INTERBULK GROUP PLC ANNUAL REPORT AND ACCOUNTS 2015
www.interbulkgroup.com
Annual Report 
and Accounts 
2015 Five Year Summary
Design and produced by  
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Five Year Summary
REVENUE (£m)
NET DEBT (£m)
EBITDA  
(before exceptional items) (£m)
OPERATING PROFIT  
(before exceptional items and amortisation) (£m)
PROFIT AFTER TAX  
(before exceptional items) (£m)
2015 2011 2012 2013 2014
16.7
15.1
23.8
21.3
16.2
2015 2011 2012 2013 2014
8.8
8.2
15.5
13.3
8.3
2015 2011 2012 2013 2014
0.5
3.5
4.3
1.4
1.9
2015 2011 2012 2013 2014
60.2
53.2
83.9
72.5
69.5
2015 2011 2012 2013 2014
256.3
225.3
300.4
280.4
271.5 INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
1
Financial Highlights
GROUP RevenUe
£ 225.3m
OPeRatinG PROFit (before amortisation and exceptional items)
£ 8.2m
PROFit beFORe tax (before amortisation and exceptional items)
£ 3.2m
net Debt
£ 53.2m
tURnOveR bY bUSineSS
  Liquid bulk 61.9%
  Dry bulk 37.5%
  Others 0.6%
06 Chief Executive’s Review
10 Financial Review
13 Directors’ Report
01 Financial Highlights
02 Chairman’s Statement
19 Corporate Governance Report
22 Directors’ Remuneration Report
24 Board of Directors
26 Statement of Directors’  
 Responsibilities
27 Independent Auditors’ Report
29 Group Income Statement
30 Group Statement of  
 Comprehensive Income
31 Group and Company Balance Sheets
32 Group Statement of Cashflows
33 Company Statement of Cashflows
34 Group Statement of Changes in Equity
35  Company Statement of Changes in 
Equity
36 Notes to the Financial Statements 
KeY FaCtS
turnover £225.3m
employees 471
Offices 19
terminals 6
tankcontainers 10,900
boxes (“bag in box”) 6,900 2
InterBulk Group Annual Report and Accounts 2015
Chairman's Statement
David Rolph
I today report the audited results of InterBulk Group plc for the year 
ended 30 September 2015. Throughout the year, market conditions 
have been challenging with downward pressure on volume and 
margin. Revenue in the year declined by 12% compared to last 
year to £225.3 million, and gross margin by a similar percentage 
to £29.2 million. A strong focus on efficiency reduced overheads 
(before exceptional items) year-on-year by 14% to £21.7 million and 
resulting in operating profit (before amortisation and exceptional 
items) being only 8% below the prior year at £8.1 million. Interest 
savings of £0.6 million were achieved in the year resulting in profit 
before amortisation, exceptional items and tax consistent with last 
year at £3.2 million. We were able to continue our six year track 
record of reducing net debt, ending the year with a reduction of 
£7.0 million to £53.2 million.
The Liquid Bulk tank container division faced intense competition 
throughout the year. The number of moves in Liquid Bulk declined 
by 6% year on year and this was the main cause of a 9% decline in 
revenue to £139.6 million compared with the prior year. Business 
in the main geographic regions was behind prior year except in 
China where moves increased by 13%. The sharp drop in oil prices 
resulted in destocking in the global supply chains and low logistics 
activity during the first half of the year, which when coupled with 
the intensification of competition triggered by this, put pressure on 
tender processes during the second half, especially in Europe. Liquid 
Bulk operating profit (before exceptional items) was £1.1m lower 
year on year at £6.8 million. 
Our Dry Bulk business has been impacted by the closure of a number 
of customer manufacturing facilities in the face of increasing polymer 
imports from regions with advantaged feedstocks. The necessary 
adjustments to European operating capacity in the polymer industry 
have continued this year and volumes have decreased further. Our 
Dry Bulk annual revenue declined year on year by 17% to £84.4 
million, due to the combination of 10% fewer moves and the weaker 
Euro/Sterling rate. However, our Asian business performed well after 
the investments made in 2014. We have increased efficiency and 
centralised our business organisation and the reduction in overheads 
achieved meant that operating profit (before exceptional items) fell 
only £0.3 million year on year to £1.3 million. 
Our specialist InBulk Technologies business which commercialises 
our patented ISO-Veyor equipment in the oil field services sector 
performed well with a reversal of a loss making position in the prior 
year to an operating profit of £0.5 million. 
In overall terms, the fact that our profit before tax (before exceptional 
items) has been maintained in the face of well-documented adverse 
market conditions demonstrates the strong resilience of our business 
model and represents a reasonable outcome for the year. 
Our Strategy
InterBulk’s vision is to be a leading global supplier of intermodal 
logistics solutions to customers in the chemical, polymer and food 
industries, spanning both dry and liquid bulk supply chains, using 
our established network in Europe, the Americas and Asia Pacific, 
and employing the best people in the industry. We will continue to 
strengthen partnerships with our customers and logistics service 
partners around the world. 
Over the year we have worked hard on our cost competitiveness 
in response to the intensification of the competitive environment. 
Our senior team has been reorganised and our physical presence 
in the Americas and Asia has been reinforced. We now have direct 
representation in Japan, Singapore and Malaysia replacing previous 
agency arrangements. Having achieved a significant reduction in 
overheads in our Dry Bulk division, we have now also centralised 
our short-sea intra-European Liquid Bulk customer service function. 
The core strategic elements for the Group remain to: 
•	 Deliver excellent Health & Safety performance following the 
principles of Responsible Care™ 
•	 Invest in a high performance global team committed to the 
business strategy with high levels of divisional collaboration 
and business innovation to produce superior results.  INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
3
•	 Lead the market in terms of operational cost competitiveness 
by continuously driving procurement savings initiatives and 
improve operational performance by efficiencies to optimise 
traffic flow balance and reduce empty positioning.
•	 Grow our business in Asia through a strong development of the 
Sinotrans InterBulk Alliance (SIA). 
•	 Develop our Liquid Bulk deep-sea operations in the growth 
regions of China, the Middle East, Russia and Asia.
•	 Expand our Dry Bulk business globally once we see sustained 
recovery in our European Dry Bulk business and continued good 
progress in South East Asia. 
•	 Integrate with customers by offering innovative supply 
chain and 3rd party fleet management solutions using high 
performance IT tools. 
Funding
Net debt was reduced by a further £7.0 million in the year. We have 
now reduced Group indebtedness in each of the past six financial 
years. The Group had net debt (defined as bank loans, overdrafts and 
obligations under finance leases less cash and cash equivalents) at 
30 September 2015 of £53.2 million comprising:
30 September
2015
£’000
30 September
2014
£’000
Term bank loans 47,338 57,212
Asset finance lease creditor 15,634 13,196
less Cash and cash equivalents
(9,761) (10,175)
53,211 60,233
Subsequent to the year end, we have agreed with our banking 
partners to extend the life of the existing principal facilities to 31 
March 2017, and financial covenants have been adjusted to provide 
adequate headroom through this period. The current revolving credit 
facilities of £10m has likewise been extended by six months, after 
which they will continue to 31 March 2017 but at a £2.5m level. The 
principal risks and uncertainties, including access to capital, which 
could potentially impact the Group are shown on pages 13 to 15.
Outlook
The global chemical industry remains on a path of long term growth 
due to the wide range of benefits it brings to consumers, with logistics 
playing an important part in supporting this growth. Intermodal 
solutions are aligned with the supply chains becoming longer, more 
complex and demanding greater environmental consideration.
Crude oil prices have an impact on the relative competitiveness of the 
chemical industry by region, and the fall in prices, if maintained, would 
favour production from oil based feedstocks which is predominantly 
the case in Europe, Asia and South America. In contrast the Middle 
East and US Mexican Gulf Coast would see a substantial erosion 
of their previously advantaged position. Nevertheless changes in 
installed capacity are very expensive and slow to realise, and so it 
is reasonable to expect that new capacity already installed or under 
construction in the US and the Middle East will continue to impact 
the global balance of production.
The chemical sector is expected to demonstrate modest growth in 
the short to medium term and we are well represented throughout 
this customer base in most regions. Supply chain volatility will likely 
remain high, reflecting continued geo-political uncertainties, and 
a relative weakness in the global economy. The Group has taken 
steps to reduce costs and improve competitiveness to deal with 
the challenges of our business environment and this places us in a 
position to achieve profitable growth. The Board wishes to record its 
appreciation for the dedication of all InterBulk Group employees who 
have worked tirelessly and tackled the challenges of a tough external 
environment.
The Board has been considering carefully the optimal route forward 
for all of our stakeholders. The impact on our markets of the financial 
crisis and the global economic downturn of recent years has been 
substantial and has prompted industry-wide strategic change. Our 
business model has enabled us to sustain our profitability and to 
reduce bank debt throughout that difficult period but it is vital 
that we position the Group for success in the future, recognising 
the new dynamics in our sector. Having evaluated a number of 
strategic options, the Board has concluded that becoming part of 
a strong partner offers an attractive and exciting way forward for 
the Company. The Company has announced separately today that 
it has reached agreement on the terms of a recommended cash 
offer for the entire issued share capital of the Company at a price  4
InterBulk Group Annual Report and Accounts 2015
Chairman's Statement continued
of 9 pence per share by Den Hartogh Holding B.V. The combination 
of Den Hartogh B.V. and InterBulk will create a major player in the 
international bulk transport solutions market in which there is a 
growing need for consolidation to meet customer demands in what 
is a competitive market. The entities have a highly complementary 
offering given their business models and geographical footprint. The 
combination will create a stronger, global organisation with more 
balanced operations and offer significant operational benefits to 
customers. 
David Rolph 
Non-Executive Chairman 5 6
InterBulk Group Annual Report and Accounts 2015
Chief Executive's Review
Market Overview
The global chemical industry, which is our main customer base, has 
grown 3 to 4% during the year to 30 September 2015. European 
production also recovered slightly, but remains approximately 10% 
below 2008 levels. This rate of recovery is forecast to continue next 
year, but there remain several risks, such as the current geo-political 
tensions, and economic slowdown in any of the major regions, 
which could limit chemical demand. However, it is still believed 
that a number of developments including technical innovation, will 
ensure that demand growth for chemicals will exceed GDP globally. 
Regions with previously advantaged feedstock positions (principally 
the US Gulf Coast and the Middle East) will continue to bring new 
capacity on-line as existing projects come to completion in the next 
two years. Asia (principally China and India) has been the other main 
location of investment in chemical production due to the scale and 
rapid growth of domestic consumption. The current depressed oil 
price is helping the profitability of oil based producers (principally 
those in Asia, Europe and South America) while squeezing the 
formerly advantaged areas of the US and Middle East. Nevertheless 
the marginal economics will still favour running at capacity in these 
latter regions. The changes in the global chemical manufacturing 
footprint have a tangible impact on both our own customer base 
and our business mix and we continue to follow these developments 
carefully in order to respond accordingly. Looking forward, logistics 
will remain a critical aspect in this dynamic market.
Intermodal logistics solutions continue to gain market share from 
other transport modes driven by the flexibility offered in the 
supply chain, and the reduced environmental impact. For deep sea 
operations, the tankcontainer provides a unique logistics solution. 
The attractiveness of this growth story has triggered a rapid 
expansion of the global tankcontainer fleet which has led to short-
term over-capacity from time to time, and created the conditions 
for industry consolidation. In intra-European transportation, the 
intermodal operators continue to be challenged by “traditional” road 
transportation. Despite the environmental agenda and the desire 
to see less freight on the roads, this form of competition remains 
strong, and is active even for the longer distances (over 400 km) 
which should be less viable for a direct trucking option. In servicing 
the changing chemical market, it is important to provide sustainable 
and flexible logistics solutions by expanding and adapting our 
network and developing new partnerships, for example through our 
strategic alliance with Sinotrans in Asia which we will continue to 
expand in 2016.
InterBulk has an outsourced business model in which all transportation 
and support services are performed through partners. This creates a 
global and flexible business model with a minimum of fixed costs and 
increasingly important advantages in the volatile market in which we 
operate. Deep-sea container shipping still faces overcapacity with 
rates under pressure, and there is volatility on specific trade lanes 
making fleet balancing difficult. In Europe, driver shortages remain 
a dilemma for the industry and is typically leading to higher costs to 
attract and retain drivers. Europe continues to see additional tariffs 
for transportation such as the low sulphur regulations on shipping 
which came into force on 1 January 2015, new road toll charges and 
other regulations. We continue to be proactive in our communication 
concerning these imposed industry wide charges with customers and 
the impact on our freight rates. 
Operational Performance
Liquid Bulk
The Liquid Bulk division (tank containers) activity, as measured by 
moves performed, decreased year on year by 6% across both the 
intra-European and global businesses. During the first quarter, there 
were a number of temporary plant shut-downs in Europe as the 
destocking from the collapse in the oil price created a slow start to 
the financial year. We saw some pick-up in activity during March and 
April but this was not maintained with renewed pressure on volumes 
especially on deep-sea export activity from Europe which impacted 
our fleet utilisation and equipment balance in the second half of the 
year. During the last two months of the financial year export activity 
from the US also reduced sharply across most of our customer base. 
On the other hand, growth has continued in Asia, and particularly 
in China, as we gain advantage from our alliance with Sinotrans in 
the region. Across the year our fleet size was unchanged at 10,900 
tankcontainers; a small expansion of 200 tanks in the first half was 
offset by the return of some hired tanks later in the year.
While the global market for tankcontainer solutions is growing at 
attractive rates, there has been considerable expansion of the global 
fleet in recent years leading to short term overcapacity, and there 
Loek Kullberg 7
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
has been increased competition from regional European competitors 
extending their services to include deep-sea activity. During the year 
we have seen aggressive rates being offered in tender processes, 
and we have stepped out of some positions preferring to focus on 
business with reasonable margins and a good fleet balance capability, 
while at the same time working hard to improve our cost efficiency. 
The result has been that we have maintained our divisional operating 
profit margin (before exceptional items) at 5% of revenue.
The number of intra-European moves decreased by 6% year on year. 
We were able to maintain a steady level of activity in UK exports 
but there was a reduction in volume in mainland European markets, 
partly as a result of a decision to exit some low margin business and 
the costs associated with it. The European export deep-sea activity 
has been the area of the greatest competition in tenders and also 
change in customer requirements. This situation has resulted in a lot 
of switching between various suppliers at individual customers, and 
while we have had success in building up new contract positions, we 
have not yet replaced all of the reduced lane allocations from tenders 
during the summer period. Across the year as a whole, there was a 
reduction of 10% in European deep-sea moves. 
The market in the Americas was characterised by considerable 
volatility during the year as our customers have had to contend with 
a sharp destocking triggered by the collapse of the oil price, and 
substantial movements in inter-regional competitiveness affecting 
the magnitude and direction of trade flows. We have been able to 
maintain a stable customer base, but the market volatility has caused 
difficulties in maintaining tankcontainer availability, and extra costs 
from repositioning empty units to keep the business moving. The 
number of moves fell 10% overall year on year. Nevertheless, the 
Americas is a growth market and we will continue to develop a 
partnership approach with our customers and remain focused on 
fleet management discipline to return the business to growth.
Asia has seen a further year of growth with a 3% increase in the 
number of moves, as we continue to work with Sinotrans to develop 
our position in the region. The benefit of our own in house team in 
China with representation in Shanghai, Qingdao and Guangzhou has 
ensured strong growth in China export activity of 13% year on year. 
In the rest of Asia we have successfully transitioned from an agency 
network to our own representation in key countries, putting in place 
the platform for future growth in this attractive market.
The tankcontainer liquid bulk business is established globally and 
the regions of Europe, Asia and the Americas are strongly inter-
dependent. Our goal is to ensure efficient utilisation of the total 
fleet at attractive margins and, while our business is controlled and 
reported by regions, we target the best global result.
Dry Bulk
The Dry Bulk division is predominantly European based and we have 
continued to be heavily impacted by the competitive pressures that 
our polymer producing customers face which have led to numerous 
plant closures affecting our volumes and equipment balances. We 
have responded to this by right sizing our fleet and consolidating and 
streamlining our organisation, as a result of which we have been able 
to maintain the profitability of the division.
The transportation activity, as measured by moves performed, was 
down 10% year on year, and the revenue from temporary storage 
declined by 24%. The majority of our revenue and transportation 
costs are Euro denominated and the weakness of the Euro during the 
year has had a material impact on our sterling reported revenue and 
margin, and explains why the division’s reported revenue of £84.4 
million has fallen by 17% from the prior year; exceeding the decline 
in transportation moves. 
The bag-in-box provides a cost effective, high integrity solution for 
the food industry and we have well established business and a stable 
customer base. However after achieving growth in previous years, 
the number of moves achieved in the food sector fell by 13% this 
year compared with the prior year. Our commercial effort will be 
refocused to ensure that we maximise the opportunity from the large 
market in Europe, utilising our existing infrastructure and equipment 
base and strong customer references. 
The Dry Bulk activities outside Europe which are focused on South 
East Asia have seen a strong improvement in operating profit from 
our activities in this area after equipment investments in 2014. 
Further investments will be made in the next few months to build on 
this success. Only once recovery has been achieved in our European 
Dry Bulk business, will we seek further geographic expansion. 
The performance of our on-site terminal services has been 
encouraging in the current year. Profitable operation of our two 
sites in Russia has combined with high activity at our largest 
operation in Wilton in the UK, which compensates for the loss of 
our terminal service agreement in Austria. Our Duisburg terminal 
which was designed to be a multi-customer operation has not 
developed as we had envisaged and following the year-end, we have 
reached agreement with the landlord of the site which will allow the 
closure of our operations by January 2016, and removing a loss of 
approximately £0.5 million per annum. 
Following on from the reorganisation of the European Dry Bulk 
division last year we have continued to push for greater efficiency 
from the centralisation of our internal operations. Other than 
commercial and key account management, the vast majority of our  8
InterBulk Group Annual Report and Accounts 2015
Chief Executive's Review continued
Dry Bulk staff are located in our Hull office. The annualised impact 
of the large scale reorganisation and steps taken this year resulted 
in a further £1.1 million of reduction in our Dry Bulk overheads. We 
have reduced our fleet size to match demand levels with the 30 foot 
container fleet at approximately 6,900 units at 30 September 2015, 
down by 9% in the year. 
Our efforts to quickly adapt our organisation and resources to 
the challenging external environment have ensured that despite 
a reduction in revenue and an unfavourable currency movement, 
our operating profit (before exceptional items) for the division of 
£1.3 million represented only a £0.3 million reduction year on year. 
On a constant currency basis, these efforts would have resulted in an 
improvement in the overall result. 
Our ISO-Veyor technology, which provides a solution for materials 
with difficult flow characteristics, has established a presence in the 
movement of cement and associated construction products and also 
in other specialised markets. During the year we have secured new 
contracts which have resulted in a much improved utilisation of 
the ISO-Veyor fleet. This included a three year rental agreement in 
the UK for the entire fleet of 30 foot aluminium units. Our 20 foot 
fleet is now mainly focused on the provision of solutions to the 
oilfield services market and has also seen good utilisation during the 
year. These commercial successes have underpinned a £0.5 million 
operating profit in the year in our InBulk Technologies business.
People
Our people are the core resource of the Group and critical to our 
future success. Excellent customer service and the ability to deliver 
cost effective solutions to our customers are driven by the efforts 
of our team and while our information systems provide the data to 
manage the business, it is our people who make the difference.
The tough market conditions during the past year have unfortunately 
meant we have had to make further redundancies. This is a 
challenging exercise but the remaining staff have supported these 
changes and reacted well to the new organisation. We continue to 
have a well-motivated team who are deeply committed with vast 
experience in intermodal logistics. 
There will be no change to our desire to ensure that our employees 
work within a fair and transparent structure, their expertise is put to 
good use and they develop in a group that puts health, safety, quality 
and environmental considerations at the forefront of everything we 
do.
Corporate Social Responsibility
The InterBulk Group aims for 100% safe operations and protection of 
people and the environment. We are fully committed to sustainability 
and are a partner to the chemical industry Responsible Care™ charter. 
We take a lead, and commit resources together with the logistics and 
chemical industry associations on health and safety improvement 
initiatives that impact on business developments. A core value of 
the InterBulk Group is to act according to uncompromising levels 
of responsible care, hygiene and environmental standards to protect 
people and the environment. Quality, health, safety, security, hygiene 
and environmental performance are considered using metrics 
reviewed at each Board meeting. The Responsible Care principles 
are cascaded throughout the Company and promulgated along the 
logistics chain. This year has seen a continued reinforcement to the 
mission critical area of Health and Safety and the whole organisation 
is actively engaged in driving improvement. 
