Speedy Hire Plc Annual Report and Accounts 2017 PDF Free Download
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Strategic Report Governance Financial Statements Corporate Information
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March
2009 March
2010 March
2011 March
2012 March
2013 March
2014 March
2015 March
2017
March
2016
Value (£)
Speedy Hire Plc
FTSE 250 (excluding investment trusts) Index
FTSE SmallCap (excluding investment trusts) Index Source: Thomson Reuters (Datastream)
0
100
200
300
400
500
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Overview
Materiality:
Group Financial
Statements as a
whole
£0.675m (2016:£0.5m)
4.7% (2016: 4.5%) of Profit before
tax normalised to exclude
exceptional items
Coverage 100% (2016:100%) of Profit before
tax
Risks of material misstatement vs 2016
Recurring risks Hire equipment ◄►
Trade receivables ◄►
1. Our opinion on the Financial Statements is
unmodified
We have audited the Financial Statements of
Speedy Hire Plc for the year ended 31 March 2017
set out on pages 76 to 118. In our opinion:
— the Financial Statements give a true and fair
view of the state of the Group’s and of the
Parent Company’s affairs as at 31 March 2017
and of the Group’s profit for the year then
ended;
— the Group Financial Statements have been
properly prepared in accordance with
International Financial Reporting Standards as
adopted by the European Union (IFRSs as
adopted by the EU);
— the Parent Company Financial Statements have
been properly prepared in accordance with
IFRSs as adopted by the EU and as applied in
accordance with the provisions of the
Companies Act 2006; and
— the Financial Statements have been prepared in
accordance with the requirements of the
Companies Act 2006; and, as regards the Group
Financial Statements, Article 4 of the IAS
Regulation.
Independent
Auditor’s Report
to the members of Speedy Hire Plc only
Opinions and conclusions
arising from our audit
K-!
The risk Our response
Hire equipment
(£194.8 million; 2016 restated:
£219.9m)
Refer to page 49 (Audit
Committee Report), page 84
(accounting policy) and page 99
(financial disclosures).
Physical quantities
The Group has more than four million
items of equipment, and a high
frequency of movement in individual
assets, through asset purchases,
physical hires and disposals. As such
there is inherent difficulty in
maintaining an accurate fixed assets
register.
Subjective estimate
Judgement is applied by management
in the estimation of useful
economic lives and residual values
which are based on both historical
experience and an assessment of the
nature of the assets involved.
Our procedures included:
—Control design and re-performance:
Testing the design and operating
effectiveness of key controls including the
reconciliation of the fixed asset register to
the accounting ledgers.
—Count design and attendance: Testing
the design of controls operating over hire
equipment counts. For a sample of hire
equipment counts, performing test counts
to ensure the accuracy of the counting. For
the sample verifying that the records from
the counts had been accurately reflected
on the fixed asset register.
—Tests of details: Agreeing a statistical
sample of assets acquired and disposed of
during the year to third party evidence.
Comparing the hire fleet register for the
current year to prior year to determine any
changes made to useful economic lives
and residual values and reviewing any
changes to ensure they are consistent with
accounting policies. Reviewing profit or
loss on disposal of hire equipment to
support the reasonableness of the useful
economic lives and residual values applied.
—Sector experience: Comparing the hire
fleet register to hire revenue information to
identify the net book value of assets not
recently hired to customers. Identifying
from this analysis those assets we
consider to be at highest risk of
obsolescence and challenging
management to provide evidence over the
existence, and valuation, of these assets.
—Assessing transparency: assessing the
adequacy of the Group’s disclosures in
respect of the judgements and estimates
involved in arriving at the valuation of hire
equipment.
2. Our assessment of risks of material misstatement
In arriving at our audit opinion above on the financial statements, the risks of material misstatement that had the greatest
effect on our audit, in decreasing order of audit significance, were as follows:
!K.
The risk Our response
Trade Receivables
(£83.3 million; 2016: £74.9m)
Refer to page 50 (Audit
Committee Report), page [ ]
(accounting policy) and page [ ]
(financial disclosures).
Subjective valuation
The Group’s customers operate in the
construction market which may result
in an increased risk of non-
recoverability of trade receivables.
The International business’s customer
base in the Middle East increases the
risk associated with the recoverability
of trade receivables as longer payment
terms are given in those jurisdictions,
which could delay the identification of
irrecoverable trade receivables.
Our procedures included:
—Control design and re-performance:
Identification and testing of the operating
effectiveness of key controls including
credit control procedures and sales ledger
reconciliations.
—Historical Comparison: Assessing the
methodology used to calculate the
provision recorded against trade
receivables, challenging the
appropriateness of these provisions based
on historical bad debt write offs.
—Sector experience: After analysing the
level of cash receipts post year end
identifying a risk based sample of
receivables obtaining. For this sample
obtaining a detailed understanding of the
payment status of the receivable balance
and the customer’s likelihood of payment
including independently verifying the
customer’s latest credit score.
—Assessing transparency: assessing the
adequacy of the Group’s disclosures in
relation to the degree of estimation
involved in arriving at the carrying amount
of the trade receivables balance.
We continue to perform procedures over the valuation of intangible assets. However, following the impairment of £45.9m of
goodwill in 2016, it is considered that no reasonable change in assumptions would cause an impairment and as such we have
not assessed this as one of the risks that had the greatest effect on our audit and, therefore, it is not separately identified in
our report this year.
The risk Our response
Trade receivables
(£83.3 million; 2016: £74.9m)
Refer to page 50 (Audit
Committee Report), page 87
(accounting policy) and page 100
(financial disclosures).
Subjective valuation
The Group’s customers operate in the
construction market which may result
in an increased risk of non-
recoverability of trade receivables.
The International business’s customer
base in the Middle East increases the
risk associated with the recoverability
of trade receivables as longer payment
terms are given in those jurisdictions,
which could delay the identification of
irrecoverable trade receivables.
Our procedures included:
—Control design and re-performance:
Identification and testing of the operating
effectiveness of key controls including
credit control procedures and sales ledger
reconciliations.
—Historical comparison: Assessing the
methodology used to calculate the
provision recorded against trade
receivables, challenging the
appropriateness of these provisions based
on historical bad debt write offs.
—Sector experience: After analysing the
level of cash receipts post year end
identifying a risk based sample of
receivables obtaining. For this sample
obtaining a detailed understanding of the
payment status of the receivable balance
and the customer’s likelihood of payment
including independently verifying the
customer’s latest credit score.
—Assessing transparency: assessing the
adequacy of the Group’s disclosures in
relation to the degree of estimation
involved in arriving at the carrying amount
of the trade receivables balance.
We continue to perform procedures over the valuation of intangible assets. However, following the impairment of £45.9m of
goodwill in 2016, it is considered that no reasonable change in assumptions would cause an impairment and as such we have
not assessed this as one of the risks that had the greatest effect on our audit and, therefore, it is not separately identified in
our report this year.
KC!
3. Our application of materiality and an
overview of the scope of our audit
Materiality for the Group Financial Statements as a
whole was set at £0.675 million (2016: £0.5 million),
determined with reference to a benchmark of Group
profit before tax, normalised to exclude exceptional
items (as disclosed in note 3 to the Financial
Statements), of which it represents 4.7% (2016:
4.5%). In 2016 the benchmark was averaged over a
three-year period due to the volatility in the 2016
reported level of profit before tax, normalised to
exclude exceptional items.
We report to the Audit Committee any corrected or
uncorrected identified misstatements exceeding
£33,500 (2016: £25,000),in addition to other
identified misstatements that warranted
reporting on qualitative grounds.
The Group team performed procedures on the
exceptional items excluded from normalised group
profit before tax.
Of the Group’s eight reporting components, seven
(2016: seven) were subjected to audit for Group
reporting purposes and one (2016: one) was subject
to specified risk-focussed audit procedures by the
Group audit team. The work on the two
International components was performed by
component auditors. The work on the other six
components was performed by the Group audit
team. This scoping is consistent with the prior year.
The Group audit team instructed the component
auditors as to the significant areas to be covered
during their audit, including the relevant risks
detailed above, and the information to be
reported to the Group auditor from the component.
The Group audit team approved the component
materialities to be applied, which ranged from
£63,000 to £650,000 (2016: a range of £63,000 to
£475,000) having regard to the mix of size and risk
profile of the Group across the components.
The component for which we performed specified
risk-focussed procedures was not individually
financially significant enough to require an audit for
Group reporting purposes, but did present specific
individual risks that needed to be addressed. We
subjected one (2016: one) component to specified
risk-focussed audit procedures over revenue and
profit for the period.
The Group audit team held telephone conference
meetings with the component auditors. At these
meetings, the findings reported to the Group audit
team were discussed in more detail, and any further
work required by the Group audit team was then
performed by the component auditors.
