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BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012 notes to the consolidated financial statements continued 7 EXCEPTIONAL ITEMS (NET) Exceptional items are those that, in management’s judgement, should be disclosed by virtue of their nature or amount. Exceptional items are as follows: 52 weeks 52 weeks ended ended 29 December 31 December £m 2012 2011 Continuing operations Restructuring costs (2.8) (7.7) Temporary site closure (1.6) – Defined benefit pension scheme credit – 12.0 Legal settlement – 3.1 (4.4) 7.4 Discontinued operations Restructuring costs – (0.2) Legal settlement 0.8 – 0.8 (0.2) Restructuring costs In 2012, the Group incurred £2.8 million (2011: £7.7 million) of restructuring costs from continuing operations, primarily relating to redundancy costs. The Group did not incur any restructuring costs in 2012, relating to discontinued operations (2011: £0.2 million). Temporary site closure During the period, a malicious act of contamination at one of our sites led to its temporary closure. This charge related primarily to the costs associated with the disposal of products, extending our installation of CCTV cameras, and the increased costs of working, including additional labour costs and further security measures. Defined benefit pension scheme The exceptional non-cash credit of £12.0 million in 2011, relates to the defined benefit pension scheme. This has arisen due to the closure of the defined benefit pension scheme to future accrual as at the end of March 2011. Other exceptional items During 2012, discontinued operations within the Group received £0.8 million (2011: £nil) from a legal claim made in relation to the acquisition of a building. This claim has now been settled. In 2011, the Group’s continuing operations received £3.1 million from the settlement of a legal claim. The allocation of exceptional items by segment is shown in note 4 of the accounts. 8 IMPAIRMENT OF ASSETS 52 weeks 52 weeks ended ended 29 December 31 December £m 2012 2011 Continuing operations Impairment of goodwill – 59.1 Impairment of intangible assets – 2.9 Impairment of property, plant and equipment 1.0 1.7 1.0 63.7 Discontinued operations Impairment of goodwill – 12.1 Impairment of intangible assets – 1.1 – 13.2 The annual impairment review of the carrying value of goodwill and intangible assets has resulted in no impairment charge being recognised within the Group (2011: £63.7 million from continuing operations and £13.2 million from discontinued operations). During the period, the Group has impaired property, plant and equipment by £1.0 million (2011: £1.7 million), within continuing operations in its UK businesses. PAGE 71 VIEW THE FULL REPORT AT ANNUALREPORT12.BAKKAVOR.COM
BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012 notes to the consolidated financial statements continued 9 STAFF COSTS The average monthly number of employees (including executive Directors) during the year was: 2012 2011 Number Number Continuing operations Production 15,921 14,874 Management and administration 1,630 1,688 Sales and distribution 826 830 18,377 17,392 Discontinued operations Production 858 856 Management and administration 121 127 Sales and distribution 29 43 1,008 1,026 Their aggregate remuneration comprised: 52 weeks 52 weeks ended ended 29 December 31 December £m 2012 2011 Continuing operations Wages and salaries 329.1 310.4 Social security and other costs 36.4 36.0 Other pension costs/(income) 2.8 (10.1) 368.3 336.3 Discontinued operations Wages and salaries 21.2 22.8 Social security and other costs 8.3 8.9 29.5 31.7 In 2011, other pension costs included £12.0 million defined benefit pension credits as per note 36. The Directors’ emoluments were as follows: 52 weeks 52 weeks ended ended 29 December 31 December £’000 2012 2011 Directors’ emoluments excluding pension contributions 844 819 Directors’ pension contributions 109 124 953 943 The aggregate emoluments of the highest paid director were £532,793 (2011: £596,520). The accrued pension contributions of the highest paid director at 29 December 2012 were £73,750 (2011: £76,250). PAGE 72 VIEW THE FULL REPORT AT ANNUALREPORT12.BAKKAVOR.COM
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