We have a set of core values and policies in a number of areas. These 
values apply to every director and employee in all of our companies 
across our global operations. The Board of Directors remains 
committed to ensuring that the correct processes, governance 
and cultures exist to support the maintenance of these values and 
behaviours. 
Summary
The 2015 financial year has seen challenging market conditions with 
pressure on volume and margin. Our variable cost model has been 
invaluable in this environment, and our team’s focus on driving 
cost improvements to protect our margin levels has been of key 
importance. Overall, and considering the headwinds faced in the 
current year, we are satisfied with the results for the year. 
I remain convinced that our global market position, operating model, 
focus on intermodal solutions and above all our people provide a 
sound platform for the future and we are in a strong position to 
benefit from improvements in market conditions. As set out above, 
the Company has today announced that it has reached agreement 
on the terms of a recommended cash offer for the entire issued 
share capital of the Company at a price of 9 pence per share by Den 
Hartogh Holding B.V. There will be significant business benefits for 
InterBulk and its customers from the transaction, including business 
scale, investment in growth and opportunities to further leverage 
the operational platforms. Together the businesses will be able to 
better meet the competitive and regulatory challenges facing the 
market and will benefit from the enhanced profile of what will be an 
enlarged scale operation.
Loek Kullberg 
Chief Executive Officer 9 10
InterBulk Group Annual Report and Accounts 2015
Financial Review
Financial Review
Operating Performance and Key Performance Indicators
Year to
30 September
2015
Year to
30 September
2014
Revenue £225.3m £256.3m
Gross Profit % 13.0% 13.0%
Group operating profit (before amortisation and exceptional items) £8.2m £8.8m
Operating profit % (before amortisation and exceptional items) 3.6% 3.4%
Net interest (before exceptional items) £5.0m £5.6m
Profit before tax (before exceptional items) £2.5m £2.6m
Profit after tax (before exceptional items) £1.9m £0.5m
Earnings per share (before amortisation and exceptional items) 0.55 pence 0.26 pence
No of container paid moves 
(1)
124,263 134,763
Tankcontainer utilisation rate – % change in year 
(2)
-3.5% -1.3%
Dry Box Container utilisation rate – % change in year 
(2)
-0.4% -2.5%
Group EBITDA (before exceptional items)
 (3)
£15.1m £16.7m
Cashflows from operating activities (before tax) / EBITDA (before exceptional items) % 84% 93%
(1) container moves are the number of moves performed on behalf of customers 
(2)  utilisation is measured based on paid days divided by total available days (excluded from paid days would be any empty repositioning, cleaning and 
maintenance days). Key Performance indicator is the % change in the utilisation rate in the year.
(3) earnings before interest, tax, depreciation and amortisation
Revenue
Group revenue was £225.3m (2014: £256.3m). The number of moves 
in the year to 30 September 2015 was 124,263 (2014: 134,763), split 
52,920 (2014: 58,923) Dry Bulk and 71,343 (2014: 75,840) Liquid 
Bulk. We have seen reduction in volume across most of the regions 
and sectors in which we operate other than Asia which saw a growth 
in both tankcontainer moves and dry bulk activity. Fleet utilisation 
of tankcontainers and the dry bulk 30 foot containers decreased by 
3.5% (2014: 1.3% decrease) and 0.4%% (2014: 2.5% decrease) year 
on year respectively. The lower utilisation of both fleets impacted 
on the financial performance in the year especially in the Liquid 
Bulk business. Overall our tankcontainer fleet remained at a stable 
level. We considered the opportunity to off-hire some of the rented 
tankcontainer fleet during the year, this does have a one-off cost 
which we felt was not merited given our belief in the medium term 
growth prospects. 
Scott Cunningham 11
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Operating profit
Group operating profit before amortisation and exceptional items for 
the year was £8.2m equivalent to a 3.6% return on revenue (2014: 
£8.8m or 3.4%). After adding back depreciation and amortisation the 
EBITDA (before exceptional items) generated in the year was £15.1m 
or 6.7% return on revenue (2014: £16.7m or 6.5%). Group operating 
profit after amortisation (before exceptional items) for the year was 
£7.5m (2014: £8.2m).
exceptional items 
The exceptional charges in the current year of £2.2m consisted of 
£1.0m cost of a redundancy and reorganisation programme and 
£1.2m for primarily professional fees supporting our corporate 
activities. In the year ended 30 September 2014, the exceptional 
charges included £1.1m cost of a redundancy and reorganisation 
programme plus £0.9m for accruals for liabilities identified in 
respect of certain historic commercial transactions. These charges 
are exceptional in scale and nature and accordingly are shown as 
such on the face of the Income Statement. In addition, in the prior 
year there was a non-cash goodwill impairment provision of £32.3m 
relating to the Dry Bulk division. An impairment review has been 
performed and concluded that no further impairment provision was 
appropriate in the year ended 30 September 2015.
Finance expense
Net finance expense (before exceptional items) for the Group for the 
year was £5.0m (2014: £5.6m). 
During the last two financial years all of the Term B tranche of the 
Group’s senior debt interest cost was fixed via interest rate swap 
arrangement with LIBOR rates of 0.71% and 0.98% for EUR and 
GBP respectively. The Term B tranche represents around 93% of our 
total term debt. These interest rate swap arrangements expired on 
30 September 2015 and have not been replaced, meaning all of our 
term loans are based on a floating LIBOR rate. 
Profit before tax
Group profit (before tax and exceptional items) for the year was 
£2.5m (2014: £2.6m) with the reduction in the operating profit being 
mitigated by interest savings. The exceptional items of £2.2m resulted 
in a profit before tax after these items of £0.3m.
taxation
The tax charge for the year was £0.2m (2014: £1.6m). Our European 
businesses are subject to corporation tax rates of 20% to 30%, 
Americas businesses of 39% and Asia businesses of 17% to 25%. 
The blend of profit before tax, with no significant differences in tax 
treatment, means that 25% (2014: 25%) is considered a reasonable 
recurring effective tax rate on underlying profits. The actual tax 
charge in the year is higher than this estimated annual effective rate 
of tax due to the finalisation of tax filing positions from the prior 
years and reassessment of deferred tax assets which in combination 
amount to £0.7m (2014: (£1.1)m). In addition, with a low profit 
before tax small changes can make a disproportionate impact on the 
effective tax rate. 
earnings per share
Basic earnings per share as reported on the Income Statement (post 
exceptional items) for the year were a profit of 0.03 pence per share 
(2014: 7.13 pence loss per share). A number of exceptional items 
are recorded in the financial results in the current year. Adjusting 
for these items and the taxation effect would result in earnings per 
share of 0.55 pence (2014: 0.26 pence).
Cash flow
Net cash inflow from operating activities for the year was £10.9m 
(2014: £14.6m). This includes tax cash outflows of £1.8m (2014: 
£0.8m). Consequently the cash generated from operations (prior to 
tax paid) was £12.7m (2014: £15.4m) with the reduction being due 
to a lower inflow from working capital and also cash expense of 
around £1.6m incurred on exceptional items. The EBITDA to operating 
cash flow represents a 84% (2014: 93%) conversion of the EBITDA 
generated in the year. After taking into account the exceptional 
items, this is another reporting period in which we have shown a 
strong EBITDA to cash generation which is driven by the positive cash 
cycle we have in the business from our outsourced business model 
and related credit terms. 
During the year gross capital expenditure was £2.5m (2014: £4.5m). 
This capital expenditure is supported by finance lease funding such 
that the net cash outflow as shown in the cash flow statement is 
£0.9m (2014: £1.9m). This capital expenditure mainly related to a 
refurbishment programme on the box container and tankcontainer 
fleet.
In the year cash flows from financing activities relate to interest 
and fees paid of £4.4m (2014: £5.1m), scheduled loan repayments 
of £3.2m (2014: £2.6m) which was supplemented by an additional 
£5.7m (2014: £3.6m) early prepayment and repayments on finance 
lease obligations of £5.7m (2014: £5.7m). The early bank loan 
repayment in the current year was funded from the US$9.4 million  12
InterBulk Group Annual Report and Accounts 2015
Financial Review continued
sale and lease back arrangement for a proportion of the Group’s 
owned tankcontainer fleet which took place during July 2015. The 
overall position is a negative cash outflow in the year of £0.3m 
(2014: £2.9m).
At 30 September 2015, the Group had £9.8m in net cash and cash 
equivalents (2014: £10.2m).
balance sheet
At 30 September 2015, the Group’s net assets amounted to £38.0m 
(2014: £38.7m) being a £0.7m reduction from the opening position. 
This small decrease is mainly attributable to the balance sheet 
currency translation net of the retained profit for the year. As at 30 
September 2015, £68.6m (2014: £71.0m) of goodwill is carried on 
the balance sheet with the reduction due to currency movement in 
the year. As at 30 September 2015, the balance sheet had £32.2m 
(2014: £40.9m) of fixed assets which have £15.6m (2014: £13.2m) of 
associated asset finance outstanding.
Debt
The Group had net debt (defined as bank loans, overdrafts and 
obligations under finance leases less cash and cash equivalents) 
at 30 September 2015 of £53.2m being a £7.0m reduction on the 
previous year. This includes a £1.3m favourable foreign exchange 
impact in the year arising from the impact of Euro appreciation on 
our tranche of Euro denominated debt.
This net debt position is split as:
30 September
2015
£’000
30 September
2014
£’000
Term debt bank loans 47,338 57,212
Asset finance lease creditor 15,634 13,196
Less Cash and cash equivalents
(9,761) (10,175)
53,211 60,233
In July 2015, we completed a US$9.4 million sale and lease back 
arrangement for a proportion of the Group’s owned tankcontainer 
fleet with the proceeds of the sale being used to repay an element 
of the Group’s bank term loans. The transaction allowed us to use 
our own asset base to repay early an element of our bank term debt. 
While this did not reduce our overall net debt it was a further step in 
improving the mix and flexibility in our sources of funding.
The structure and terms of the term debt loans at 30 September 2015 
are fully explained in Note 24 to the financial statements. Subsequent 
to the year end, we have agreed with our bankers to extend the life of 
the existing principal facilities to 31 March 2017. At the date of the 
balance sheet the term bank loans, which were previously repayable 
on 30 September 2016, were classified as short-term. After taking 
into account the extension to 31 March 2017, the loans include 
quarterly repayments with an aggregate value of £3.1m in the next 
financial year and £0.8m in the six months to 31 March 2017 as 
well as related interest and fees. The balance of £42.7m remaining 
is repayable on a single repayment date falling on 31 March 2017. 
The term loans bear interest on the relevant currency LIBOR plus a 
4.75% margin. The current revolving credit facilities of £10m has 
likewise been extended by six months, after which they will continue 
to 31 March 2017 but at a £2.5m level. 
Scott Cunningham 
Finance Director 13
Directors' Report
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
The Directors present their annual report and the audited financial 
statements for the year to 30 September 2015. 
Principal activity 
The principal activity of the Group is the provision of intermodal 
logistic solutions for the movement of dry and liquid bulk material. 
The Company’s principal subsidiary undertakings are listed in Note 18 
to the financial statements. The Company’s registered number is 
5308244.
Strategic Report
The information that fulfils the requirements of the strategic report 
is contained in the Chairman’s statement, (key highlights section on 
page 1 and outlook section on pages 3 to 4, the Chief Executive’s 
Review (on pages 6 to 8) and the Financial Review (on pages 10 to 
12).
The Group Income Statement for the year is set out on page 29.
Principal Risks and Uncertainties
The management of the business and execution of the Group’s 
strategy is subject to a number of risks. The most important risks 
are set out below and are reviewed regularly by the Board with 
appropriate processes put in place to monitor and mitigate the risks. 
A risk register is maintained with our internal controls and audit 
activities are targeted at the management of these risks. 
Major Environmental or Safety Incident
InterBulk is responsible for arranging the storage and movement 
of hazardous chemicals. Apart from the immediate consequences 
of a major incident where we may be found to be at least in part 
responsible, there could be reputational impact. InterBulk is 
committed to operate at high safety and environmental standards 
worldwide. Health, Safety and the Environment is a critical part of 
the Board agenda with a comprehensive report being tabled at each 
Board meeting. Rigorous procedures are cascaded throughout the 
Company and to our partner organisations. Our fleet has appropriate 
engineering standards in place including statutory testing and is well 
maintained. Our third party logistics trucking service providers for 
the movement of hazardous cargo are assessed according to CEFIC’s 
SQAS (safety and quality assessment system). We are appropriately 
certified for all of our activities and members of the chemical 
industry Responsible Care™ program plus have a 24/7 emergency 
response capability.
Loss of Major Customer
InterBulk operates in a competitive and fluid marketplace. Business 
is conducted on either a spot basis, or according to the outcome of a 
one to three year tendering process. To control the risk, we maintain 
a broad customer base, with currently no single customer accounting 
for more than 7% of our annual revenue. We also mitigate the 
likelihood by establishing strong relationships with our customers, 
developing tailor-made and value-creating solutions and delivering 
excellent service performance while being cost competitive in the 
day to day business. We carefully monitor the financial condition of, 
and our exposure to, high risk accounts. 
Dry Bulk Business Evolution
By far the largest part of our Dry Bulk business serves European 
polymer producers. They have faced rising imports from regions 
with feedstock advantages (principally the Middle East) and tough 
competition in their export markets. As a result a number of European 
production plants where we have supplied logistics services have 
closed resulting in lost business. We have taken action during the 
year to reduce overheads, lower the cost of procured services and 
identify efficiency improvements. We have also further reduced the 
size of the fleet.
Our efforts to grow the use of “bag-in-box” dry bulk solutions for the 
storage and movement of other products (such as food) and in other 
geographies has seen mixed results with strong profitable growth 
achieved in Asia during the last 12 months following equipment 
investments in 2014. However, our diversification into food grade 
products within Europe has not been as successful with a 13% 
reduction in activity within this area during the year. The market 
opportunity remains and so continues to be an important aspect to 
our strategy which the Board reviews on a regular basis. 
Legislation and Regulatory Risk
Our business is regulated regarding safety procedures, equipment 
specifications, transportation protocols, employment requirements, 
environmental procedures and other operating issues and 
considerations. These laws and regulations are constantly subject 
to change. The costs, including the risk of equipment obsolescence, 
associated with the impact of changes could adversely impact 
the results of our operations. To help mitigate the risk of adverse 
impact from legislative or regulatory changes the Group is a member 
of trade associations who are able to lobby effectively, such as 
ECTA (European Chemical Transportation Association), and we 
also participate selectively in working groups within the relevant 
organisations.  14
InterBulk Group Annual Report and Accounts 2015
Directors' Report continued
In addition, Antitrust and Bribery legislation carries major penalties 
and the risk of reputational damage for transgressors. We already 
have in place policies, communication and training to ensure each 
of our employees in all of our operating locations understand and 
comply with such regulations. We regularly refresh this process to 
keep abreast of changes and best practice. 
Loss of Staff in Key Positions
Many organisations, and InterBulk is no exception, are exposed to 
the risk of losing key staff because of the importance of relevant 
operational experience and the value of customer relationships. We 
seek to mitigate this risk through strong and effective leadership and 
dialogue with a clear communication of strategy and the importance 
of each individual role. The Board reviews human resource matters at 
each Board meeting and has an annual review of the HR strategy and 
its implementation, and the succession plan for the executive board 
members and their key staff. We provide a wide range of opportunities 
for training and development and have open communication with 
management and employees. We are introducing an electronic 
appraisal system to enhance the feedback and objective setting for 
all staff. This electronic basis will also allow global employee opinion 
surveys to be completed in an efficient manner.
IT Systems Failure
InterBulk uses IT systems extensively for business execution, control 
and reporting, and also for connections with our customers and 
suppliers and therefore a system failure risk exists. The Group has 
appropriate business continuity procedures in place in the event of 
interruption arising from an IT systems failure. We have developed 
and implemented our own software for the core ERP system. This 
year we have outsourced any further development of this which has 
strengthened our risk control of this area. 
Access to Capital
The bank facility which is provided on a 50/50 basis between Bank 
of Scotland and Rabobank and subsequent to the year-end has been 
extended by six months to 31 March 2017. The current revolving 
credit facilities of £10m have likewise been extended by six months, 
after which they will continue to 31 March 2017 but at a £2.5m level. 
The Group is forecasting that it will be able to continue to operate 
within the funding available under these facilities and meet all 
interest and capital repayments as they fall due through to that date. 
The Group’s banking facilities are subject to a number of financial 
covenants which the Group monitors closely and has complied with 
any covenant tests required throughout the year to 30 September 
2015. These covenants include interest cover, cash cover and leverage 
ratios on a last twelve month basis.
The debt values used in the covenants are revalued based on pre-
agreed fixed exchange rates. Historically the majority of our interest 
expense was fixed via interest rate swap agreements but from 
1 October 2015 these are now all on a floating interest rate. However, 
we believe the risk of a material change to the LIBOR rates is low 
in the short to medium term. As a result, this means the Group’s 
most variable metric is the last twelve months’ EBITDA. The Directors 
believe that the financial covenants for the remaining term of the 
facilities, which have been adjusted to take into account current 
and forecast trading results, provide an adequate level of headroom 
under sensible downside scenarios for the foreseeable future and 
expect, therefore, to be able to continue to meet these covenants for 
the life of the facility. 
During the year we continued to assess strategic options including 
refinancing of the existing borrowing which previously were due 
to expire on 30 September 2016. A decision was made to explore 
the potential sale of the entire group which offered a compelling 
opportunity for the continued development of the business and 
the delivery of value to shareholders. As disclosed in the Rule 2.7 
announcement released separately today we have reached agreement 
on the terms of a recommended cash acquisition by Den Hartogh 
Holding B.V. of the entire issued share capital of InterBulk Group 
plc. It is intended that the transaction will be implemented by way 
of a Court-sanctioned Scheme of Arrangement under Part 26 of the 
Companies Act 2006. The terms of the Scheme, will be subject to the 
Conditions and other terms set out in the Rule 2.7 announcement. 
On completion of the proposed acquisition of the entire issued share 
capital the bank loans will be repaid in full.
Financial Risk Management
The Group’s financial risks, including interest rate and foreign 
currency risk, are discussed fully in note 26 to the financial 
statements. In relation to foreign exchange, a large proportion of 
our transactions (sales and purchases) are made in currencies other 
than Sterling (principally Euro and US Dollar) and our own cost base 
is also multi-currency. In addition, our customers’ businesses are 
also affected by changes in inter-regional competitiveness driven 
by exchange rate fluctuation. We seek to match currency inflows 
and outflows, so far as is possible, to mitigate the transactional risk. 
We have a strategy of using short-term forward contracts to help 
mitigate residual foreign exchange risk post our natural hedging. This 
would involve Euro and US Dollar forward contracts being used for 
no longer than 6 months and for less than 75% of our expected 
currency surplus. A substantial proportion of our net assets are also 
denominated in non-sterling currencies and the Board has approved 
that we denominate a significant part of our bank debt in Euro and 
US Dollar to provide a mitigation of this translational risk. 1 5
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
During 2013 the Board considered it to be prudent to hedge the 
interest rate risk on a significant part of our debt. Interest rate 
swap agreements were put in place at that time for the Term B bank 
loans until 30 September 2015. Since that time we have left the 
Term B bank loans subject to floating LIBOR rates. We believe this 
represents an appropriate approach given the low LIBOR rates and 
also expectations concerning corporate activity in the short-term. 
Results and Dividends
The Group profit after all exceptional items and taxation for the 
financial year amounted to £0.1m (2014: £33.4m loss). No interim or 
final dividend is proposed or was paid during the year. No dividends 
were paid or proposed in the prior year.
Directors
The Directors during the year and up to the date of this report were:
Executive:
L Kullberg 
S Cunningham 
H Song
Non-Executive:
D Rolph (Chairman) 
J McColl 
G Bissett 
E van der Werff 
L Gomez 
H Ludvigsson 
E Tamimi
The Directors holding office at 30 September 2015 held beneficial 
interests in the issued share capital of the Company as shown in 
the following table. During the year none of the directors sold any 
shares. 
