INTERBULK GROUP PLC ANNUAL REPORT AND ACCOUNTS 2013
www.interbulkgroup.com
ANNUAL REPORT AND ACCOUNTS 2013
mORE ThAN TRANSPORT c InterBulk Group Annual Report and Accounts 2012   
Five Year Summary
Design and production by Imprima
Printed on FSC mixed source papers
2009 2010 2011 2012 2013
232.5
273.0
300.4
280.4
271.5
Five Year Summary
REVENUE (£m)
NET DEBT (£m)
EBITDA  
(before exceptional items) (£)
OPERATING PROFIT  
(before exceptional items and amortisation) (£)
PROFIT AFTER TAX  
(before exceptional items) (£)
20092010 2011 2012 2013
23.5 23.5
23.8
21.3
16.2
20092010 2011 2012 2013
14.8
15.1
15.5
13.3
8.3
20092010 2011 2012 2013
2.0
1.6
3.5
4.3
1.4
20092010 2011 2012 2013
118.1
109.3
83.9
72.5
69.5
InterBulk is one of the most diverse and innovative intermodal logistics companies in the world. 
With our unique combination of technical knowledge and supply chain insight we provide 
logistics solutions for liquid and dry bulk materials anywhere. InterBulk Group Annual Report and Accounts 2013    01
GROUP RevenUe
£ 271.5m
OPeRatInG PROFIt (before amortisation and exceptional items)
£ 8.3m
PROFIt BeFORe tax (before amortisation and exceptional items)
£ 2.6m
net deBt
£ 69.5m
tURnOveR BY BUSIneSS
  Liquid Bulk 57.5%
  dry Bulk 42.1%
  Others 0.4%
06 Chief Executive’s Review
10 Financial Review
13 Directors’ Report
01 Financial Highlights
02 Chairman’s Statement
18 Corporate Governance Report
21 Directors’ Remuneration Report
24 Board of Directors
26 Statement of Directors’  
 Responsibilities
27 Independent Auditors’ Report
28 Group Income Statement
29 Group Statement of  
 Comprehensive Income
30 Group and Company Balance Sheets
31 Group Statement of Cashflows
32 Company Statement of Cashflows
33 Group Statement of Changes in Equity
34  Company Statement of Changes in Equity
35 Notes to the Financial Statements 
KeY FactS
turnover £271.5m
employees 485
Offices 26
terminals 7
tankcontainers 10,600
Boxes (“Bag in Box”) 8,800
IntROdUctIOn BUSIneSS RevIeW cORPORate GOveRnance FInancIaLS
Financial Highlights 02 InterBulk Group Annual Report and Accounts 2013   
I today report the audited results of InterBulk Group plc for the year ended 
30 September 2013. Although revenue improved 5% in the second half of 
the year compared with the first half, the full year results showed a year 
on year revenue decline of just over 3%. This lower activity combined with 
lower margins and higher fixed costs reduced operating profit (before 
exceptional items) by 38%, the lowest in the Group’s history. A reduction 
of £2.4 million in interest expense partially mitigated this and profit before 
exceptional items and tax fell from £4.9 million to £2.3 million. On a more 
positive note our cash conversion of EBITDA was strong and we were able 
to continue our four year performance record of reducing net debt, ending 
the year with net debt £3.1 million lower at £69.5 million.
In announcements during the year, we noted that the externally forecast 
economic recovery in Europe had not materialised in our industry and this 
has remained the case throughout the year. Current trading has seen some 
patchy signs of revival since our year end of September. Our core European 
chemicals business has been affected by this continued weakness and 
volatility, with European chemical production still well behind the pre-
crisis levels. Nevertheless, we have seen greater stability and indeed some 
growth in our Liquid Bulk business within Europe after a very low activity 
level in the first quarter. Our Dry Bulk business however has continued to 
be heavily impacted by specific market dynamics in the polymer sector, 
including chemical plant shutdowns both temporary and permanent which 
affected both our volume and equipment balances. The European polymer 
market is still adjusting to the pressures on global flows and pricing from 
substantial capacity additions using cheap feedstock in the Middle East. 
One bright spot has been the 9% growth achieved in the transportation of 
foodstuff which is one of our strategic focus areas going forwards.
As we reported at the half year, the Liquid Bulk division (tankcontainers) 
saw very low activity levels in the first quarter followed by a recovery in 
the second quarter as the chemical sector picked up in the USA, Middle 
East and China. During the second half, activity levels overall have been 
stable, although with regional imbalances caused by greater volatility in 
the chemical supply chains. Margins continue to be under pressure due to 
increased competition with the earlier global boom in tankcontainer new 
build which is yet to be fully absorbed by market growth. Overall, the Liquid 
Bulk division’s results were very consistent with last year, both in terms of 
revenue and operating profit (before exceptional items), at £156.2 million 
and £7.7 million respectively. 
Our Dry Bulk business, which is predominantly based in Europe, was 
adversely affected by the weakness of the European polymer industry 
and despite some increase in revenue in the second half compared to 
the exceptionally slow first half, the full year revenue was down 6%. The 
consequent pressure on margins and fleet utilisation along with specific 
mix of activity and further investment in our regional office network 
caused a sharp deterioration in operating profit (before exceptional 
items) which fell from £6.1 million to £1.8 million. This performance and 
the possible longer term impact of a wave of new plastics capacity in 
the US Gulf driven by cheap feedstocks has put pressure on European 
growth prospects and has led to us reassessing the assumptions behind 
the carrying value of the goodwill recorded on our balance sheet. In 
chairman’s Statement
David Rolph
FInancIaL HIGHLIGHtS 
Consolidated 
Income 
Statement 
£’000
Exceptional 
Items 
£’000
Intangible 
Amortisation 
£’000
2013 
Adjusted
(pre exceptional
items and
amortisation) 
£’000
2012 
Adjusted 
(pre exceptional  
items and    
amortisation) 
£’000
Revenue 271,538 - - 271,538 280,410
Gross profit 34,654 - - 34,654 38,920
Operating profit/(loss) (7,113) (15,146) (286) 8,319 13,336
Profit/(loss) before tax (12,868) (15,146) (286) 2,564 5,227
Profit/(loss) after tax (13,586) (15,018) (286) 1,718 4,673
EBITDA   16,220 21,334
Net debt (including equipment finance)   69,474 72,528
EPS (before exceptional items and amortisation)  0.37 pence 1.00 pence InterBulk Group Annual Report and Accounts 2013    03
addition, our ISO-Veyor technology, which provides a solution for dry 
materials with difficult flow characteristics, has not fully delivered on a 
number of development areas which has required a more conservative 
set of assumptions to be applied to the value of goodwill recognised. 
The combined impact is a £14.6 million exceptional goodwill impairment 
provision being recorded in the year ended 30 September 2013. 
Our Strategy
During the period we have reviewed and updated our strategy in the 
light of the current market situation and outlook, and the development 
of our alliance with Sinotrans. We concluded that we were broadly 
on the right strategic track, and the work confirmed that significant 
growth opportunities remain and that our business model leaves us well 
positioned for the future. 
InterBulk’s vision is to be a leading global supplier of intermodal 
logistics solutions to customers in the chemical, polymer and food 
industry, 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. 
Our updated strategic building blocks are to: 
•	 Deliver excellent Health & Safety performance following the principles 
of Responsible Care
TM
•	 Continue to build a high performance global team committed to 
the business strategy with high levels of collaboration and business 
innovation to produce superior results. 
•	 Lead the market in terms of operational cost competitiveness through 
procurement excellence and optimised traffic flows.
•	 Grow our liquid bulk business in China through a strong development 
of the Sinotrans InterBulk Alliance (SIA). 
•	 Grow our dry bulk business for the polymers and food industry in 
Europe – especially in regions where InterBulk has a lower market 
share. 
•	 Establish bag-in-box intermodal solutions in new markets in Russia 
and Asia, including China.
•	 Expand our liquid bulk European operations in higher margin 
specialised product/tankcontainer business.
•	 Develop liquid bulk deep-sea operations in the growth regions of 
China, the Middle East, Russia and Asia.
•	 Develop strong customer relationships by offering innovative 
supply chain and 3rd party fleet management solutions using high 
performance IT tools. 
Loek Kullberg, our incoming CEO will ensure a strong focus in the coming 
year on addressing the performance of our market leading Dry Bulk 
division. 
The alliance with Sinotrans in China continues to develop. We now operate 
from three offices in Shanghai, Qingdao and Guangzhou in order to be 
close to the main chemical clusters in China. All operating relationships 
with Sinotrans are in place and we are executing the growth strategy 
which is focusing initially on international deep-sea liquid tankcontainer 
services and the development of domestic China dry bulk opportunities. 
We continue to integrate our operations with Sinotrans to maintain 
cost leadership and enhance service levels for both our Chinese and 
international customers. 
Funding
During the year we continued to reduce our net debt, achieving a £3.1m 
reduction despite the impact of an appreciation of the Euro on our Euro 
denominated debt. We have now reduced Group indebtedness for each 
of the past four 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 2013 of £69.5m comprising:
30 September
2013
£’000
30 September
 2012
£’000
Term loans 65,830 70,219
Other bank loans 72 356
Asset finance lease creditor 17,101 18,554
Less: Cash (13,529) (16,601)
69,474 72,528
We announced on 5 October 2012 that we had completed a successful 
refinancing of the Group’s debt with a new four year debt package in place 
which expires in September 2016. The substantial deleverage achieved 
since 2009 helped us to secure a significant improvement in interest 
margins mainly due to the elimination of £21m of expensive mezzanine 
debt. Furthermore, on 8 February 2013, we successfully completed a 
syndication of approximately half of our debt package with Rabobank who 
are major debt finance providers to the logistics sector. We believe that 
this diversification of lenders to the Group is a positive step.
Board Composition
On 28 August 2013 it was announced that Koert van Wissen had decided 
to retire and step down as Chief Executive Officer and become a non-
executive director with effect from 1 October 2013. I was delighted to 
announce simultaneously that Loek Kullberg, a Dutch national, with 
extensive experience in the international maritime and transport industry, 
would take over as Chief Executive Officer. Most recently he had been 
Divisional Director of Towage at Royal Boskalis and Managing Director of 
Harbour Towage and Terminals at SMIT International.
Koert had spent more than 33 years as a leading figure in the 
tankcontainer and intermodal operating business, including most recently 
seven years as the founding CEO of the InterBulk Group. He managed 
the Group with great energy and leadership through some challenging 
economic times and the Board thank him for his enormous contribution 
to the development of the Group and look forward to his continuing 
contribution as a non-executive director. 
We also welcomed Luis Gomez to the Board as the Norbert Dentressangle 
nominated non-executive director taking over from Jerome Burtin on 
11 June 2013. Luis is the managing director of the transport division 
of Norbert Dentressangle and brings substantial financial and business 
experience of the logistics industry.
IntROdUctIOn 04 InterBulk Group Annual Report and Accounts 2013   
Outlook
The global chemical industry remains on a path of long term growth due 
to the extraordinary range of benefits it brings to consumers. In Europe, 
which remains the largest area for our activities, chemical companies have 
reported improving production levels over the last two quarters and the 
industry does expect a return to growth in 2014. We have seen signs of 
this renewed confidence within the Liquid Bulk division and activity in the 
last few months has been satisfactory. However, we remain more cautious 
concerning the European polymer market especially given continued 
actions by producers to close uncompetitive production units. We are 
responding by promoting the use of our “bag in box” dry bulk solutions for 
the storage and movement of other products (such as food) and in other 
geographies (China, Russia and exports from the Middle East) where major 
new product flows are developing. In these geographies bulk transport 
solutions are in their infancy and establishing significant dry bulk business 
is a longer term task. Meanwhile we will focus this year on making sure 
that we operate the business with improved efficiency and effectiveness in 
order to improve margins. 
Growth opportunities remain in place, particularly geographically, using 
the strength of the Sinotrans InterBulk Alliance, and in sectors such as 
food where we believe our intermodal solutions can bring benefits. We 
expect to see further progress on these growth initiatives. 
David Rolph  
Non-Executive Chairman Liquid Bulk
InterBulk Group Annual Report and Accounts 2013 05    Liquid Bulk reported revenue and operating profit similar to last year despite a 
poor first quarter. activity growth outside europe was encouraging. 06 InterBulk Group Annual Report and Accounts 2013   
Operational Highlights
Operational highlights for the year include:
•	 Liquid Bulk division (tankcontainers) achieved good growth outside 
Europe, especially in Asia. Continued margin pressure (especially 
on European export traffic flows) offset by progress in other areas 
ensuring a stable financial performance overall.  
•	 Tankcontainer fleet grew further during the year to over 10,000 tanks, 
consolidating our position in the top 5 operators worldwide.
•	 China operations integrated and now fully in house instead of via 
local agents. InterBulk team now across 3 offices in China working 
together with the Sinotrans network.
•	 Further year of growth in transportation of dry foodstuff, partially 
offsetting the reduction in the polymer sector with our customers 
facing a challenging environment forcing some temporary and 
permanent plant closures.
the Market
The global chemical industry, which is our main customer base, has 
experienced a second challenging year after the recovery seen in 2010 
and the first half of 2011. The absence of a recovery in economic growth 
and consumer confidence in Europe and the challenge from regions with 
feedstock advantages (principally the Middle East) have weighed heavily 
on European chemical production levels. Overall European chemical 
output fell slightly in the last 12 months and still remains below the pre-
2009 crisis level. There are the beginnings of a more positive sentiment 
and European production is forecast by the chemical industry to return 
to growth in 2014. Regions with advantaged feedstock positions will 
continue to be locations of substantial chemical industry investment and 
the Middle East is being joined by North America due to the exploitation 
of shale gas which has dramatically reduced the price of ethane, a key 
feedstock, sparking a high level of plant investments with the majority on 
stream in 2015-2017. Asia (principally China and India) will be the other 
main location of investment due to the scale and rapid growth of their 
domestic consumption. Russia will see investment in new plants due to 
advantaged feedstocks, but Latin American projects may be put on hold in 
the face of the competitive disadvantage versus the US Gulf. The changes 
in the global chemical manufacturing footprint have a tangible impact on 
our own customer base and our business mix and we need to follow these 
developments carefully and respond accordingly. Logistics however will 
remain a critical aspect in this dynamic market.
