat
Page 91 and 92: 36 Deferred tax Financial statement
Page 93 and 94: Shareholder information Annual Gene
Page 95 and 96: Awards 2012 NOEA - Event Innovation
Page 97 and 98: Memberships Professional body and t
Page 99 and 100: Printing and paper: this report has
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Annual Report and Accounts 2012 - Speedy Hire plc

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