Profit before tax normalised to
exclude exceptional items
£14.4m (2016: profit before tax,
normalised to exclude
exceptional items and averaged
over a three-year period £11.1m)
Materiality
£0.675m (2016: £0.5m)
£0.675m
Whole Financial
Statements materiality
(2016: £0.5m)
£0.65m
Range of materiality at 7
components (£0.06m-£0.65m)
(2016: £0.06m to £0.475m)
£0.0335m
Misstatements reported to the
Audit Committee (2016:
£0.025m)
Profit before tax normalised to
exclude exceptional items
Group materiality
99
1
98
2
Group revenue Group profit/(loss)
before tax
Group total assets
100%
(2016 100%)
Group profit before tax before
exceptional items
99
1
88
12
100%
(2016 100%)
99
1
98
2
100%
(2016 100%)
70
30
88
12
100%
(2016 100%)
Key: Full scope for Group audit purposes 2017
Specified risk-focussed audit procedures 2017
Full scope for Group audit purposes 2016
Specified risk-focussed audit procedures 2016
!KG
4. Our opinion on other matters prescribed by the
Companies Act 2006 is unmodified
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 Strategic Report and the
Directors’ Report for the financial year is consistent
with the Financial Statements.
Based solely on the work required to be undertaken in the
course of the audit of the Financial Statements and from
reading the Strategic Report and the Directors’ Report:
— we have not identified material misstatements in those
reports; and
—in our opinion, those reports have been prepared in
accordance with the Companies Act 2006.
5. We have nothing to report on the disclosures of
principal risks
Based on the knowledge we acquired during our audit, we
have nothing material to add or draw attention to in relation
to:
— the Directors’ Viability Statement on page 33,
concerning the principal risks, their management, and,
based on that, the Directors’ assessment and
expectations of the Group’s continuing in operation
over the three years to 31 March 2020; or
— the disclosures in note 1 of the Financial Statements
concerning the use of the going concern basis of
accounting.
6. We have nothing to report in respect of the matters
on which we are required to report by exception
Under ISAs (UK and Ireland) we are required to report to
you if, based on the knowledge we acquired during our
audit, we have identified other information in the Annual
Report that contains a material inconsistency with either
that knowledge or the Financial Statements, a material
misstatement of fact, or that is otherwise misleading.
In particular, we are required to report to you if:
— we have identified material inconsistencies between
the knowledge we acquired during our audit and the
Directors’ statement that they consider that the Annual
Report and Financial Statements taken as a whole is
fair, balanced and understandable and provides the
information necessary for shareholders to assess the
Group’s position and performance, business model and
strategy; or
— the Audit Committee Report does not appropriately
address matters communicated by us to the Audit
Committee.
Under the Companies Act 2006 we are required 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.
Under the Listing Rules we are required to review:
— the Directors’ statements, set out on pages 36 and 33,
in relation to going concern and longer-term viability;
and
— the part of the Corporate Governance statement on
page 42 relating to the Company’s compliance with the
eleven provisions of the 2014 UK Corporate
Governance Code specified for our review.
We have nothing to report in respect of the above
responsibilities.
Scope and responsibilities
As explained more fully in the Directors’ Responsibilities
Statement set out on page 39 the Directors are responsible for
the preparation of the financial statements and for being
satisfied that they give a true and fair view. A description of the
scope of an audit of Financial Statements is provided on the
Financial Reporting Council’s website at
www.frc.org.uk/auditscopeukprivate. This report is made solely
to the Company’s members as a body and is subject to
important explanations and disclaimers regarding our
responsibilities, published on our website at
www.kpmg.com/uk/auditscopeukco2014a, which are
incorporated into this report as if set out in full and should be
read to provide an understanding of the purpose of this report,
the work we have undertaken and the basis of our opinions.
Chris Hearld (Senior Statutory Auditor)
for and on behalf of KPMG LLP, Statutory Auditor
Chartered Accountants
1 St Peter’s Square
Manchester
M2 3AE
15 May 2017
KD!
Financial
Statements
Financial Statements
Consolidated Income Statement 76
Consolidated Statement of Comprehensive Income 77
Consolidated Balance Sheet 78
Consolidated Statement of Changes in Equity 79
Consolidated Cash Flow Statement 80
Reconciliation of Net Debt 81
Notes to the Financial Statements 82
Company Balance Sheet 112
Company Statement of Changes in Equity 113
Company Cash Flow Statement 114
Notes to the Company Financial Statements 115
Five-year Summary 119
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 75
76 Speedy Hire Plc Annual Report and Accounts 201776 Speedy Hire Plc Annual Report and Accounts 2017
Financial statements
Consolidated Income Statement
for the year ended 31 March 2017
Year ended 31 March 2016
Note
Year ended
31 March
2017
£m
Before
exceptional
items
£m
Exceptional
items
£m
Total
£m
Revenue including share of jointly controlled entity’s revenue 375.1 333.4 –333.4
Less: share of jointly controlled entity’s revenue (5.7) (4.3) –(4.3)
Revenue 2369.4 329.1 – 329.1
Cost of sales (177.7) (144.9) –(144.9)
191.7 184.2 –184.2
Distribution costs (34.6) (31.8) –(31.8)
Administrative expenses (139.6) (145.1) (59.9) (205.0)
19.3 10.0 –10.0
Amortisation 12 (1.8) (2.7) –(2.7)
Exceptional items 3–– (59.9) (59.9)
17.5 7.3 (59.9) (52.6)
Share of results of jointly controlled entity 13 1.7 0.7 –0.7
19.2 8.0 (59.9) (51.9)
Financial expense 7(4.8) (5.7) –(5.7)
14.4 2.3 (59.9) (57.6)
Taxation1 8(2.9) (0.6) 5.5 4.9
11.5 1.7 (54.4) (52.7)
– Basic (pence) 92.22 (10.19)
– Diluted (pence) 92.21 (10.19)
Non-GAAP performance measures
EBITDA before exceptional items 11 63.1 53.1
11 16.2 5.0
Adjusted earnings per share (pence) 92.44 0.79
1 Tax charge in the year ended 31 March 2017 is inclusive of a £0.3m tax credit on exceptional items.
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 77
Consolidated Statement of Comprehensive Income
for the year ended 31 March 2017
2017
£m
2016
£m
11.5 (52.7)
0.3 (0.3)
2.3 –
2.6 (0.3)
14.1 (53.0)
78 Speedy Hire Plc Annual Report and Accounts 2017
Financial statements
Consolidated Balance Sheet
at 31 March 2017
Note
31 March
2017
£m
31 March
2016
Restated1
£m
ASSETS
Non-current assets
Intangible assets 12 3.5 2.1
Investment in jointly controlled entity 13 5.7 4.9
Hire equipment 14 194.8 219.9
Non-hire equipment 14 39.9 44.2
Deferred tax asset 21 1.1 1.5
245.0 272.6
Current assets
Inventories 15 6.8 6.0
Trade and other receivables 16 91.0 85.2
Current tax asset 0.6 3.1
Cash 19 5.6 4.4
104.0 98.7
Total assets 349.0 371.3
LIABILITIES
Borrowings 19 (4.4) (0.1)
18 (0.4) (0.7)
Trade and other payables 17 (74.2) (73.9)
Provisions 20 (1.2) (2.5)
(80.2) (77.2)
Borrowings 19 (72.6) (106.9)
Trade and other payables 17 (0.2) (0.8)
Provisions 20 (0.3) (0.9)
Deferred tax liability 21 (6.1) (7.1)
(79.2) (115.7)
(159.4) (192.9)
Net assets 189.6 178.4
EQUITY
Share capital 22 26.2 26.1
Share premium 191.4 191.4
Merger reserve 1.0 1.0
Hedging reserve (0.6) (0.9)
Translation reserve 0.6 (1.7)
Retained earnings (29.0) (37.5)