Intermodal logistics solutions continue to take market share from 
other transport modes driven by superior performance and reduced 
environmental impact. 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. 
Examples include our strategic alliances with Sinotrans in Asia and with 
Norbert Dentressangle in Europe.
The following factors will drive a further move towards intermodal 
logistics:
•	 Ambitious targets to reduce CO2 emissions which will be aided by the 
switch to intermodal transport;
•	 Chemical production shifts lead to a change in the global trade 
balance and in many cases will lengthen the supply chain. This will 
result in a change in logistic flows with longer lead times again 
favouring intermodal logistics; and
•	 The continuous focus on working capital reduction, leading to lower 
inventory levels and more flexible supply chains.
InterBulk has an outsourced business model so that all transportation 
and support services are performed by our partners. This creates a global 
and flexible business model with a minimum of fixed costs, which is 
increasingly important in this volatile market. Oil prices (which directly 
influences our bought in transportation services) were more stable than 
in previous years. Deep-sea container shipping still faces overcapacity 
and rates have remained reasonably steady although with volatility on 
specific trade lanes for example Asia to Europe. Across most areas of 
the transportation services there has been some form of rationalisation 
with adjustments to capacities and frequency of services, which can on 
occasion result in constraints at peak times. In Europe driver shortage 
remains a theme for the industry. 
Operational Performance
Liquid Bulk
After a weak first quarter, the Liquid Bulk division has seen stable 
performance and some growth. The revenue in the year is slightly up 
on the prior year thanks to the stronger second half which was 5% 
ahead of the first half of the year. The highest growth has been outside 
Europe with some further contraction experienced in the intra-European 
activity. During the year to 30 September 2013 our fleet increased by 
7.5% to 10,600 tanks. We remain in the top 5 of tankcontainer operators 
worldwide in terms of fleet size.
chief executive’s Review
Loek Kullberg InterBulk Group Annual Report and Accounts 2013    07
business review
Margins have continued to be impacted by short term industry 
overcapacity resulting from the considerable expansion of the global 
fleet of tankcontainers which took place mainly in 2011, and increased 
competition from regional European competitors extending their services 
to include deep-sea activity. This takes the form of downward pressure on 
rates especially for transportation from Europe. The overcapacity is being 
absorbed by growth in the market but the sluggish global economy means 
that the impact is not yet behind us. However, improved performance in 
other regions has helped mitigate these pressures and we have maintained 
our divisional operating profit (before exceptional items) at 4.9%.
The Group continues to experience tough trading conditions in Europe 
and the number of intra-European moves fell by 2%. However, there 
was a 6% growth in the number of deep-sea moves. Scandinavia with its 
concentrated customer base, was impacted by plant closures. 
In the Americas the number of moves increased overall by 7% but changes 
in the mix (greater proportion of South American business) meant that 
total revenue was similar to last year. Towards the end of the year, we have 
seen less traffic to Europe which has resulted in short term rate pressure as 
competitors tried to avoid a buildup of tankcontainers in the region. 
Asia has shown the most impressive growth in the last 12 months with 
an 8% increase in international moves, with the highest growth, 15% 
year on year, achieved in China. During the year we have taken our China 
activity in house instead of via local agents. This has been done with the 
establishment of our own team across 3 offices in China working together 
with the Sinotrans network which now provide operational services 
including domestic transportation and import/export services at most ports 
in China. As well as lower ocean freight costs from Asia during the year to 
be passed onto our customers, the change to greater direct involvement 
with customers has seen a higher level of customers paying ocean freight 
direct. This does not impact the returns we make but does mean a lower 
revenue per move than in the prior year. As a result, the overall revenue 
from Asia is more stable which is not fully representative of the good 
growth in the underlying activity.
The tankcontainer liquid bulk business is established globally and the 
regions of Europe, Asia and the Americas are strongly inter-dependent 
in terms of performance. Our goal is to ensure efficient utilisation of the 
total fleet at attractive margins and, while our business is controlled and 
reported by regions, our objective is to reach the best global result.
Dry Bulk
Last year we reported satisfactory progress in terms of revenue and profit 
with growth coming from the food sector, storage activities and on-site 
logistics. This year the main part of our business which serves European 
plastics producers has been hit hard by the problems experienced in that 
sector, and continued growth in food has given us only partial mitigation. 
We have continued to reduce our fleet size to match demand levels. The 30 
foot container fleet was approximately 8,800 units at 30 September 2013, 
down 8% in the year. 
Our door-to-door transportation movements of polymers were down 
9% from last year which is greater than the general reduction in polymer 
production owing to temporary or permanent plant shut-downs at some 
important units of our customers. The largest impact has come from the 
PET sector where we have a large market share. The European PET market 
has been challenged by overcapacity and increased imports coinciding with 
weaker demand driven by the wider economy. The recent PET plant closure 
in Workington and PTA (raw material for PET) plant closure in Wilton are 
examples with a direct impact on our business. We have also seen lower 
temporary storage requirements as customers continue to focus on 
their own working capital. The reduction in activity in transportation and 
storage in addition to pressure on margins within the polymer sector plus 
less favourable fleet balances account for over half of the reduction in our 
operating profit in Dry Bulk.
Diversification into movement of foodstuff has continued to make 
progress with a further 9% growth achieved. Growth in on-site terminal 
services and activities outside Europe, has been disappointing. Our first 
site in Russia has been a success with profit in line with our expectations 
and we have now been selected for a second site where operations are 
expected to commence in the second half of the new financial year. 
However, we also had to contend with closure of one of our long standing 
on-site terminals in Uentrop, Germany owing to the customer’s declining 
production causing our activities to become unsustainable. 
During the year we invested in our Dry Bulk organisation with increased 
resources at a regional level to increase customer intimacy. This has 
resulted in a £0.7m increase in our Dry Bulk overheads. The return on 
this investment will be closely monitored to ensure it delivers results 
in customer base expansion and operational efficiency. Progress in 
southern Europe, an area of historically low InterBulk presence, is showing 
encouraging signs.
The recovery of the Dry Bulk financial performance is the top priority as we 
enter the new financial year. We have a clear strategy for growth which 
recognises the limitations of our traditional geographical and polymer 
dependence, and targets food grade cargo, for which we have a dedicated 
team and a record of growth in the last two years plus greater penetration 
through our regional network in Central, Eastern and Southern Europe. 
The development of Dry Bulk activities outside Europe typically involves 
working with a customer to a transition from packed goods and traditional 
road transport to intermodal bulk. It will take time for an accumulation of 
such projects to create critical mass, but we are strongly supported in this 
longer term initiative by Sinotrans who are able to successfully co-promote 
our solutions in China. 
Equally important to the recovery in financial performance is the 
operational efficiency and cost base. We are bringing a strong focus to 
procurement and fleet balance to ensure we get the basics right, and 
we will also look hard at the fixed cost base and ensure that we are cost 
competitive there also.
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 products, and also in other specialised markets. 
We own and operate, and engage in capital sales, of these containers. 
Capital sales are on a project by project basis and in 2012 we completed 
the largest ever order with a value of $2.6m for H Type ISO-Veyors for 
delivery to Malaysia. However no such project has been completed this 
year and the business unit has run at a small operating loss. 
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, we 
must ensure that we have a motivated and committed team. 08 InterBulk Group Annual Report and Accounts 2013   
As incoming CEO, I have already met with many important customers, but 
I have also met as many of our 485 people as possible. This interaction 
has confirmed that we have well motivated people and the team is 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. 
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
Our 2013 financial year was challenging and, despite some good work, 
we are disappointed by the level of profitability achieved, although our 
focus on cashflow meant that our net debt fell once again. The Liquid Bulk 
division has shown a stable level of performance after a weak first quarter 
and so the focus of the senior management team’s attention is on the 
Dry Bulk division which has suffered from the depressed conditions in the 
European polymer market but more so due to specific plant closures, both 
temporary and permanent, which have arisen in the last year. 
We continue to work hard to achieve high customer service levels and 
quality standards and this provides the foundation for future success. 
There remain strong growth opportunities including food products in Dry 
Bulk and continued growth in the tankcontainer deep-sea activity. The 
rapid growth achieved in China demonstrates the value of our strategic 
alliance with Sinotrans. These areas remain our top priorities for growth in 
2014. We will also be scrutinising our own internal operational efficiency 
and cost base so that we continue to provide a cost effective solution 
to our customers. Given we procure the majority of our transportation 
resources from third parties, our approach to subcontractor selection and 
management will be an important initiative to deliver improved financial 
results.
Our marketplace continues to face challenges driven by on-going macro-
economic uncertainty and the changing dynamics of the chemical market. 
Our variable cost operating model provides us with the flexibility to achieve 
growth as markets expand and also to mitigate the impact if trade patterns 
change. We are focused solely on intermodal solutions and our strategy to 
diversify our business in cargo choice, geographic area, and our customer 
base provides a sound platform for the future.
Loek Kullberg 
Chief Executive Officer InterBulk Group Annual Report and Accounts 2013   09
Dry Bulk
dry Bulk was impacted by reduced european polymer production including both 
temporary and permanent customer plant closures. Growth in our transportation 
of foodstuff provided some mitigation. 10 InterBulk Group Annual Report and Accounts 2013   
Financial Review
Operating Performance and Key Performance Indicators
Year to
30 September
2013
Year to
30 September
2012
Revenue £271.5m £280.4m
Gross Profit % 12.8% 13.9%
Group operating profit (before amortisation and exceptional items) £8.3m £13.3m
Operating profit % (before amortisation and exceptional items) 3.1% 4.8%
Net interest (before exceptional items) £5.8m £8.1m
Profit after tax (before exceptional items) £1.4m £4.3m
Earnings per share (before amortisation and exceptional items) 0.37 pence 1.00 pence
No of container paid moves (1) 140,923 144,208
Tankcontainer utilisation rate – % change in year (2) -2.3% -3.4%
Dry Box Container utilisation rate - % change in year (2) -2.1% +15.6%
Group EBITDA (before exceptional items) (3) £16.2m £21.3m
Cashflows from operating activities / EBITDA (before exceptional items) % 113% 103%
(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 £271.5m (2012: £280.4m). The number of moves in 
the year to 30 September 2013 was 140,923 (2012: 144,208), split 65,750 
(2012: 70,522) Dry Bulk and 75,173 (2012: 73,686) Liquid Bulk. We have 
seen a reduction in volume across the European polymer sector for Dry 
Bulk but growth in deep-sea business for tankcontainers in Liquid Bulk. 
Fleet utilisation of tankcontainers and the dry bulk 30 foot containers 
decreased 2.3% (2012: 3.4% decrease) and 2.1% (2012: 15.6% increase), 
respectively. The lower utilisation of both fleets impacted on the financial 
performance in the year. We expanded the tankcontainer fleet by 7.5% this 
year and although still mindful of global volatility, recent activity levels 
indicate we should see improved utilisation next year. After two years of 
improved dry bulk fleet utilisation, we saw a reduction during the year 
ended 30 September 2013 and we will monitor this closely in 2014. 
Operating profit
Group operating profit before amortisation and exceptional items for the 
year was £8.3m equivalent to a 3.1% return on revenue (2012: £13.3m or 
4.8%). After adding back depreciation and amortisation the EBITDA (before 
exceptional items) generated in the year was £16.2m or 6.0% return on 
revenue (2012: £21.3m or 7.6%). Group operating profit after amortisation 
(before exceptional items) for the year was £8.0m (2012: £13.0m).
exceptional items (including goodwill impairment 
provision)
A goodwill impairment provision of £14.6m has been taken. Each cash 
generating unit is separately assessed on an annual basis. The provision 
taken relates to two of these: £10.7m for Dry Bulk and £3.9m for InBulk 
ISO-veyor. The weaker financial performance of these two units was an 
indicator for impairment, while the stable performance of Liquid Bulk in 
the current year and the strong track history of growth especially outside 
Financial Review
Scott Cunningham InterBulk Group Annual Report and Accounts 2013    11
business review
Europe did not indicate any impairment in the goodwill of that business 
unit. 
The major part of our Dry Bulk business serves customers who 
manufacture polymer in Europe. They face competitive pressure in both 
their domestic European and their export markets from producers with 
a feedstock advantage operating in the Middle East who have built 
up substantial capacity in recent years. In the last year the shale gas 
phenomenon has led to the announcement of many new investments 
in North America based on the expectation of cheap ethane feedstock. 
This will increase the pressure in the medium / long term on our existing 
customer base. Up to now producers in the Middle East have not used 
intermodal solutions, preferring to transport packed product in shipping 
containers. These factors have led us to revise downwards the growth 
assumptions in our impairment model for the core European base. The 
development of dry bulk solutions for the very large Asian market is in its 
infancy and we have not included any significant future cash flows from 
this region in our calculations, and will not until a growth track is well 
established. 
The InBulk Iso-veyor goodwill carrying value has been recognised 
previously as being vulnerable to impairment. It has been difficult to 
establish a regular performance from the business due to the uncertainty 
and delays around projects that deliver capital sales. This year the business 
unit had minimal capital sales (compared to 150 units the year before) and 
reported a small operating loss. We have therefore taken an impairment 
provision of £3.9 million for this business resulting in a total non-cash 
impairment charge of £14.6m. See note 17 for further disclosures.
The remaining exceptional amount of £0.5m relates principally to a 
redundancy programme impacting some of the European workforce, 
which was necessary in the light of current trading, as well as exit costs 
associated with the closure of our terminal operations in Uentrop, 
Germany. In addition, our only owned office property in Hull was sold after 
the year end, and the related write down of the asset value was booked 
in the year to 30 September 2013. Offsetting these exceptional losses was 
a gain of £0.3m from the sale of the CleanCat business, which provided 
specialist handling equipment for the unloading and loading of catalyst in 
refineries and did not fit our core intermodal business model.