30 September 
2014
10p Ordinary 
Shares
Number
30 September 
2015
10p Ordinary 
Shares
number
Date of this 
report
10p Ordinary 
Shares
Number
L Kullberg – – –
S Cunningham 371,511 371,511 371,511
D Rolph 605,491 605,491 605,491
J McColl 16,711,661 16,711,661 16,711,661
G Bissett 650,000 650,000 650,000
E van der Werff 175,000 175,000 175,000
H Ludvigsson (a) (a) (a)
E Tamimi (a) (a) (a)
L Gomez (b) (b) (b)
H Song (c) (c) (c)
a)  H Ludvigsson and E Tamimi are also directors in Atorka Group hf. The 
shares held by Atorka Group hf in the Company via Atorka Holdings BV are 
shown below.
b)  L Gomez is a director and share option holder in XPO Logistics Europe 
(formerly Norbert Dentressangle SA). The shares held by XPO Logistics 
Europe (formerly Norbert Dentressangle SA) in the Company are shown 
below.
c)  H Song is an employee of Sinotrans Limited. The Shares held by Sinotrans 
Limited’s subsidiary, Sinotrans (HK) Logistics Limited in the Company are 
shown below.
J McColl has granted charges in favour of the Governor and 
Company of the Bank of Scotland in respect of loans made to him 
over 16,711,661 ordinary shares in the Company.
According to Article 96 of the Company’s Articles of Association a 
director has to be re-elected if not elected or re-elected at one of the 
preceding two annual general meetings. In addition, non-executive 
directors who have served longer than nine years should be subject 
to annual re-election. This applies to G Bissett, E van der Werff, and 
J McColl. 16
InterBulk Group Annual Report and Accounts 2015
Directors' Report continued
indemnity of Officers
Under Article 184 of the Company’s Articles of Association and 
subject to the provisions of the Companies Act, the Company may 
indemnify any director or other officer against any liability incurred 
by him in the execution or discharge of his duties or the exercise of 
his powers and including but not limited to any liability for the costs 
of legal proceedings where judgment is given in their favour.
In addition, the Company may purchase and maintain for any director 
or other officer or auditor, insurance against any liability, and the 
Company does maintain appropriate insurance cover against legal 
action brought against its directors and officers and the directors 
and officers of its subsidiaries.
Substantial Shareholders
As at the date of this document, the Company had been notified of 
the following beneficial interests in 3% or more of its issued share 
capital:
Number of 
Shares Percentage
Sinotrans (HK) Logistics Ltd 165,000,000 35.26%
Atorka Holdings BV 123,537,500 26.40%
Hoyer GmbH Internationale 
Fachspedition 70,243,704 15.01%
Cavendish Asset Management Ltd 26,778,087 5.72%
XPO Logistics Europe (formerly 
Norbert Dentressangle SA) 20,000,000 4.27%
J McColl 16,711,611 3.57%
As a condition of the original placing of shares, Sinotrans Limited has 
the right to appoint one executive director, Atorka Holdings BV has 
the right to appoint two non-executive directors, and XPO Logistics 
Europe (formerly Norbert Dentressangle SA) has the right to appoint 
one non-executive director. 
Share Capital
At the date of this report, the Company’s issued share capital 
comprised a single class of ordinary shares of 10 pence each. All 
of the Company’s issued ordinary shares are fully paid up and 
rank equally in all respects. The rights attached to the shares are 
set out in the Articles. Note 27 to the financial statements contains 
details of the ordinary share capital. At the date of this report, the 
Company has authority, pursuant to the shareholders resolution of 
24 March 2015, to allot shares up to an aggregate nominal amount 
of £15,596,401. The Company also has authority, pursuant to the 
shareholders resolution of 24 March 2015, to allot shares for cash 
without first being required to offer such securities to the existing 
shareholders in proportion to their shareholdings. This authority 
relates to allotments (i) in connection with a rights issue of shares 
to existing shareholders in proportion to their existing holdings 
and (ii) other than as mentioned at (i), up to a nominal amount of 
£4,678,920.40 which is 10% of the existing issued share capital.
employees
The Group places considerable value on the involvement of its 
employees and has continued to keep them informed on matters 
affecting them as employees and on the various factors affecting 
the performance of the Group. This is achieved through a 
quarterly newsletter and formal and informal meetings. Employee 
representatives are consulted regularly on a wide range of matters 
affecting their current and future interests.
Applications for employment by disabled persons are always fully 
considered, bearing in mind the aptitudes of the applicant concerned. 
In the event of members of staff becoming disabled every effort is 
made to ensure that their employment within the Group continues 
and that appropriate training is arranged. It is the policy of the Group 
that the training, career development and promotion of disabled 
persons should, as far as possible, be identical with that of other 
employees.
Research and Development 
InterBulk is well known for its ability to develop innovative solutions 
that create value for our customers. Our Linertech business unit 
designs bag in box liners to enable the transportation of materials 
with difficult flow characteristics. The innovative ISO-Silo is both a 
storage silo and a pneumatic transfer system rolled into one and 
provides flexible low cost solutions for on-site receipt of material from 
intermodal bag in box deliveries. Our specialist InBulk Technologies 
business commercialises our patented ISO-Veyor equipment and we 
have gained business in the oil field services sector.
InterBulk has also developed a sophisticated internet-based IT 
tool enabling the company to efficiently manage 3rd party owned 
container fleets globally and to provide on-line data information to 
the fleet owners.
Payments to Suppliers
Subsidiary companies are responsible for agreeing payment terms 
and conditions with their suppliers according to generally accepted 
trading practices within their businesses. It is the Group’s normal 
practice to pay suppliers promptly provided that suppliers perform  17
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
in accordance with agreed terms. At 30 September 2015 the amount 
owed to trade creditors by the Group was equivalent to 52 days of 
purchases from suppliers (2014: 49 days). The Company has no trade 
creditors, being a holding company only.
Donations
No political donations have been made during the year ended 
30 September 2015 (2014: £nil). A number of small charitable 
donations were made amounting to £150 (2014: £434).
Financial instruments
Details of the Group’s financial risk management policies are included 
in Note 26 to the financial statements.
Related Parties
Details of material related party transactions during the year are 
disclosed in Note 33 to the financial statements.
Subsequent events
Details of subsequent events concerning the agreement on the terms 
of a recommended cash offer by Den Hartogh Holding B.V. of the 
entire issued and to be issued share capital of InterBulk Group plc 
and the extension of the principal bank loans to 31 March 2017 are 
disclosed in Note 34 to the financial statements.
auditors and disclosures of information to audit
Each of the persons who is a Director at the date of approval of this 
report confirms that:
1. So far as the Director is aware, there is no relevant audit 
information of which the Company’s auditors are unaware; and
2. The Director has taken all the steps that he ought to have taken 
as a director in order to make himself aware of any relevant 
audit information and to establish that the Company’s auditors 
are aware of that information. 
PricewaterhouseCoopers LLP have indicated their willingness 
to continue in office and a resolution to re-appoint 
PricewaterhouseCoopers LLP will be put to the forthcoming Annual 
General Meeting.
By order of the Board:
 
 
Scott Cunningham 
Director and Company Secretary
Registered Office: 
One London Wall 
LONDON, EC2Y 5AB 
Registered Number: 5308244 18
InterBulk Group Annual Report and Accounts 2015 19
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Corporate Governance 
Corporate Governance Report
The Directors acknowledge the importance of the principles set out in 
The UK Corporate Governance Code (“Code”) issued by the Financial 
Reporting Council in 2015. Although the Code is not compulsory for 
AIM listed companies, the Directors have applied the principles of the 
Code as far as practicable and appropriate for a public company of 
its size as follows:
the board of Directors
As at the date of this report, the Board consists of three executive 
Directors and seven non-executive Directors. Of the non-executive 
directors D Rolph (Chairman), and E van der Werff are viewed as 
independent as defined by the Code. In addition, G Bissett is also 
considered independent since, although he has received, during the 
course of this year, remuneration from the Company other than his 
Director’s fee, this has been for short term project engagements. 
The role of Chairman and Chief Executive are distinct. The Chairman 
is responsible for the effectiveness of the Board, ensuring training 
and development needs of the directors are met, and providing 
effective communication with shareholders. The Chief Executive 
is responsible for the management of the Group. G Bissett is the 
senior independent non-executive Director and is available should a 
shareholder request direct access for matters which they believe are 
not appropriate through the normal channel of the Chairman, Chief 
Executive or Finance Director. He is also responsible for appraising 
the Chairman’s performance. 
The Board meets regularly and is responsible for strategy, 
performance, approval of major capital investments, treasury and 
financing matters, human resource strategy, risk management 
procedures and the framework of internal controls. The Board has 
a formal schedule of matters specifically reserved to it for decision. 
To enable the Board to discharge its duties, all Directors receive 
appropriate and timely information. Briefing papers are distributed 
to all Directors in advance of Board meetings. All Directors have 
access to the advice and services of the Company Secretary, who 
is responsible for ensuring that Board procedures are followed 
and that applicable rules and regulations are complied with. On 
appointment of a new Director the Chairman ensures a full, formal 
and tailored induction is provided. The appointment and removal 
of the Company Secretary is a matter for the Board as a whole. In 
addition, procedures are in place to enable the Directors to obtain 
independent professional advice in the furtherance of their duties, if 
necessary, at the Company’s expense. 
The Chairman performs an annual evaluation of the effectiveness of 
the Board towards the end of each calendar year. This is conducted 
via a written questionnaire followed by a Board presentation and 
discussion of the feedback, and a series of one to one discussions. 
Ways identified to improve the effectiveness of the Board, and 
agreed priorities for the Board to focus on in the coming year are 
incorporated into an annual Board Charter. The Chairman of each 
sub-committee also seeks feedback from members which again is 
used to improve efficiency and effectiveness. The Senior Independent 
Director also gathers input on the performance of the Chairman and 
feeds this back. 
The Company Secretary maintains a register of attendance of 
Directors at Board Meetings. The Board has met for seven scheduled 
full meetings during the course of the 12 months under review and 
attendance at such board meetings by individual Directors is set out 
below. There was also a number of telephone board calls during the 
year to update on specific initiatives and projects. In all cases board 
members participated in the call or where this was not possible, were 
consulted in advance.
Board Meetings
L Kullberg 7
S Cunningham 7
H Song 6
D Rolph 7
J McColl 6
G Bissett 7
E van der Werff 7
H Ludvigsson 6
E Tamimi 7
L Gomez 4
Directors are subject to re-election by the shareholders at Annual 
General Meetings. The Articles of Association provide that Directors 
will be subject to re-election at the first opportunity after their 
appointment and the Board will voluntarily submit to re-election 
at intervals of three years. Brief biographies of all Board members, 
giving details of their experience and other main commitments are 
included on pages 24 to 25. The Chairman is pleased to confirm that 
the performance of all Directors has been reviewed and continues 
to be regarded as effective, and that the Directors who may offer 
themselves for re-election at the AGM continue to demonstrate 
commitment to the role of Director. According to Article 96 of the 
Company’s Articles of Association a director has to be re-elected if 
not elected or re-elected at one of the preceding two annual general 
meetings. In addition, non-executive directors who have served 
longer than nine years should be subject to annual re-election. This 
applies to G Bissett, E van der Werff, and J McColl. 20
InterBulk Group Annual Report and Accounts 2015
Corporate Governance  continued
audit Committee
The Audit Committee during the year consisted of G Bissett (Chairman 
of the Audit Committee), E van der Werff and D Rolph. The Board is 
satisfied that at least one member of the Audit Committee has recent 
and relevant financial experience. The Audit Committee advises the 
Board on the appointment, reappointment and removal of external 
auditors and approves their remuneration and terms of engagement, 
including developing and implementing a policy on the provision 
of non-audit services by the external audit firm. It also reviews and 
monitors the independence and objectivity of the external auditor. At 
the year-end meeting to review the annual report and accounts the 
Audit Committee formally considers the level of non-audit services 
and fees provided by the Group’s auditors. The nature and level of 
non-audit fees are fully discussed and the committee is satisfied, 
bearing in mind the safeguards put in place by the audit firm, that 
there is no risk to the objectivity and independence of the external 
audit arising from the level of non-audit fees. The majority of non-
audit fees relate to support in corporate finance and for advisory 
and tax filing. The Committee is also responsible for monitoring 
compliance with accounting and legal requirements and for 
reviewing the annual and interim financial statements prior to their 
submission for approval by the Board. The Audit Committee monitors 
the effectiveness of internal financial controls and the processes for 
evaluating and monitoring the risks facing the Group, which includes 
agreeing a programme of work for internal audit. The Committee 
reviews arrangements to ensure staff can raise concerns about 
possible improprieties including the company’s whistle blowing 
procedure. The Audit Committee met three times during the year 
ended 30 September 2015. These meetings were attended by the full 
Audit Committee.
Remuneration Committee
The Remuneration Committee during the year consisted of E van 
der Werff (Chairman of the Remuneration Committee), G Bissett 
and D Rolph. The Committee’s primary role is to consider and 
approve the remuneration and benefits of the Executive Directors. 
In framing the Company’s remuneration policy, the Remuneration 
Committee has given full consideration to Section D of the Code. 
The Report on Directors’ Remuneration is set out on pages 22 to 
23. The Remuneration Committee met three times during the year 
ended 30 September 2015. These meetings were attended by the full 
Remuneration Committee.
nominations Committee
The Nominations Committee during the year consisted of E van der 
Werff (Chairman of the Nominations Committee), D Rolph, G Bissett, 
J McColl and K van Wissen. The Committee leads the process for 
Board appointments and makes recommendations to the Board on 
the structure, size and composition of the Board. No Nomination 
Committee meetings were required in the current year. 
The Board currently comprises ten talented people with collectively 
a broad and relevant range of experience and diverse cultural 
backgrounds. Gender diversity will be an important consideration in 
any future appointment process.
internal Control
The Board is responsible for establishing and maintaining the Group’s 
system of internal control and for reviewing its effectiveness. The 
system is designed to manage rather than eliminate the risk of 
failure to achieve the Group’s strategic objectives, and can only 
provide reasonable and not absolute assurance against material 
misstatement or loss. The key risk management processes and 
systems of internal control include the following features:
•	 The Group’s organisational structure has clear lines of 
responsibility and delegated authority;
•	 The Board is responsible for identifying the major business 
risks faced by the Group and for determining the appropriate 
courses of action to manage those risks. A formal risk register 
is maintained;
•	 The Group prepares a comprehensive annual business plan 
and financial budget that is approved by the Board. Monthly 
reporting, including consolidated management accounts, 
comparing actual results against the budget and prior period 
with variances are closely monitored by the Directors; and
•	 Executive Directors hold regular meetings with the executive 
management of the Group’s business units.
The Directors have reviewed the effectiveness of the risk management 
and system of internal control as it operated during the year ended 
30 September 2015. The Board’s review covers all controls, including 
financial, operational and compliance controls and risk management. 
The Audit Committee assists the Board in discharging its review 
responsibilities. 
Process for Preparing Consolidated Financial 
Statements
The Group has established internal controls and risk management 
systems in relation to the process for preparing consolidated 
financial statements. The key features of these internal controls and 
risk management systems are:
•	 At Group level a well-developed management accounts pack 
including income statements, balance sheets, cash flow  21
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
statement as well as key ratios related to strategic plans, is 
prepared and reviewed monthly by management;
•	 Each division prepares a year end reporting pack, in a 
standardised format, and submits it to Group. The Group 
finance function review the reporting packs for unusual items 
and for completeness. Any unexplained items are referred back 
to local management to explain;
•	 The Group’s consolidation, which consolidates the results of 
each business unit and makes appropriate adjustments, is 
subject to review within the Group finance function; and
•	 The Audit Committee reviews the draft consolidated financial 
statements and their comments are taken into consideration 
when finalising the financial statements.
Relations with Shareholders
Communications with shareholders are given high priority. The 
Chairman, Chief Executive and Finance Director make themselves 
available to meet the major shareholders, not represented on the 
Board, twice annually, and as appropriate brief the next board 
meeting on their discussions. The Chairman aims to ensure that the 
Directors, including non-executive Directors, are available at Annual 
General Meetings to answer questions. 
Going Concern
The Group’s business activities, together with the factors likely to 
affect its future development, performance and position are set 
out in the Chairman’s Statement, Chief Executive’s Review and the 
Financial Review. The Directors’ Report on pages 13 to 17 outlines 
the principal risks and uncertainties including those relating to 
access to capital and the terms of the existing bank facilities. The 
financial position of the Group, its cash flows, liquidity position 
and borrowing facilities are also described in the Financial Review 
on pages 10 to 12. In addition, Note 26 of the financial statements 
include 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. 
After consideration of the future and taking into account all 
information available, the Directors have a reasonable expectation 
that the Group has adequate resources to continue in operational 
existence for the foreseeable future. For this reason, they continue to 
adopt the going concern basis in preparing the financial statements.
Statement by Directors on Compliance with the 
Provisions of the UK Corporate Governance Code 
(“Code”)
The Board considers that they have complied with the principles of 
the Code as far as practicable and appropriate for a public company 
of this size. There are three material provisions in the revised code 
that have not yet been adopted namely:
(1) C.3.8. – the provision of Audit Committee report on significant 
issues they considered in relation to the financial statements and 
how they are addressed, and
(2) C.1.1 & C.3.4 – a formal statement from the audit committee to 
the Board that the Annual Report and Accounts are fair, balanced and 
understandable and provide information necessary for shareholders 
to assess the company’s position and performance, business model 
and strategy. This Code provision will be monitored by the Board 
as best practice develops for AIM companies of our size. The Board 
would emphasise however that the Audit Committee, other than 
the two reporting points noted above, operates fully in compliance 
with the Code and its operations are described in earlier pages. A 
full description of the strategy, business model and performance is 
contained in the Chairman’s Statement, Chief Executive’s Review and 
Financial Review. 
(3) C.2.2 – a formal Longer Term Viability Statement as envisaged 
by the recent revision (2014) code has not been presented. This 
statement is only applicable for the first time for companies with 
financial years ending 30 September 2015. The Directors will assess 
how best practice is adopted for this statement for AIM companies 
of our size, with a view to including such a statement in our 2016 
financial statements. 22
InterBulk Group Annual Report and Accounts 2015
Directors' Remuneration Report
information not subject to audit
The Remuneration Committee is responsible for determining 
and reviewing the terms of appointment and the remuneration 
of Executive Directors. The Committee takes external advice, as 
appropriate, on remuneration issues and takes cognisance of major 
surveys covering all aspects of the pay and benefits of Directors and 
senior executives in many companies.
The Committee aims to provide base salaries and benefits which are 
competitive in the relevant external market and which take account of 
the Group’s and individual’s performance thus enhancing the Group’s 
ability to recruit and to retain individuals of the calibre required for 
its continuing business success. It is the policy of the Committee to 
provide financial incentives and to reward superior performance over 
the medium and long term by creating opportunities to enable senior 
executives to earn cash and share-related incentive payments which 
result from achievement of performance targets.
The Remuneration Committee consists of E van der Werff (Chairman 
of the Remuneration Committee), G Bissett and D Rolph.
Service agreements 
L Kullberg has a service agreement, which requires a notice period 
of 3 months for the executive and 6 months for the Company. The 
remuneration package consists of a basic salary and benefits in kind, 
a defined contribution pension, and performance-related incentive 
arrangements. 
The services of S Cunningham and J McColl are provided via a service 
agreement with Clyde Blowers Limited. This service agreement has 
a notice period of three months and in the case of S Cunningham 
makes provision for performance-related incentive payments.
The services of H Song are provided via a service agreement with 
Sinotrans Limited. The service agreement has a notice period of three 
months and makes provision for performance–related incentive 
payments.
The services of G Bissett and E van der Werff are provided via an 
appointment letter until the 2016 AGM unless terminated with 
one month’s notice. The services of D Rolph are provided via an 
appointment letter for the period until the close of the 2018 Annual 
General Meeting unless terminated with one month’s notice. The 
services of H Ludvigsson are via an appointment letter with Atorka 
Group hf which has nominated this individual as their representative 
until 18 August 2016 unless terminated with one month’s notice. 
The services of E Tamimi are via an appointment letter with Atorka 
Group hf which has nominated this individual as their second 
representative until 15 February 2017 unless terminated with one 
month’s notice. The services of L Gomez are via an appointment 
letter with XPO Logistics Europe (formerly Norbert Dentressangle 
SA) which has nominated this individual until 31 May 2016 unless 
terminated with one month’s notice.