Total equity 189.6 178.4
1 See note 24.
The Consolidated Financial Statements on pages 76 to 111 were approved by the Board of Directors on 15 May 2017 and were signed
on its behalf by:
Russell Down Thomas Christopher Morgan
Director Director
Company registered number: 00927680
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 79
Consolidated Statement of Changes in Equity
for the year ended 31 March 2017
Share
capital
£m
Share
premium
£m
Merger
reserve
£m
Hedging
reserve
£m
Translation
reserve
£m
Retained
earnings
equity
£m
Total
equity
£m
At 1 April 2015 26.1 191.0 1.0 (0.6) (1.9) 18.4 234.0
Total comprehensive loss – – – (0.3) –(52.7) (53.0)
Dividends –––––(3.6) (3.6)
Tax on items taken directly to equity – – – – 0.2 (0.1) 0.1
Equity-settled share-based payments – – – – – 0.5 0.5
Issue of shares under the
Sharesave Scheme –0.4 ––––0.4
At 31 March 2016 26.1 191.4 1.0 (0.9) (1.7) (37.5) 178.4
Total comprehensive income – – – 0.3 2.8 11.5 14.6
Dividends –––––(3.8) (3.8)
Tax on items taken directly to equity – – – – (0.5) –(0.5)
Equity-settled share-based payments – – – – – 0.8 0.8
Issue of shares under the
Sharesave Scheme 0.1 –––––0.1
At 31 March 2017 26.2 191.4 1.0 (0.6) 0.6 (29.0) 189.6
80 Speedy Hire Plc Annual Report and Accounts 2017
Financial statements
Consolidated Cash Flow Statement
for the year ended 31 March 2017
Note
2017
£m
2016
£m
Cash generated from operating activities
14.4 (57.6)
Financial expense 4.8 5.7
Amortisation 1.8 2.7
Depreciation 43.8 43.1
(1.7) (0.7)
1.5 (0.7)
0.3 –
Impairment of goodwill –45.9
(0.2) 3.6
Decrease in net assets held for sale –1.8
(5.8) 30.0
2.4 (6.8)
Movement in provisions (1.9) (0.8)
Equity-settled share-based payments 0.8 0.5
60.2 66.7
Purchase of hire equipment (40.5) (57.8)
Proceeds from sale of hire equipment 29.2 17.0
Cash generated from operations 48.9 25.9
Interest paid (4.3) (4.9)
Tax paid (1.9) (0.6)
42.7 20.4
(4.3) (11.2)
0.2 0.6
24 (3.8) (1.5)
Investment in jointly controlled entity 0.2 0.3
(7.7) (11.8)
35.0 8.6
Finance lease payments (0.5) –
Drawdown of loans 374.7 393.9
Payment of loans (408.4) (393.5)
Proceeds from the issue of Sharesave Scheme shares 0.1 0.4
Dividends paid (3.8) (3.6)
(37.9) (2.8)
(2.9) 5.8
4.4 (1.4)
1.5 4.4
Analysis of cash and cash equivalents
Cash 19 5.6 4.4
Bank overdraft 19 (4.1) –
1.5 4.4
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 81
Note
2017
£m
2016
£m
(2.9) 5.8
19 34.3 (1.1)
Finance lease liabilities 19 0.4 (1.2)
Amortisation of loan costs 19 (0.6) (0.8)
31.2 2.7
Net debt at 1 April (102.6) (105.3)
(71.4) (102.6)
82 Speedy Hire Plc Annual Report and Accounts 2017
Financial statements
Notes to the Financial Statements
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 2017 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 2017.
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 accounting policies set out below have been applied consistently to all periods presented in these consolidated Financial
Statements.
and has no prior scheduled repayment requirements.
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.
Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational
Annual Report and Financial Statements.
Basis of consolidation
(a) Subsidiaries
ability to use its power to alter its returns from its involvement with the entity. The Financial Statements of subsidiaries are included in
the consolidated Financial Statements from the date that control commences until the date that control ceases.
eliminated in preparing the consolidated Financial Statements.
(b) Jointly controlled entities
A jointly controlled entity is a contractual arrangement whereby the Group undertakes economic activity that is subject to joint
control with third parties. The Group’s interests in jointly controlled entities are accounted for using the equity method. Under this
their net assets is included in investments in the consolidated balance sheet. The Group’s interest in the entity is the carrying amount
entity.
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 83
1 Accounting policies continued
New accounting standards and accounting standards not yet eective
IFRS 14 Regulatory Deferral Accounts
Amendments to IFRS 11 Accounting for Acquisitions of Interests in Joint Operations
Amendments to IAS 16 and IAS 38
Amendments to IAS 16 and IAS 41 Agriculture: Bearer Plants
Amendments to IAS 27 Equity Method in Separate Financial Statements
Investment Entities: Applying the Consolidation Exception
Amendments to IAS 1 Disclosure Initiative
Various standards Annual improvements to IFRSs 2012-2014
The International Accounting Standards Board (‘IASB’) and International Financial Reporting Interpretations Committee (‘IFRIC’) have
these Financial Statements:
(periods beginning
on or after)
Amendments to IAS 7 Disclosure Initiative 1 January 2017
Amendments to IAS 12 Recognition of Deferred Tax Assets for Unrealised Losses 1 January 2017
Various standards Annual improvements to IFRSs 2014-2016
1 January 2018
IFRS 15 Revenue from Contracts with Customers 1 January 2018
IFRS 9 Financial Instruments 1 January 2018
Amendments to IFRS 2 1 January 2018
Amendments to IFRS 4 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts 1 January 2018
IFRIC Interpretation 22 Foreign Currency Transactions and Advance Consideration 1 January 2018
Amendments to IAS 40 Transfers of Investment Property 1 January 2018
IFRS 161Leases 1 January 2019
1 Not yet endorsed by the EU.
beginning on or after 1 January 2018. The revised standard replaces IAS 39 Financial Instruments: Recognition and Measurement
annual statements beginning on or after 1 January 2018. The standard will replace IAS 18 Revenue. The standard introduces a new
date. It is not currently practicable to quantify the impact of this standard.
on or after 1 January 2019. IFRS 16 changes fundamentally the accounting for leases by lessees. It eliminates the current IAS 17 dual
potential impact.
84 Speedy Hire Plc Annual Report and Accounts 2017
!"#$%&#"&#'$&()*+*,)+-&.#+#$/$*#%
continued
(0!1!2013&.414565!4.
1 Accounting policies continued
Revenue
Revenue is recognised in the income statement on a straight-line basis over the period of the hire.
Revenue arising from services is recognised in the income statement when the service is performed.
Property, plant and equipment
expenditure that is directly attributable to the acquisition of the asset and refurbishments to assets where the refurbishment extends
the asset’s useful economic life.
estimated useful economic lives after taking account of estimated residual values. Residual values and estimated useful economic
lives are reassessed at least annually. Land is not depreciated. Hire equipment assets are depreciated so as to write them down to
The principal rates and methods of depreciation used are as follows:
Hire equipment
> Tools and general equipment – between three and seven years straight-line
>
>
>
Non-hire assets
>
> Short leasehold property improvements – over the period of the lease
>
>
period of the software licence (if shorter)
>
Premiums paid or incentives received (including rent-free periods extending beyond a depot’s opening date) on the acquisition
Leases
the accounting policy applicable to that asset.
of interest on the remaining balance of the liability.
Payments made under operating leases are recognised in the income statement on a straight-line basis over the term of the lease.
Lease incentives received are recognised in the income statement as an integral part of the total lease expense.
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 85
1 Accounting policies continued
Financing income and costs
income statement.
case it is recognised in equity. Income tax comprises current and deferred tax. Current tax is the expected tax payable on the taxable
previous years.
probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or
for deferred tax on undistributed earnings of subsidiaries where the Group is able to control the timing of the distribution and the
the asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer
Segment reporting
is the Group’s ‘chief operating decision-maker’.
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur
about resources to be allocated to the segment and to assess its performance.
Segment results that are reported to the Board include items directly attributable to a segment as well as those that can be allocated
expenses.
assets other than goodwill.
86 Speedy Hire Plc Annual Report and Accounts 2017
!"#$%&#"&#'$&()*+*,)+-&.#+#$/$*#%
continued
(0!1!2013&.414565!4.
1 Accounting policies continued
> Goodwill
All business combinations are accounted for by applying the purchase method. In respect of acquisitions since 1 April 2004 and
liabilities and contingent liabilities acquired.
> the fair value of the consideration transferred; plus
> the recognised amount of any non-controlling interests in the acquiree; plus
> the fair value of the existing equity interest in the acquiree; less
>
contingent consideration are recognised in the income statement.
units and is tested annually for impairment and at each reporting date to the extent that there are any indicators of impairment.
Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
>
Intangible assets other than goodwill that are acquired by the Group are stated at cost less accumulated amortisation and impairment
losses (note 12).
Expenditure on internally generated goodwill and brands is recognised in the income statement as an expense as incurred.
> Amortisation
intangible assets. Intangible assets excluding goodwill are amortised from the date that they are available for use. For a number of its
acquired. The useful lives are estimated as follows:
>
>
>
>
Impairments
reduced accordingly.
allocated to the units and then to reduce the carrying amount of the other assets in the unit (or group of units) on a pro-rata basis.
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 87
1 Accounting policies continued
directly to equity.
Inventories
share of production overheads based on normal operating capacity. Net realisable value is the estimated selling price in the ordinary
derivatives that do not qualify for hedge accounting are accounted for as trading instruments and the movement in fair value is
recognised in the income statement.