Finance expense
Net finance expense (before exceptional items) for the Group for the year 
was £5.8m (2012: £8.1m). This substantial reduction is mainly a result of 
the successful refinancing completed on 5 October 2012 which removed 
£21m of expensive mezzanine debt. Furthermore, on 8 February 2013, we 
successfully completed a syndication of approximately half of our debt 
package with Rabobank, which also facilitated a further reduction in the 
bank margin over the facility.
During the year the Group had all of its bank debt on a floating LIBOR 
basis. However, in advance of the year end we entered into a two year 
interest rate swap arrangement which fixed all of the Term B tranche of 
the Group’s senior debt interest cost until September 2015. These have 
LIBOR rates of 0.71% and 0.985% for Euro and GBP, respectively. The Term 
B tranche represents around 72% of our total term debt. 
Profit before tax
Group profit before tax for the year before exceptional items was £2.3m 
(2012: £4.9m) with the reduction in the operating profit being partially 
mitigated by the large saving in net finance expense as noted above. The 
goodwill impairment provision of £14.6m along with other exceptional 
items of £0.5m resulted in a loss before tax after these items of £12.9m.
taxation
The tax charge for the year was £0.7m (2012: £0.6m). Our European 
businesses are subject to corporation tax rates of 23% to 30%, Americas 
39% and Asia 17% to 25%. The blend of profit before tax, with no 
significant differences in tax treatment, means that 27% (2012: 27%) is 
considered a reasonable recurring effective tax rate on underlying profits. 
During the current year we have recorded a £0.2m debit (2012: £0.7m 
credit) within the tax charge recognising the finalisation of tax filing 
positions from the prior years. There is no current or deferred tax effect 
from the goodwill impairment provision of £14.6m.
earnings per share
Basic earnings per share as reported on the Income Statement (post 
exceptional items) for the year were 2.90 pence loss per share (2012: 0.93 
earnings per share). A number of exceptional and non-cash items are 
recorded in the financial results including in the current year a £14.6m 
goodwill impairment provision. Adjusting for these items and the taxation 
effect would result in earnings per share of 0.37 pence (2012: 1.00 pence).
cash flow
Net cash inflow from operating activities for the year was £16.6m 
(2012: £20.3m). This includes tax cash outflows of £1.7m (2012: £1.5m). 
Consequently the cash generated from operations (prior to tax paid) was 
£18.3m (2012: £21.9m) consistent with the reduction in the EBITDA. This 
represents a 113% (2012: 103%) conversion of the EBITDA generated in 
the year. 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 current year gross capital expenditure was £6.1m (2012: £5.2m). 
This capital expenditure is supported with finance lease funding such 
that the net cash outflow as shown in the cash flow statement is £1.8m 
(2012: £2.0m). This capital expenditure mainly related to a refurbishment 
programme on the Dry Bulk 30 foot container fleet in addition to the 
purchase of new tankcontainers.
In the current year cashflows from financing activities relate to interest 
and fees paid of £7.0m (2012: £5.2m) including £1.7m of bank arrangement 
and associated fees on refinancing, scheduled loan repayments of £1.8m 
(2012: £3.1m) which was supplemented by an additional £3.9m early 
prepayment as part of the 5 October 2012 refinancing and repayments 
on finance lease obligations of £6.2m (2012: £6.1m). The early bank loan 
repayment plus fees associated with the refinancing activities at the start 
of the year has resulted in a negative cash outflow in the year of £3.1m.
At 30 September 2013, the Group had £13.5m in net cash and cash 
equivalents (2012: £16.6m).
Balance sheet
At 30 September 2013, the Group’s net assets amounted to £73.5m (2012: 
£86.5m) being a £13m reduction from the opening position. This decrease 
is mainly attributable to the £14.6m goodwill impairment provision offset  12 InterBulk Group Annual Report and Accounts 2013   
by the underlying profit for the year plus the net effect of movements in 
other reserves for hedging items and exchange. As at 30 September 2013, 
£106.6m (2012: £118.9m) of goodwill is carried on the balance sheet. As 
at 30 September 2013, the balance sheet has £47.6m (2012: £48.3m) of 
fixed assets which have £17.1m (2012: £18.6m) of associated asset finance 
outstanding.
debt
The Group has net debt (defined as bank loans, overdrafts and obligations under finance leases less cash and cash equivalents) at 30 September 2013 of 
£69.5m (30 September 2012: £72.5m) being a £3.0m reduction. This is despite a £2.6m unfavourable 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 
2013
£’000
30 September 
2012
£’000
Term debt bank loans 65,830 70,219
Other bank loans 72 356
Asset finance lease creditor 17,101 18,554
Less: Cash and cash equivalents (13,529) (16,601)
69,474 72,528
The structure of the term debt loans at 30 September 2013 is fully 
explained in note 24. Term Loan A of £18.3m has scheduled quarterly 
repayments ending 30 September 2016 with the sterling equivalent annual 
values of £2.6m, £3.3m and £4.1m, respectively. The balance remaining 
after these scheduled repayments is payable on the 30 September 2016. 
Term Loan B of £47.5m is repayable on a single repayment date falling on 
30 September 2016. The term loans bear interest based on the relevant 
currency LIBOR plus a 4.25% to 4.75% bank margin.
In summary, the year has seen a significant improvement in the funding 
position of the Group. This new package is a significant improvement on 
the Group’s previous facility which included £21m of expensive mezzanine 
debt which has now been removed. The reduction in the average bank 
margin has resulted in a material reduction in our interest costs.
Scott Cunningham 
Finance Director InterBulk Group Annual Report and Accounts 2013    13
business review
directors’ Report
The Directors present their annual report and the audited financial 
statements for the year to 30 September 2013. 
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 2 
and outlook section on page 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 28.
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 and is 
reviewed and discussed at each Board meeting. 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 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 
movement of hazardous cargo are assessed according to CEFIC’s SQAS 
(safety and quality assessment system). We are appropriately certified for 
all 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. Given the 
current tough economic environment, our customers are focused on their 
cost base including their footprint of sites and manufacturing plants and 
their logistics expense. In response to this, we maintain a broad customer 
base, with currently no single customer with more than 7% of our annual 
revenue. We also mitigate the risk 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 and this has impacted our 
current Dry Bulk business. We are responding by promoting the use of “bag 
in box” dry bulk solutions for the storage and movement of other products 
(such as food) and in other geographies (China, Russia and exports from 
the Middle East) where major new product flows are developing. In these 
geographies bulk transport solutions are in their infancy and establishing 
significant dry bulk business is a longer term task. We are collaborating 
with Sinotrans on these developments within China. Progress on these 
strategic activities is reviewed regularly by the Board. 
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 participates with and lobbies the relevant organisations 
and bodies. We are active members in trade associations such as ECTA 
(European Chemical Transportation Association).
In addition, Antitrust and Bribery legislation carry major penalties and 
reputational damage for transgressors. We already have in place policies, 
communication and training to ensure each of our employees in all of our  14 InterBulk Group Annual Report and Accounts 2013   
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 have 
conducted global employee opinion surveys in recent years from which we 
have derived specific actions to further enhance employee engagement. 
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 are currently in the final stages of a roll out of a 
common ERP platform which is in-house developed and tailor-made, and 
based on that used successfully in the Dry Bulk business for a long period. 
This will give the full Group access to an industry leading set of tools to 
operate the business. The importance of this project and the specific risks 
of such an implementation mean that progress is reviewed at each Board 
meeting. 
Access to capital
On the 5 October 2012 we successfully secured a revised Group bank 
facility with Bank of Scotland. The bank facility matures in September 
2016 and reduced significantly the cost of debt to the Group. During 
February 2013 we introduced Rabobank, and our term debt and working 
capital is now split 50/50 between them and Bank of Scotland. The group’s 
banking facilities are subject to a number of financial covenants which 
were complied with throughout the year ended 30 September 2013. The 
group has agreed with both banks financial covenants that take into 
account current and forecast trading results. The Directors believe that 
the covenants provide a reasonable level of headroom for the foreseeable 
future. However, bearing in mind the continuing tough economic 
conditions the Group’s indebtedness remains an area which the Board 
closely monitors.
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 USD) 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 this 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 involves Euro and USD forward contracts being used for no 
longer than 6 months and for less than 75% of our expected currency 
surplus. This simple and non-speculative approach will continue in the 
future. 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 EUR and USD to provide a mitigation 
of this translational risk.
Despite LIBOR rates being low the Board still considers it to be prudent to 
hedge the interest rate risk on a significant part of our debt. Effective from 
1 October 2013, interest rate SWAP agreements exist which fix the interest 
rates on our Term B bank loans until 30 September 2015.
Results and dividends
Group loss after all exceptional items and taxation for the financial year 
amounted to £13.6m (2012: £4.3m profit). No interim or final dividend was 
proposed 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 (appointed 1 October 2013)  
K van Wissen (became non-executive director 1 October 2013)  
S Cunningham
Hu Song
Non-Executive: 
D Rolph (Chairman) 
J McColl 
G Bissett 
E van der Werff 
H Montjotin (resigned 4 December 2012) 
J Burtin (appointed 4 December 2012, resigned 11 June 2013) 
L Gomez (appointed 11 June 2013) 
H Ludvigsson 
E Tamimi InterBulk Group Annual Report and Accounts 2013    15
business review
The Directors holding office at 30 September 2013 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 
2012
10p Ordinary 
Shares
Number
30 September 
2013
10p Ordinary 
Shares
Number
Date of
this report
10p Ordinary 
Shares
Number
L Kullberg (appointed 1 October 2013) – – –
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
K van Wissen 2,342,500 2,342,500 2,342,500
H Ludvigsson (a) (a) (a)
E Tamimi (a) (a) (a)
L Gomez (appointed 11 June 2013) (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 Group Norbert Dentressangle SA. The shares held by Group 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. Accordingly Mr Cunningham, Mr Ludvigsson 
and Mr Tamimi will offer themselves for re-election at the next annual 
general meeting. Given Mr Kullberg and Mr Gomez recent appointment to 
the Board, they will seek election at the next annual general meeting.
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%
Groupe Norbert Dentressangle SA 20,000,000 4.27%
Jim McColl 16,711,611 3.57% 16 InterBulk Group Annual Report and Accounts 2013   
Bank of Scotland plc, a wholly owned subsidiary of Lloyds Banking Group 
plc, directly or indirectly has beneficial interests in 12,115,680 warrant 
instruments which have an exercise price of 10 pence (see note 31), being 
2.6% of the issued ordinary share capital, and 1,815,913 issued ordinary 
shares (0.39%).
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 Groupe 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 13 March 2013, to allot shares up to 
an aggregate nominal amount of £16,807,969. The Company also has 
authority, pursuant to the shareholders resolution of 13 March 2013, 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; 
(ii) in connection with the warrants held by Bank of Scotland plc; and 
(iii) other than as mentioned at (i) and (ii), 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 ISO-Veyors are gaining increasing business in the 
transportation of mineral products.
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 in accordance with 
agreed terms. At 30 September 2013 the amount owed to trade creditors 
by the Group was equivalent to 46 days of purchases from suppliers (2012: 
44 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 2013 (2012: £nil). A number of small charitable donations were 
made amounting to £500 (2012: £705).
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.
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
18 December 2013
Registered Office: 
One London Wall 
London 
EC2Y 5AB 
Registered Number: 5308244 business review
InterBulk Group Annual Report and Accounts 2013   17 18 InterBulk Group Annual Report and Accounts 2013   
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 2012. 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 eight non-executive Directors. Of the non-executive directors D Rolph 
(Chairman), G Bissett and E van der Werff are viewed as independent as 
defined by the Code. 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. Graeme 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. 
L. Kullberg was appointed Chief Executive Officer on 1 October 2013 and 
K van Wissen (retiring CEO) became a non-executive director on the same 
day. In addition, there have been changes to the Norbert Dentressangle 
nominated non-executive director. J Burtin took over from H. Montjotin 
on 4 December 2012 following H. Montjotin’s appointment as Group CEO 
of Norbert Dentressangle, and was then replaced on 11 June 2013 by 
L Gomez.
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 six 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
K van Wissen 6
S Cunningham 6
H Song 6
D Rolph 6
J McColl 5
G Bissett 6
E van der Werff 6
H Ludvigsson 6
E Tamimi 6
H Montjotin (resigned 4 December 12) 1
J Burtin (appointed 4 December 12/resigned 11 June 13) 2
L Gomez  (appointed 11 June 13) 2
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 
offering themselves for re-election at the AGM continue to demonstrate 
commitment to the role of Director.
corporate Governance InterBulk Group Annual Report and Accounts 2013    19
corporate governance
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 detail and level of fees are fully discussed and 
the committee is satisfied 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 for 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 
2013. 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 21 to 23. The Remuneration Committee 
met three times during the year ended 30 September 2013. 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. Its major task in the year 
was to manage the appointment of a new Chief Executive Officer after 
K van Wissen informed the Board of his wish to retire. The nominations 
committee ran a process to select an executive search firm which, 
following Board approval, then presented a short list of candidates for 
interview by members of the Nominations Committee, K van Wissen, S 
Cunningham and the Group HR Director. The executive search firm had no 
other connections with the Group. The successful candidate, L Kullberg was 
then approved by the Board and appointed. Three Nomination Committee 
meetings were required in the current year. The Nominations Committee 
(excluding conflicted directors) met to perform a rigorous review of the 
extension of Mr Bissett’s and Mr van der Werff’s term of appointment, and 
also conducted due process for the appointment of the new nominated 
representative of Groupe Norbert Dentressangle SA and the new Chief 
Executive Officer.
The Board currently comprises eleven 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 and is 
presented at each Board meeting;
•	 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 
Managers 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 2013. 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 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 20 InterBulk Group Annual Report and Accounts 2013   
•	 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 normally meet the major 
shareholders, not represented on the Board, twice annually and 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
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.
The Groups’ business activities, together with the factors likely to affect 
its future development, performance and position are set out in the 
Chairman’s Statement, Chief Executives Review and the Financial Review. 