Effective 1 April 2014, waivers of the standard directors fees for 
J McColl, L Gomez, H Ludvigsson and E Tamimi have been granted for 
a two year period.  
information subject to audit
Directors’ Detailed Emoluments
Directors’ remuneration for the year to 30 September 2015 (or resignation date) is as follows: 
Year ended 30 September 2015
Salary/fees
£
Benefits
(1)
£
Performance 
related incentive 
payments
£
Pension 
contribution
£
Total
£
executives
L Kullberg 184,063 14,339 – 24,248 222,650
S Cunningham 
(2)
142,941 9,360 – 11,124 163,425
H Song 
(3)
17,500 – – – 17,500
non-executives
D Rolph 48,719 – – – 48,719
J McColl 
(2)
– – – – –
G Bissett 
(5)
56,264 – – – 56,264
E van der Werff 23,572 – – – 23,572
L Gomez 
(3) 
– – – – –
H Ludvigsson 
(3)
 – – – – –
E Tamimi 
(3)
– – – – –
Total 473,059 23,699  35,372 532,130 23
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Year ended 30 September 2014
Salary/fees
£
Benefits
(1)
£
Performance 
related incentive 
payments
£
Pension 
contribution
£
Total
£
executives
L Kullberg 199,868 14,813 – 26,443 241,124
K van Wissen(4) 61,757 261 – 8,168 70,186
S Cunningham
(2)
140,569 8,983 – 11,124 160,676
H Song 
(3)
90,000 – – – 90,000
non-executives
D Rolph 48,719 – – – 48,719
J McColl
(2)
10,302 – – – 10,302
G Bissett
(5)
38,664 – – – 38,664
E van der Werff 26,028 – – – 26,028
L Gomez 
(3) & (4)
10,000 – – – 10,000
H Ludvigsson 
(3)
 10,000 – – – 10,000
E Tamimi 
(3)
10,000 – – – 10,000
Total 645,907 24,057 – 45,735 715,699
(1) Remuneration package includes non-cash benefits comprising the provision of a company car and private health scheme.
(2)  The services of S Cunningham and J McColl are provided via a service agreement with Clyde Blowers Limited (see Note 33 to the financial statements). The 
total fee during the year to 30 September 2014 was £413,272 (2014: £414,610). From this total fee £nil (2014: £10,302) is allocated to the directors fees for 
J McColl. As the allocation for S Cunningham includes a full recharge of his emoluments package the detailed split for each element is shown. 
(3) Fees are payable to Atorka Group hf, XPO Logistics Europe (formerly Norbert Dentressangle SA) or Sinotrans Limited as appropriate.
(4) Fee allocation to/from date of resignation/ appointment.
(5) Includes £26,600 (2014: £9,000) for additional project work associated with corporate activities.
Directors’ interests
The Directors’ interests in the ordinary shares of the Company are set out in the Directors’ Report on page 15. 24
InterBulk Group Annual Report and Accounts 2015
Board of Directors
executive Directors
Loek Kullberg, 
Chief Executive Officer 
Loek Kullberg was appointed InterBulk’s Chief Executive Officer on 1 October 2013. Loek has extensive 
experience in the international maritime and transport industry and in the development and expansion of 
businesses. Most recently he was Divisional Director of Towage at Royal Boskalis and Managing Director of 
Harbour Towage and Terminals at SMIT International. Prior to joining SMIT International in 2004, Loek held 
various positions at DHL and Royal Nedlloyd where he was Managing Director of Danzas Chemicals and 
its predecessor Nedlloyd Road Cargo from 1996 until 2004. During that period he was accountable for all 
international chemical transport and distribution services. Prior to 1996 he was Managing Director Europe and 
Africa and a member of the Executive Committee of Nedlloyd Lines, for which he also worked and lived abroad 
for ten years in the Middle East, West Africa and the Far East.
Scott Cunningham,  
Group Finance Director
Scott Cunningham was appointed InterBulk’s Director of Corporate Finance on 28 February 2006 and 
subsequently on 25 April 2007 became the Group Finance Director. Previously he was Corporate Finance 
Manager for the Clyde Blowers Group responsible for the review of acquisition targets, overview of consolidated 
financial reporting, business planning reviews and worldwide treasury and tax matters. Until 2001 he was a 
senior manager with Arthur Andersen providing audit services and later transaction support services to both 
public and private companies. He has a Bachelor of Accountancy degree from the University of Glasgow and 
was admitted to the Institute of Chartered Accountants of Scotland in 1995. 
Hu Song, 
Executive Director
Hu Song is a Chinese national and a qualified engineer. He has worked for Sinotrans in a number of roles since 
2003, most recently as Deputy General Manager of the Marketing Department where he focuses on marketing 
and sales in chemical logistics. Hu Song has over 10 years managerial experience, a good track record of 
business development and project management and in-depth experience with the tank container business and 
international chemical industry. Prior to Sinotrans, he worked in a sales role for the China National Scientific 
Instruments and Materials Import/Export Corporation. Hu Song’s key focus is providing direction to the strategy 
and development of InterBulk’s business in China. He has had less direct involvement this year in the Sinotrans 
InterBulk Alliance as this arrangement matures and our respective teams are established.
non-executive Directors
David Rolph, 
Non–Executive Chairman
David Rolph joined InterBulk in December 2008 as the independent non-executive Chairman. He brings over 
30 years international experience in the chemical and plastics industries including executive board positions at 
Borealis and European Vinyls Corporation (EVC), two of the leading companies in the field. At Borealis he was 
head of the Polyolefins Business Group and the Supply Chain from 2001 to 2007. Earlier he had been Polymers 
Division director at EVC with additional responsibility for Health and Safety, Technology and Group Risk 
Management. He read Natural Sciences at Cambridge and has an MBA from the Open Business School. 
Jim McColl
Jim McColl started his career as an engineering apprentice with Weir Pumps Limited in Glasgow and later 
obtained a BSc degree in Technology and Business Studies from Strathclyde University. He returned to Weir 
Pumps Limited where he remained for three years and completed his MBA. In 1981 he moved to a senior 
management position with Diamond Power Speciality Limited, an engineering company supplying equipment to 
the power industry worldwide and obtained a Masters Degree in International Accounting and Finance. In 1985 
Jim joined Coopers & Lybrand as a senior consultant involved mainly in “corporate care” assignments, and later 
became an independent “company doctor”. In 1992, after two successful turnarounds, he bought 29.9 percent of 
Clyde Blowers plc, a small engineering company with a full listing on the London Stock Exchange, which he took 
private in 1999. Over the past 20 years Clyde Blowers has grown significantly and developed into a portfolio 
of global companies. Jim’s achievements have been recognised across the industry; Ernst & Young Master 
Entrepreneur of the Year 2001, an OBE in 2001, a Scottish international business achievement award in 2006, 
and the IoD Scotland Director of the Year in 2008. 25
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Graeme bissett
Graeme Bissett is a Chartered Accountant, who was a senior partner with Arthur Andersen before becoming 
Group Director of Finance at Kwik-Fit Holdings plc from 1998-2001. He has experience as a non-executive 
Chairman and director for a number of listed and private companies. He is currently providing consultancy 
services and non-executive roles to a number of organisations including non-executive Chairman of 
Macfarlane Group plc, the listed packaging group.
eric van der Werff
Eric van der Werff is a seasoned logistics professional with extensive global experience in the chemicals and 
transport sectors. He is currently running a consultancy business advising on logistic services. Prior to this, he 
worked for 34 years with Royal Dutch Shell plc in a variety of logistics/supply chain related roles. In his last 
role with Shell, he was Global Land Logistics Manager with responsibility for procuring logistic services and 
managing logistic activities in the areas of transport, storage, warehousing and packaging for all chemical 
production and business locations globally. He started his career as a marine officer.
Halldor Ludvigsson
Halldor Ludvigsson is a Managing Director in Markets and Investment Banking at Arion Bank and has previously 
been a senior director at Kaupthing Bank and CEO of Maritech International AS, a leading international IT 
solutions provider to the seafood industry. Halldor has a degree in Mechanical Engineering and a BS degree in 
Computer Science. He is Chairman of Landey and is a non-executive director of Bakkavor, Atorka, Klakki and 
Eignabjarg.
einar tamimi
Eisner Tamimi is a qualified lawyer and a member of the Icelandic Bar Association. He has previously worked as 
the International Legal consultant at the Icelandic Ministry of Foreign Affairs, as legal officer and subsequently 
Senior Legal Officer at the European Free Trade Association as General Counsel and Managing Director at 
Glitnir banki hf, and as an Attorney at Law for Malflutningur og raogjof LLP and currently for Nordic Legal 
Services LLP. Mr Tamimi is Chairman of Murr LLC and SL1 LLC, General Partner of Malflutningur og raogjof LLP 
and a director of 123 Holdings LLC, Giggs LLC, Atorka LLC, Teymi LLC, Skyrr LLC, Vodafone LLC and Renewable 
Energy Resources LLC.
Luis Gomez
Luis Gomez holds a joint honours degree in business management and finance. He joined Norbert 
Dentressangle in 2008 as managing director of its Spanish subsidiary, Norbert Dentressangle Gerposa following 
Norbert Dentressangle’s acquisition of Gerposa. After gaining initial experience in administrative and finance 
positions, he joined Gerposa and was subsequently appointed CFO in 2000 and managing director in 2008. On 
1st January 2013 he was appointed Managing Director of the Norbert Dentressangle Transport Division, and 
now performs a similar role with XPO Logistics Europe since their takeover of Norbert Dentressangle which was 
completed on 8 June 2015. 26
InterBulk Group Annual Report and Accounts 2015
Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Annual Report, the 
Directors’ Remuneration Report and the financial statements in 
accordance with applicable law and regulations. 
Company law requires the Directors to prepare financial statements 
for each financial year. Under that law the Directors have prepared 
the Group and Parent Company financial statements in accordance 
with International Financial Reporting Standards (IFRSs) as adopted 
by the European Union. Under company law the Directors must not 
approve the financial statements unless they are satisfied that they 
give a true and fair view of the state of affairs of the Group and the 
Company and of the profit or loss of the Group for that period. In 
preparing these financial statements, the Directors are required to:
•	 select suitable accounting policies and then apply them 
consistently; 
•	 make judgments and accounting estimates that are reasonable 
and prudent;
•	 state whether applicable IFRSs as adopted by the European 
Union 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 adequate accounting 
records that are sufficient to show and explain the Company’s 
transactions and disclose with reasonable accuracy at any time the 
financial position of the Company and the Group and enable them to 
ensure that the financial statements and the Directors’ Remuneration 
Report comply with the Companies Act 2006 and, as regards the 
Group financial statements, Article 4 of the IAS Regulation. They are 
also responsible for safeguarding the assets of the Company and the 
Group 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 Company’s website. Legislation in the United Kingdom governing 
the preparation and dissemination of financial statements may differ 
from legislation in other jurisdictions. 
The directors consider that the annual report and accounts taken 
as a whole are fair, balanced and understandable and provides 
information necessary for shareholders to assess a company’s 
performance, business model and strategy. 
Directors’ statement pursuant to the Disclosure 
and transparency Rules 
Each of the Directors, whose names and functions are listed in 
pages 24 and 25 confirm that, to the best of their knowledge:
•	 the financial statements, which have been prepared in 
accordance with IFRSs as adopted by the EU, give a true and fair 
view of the assets, liabilities, financial position and profit/loss of 
the Group and Company; and 
•	 the Directors’ report contained in the annual report includes a 
fair review of the development and performance of the business 
and the position of the Company and Group, together with a 
description of the principal risks and uncertainties that they 
face. 
advisors
Registered auditors: 
PricewaterhouseCoopers LLP 
141 Bothwell Street 
Glasgow 
G2 7EQ
nominated adviser & brokers: 
Westhouse Securities Ltd 
15 St Botolph Street 
London 
EC3A 7BB
Solicitors: 
CMS Cameron McKenna LLP 
191 West George Street 
Glasgow 
G2 2LD
Registrars: 
Capita Registrars Ltd 
The Registry 
34 Beckenham Road 
Beckenham 
BR3 4TU
bankers: 
Bank of Scotland PLC 
110 Queen Street 
Glasgow  
G1 3BY 
Registered number and office 
Registered number: 5308244 
Registered office: 
One London Wall 
London 
EC2Y 5AB 27
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Independent Auditors’ Report 
Report on the financial statements
Our opinion
In our opinion:
•	 InterBulk Group plc’s group financial statements and company 
financial statements (the “financial statements”) give a true and 
fair view of the state of the group’s and of the company’s affairs 
as at 30 September 2015 and of the group’s profit and the 
group’s and the company’s cash flows for the year then ended;
•	 the group financial statements have been properly prepared in 
accordance with International Financial Reporting Standards 
(“IFRSs”) as adopted by the European Union;
•	 the company financial statements have been properly prepared 
in accordance with IFRSs as adopted by the European Union 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.
What we have audited
The financial statements, included within the Annual Report and 
Accounts (the “Annual Report”) comprise:
•	 the group and company balance sheets as at 30 September 
2015;
•	 the group income statement and group statement of 
comprehensive income for the year then ended;
•	 the group and company statements of cash flows for the year 
then ended;
•	 the group and company statements of changes in equity for the 
year then ended; and
•	 the notes to the financial statements, which include a summary 
of significant accounting policies and other explanatory 
information.
Certain required disclosures have been presented elsewhere in the 
Annual Report, rather than in the notes to the financial statements. 
These are cross-referenced from the financial statements and are 
identified as audited.
The financial reporting framework that has been applied in the 
preparation of the financial statements is applicable law and IFRSs 
as adopted by the European Union and, as regards the company 
financial statements, as applied in accordance with the provisions of 
the Companies Act 2006.
In applying the financial reporting framework, the directors have 
made a number of subjective judgements, for example in respect 
of significant accounting estimates. In making such estimates, they 
have made assumptions and considered future events.
Opinion on other matter prescribed by the 
Companies act 2006
In our opinion, the information given in the Strategic Report and 
the Directors’ Report for the financial year for which the financial 
statements are prepared is consistent with the financial statements.
Opinion on additional disclosures
Directors’ Remuneration Report
The company voluntarily prepares a Directors’ Remuneration Report 
in accordance with the provisions of the Companies Act 2006. The 
directors have requested that we audit the part of the Directors’ 
Remuneration Report specified by the Companies Act 2006 to be 
audited as if the company were a quoted company.
In our opinion, the part of the Directors’ Remuneration Report 
to be audited has been properly prepared in accordance with the 
Companies Act 2006.
Other matters on which we are required to report 
by exception
Adequacy of accounting records and information 
and explanations received
Under the Companies Act 2006 we are required to report to you if, 
in our opinion:
•	 we have not received all the information and explanations we 
require for our audit; or
•	 adequate accounting records have not been kept by the 
company, or returns adequate for our audit have not been 
received from branches not visited by us; or
•	 the company financial statements are not in agreement with 
the accounting records and returns.
•	 We have no exceptions to report arising from this responsibility. 28
InterBulk Group Annual Report and Accounts 2015
Independent Auditors’ Report  continued
Directors’ remuneration
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. We have no exceptions to report arising from 
this responsibility. 
Responsibilities for the financial statements and 
the audit
Our responsibilities and those of the directors
As explained more fully in the Statement of Directors’ responsibilities 
set out on page 26, the directors are responsible for the preparation 
of the 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 financial 
statements in accordance with applicable law and International 
Standards on Auditing (UK and Ireland) (“ISAs (UK & Ireland)”). Those 
standards require us to comply with the Auditing Practices Board’s 
Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and only 
for the company’s members as a body in accordance with Chapter 
3 of Part 16 of the Companies Act 2006 and for no other purpose. 
We do not, in giving these opinions, accept or assume responsibility 
for any other purpose or to any other person to whom this report is 
shown or into whose hands it may come save where expressly agreed 
by our prior consent in writing.
What an audit of financial statements involves
We conducted our audit in accordance with ISAs (UK & Ireland). 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 
and the 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. 
We primarily focus our work in these areas by assessing the directors’ 
judgements against available evidence, forming our own judgements, 
and evaluating the disclosures in the financial statements.
We test and examine information, using sampling and other 
auditing techniques, to the extent we consider necessary to provide 
a reasonable basis for us to draw conclusions. We obtain audit 
evidence through testing the effectiveness of controls, substantive 
procedures or a combination of both. 
In addition, we read all the financial and non-financial information in 
the Annual Report and Accounts to identify material inconsistencies 
with the audited financial statements and to identify any information 
that is apparently materially incorrect based on, or materially 
inconsistent with, the knowledge acquired by us in the course of 
performing the audit. If we become aware of any apparent material 
misstatements or inconsistencies we consider the implications for 
our report.
Caroline Roxburgh (Senior Statutory Auditor) 
for and on behalf of PricewaterhouseCoopers LLP 
Chartered Accountants and Statutory Auditors 
Glasgow
23 December 2015 29
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Group Income Statement 
For the year ended 30 September 2015
Note
total before 
exceptional items
2015  
£’000
exceptional items
2015 
£’000
total
2015 
£’000
Total before 
exceptional items
2014 
£’000
Exceptional items
2014
£’000
Total
2014
£’000
Revenue 3 225,315 – 225,315 256,261 – 256,261
Cost of sales (196,121) – (196,121) (222,934) – (222,934)
Gross profit
29,194
– 29,194 33,327 – 33,327
Administrative expenses (21,730) (2,180) (23,910) (25,159) (2,041) (27,200)
Impairment of goodwill – – – – (32,300) (32,300)
Operating profit / (loss) 4 7,464 (2,180) 5,284 8,168 (34,341) (26,173)
Analysed as:
Operating profit before 
depreciation, amortisation 
and impairment 15,130 (2,180) 12,950 16,654 (2,041) 14,613
Depreciation of property, 
plant and equipment (6,977) – (6,977) (7,818) – (7,818)
Amortisation of intangible 
assets (689) – (689) (668) – (668)
Impairment of goodwill 17 – – – – (32,300) (32,300)
Finance income 8 18 – 18 7 – 7
Finance expenses 9 (5,007) – (5,007) (5,623) – (5,623)
(4,989) – (4,989) (5,616) – (5,616)
Profit / (loss) before taxation 2,475 (2,180) 295 2,552 (34,341) (31,789)
Taxation credit/(charge) 10 (598) 436 (162) (2,018) 449 (1,569)
Profit / (loss) for the year 1,877 (1,744) 133 534 (33,892) (33,358)
Profit / (loss) per share 
(pence)
Basic 12 0.03p (7.13)p
As permitted by S408 of the Companies Act 2006, the Parent Company’s Income Statement has not been presented in these financial 
statements. The loss in the Parent Company was £1,489,000 (2014: £18,089,000).
The notes on pages 36 to 72 are an integral part of these financial statements. 30
InterBulk Group Annual Report and Accounts 2015
Group Statement of Comprehensive Income 
For the year ended 30 September 2015
2015
£’000
2014
£’000
Profit/(loss) for the financial year 133 (33,358)
Other comprehensive income for the year -
Items that may be subsequently reclassified to profit or loss:
– Net exchange differences on retranslation of foreign operations (1,611) (3,128)
– Net gain on net investment hedge taken to equity 1,650 2,189
– Fair value movement on interest rate swaps 160 31
– Net loss on cashflow hedge transferred to equity, net of tax (1,077) (508)
(878) (1,416)
total net comprehensive income for the year (745) (34,774)
Attributable to:
Owners of the parent (745) (34,774)
Items in the statement above are disclosed net of tax. The income tax relating to each component of other comprehensive income is described 
in Note 10.
The notes on pages 36 to 72 are an integral part of these financial statements. 3 1
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Group and Company Balance Sheets 
At 30 September 2015
Note
Group
2015
£’000
Group
2014
£’000
Company
2015
£’000
Company
2014
£’000
aSSetS
Non-current assets
Goodwill 14 68,621 70,973 – –
Other intangible assets 15 3,375 3,871 – –
Property, plant and equipment 16 32,257 40,948 – –
Investments 18 – – 43,637 43,637
Preference shares in subsidiary 19 – – 2,329 2,457
Deferred tax assets 10 1,879 2,695 – –
106,132 118,487 45,966 46,094
Current assets
Inventories 20 1,514 1,394 – –
Trade and other receivables 21 35,013 41,600 14,989 14,850
Cash 10,328 11,300 1,238 1,339
46,855 54,294 16,227 16,189
Total assets 152,987 172,781 62,193 62,283
LiabiLitieS
Current liabilities
Financial liabilities 22 (52,528) (8,955) (3,016) (2,063)
Trade and other payables 23 (51,432) (60,035) (1,033) (587)
Current tax liabilities (31) (1,140) – –
(103,991) (70,130) (4,049) (2,650)
Non-current liabilities
Financial liabilities 22 (11,011) (62,796) – –
Deferred tax liabilities 10 – (1,125) – –
(11,011) (63,921) – –
Total liabilities (115,002) (134,051) (4,049) (2,650)
Net assets 37,985 38,730 58,144 59,633
SHaReHOLDeRS’ eQUitY
Ordinary share capital 27 46,789 46,789 46,789 46,789
Share premium account 26,431 26,431 26,431 26,431
Other reserves 368 1,246 1,046 1,046
Retained earnings (35,603) (35,736) (16,122) (14,633)
Total equity attributable to owners of the parent 37,985 38,730 58,144 59,633
The notes on pages 36 to 72 are an integral part of these financial statements.