Derivatives are recognised initially at fair value; attributable transaction costs are recognised in the income statement when incurred.
are recognised in the income statement.
accounting is discontinued prospectively. The cumulative gain or loss previously recognised in equity remains there until the forecast
amount of the asset when it is recognised. In other cases the amount recognised in equity is transferred to the income statement in
the Company considers these to be insurance arrangements and accounts for them as such. In this respect the Company treats the
guarantee contract as a contingent liability until such time as it becomes probable that the Company will be required to make a
payment under the guarantee.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and overnight deposits.
Interest-bearing borrowings are recognised initially at fair value less directly attributable transaction costs. Subsequent to initial
88 Speedy Hire Plc Annual Report and Accounts 2017
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continued
(0!1!2013&.414565!4.
1 Accounting policies continued
Translation of foreign currencies
Transactions in foreign currencies are initially recorded at the rate of exchange prevailing at the transaction date. Monetary assets and
liabilities denominated in foreign currencies are retranslated at the rates of exchange ruling at the balance sheet date. Exchange gains
and losses arising on settlement or retranslation of monetary assets and liabilities are included in the income statement.
Assets and liabilities of overseas subsidiaries are translated at the rate of exchange ruling at the balance sheet date. The results of
resulting from the translation of the results and balances of overseas subsidiary undertakings are charged or credited directly to the
foreign currency translation reserve.
> Pension schemes
leave the Group’s employment.
>
employee expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period during
Provisions
A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past
exceptional items include the restructuring of business activities and impairments within cash generating units.
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 89
1 Accounting policies continued
results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent
Property, plant and equipment
reviewed on a regular basis.
nerous lease provision
The Group has a number of properties which are leased but no longer occupied. The future cost of these ongoing lease obligations is
professional advice where the amounts involved are material. The Group does not provide for dilapidations on occupied depots as
provision.
Bad debt provision
(2016: £8.7m) against a total debtor book of £90.2m (2016: £85.8m).
90 Speedy Hire Plc Annual Report and Accounts 2017
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2 Segmental analysis
to relationship management. International Asset Services delivers major overseas projects and facilities management contracts by
providing a managed site support service.
For the year ended 31 March 2017
UK & Ireland
Asset
Services
£m
International
Asset
Services
£m
Corporate
items
£m
Total
£m
Revenue 342.9 26.5 –369.4
Segment result:
EBITDA before exceptional costs 62.2 5.0 (4.1) 63.1
Depreciation (40.2) (2.9) (0.7) (43.8)
22.0 2.1 (4.8) 19.3
Amortisation (1.8) – – (1.8)
(1.2) 1.6 (0.4) –
19.0 3.7 (5.2) 17.5
Share of results of jointly controlled entity –1.7 –1.7
19.0 5.4 (5.2) 19.2
Financial expense (4.8)
14.4
Taxation (2.9)
11.5
Intangible assets 3.5 – – 3.5
Investment in jointly controlled entity –5.7 –5.7
Hire equipment 186.8 8.0 –194.8
Non-hire equipment 36.6 3.3 –39.9
Taxation assets – – 1.7 1.7
Current assets 87.3 9.9 0.6 97.8
Cash – – 5.6 5.6
Total assets 314.2 26.9 7.9 349.0
Liabilities (63.5) (8.4) (4.4) (76.3)
Borrowings – – (77.0) (77.0)
Taxation liabilities – – (6.1) (6.1)
(63.5) (8.4) (87.5) (159.4)
43.3 1.5 –44.8
Corporate items comprise certain central activities and costs which are not directly related to the activities of the operating segments.
segment. The unallocated net assets comprise principally working capital balances held by the support services function and which
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 91
2 Segmental analysis continued
For the year ended 31 March 2016
UK & Ireland
Asset
Services
£m
International
Asset
Services
£m
Corporate
items
£m
Total
£m
Revenue 308.7 20.4 – 329.1
Segment result:
EBITDA before exceptional costs 54.2 3.2 (4.3) 53.1
Depreciation (39.7) (2.6) (0.8) (43.1)
14.5 0.6 (5.1) 10.0
Amortisation (2.7) – – (2.7)
Exceptional costs (52.2) (6.1) (1.6) (59.9)
Operating loss (40.4) (5.5) (6.7) (52.6)
Share of results of jointly controlled entity – 0.7 –0.7
Trading loss (40.4) (4.8) (6.7) (51.9)
Financial expense (5.7)
(57.6)
Taxation 4.9
(52.7)
Intangible assets12.1 – – 2.1
Investment in jointly controlled entity – 4.9 –4.9
Hire equipment1210.8 9.1 – 219.9
Non-hire equipment 40.9 3.3 –44.2
Taxation assets – – 4.6 4.6
Current assets 81.5 9.3 0.4 91.2
Cash – – 4.4 4.4
Total assets 335.3 26.6 9.4 371.3
Liabilities (66.5) (6.8) (5.5) (78.8)
Borrowings – – (107.0) (107.0)
Taxation liabilities – – (7.1) (7.1)
(66.5) (6.8) (119.6) (192.9)
66.0 3.0 – 69.0
Geographical information
geographical location of the assets.
Year ended 31 March 2017 Year ended 31 March 2016
Revenues
£m
Total
assets
£m
Revenues
£m
Total
assets
£m
UK 335.0 309.0 303.1 334.9
Ireland 7.9 13.1 5.6 9.8
United Arab Emirates 26.5 26.9 20.4 26.6
369.4 349.0 329.1 371.3
92 Speedy Hire Plc Annual Report and Accounts 2017
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(0!1!2013&.414565!4.
For the year ended 31 March 2017
contingent acquisition consideration released to the Income Statement.
Exceptional costs of £0.8m were incurred in restructuring the UK & Ireland business. The number of regional operating divisions
restructuring costs arising from the business integration. £0.4m of professional fees were incurred in relation to September’s General
Meeting.
Exceptional income of £1.6m was received in respect of receivables previously provided for through exceptional charges arising from
International asset disposals. £0.6m of contingent consideration arising on the prior year acquisition of OHP Limited was released to
the Income Statement following settlement of the amounts payable.
For the year ended 31 March 2016
network. Costs relating to changing the management structure totalled £4.2m including redundancy costs and related expenditure.
Costs amounting to £0.8m were incurred in exiting the International general and spot hire markets relating to disposals and
default by the purchaser on outstanding payments.
2017
£m
2016
£m
Impairment of goodwill –45.9
Amortisation of intangible assets 1.8 2.7
43.6 43.1
0.2 –
1.5 (0.7)
0.3 –
Operating lease rentals
– of land and buildings 13.3 13.0
– of vehicles 11.4 12.9
Auditor’s remuneration
– audit of these Financial Statements 0.1 0.1
0.1 0.1
Total audit fees 0.2 0.2
––
Total fees 0.2 0.2
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 93
5 Employees
The average number of people employed by the Group (including Directors) during the year was as follows:
2017 2016
UK & Ireland Asset Services 2,934
International Asset Services 474 437
Central 233 229
3,641
The aggregate payroll costs of these employees (including bonuses) were as follows:
2017
£m
2016
£m
Wages and salaries 88.4 85.2
Social security costs 8.0 7.8
Pension costs 1.4 1.6
Share-based payments 0.8 0.5
98.6 95.1
6 Directors’ remuneration
2017
£’000s
2016
£’000s
Directors’ emoluments
872 749
Performance related bonuses 575 –
Termination payments 98 234
Company pension contributions to personal pension plans 88 57
1,633
Emolument of the highest paid Director
364 360
Performance related bonuses 341 –
Company pension contributions to personal pension plans 52 49
757 409
Further analysis of Directors’ remuneration can be found in the Remuneration Report.
94 Speedy Hire Plc Annual Report and Accounts 2017
!"#$%&#"&#'$&()*+*,)+-&.#+#$/$*#%
continued
(0!1!2013&.414565!4.
2017
£m
2016
£m
Interest on bank loans and overdrafts 3.7 4.2
Amortisation of issue costs 0.6 0.8
Total interest on borrowings 4.3 5.0
Hedge interest payable 0.4 0.3
0.1 0.4
4.8 5.7
2017
£m
2016
£m
3.8 (3.2)
Adjustment in respect of prior years 0.1 –
Total current tax 3.9 (3.2)
(note 21)
(0.5) (0.6)
Adjustment in respect of prior years (0.2) (0.5)
Impact of rate change (0.3) (0.6)
Total deferred tax (1.0) (1.7)
2.9 (4.9)
Current tax on equity-settled share-based payments –(0.1)
Current tax on foreign exchange reserve 0.4 –
Total current tax 0.4 (0.1)
(note 21)
Deferred tax on foreign exchange reserve 0.1 (0.2)
Deferred tax on equity-settled share-based payments –0.2
Total deferred tax charged in equity 0.1 –
0.5 (0.1)
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 95
continued
The tax charge in the Income Statement for the year is higher (2016: credit is lower) than the standard rate of corporation tax in the
2017
£m
2016
£m
14.4 (57.6)
2.9 (11.5)
Expenses not deductible for tax purposes 0.8 7.7
Non-taxable income (0.1) (0.4)
Share-based payments 0.2 0.1
Overseas tax losses arising not subject to tax (0.2) 0.5
Share of joint venture income already taxed (0.3) (0.2)
Adjustment to deferred taxation relating to future changes in corporation tax rates (0.3) (0.6)
Adjustment to tax in respect of prior years (0.1) (0.5)
2.9 (4.9)
Current tax credit 0.4 (0.1)
Deferred tax charge (note 21) 0.1 –
Tax credited to equity 0.5 (0.1)
enacted on 6 September 2016. This will reduce the Group’s future current tax charge accordingly. The deferred tax asset and liability
at 31 March 2017 has been calculated based on these rates.