The Directors’ Report on pages 13 and 14 outline the principal risks and 
uncertainties. 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. 
Statement by directors on compliance with the 
Provisions of the UK corporate Governance code 
(“code”)
The Board considers that they have complied with the provisions of the 
Code as far as practicable and appropriate for a public company of this 
size. Two provisions in the revised code, applicable only in the last 12 
months, 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 - formal statement that annual report and accounts are 
fair, balanced and understandable and provides information necessary for 
shareholders to assess the company’s performance, business model and 
strategy plus the potential related role of the Audit Committee with this 
reporting, 
which we do not at present comply with, will be monitored by the Board 
as best practice develops for AIM companies of our size. The Board would 
emphasise 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.  InterBulk Group Annual Report and Accounts 2013    21
corporate governance
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 
K van Wissen had a service agreement, which required not less than 
six months notice of termination. The remuneration package consisted 
of basic salary and benefits in kind, pension plus performance-related 
incentive arrangements. This service agreement was terminated on 30 
November 2013 after K van Wissen had completed the handover to the 
new Chief Executive Officer. K van Wissen’s continued service as a non-
executive Director is provided via an appointment letter until 30 November 
2016 unless terminated with one months’ notice.
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 basic salary and benefits in kind, defined 
contribution pension plus performance-relates 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 Hu 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 30 September 2015 unless terminated with one 
months notice. The services of D Rolph are provided via an appointment 
letter for the period until the close of the 2015 Annual General Meeting 
unless terminated with one months 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 months 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 2014 unless 
terminated with one months notice. The services of L Gomez are via an 
appointment letter with Groupe Norbert Dentressangle SA which has 
nominated this individual until 31 May 2016 unless terminated with one 
months notice. 22 InterBulk Group Annual Report and Accounts 2013   
Information subject to audit
Directors’ Detailed Emoluments
Directors’ remuneration for the year to 30 September 2013 (or resignation date) is as follows: 
Year ended 30 September 2013
Salary/fees
£
Benefits
(1)
£
Performance–
related 
incentive 
payments
£
Pension
contribution
£
Total
£
Executives
K van Wissen 203,001 15,693 47,375 55,077 321,146
S Cunningham
(2)
139,546 8,684 27,295 11,414 186,939
Hu Song
(3)
90,000 – 4,725 – 94,725
Non-Executives
D Rolph 48,364 – – – 48,364
J McColl
(2)
20,604 – – – 20,604
G Bissett 29,448 – – – 29,448
E van der Werff 26,518 – – – 26,518
H Montjotin 
(3)
 & 
(4)
3,562 – – – 3,562
J Burtin
(3)
 & 
(4)
10,411 – – – 10,411
L Gomez
(3)
 & 
(4)
6,027 – – – 6,027
H Ludvigsson
(3)
 20,000 – – – 20,000
E Tamimi
(3)
20,000 – – – 20,000
Total 617,481 24,377 79,395 66,491 787,744
(1) Remuneration package includes non-cash benefits comprising the provision of a company car and private health scheme.
(2)  The services of S Cunningham, B Thomson 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 2013 was £429,501 (2012: £474,935). From this total fee £20,604 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, Groupe Norbert Dentressangle SA or Sinotrans Limited as appropriate.
(4) Fee allocation to/from date of resignation/ appointment. InterBulk Group Annual Report and Accounts 2013    23
corporate governance
Directors’ remuneration for the year to 30 September 2012 is as follows: 
Year ended 30 September 2012
Salary/fees
£
Benefits
(1)
£
Performance–
related 
incentive 
payments
£
Pension
contribution
£
Total
£
Executives
K van Wissen 194,415 14,164 8,141 47,839 264,559
S Cunningham
(2)
136,475 7,788 8,530 12,283 165,076
B Thomson
(2)
 & 
(4)
3,919 – – – 3,919
Hu Song
(3)
90,000 – – – 90,000
Non-Executives
D Rolph 47,300 – – – 47,300
J McColl
(2)
20,604 – – – 20,604
G Bissett 28,800 – – 28,800
E van der Werff
(5)
 68,206 – – – 68,206
H Montjotin
(3)
20,000 – – – 20,000
H Ludvigsson
(3)
 20,000 – – – 20,000
E Tamimi
(3)
 20,000 – – – 20,000
Total 649,719 21,952 16,671 60,122 748,464
(1) Remuneration package includes non-cash benefits comprising the provision of a company car and private health scheme.
(2)  The services of S Cunningham, B Thomson 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 2012 was £474,935.). From this total fee £3,919 and £20,604 are allocated to the directors fees for Bill Thomson (resigned 14 
October 2012) and J McColl, respectively. 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, Groupe Norbert Dentressangle SA or Sinotrans Limited as appropriate.
(4) Fee allocation to/from date of resignation/ appointment.
(5) Includes £42,809 related to additional time commitment associated with support on an IT implementation project.
The structure of the reward package of K van Wissen (and now L Kullberg) 
and S Cunningham is proposed by the Remuneration Committee and 
approved by the Board. A Group wide annual cash performance incentive 
scheme, which is based on fixed formulae determined in advance each 
year by the remuneration committee, has been in place since October 
2006. For the executive directors the maximum entitlement on the 
full achievement for all targets is restricted to 25 per cent of annual 
salary for K van Wissen (and now L Kullberg) and S Cunningham and 
to a maximum sum of £20,000 in the case of Hu Song. To ensure an 
appropriate incentivisation of the global senior management team, a 
longer term incentive has been introduced across the business from 1 
October 2010. This arrangement was linked to reaching EBITDA targets 
approved by the Remuneration Committee and the Board over a three year 
period. This arrangement expired 30 September 2013 with no pay-out. 
The Remuneration Committee are currently assessing alternatives for the 
future long-term incentivisation of the management team. In addition, 
the Remuneration Committee and the Board had in January 2011 agreed 
to recognise both Mr van Wissen and Mr Cunningham’s contribution to 
a number of targeted key milestones associated with the execution of 
the Group’s strategy which could be equivalent to a maximum pay-out 
for Mr van Wissen and Mr Cunningham of one year’s salary. During the 
year, an element was earned associated with the milestone of achieving 
a successful long-term refinancing which significantly reduced the cost 
of debt. Other strategic milestones were not achieved and as a result, this 
additional scheme expired. None of the non-executive directors have any 
incentive payments or other remuneration arrangements beyond the fees 
noted in the above table. Payout under any of the above is at the discretion 
of the Remuneration Committee.
The total remuneration, of the highest paid director, K van Wissen was 
£266,069 (2012: £216,720) which comprises emoluments, performance 
related incentive payments and benefits in kind. In relation to the defined 
benefit scheme, for the highest paid director, the accrued pension at the 
year-end was £167,749 (2012: £150,526). There is no lump sum which 
would be payable (2012: £nil).
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 2013   
Board of directors
executive directors
Loek Kullberg, 
chief executive Officer (appointed 1 October 2013)
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. Scott is a non-remunerated member of the Qualifications Board of the Institute of Chartered Accountants of Scotland.
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 
and being a key market facing contact for the Sinotrans InterBulk Alliance.
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.
Koert van Wissen (Chief Executive Officer until 30 September 2013)
Koert van Wissen has more than 30 years’ experience in the industry and had been the CEO of InterBulk since February 2006. From 1 October 
2013 he has stepped down from this role taking a position as a non-executive Director. From 1980 until his present appointment he held various 
roles in United Bos BV (later United Transport Tankcontainers (UTT)) starting as general manager of the Rotterdam Europoort office responsible 
for operation of the Liquid Bulk business between England and the European continent in road-tankers. In the late 1980’s he bought the first 
tankcontainers and while Operations Director of United Transport Tankcontainers from 1989 – 1996 the business grew globally to a fleet of 4,500 
tankcontainers. Between 1996 and 2000, Koert was Operations and Business Development Director of Initial Tank Containers (renamed while a 
subsidiary of Rentokil Initial), with responsibility for worldwide operations and business development and was Managing Director from 2000 until 
he led the management buy-out of UTT in 2002.  InterBulk Group Annual Report and Accounts 2013    25
corporate governance
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 was a non-executive director of Belhaven Group plc, Scotland’s largest brewing and pub group, until it was sold 
to Greene King plc in 2005. 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
Einar 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 (appointed 11 June 2013)
Luis Gomez holds a joint honours degree in business management and finance and 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, which has an annual a turnover of 
approximately e2 billion, has a presence in 14 countries and employs c. 13,500. Luis is also a member of the Norbert Dentressangle Executive 
Board.
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. 26 InterBulk Group Annual Report and Accounts 2013   
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 elected to prepare 
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 and legislation in the United Kingdom governing the 
preparation and dissemination of financial statements may differ from 
legislation in other jurisdictions. 
directors’ statement pursuant to the disclosure and 
transparency Rules 
Each of the Directors, whose names and functions are listed in page 24 
and 25 confirm that, to the best of each person’s knowledge and belief: 
•	 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 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 
Heron Tower 
110 Bishogate, London 
EC2N 4AY
Solicitors: 
Dundas & Wilson LLP 
191 West George Street 
Glasgow 
G2 2LD
Registrars: 
Capita Registrars Ltd 
The Registry 
34 Beckenham Road 
Beckenham 
Kent BR3 4TU
Bankers: 
Bank of Scotland PLC 
110 Queen Street 
Glasgow  
G1 3BY
Rabobank 
Blaak 333 
3011 GB Rotterdam 
The Netherlands
Registered number and office: 
Registered number: 5308244 
Registered office: 
One London Wall 
London 
EC2Y 5AB InterBulk Group Annual Report and Accounts 2013    27
corporate governance
Independent auditors’ Report to the 
Members of InterBulk Group plc
We have audited the Group and Parent Company financial statements 
(the ‘‘financial statements’’) of InterBulk Group plc for the year ended 
30 September 2013 which comprise the Group Income Statement, the 
Group Statement of Comprehensive Income, the Group and Company 
Balance Sheets, the Group and Company Statement of Cashflows, the 
Group and Company Statement of Changes in Equity and the related 
notes. The financial reporting framework that has been applied in their 
preparation is applicable law and International Financial Reporting 
Standards (IFRSs) as adopted by the European Union and, as regards the 
parent company financial statements, as applied in accordance with the 
provisions of the Companies Act 2006.
Respective responsibilities of directors and auditors
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). 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.
Scope of the audit of the financial statements
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 parent 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. 
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.
Opinion on financial statements
In our opinion: 
•	 the financial statements give a true and fair view of the state of the 
Group’s and of the Parent Company’s affairs as at 30 September 2013 
and of the Group’s loss and Group’s and Parent Company’s cash flows 
for the year then ended;
•	 the Group financial statements have been properly prepared in 
accordance with IFRSs as adopted by the European Union; 
•	 the Parent 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. 
Opinion on other matter prescribed by the companies 
act 2006
In our opinion the information given in the Strategic Report and 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 listed 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the 
Companies Act 2006 requires us to report to you if, in our opinion: 
•	 adequate accounting records have not been kept by the Parent 
Company, or returns adequate for our audit have not been received 
from branches not visited by us; or 
•	 the Parent Company financial statements are not in agreement with 
the accounting records and returns; or 
•	 certain disclosures of directors’ remuneration specified by law are not 
made; or
•	 we have not received all the information and explanations we require 
for our audit.
Mark Hoskyns-Abrahall (Senior Statutory Auditor) 
for and on behalf of PricewaterhouseCoopers LLP 
Chartered Accountants and Statutory Auditors 
Glasgow
18 December 2013 28 InterBulk Group Annual Report and Accounts 2013   
Group Income Statement
For the year ended 30 September 2013
Notes
Total before 
exceptional items 
2013
£’000
Exceptional items
2013
£’000
Total
2013
£’000
Total
2012
£’000
Revenue 3 271,538 – 271,538 280,410
Cost of sales (236,884) – (236,884) (241,490)
Gross profit 34,654 – 34,654 38,920
Administrative expenses (26,621) (546) (27,167) (25,923)
Impairment of goodwill – (14,600) (14,600) –
Operating profit / (loss) 4 8,033 (15,146) (7,113) 12,997
Analysed as:
Operating profit / (loss) before
depreciation & amortisation & 
impairment 16,220 (546) 15,674 21,334
Depreciation of property, plant and 
equipment (7,901) – (7,901) (7,998)
Amortisation of intangible assets (286) – (286) (339)
Impairment of goodwill 17 – (14,600) (14,600) –
Finance income 8 7 – 7 26
Finance expenses 9 (5,762) – (5,762) (8,135)
(5,755) – (5,755) (8,109)
Profit / (loss) before taxation 2,278 (15,146) (12,868) 4,888
Taxation charge 10 (846) 128 (718) (554)
Profit / (loss) for the year 1,432 (15,018) (13,586) 4,334
(Loss) / earnings per share (pence)
Basic 12 (2.90)p 0.93p 
Diluted 12 (2.90)p 0.93p 
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 £2,720,000 (2012: £1,805,000 profit).