The financial statements were approved by the Board of Directors on 23 December 2015 and were signed on its behalf by: 
Loek Kullberg 
Chief Executive Officer
Scott Cunningham 
Finance Director 32
InterBulk Group Annual Report and Accounts 2015
Group Statement of Cashflows 
For the year ended 30 September 2015
Note
2015
£’000
2014
£’000
Cashflows from operating activities
Cash generated from operations 28 12,734 15,425
Tax paid (1,798) (837)
net cash flow from operating activities 10,936 14,588
Cashflows from investing activities
Interest received 18 7
Sale of property, plant and equipment 2,690 1,576
Purchases of property, plant and equipment (net of finance lease) (859) (1,926)
Payments to acquire intangible fixed assets (217) (91)
net cash flow used in investing activities 1,632 (434)
Cashflows from financing activities
Interest and fees paid (4,350) (5,129)
Repayment of borrowings (8,927) (6,232)
Sale and lease back of assets 6,105 –
Repayment of capital element of finance leases (5,701) (5,663)
net cash flow used in financing activities (12,873) (17,024)
Decrease in cash and cash equivalents (305) (2,870)
Effect of exchange rates on cash and cash equivalents (109) (484)
Cash and cash equivalents at the beginning of the year 10,175 13,529
Cash and cash equivalents at the end of the year 28 9,761 10,175
The accompanying notes on pages 36 to 72 are an integral part of these financial statements. 33
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Company Statement of Cashflows 
For the year ended 30 September 2015
Note
2015
£’000
2014
£’000
Cashflows from operating activities
Cash generated from operations 28 (1,077) (1,479)
net cash flow from operating activities (1,077) (1,479)
Cashflows from investing activities
Interest received 1,316 2,071
Loans repaid by subsidiaries 500 1,360
Loans to subsidiaries (1,170) (3,000)
Dividends received – 2,473
net cash flow from investing activities 646 2,904
Cashflows from financing activities
Interest and fees paid (733) (270)
net cash flow used in financing activities (733) (270)
(Decrease) / increase in cash and cash equivalents (1,164) 1,155
Effect of exchange rates on cash and cash equivalents 110 267
Cash and cash equivalents at the beginning of the year (724) (2,146)
Cash and cash equivalents at the end of the year 28 (1,778) (724)
The notes on pages 36 to 72 are an integral part of these financial statements. 34
InterBulk Group Annual Report and Accounts 2015
Group Statement of Changes in Equity
Hedge
reserve 
£’000
Merger
reserve
£’000
Warrants
£’000
Retirement
benefit
obligations
reserve
£’000
Cumulative
translation
reserve
£’000
Total
Other
reserves
£’000
Ordinary
share
capital
£’000
Share
premium
account
£’000
Retained
earnings
£’000
Total
Attributable
to owners 
of the
parent
£’000
at 30 September 2013 (50) 1,046 360 (39) 1,666 2,983 46,789 26,431 (2,699) 73,504
Total loss for the year – – – – – – – – (33,358) (33,358)
Warrants expired – – (360) – – (360) – – 360 –
Retirement benefits scheme 
closure – – – 39 – 39 – – (39) –
Other comprehensive income:
–  Fair value movement on 
swaps 31 – – – – 31 – – – 31
–  Loss taken to equity on 
hedges (508) – – – – (508) – – – (508)
–  Exchange loss on translation 
of foreign operations and 
net investment hedges – – – – (939) (939) – – – (939)
Total other comprehensive 
income (477) – – – (939) (1,416) – – – (1,416)
at 30 September 2014 (527) 1,046 – – 727 1,246 46,789 26,431 (35,736) 38,730
Total profit for the year – – – – – – – – 133 133
Other comprehensive income:
–  Fair value movement on 
swaps 160 – – – – 160 – – – 160
–  Loss taken to equity on 
hedges (1,077) – – – – (1,077) – – – (1,077)
–  Exchange gain on 
translation of foreign 
operations and net 
investment hedges – – – – 39 39 – – – 39
Total other comprehensive 
income (917) – – – 39 (878) – – – (878)
at 30 September 2015 (1,444) 1,046 – – 766 368 46,789 26,431 (35,603) 37,985 35
Company Statement of Changes in Equity
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Merger
reserve
£’000
Warrants
£’000
Total
Other 
reserves
£’000
Ordinary 
share 
capital
£’000
Share
premium
account
£’000
Retained
earnings
£’000
Total
Attributable to 
owners of the 
parent
£’000
at 30 September 2013 1,046 360 1,406 46,789 26,431 3,096 77,722
Total loss for the year – – – – – (18,089) (18,089)
Warrants expired – (360) (360) – – 360 –
at 30 September 2014 1,046 – 1,046 46,789 26,431 (14,633) 59,633
Total loss for the year – – – – – (1,489) (1,489)
at 30 September 2015 1,046 – 1,046 46,789 26,431 (16,122) 58,144 36
InterBulk Group Annual Report and Accounts 2015
Notes to the Financial Statements 
30 September 2015
1. General information
These financial statements comprise Group and Company Balance Sheets as at 30 September 2015 and Group Income Statement, Group 
Statement of Comprehensive Income, Group and Company Cash Flow Statements, Group and Company Statement of Changes in Equity, and 
related notes for the year then ended of InterBulk Group plc (hereinafter referred to as ‘financial information’).
InterBulk Group plc (‘the Company’) and its subsidiaries (together ‘the Group’) provide intermodal logistics solutions to customers in the 
chemical, polymer and food industry in Europe, the Americas and Asia Pacific. InterBulk Group plc is a public limited company incorporated 
and domiciled in the UK. The Company’s ordinary shares are traded on the London Stock Exchange Alternative Investment Market (AIM). The 
address of the registered office is: One London Wall, LONDON, EC2Y 5AB.
Basis of preparation
The Group’s and Company’s financial statements have been prepared in accordance with International Financial Reporting Standards as 
adopted by the European Union (“IFRS”) and International Financial Reporting Interpretations Committee (“IFRIC”) interpretations as applied in 
accordance with the provisions of the Companies Act 2006 applicable to companies reporting under IFRS. The Company has taken advantage 
of the exemption provided under the Companies Act 2006 section 408 not to publish its individual income statement and related notes.
The financial statements have been prepared under the historical cost convention as modified by the revaluation of derivative financial 
instruments at fair value through profit or loss.
The consolidated financial statements are presented in Sterling and all values are rounded to the nearest £’000 except where otherwise 
indicated.
The accounts have been prepared on a going concern basis.
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. The policies have been consistently 
applied to all the years except as stated below.
The following standards and interpretations have been adopted in these financial statements and have not had a material impact on the 
Group’s financial statements in the period of initial application.
Amendments to IAS 32 on Financial instruments asset and liability offsetting (effective 1 January 2014) 
Amendment to IAS 36, ‘Impairment of assets’ on recoverable amount disclosures (effective 1 January 2014) 
Critical accounting estimates
The preparation of Group and Company financial statements in conformity with IFRSs requires the use of certain critical accounting estimates. 
It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher 
degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are: 
(i) Carrying value of goodwill
As at 30 September 2015, £68,621,000 of goodwill is carried on the Group’s balance sheet. IAS 36 requires this carrying value to be compared 
to its value in use calculations using cash flow forecasts. As a result judgement is required in preparation of the forecasts and uncertainty 
exists which could cause the actual cash flow to differ. 37
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
(ii) Taxation
The group’s tax charge is based on the profit for the year and tax rates enacted at the balance sheet date. Estimation of the tax charge requires 
an assessment to be made of the potential tax treatment of certain items which will only be resolved once finally agreed with the relevant 
tax authorities.
Although these estimates are based on management’s best knowledge the amounts, events, actions or actual results may ultimately differ.
Basis of consolidation
The Group financial statements consolidate the financial statements of InterBulk Group plc and the entities it controls (its subsidiaries) drawn 
up to 30 September each year.
Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control, and continue to be 
consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the 
investee so as to obtain benefit from its activities and is achieved through direct or indirect ownership of voting rights; currently exercisable 
or convertible potential voting rights; or by way of contractual agreement. The financial statements of subsidiaries are prepared for the same 
reporting year as the parent company, using consistent accounting policies for the 12 months ended 30 September. All intercompany balances 
and intra-group transactions, including unrealised profits arising from them, are eliminated.
Foreign currency translation
Transactions in foreign currencies are initially recorded in the functional currency by applying the spot 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 income statement, except when hedge accounting is applied and 
for differences on monetary assets and liabilities that form part of the Group’s net investment in a foreign operation. These are taken directly 
to equity until the disposal of the net investment, at which time they are recognised in the income statement.
The assets and liabilities of foreign operations are translated into Sterling at the rate of exchange ruling at the balance sheet date. Income and 
expenses are translated at weighted average exchange rates for the year. The resulting exchange differences are taken directly to a separate 
component of equity, the cumulative translation reserve. On disposal of a foreign entity, the deferred cumulative amount recognised in equity 
relating to that particular foreign operation is recognised in the income statement.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates 
of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the 
date when the fair value was determined.
Business combinations
Under the requirements of IFRS 3, all business combinations are accounted for using the purchase method (“acquisition accounting”). 
Under this method, the acquiree’s identifiable assets, liabilities and contingent liabilities that satisfy the recognition criteria of IFRS 3 are 
measured initially at their fair values as at the date of acquisition, except for non-current assets classified as held for sale, which are measured 
at fair value less costs of disposal. 
Only identifiable liabilities that satisfy the criteria for recognition as a liability by the acquiree are recognised in a business combination. 
Consequently, restructuring liabilities are not recognised as a liability of the acquiree unless the acquiree has an obligation as at the date of 
the acquisition to carry out the restructuring.  38
InterBulk Group Annual Report and Accounts 2015
Notes to the Financial Statements continued
The cost of a business combination is the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, 
and equity instruments issued by the acquirer. Any costs directly attributable to the business combination are taken directly to the income 
statement. The cost of a business combination is allocated at the acquisition date by recognising the acquiree’s identifiable assets, liabilities 
and contingent liabilities that satisfy the recognition criteria, at their fair values at that date. The acquisition date is the date on which the 
acquirer effectively obtains control of the acquiree. An intangible asset, such as customer relationships, brands, patents and royalties, is 
recognised if it meets the definition of an intangible asset in IAS 38 ‘Intangible assets’ and its fair value can be measured reliably.
Adjustments to the values of assets and liabilities initially determined provisionally (pending the results of independent valuations or further 
analysis) are recognised as a retrospective adjustment to goodwill if they are made within twelve months of the acquisition date. Once this 
twelve-month period has elapsed, the effects of any adjustments are recognised directly in the income statement, unless they qualify as an 
error correction.
Goodwill
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. To the extent that the net fair value of the acquired 
entity’s identifiable assets, liabilities and contingent liabilities is greater than the cost of the investment, a gain is recognised immediately in 
the income statement. 
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. Impairment losses on goodwill are not 
reversed.
The carrying amount of goodwill allocated to a cash-generating unit is taken into account when determining the gain or loss on disposal of 
the unit, or of an operation within it. 
Other intangible assets
Intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired separately from a business are carried initially at cost. An intangible asset acquired as part of a business combination 
is recognised separately from goodwill if the asset is separable or arises from contractual or other legal rights and its fair value can be 
measured reliably. Expenditure on internally developed intangible assets, excluding development costs, is taken to the income statement in the 
year in which it is incurred. Development expenditure is recognised as an intangible asset only after its technical feasibility and commercial 
viability can be demonstrated.
Intangible assets with a finite life are amortised on a straight line basis over their expected useful lives, as follows:
•	 Patents, licences and trademarks – over the duration of the legal agreement - typically over 5 to 15 years
•	 Development expenditure – 3 to 6 years
•	 Computer software – 5 years 
•	 Customer relationships – 15 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. In addition, the carrying value of capitalised development expenditure is reviewed for impairment annually before 
being brought into use. 39
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs 
directly attributable to making the asset capable of operating as intended. 
Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value based on 
prices prevailing at the balance sheet date, of each asset evenly over its expected useful life as follows:
•	 Freehold land and buildings – 2% per annum
•	 Tankcontainers – 5% per annum
•	 Specialist box containers – 6.7% per annum (10% residual)
•	 Specialist discharge trailers – 8.3% per annum
•	 ISO-Veyor units – 12.5% per annum
•	 Others, which consists of mainly refurbishments, computer equipment and office furniture – 20%-33% per annum
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. The carrying values of 
property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be 
recoverable. Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets.
Leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts (collectively referred to as “finance leases” in the financial statements and related 
notes), 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, with a corresponding liability being recognised for the fair value of the leased asset or, if lower, the present value of 
the minimum lease payments. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income 
statement so as to achieve a constant rate of interest on the remaining balance of the liability.
Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are classified as operating leases and rentals 
payable are charged in the income statement on a straight line basis over the lease term.
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. An asset’s recoverable 
amount is the higher of an asset’s or cash-generating unit’s fair value less costs of disposal and its value in use and is determined for an 
individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. 
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.
An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no 
longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognised impairment loss 
is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss 
was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot 
exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in 
prior years. Such reversal is recognised in the income statement. After such a reversal the depreciation charge is adjusted in future periods to 
allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. 40
InterBulk Group Annual Report and Accounts 2015
Notes to the Financial Statements continued
Financial assets
Financial assets in the scope of IAS 39 are classified as loans and receivables or held-to-maturity investments, as appropriate. The Group 
determines the classification of its financial assets at initial recognition and re-evaluates this designation at each financial year end. When 
financial assets are recognised initially, they are measured at fair value, being the transaction price plus, in the case of financial assets not at 
fair value through profit or loss, directly attributable transaction costs. 
All regular purchases and sales of financial assets are recognised on the trade date, being the date that the Group commits to purchase or sell 
the asset. Regular transactions require delivery of assets within the timeframe generally established by regulation or convention in the market 
place. The subsequent measurement of financial assets depends on their classification, as follows:
Held-to-maturity investments
Non-derivative financial assets with fixed or determinable payments and fixed maturity are classified as held-to-maturity when the Group has 
the positive intention and ability to hold to maturity. 
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, do not 
qualify as trading assets and have not been designated as either fair value through profit and loss or available for sale. Such assets are carried 
at amortised cost using the effective interest method if the time value of money is significant. Gains and losses are recognised in income when 
the loans and receivables are derecognised or impaired, as well as through the amortisation process.
Trade receivables, which generally have 30-60 day terms, are recognised and carried at the lower of their original invoiced value and 
recoverable amount. Where the time value of money is material, receivables are carried at amortised cost. Provision is made when there is 
objective evidence that the Group will not be able to recover balances in full. Significant financial difficulties of the debtor, probability that 
the debtor will enter bankruptcy or financial reorganisation, and default on large and outstanding balances are considered indicators that the 
trade receivable is impaired. The amount of the provision is the difference between the asset’s carrying amount and the present value of the 
estimated future cash flows, discounted at the original effective interest rate. The carrying amount of the asset is reduced through the use 
of an allowance account, and the amount of the loss is recognised in the income statement. Balances are written off when the probability of 
recovery is assessed as being remote.
Assets carried at amortised cost
If there is objective evidence that an impairment loss on loans and receivables carried at amortised cost has been incurred, the amount of 
the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding 
future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate (i.e. the effective interest rate 
computed at initial recognition). The carrying amount of the asset is reduced, with the amount of the loss recognised in administration costs.
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring 
after the impairment was recognised, the previously recognised impairment loss is reversed. Any subsequent reversal of an impairment loss is 
recognised in the income statement, to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date.
Impairment of financial assets
The Group assesses at each balance sheet date whether there is objective evidence a financial asset or group of financial assets is impaired.
Investments
Non-current investments are shown at cost less provision for impairment.  41
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Inventories
Inventories are stated at the lower of cost and net realisable value. Net realisable value is based on estimated selling price, less further costs 
expected to be incurred to completion and disposal. Provision is made for obsolete, slow moving stock or defective items where appropriate. 
Cash and cash equivalents
Cash and short-term deposits in the balance sheet comprise cash at banks and in hand, short-term deposits with an original maturity of three 
months or less and bank overdrafts. Bank overdrafts are shown within current financial liabilities on the balance sheet. For the purpose of the 
statement of cashflows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.
Interest bearing loans and borrowings
All loans and borrowings are initially recognised at fair value less directly attributable transaction costs.
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest 
method.
Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance income 
and finance expense.
Finance fees are deferred and amortised over the life of the facility.
Taxation including deferred tax
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax 
rates and laws that are enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in full 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 of 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 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 equity if it relates to items that are credited or charge to equity. Otherwise income tax is 
recognised in the income statement.
Provisions
A provision is recognised when the Group has a legal or constructive obligation as a result of a past event and it is probable that an outflow of 
economic benefits will be required to settle the obligation. If the effect is material, expected future cash flows are discounted using a current 
pre-tax rate that reflects, where appropriate, the risks specific to the liability. 42
InterBulk Group Annual Report and Accounts 2015
Notes to the Financial Statements continued
Where the Group expects some or all of a provision to be reimbursed, for example under an insurance policy, the reimbursement is recognised 
as a separate asset but only when recovery is virtually certain. The expense relating to any provision is presented in the income statement net 
of any reimbursement. The increase in the provision due to unwinding the discount is recognised as a finance cost.
Derivative financial instruments and hedging
The Group uses derivative financial instruments such as forward currency contracts and interest rate swaps to hedge its risks associated with 
foreign currency and interest rate fluctuations. Such derivative financial instruments are initially recognised at fair value on the date on which 
a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as assets when the fair value is 
positive and as liabilities when the fair value is negative.
The fair value of forward currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity 
profiles. The fair value of interest rate swap contracts is determined by reference to market values for similar instruments.
For those derivatives designated as hedges and for which hedge accounting is desired, the hedging relationship is documented at its 
inception. This documentation identifies the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how 
effectiveness will be measured throughout its duration. Such hedges are expected at inception to be highly effective.
For the purpose of hedge accounting, hedges are classified as:
•	 fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability; or
•	 cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a 
recognised asset or liability or a highly probable forecast transaction.
Any gains or losses arising from changes in the fair value of derivatives that do not qualify for hedge accounting are taken to the income 
statement. The treatment of gains and losses arising from revaluing derivatives designated as hedging instruments depends on the nature of 
the hedging relationship, as follows: 
(i) Net investment hedges
Certain foreign currency borrowings are designated as hedges of the Group’s overseas net investments. The effective portion of the gain or 
loss on the hedging instrument is recognised in equity, while the ineffective portion is recognised in the income statement.
(ii) Cash flow hedges
For cash flow hedges, the effective portion of the gain or loss on the hedging instrument is recognised directly in equity, while the ineffective 
portion is recognised in the income statement. Amounts taken to equity are transferred to the income statement when the hedged transaction 
affects profit or loss, such as when a forecast sale or purchase occurs. Where the hedged item is the cost of a non-financial asset or liability, 
the amounts taken to equity are transferred to the initial carrying amount of the non-financial asset or liability.
If a forecast transaction is no longer expected to occur, amounts previously recognised in equity are transferred to the income statement. If 
the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, 
amounts previously recognised in equity remain in equity until the forecast transaction occurs and are transferred to the income statement 
or to the initial carrying amount of a non-financial asset or liability as above. If the related transaction is not expected to occur, the amount 
is taken to the income statement.
