Annual Report and Accounts 2012 - Speedy Hire plc

68 Financial statements
Notes to the financial statements
continued
4 Operating profit/(loss) continued
Disposal of accommodation hire operation
On 30 April 2011, the Group completed the sale of its accommodation hire operation to Elliott Group Ltd, a subsidiary of Algeco Scotsman,
for a total cash consideration of £34.9m. As at 31 March 2011, these assets were included within the ‘assets held for sale’ category, together
with a £13.8m exceptional charge to the income statement. The disposal delivered an increase on a pro-forma basis in Speedy’s operating
margin and return on capital, and delivered a reduction in Group borrowings. Working capital at the date of sale totalling approximately
£3.6m was retained for the benefit of Speedy. The pro-forma income statement adjusting for the sale is as follows:
Speedy Hire Plc Annual Report and Accounts 2012
Group
2012
£m
Disposal 2,3
2012
£m
Pro-forma
2012
£m
Group
2011
£m
Disposal 2,3
2011
£m
Pro-forma
2011
£m
Revenue 329.3 2.9 326.4 354.2 35.5 318.7
EBITDA 1 63.2 0.6 62.6 63.4 4.6 58.8
EBITDA 1 margin 19.2% 20.7% 19.2% 17.9% 13.0% 18.4%
EBIT 1 19.6 (0.1) 19.7 8.3 (4.5) 12.8
EBIT 1 margin 6.0% (3.4%) 6.0% 2.3% (12.7%) 4.0%
1 before amortisation and exceptional costs
2 disposal of the accommodation hire operation
3 the EBITDA* and EBIT* of the accommodation hire operation are the contribution before depreciation, amortisation and exceptional items and contribution before
amortisation and exceptional items respectively and are stated before allocations and recharges
5 Employees
The average number of people employed by the Group (including Directors) during the year was as follows:
Number of employees
2012 2011
UK & Ireland Asset Services 3,305 3,632
International Asset Services 188 171
Central 351 321
3,844 4,124
The aggregate payroll costs of these employees were as follows:
Wages and salaries 92.6 104.2
Social security costs 9.0 9.5
Other pension costs 0.6 0.8
Share-based payments 1.2 1.0
103.4 115.5
6 Directors’ remuneration
Directors’ emoluments
Basic remuneration, including benefits 1,086 1,224
Payments to former Directors 6 18
Termination payments – 266
Company pension contributions to personal pension plans 103 159
1,195 1,667
Emolument of the highest paid Director
Basic remuneration, including benefits 370 355
Company pension contributions to personal pension plans 51 68
421 423
Further analysis of Directors’ remuneration can be found in the Remuneration Report.
All of the Directors’ remuneration is paid by Speedy Support Services Limited, a wholly-owned subsidiary of Speedy Hire Plc.
2012
£m
2012
£000
2011
£m
2011
£000