The notes on pages 35 to 74 are an integral part of these financial statements. InterBulk Group Annual Report and Accounts 2013    29
Group Statement of comprehensive Income
For the year ended 30 September 2013
2013
£’000
2012
£’000
(Loss) / profit for the financial year (13,586) 4,334
Other comprehensive income -
Items that may be subsequently reclassified to profit or loss:
- Net exchange differences on retranslation of foreign operations 2,021 (3,311)
- Net (loss)/gain on net investment hedge taken to equity (1,584) 2,083
- Fair value movement on interest rate swaps (188) 345
- Net gain/(loss) on cashflow hedge transferred to equity, net of tax 384 (114)
Items that will not be reclassified to profit or loss:
- Actuarial (loss)/gain on retirement benefits obligations, net of tax (26) 9
Other comprehensive income for the year 607 (988)
total net comprehensive income for the year (12,979) 3,346
Attributable to:
Equity holders of the company (12,979) 3,346
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 35 to 74 are an integral part of these financial statements.
financials 30 InterBulk Group Annual Report and Accounts 2013   
Group and company Balance Sheets
at 30 September 2013
Notes
Group
2013
£’000
Group
2012
£’000
Company
2013
£’000
Company
2012
£’000
aSSetS
Non-current assets
Goodwill 14 106,564 118,890 – –
Other intangible assets 15 4,487 4,493 – –
Property, plant and equipment 16 47,583 48,288 – –
Investments 18 – – 43,637 47,687
Preference shares in subsidiary 19 – – 2,637 2,513
Deferred tax assets 10 2,124 2,731 – –
160,758 174,402 46,274 50,200
Current assets
Inventories 20 1,441 1,753 – –
Trade and other receivables 21 43,248 43,944 34,353 34,344
Retirement benefit assets 30 13 – – –
Cash 13,529 16,601 – –
58,231 62,298 34,353 34,344
Total assets 218,989 236,700 80,627 84,544
LIaBILItIeS
Current liabilities
Financial liabilities 22 (8,192) (77,295) (2,146) (3,593)
Trade and other payables 23 (60,915) (58,254) (759) (509)
Current tax liabilities (121) (771) – –
(69,228) (136,320) (2,905) (4,102)
Non-current liabilities
Financial liabilities 22 (75,073) (11,834) – –
Deferred tax liabilities 10 (1,184) (1,965) – –
Retirement benefit obligations 30 – (34) – –
(76,257) (13,833) – –
Total liabilities (145,485) (150,153) (2,905) (4,102)
Net assets 73,504 86,547 77,722 80,442
SHaReHOLdeRS’ eQUItY
Ordinary share capital 27 46,789 46,789 46,789 46,789
Share premium 26,431 26,431 26,431 26,431
Other reserves 2,983 2,376 1,406 1,406
Retained earnings (2,699) 10,951 3,096 5,816
Total equity attributable to shareholders 73,504 86,547 77,722 80,442
The notes on pages 35 to 74 are an integral part of these financial statements.
The financial statements were approved by the Board of Directors on 18 December 2013 and were signed on its behalf by: 
Loek Kullberg Scott cunningham 
Chief Executive Officer Finance Director InterBulk Group Annual Report and Accounts 2013    31
Group Statement of cashflows
For the year ended 30 September 2013
Notes
2013
£’000
2012
£’000
cashflows from operating activities
Cash generated from operations 28 18,288 21,872
Tax paid (1,686) (1,529)
net cash flow from operating activities 16,602 20,343
cashflows from investing activities
Interest received 7 26
Sale of property, plant and equipment 961 446
Purchases of property, plant and equipment (net of finance lease) (1,806) (1,973)
Payments to acquire intangible fixed assets (307) (359)
Investment in subsidiary (64) (167)
Proceeds from sale of business 394 –
net cash flow used in investing activities (815) (2,027)
cashflows from financing activities
Interest and fees paid (7,022) (5,206)
Repayment of borrowings (5,677) (3,084)
Repayment of capital element of finance leases (6,232) (6,100)
net cash flow used in financing activities (18,931) (14,390)
(Decrease) / increase in cash and cash equivalents (3,144) 3,926
Effect of exchange rates on cash and cash equivalents 72 (148)
Cash and cash equivalents at the beginning of the year 16,601 12,823
cash and cash equivalents at the end of the year 28 13,529 16,601
The accompanying notes on pages 35 to 74 are an integral part of these financial statements.
financials 32 InterBulk Group Annual Report and Accounts 2013   
company Statement of cashflows
For the year ended 30 September 2013
Notes
2013
£’000
2012
£’000
cashflows from operating activities
Cash generated from operations 28 (2,516) 504
net cash flow from operating activities (2,516) 504
cashflows from investing activities
Interest received 1,289 2,657
Investment in subsidiary (64) (167)
Loans repaid by subsidiaries 500 1,000
Loans to subsidiaries (122) –
Dividends received 3,117 –
net cash flow from investing activities 4,720 3,490
cashflows from financing activities
Interest and fees paid (307) (277)
net cash flow used in financing activities (307) (277)
Increase in cash and cash equivalents 1,897 3,717
Effect of exchange rates on cash and cash equivalents (450) 643
Cash and cash equivalents at the beginning of the year (3,593) (7,953)
cash and cash equivalents at the end of the year 28 (2,146) (3,593)
The notes on pages 35 to 74 are an integral part of these financial statements. InterBulk Group Annual Report and Accounts 2013    33
Group Statement of changes in equity
Attributable
to equity 
holder of 
the  
company
total
£’000
Other Reserves
Hedge
reserve 
£’000
Merger
reserve
£’000
Warrants
£’000
Retirement 
benefit 
obligations
reserve
£’000
Cumulative
translation
reserve
£’000
Share 
option 
reserve
£’000
Total
Other 
reserves 
£’000
Ordinary 
share 
capital
£’000
Share
premium
account
£’000
Retained
earnings
£’000
at 30 September 2011 (477) 1,046 1,784 (22) 2,457 83 4,871 46,789 26,431 5,079 83,170
Comprehensive income:
Share options cancelled – – – – – (83) (83) – – – (83)
Purchase of investments – – – – – – – – – 114 114
Warrants cancelled – – (1,424) – – – (1,424) – – 1,424 –
Total profit for the year – – – – – – – – – 4,334 4,334
Other comprehensive 
income:
– Pensions – – – 9 – – 9 – – – 9
–   Fair value movement 
on expired swaps 345 – – – – – 345 – – – 345
–   Loss taken to equity on 
hedges (114) – – – – – (114) – – – (114)
–   Exchange loss on 
translation of foreign 
operations and net 
investment hedges – – – – (1,228) – (1,228) – – – (1,228)
Total other comprehensive 
income 231 – – 9 (1,228) – (988) – – - (988)
at 30 September 2012 (246) 1,046 360 (13) 1,229 – 2,376 46,789 26,431 10,951 86,547
Comprehensive income:
Deferred consideration 
in respect of purchase of 
investments - - - - - - - - - (64) (64)
Total loss for the year - - - - - - - - - (13,586) (13,586)
Other comprehensive 
income:
– Pensions - - - (26) - - (26) - - - (26)
–   Fair value movement 
on swaps (188) - - - - - (188) - - - (188)
–   Gain taken to equity on 
hedges 384 - - - - - 384 - - - 384
–   Exchange loss on 
translation of foreign 
operations and net 
investment hedges - - - - 437 - 437 - - - 437
Total other comprehensive 
income 196 - - (26) 437 - 607 - - - 607
at 30 September 2013 (50) 1,046 360 (39) 1,666 - 2,983 46,789 26,431 (2,699) 73,504
financials 34 InterBulk Group Annual Report and Accounts 2013   
company Statement of changes in equity
Attributable 
to equity 
holder of 
the  
company
total
£’000
Other Reserves
Merger
reserve
£’000
Warrants
£’000
Share option 
reserve
£’000
Total
other 
reserves
£’000
Ordinary 
share 
capital
£’000
Share
premium
account
£’000
Retained
earnings
£’000
at 30 September 2011 1,046 1,784 83 2,913 46,789 26,431 2,473 78,606
Purchase of investment – – – – – – 114 114
Share options cancelled – – (83) (83) – – – (83)
Warrants cancelled – (1,424) – (1,424) – – 1,424 –
Total profit for the year – – – – – 1,805 1,805
at 30 September 2012 1,046 360 – 1,406 46,789 26,431 5,816 80,442
Total loss for the year – – – – – – (2,720) (2,720)
at 30 September 2013 1,046 360 – 1,406 46,789 26,431 3,096 77,722 InterBulk Group Annual Report and Accounts 2013 35
financials notes to the financial statements
30 September 2013
1. General Information
These financial statements comprise Group and Company Balance Sheets as of 30 September 2013 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.
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.
Amendment to IAS 1 ‘Financial statement presentation’ regarding other comprehensive income (effective 1 July 2012)
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 2013, £106,564,000 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.
(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 ultimately may 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.
30 September 2013 36 InterBulk Group Annual Report and Accounts 2013  
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 to sell. 
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. 
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, 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. InterBulk Group Annual Report and Accounts 2013 37
financials 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.
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 & 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 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 accounts 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. 38 InterBulk Group Annual Report and Accounts 2013  
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 to sell 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.
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. InterBulk Group Annual Report and Accounts 2013 39
financials 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. 
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. 40 InterBulk Group Annual Report and Accounts 2013  
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.
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. InterBulk Group Annual Report and Accounts 2013 41
financials 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 a third party insurance companies. The Group also 
operates a defined benefit scheme for one of the Directors and one ex-Director.
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 and 
management’s best estimate of the achievement or otherwise of non-market conditions number of equity instruments that will ultimately vest or in the 
case of an instrument subject to a market condition, 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.
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. 42 InterBulk Group Annual Report and Accounts 2013  
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 accounts 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 intermodal 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:
Amendment to IAS 12, ‘Income taxes’ on deferred tax (effective 1 January 2013) 
IFRS 10, ‘Consolidated financial statements’ (effective 1 January 2014)   
IFRS 12, ‘Disclosure of Interests in Other Entities’ (effective 1 January 2014)  
Amendments to IFRS 10, 11 and 12 on transition guidance (effective 1 January 2014)  
IFRS 13, ‘Fair Value Measurement’ (effective 1 January 2013)  
IAS 27, ‘Separate financial statements’ (effective 1 January 2014)  
Amendments to IFRS 7, ‘Financial instruments: Disclosures’, on offsetting financial assets and financial liabilities (effective 1 January 2013)  
Amendments to IAS 32, ‘Financial instruments: Presentation’, on offsetting financial assets and financial liabilities (effective 1 January 2014) 
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. InterBulk Group Annual Report and Accounts 2013 43
financials 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.
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 2013
Liquid Bulk
£’000
Dry Bulk
£’000
Others
£’000
Eliminations
£’000
Total
£’000
Revenue
Sales to external customers 156,150 114,200 1,188 – 271,538
Results
Segment operating profit / (loss) before exceptional items 7,710 1,763 (226) – 9,247
Exceptional items (231) (11,294) (3,621) – (15,146)
Segment operating profit / (loss) after exceptional items 7,479 (9,531) (3,847) – (5,899)
Unallocated expenses (1,214)
Group operating loss (after exceptional items) (7,113)
Net finance expenses (5,755)
Loss before taxation (12,868)
Taxation (718)
net loss for the year (13,586)
See note 7 for breakdown of exceptional items. 
assets and liabilities
Segment assets (before goodwill impairment) 105,566 98,399 9,227 6,868 220,060
Goodwill impairment – (10,700) (3,900) – (14,600)
Total segment assets 105,566 87,699 5,327 6,868 205,460
Unallocated assets 13,529
total assets 218,989
Segment liabilities (31,032) (22,432) (583) (6,868) (60,915)
Unallocated liabilities (84,570)
total liabilities (145,485)
Other segment information
Capital expenditure: 
 Property, plant & equipment 3,147 3,541 12 – 6,700
 Intangible fixed assets 111 169 27 – 307
 Depreciation in the year 3,807 3,774 320 – 7,901
 Amortisation in the year – 207 79 – 286
 Property write-down – 173 – – 173 44 InterBulk Group Annual Report and Accounts 2013  
Year ended 30 September 2012
Liquid Bulk
£’000
Dry Bulk
£’000
Others
£’000
Eliminations
£’000
Total
£’000
Revenue
Sales to external customers 155,655 121,764 2,991 – 280,410
Results
Segment operating profit 7,794 6,144 5 – 13,943
Unallocated expenses (946)
Group operating profit (after exceptional items) 12,997
Net finance expenses (including exceptional items) (8,109)
Profit before taxation 4,888
Taxation (554)
net profit for the year 4,334
assets and liabilities
Segment assets 101,914 101,003 12,219 4,963 220,099
Unallocated assets 16,601
total assets 236,700
Segment liabilities (28,606) (24,160) (525) (4,963) (58,254)
Unallocated liabilities (91,899)
total liabilities (150,153)
Other segment information
Capital expenditure: 
 Property, plant & equipment 2,603 2,437 – – 5,040
 Intangible fixed assets 130 196 33 – 359
 Depreciation in the year 3,621 4,058 319 – 7,998
 Amortisation in the year – 260 79 – 339
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.
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.
2013
£’000
2012
£’000
Revenue
Europe 219,451 228,589
Americas 32,030 31,790
Asia 20,057 20,031
Total 271,538 280,410
There are no external customers from whom the group derives more than ten percent of total revenue. InterBulk Group Annual Report and Accounts 2013 45
financials The allocation of non-current assets (excluding financial instrument assets and deferred taxation) by country is as follows:
 
Non-current assets 
30 September 2013
United
Kingdom
£’000
The
Netherlands
£’000
Others
£’000
Total
£’000
Goodwill 58,084 48,480 – 106,564
Other intangible assets 4,487 – – 4,487
Property, plant and equipment 16,207 25,645 5,731 47,583
 
Non-current assets 
30 September 2012
United 
Kingdom
£’000
The 
Netherlands
£’000
 
Others
£’000
 
Total
£’000
Goodwill 72,684 46,206 – 118,890
Other intangible assets 4,493 – – 4,493
Property, plant and equipment 16,982 24,979 6,327 48,288
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)
2013
£’000
2012
£’000
Operating profit / (loss) is stated after charging/(crediting):
Depreciation of containers:
– owned 3,228 3,657
– held under finance lease contracts 4,297 4,026
Depreciation of other assets
– owned 376 315
Repair and maintenance expenditure 9,006 8,979
Amortisation of acquired other intangible assets 207 259
Amortisation of patents 79 80
Gain on disposal of property, plant and equipment (246) (90)
Net foreign exchange loss 731 546
Operating lease rentals:
– containers & equipment 1,025 1,082
– other assets 906 1,273 46 InterBulk Group Annual Report and Accounts 2013  
During the year the Group (including overseas subsidiaries) obtained the following services from the Group’s auditor as detailed below:
2013
£’000
2012
£’000
Audit services
– Fees payable for the audit of the parent company and consolidated accounts 106 111
Fees payable to the Company’s auditor for other services:
– The audit of the company’s subsidiaries 230 237
– Audit related assurance services 45 60
– Tax compliance services 102 165
– Tax advisory services 64 71
– Corporate finance services 85 182
Fees paid to the auditors for non-audit services in the year to 30 September 2013 include £155,000 (2012: £240,000) payable in the United Kingdom.