Compound Instruments
Compound instruments are recognised at fair value. The fair value of the liability portion of convertible instruments is determined using a 
market interest rate for an equivalent non-convertible liability. This amount is recorded at amortised cost until extinguished on conversion or 
maturity. The remainder is recognised and included in shareholder’s equity. The equity component of a compound financial instrument is not 
re-measured subsequent to initial recognition except on conversion or expiry. 43
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Employee benefits (including pensions)
Wages, salaries, social security contributions, paid annual leave and sick leave, bonuses and non-monetary benefits are accrued in the year in 
which the associated services are rendered by the employees of the Group. Where the Group provides long-term employee benefits, the cost 
is accrued to match the rendering of the services by the employees concerned.
The Group has defined contribution pension schemes under which it pays fixed contributions to third party insurance companies. 
For defined benefit schemes the amounts charged to operating profit are the current service costs and gains and losses on settlements and 
curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the income statement if the benefits 
have vested. If the benefits have not vested immediately, the costs are recognised over the period until the vesting occurs. The interest cost 
and the expected return on assets are shown as a net amount of other finance costs or credits. Actuarial gains and losses are recognised 
immediately in the statement of recognised gains and losses.
Defined benefit schemes are funded, with the assets of the scheme held separately from those of the Company, in separate trustee administered 
funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and 
discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent currency and term to the scheme 
liabilities. The actuarial valuations are obtained annually at the balance sheet date. The resulting defined benefit asset or liability is shown on 
the face of the balance sheet. 
For defined contribution schemes the amount charged to the income statement in respect of pension costs and other post-retirement benefits 
is the contributions payable in the period. Differences between contributions payable in the period and contributions actually paid are shown 
as either accruals or prepayments in the balance sheet. 
Share based payments
The cost of equity-settled transactions with employees or officers is measured by reference to the fair value at the date at which they 
are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees or officers 
become fully entitled to the award. Fair value is determined by an external value using an appropriate pricing model. In valuing equity-settled 
transactions, no account is taken of any vesting conditions, other than conditions linked to the price of the shares of the company (market 
conditions).
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, 
which are treated as vesting irrespective of whether or not the market condition is satisfied, provided that all other performance conditions 
are satisfied.
At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has 
expired, taking into account management’s best estimate of the achievement or otherwise of non-market conditions. The number of equity 
instruments that will ultimately vest or in the case of an instrument subject to a market condition, which has been achieved, will be treated as 
vesting as described above. The movement in cumulative expense since the previous balance sheet date is recognised in the income statement, 
with a corresponding entry in equity.
Where the terms of an equity-settled award are modified or a new award is designated as replacing a cancelled or settled award, the cost 
based on the original award terms continues to be recognised over the original vesting period. In addition, an expense is recognised over the 
remainder of the new vesting period for the incremental fair value of any modification, based on the difference between the fair value of the 
original award and the fair value of the modified award, both as measured on the date of the modification. No reduction is recognised if this 
difference is negative.
Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any cost not yet recognised in the 
income statement for the award is expensed immediately. Any compensation paid up to the fair value of the award at the cancellation or 
settlement date is deducted from equity, with any excess over fair value being treated as an expense in the income statement. 44
InterBulk Group Annual Report and Accounts 2015
Notes to the Financial Statements continued
Revenue recognition
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, rebates, VAT and other sales taxes or duty. 
Revenue from logistics services using tankcontainers and box containers is recognised on the stage of completion of such services at the 
year-end date recognising the greater significance of specific acts in the successful completion of contractual obligations. Revenue from other 
services such as storage and terminal services is recognised as the service is rendered. Capital sales are recognised on transfer of ownership 
of the containers.
Finance income
Interest income is recognised as interest accrues.
Finance expense
Borrowing costs are recognised as an expense when incurred.
Exceptional items
Items are classified as exceptional gains or losses where they are considered by the Group to be material and are different from events or 
transactions which fall within the ordinary activities of the Group and which individually, or if of a similar type, in aggregate, need to be 
disclosed by the virtue of their size or incidence if the financial statements are to be properly understood. Exceptional items are separately 
disclosed to assist the user of the financial statements in understanding the financial performance achieved and in making projections of 
future results. Details of the exceptional items are provided in Note 7 to the financial statements.
Segmental reporting
For management purposes the Group is reported in three operating units: Liquid Bulk, Dry Bulk and ISO-Veyor. This follows also the technology 
which we utilise in the provision of our intermodal logistics solutions to customers. These three divisions are treated as an operating segment 
and a reportable segment in accordance with IFRS 8. The operating and reportable segments were determined based on reports reviewed by 
the Group Executive Directors who are considered to be the Chief Operating Decision Makers.
New standards and interpretations not applied
The International Accounting Standards Board and International Financial Reporting Interpretations Committee have issued the following 
standards and interpretations, which are considered relevant to the Group, with an effective date after the date of these financial statements:
IFRS 9, ‘Financial instruments’ (effective 1 January 2018) 
IFRS 15, ‘Revenue from contracts with customers’ (effective 1 January 2018) 
Amendment to IAS 16 ,’Property, plant and equipment’ and IAS 38,’Intangible assets’, on depreciation and amortisation (effective 1 January 
2016)
The above standards and interpretations will be adopted in accordance with their effective dates and have not been adopted in these financial 
statements. The directors do not anticipate that the adoption of these standards and interpretations will have a material impact on the Group’s 
financial statements in the period of initial application.
3. Segment information
For management purposes the Group is reported in three operating units; Liquid Bulk, Dry Bulk and ISO-Veyor. This follows also the intermodal 
technology which we utilise in the provision of our intermodal logistics solutions to customers. These three divisions are treated as operating 
segments and reportable segments in accordance with IFRS 8. The operating and reportable segments were determined based on reports 
reviewed by the Group Executive Directors who are considered to be the Chief Operating Decision Makers. 45
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
The Liquid Bulk segment provides intermodal logistics and storage solutions for the movement of liquid bulk materials utilising the fleet of 
tankcontainers. The Dry Bulk segment provides intermodal logistics and storage solutions for the movement of dry bulk materials utilising “bag 
in box” container technology. The ISO-Veyor segment provides intermodal logistics and storage solutions for movement of dry bulk materials 
using our own patented container technology. In this segment we also offer opportunities for customers to purchase or rent this container 
technology. The ISO-Veyor segment is less than 10% of Group revenue, operating profit and assets, so is included in “Others”.
Year ended 30 September 2015
Liquid Bulk
£’000
Dry Bulk
£’000
Others 
£’000
Eliminations
£’000
Total
£’000
Revenue
Sales to external customers 139,581 84,412 1,322 – 225,315
Results
Segment operating profit before exceptional items 6,799 1,328 497 8,624
Exceptional items (109) (867) – – (976)
Segment operating profit after exceptional items 6,690 461 497 – 7,648
Unallocated expenses (including exceptional items) (2,364)
Group operating profit after exceptional items 5,284
Net finance expenses (4,989)
Profit before taxation 295
Taxation (162)
net Profit for the year 133
See Note 7 for breakdown of exceptional items
assets and liabilities
Segment assets 85,489 43,517 7,250 6,403 142,659
Unallocated assets 10,328
Total assets 152,987
Segment liabilities (30,021) (14,638) (370) (6,403) (51,432)
Unallocated liabilities (63,570)
total liabilities (115,002)
Other segment information
Capital expenditure: 
 Property, plant & equipment 733 1,688 113 – 2,534
 Intangible fixed assets 55 154 8 – 217
 Depreciation in the year 3,403 3,390 184 – 6,977
 Amortisation in the year 251 388 50 – 689 46
InterBulk Group Annual Report and Accounts 2015
Notes to the Financial Statements continued
Year ended 30 September 2014
Liquid Bulk
£’000
Dry Bulk
£’000
Others
£’000
Eliminations
£’000
Total
£’000
Revenue
Sales to external customers 153,587 101,948 726 – 256,261
Results
Segment operating profit before exceptional items 7,852 1,657 (146) – 9,363
Exceptional items (1,127) (33,096) – – (34,223)
Segment operating profit / (loss) after exceptional items 6,725 (31,439) (146) – (24,860)
Unallocated expenses (1,313)
Group operating loss (after exceptional items) (26,173)
Net finance expenses (5,616)
Loss before taxation (31,789)
Taxation (1,569)
net loss for the year (33,358)
See Note 7 for breakdown of exceptional items
assets and liabilities
Segment assets (before goodwill impairment) 97,728 84,148 4,986 6,919 193,781
Goodwill impairment – (32,300) – – (32,300)
Total segment assets 97,728 51,848 4,986 6,919 161,481
Unallocated assets 11,300
total assets 172,781
Segment liabilities (34,249) (18,408) (459) (6,919) (60,035)
Unallocated liabilities (74,016)
total liabilities (134,051)
Other segment information
Capital expenditure: 
 Property, plant & equipment 750 3,613 132 – 4,495
 Intangible fixed assets – 81 12 – 93
 Depreciation in the year 3,781 3,769 268 – 7,818
 Amortisation in the year 155 460 53 – 668
Inter-segment transfers or transactions are entered into under the normal commercial terms and conditions that would also be available to 
unrelated third parties.
Unallocated expenses relate to expenditure on the entity as a whole and are controlled by head office through their strategic decision making 
process.
Unallocated assets comprise primarily cash and derivatives as well as those assets which are used for general head office purposes. Unallocated 
liabilities primarily comprise group borrowings, income tax payable and liabilities relating to general head office activities. 47
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Geographical Information
Revenue by country has not been disclosed as the necessary information is not available and the cost to develop would be excessive. In 
addition, as a cross-border logistics group such disclosure would be misleading. However, disclosed below is the revenue split between the 
three key regions in which we operate based on location where the order is received and invoiced.
2015
£’000
2014
£’000
Revenue
Europe 172,180 205,394
Americas 28,801 30,463
Asia 24,334 20,404
Total 225,315 256,261
There are no external customers from whom the group derives more than ten percent of total revenue.
The allocation of non-current assets (excluding financial instrument assets and deferred taxation) by country is as follows:
non-current assets
30 September 2015
United Kingdom
£’000
The Netherlands
£’000
Others
£’000
Total
£’000
Goodwill 25,784 42,837 – 68,621
Other intangible assets 3,375 – – 3,375
Property, plant and equipment 12,608 15,357 4,292 32,257
non-current assets
30 September 2014
United Kingdom
£’000
The Netherlands
£’000
Others
£’000
Total
£’000
Goodwill 25,784 45,189 – 70,973
Other intangible assets 3,871 – – 3,871
Property, plant and equipment 13,855 21,262 5,831 40,948
The above allocation by country is based on country of ownership of the relevant asset. Given the global logistics we perform for our 
customers the physical location of our plant and equipment regularly changes.
4. Group operating profit / (loss)
2015
£’000
2014
£’000
Operating profit / (loss) is stated after charging/(crediting):
Depreciation of containers:
– owned 3,192 3,327
– held under finance lease contracts 3,500 4,180
Depreciation of other assets
– owned 285 311
Repair and maintenance expenditure 8,634 8,644
Amortisation of acquired other intangible assets 209 207
Amortisation of patents 51 55
Amortisation of software 429 406
Gain on disposal of property, plant and equipment (93) (224)
Net foreign exchange (gain)/loss (422) 446
Operating lease rentals:
– containers & equipment 95 514
– other assets 930 1,160 48
InterBulk Group Annual Report and Accounts 2015
Notes to the Financial Statements continued
During the year the Group (including overseas subsidiaries) obtained the following services from the Group’s auditor as detailed below:
2015
£’000
2014
£’000
Audit services
– Fees payable for the audit of the parent company and consolidated financial statements 138 126
Fees payable to the Company’s auditors for other services:
– Audit of the company’s subsidiaries 208 228
– Tax compliance services 79 70
– Tax advisory services 58 7
– Corporate finance services 432 95
Fees paid to the auditors for non-audit services in the year to 30 September 2015 include £522,000 (2014: £137,000) payable in the United 
Kingdom.
5. employee information
The average monthly number of employees during the year, including Executive Directors of the Group was:
2015
number
2014
Number
Operations / commercial 355 345
Administration / finance 87 99
Technical / engineering 29 31
471 475
Their aggregate remuneration comprised:
2015
£’000
2014
£’000
Wages and salaries 12,230 13,223
Social security costs 1,977 2,075
Other pension costs (Note 30) 656 818
14,863 16,116
6. Directors’ emoluments
2015
£’000
2014
£’000
Aggregate emoluments 532 716
A detailed analysis of Directors’ remuneration, shareholdings, long-term incentive schemes and pension benefits is provided in the 
Remuneration Report on pages 22 and 23. 49
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
7. exceptional items
The current year includes the following exceptional items:
2015
£’000
2014
£’000
Administration expense charge (2,180) (2,041)
Impairment of goodwill – (32,300)
Total exceptional items (2,180) (34,341)
Exceptional charges of £2,180,000 (2014: £34,341,000) have been recorded in the year. 
The exceptional administration expense charge of £2,180,000 in the year ended 30 September 2015 reflects business restructuring of £976,000 
including the continuation of the reorganisation programme primarily in the Dry Bulk European workforce. This phase of reorganisation is in 
light of the current trading environment in Europe which has seen lower activity levels. In addition, the value includes £1,204,000 associated 
with corporate activities including professional fees linked to the recommended cash offer for the entire issued share capital of the Company. 
These charges are material in scale and not related to the normal trading activities of the Group and accordingly they are shown as exceptional 
on the face of the Income Statement.
In the year ended 30 September 2014, exceptional charges of £32,300,000 related to the impairment of goodwill in Dry Bulk while the balance 
of £2,041,000 related to reorganisation costs (£1,095,000) and accruals for liabilities identified in respect of certain historic commercial 
transactions (£946,000). See Note 17 for further details of the impairment of goodwill.
8. Finance income
2015
£’000
2014
£’000
Bank interest receivable 18 7
9. Finance expenses
2015
£’000
2014
£’000
Interest payable on bank loans and overdrafts 3,689 4,238
Amortisation of deferred finance costs 467 416
Finance charges payable under finance leases and hire purchase contracts 851 969
Total finance expenses 5,007 5,623
10. taxation charge
(a) Analysis of (credit)/charge in year
2015
£’000
 2014
 £’000
Current tax:
UK Corporation tax on profits of the year – 248
Foreign tax on profits of the year 773 1,373
Adjustment in respect of prior years (294) 233
Deferred tax:
Origination and reversal of temporary differences 67 (1,198)
Adjustments in respect of prior years (384) 913
Tax charge in the income statement 162 1,569
tax relating to items charged or credited to equity
Deferred tax:
Tax credit in the statement of comprehensive income 12 (79) 50
InterBulk Group Annual Report and Accounts 2015
Notes to the Financial Statements continued
(b) Reconciliation of the total tax charge
The current tax rate and effective rate on profit on ordinary activities in the year varied from the standard rate of UK corporation tax as follows:
2015
£’000
2014
£’000
Profit/(loss) on ordinary activities before tax 295 (31,789)
Loss on ordinary activities multiplied by standard rate in the UK (20.5%) (2014: 22%) 60 (6,994)
Effects of:
Goodwill impairment provision – 7,106
Unrecognised tax losses 130 189
Different tax rates in subsidiaries operating in other jurisdictions 169 1
Adjustments in respect of prior years (678) 1,146
Others 481 121
total tax charge reported in the income statement 162 1,569
(c) Unrecognised tax losses
The Group has tax losses which arose in the UK with a tax effect of £2,289,000 (2014: £2,640,000) and tax losses which arose in Singapore with 
a tax effect of £360,000 (2014: £490,000) that are available indefinitely for offset against future taxable profits of the companies in which the 
losses arose. Deferred tax assets have not been recognised in respect of these losses as they may not be used to offset taxable profits elsewhere 
in the Group and they have arisen in subsidiaries with a loss-making history. 
(d) Temporary differences associated with Group investments
No deferred tax liability has been recognised at 30 September 2015 (2014: £nil) in respect of taxes payable on the unremitted earnings of 
subsidiaries as it is likely that the majority of the overseas earnings will qualify for the UK dividend exemption.
(e) Deferred tax
Group
The movement on the net deferred tax asset is shown below:
2015
£’000
2014
£’000
Beginning of the year 1,570 940
Credit to income statement 317 285
(Credit)/ debit to equity (12) 79
Exchange differences 4 266
End of the year 1,879 1,570
The deferred tax included in the balance sheet is made up as follows:
2015
£’000
2014
£’000
Accelerated capital allowances – (1,125)
Deferred tax liability – (1,125)
Unused tax losses 449 1,119
Other temporary differences 1,430 1,576
Deferred tax asset 1,879 2,695 51
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Deferred tax assets are recognised to the extent that the realisation of the related deferred tax benefit through future taxable profits is 
probable.
Company
The Company had no deferred tax balances in either year.
11. Profit attributable to members of the Parent Company
As permitted by S408 of the Companies Act 2006, the Parent Company’s Income Statement has not been presented in these financial 
statements. The loss in the Parent Company was £1,489,000 (2014: £18,089,000 loss).
12. earnings per ordinary share
The basic earnings per share is calculated by dividing the profit/(loss) for the financial year attributable to shareholders by the weighted 
average number of shares in issue. 
2015 2014
Profit/(loss) for the year (£’000) 133 (33,358)
Weighted average number of shares (number) 467,892,041 467,892,041
Basic profit/(loss) per share (pence) 0.03p (7.13)p
InterBulk Group plc assesses the performance of the Group by adjusting earnings per share, calculated in accordance with IAS 33, to exclude 
exceptional items and intangible asset amortisation and believes that the exclusion of such items provides a better comparison of business 
performance. The calculation of earnings per ordinary share on a basis which excluded exceptional items and amortisation of intangible assets 
is based on the following adjusted earnings:
2015
£’000
2014
£’000
Profit/(loss) for the year 133 (33,358)
Exclude exceptional items (net of attributable taxation) 1,744 1,592
Exclude goodwill impairment – 32,300
Exclude amortisation of intangible assets 689 668
Adjusted earnings 2,566 1,202
An adjusted earnings per share figure is presented below:-
Basic earnings per share pre-exceptional items and amortisation (pence) 0.55p 0.26p
13. Dividends paid and proposed
No dividend has been declared and paid during the year to 30 September 2015 (2014: £nil). No dividend has been proposed (2014: £nil). 52
InterBulk Group Annual Report and Accounts 2015
Notes to the Financial Statements continued
14. Goodwill 
Group
2015
£’000
2014
£’000
At 1 October 117,873 121,164
Exchange differences (2,352) (3,291)
At 30 September 115,521 117,873
impairment:
At 1 October (46,900) (14,600)
Current year impairment provision – (32,300)
At 30 September (46,900) (46,900)
net book value at 30 September 68,621 70,973
See Note 17 for details of prior year impairment provision.
Company
The Company has no goodwill.
15. Other intangible assets 
Group
Acquired 
customer 
relationships
£’000
 
Acquired 
software
£’000
Acquired patents 
and licences
£’000
 
 
Software
£’000
 
Patents and 
licences
£’000
 
 
Total
£’000
Cost:
At 30 September 2013 3,110 500 747 2,076 372 6,805
Additions – – – 81 12 93
Disposals – – – – (18) (18)
Exchange differences – – – (38) – (38)
At 30 September 2014 3,110 500 747 2,119 366 6,842
Additions – – – 208 9 217
Disposals – – – – – –
Exchange differences – – – (30) – (30)
at 30 September 2015 3,110 500 747 2,297 375 7,029
Accumulated depreciation and impairment:
At 30 September 2013 (1,339) (500) (284) – (195) (2,318)
Amortisation during the year (207) – (38) (406) (17) (668)
Disposals – – – – 18 18
Exchange differences – – – (3) – (3)
At 30 September 2014 (1,546) (500) (322) (409) (194) (2,971)
Amortisation during the year (209) – (36) (429) (15) (689)
Disposals – – – – – –
Exchange differences – – – 6 – 6
at 30 September 2015 (1,755) (500) (358) (832) (209) (3,654)
net book value at 30 September 2015 1,355 – 389 1,465 166 3,375
Net book value at 30 September 2014 1,564 – 425 1,710 172 3,871
The amortisation charge in the year for other intangible assets has been included in administrative expenses.  53
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Company
The Company has no other intangible assets. 