96 Speedy Hire Plc Annual Report and Accounts 2017
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continued
(0!1!2013&.414565!4.
9 Earnings per share
2017 2016
11.5 (52.7)
Intangible amortisation charge (after tax) 1.5 2.4
Exceptional items (after tax) (0.3) 54.4
Adjusted earnings (after tax) 12.7 4.1
At the beginning of the year 519.2 515.6
Exercise of share options 0.1 1.7
At the end of the year – basic number of shares 519.3 517.3
Share options 0.8 1.7
Employee share scheme 0.3 0.5
At the end of the year – diluted number of shares 520.4 519.5
2.22 (10.19)
Amortisation 0.29 0.47
Exceptional costs (0.06) 10.51
Adjusted earnings per share 2.45 0.79
2.22 (10.19)
2.21 (10.19)
Adjusted earnings per share 2.45 0.79
Share options (0.01) –
Adjusted diluted earnings per share 2.44 0.79
10 Dividends
The aggregate amount of dividend comprises:
2017
£m
2016
£m
–2.0
2016 interim dividend (0.30 pence on 522.1m shares) –1.6
2.1 –
2017 interim dividend (0.33 pence on 523.5m shares) 1.7 –
3.8 3.6
to be paid on 11 August 2017 to shareholders on the register on 7 July 2017.
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 97
11 Non-GAAP performance measures
The Group believes that the measures below provide valuable additional information for users of the Financial Statements in
internal assessment of the operating performance of the individual divisions within the Group.
2017
£m
2016
£m
17.5 (52.6)
Add back: amortisation 1.8 2.7
Add back: exceptional items –59.9
19.3 10.0
Add back: depreciation 43.8 43.1
63.1 53.1
14.4 (57.6)
Add back: amortisation 1.8 2.7
Add back: exceptional items –59.9
16.2 5.0
Goodwill
£m
Customer
lists
£m
Non-compete
agreements
£m
Brands
£m
Supply
agreements
£m
Total
£m
Cost
At 1 April 2015 93.5 36.4 4.9 4.1 19.8 158.7
Additions12.1 ––––2.1
At 31 March 2016195.6 36.4 4.9 4.1 19.8 160.8
Additions 0.5 1.8 –0.9 –3.2
At 31 March 2017 96.1 38.2 4.9 5.0 19.8 164.0
Amortisation
At 1 April 2015 49.2 32.7 4.9 4.1 19.2 110.1
Charged in year –2.3 – – 0.4 2.7
Impairment 45.9 ––––45.9
At 31 March 2016 95.1 35.0 4.9 4.1 19.6 158.7
Charged in year –1.6 – – 0.2 1.8
At 31 March 2017 95.1 36.6 4.9 4.1 19.8 160.5
At 31 March 2017 1.0 1.6 –0.9 –3.5
At 31 March 201610.5 1.4 – – 0.2 2.1
At 31 March 2015 44.3 3.7 – – 0.6 48.6
The amount of goodwill that is tax-deductible is £nil (2016: £nil).
business segments comprise UK & Ireland Asset Services and International Asset Services. All intangible assets are held in the UK.
might be impaired. No impairment test has been performed in respect of the International Asset Services CGU as there are no
intangible assets allocated to the CGU.
98 Speedy Hire Plc Annual Report and Accounts 2017
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continued
(0!1!2013&.414565!4.
continued
The recoverable amounts of the assets allocated to the UK & Ireland CGU are determined by a value-in-use calculation. The value-
which management estimates based on past experience adjusted for current market trends and expectations of future changes
The pre-tax discount rates and terminal growth rates applied are as follows:
31 March 2017 31 March 2016
discount rate
Terminal value
growth rate
Pre-tax
discount rate
Terminal value
growth rate
UK & Ireland Asset Services 11.4% 2.5%
International Asset Services
Equity
investment
£m
Loan
advances
£m
Total
£m
Cost
At 1 April 2015 3.0 1.7 4.7
0.2 0.1 0.3
At 31 March 2016 3.2 1.8 5.0
0.5 0.3 0.8
At 31 March 2017 3.7 2.1 5.8
Share of post-acquisition results
At 1 April 2015 0.5 –0.5
Share of results for the year after tax 0.7 –0.7
Share of other comprehensive income (0.8) –(0.8)
Dividend received (0.5) –(0.5)
At 31 March 2016 (0.1) –(0.1)
Share of results for the year after tax 1.7 –1.7
Share of other comprehensive income 0.3 –0.3
Dividend received (1.5) –(1.5)
Loan receipts –(0.5) (0.5)
At 31 March 2017 0.4 (0.5) (0.1)
At 31 March 2017 4.1 1.6 5.7
At 31 March 2016 3.1 1.8 4.9
At 31 March 2015 3.5 1.7 5.2
controls the operations of Speedy Zholdas LLP. Speedy Zholdas LLP provides asset management and equipment rental services to the
This joint venture is not considered to be individually material.
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 99
14 Property, plant and equipment
Land and
£m
Hire
equipment
£m
Other
£m
Total
£m
Cost
At 1 April 2015 52.3 364.3 72.6 489.2
Foreign exchange 0.3 0.3 –0.6
Acquisition through business combinations1–1.2 0.3 1.5
Additions 3.4 57.8 7.8 69.0
Disposals (1.3) (34.3) (0.3) (35.9)
Transfers to inventory – (10.8) –(10.8)
At 31 March 2016154.7 378.5 80.4 513.6
Foreign exchange 0.6 0.5 –1.1
Acquisition through business combinations – – 0.3 0.3
Additions 0.7 40.4 3.6 44.7
Disposals (0.3) (35.7) (0.2) (36.2)
Transfers to inventory – (33.0) –(33.0)
At 31 March 2017 55.7 350.7 84.1 490.5
Depreciation
At 1 April 2015 24.5 152.0 59.4 235.9
Foreign exchange 0.1 0.2 –0.3
Charged in year 3.2 35.2 4.7 43.1
Disposals (0.8) (23.3) (0.2) (24.3)
Transfers to inventory – (5.5) –(5.5)
At 31 March 2016 27.0 158.6 63.9 249.5
Foreign exchange 0.2 0.1 0.2 0.5
Charged in year 3.4 35.2 5.2 43.8
Disposals –(24.2) –(24.2)
Transfers to inventory – (13.8) –(13.8)
At 31 March 2017 30.6 155.9 69.3 255.8
At 31 March 2017 25.1 194.8 14.8 234.7
At 31 March 2016127.7 219.9 16.5 264.1
At 31 March 2015 27.8 212.3 13.2 253.3
(2016: £27.7m).
An impairment review has been completed during the year on the basis set out in note 12.
100 Speedy Hire Plc Annual Report and Accounts 2017
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continued
(0!1!2013&.414565!4.
15 Inventories
2017
£m
2016
£m
Raw materials and consumables 0.2 –
Work in progress 0.4 –
Finished goods and goods for resale 6.2 6.0
6.8 6.0
(2016: £0.5m) provision is recorded in respect of inventory held at the year-end.
2017
£m
2016
£m
Trade receivables 83.3 74 .9
Other receivables 4.9 8.0
Prepayments and accrued income 2.8 2.3
91.0 85.2
There are £30.7m (2016: £27.0m) of trade receivables that are past due at the balance sheet date that have not been provided against.
There is no indication as at 31 March 2017 that customers will not meet their payment obligations in respect of trade receivables
recognised in the balance sheet that are past due and un-provided. The ageing of trade receivables (net of impairment provision) at
the year-end was as follows:
2017
£m
2016
£m
Not past due 52.6 47.9
Past due 0–30 days 19.2 15.7
Past due 31–120 days 8.1 7.0
More than 120 days past due 3.4 4.3
83.3 74 .9
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
2017
£m
2016
£m
At 1 April 8.7 4.1
(1.6) 5.5
(0.4) 2.4
(1.9) (3.3)
At 31 March 4.8 8.7
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 101
2017
£m
2016
£m
Trade payables 39.2 41.2
Other payables 7.2 9.6
Accruals 28.0 23.9
74.4 74.7
Non-current 0.2 0.8
Current 74.2 73.9
74.4 74.7
18 Financial instruments
of these risks on an annual basis. A full description of the Group’s approach to managing these risks is set out below.
exists in order to minimise the interest costs on outstanding debt.