5. employee information
The average monthly number of employees during the year, including Executive Directors of the Group was:
2013
Number
2012
Number
Operations / commercial 350 329
Administration / finance 103 109
Technical / engineering 32 37
485 475
Their aggregate remuneration comprised:
2013
£’000
2012
£’000
Wages and salaries 14,304 14,640
Social security costs 2,219 2,097
Retirement benefit obligation costs (note 30) 955 717
17,478 17,454
6. directors’ emoluments
2013
£’000
2012
£’000
Aggregate emoluments 788 748
At 30 September 2013 retirement benefits are accruing to one director under a defined benefit scheme (2012: one). At the year end, the contributions to 
the defined benefit scheme were in a prepayment position (2012: accruals).
A detailed analysis of Directors’ remuneration, shareholdings, share options, long-term incentive schemes and pension benefits is provided in the 
Remuneration Report on pages 21 to 23. InterBulk Group Annual Report and Accounts 2013 47
financials 7. exceptional items
The current year includes the following exceptional items:
2013
£’000
2012
£’000
Re-organisation (652) –
Property write-down (173) –
Gain on sale of CleanCat Technologies business 279 –
(546) –
Impairment of goodwill (14,600) –
total exceptional items (15,146) –
Exceptional charges of £15,146,000 (2012: £nil) have been recorded in the year. £14,600,000 of these charges relate to the impairment of goodwill in Dry 
Bulk (£10,700,000) and Iso-veyor (£3,900,000) in the year.  See note 17 for further details of the impairment of goodwill.
The remaining items principally related to a redundancy programme impacting the European workforce plus exit costs associated with the closure of our 
terminal operations in Uentrop, Germany.  This phase of re-organisation is in light of the current trading environment in Europe which has seen lower 
activity levels and also the objective of greater regionalisation of our team structure. In addition, our only owned office property in the Group was sold 
post year end, and the related write down of the asset value was booked in September 2013.  An exceptional gain was recognised on the sale of the 
CleanCat Technologies business trading assets during the year. The CleanCat business was involved in the provision of specialist handling equipment for 
the unloading and loading of catalyst in refineries and did not fit our core intermodal business model.
8. Finance income
2013
£’000
2012
£’000
Bank interest receivable 7 26
total finance income 7 26
9. Finance expenses
2013
£’000
2012
£’000
Interest payable on bank loans and overdrafts 4,201 6,446
Amortisation of deferred finance costs 347 261
Finance charges payable under finance leases and hire purchase contracts 1,212 1,426
Interest on pension scheme assets/liabilities (note 30) 2 2
total finance expenses 5,762 8,135 48 InterBulk Group Annual Report and Accounts 2013  
10. taxation
(a) Analysis of charge in year
2013
£’000
2012
£’000
Current tax:
UK Corporation tax on profits of the year – 695
Foreign tax on profits of the year 1,139 1,667
Adjustment in respect of prior years (151) (680)
Deferred tax:
Origination and reversal of temporary differences (664) (1,027)
Adjustments in respect of prior years 394 (101)
Tax charge in the income statement 718 554
tax relating to items charged or credited to equity
deferred tax:
Tax (credit)/debit in the statement of comprehensive income (66) 134
(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:
2013
£’000
2012
£’000
(Loss)/profit on ordinary activities before tax (12,868) 4,888
Profit on ordinary activities multiplied by standard rate in the UK (23%) (2012: 25%) (2,960) 1,222
Effects of:
Goodwill impairment provision 3,358 –
Unrecognised tax losses (63) (219)
Different tax rates in subsidiaries operating in other jurisdictions 108 404
Adjustments in respect of prior years 243 (781)
Others 32 (72)
total tax charge reported in the income statement 718 554
(c) Unrecognised tax losses
The Group has tax losses which arose in the UK with a tax effect of £2,400,000 (2012: £3,028,000) and tax losses which arose in Singapore with a tax 
effect of £818,000 (2012: £833,000) 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 2013 (2012: £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. InterBulk Group Annual Report and Accounts 2013 49
financials (e) Deferred tax
Group
The movement on the net deferred tax liability is shown below:
2013
£’000
2012
£’000
Beginning of the year 766 (273)
Credit to income statement 270 1,128
Credit to equity 66                134
Exchange differences (162) (223)
End of the year 940 766
The deferred tax included in the balance sheet is made up as follows:
2013
£’000
2012
£’000
Accelerated capital allowances (1,184) (1,965)
Deferred tax liability (1,184) (1,965)
Retirement benefit obligations 32 26
Unused tax losses 899 1,133
Other temporary differences 1,193 1,572
Deferred tax asset 2,124 2,731
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. Loss 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 £2,720,000 (2012: £1,805,000 profit).
12. earnings per ordinary share
The basic earnings per share is calculated by dividing the profit for the financial year attributable to shareholders by the weighted average number of 
shares in issue. In calculating the diluted profit per share, warrants and options outstanding have been taken into account.
2013 2012
(Loss) / profit for the year (£’000) (13,586) 4,334
Weighted average number of shares (number) 467,892,041 467,892,041
Effect of outstanding warrants and options (number) – –
Adjusted weighted average number of ordinary shares (number) 467,892,041 467,892,041
Basic (loss)/earnings per share (pence) (2.90)p 0.93p
Diluted (loss)/earnings per share (pence) (2.90)p 0.93p 50 InterBulk Group Annual Report and Accounts 2013  
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:
2013
£’000
2012
£’000
(Loss) / profit for the year (13,586) 4,334
Exclude exceptional items (net of attributable taxation) 418 –
Exclude goodwill Impairment 14,600 –
Exclude amortisation of intangible assets 286 339
Adjusted earnings 1,718 4,673
An adjusted earnings per share figure is presented below:-
Basic earnings per share pre-exceptional items and amortisation (pence) 0.37p 1.00p
Diluted earnings per share pre-exceptional items and amortisation (pence) 0.37p 1.00p
In both periods the effects of outstanding warrants (decrease)/increase the (loss)/profit per share and thus are anti-dilutive. As a result, the diluted profit 
per share is the same as the basic profit per share. The outstanding warrants are not added to the adjusted weighted average number of ordinary shares.
13. dividends paid and proposed
No dividend has been declared and paid during the year to 30 September 2013 (2012: £nil). No dividend has been proposed (2012: £nil).
14. Goodwill 
Group
 
cost:
2013
£’000
2012
£’000
At 1 October 118,890 122,633
Exchange differences 2,274 (3,743)
At 30 September 121,164 118,890
Impairment:
At 30 September 2012 – –
Current year impairment provision (14,600) –
net book value at 30 September 106,564 118,890
See note 17 for details of current year impairment provision
Company
The Company has no goodwill. InterBulk Group Annual Report and Accounts 2013 51
financials 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 1 October 2011 3,110 500 747 1,493 418 6,268
Additions – – – 325 34 359
Exchange differences – – – (44) – (44)
At 30 September 2012 3,110 500 747 1,774 452 6,583
Additions – – – 280 27 307
Disposals – – – – (107) (107)
Exchange differences – – – 22 – 22
at 30 September 2013 3,110 500 747 2,076 372 6,805
Accumulated amortisation and impairment:
At 1 October 2011 (925) (448) (208) – (170) (1,751)
Amortisation during the year (207) (52) (38) – (42) (339)
At 30 September 2012 (1,132) (500) (246) – (212) (2,090)
Amortisation during the year (207) – (38) – (41) (286)
Disposals – – – – 58 58
at 30 September 2013 (1,339) (500) (284) – (195) (2,318)
net book value at 30 September 2013 1,771 – 463 2,076 177 4,487
Net book value at 30 September 2012 1,978 – 501 1,774 240 4,493
The amortisation charge in the year for other intangible assets has been included in administrative expenses. 
The software cost of £2,076,000 relates to our new group wide operating system which is still under construction. As such no amortisation has been 
charged.
Company
The Company has no other intangible assets.  52 InterBulk Group Annual Report and Accounts 2013  
16. Property, plant & equipment
Group
Freehold
land and
buildings
£’000
Containers &
direct
equipment
£’000
Computer 
equipment 
and others 
£’000
 
 
Total
£’000
cost:
At 1 October 2011 959 76,879 4,313 82,151
Additions – 4,433 607 5,040
Disposals – (1,295) (2) (1,297)
Exchange differences – (3,764) (265) (4,029)
At 30 September 2012 959 76,253 4,653 81,865
Additions – 6,323 377 6,700
Disposals – (5,865) (213) (6,078)
Exchange differences – 3,561 150 3,711
at 30 September 2013 959 80,272 4,967 86,198
accumulated depreciation and impairment:
At 1 October 2011 (56) (24,896) (3,272) (28,224)
Depreciation during the year (16) (7,683) (299) (7,998)
Disposals – 939 2 941
Exchange differences – 1,421 283 1,704
At 30 September 2012 (72) (30,219) (3,286) (33,577)
Depreciation during the year (18) (7,525) (358) (7,901)
Disposals – 5,153 210 5,363
Impairment (173) – – (173)
Exchange differences – (2,171) (156) (2,327)
at 30 September 2013 (263) (34,762) (3,590) (38,615)
net book value at 30 September 2013 696 45,510 1,377 47,583
Net book value at 30 September 2012 887 46,034 1,367 48,288
The depreciation charge for the year is £7,901,000 (2012: £7,998,000), of which £7,525,000 has been charged (2012: £7,683,000) in cost of sales and 
£376,000 (2012: £315,000) in administration expenses. 
The net book value of containers & direct equipment held under finance leases and hire purchase contracts at 30 September 2013 was £30,081,000 (2012: 
£30,463,000). Additions during the year include £4,289,000 (2012: £3,262,000) 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.
The impairment figure relates to the write down of the asset value of our only owned office property which was sold post year end.
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. InterBulk Group Annual Report and Accounts 2013 53
financials 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 division was 2%, and 4% for both the Liquid 
Bulk and ISO-Veyor divisions. 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% (2012: 11.5%).
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 for 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 66,381 46,206 6,303 118,890
Impairment provision in the year (10,700) – (3,900) (14,600)
Exchange – 2,274 – 2,274
Goodwill - closing 55,681 48,480 2,403 106,564
Dry Bulk
During the year the goodwill in relation to the Group’s Dry Bulk operations was impaired by £10.7m following a reduced assumption for the future cash 
flow forecasts reflecting current year results and current market conditions. See the Chairman’s Statement, Chief Executive Officer’s Statement and 
Financial Review for further comments.
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 £55.7m goodwill carrying value. If the recovery of the Dry Bulk financial performance 
assumed in the 3 year financial plans is slower than expected, then a further write-down of £7.5m of the remaining goodwill may occur. If the discount 
rate increased by 300 basis points, then a write-down of £15.0m of the remaining goodwill may occur. 54 InterBulk Group Annual Report and Accounts 2013  
ISO-Veyor
During the year the goodwill in relation to the Group’s ISO-veyor operations was impaired by £3.9m in recognition of fact that industry adoption of the 
ISO-Veyor technology has not been as fast as expected. See the Chairman’s statement, Chief Executive Officer’s Statement and Financial Review for further 
comments.
For the ISO-Veyor business unit, reasonably possible further changes in the assumed growth demand for this new technology and the future utilisation of 
the existing asset fleet, as well as changes to the discount rate could cause the remaining carrying value of the goodwill allocated to this business unit of 
£2.4m to exceed its recoverable amount. A sensitivity analysis has been performed on the ISO-Veyor business unit to assess the impact of any reasonable 
possible change in these key assumptions on the £2.4m carrying value. If the discount rate increased by 300 basis points, then a write-down of £0.7m of 
the remaining goodwill may occur. Separately, if no growth was assumed from the current year, then a write-down of £1.8m of the remaining goodwill 
may occur. 
Liquid
The recoverable amount 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 change to the conclusions reached for the carrying value of the Liquid Bulk business unit.
18. Investments
Group Company
2013
£’000
2012
£’000
2013
£’000
2012
£’000
Investments in subsidiaries – – 43,637 47,687
– – 43,637 47,687
Company
The movement in investments in subsidiaries is as follows:
£’000
cost
At 1 October 2012 47,687
Additions 64
Write down of investments (214)
Impairment of InBulk Technologies Limited (3,900)
at 30 September 2013 43,637
The additions in the year relate to the final payment in the purchase of the remaining 25% of shares in UTT (Eastern Europe) BV. 
The investment in InBulk Technologies Limited was impaired as a result of the impairment review described in Note 17. The carrying value of the 
investment was in line with that of goodwill and has therefore been impaired accordingly.
The Company’s principal subsidiary undertakings at 30 September 2013 are shown below. The accounting dates of the subsidiary undertakings are all 
30 September with the exception of Beijing InterBulk Logistics Co. Ltd, Shanghai InterBulk Logistics Co. Ltd, InterBulk OOO and OOO InterBulk Terminal 
which have December year ends. InterBulk Group Annual Report and Accounts 2013 55
financials 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
registrations/ 
incorporation
Nature of
Business
United Transport Tankcontainers Holdings BV Ordinary Netherlands Holding Company
United Transport Tankcontainers BV * Ordinary Netherlands Logistic Services
UTT (Eastern Europe) BV Ordinary Netherlands Logistic Services
InterBulk (Tankcontainers) Holdings Limited * Ordinary UK Holding Company
InterBulk (Tankcontainers) Limited* Ordinary UK Logistics Services
IBT Limited* Ordinary UK Non-Trading
UTT United Transport Tankcontainers Holdings AB * Ordinary Sweden Holding Company
InterBulk (Trucking) AB* Ordinary Sweden Trucking
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 Logistics Services
OOO InterBulk Terminal Ordinary Russia Logistics Services
UTTC South 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 Logistic Services
Linertech Limited * Ordinary UK Liner technical services
United IBC Europa BV * Ordinary Netherlands Logistic Services
InterBulk Terminals (Germany) Gmbh * Ordinary Germany Logistics Services
UBC BV * Ordinary Netherlands Logistic Services
UBC GmBH Ordinary Germany Logistic Services
UBC Austria GmbH * Ordinary Austria Logistics Services
UBC SAS * Ordinary France Logistic Services
UBC Espana SA * Ordinary Spain Logistic Services
InterBulk S.r.l Ordinary Italy Logistic Services
UBC Finland OY * Ordinary Finland Logistics Services
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 56 InterBulk Group Annual Report and Accounts 2013  
19. Preference shares in subsidiary
Company
2013
£’000
2012
£’000
Financial assets
Preference shares held in subsidiary 2,637 2,513
The preference shares held are issued by United Transport Tankcontainers Holdings BV. Preference shares are eligible for a ten per cent dividend and for 
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
2013
£’000
2012
£’000
Spare parts 89 109
Finished liners 1,352 1,644
1,441 1,753
During the year £3,835,000 (2012: £4,700,000) was recognised as an expense within cost of sales.