16. Property, plant and equipment
Group
Freehold land and 
buildings 
£’000
Containers and 
direct equipment
£’000
Computer 
equipment and 
others 
£’000
 
 
Total
£’000
Cost:
At 30 September 2013 959 80,272 4,967 86,198
Additions – 3,961 534 4,495
Disposals (959) (5,955) (109) (7,023)
Exchange differences – (4,465) (290) (4,755)
At 30 September 2014 – 73,813 5,102 78,915
Additions – 2,367 167 2,534
Disposals – (11,854) (2,717) (14,571)
Exchange differences – (3,505) (248) (3,753)
at 30 September 2015 – 60,821 2,304 63,125
accumulated depreciation and impairment:
At 30 September 2013 (263) (34,762) (3,590) (38,615)
Depreciation during the year – (7,507) (311) (7,818)
Disposals 263 5,303 105 5,671
Exchange differences – 2,530 265 2,795
At 30 September 2014 – (34,436) (3,531) (37,967)
Depreciation during the year – (6,692) (285) (6,977)
Disposals – 9,274 2,700 11,974
Exchange differences – 1,895 207 2,102
at 30 September 2015 – (29,959) (909) (30,868)
net book value at 30 September 2015 – 30,862 1,395 32,257
Net book value at 30 September 2014 – 39,377 1,571 40,948
The depreciation charge for the year is £6,977,000 (2014: £7,818,000), of which £6,692,000 has been charged (2014: £7,507,000) in cost of sales 
and £285,000 (2014: £311,000) in administration expenses. 
The net book value of containers and direct equipment held under finance leases and hire purchase contracts at 30 September 2015 was 
£19,772,000 (2014: £25,606,000). Additions during the year include £2,058,000 (2014: £2,313,000) of plant and equipment held under finance 
leases and hire purchase. Leased assets and assets held under hire purchase contracts are pledged as security for the related finance lease and 
hire purchase liabilities.
As disclosed in Note 24 the Bank of Scotland (as agent to the bank facility) has been granted various securities. This specifically includes a first 
legal charge over the freehold land and buildings.
Company
The Company has no property, plant and equipment. 54
InterBulk Group Annual Report and Accounts 2015
Notes to the Financial Statements continued
17. impairment of goodwill 
Goodwill acquired through business combinations has been allocated for the purposes of impairment testing to cash-generating units 
(“CGU’s”).
Due to the global structure of the business and the central control of key business activities such as container management, capital expenditure 
decisions and cash management, it is not appropriate to allocate goodwill to a more detailed geographic segment for any of the historic 
acquisitions. The total goodwill for the three individual historic acquisitions is viewed as three separate CGUs for goodwill purposes.
The recoverable amounts of the CGU’s are determined from value in use calculations using pre-tax cash flow forecasts based on the latest 
strategic three year plan approved by the Board. These projections are based on historical performance and the most recent financial forecasts 
available. Cashflows beyond the period of the projections are extrapolated based on expected growth rates for the operational geographical 
areas and industries for the next seven years, and a perpetuity for the period beyond ten years with no growth is also included. A growth rate 
specific to the CGU’s industry focus and geographic market is used beyond the period of the three year plan. The growth rate used for the Dry 
Bulk and Iso-Veyor divisions was 2%, and 4% for the Liquid Bulk division. The growth rates do not exceed the average long term growth rates 
for these areas. The discount rate applied to the cash flow forecast is based on the weighted average, nominal, risk adjusted pre-tax cost of 
capital in the various geographical regions. The weighted average pre-tax discount rates used was 11.1% (2014: 11.1%).
Key assumptions used in value in use calculations are set out below and are consistent with past experience.
•	 Retention of existing business and securing new business;
•	 Gross margins;
•	 Capital investment required to maintain the fleet;
•	 Growth rate used to extrapolate cash flows beyond the forecast period; and
•	 Discount rate
The carrying amounts of goodwill by CGU are as follows:
Dry Bulk  
£’000
Liquid Bulk  
£’000
ISO-Veyor  
£’000
Total  
£’000
Goodwill - opening 23,381 45,189 2,403 70,973
Exchange – (2,352) – (2,352)
Goodwill - closing 23,381 42,837 2,403 68,621
Dry Bulk
The recoverable amount of the Dry Bulk business unit exceeded the carrying value at the time of the impairment test, so no impairment 
provision was required. For the Dry Bulk business unit, the key assumptions for the value in use calculations are those relating to changes in 
the revenue and gross margins plus the discount rate applied to future cashflows. A sensitivity analysis has been performed on the Dry Bulk 
business unit to assess the impact of any reasonable possible change in these key assumptions on the £23.4m goodwill carrying value. These 
were, if the growth of the Dry Bulk financial performance assumed in the 3 year financial plans is removed and if the discount rate increased 
by 300 basis points. In both these cases changing these key assumptions would not cause a material change to the conclusions reached for 
the carrying value of the Dry Bulk business unit. 55
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Liquid Bulk
The recoverable amount of the Liquid Bulk business unit exceeded the carrying value at the time of the impairment test, so no impairment 
provision was required. The movement in the year relates solely to exchange rate revaluation. Whilst cashflow projections used within the 
impairment review are subject to inherent uncertainty, management believes reasonably possible changes in any of the above key assumptions 
in assessing the value in use would not cause a material change to the conclusions reached for the carrying value of the Liquid Bulk business 
unit.
iSO-veyor
The recoverable amount of the Iso-Veyor business unit exceeded the carrying value at the time of the impairment test, so no impairment 
provision was required. Whilst cashflow projections used within the impairment review are subject to inherent uncertainty, management 
believes reasonably possible changes in any of the above key assumptions in assessing the value in use would not cause a material change to 
the conclusions reached for the carrying value of the ISO-Veyor business unit.
18. investments
Group Company
2015
£’000
2014
£’000
2015
£’000
2014
£’000
Investments in subsidiaries – – 43,637 43,637
Company
There was no movement in investments in the year
The Company’s principal subsidiary undertakings at 30 September 2015 are shown below. The accounting dates of the subsidiary undertakings 
are all 30 September with the exception of Beijing InterBulk Logistics Co. Limited, Shanghai InterBulk Logistics Co. Limited, InterBulk OOO and 
OOO InterBulk Terminal which have 31 December year ends. 56
InterBulk Group Annual Report and Accounts 2015
Notes to the Financial Statements continued
active subsidiaries
For all subsidiaries 100% of voting rights and shares are held. The active subsidiary undertakings whose shares are all owned indirectly by the 
Company are marked with an asterisk (*):
Name of Company Class of Shares
Country of Registration / 
Incorporation Nature of Business
United Transport Tankcontainers Holdings BV Ordinary Netherlands Holding Company
United Transport Tankcontainers BV * Ordinary Netherlands Logistics Services
UTT (Eastern Europe) BV Ordinary Netherlands Logistics Services
InterBulk (Tankcontainers) Holdings Limited * Ordinary UK Holding Company
InterBulk (Tankcontainers) Limited* Ordinary UK Logistics Services
IBT Limited* Ordinary UK Non-Trading
United Transport Tankcontainers Holdings AB * Ordinary Sweden Holding Company
InterBulk AB* Ordinary Sweden Logistics Services
InterBulk Pte Limited * Ordinary Singapore Logistics Services
United Transport Tankcontainers SAS * Ordinary France Logistics Services
InterBulk OOO* Ordinary Russia Terminal Services
OOO InterBulk Terminal* Ordinary Russia Logistics Services
InterBulk Logistica Latin America Ltda Ordinary Brazil Logistics Services
United Transport Tankcontainers Inc * Ordinary USA Logistics Services
United Transport Tankcontainers GmbH * Ordinary Germany Logistics Services
InterBulk (UK) Holdings Limited Ordinary UK Holding Company
Yardbrace Limited* Ordinary UK Holding Company
InterBulk (UK) Limited * Ordinary UK Logistics Services
Linertech Limited * Ordinary UK Liner Technical Services
United IBC Europa BV * Ordinary Netherlands Logistics Services
InterBulk Terminals (Germany) GmbH * Ordinary Germany Terminal Services
UBC BV * Ordinary Netherlands Logistics Services
UBC GmbH Ordinary Germany Logistics Services
UBC Austria GmbH * Ordinary Austria Terminal Services
UBC SAS * Ordinary France Logistics Services
UBC Espana SA * Ordinary Spain Logistics Services
InterBulk S.r.l* Ordinary Italy Logistics Services
UBC Finland OY * Ordinary Finland Terminal Services
IBC Limited * Ordinary UK Non trading 
UBC Limited * Ordinary UK Non trading
Linertech Solutions Limited * Ordinary UK Non trading 
United IFF Limited * Ordinary UK Non trading 
United Transport Europe Limited * Ordinary UK Non trading 
International Bulk Systems Limited * Ordinary UK Non trading 
Bailee Freight Services Limited * Ordinary UK Non trading 
International Bulk Freight Limited * Ordinary UK Non trading 
United Transport Tankcontainers * Ordinary UK Non trading 
UBC Flexitanks Limited * Ordinary UK Non trading 
IBC Logistics Systems Limited * Ordinary UK Non trading 
Hillgate XYZ Limited * Ordinary UK Non trading 
InterBulk China Holdings Limited Ordinary UK Holding Company
Beijing InterBulk Logistics Co. Limited * Ordinary China Logistics Services
Shanghai InterBulk Logistics Co. Limited * Ordinary China Logistics Services
InBulk Technologies Limited Ordinary UK Logistics Services
CleanCat Technologies Limited Ordinary UK Non-Trading
InterBulk Group plc has given a guarantee under Section 479C of the Companies Act 2006 (the “Act”) in respect of the year ended 30 September 
2015 of the following of its subsidiary companies and the following subsidiary companies are exempt from the requirements of the Act 
relating to the audit of individual financial statements by virtue of Section 479A of the Companies Act 2006:
Linertech Limited 
I.B.T Limited 
InterBulk China Holdings Limited 
CleanCat Technologies Limited 57
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
19. Preference shares in subsidiary
Company
2015
£’000
2014
£’000
Financial assets
Preference shares held in subsidiary 2,329 2,457
The preference shares held are issued by United Transport Tankcontainers Holdings BV. Preference shares are eligible for a ten per cent 
dividend and for the receipt of any distribution from assets remaining after payment of all debts, in advance of ordinary shares, in the event 
of a winding up. Preference shares are cumulative. Each preference share confers the right to cast one vote. The movement in the year relates 
to foreign exchange movements only.
20. inventories
Group
2015
£’000
2014
£’000
Work in progress 85 –
Spare parts 141 141
Finished liners 1,288 1,253
1,514 1,394
During the year £2,401,000 (2014: £3,067,000) was recognised as an expense within cost of sales.
21. trade and other receivables
Group Company
2015
£’000
2014
£’000
2015
£’000
2014
£’000
Trade receivables (gross) 30,140 36,930 – –
less Provision for impairment of receivables (461) (445) – –
Trade receivables (net) 29,679 36,485 – –
Loans owed by subsidiaries – – 4,776 4,078
Amounts due from subsidiaries – – 9,088 9,849
VAT 490 399 46 40
Prepayments and accrued income 159 341 5 24
Other debtors 4,685 4,375 295 283
Dividends receivable from subsidiary – – 779 576
35,013 41,600 14,989 14,850
Interest is charged on loans owed by subsidiaries based on the market rate at the time of inception of each loan, the rates range from 5.25% 
to 10%. 58
InterBulk Group Annual Report and Accounts 2015
Notes to the Financial Statements continued
22. Financial liabilities
Current
Group Company
2015
£’000
2014
£’000
2015
£’000
2014
£’000
Bank overdraft 567 1,125 3,016 2,063
Current obligations under finance leases and hire purchase contracts 
(Note 25) 4,623 4,842 – –
Current instalments due on bank loans (Note 24) 47,338 2,770 – –
Interest rate swap – 218 – –
52,528 8,955 3,016 2,063
non-current
Group Company
2015
£’000
2014
£’000
2015
£’000
2014
£’000
Non-current obligations under finance leases and hire purchase contracts 
(Note 25) 11,011 8,354 – –
Non-current instalments due on bank loans (Note 24) - 54,442 – –
11,011 62,796 – –
The bank overdrafts and revolving credit facility are secured via the Group’s Senior Debt facility (Note 24). The bank overdraft recorded by 
the Group and Company is subject to legal offset with bank accounts held by subsidiary companies within the same bank. However, there is 
no legal offset between banks, therefore the net position is shown per bank resulting in both an overdraft and positive cash balances being 
presented in the Group and Company balance sheets. 
23. trade and other payables
Current
Group Company
2015
£’000
2014
£’000
2015
£’000
2014
£’000
Trade payables 27,593 29,809 311 267
Accruals and deferred income 23,612 29,946 580 320
Amounts due to subsidiaries - - 142 –
Taxation and social security 227 280 – –
51,432 60,035 1,033 587 59
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
24. bank loans
Group
Bank loans comprise the following:
Group Company
2015
£’000
2014
£’000
2015
£’000
2014
£’000
Senior Term A - GBP 1,403 1,979 – –
Senior Term A - EUR 512 4,799 – –
Senior Term A - USD 1,215 5,044 – –
Senior Term B - GBP 17,542 17,444 – –
Senior Term B - EUR 26,666 27,946 – –
47,338 57,212 – –
Less: current instalments due on Bank Loans – (2,770) – –
47,338 54,442 – –
The above bank loans are recorded at fair value less directly attributable transaction costs. At 30 September 2015, the value of attributable 
transaction costs was £467,000 (2014: £929,000). 
Senior term Loan a
Term Loan A has scheduled sterling equivalent quarterly repayments of £0.8m, £0.5m and £0.4m with the £1.5m balance payable on 
30 September 2016. The loan bears interest based on the relevant currency LIBOR plus a 4.75% bank margin. 
Senior term Loan b
Term Loan B has scheduled sterling equivalent quarterly repayments of £0.0m, £0.2m and £0.4m with the £44.0m balance payable on 
30 September 2016. The loan bears interest based on the relevant currency LIBOR plus a 4.75% bank margin.
Group bank Facility
The above Senior loans are sourced from facility agreements between the Bank of Scotland plc (acting as Agent for the bank facility) and the 
company dated 5 October 2012, as amended on a number of occasions thereafter. In addition, the Group has committed revolving credit and 
ancillary facilities with the Bank of Scotland plc and Cooperatieve RaboBank Rotterdam U.A. for working capital and ancillary purposes of 
the Group of £6m and £4m respectively. As at 30 September 2015, £0.6m was drawn with the Bank of Scotland (2014: £1.1m) and none was 
drawn with Rabobank (2014: none).
The facilities were granted after various securities were provided which includes fixed and floating charges, share pledges and cross company 
guarantees.
In addition, the continued availability of the facilities are subject to warranties, general undertakings, and certain defined events of default. 
The Group’s banking facilities are also subject to a number of financial covenants which the Group monitors closely and has complied with any 
covenant tests required throughout the year to 30 September 2015. These covenants include interest cover, cash cover and leverage ratios on a 
last twelve month basis. The Directors believe that the financial covenants for the remaining term of the facilities, which were adjusted by our 
bankers on 22 December 2015 to take into account current and forecast trading results, provide an adequate level of headroom under sensible 
downside scenarios for the foreseeable future and expect, therefore, to be able to continue to meet these covenants for the life of the facility
Subsequent to the year end, we have agreed with our bankers to extend the life of the existing principal facilities to 31 March 2017. See 
Note 34. 60
InterBulk Group Annual Report and Accounts 2015
Notes to the Financial Statements continued
25. Obligations under leases
The Group has entered into commercial leases on containers and direct equipment. These leases have an average duration of 5 years. There are 
no restrictions placed upon the lessee by entering into these leases. The leased assets and assets under hire purchase contracts are pledged as 
security for the related lease and hire purchase liabilities.
Obligations under finance leases and hire purchase contracts
Future minimum lease payments under finance leases and hire purchase contracts fall due as follows:
Group
2015
£’000
2014
£’000
Not later than one year 5,476 5,489
After one year but not more than 5 years 11,230 7,832
Greater than 5 years 1,328 1,742
18,034 15,063
Less finance charges allocated to future periods (2,400) (1,867)
15,634 13,196
The present value of minimum lease payments is analysed as follows:
Not later than one year 4,623 4,842
After one year but not more than 5 years 9,761 6,752
Greater than 5 years 1,250 1,602
15,634 13,196
Company
The company has no finance leases and hire purchase agreements in either year.
Obligations under operating leases 
Future minimum rentals payable under non-cancellable operating leases are as follows:
Group
2015
£’000
2014
£’000
Not later than one year 756 840
After one year but not more than 5 years 1,279 775
Greater than 5 years 17 –
2,052 1,615
Company
The Company has no operating leases in either year. 6 1
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
26. Financial instruments
The Group’s activities expose it to a variety of financial risks including interest rate, liquidity, foreign currency and credit risks. The Board 
reviews and agrees policies for managing each of the risks. It is the Group’s policy that no trading in financial instruments shall be undertaken. 
These policies have remained unchanged throughout the year, and are consistent with the previous periods.
26(a) interest rate risk
The Group borrows in the desired currencies at floating rates of interest and can use forward rate agreements or interest rate swaps to generate 
the desired interest profile and to manage the Group’s exposure to interest rate fluctuations. At 30 September 2015, 25% (2014: 82%) of the 
Group’s financial liabilities were at fixed rates as previous interest rate swaps expired and were not replaced on 30 September 2015. The Group 
monitors its interest rate exposure on a regular basis by applying forecast interest rates to the Group’s forecast net debt profile.
The Group had no interest rate swaps in place at 30 September 2015 (2014: £28,404,000 and £17,716,000). 
With the exception of the US bank accounts on which no interest is earned, cash at bank is held in floating rate interest bearing current 
accounts or deposit accounts. The floating rate interest bearing accounts are at rates based on relevant national LIBOR equivalents plus a 
margin as defined in the terms and conditions of the accounts. 
Interest rate risk profile of financial liabilities is as follows: 
 at 30 September 2015
Within 
1 year
£’000
1–2 years
£’000
2–3 years
£’000 
3–4 years
£’000
4–5 years
£’000
More than
5 years
£’000
Total
£’000
Floating rate
Senior debt loans - GBP 18,945 – – – – – 18,945
Senior debt loans - EUR 27,178 – – – – – 27,178
Senior debt loans - USD 1,215 – – – – – 1,215
Overdraft 567 – – – – – 567
Fixed rate
Senior debt loans - GBP – – – – – – –
Senior debt loans - EUR – – – – – – –
Finance leases - GBP 1,316 1,156 802 387 68 – 3,729
Finance leases - EUR 935 577 607 502 286 1,251 4,158
Finance leases - USD 2,367 1,439 1,405 1,451 1,079 – 7,741
Finance leases - Others 5 1 – – – – 6
52,528 3,173 2,814 2,340 1,433 1,251 63,539
at 30 September 2014
Within 
1 year
£’000
1–2 years
£’000
2–3 years
£’000 
3–4 years
£’000
4–5 years
£’000
More than
5 years
£’000
Total
£’000
Floating rate
Senior debt loans - GBP 778 1,201 – – – – 1,979
Senior debt loans - EUR 1,329 3,470 – – – – 4,799
Senior debt loans - USD 1,030 4,014 – – – – 5,044
Overdraft 1,125 – – – – – 1,125
Fixed rate
Senior debt loans - GBP (137) 17,581 – – – – 17,444
Senior debt loans - EUR (230) 28,176 – – – – 27,946
Finance leases - GBP 1,355 1,060 903 555 147 – 4,020
Finance leases - EUR 2,502 871 537 566 469 1,602 6,547
Finance leases - USD 985 1,190 241 127 86 – 2,629
8,737 57,563 1,681 1,248 702 1,602 71,533 62
InterBulk Group Annual Report and Accounts 2015
Notes to the Financial Statements continued
At 30 September 2014 the bank loans included above as fixed interest were classified as such due to the effect of interest rate swaps that 
became effective on 1 October 2013. The weighted average interest rates on the financial liabilities during the year were as follows:
2015 2014
Floating rate
Senior debt loans – GBP 5.31% 5.27%
Senior debt loans – EUR 4.86% 5.07%
Senior debt loans – USD 5.07% 5.05%
Fixed rate
Senior debt loans – GBP 5.74% 5.74%
Senior debt loans – EUR 5.46% 5.46%
Finance leases – GBP 3.8% 4.0%
Finance leases – EUR 7.0% 7.0%
Finance leases – USD 6.9% 6.9%
If interest rates on borrowings had been 5% higher/lower with all other variables held constant, profit before tax for the year would have been 
£24,000 (2014: £47,000) lower/higher, mainly as a result of higher/lower interest expense on floating rate borrowings taking into account the 
interest rate swaps existing.