31 March 2017 31 March 2016
Carrying
amount
£m
Fair value
£m
Carrying
amount
£m
Fair value
£m
Trade and other receivables 91.0 91.0 85.2 85.2
Cash 5.6 5.6 4.4 4.4
Bank overdraft (4.1) (4.1) – –
Secured bank borrowings (72.1) (72.1) (105.8) (105.8)
Finance lease liabilities (0.8) (0.8) (1.2) (1.2)
(0.4) (0.4) (0.7) (0.7)
Trade and other payables (46.4) (46.4) (50.8) (50.8)
(27.2) (27.2) (68.9) (68.9)
––
Basis for determining fair values
in the table above:
(a) Derivatives – Broker quotes are used for all interest rate swaps.
(b) Interest-bearing loans and borrowings – Fair value is calculated based on discounted expected future principal and interest cash
Interest rates used for determining fair value
102 Speedy Hire Plc Annual Report and Accounts 2017
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continued
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18 Financial instruments continued
Fair value hierarchy
with IFRS 7:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
or indirectly (i.e. derived from prices).
The exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over
a certain amount.
counterparty to fail to meet its obligations.
The Group establishes an allowance for impairment that is based on historical experience of dealing with customers with the same
obligations for a period of 12 weeks. Longer-term forecasts are performed on a regular basis to assess compliance with bank
on this facility as at 31 March 2017 was £75.8m (2016: £54.8m) based on the Group’s eligible hire equipment and trade receivables.
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 103
18 Financial instruments continued
At 31 March 2017
2018
£m
2019
£m
2020
£m
2021
£m
Total
£m
Asset-based revolving credit facility – – 76.3 –76.3
Finance lease liability 0.3 0.2 0.2 0.1 0.8
Interest payments 2.9 2.9 1.4 –7.2
3.2 3.1 77.9 0.1 84.3
At 31 March 2016
2017
£m
2018
£m
2019
£m
2020
£m
Total
£m
Asset-based revolving credit facility – – – 121.8 121.8
Finance lease liability 0.4 0.3 0.3 0.2 1.2
Interest payments 3.6 3.5 3.5 1.8 12.4
4.0 3.8 3.8 123.8 135.4
Foreign exchange risk
respectively.
Interest rate risk
instruments.
31 March 2017 31 March 2016
Fair
value
£m
Notional
amount
£m
Fair
value
£m
Notional
amount
£m
Fixed interest rate swaps (0.4) 45.0 (0.7) 75.0
relevant prevailing UK LIBOR rates.
average period of 19 months (2016: 18 months). The maximum contractual period is 36 months (2016: 36 months).
104 Speedy Hire Plc Annual Report and Accounts 2017
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continued
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18 Financial instruments continued
Sensitivity analysis
earnings.
approximately £0.3m. Interest rate swaps have been included in this calculation.
Capital management
an acceptable return on gross capital. The Board seeks to maintain a balance between debt and equity funding such that it maintains
a sound capital position relevant for the prevailing economic environment.
development of the business. The Board of Directors monitors both the demographic spread of shareholders in order to ensure that
the most attractive mix of capital growth and income return is made available to investors.
objective through the introduction of long-term incentive plans and SAYE schemes.
There were no changes in the Group’s approach to capital management during the year. Neither the Company nor any of its
subsidiaries are subject to externally imposed capital requirements.
19 Borrowings
2017
£m
2016
£m
Bank overdraft 4.1 –
Finance lease liabilities 0.3 0.1
4.4 0.1
– ABL facility 72.1 105.8
– Finance lease liabilities 0.5 1.1
Total non-current borrowings 72.6 106.9
Total borrowings 77.0 107.0
Less: cash (5.6) (4.4)
71.4 102.6
The Group has a £180m asset based revolving credit facility which is sub divided into:
and overdrafts of the Company and certain subsidiary companies up to a maximum of £5m.
undrawn availability of this facility as at 31 March 2017 was £75.8m (2016: £54.8m) based on the Group’s eligible hire equipment
and trade receivables.
with no prior scheduled repayment requirements.
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 105
19 Borrowings continued
31 March
2016
£m
Non-cash
movement
£m
£m
31 March
2017
£m
Cash at bank and in hand 4.4 –1.2 5.6
Finance lease liabilities (1.2) (0.1) 0.5 (0.8)
Bank overdraft – – (4.1) (4.1)
Borrowings (105.8) (0.6) 34.3 (72.1)
(102.6) (0.7) 31.9 (71.4)
Finance lease liabilities are payable as follows:
2017
£m
2016
£m
– not later than one year 0.3 0.1
0.5 1.1
0.8 1.2
payments and their present value is immaterial.
20 Provisions
Onerous
property
contracts
£m
At 1 April 2015 4.2
Created in the year 3.2
Provision utilised in the year (4.0)
At 31 March 2016 3.4
Created in the year 0.5
Provision utilised in the year (2.4)
At 31 March 2017 1.5
and includes estimated dilapidations at current market rates. The total liability is discounted to current values.
106 Speedy Hire Plc Annual Report and Accounts 2017
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continued
(0!1!2013&.414565!4.
Property,
plant and
equipment
£m
assets
payments
£m
£m
Other items
£m
Total
£m
At 1 April 2015 7.9 0.5 (0.7) (0.4) 7.3
Recognised in income (0.8) (1.2) 0.2 0.1 (1.7)
Recognised in equity – – 0.2 (0.2) –
At 31 March 2016 7.1 (0.7) (0.3) (0.5) 5.6
Transfer – – 0.2 (0.2) –
Acquisition through business combinations – 0.3 – – 0.3
Recognised in income (1.0) –––(1.0)
Recognised in equity – – –0.1 0.1
At 31 March 2017 6.1 (0.4) (0.1) (0.6) 5.0
The Group has gross trading losses carried forward at 31 March 2017 amounting to approximately £12.5m (2016: £13.0m). No deferred
tax asset has been recognised in respect of these losses.
The Group also has gross capital losses carried forward at 31 March 2017 amounting to approximately £5.1m (2016: £5.3m). No deferred
tax asset has been recognised in respect of these losses.
22 Share capital
2017
£m
2016
£m
Allotted, called-up and fully paid
523.6m (2016: 523.3m) ordinary shares of 5 pence each 26.2 26.1
(2016: 1.4m).
The movement in issued share capital was as follows:
£m
At 1 April 2015 521.9 26.1
Exercise of Sharesave Scheme options 1.4 –
At 31 March 2016 523.3 26.1
Exercise of Sharesave Scheme options 0.3 0.1
At 31 March 2017 523.6 26.2
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 107
23 Share incentives
Sharesave Schemes. These options are exercisable by employees of the Group at prices between 27 and 56 pence (2016: 27 and
November 2017 and June 2026 (2016: June 2016 and January 2019).
The number and weighted average exercise price (‘WAEP’) of share options and awards under all the share incentive schemes are
as follows:
2017 2016
WAEP
pence
WAEP
pence Number
Outstanding at 1 April 34 8,834,103 37
Granted 14 6,795,760 20
Exercised 9(2,195,557) 27
Lapsed 4(3,277,371) 33
Outstanding at 31 March 35 10,156,935 34
Exercisable at 31 March 51 344,353 27
Options and awards outstanding at 31 March 2017 have weighted average remaining contractual lives as follows:
2017
Years
2016
Years
Exercisable at nil pence 2.1 0.8
Exercisable at 27 pence 1.7 2.7
Exercisable at 34 pence 2.7 –
Exercisable at 51 pence –0.7
Exercisable at 56 pence 0.7 1.7
108 Speedy Hire Plc Annual Report and Accounts 2017
!"#$%&#"&#'$&()*+*,)+-&.#+#$/$*#%
continued
(0!1!2013&.414565!4.