21. trade and other receivables
Group Company
2013
£’000
2012
£’000
2013
£’000
2012
£’000
Trade receivables (gross) 39,990 40,864 – –
Less: provision for impairment of receivables (509) (298) – –
Trade receivables (net) 39,481 40,566 – –
Loans owed by subsidiaries – – 21,738 22,116
Amounts due from subsidiaries – – 9,407 6,315
VAT 719 872 15 55
Prepayments and accrued income 447 308 48 19
Other debtors 2,601 2,198 283 425
Dividends receivable from subsidiary – – 2,862 5,414
43,248 43,944 34,353 34,344
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%. InterBulk Group Annual Report and Accounts 2013 57
financials 22. Financial liabilities
Current
Group Company
2013
£’000
2012
£’000
2013
£’000
2012
£’000
Bank overdraft – – 2,146 3,593
Current obligations under finance leases and 
hire purchase contracts (note 25) 5,812 6,720 – –
Current instalments due on bank loans (note 24) 2,380 70,575 – –
8,192 77,295 2,146 3,593
Non-current
Group Company
2013
£’000
2012
£’000
2013
£’000
2012
£’000
Non-current obligations under finance leases and 
hire purchase contracts (note 25) 11,289 11,834  – –
Non-current instalments due on bank loans (note 24) 63,522 – – –
Interest rate Swap 262 – – –
75,073 11,834 – –
The bank overdrafts and revolving credit facility are secured via the Group’s Senior Debt facility (note 24). The bank overdraft recorded by the Company is 
subject to legal offset with bank accounts held by subsidiary companies. As a result, for the Group balance sheet this amount is netted with positive cash.
23. trade and other payables
Current
Group Company
2013
£’000
2012
£’000
2013
£’000
2012
£’000
Trade payables 29,351 29,326 248 161
Accruals and deferred income 31,277 28,479 511 348
Taxation and social security 287 449 – –
60,915 58,254 759 509 58 InterBulk Group Annual Report and Accounts 2013  
24. Bank loans
Group
Bank loans comprise the following:
Group Company
2013
£’000
2012
£’000
2013
£’000
2012
£’000
Senior Term A - USD 5,889 – – –
Senior Term A - GBP 4,365 – – –
Senior Term A – Euro 8,067 2,810 – –
Senior Term B – Euro 30,043 20,117 – –
Senior Term B – GBP 17,466 26,102 – –
Mezzanine Loan – Euro – 14,955 – –
Mezzanine Loan – GBP – 6,235 – –
Other Bank Loans – Euro 72 356 – –
65,902 70,575 – –
Less: current instalments due on Bank Loans (2,380) (70,575) – –
63,522 – – –
The above bank loans are recorded at fair value less directly attributable transaction costs. At 30 September 2013, the value of attributable transaction 
costs was £947,000 (2012: £37,000). The value of the unamortised warrant costs at 30 September 2013 for the Group was nil (2012: £37,000). On 
5 October 2012 the Company refinanced the existing bank loans with the Bank of Scotland after having made a £3.9m additional loan repayment on that 
date. Due to the refinancing being completed after the prior year end, all of the Bank of Scotland loans at 30 September 2012 were classified within short-
term financial liabilities as the previous facility expired on 30 June 2013.
Senior Term Loan A
Term Loan A has scheduled quarterly repayments ending 30 September 2016 with the following sterling equivalent annual values:  £2.6m, £3.3m and 
£4.1m, respectively.  The balance remaining after these scheduled repayments is payable on the 30 September 2016.  The loan bears interest based on the 
relevant currency LIBOR plus a 4.25% to 4.75% bank margin. 
Senior Term Loan B
Term Loan B is repayable on a single repayment date falling on 30 September 2016.  The loan bears interest based on the relevant currency LIBOR plus a 
4.25% to 4.75% bank margin.
Other Bank Loans 
Other bank loans consist of local finance arrangements in Austria in relation to container terminals. The loans are repayable in monthly and quarterly 
instalments with the final repayment in 2014. The loans bear interest at Euro LIBOR plus 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 7 February 2013. In addition, the Group has committed revolving credit and ancillary facilities with the Bank of 
Scotland plc and Cooperatieve RaboBank Rotterdam U.A. of £10m for working capital and ancillary purposes of the Group. As at 30 September 2013 none 
of this amount was drawn (2012: 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, financial covenants and certain defined events of 
default. InterBulk Group Annual Report and Accounts 2013 59
financials 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
2013
£’000
2012
£’000
Not later than one year 6,734 7,843
After one year but not more than 5 years 11,145 11,902
Greater than 5 years 1,651 1,544
19,530 21,289
Less finance charges allocated to future periods (2,429) (2,735)
Present value of minimum lease payments 17,101 18,554
The present value of minimum lease payments is analysed as follows:
Not later than one year 5,812 6,720
After one year but not more than 5 years 9,872 10,491
Greater than 5 years 1,417 1,343
17,101 18,554
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
2013
£’000
2012
£’000
Not later than one year 1,262 1,679
After one year but not more than 5 years 1,546 1,338
Greater than 5 years 10 –
2,818 3,017
Company
The Company has no operating leases in either year.
26. Financial instruments
The Group’s activities expose them 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. 60 InterBulk Group Annual Report and Accounts 2013  
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 2013, 72% (2012: none) of the Group’s financial 
liabilities were at fixed rates after taking account of interest rate swaps which become effective on 1 October 2013. The Group monitors its interest rate 
exposure on a regular basis by applying forecast interest rates to the Group’s forecast net debt profile after taking into account its existing hedges.
At 30 September 2013, the Group had interest rate swaps in place with notional amounts of £30,472,723 (2012: £nil) and £17,715,515 (2012: £nil), 
covering senior debt loans denominated in Euro and GBP values, respectively. The interest rate swaps in place at 30 September 2013 results in receiving 
fixed rates of interest of 0.71% and 0.985% from 1 October 2013 for a two year period respectively and pay variable rates based on relevant LIBOR floating 
rate. The swap is being used to hedge the exposure to changes in the interest rates for the term debt. The secured loan and interest rate swap has the 
same critical terms. There were no interest rate swaps in place at 30 September 2012. 
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. Floating rate interest bearing accounts bear interest 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 2013
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 604 774 2,987 – – – 4,365
Senior debt loans - Euro 1,116 1,431 5,520 – – – 8,067
Senior debt loans – USD 814 1,043 4,032 – – – 5,889
Other bank loans – Euro 72 – – – – – 72
Fixed rate
Senior debt loans – GBP (84) (84) 17,634 – – – 17,466
Senior debt loans – Euro (142) (144) 30,329 – – – 30,043
Finance leases – GBP 1,704 949 655 562 253 – 4,123
Finance leases – Euro 3,266 3,234 928 574 607 1,417 10,026
Finance leases – USD 842 895 1,088 127 – – 2,952
8,192 8,098 63,173 1,263 860 1,417 83,003 InterBulk Group Annual Report and Accounts 2013 61
financials At 30 September 2012
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 32,337 – – – – – 32,337
Senior debt loans – Euro 37,882 – – – – – 37,882
Other bank loans – Euro 356 – – – – – 356
Fixed rate
Senior debt loans – GBP – – – – – – –
Senior debt loans – Euro – – – – – – –
Finance leases – GBP 1,767 1,224 448 146 50 – 3,635
Finance leases – Euro 4,155 2,240 2,171 792 451 1,343 11,152
Finance leases – USD 798 847 899 1,096 127 – 3,767
77,295 4,311 3,518 2,034 628 1,343 89,129
The bank loans included above as fixed interest are classified as such due to the effect of interest rate swaps that were taken out during the year, but 
become effective on 1 October 2013. These swaps were not in effect during the year to 30 September 2013. 
The weighted average interest rates on the financial liabilities during the year were as follows:
2013 2012
Floating
Senior debt loans – Sterling 5.03% 9.4%
Senior debt loans – Euro 4.79% 12.7%
Senior debt loans - USD 5.33% –
Other bank loans – Euro 1.97% 3.05%
Fixed 
Senior debt loans – Sterling – 6.6%
Senior debt loans – Euro – 6.2%
Finance leases – GBP 4.0% 4.7%
Finance leases – Euro 5.5% 5.6%
Finance leases – USD 6.9% 6.9%
At 30 September 2013, 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 £169,000 (2012: £145,000) lower/higher, mainly as a result of higher/lower interest expense on floating rate borrowings. 5% takes into 
account any 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.  62 InterBulk Group Annual Report and Accounts 2013  
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 new debt package was obtained on 5 October 2012 which expires on 30 September 2016. The tables 
below summarise the Group’s remaining contractual maturity for its financial liabilities at 30 September 2013 and 2012. 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 principle cash flows but excludes the warrant valuation.
at 30 September 2013
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 29,351 – – – – – 29,351
Loans – principal and interest 6,386 6,548 63,840 – – – 76,774
Obligations under finance leases 
and hire purchase contracts 6,734 5,629 2,997 1,502 1,017 1,651 19,530
Interest rate swaps – 262 – – – – 262
At 30 September 2012
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 29,326 – – – – – 29,326
Loans – principal and interest 74,510 – – – – – 74,510
Obligations under finance leases 
and hire purchase contracts 7,843 5,037 3,906 2,223 736 1,544 21,289
Interest rate swaps – – – – – – –
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 2013 was a borrowing of Euro 41,592,565 (2012: Euro 30,525,962) 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 2013 was £34,768,000 
(2012: £24,321,000). The foreign exchange loss of £1,584,000 (2012: £2,083,000 gain) 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 (2012: £nil). InterBulk Group Annual Report and Accounts 2013 63
financials The main currencies of the net debt were:
Currency
Financial 
liabilities  
2013
£’000
Financial 
liabilities
2012
£’000
Net cash 
 at bank 
 and in hand
2013
£’000
Net cash 
 at bank 
 and in hand
2012
£’000
Sterling 25,954 35,972 3,918 8,531
Euro 48,208 49,389 (1,929) (4,236)
US Dollars 8,841 3,768 10,746 11,655
Swedish Krona – – 201 230
Other currencies – – 593 421
83,003 89,129 13,529 16,601
Company
The Company bank overdraft at September 2013 of £2,146,000 (2012: £3,593,000) is split between cash £3,582,000 (2012: £4,527,000 cash) denominated 
in Sterling, £5,720,000 overdraft denominated (2012: £8,126,000 overdraft) in Euro and £8,000 overdraft denominated (2012: £6,000 overdraft) in US 
Dollars. 
Currency sensitivities
At 30 September 2013, 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
2013
£’000
2012
£’000
Euro (43) (71)
US Dollars 138 148
Swedish Krona 13 23
Singapore Dollars 13 11
For financial instruments the main exposure to the Euro and US Dollars is due to loans. If the Euro had varied by 5% against the pound, equity would have 
been £1,840,000 (2012: £1,800,000) lower/higher. If the US Dollar had varied by 5% against the pound, equity would have been £285,000 (2012: no US 
Dollar loans held) lower/higher. As these loans are predominantly used to hedge the subsidiaries net assets there would be some 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. 64 InterBulk Group Annual Report and Accounts 2013  
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
2013
£’000
2012
£’000
2013
£’000
2012
£’000
Amounts neither past due nor impaired 33,293 33,426 – –
Amounts past due but not impaired
Less than 30 days 4,220 4,990 – –
30-90 days 1,375 1,427 – –
More than 90 days 593 723 – –
Total past due but not impaired 6,188 7,140 – –
Amounts impaired 509 298 – –
Specific allowances for bad and doubtful debts (509) (298) – –
Trade receivables net of allowances 39,481 40,566 – –
Movements in the allowance for impairments were:
Group Company
2013
£’000
2012
£’000
2013
£’000
2012
£’000
At 1 October 298 501 – –
Charge / (credit) 211 (132) – –
Utilised – (39) – –
Exchange adjustments – (32) – –
At 30 September 509 298 – –
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.
2013
£’000
2012
£’000
Senior and mezzanine debt 65,830 70,219
Other bank loans 72 356
Asset finance lease creditors 17,101 18,554
Less: cash and cash equivalents (13,529) (16,601)
Net debt 69,474 72,528
Equity 73,504 86,547
Capital employed 142,978 159,075
Gearing 49% 46%
Net debt is defined as bank loans, and obligations under finance leases less cash and cash equivalents. InterBulk Group Annual Report and Accounts 2013 65
financials 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:
2013
Book value
£’000
2013
Fair value
£’000
2012
Book value
£’000
2012
Fair value
£’000
Financial assets:
Cash at bank and in hand 13,529 13,529 16,601 16,601
Financial Liabilities:
Current bank loans (2,380) (2,380) (70,575) (70,575)
Non-current bank loans (63,522) (63,522) – –
Interest rate swaps (262) (262) – –
Finance leases (17,101) (16,000) (18,554) (17,418)
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, designated as a cash flow hedge.
The fair values are based on cashflows discounted using a rate (based on borrowings) of 9.19%.