Company
The bank overdraft is at floating rates with a maturity of less than one year. The preference shares in subsidiary undertakings are Euro 
denominated at fixed rates with a maturity after four years.  63
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
26(b)  Liquidity risk
The Group has a medium term loan facility which is regularly reviewed to ensure that it provides adequate liquidity. The facility is managed on 
a centralised basis with appropriate local availability. A debt package was obtained on 5 October 2012 which expires on 30 September 2016 but 
which has recently been extended to 31 March 2017. The tables below summarise the Group’s remaining contractual maturity for its financial 
liabilities at 30 September 2015 and 2014. The tables have been prepared based on the undiscounted cash flows of financial liabilities based 
on the earliest date on which the Group can be required to pay. The tables include both interest and principal cash flows.
at 30 September 2015
Within 
1 year
£’000
1–2 years
£’000
2–3 years
£’000 
3–4 years
£’000
4–5 years
£’000
More than
5 years
£’000
Total
£’000
Trade payables 27,593 – – – – – 27,593
Loans – principal and interest 50,126 – – – – – 50,126
Obligations under finance leases and hire 
purchase contracts 5,476 3,829 3,272 2,600 1,529 1,328 18,034
at 30 September 2014
Within 
1 year
£’000
1–2 years
£’000
2–3 years
£’000 
3–4 years
£’000
4–5 years
£’000
More than
5 years
£’000
Total
£’000
Trade payables 29,809 – – – – – 29,809
Loans – principal and interest 6,403 57,892 – – – – 64,295
Obligations under finance leases and hire 
purchase contracts 5,489 3,552 2,006 1,465 809 1,742 15,063
Interest rate swaps 218 – – – – – 218
26(c) Foreign currency risk
The Group has invested in operations outside the United Kingdom and also buys and sells goods and services in currencies other than in the 
functional currency of its subsidiary operations. As a result, the Group’s non sterling revenues, profits, assets, liabilities and cash flows can 
be affected by movements in exchange rates. It is the Group’s policy to match business flows to ensure as far as possible appropriate natural 
hedging is undertaken in the business which removes the need for financial instruments to be put in place. This also includes selection of the 
appropriate currency of asset finance so that finance outflows match the operating inflows.
net investments in foreign operations
Included in loans at 30 September 2015 was a borrowing of e32,505,000 (2014: e38,066,000) which has been designated as a hedge of the 
net investment in subsidiaries that are Euro denominated and is being used to hedge the Group’s exposure to foreign exchange risk on these 
investments. Gains or losses on the retranslation of this borrowing are transferred to equity to offset any gains or losses on translation of the 
net investment in the subsidiary. The fair value of Euro borrowings, designated as a hedge against the net of investments in subsidiaries, at 
30 September 2015 was £24,009,000 (2014: £29,660,000). The foreign exchange gain of £1,650,000 (2014: £2,189,000) on translation of the 
borrowings to Sterling has been recognised in exchange reserves. 
There were no derivatives outstanding at the balance sheet date that were designated as fair value hedges (2014: £nil). 64
InterBulk Group Annual Report and Accounts 2015
Notes to the Financial Statements continued
The main currencies of the net debt were:
Currency
Financial 
liabilities  
2015
£’000
Financial 
liabilities
2014
£’000
net cash 
 at bank 
 and in hand
2015
£’000
Net cash 
 at bank 
 and in hand
2014
£’000
Sterling 22,674 23,443 (4,909) (4,190)
Euro 31,318 39,292 (217) 2,280
US Dollar 8,974 7,673 13,588 10,463
Swedish Krona – – 379 638
Other currencies 6 – 920 984
62,972 70,408 9,761 10,175
Company
The Company has a net overdraft balance at September 2015 of £1,778,000 (2014: £724,000). This is split between cash £1,408,000 (2014: 
£1,353,000) denominated in Sterling, overdraft £3,177,000 (2014: £2,069,000) denominated in Euro, and overdraft £9,000 (2014: £8,000) 
denominated in US Dollar. 
Currency sensitivities
At 30 September 2015, if the following currencies had varied by 5% against the pound with all other variables held constant, post tax profit 
for the year based on translation of overseas subsidiaries post tax profit would have been different by the following amounts:
Currency
2015
£’000
2014
£’000
Euro 74 46
US Dollars 109 117
Swedish Krona 26 29
Singapore Dollars (1) 3
For financial instruments the main exposure to the Euro and US Dollar is due to loans. If the Euro had varied by 5% against the pound, equity 
would have been £1,307,000 (2014: £1,585,000) lower/higher. If the US Dollar had varied by 5% against the pound, equity would have been 
£58,000 (2014: £244,000) lower/higher. As these loans are predominantly used to hedge the subsidiaries net assets there would be an equal 
and offsetting movement in the value of the subsidiaries net assets. 
This exposure is part of the group’s economic risk of operating globally which is essential to remain competitive in the markets which the 
group operates. 65
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
26(d) Credit risk
The risk of financial loss due to a counterparty’s failure to honour its obligations arises principally in relation to transactions where the Group 
provides goods and services on deferred credit terms. Group policies are aimed at minimising such losses, and require that deferred credit 
terms are granted only to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. Each unit is 
responsible for managing trade receivables. Credit worthiness checks are also undertaken before entering into contracts with new customers 
taking into account their financial position, past experience and other factors. The Group has no significant concentrations of credit risk.
Group Company
2015
£’000
2014
£’000
2015
£’000
2014
£’000
Amounts neither past due nor impaired 20,438 30,358 – –
Amounts past due but not impaired
Less than 30 days 5,690 3,987 – –
30-90 days 2,561 1,679 – –
More than 90 days 967 461 – –
Total past due but not impaired 9,218 6,127 – –
Amounts impaired 484 445 – –
Specific allowances for bad and doubtful debts (461) (445) – –
Trade receivables net of allowances 29,679 36,485 – –
Movements in the allowance for impairments were:
Group Company
2015
£’000
2014
£’000
2015
£’000
2014
£’000
At 1 October 445 509 – –
Charge / (credit) 118 202 – –
Utilised (117) (215) – –
Exchange adjustments 15 (51) – –
At 30 September 461 445 – –
26(e) Capital risk management
The Group manages its capital to ensure that it can continue as a going concern and at the same time provide long term returns to shareholders. 
The Group monitors its capital structure through its gearing ratio. The Group’s objective is not to exceed the level which would utilise the 
remainder of our undrawn facilities.
2015
£’000
2014
£’000
Senior debt 47,338 57,212
Asset finance lease creditors 15,634 13,196
Less: cash and cash equivalents (9,761) (10,175)
Net debt 53,211 60,233
Equity 37,985 38,730
Capital employed 91,196 98,963
Gearing 58% 61%
Net debt is defined as bank loans, and obligations under finance leases less cash and cash equivalents. 66
InterBulk Group Annual Report and Accounts 2015
Notes to the Financial Statements continued
26(f) Fair values of financial assets and financial liabilities
The following table provides a comparison by category of the carrying amounts and the fair values of the Group’s financial assets and financial 
liabilities at each year end. Fair value is the amount at which a financial instrument could be exchanged in an arm’s length transaction between 
informed and willing parties, other than a forced or liquidation sale, and excludes accrued interest. Where available, market values have been 
used to determine fair values. Where market values are not available, fair values have been calculated by discounting expected cash flows at 
prevailing interest rate and by applying year end exchange rates. The carrying amounts of short term borrowings approximate to book value.
Group
The fair value of the Group’s financial assets and liabilities are:
2015
book value
£’000
2015
Fair value
£’000
2014
Book value
£’000
2014
Fair value
£’000
Financial assets:
Cash at bank and in hand 10,328 10,328 11,300 11,300
Financial Liabilities:
Bank overdraft (567) (567) (1,125) (1,125)
Current bank loans (47,338) (47,338) (2,770) (2,770)
Non-current bank loans – – (54,442) (54,442)
Interest rate swaps – – (218) (218)
Finance leases (15,634) (14,753) (13,196) (12,402)
Trade and other receivables and trade and other payables, whose carrying value is a reasonable approximation to the fair value have been 
excluded from the table above. The only item above which is a derivative financial instrument is the interest rate swap in 2014, designated as 
a cash flow hedge.
Company
The fair value of the Company’s financial assets and liabilities are:
2015
book value
£’000
2015
Fair value
£’000
2014
Book value
£’000
2014
Fair value
£’000
Financial assets:
Preference shares in subsidiary 2,329 2,329 2,457 2,457
Cash at bank and in hand 1,238 1,238 1,339 1,339
Financial Liabilities:
Bank overdraft (3,016) (3,016) (2,063) (2,063)
Trade and other receivables and trade and other payables, whose carrying value is a reasonable approximation to the fair value have been 
excluded from the table above. 
Bank overdraft and current bank loans The fair value of the Group’s overdrafts and bank loans is equivalent 
to the carrying value reported in the balance sheet as they are 
floating rate borrowings where payments are reset to market rates at 
intervals of up to three months.
Non-current bank loans The fair value of the Group’s long term borrowings has been 
calculated using values equivalent to the carrying value reported in 
the balance sheet given that they are floating rate borrowings where 
payments reset to market rates at intervals of up to three months. 67
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Interest rate swaps The fair value of interest rate swaps is based on market prices of 
comparable instruments at the balance sheet date. Under the IFRS 7 
fair value hierarchy, this is a level 2 valuation using inputs other than 
quoted prices that are either observable directly (that is, as prices) or 
indirectly (that is, derived from prices).
Finance leases The fair value is assessed by calculating the discounted cash flows 
at prevailing interest rates and by applying year end exchange rates. 
Under the IFRS 7 fair value hierarchy, this is a level 2 valuation using 
inputs other than quoted prices that are either observable directly 
(that is, as prices) or indirectly (that is, derived from prices).
Preference shares The preference shares fair value has been determined by reference to 
market value using recent transactions at the balance sheet date.
In accordance with IAS 39, ‘Financial Instruments: Recognition and measurement’, the Group has reviewed all contracts for embedded 
derivatives that are required to be separately accounted for if they do not meet certain requirements set out in the standard. None were 
recognised that were required to be separately accounted for.
Financial Derivative instruments
The fair value and book value of the derivative financial instruments are as follows:
2015
£’000
2014
£’000
Group
Liabilities – interest rate swaps – (218)
Company
The company has no derivative financial instruments.
27 authorised and issued share capital
Group and Company
The authorised share capital of the Company can be analysed as follows:
2015
£
2014
£
authorised
500,000,000 (2014: 500,000,000) ordinary shares of 10p each 50,0000,000 50,000,000
allotted, called up and fully paid
number £’000
 at 1 October 2014 and 30 September 2015 467,892,041 46,789 68
InterBulk Group Annual Report and Accounts 2015
Notes to the Financial Statements continued
28. Cash flow and net debt
Group
(a) Cash flow from operations
2015
£’000
2014
£’000
Profit / (loss) before taxation 295 (31,789)
Adjustments for:
Depreciation 6,977 7,818
Amortisation of intangible assets 689 668
Gain on sale of fixed assets (93) (224)
Finance income (18) (7)
Finance expenses 5,007 5,623
Impairment of goodwill – 32,300
(Increase) / decrease in inventories (120) 47
Decrease / (increase) in trade & other receivables 3,517 3,200
Decrease in retirement benefit obligations – (13)
(Decrease) / increase in trade & other payables (3,520) (2,198)
Cash generated from operations 12,734 15,425
(b) Cash and cash equivalents
2015
£’000
2014
£’000
Cash and cash equivalents 10,328 11,300
Overdraft (567) (1,125)
Net cash and cash equivalents 9,761 10,175
(c) Analysis of Group net debt
1 October 2014
£’000
Cashflow
£’000
Exchange 
differences
£’000
Non–cash 
movements
£’000
30 September
2015
£’000
Cash and cash equivalents 10,175 (305) (109) – 9,761
Senior term loans (57,212) 8,927 1,414 (467) (47,338)
Finance leases (13,196) (404) 24 (2,058) (15,634)
(60,233) 8,218 1,329 (2,525) (53,211)
(d) Non-cash movements
Non-cash movements within finance leases includes £2,058,000 relating to the inception of new finance leases on the purchase of containers 
and other direct equipment. 
Non-cash movements within loans includes amortisation of deferred finance costs in the year of £467,000. 69
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Company
(a) Cash flow from operations
2015
£’000
2014
£’000
Loss before taxation (1,489) (18,089)
Adjustments for:
Finance income (1,092) (2,725)
Finance expense 738 438
Write off of intercompany loan – 19,300
Non-cash exchange loss 49 4
Dividend income from subsidiary (233) (257)
Decrease in trade and other receivables 550 65
Increase / (Decrease) in trade & other payables 400 (215)
Cash utilised from continuing operations (1,077) (1,479)
(b) Cash and cash equivalents
2015
£’000
2014
£’000
Cash and cash equivalents 1,238 1,339
Overdraft (3,016) (2,063)
Net cash and cash equivalents (1,778) (724)
(c) Analysis of Company net debt
1 October 
2014
£’000
Cashflow
£’000
Exchange
differences
£’000
Non–cash
movements
£’000
30 September 
2015
£’000
Cash and cash equivalents (724) (1,164) 110 – (1,778)
29. Capital commitments
The Group has capital commitments at 30 September 2015 of £474,000 (2014: £137,000). The Company has no capital commitments at 
30 September 2015 (2014: £ nil).
30. Pension and other post-retirement benefits
(a) Defined Contribution Pension Scheme
In respect of the defined contribution pension scheme £656,000 (2014: £818,000) has been recognised as an administrative expense during 
the year (Note 5).
(b) Defined Benefit Pension Scheme
The Group operated a defined benefit scheme which at 30 September 2013 consisted of two members, one active and one deferred. On 
30 November 2013 the one active member became deferred. The exposure of the Group for both deferred members is fully insured. As a result, 
there is no future obligation for the Group.  70
InterBulk Group Annual Report and Accounts 2015
Notes to the Financial Statements continued
31. Share based payments
Share warrants
On 30 September 2009, 15,144,600 warrants were granted to the Bank of Scotland with an exercise price of 10p. During the year ended 
30 September 2011, 3,028,920 of these warrants were cancelled. The remaining 12,115,680 warrants expired on 30 September 2014.
32. Contingent liabilities and guarantees
The Company and Group have given guarantees in relation to bank and other borrowings of certain subsidiary companies. The debt facilities 
are described in Note 24.
At 30 September 2015 the Group has issued bank guarantees to suppliers in the ordinary course of business to a value of £385,000 (2014: 
£425,000) and guarantees to HM Revenue and Customs with a value of £200,000 (2014: £200,000).
33. Related party transactions
Group
The Group has entered into certain management service agreements with Clyde Blowers Limited, a company in which Jim McColl is a Director. 
These service agreements cover the services of Scott Cunningham and Jim McColl, in-house legal services, general administrative services and 
office space. For the current year fees payable under these arrangements were £413,000 (2014: £415,000) excluding out of pocket expenses. 
As at 30 September 2015 amounts due to Clyde Blowers Limited were £42,000 (2014: Nil).
The Group has obtained transportation services from XPO Logistics (formerly Groupe Norbert Dentressangle SA), a company in which Luiz 
Gomez is a Director. For the current year the amounts payable for these services were £6,107,000 (2014: £7,756,000). As at 30 September 2015 
the amounts due to XPO Logistics (formerly Groupe Norbert Dentressangle SA) were £1,382,000 (2014: £1,537,000). In addition, the Group 
provides certain logistics services and equipment rental to XPO Logistics (formerly Group Norbert Dentressangle SA). For the current year the 
amounts receivable for these were £490,000 (2014: £645,000). As at 30 September 2015 the amounts due from XPO Logistics (formerly Group 
Norbert Dentressangle SA) were £76,000 (2014: £116,000).
The Group has obtained transportation services from Sinotrans Limited, our largest shareholder, a company in which Hu Song is an employee. 
For the current year the amounts payable for these services were £3,190,000 (2014: £2,878,000). As at 30 September 2015 the amounts due to 
Sinotrans Limited were £489,000 (2014: £576,000). In addition, the Group provides certain logistics services and equipment rental to Sinotrans 
Limited. For the current year the amounts receivable for these were £893,000 (2014: £690,000). As at 30 September 2015 the amounts due 
from Sinotrans Limited were £285,000 (2014: £203,000).
Payments to directors totalled £532,000 in the year. The breakdown of this per director can be found in the Directors’ Remuneration report 
on pages 22 and 23.
Company
The following transactions were carried out between the Company and its subsidiaries (excluding external costs paid on behalf of subsidiary 
companies):
(a) Management fees receivable:
2015
£’000
2014
£’000
United Transport Tankcontainers Holdings BV 135 135
InterBulk (UK) Limited 95 95
InBulk Technologies Limited 30 30
260 260 71
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
(b) Management costs:
2015
£’000
2014
£’000
United Transport Tankcontainers Holdings BV (259) (290)
InterBulk (UK) Limited – (1)
(259) (291)
(c) Finance income – interest receivable:
2015
£’000
2014
£’000
InterBulk (UK) Holdings Limited 991 2,630
InterBulk China Holdings Limited 58 54
InBulk Technologies Limited 42 42
1,091 2,726
(d) Dividend income:
2015
£’000
2014
£’000
United Transport Tankcontainers Holdings BV 233 257
(e) Year end balances – loans owed by subsidiaries:
2015
£’000
2014
£’000
InterBulk (UK) Holdings Limited 2,776 2,648
InterBulk China Holdings Limited 1,392 822
InBulk Technologies limited 600 600
UTT (Eastern Europe) BV 8 8
4,776 4,078
(f) Year end balances - dividends receivable from subsidiary: 
2015
£’000
2014
£’000
United Transport Tankcontainers Holdings BV 779 576 72
InterBulk Group Annual Report and Accounts 2015
Notes to the Financial Statements continued
(g) Year end balances – amounts due from subsidiaries:
2015
£’000
2014
£’000
InterBulk (UK) Holdings Limited 7,146 7,290
InBulk Technologies Limited 1,062 982
InterBulk (UK) Limited 463 246
InterBulk China Holdings Limited 224 165
United Transport Tankcontainers Holdings BV 120 1,073
Beijing InterBulk Logistics Co. Limited 73 58
InterBulk (Tankcontainers) Limited – 19
Non-significant companies – 16
9,088 9,849
(h) Year end balances – amounts due to subsidiaries:
2015
£’000
2014
£’000
United Transport Tankcontainers Holdings BV 129 –
Beijing InterBulk Logistics Co. Limited 11 –
UTT (Eastern Europe) BV 2 –
142 –
34. Subsequent events
(a) Bank Facility Extension
Subsequent to the year end, we have agreed with our bankers to extend the life of the existing principal facilities to 31 March 2017. At the 
date of the balance sheet the term bank loans were classified as all repayable short-term. The table below shows the classification restated to 
reflect the extended facility: 
adjusted
2015
 £’000
Per Note 24
2015
£’000
Term loans within 1 year 2,736 47,338
Term loans between 1 to 2 years 44,602 –
47,338 47,338
After taking into account the extension to 31 March 2017, the loans include quarterly repayments with an aggregate value of £3.1m in the 
next financial year, £0.8m repayable in the six months to March 2017 as well as related interest and fees. The remaining balance of £44.0m is 
repayable on a single repayment date falling on 31 March 2017. The current revolving credit facilities of £10.0m has likewise been extended 
by six months, after which it will continue to 31 March 2017 but at a £2.5m level. 
(b) Cash Offer for Shares
The Company has reached an agreement on the terms of a recommended cash offer for the entire issued share capital of the Company at a 
price of 9 pence per share by Den Hartogh Holding B.V. Five Year Summary
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Five Year Summary
REVENUE (£m)
NET DEBT (£m)
EBITDA  
(before exceptional items) (£m)
OPERATING PROFIT  
(before exceptional items and amortisation) (£m)
PROFIT AFTER TAX  
(before exceptional items) (£m)
2015 2011 2012 2013 2014
16.7
15.1
23.8
21.3
16.2
2015 2011 2012 2013 2014
8.8
8.2
15.5
13.3
8.3
2015 2011 2012 2013 2014
0.5
3.5
4.3
1.4
1.9
2015 2011 2012 2013 2014
60.2
53.2
83.9
72.5
69.5
2015 2011 2012 2013 2014
256.3
225.3
300.4
280.4
271.5 INTERBULK GROUP PLC ANNUAL REPORT AND ACCOUNTS 2015
www.interbulkgroup.com
Annual Report 
and Accounts 
2015