23 Share incentives continued
The fair value of services received in return for share options granted and shares awarded is measured by reference to the fair value of
those instruments. The pricing models and inputs used for the outstanding options (on a weighted average basis where appropriate)
are as follows:
Speedy Hire Sharesave Schemes
December
2016
December
2015
December
2014
December
2013
December
2012
Pricing model used Stochastic Stochastic Stochastic Stochastic Stochastic
Exercise price 34p 27p 56p 51p 27p
Share price volatility
Option life 3.25 years 3.25 years 3.25 years 3.25 years 3.25 years
Expected dividend yield
Risk-free interest rate
Co-Investment Plan
July
2013
Pricing model used Stochastic
Exercise price Nil
Share price volatility
Option life 3 years
Expected dividend yield Nil
Risk-free interest rate
Performance Plan
July
2016
August
2015
November
2014
July
2013
July
2012
Pricing model used Stochastic Stochastic Stochastic Stochastic Stochastic
Exercise price Nil Nil Nil Nil Nil
Share price volatility
Option life 3 years 3 years 3 years 3 years 3 years
Expected dividend yield Nil Nil Nil Nil Nil
Risk-free interest rate
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 109
The acquisition has been accounted for using the acquisition method of accounting. A provisional assessment has been made of the
fair value to the Group of the assets and liabilities acquired.
been the same if the acquisition had occurred on 1 April 2016.
The fair values of the assets and liabilities acquired are as follows:
Book value at
acquisition
£m
Fair value
adjustment
£m
Fair value
£m
0.4 (0.1) 0.3
Inventory 0.3 0.3 0.6
Intangible assets – customer relationship and trade name – 2.7 2.7
Deferred tax – (0.3) (0.3)
0.7 2.6 3.3
Goodwill capitalised 0.5
Total consideration 3.8
– cash consideration 3.8
3.8
life within the business.
110 Speedy Hire Plc Annual Report and Accounts 2017
!"#$%&#"&#'$&()*+*,)+-&.#+#$/$*#%
continued
(0!1!2013&.414565!4.
continued
Prior year acquisition
The Group purchased the entire share capital of OHP Limited in the prior year. The fair values of the acquired assets and liabilities
This has resulted in £0.5m additional goodwill being created.
Book value at
acquisition
£m
Fair value
adjustment1
£m
Fair
value1
£m
Hire equipment assets 1.7 (0.4) 1.3
0.3 (0.1) 0.2
Inventory 0.1 –0.1
Trade and other receivables 0.7 –0.7
Corporation tax (0.2) –(0.2)
Trade and other payables (1.1) –(1.1)
Deferred tax (0.1) –(0.1)
1.4 (0.5) 0.9
Goodwill capitalised 2.1
Total consideration 3.0
– cash consideration 1.5
– contingent consideration20.8
– debt assumed on acquisition 0.7
3.0
1 Restated to show the fair value adjustments to the acquired values.
The Group has given warranties (including taxation warranties and indemnities) in relation to the disposal of certain businesses in
prior years. These warranties and indemnities expire at various dates up to 2018.
companies and parental guarantees have been given in support of the contractual obligations of Group companies on both a joint
and a several basis.
The Directors do not consider any provision is necessary in respect of guarantees and bonds.
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 111
26 Commitments
provision has been made.
The total of future minimum lease payments under non-cancellable operating leases are as follows:
Other
2017
£m
2016
£m
2017
£m
2016
£m
Total future minimum lease payments
– not later than one year 10.7 11.6 6.0 6.6
29.1 31.5 8.7 10.4
12.9 15.6 ––
52.7 58.7 14.7 17.0
on short-term lets. The sub-lease rental income for the year to 31 March 2017 was £0.6m (2016: £0.7m). The minimum rent receivable
under non-cancellable operating leases is as follows:
2017
£m
2016
£m
Total future minimum lease payments
– not later than one year 0.6 0.6
1.1 1.4
–0.1
1.7 2.1
Dividends
The total amount payable if the dividend is approved at the AGM is as follows:
2017
£m
2016
£m
0.67 pence (2016: 0.40 pence) on 523.6m (2016: 523.3m) ordinary shares 3.5 2.1
28 Related party disclosures
Key management remuneration
schemes on their behalf. Executive Directors also participate in the Group’s share option schemes.
Non-Executive Directors receive a fee for their services to Speedy Hire Plc.
Full details of key management personnel compensation and interests in the share capital of the Company as at 31 March 2017 are
given in the Remuneration Report.
112 Speedy Hire Plc Annual Report and Accounts 2017
Financial statements
Company Balance Sheet
at 31 March 2017
Note
2017
£m
2016
£m
ASSETS
Non-current assets
Investments 30 93.5 93.5
Deferred tax asset 35 0.1 0.3
93.6 93.8
Current assets
Trade and other receivables 31 325.1 409.5
Cash 34 –6.0
325.1 415.5
Total assets 418.7 509.3
LIABILITIES
Bank overdraft 34 (0.4) –
Trade and other payables 32 (98.4) (120.2)
33 (0.4) (0.7)
Current tax liability (1.5) (2.6)
(100.7) (123.5)
Borrowings 34 (74.7) (119.6)
(175.4) (243.1)
Net assets 243.3 266.2
EQUITY
Share capital 36 26.2 26.1
Share premium 191.4 191.4
Merger reserve 2.3 2.3
Hedging reserve (0.6) (0.9)
Retained earnings 24.0 47.3
Total equity 243.3 266.2
The Company Financial Statements on pages 112 to 118 were approved by the Board of Directors on 15 May 2017 and were signed on
its behalf by:
Russell Down Thomas Christopher Morgan
Director Director
Company registered number: 00927680
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 113
Company Statement of Changes in Equity
for the year ended 31 March 2017
Share
capital
£m
Share
premium
£m
Merger
reserve
£m
Hedging
reserve
£m
Retained
earnings
equity
£m
Total
equity
£m
At 1 April 2015 26.1 191.0 2.3 (0.7) 40.1 258.8
––––10.3 10.3
–––(0.2) –(0.2)
Dividends ––––(3.6) (3.6)
Equity-settled share-based payments – – – – 0.5 0.5
Issue of shares under the Sharesave Scheme –0.4 –––0.4
At 31 March 2016 26.1 191.4 2.3 (0.9) 47.3 266.2
– – – – (19.5) (19.5)
–––0.3 –0.3
Tax in items taken directly to equity – – – – – –
Dividends ––––(3.8) (3.8)
Issue of shares under the Sharesave Scheme 0.1 ––––0.1
At 31 March 2017 26.2 191.4 2.3 (0.6) 24.0 243.3
114 Speedy Hire Plc Annual Report and Accounts 2017
Financial statements
Company Cash Flow Statement
for the year ended 31 March 2017
2017
£m
2016
£m
Cash generated from operating activities
(18.4) 13.2
Financial income (10.1) (19.3)
Financial expense 4.8 5.6
84.4 (0.2)
Decrease in trade and other payables (22.1) (8.2)
Equity-settled share-based payments –0.5
Cash generated from operations 38.6 (8.4)
Interest received 10.1 19.3
Interest paid (4.8) (5.6)
Tax paid (2.0) (0.1)
41.9 5.2
Drawdown of loans 374.7 393.9
Payment of loans (419.3) (390.4)
Proceeds from the issue of Sharesave Scheme shares 0.1 0.4
Dividends paid (3.8) (3.6)
(48.3) 0.3
(6.4) 5.5
6.0 0.5
(0.4) 6.0
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 115
Notes to the Company Financial Statements
29 Accounting policies
as below. The Company is taking advantage of the exemption in Section 408 of the Companies Act 2006 not to present its individual
income statement or statement of comprehensive income and related notes that form part of the approved Financial Statements. The
of Changes in Equity.
Investments in subsidiary undertakings are stated at cost less any provisions for permanent diminution in value. Dividends received
The Company does not have any employees. Directors are paid by other Group companies.
30 Investments
Investments
in related
undertakings
£m
Cost
113.3
Provisions
(19.8)
93.5
related undertakings has been reviewed and no impairment has been made (2016: £nil).