Company
The fair value of the Company’s financial assets and liabilities are:
2013
Book value
£’000
2013
Fair value
£’000
2012
Book value
£’000
2012
Fair value
£’000
Financial assets:
Preference shares in subsidiary 2,637 2,637 2,513 2,513
Financial Liabilities:
Bank overdraft (2,146) (2,146) (3,593) (3,593)
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.  66 InterBulk Group Annual Report and Accounts 2013  
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.
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:
2013 2012
£’000 £’000
Group
Liabilities – interest rate swaps (262) –
(262) –
Company
The company has no derivative financial instruments. InterBulk Group Annual Report and Accounts 2013 67
financials 27. authorised and issued share capital
Group and Company
The authorised share capital of the Company can be analysed as follows:
2013 2012
£ £
authorised
500,000,000 (2012: 500,000,000) ordinary shares of 10p each 50,000,000 50,000,000
Allotted, called up and fully paid
Number £’000
at 1 October 2012 and 30 September 2013 467,892,041 46,789
Share warrants
On 30 September 2009, 15,144,600 warrants were granted to Bank of Scotland, with an exercise price of 10p. During the year ended 30 September 2011, 
3,028,920 of these warrants were cancelled resulting in 12,115,680 remaining in issue. These warrants are exercisable for five years from 30 September 
2009. No movement in these warrants arose during the year.
28. cash flow and net debt
Group
a) Cash flow from operations
2013
£’000
2012
£’000
Profit before taxation (12,868) 4,888
Adjustments for:
Depreciation 7,901 7,998
Amortisation of intangible assets 286 339
Gain on sale of fixed assets (246) (90)
Finance income (7) (26)
Finance expenses 5,762 8,135
Impairment of goodwill 14,600 –
Decrease in inventories 312 169
(Increase) / decrease in trade & other receivables (1,791) 4,083
Decrease in retirement benefit obligations (47) (3)
Increase / (decrease) in payables 4,386 (3,621)
Cash generated from operations 18,288 21,872 68 InterBulk Group Annual Report and Accounts 2013  
(b) Cash and cash equivalents 
2013
£’000
2012
£’000
Cash and cash equivalents 13,529 16,601
Overdraft – –
Net cash 13,529 16,601
(c) Analysis of Group net debt
1 October
2012
£’000
Cashflow
£’000
Exchange
differences
£’000
Non–cash 
movements
£’000
30 September
2013
£’000
Cash and cash equivalents 16,601 (3,144) 72 – 13,529
Senior term loans (70,219) 6,629 (1,858) (382) (65,830)
Other loans (356) 303 (19) – (72)
Finance leases (18,554) 6,232 (490) (4,289) (17,101)
(72,528) 10,020 (2,295) (4,671) (69,474)
Cash movements in senior term loans includes £1,255,000 of fees paid in relation to the refinancing on 5 October 2012. This amount is included in the 
interest and fees paid value in the Group Statement of Cashflows.
(d) Non-cash movements
Non-cash movements within finance leases includes £4,289,000 relating to the inception of new finance leases on the purchase of containers and other 
direct equipment.
Non-cash movements within loans include roll up of interest costs of £35,000 for the mezzanine loan for the first 5 days of October 2013 prior to the 
refinancing plus amortisation of deferred finance costs in the year of £347,000.
Company
(a) Cash flow from operations
2013
£’000
2012
£’000
(Loss) / profit before taxation (2,720) 1,805
Adjustments for:
Finance income (2,691) (2,799)
Finance expense 348 302
Write off of investment 100 –
Impairment of investment 3,900 –
Non-cash exchange loss 11 3
Dividend income from subsidiary (266) (259)
(Increase) / decrease in trade and other receivables (1,448) 1,548
Increase / (decrease) in payables 250 (96)
Cash (utilised) / generated from continuing operations (2,516) 504 InterBulk Group Annual Report and Accounts 2013 69
financials (b) Cash and cash equivalents
2013
£’000
2012
£’000
Cash and cash equivalents (2,146) (3,593)
(c) Analysis of Company net debt
1 October 
2012
£’000
Cashflow
£’000
Exchange
differences
£’000
Non–cash
movements
£’000
30 September 
2013
£’000
Cash and cash equivalents (3,593) 1,897 (450) – (2,146)
29. capital commitments
The Group has capital commitments at 30 September 2013 of £109,000 (2012: £2,954,000). The Company has no capital commitments at 30 September 
2013 (2012: £ nil).
30. Pension and other post-retirement benefits
The Group has a defined contribution pension scheme under which it pays fixed contributions to a third party insurance company, except for one of the 
Directors for which the Group has a defined benefit plan. 
(a) Defined Contribution Pension Scheme
In respect of the defined contribution pension scheme £902,000 (2012: £677,000) has been recognised as an administrative expense during the year. 
(note 5).
(b) Defined Benefit Pension Scheme
The Group operates a defined benefit scheme which consists of two members, one active and one deferred. The amounts recognised in the balance sheet 
are determined as set out below. 
The assets and liabilities of the schemes at 30 September 2013 are:
2013
£’000
2012
£’000
Fair value of plan assets (fixed interest bonds) (1,969) (1,748)
Present value of defined benefit obligation 1,956 1,782
Net pension (asset)/liability (13) 34
The pension plan has not invested in any of the Group’s own financial instruments nor in properties or other assets used by the Group. The fixed interest 
bonds at 30 September 2013 had as expected long term rate of return of 3.5% (2012: 3.5%). 70 InterBulk Group Annual Report and Accounts 2013  
The amounts recognised in the income statement are as follows:
2013
£’000
2012
£’000
Recognised in the Income Statement
Current service cost (included in administrative charge) 39 29
Others 14 11
Recognised in arriving at operating profit (note 5) 53 40
Expected return on pension scheme assets (66) (66)
Interest on pension scheme liabilities 68 68
Net cost 2 2
2013
£’000
2012
£’000
Taken to the Statement of Comprehensive Income
Actual return less expected return on pension scheme assets (13) (408)
Remeasurement of Defined Benefit Obligation (19) 420
(32) 12
Movement in deferred tax asset 6 (3)
Actuarial gains and losses recognised in the Statement of Comprehensive Income (26) 9
The cumulative actuarial gains and losses recognised in equity at 30 September 2013 is £49,000 loss (2012: £17,000 loss). 
The actual gain on plan assets was £79,000 (2012: £474,000).
Pension contributions are determined with the advice of independent qualified actuaries on the basis of annual valuations using the projected unit 
method. Plan assets are stated at their market values at the respective balance sheet dates and overall expected rates of return are established by applying 
published brokers forecasts to each category of plan assets and allowing for plan expenses. The most recent actuarial valuation was performed by Milliman 
Pension Actuaries as at 30 September 2013. The principal assumptions used by the actuaries include:
2013
%
2012
%
Rate of salary increases 2.00 2.00
Expected rates of return on scheme assets - bonds 3.50 3.50
Discount rate 3.50 3.50
Inflation assumption 2.00 2.00
The Group made contributions of £72,000 (2012: £53,000) in the year to 30 September 2013. No additional contributions are expected to be made in the 
next financial year over and above the employer’s regular contribution. The total contributions to the defined benefit plans in the next financial year are 
expected to be nil (2012: £53,000). InterBulk Group Annual Report and Accounts 2013 71
financials Changes in the present value of the defined benefit pension obligations are analysed as follows:
2013
£’000
2012
£’000
Start of year 1,782 1,387
Current service cost 39 29
Interest cost 68 67
Actuarial (losses)/gains (19) 406
Exchange movement 86 (107)
End of year 1,956 1,782
Changes in the fair value of plan assets are analysed as follows:
2013
£’000
2012
£’000
Start of year 1,748 1,350
Expected return on plan assets 66 66
Employer contribution 72 53
Expenses (14) (11)
Actuarial gains 13 408
Exchange movement 84 (118)
End of year 1,969 1,748
History of experience gains and losses: 2013 2012 2011 2010 2009
Fair value of scheme assets
Present value of defined benefit obligation (£’000) 1,956 1,782 1,387 1,669 1,248
Surplus/(deficit) in the scheme (£’000) 1,969 1,748 1,350 1,614 1,175
Difference between actual return on scheme assets
Amount (£’000) 13 408 (372) 410 202
Percentage of scheme assets 0% 23% 28% 25% 16%
Experience gains and losses on scheme liabilities
Amount (£’000) (19) (4) (106) (6) (18)
Percentage of scheme liabilities 0% 0% 8% 1% 14%
Changes in assumptions liabilities
Amount (£’000) 0 424 (274) 403 248
Percentage of scheme liabilities 0% 24% 20% 24% 20%
Total amount recognised in statement of recognised income and 
expense
Amount (£’000) (32) 12 (8) (13) 28
Percentage of scheme liabilities 2% 1% 1% 1% 2% 72 InterBulk Group Annual Report and Accounts 2013  
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 resulting in 12,115,680 remaining in issue. The warrants are exercisable at any time in the 5 years 
beginning 30 September 2009. The fair value of these warrants were valued using the Black-Scholes method, taking into account the terms and conditions 
upon which the instruments were issued. The model inputs were the share price at grant date of 3p, the exercise price of 10p, the term of 5 years, the 
expected volatility of 294% based on historic volatility and a risk free rate of 4.5%.
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 2013 the Group has issued bank guarantees to suppliers in the ordinary course of business to a value of £424,434 (2012: £558,191) and 
guarantees to HM Revenue and Customs with a value of £200,000 (2012: £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, Bill Thomson and Jim McColl, in-house legal services, general administrative services and 
office space. For the current year fees payable under these arrangements were £429,501 (2012: £474,935) excluding out of pocket expenses. As at 
30 September 2013 amounts due to Clyde Blowers Limited were £41,998 (2012: £54,190).
The Group has obtained transportation services from Groupe Norbert Dentressangle SA, a company in which Luiz Gomez is a Director. For the current year 
amounts payable for these services were £8,135,029 (2012: £8,942,600). As at 30 September 2013 amounts due to Groupe Norbert Dentressangle SA were 
£1,194,561 (2012: £752,768). In addition, the Group provides certain logistics services and equipment rental to Group Norbert Dentressangle SA. For the 
current year amounts receivable for these were £1,031,585 (2012: £1,281,687). As at 30 September 2013 amounts due from Group Norbert Dentressangle 
SA were £87,076 (2012: £207,341).
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 £2,469,559 (2012: £584,271). As at 30 September 2013 amounts due to Sinotrans Limited were 
£504,293 (2012: £362,437). In addition, the Group provides certain logistics services and equipment rental to Sinotrans Limited. For the current period 
amounts receivable for these were £833,417 (2012: £429,037). As at 30 September 2013 amounts due from Sinotrans Limited were £519,234 (2012: 
£93,267). InterBulk Group Annual Report and Accounts 2013 73
financials 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:
2013
£’000
2012
£’000
InterBulk (UK) Limited 95 95
United Transport Tankcontainers Holdings BV 135 135
InBulk Technologies Limited 30 30
260 260
(b) Management costs:
2013
£’000
2012
£’000
InterBulk (UK) Limited (1) (2)
United Transport Tankcontainers Holdings BV (79) (38)
InterBulk (Tankcontainers) Holdings Limited (10) –
United Transport Tankcontainers BV (17) –
UTT (Eastern Europe) BV (2) –
(109) (40)
(c) Finance income – interest receivable:
2013
£’000
2012
£’000
InterBulk (UK) Holdings Limited 2,567 2,654
InterBulk China Holdings Limited 81 103
InBulk Technologies Limited 42 42
2,690 2,799
(d) Dividend income:
2013
£’000
2012
£’000
United Transport Tankcontainers Holdings BV 266 259
(e) Year end balances – loans owed by subsidiaries:
2013
£’000
2012
£’000
InBulk Technologies limited 600 600
InterBulk (UK) Holdings Limited 19,698 20,198
UTT (Eastern Europe) BV 8 8
InterBulk China Holdings Limited 1,432 1,310
21,738 22,116 74 InterBulk Group Annual Report and Accounts 2013  
(f) Year end balances - dividends receivable from subsidiary:
2013
£’000
2012
£’000
United Transport Tankcontainers Holdings BV 2,862 5,414
(g) Year end balances – amounts due from subsidiaries:
2013
£’000
2012
£’000
InterBulk (UK) Limited 19 260
United Transport Tankcontainers Holdings BV 1,227 705
InterBulk (Tankcontainers) Holdings Limited 390 195
United Transport Tankcontainers BV 137 147
InterBulk (Tankcontainers) Limited – 221
InBulk Technologies Limited 901 817
CleanCat Technologies Limited 76 72
Beijing InterBulk Logistics Co. Limited 48 48
InterBulk China Holdings Limited 245 163
InterBulk (UK) Holdings Limited 6,323 3,650
Non-significant companies 41 37
9,407 6,315 c InterBulk Group Annual Report and Accounts 2012   
Five Year Summary
Design and production by Imprima
Printed on FSC mixed source papers
2009 2010 2011 2012 2013
232.5
273.0
300.4
280.4
271.5
Five Year Summary
REVENUE (£m)
NET DEBT (£m)
EBITDA  
(before exceptional items) (£)
OPERATING PROFIT  
(before exceptional items and amortisation) (£)
PROFIT AFTER TAX  
(before exceptional items) (£)
20092010 2011 2012 2013
23.5 23.5
23.8
21.3
16.2
20092010 2011 2012 2013
14.8
15.1
15.5
13.3
8.3
20092010 2011 2012 2013
2.0
1.6
3.5
4.3
1.4
20092010 2011 2012 2013
118.1
109.3
83.9
72.5
69.5
InterBulk is one of the most diverse and innovative intermodal logistics companies in the world. 
With our unique combination of technical knowledge and supply chain insight we provide 
logistics solutions for liquid and dry bulk materials anywhere. INTERBULK GROUP PLC ANNUAL REPORT AND ACCOUNTS 2013
www.interbulkgroup.com
ANNUAL REPORT AND ACCOUNTS 2013
mORE ThAN TRANSPORT