The Company’s related undertakings are as follows:
Incorporation
and operation
Principal
activity
Ordinary
share capital
held
Allen Contracts Ltd3UK Dormant
Allen Investments Limited3UK Dormant
Allen Trustee Limited3UK Dormant
Chestview (North East) Limited3UK Dormant
Crewe Plant Hire Limited UK Hire services
Drain Technology (1985) Limited4UK Dormant
Drain Technology Limited4UK Dormant
Eveready Equipment Hire Limited3UK Dormant
Hire-A-Tool Limited3UK Dormant
OHP Limited UK Holding company
Rail Hire (UK) Ltd UK Hire services
Rapid Hire (UK) Limited UK Dormant
Rapid Hire Limited UK Dormant
SHH 501 Limited UK Dormant
Speedy Asset Leasing Limited3UK Dormant
Speedy Asset Services Limited3UK Hire services
Speedy Assist Limited3UK Dormant
Speedy Engineering Services Limited3UK Dormant
Speedy Hire (Ireland) Limited5UK Hire services
Speedy Hire (Ireland) Limited Ireland Hire services
Speedy Hire (Scotland) Limited3UK Dormant
Speedy Hire (UK) Limited3UK Dormant
Speedy Hire Centres (Eastern) Limited3UK Dormant
Speedy Hire Centres (London) Limited3UK Dormant
116 Speedy Hire Plc Annual Report and Accounts 2017
Financial statements
Notes to the Company Financial Statements
continued
Incorporation
and operation
Principal
activity
Ordinary
share capital
held
Speedy Hire Centres (Midlands) Limited3UK Dormant
Speedy Hire Centres (Northern) Ltd3UK Dormant
Speedy Hire Centres (Southern) Limited3UK Dormant
Speedy Hire Centres (Western) Limited3UK Dormant
Speedy Hire Centres Limited3UK Dormant
Speedy Hire Direct Ltd UK Dormant
Speedy Hire Property Limited3UK Dormant
Speedy Industrial Services Limited3UK Dormant
Speedy International Asset Services (Holdings) Limited3UK Holding company
Speedy International Asset Services Equipment Rental LLC UAE Hire services
Speedy International Asset Services LLC (Egypt) Egypt Dormant
Speedy International Asset Services LLC (Qatar) Qatar Hire services
Speedy International Leasing Limited UK Leasing services
Speedy LCH Generators Limited4UK Dormant
Speedy LGH Limited3UK Dormant
Speedy Lifting Limited3UK Dormant
Speedy Lifting No. 2 Limited3UK Dormant
Speedy Plant Hire Ltd3UK Dormant
Speedy Power Limited3UK Dormant
Speedy Pumps Limited3UK Dormant
Speedy Rail Services Limited3UK Dormant
Speedy Safemaker Limited UK Dormant
Speedy Services Limited3UK Dormant
Speedy Space Ltd3UK Dormant
Speedy Support Services Limited3UK Provision of group services
Speedy Survey Limited3UK Dormant
Speedy Transport Limited3UK Provision of group services
Speedy Zholdas LLP10 Hire services
Speedyloo Limited3UK Dormant
Stockton Investments (North East) Limited3UK Dormant
Tidy Group Limited3UK Dormant
Turner & Hickman Limited11 UK Holding company
Waterford Hire Services Limited12 Ireland Dormant
The Group therefore consolidates the company.
The Company holds voting rights in each related undertaking in the same proportion to its holdings in the ordinary share capital of the
respective undertakings.
30 Investments
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 117
2017
£m
2016
£m
Amounts owed by Group undertakings 323.3 407.6
Other receivables 1.8 1.9
325.1 409.5
2017
£m
2016
£m
Amounts owed to Group undertakings 98.0 119.7
Accruals 0.4 0.5
98.4 120.2
33 Financial instruments
31 March 2017 31 March 2016
Carrying
amount
£m
Fair value
£m
Carrying
amount
£m
Fair value
£m
Trade and other receivables 325.1 325.1 409.5 409.5
Cash – – 6.0 6.0
Bank overdraft (0.4) (0.4) – –
Secured bank borrowings (74.7) (74.7) (119.6) (119.6)
(0.4) (0.4) (0.7) (0.7)
Trade and other payables (98.0) (98.0) (119.7) (119.7)
151.6 151.6 175.5 175.5
––
34 Borrowings
2017
£m
2016
£m
Bank overdraft 0.4 –
– Asset-based revolving credit facility 74.7 119.6
Total borrowings 75.1 119.6
Less: cash –(6.0)
75.1 113.6
The Company borrowings are stated in accordance with note 19.
and are rated pari passu.
118 Speedy Hire Plc Annual Report and Accounts 2017
Financial statements
Notes to the Company Financial Statements
continued
Company asset
Total
£m
At 1 April 2015 0.6
Recognised in income (0.1)
Recognised in equity (0.2)
At 31 March 2016 0.3
Transfer out to subsidiary (0.2)
At 31 March 2017 0.1
36 Share capital and share incentives
The Company share capital is stated in accordance with note 22.
The Company contingent liabilities and commitments are stated in accordance with note 25.
The Company post-balance sheet events are stated in accordance with note 27.
39 Related party disclosures
The Company related party disclosures are stated in accordance with note 28.
Strategic Report Governance Financial Statements Corporate Information
Speedy Hire Plc Annual Report and Accounts 2017 119
Five-year Summary
2017
£m
2016
Restated
£m
2015
£m
2014
£m
2013
Restated
£m
Income Statement
Revenue 369.4 329.1 386.0 349.7 340.0
191.7 184.2 210.9 214.6 223.0
19.3 10.0 26.4 22.1 22.9
Amortisation (1.8) (2.7) (2.7) (2.9) (4.0)
Exceptional costs –(59.9) (16.8) (4.7) –
17.5 (52.6) 6.9 14.5 18.9
Share of results of jointly controlled entities 1.7 0.7 0.6 (0.1) –
(4.8) (5.7) (5.1) (7.4) (7.6)
––(0.3) – –
(4.8) (5.7) (5.4) (7.4) (7.6)
14.4 (57.6) 2.1 7.0 11.3
Non-GAAP performance measures
EBITDA before exceptional items 63.1 53.1 72.7 68.7 72.0
16.2 5.0 21.9 14.6 15.3
Balance sheet
Hire equipment – original cost 350.7 378.5 364.3 386.6 375.7
Hire equipment – net book value 194.8 219.9 212.3 225.5 214.2
Total equity 189.6 178.4 234.0 239.3 234.9
48.9 25.9 13.3 63.8 63.6
35.0 8.6 (16.2) (8.2) 7.5
Purchase of hire equipment 40.5 57.8 68.6 65.8 58.6
1(1.5) 0.7 5.0 3.7 3.9
In pence
1.00 0.70 0.70 0.61 0.53
Adjusted earnings per share12.44 0.79 3.23 2.05 2.08
Net assets per share 36.2 34.1 44.8 46.0 45.4
In percentages
Gearing 37.7 57.2 45.0 35.3 30.8
Return on capital (operating)17.7 3.2 8.0 7.0 7.5
EBITDA margin117.1 16.1 18.9 19.6 21.2
In ratios
11.1 1.9 1.5 1.2 1.0
0.3 0.4 0.4 0.3 0.3
Average employee numbers 3,641
Depot numbers 210 208 220 247 264
1 Before amortisation and exceptional items.
120 Speedy Hire Plc Annual Report and Accounts 2017
Corporate information
Shareholder Information
Annual General Meeting
The Annual General Meeting (‘AGM’) will be held on 12 July 2017
Details of the business of the AGM and the resolutions to be
proposed will be sent to those shareholders who have opted
available to other shareholders and the public on our website
at speedyservices.cominvestors.
Shareholders will be asked to approve the Directors’
Remuneration Report (including the Directors’ Remuneration
Policy) and the re-election of all Directors.
pre-emptive basis and to buy back the Company’s own shares.
The latest share price is available at speedyservices.cominvestors.
By selecting share price information under the investor
shareholding online or review share charts illustrating annual
share price performance trends.
Shareholders can download copies of our Annual Report and
Accounts and interim accounts from speedyservices.cominvestors.
Dividend reinvestment plan (DRIP)
You can choose to reinvest dividends received to purchase
further shares in the Company through a DRIP. A DRIP application
public holidays in England and Wales). Alternatively you can
Electronic communications
You can elect to receive shareholder communications
electronically by signing up to Equiniti’s portfolio service
at shareview.co.uk. This will save on printing and distribution
communications are available on our website and you will be
provided with a link to that information.
Enquiries on shareholdings
Any administrative enquiries relating to shareholdings in the
BN99 6DA. Your correspondence should state Speedy Hire
Plc and the registered name and address of the shareholder.
Information on how to manage your shareholdings can be
found at help.shareview.co.uk.
you can send your enquiry via secure email from these pages.
You will be asked to complete a structured form and to provide
to receive your response.
Boiler room fraud
Share scams are often run from ‘boiler rooms’ where fraudsters
those who invest usually end up losing their money.
over any money:
> get the name of the person and organisation contacting you;
> ca.org.uk
consumersscams to ensure they are authorised;
>
> call the Consumer Helpline on 0800 111 6768 if you suspect
the caller is fraudulent.
This Annual Report and Accounts includes statements that are
forward-looking in nature. Forward-looking statements involve
implied by such forward-looking statements. Except as required
events or developments occurring on or after the date of this
Annual Report and Accounts.
Contact details
We are happy to answer queries from current and potential
Speedy Hire Plc
Chase House
16 The Parks
Newton-le-Willows
Merseyside
WA12 0JQ
Telephone 01942 720 000
Email plc.admin@speedyservices.com
Website speedyservices.cominvestors
!"##$%&'()#&*+, Annual Report and Accounts 2017 -.-
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4=<*=<>?@&6A9=<B>?6=A
Speedy Hire Plc
Chase House
16 The Parks
Newton-le-Willows
Merseyside
WA12 0JQ
Telephone 01942 720 000
Facsimile 01942 402 870
Email plc.admin@speedyservices.com
Website speedyservices.com/investors
Registered number: 00927680
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