INTERBULK GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
www.interbulkgroup.com
  
Annual Report
& Accounts 2014 c InterBulk Group Annual Report and Accounts 2012   
Five Year Summary
Design and production by Imprima
Printed on FSC mixed source papers
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) (£)
2014 2010 2011 2012 2013
16.7
23.5
23.8
21.3
16.2
2014 2010 2011 2012 2013
8.8
15.1
15.5
13.3
8.3
2014 2010 2011 2012 2013
0.5
1.6
3.5
4.3
1.4
2014 2010 2011 2012 2013
60.2
109.3
83.9
72.5
69.5
2014 2010 2011 2012 2013
256.3
273.0
300.4
280.4
271.5 INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
1
Financial Highlights
GROUP RevenUe
£ 256.3m
OPeRatInG PROFIt (before amortisation and exceptional items)
£ 8.8m
PROFIt BeFORe tax (before amortisation and exceptional items)
£ 3.2m
net DeBt
£ 60.2m
tURnOveR BY BUSIneSS
  Liquid Bulk 59.9%
  Dry Bulk 39.8%
  Others 0.3%
06 Chief Executive’s Review
10 Financial Review
13 Directors’ Report
01 Financial Highlights
02 Chairman’s Statement
19 Corporate Governance Report
22 Directors’ Remuneration Report
24 Board of Directors
26 Statement of Directors’  
 Responsibilities
27 Independent Auditors’ Report
29 Group Income Statement
30 Group Statement of  
 Comprehensive Income
31 Group and Company Balance Sheets
32 Group Statement of Cashflows
33 Company Statement of Cashflows
34 Group Statement of Changes in Equity
35  Company Statement of Changes in 
Equity
36 Notes to the Financial Statements 
KeY FaCtS
turnover £256.3m
employees 475
Offices 26
terminals 7
tankcontainers 10,900
Boxes (“Bag in Box”) 7,600 2
InterBulk Group Annual Report and Accounts 2014
Chairman's Statement
David Rolph
I today report the audited results of InterBulk Group plc for the 
year ended 30 September 2014. After a stronger performance in 
the second half of the year and despite a 6% year on year revenue 
decline to £256.3 million we achieved an operating profit (before 
amortisation and exceptional items) 6% ahead of last year at £8.8 
million. With the interest expense remaining at a similar level the 
profit before amortisation, exceptional items and tax increased 23% 
from £2.6 million to £3.2 million. We were able to continue our five 
year performance record of reducing net debt, ending the year with 
the debt level substantially reduced by £9.2 million at £60.2 million.
The performance of the Liquid Bulk tank container division was 
encouraging with an improvement delivered in margin quality from 
a focus on business selection and tank container fleet balance. The 
Liquid Bulk division 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 were stable, although we saw a slow-down in 
activity in the last 2 months of the financial year linked to weakening 
business confidence and short term de-stocking triggered by the 
sharp drop in oil price. Transportation moves were 1% up on last 
year, but revenues at £153.6 million were 2% lower year on year 
due to less favorable currency translation. Operating profit (before 
exceptional items) increased 2% to £7.9 million.
During the year, we announced that our Dry Bulk business continued 
to be heavily impacted by specific market dynamics in the polymer 
sector in Europe, including both temporary and permanent chemical 
plant shutdowns, 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, and the wave 
of new plastics capacity being constructed in the US Gulf based 
on ethane from shale gas will simply heighten this pressure on the 
European producers in the coming years. Our strategy to develop 
new business for example in the food market, and also to bring the 
bag-in-box concept to other regions, such as Asia, has not achieved 
the desired results and, indeed after a number of years of sustained 
growth, we have seen a drop in food revenue in the second half. 
Activity linked to European polymers still accounts for a significant 
share of our business with 82% of our Dry Bulk division revenue. 
We have therefore moved to reduce sharply the overheads in the 
Dry Bulk division, and to achieve cost reductions in procurement 
and through operational efficiency measures, since the drop in 
revenue of 11% year on year to £101.9 million presents us with a 
challenging situation. Operating profit (before exceptional items) in 
the Dry Bulk division remained stable at £1.7 million. In light of this, 
we have reduced our forecasts which has resulted in an exceptional 
impairment of the carrying value of the Dry Bulk division of £32.3 
million. This along with £2.0 million of other exceptional items (see 
note 7) results in a total exceptional charge of £34.3 million in the 
year.
Our Strategy
InterBulk’s vision is to be a leading global supplier of intermodal 
logistics solutions to customers in the chemical, polymer and food 
industries, spanning both dry and liquid bulk supply chains, using 
our established network in Europe, the Americas and Asia Pacific, 
and employing the best people in the industry. We will continue to 
strengthen partnerships with our customers and logistics service 
partners around the world. 
Organisational effectiveness and efficiency has come under 
the spotlight and we have used two core elements of customer 
service and cost as the focus for our efforts. We have completed 
a comprehensive reorganisation of the European Dry Bulk division 
during the year and continued to push for greater efficiency from the 
centralisation of our internal operations. The global tankcontainer 
organisation has also been subject to an in depth review to ensure 
that we can profitably develop this growth area for the Group. 
Investment in chemical production lies outside Europe and we believe 
that our network and strategy are well positioned to capitalise on 
this especially in Asia with the Sinotrans InterBulk Alliance. We plan 
to expand our co-operation with Sinotrans to North East Asia during 
the next year.  INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
3
Financial Highlights
Consolidated 
Income Statement
£’000
Exceptional Items
£’000
Intangible 
Amortisation
£’000
2014
Adjusted
(pre-exceptional 
items and 
amortisation)
£’000
2013
Adjusted (pre 
exceptional items 
and amortisation)
£’000
Revenue 256,261 - - 256,261 271,538
Gross profit 33,327 - - 33,327 34,654
Operating profit/(loss) (26,173) (34,341) (668) 8,836 8,319
Profit/(loss) before tax (31,789) (34,341) (668) 3,220 2,564
Profit/(loss) after tax (33,358) (33,892) (668) 1,202 1,718
EBITDA 16,654 16,220
Net debt (including equipment finance) 60,233 69,474
EPS (before exceptional items and amortisation) 0.26 pence 0.37 pence
Our operational strategy reflects the following elements: 
•	 Continue to deliver excellent Health & Safety performance 
following the principles of Responsible Care™ 
•	 Invest in a high performance global team committed to the 
business strategy with high levels of divisional collaboration 
and business innovation to produce superior results. 
•	 Lead the market in terms of operational cost competitiveness 
by continuously driving procurement savings initiatives and 
improve operational performance by efficiencies to optimise 
traffic flow balance and reduce empty positioning.
•	 Grow our liquid bulk business in China through a strong 
development of the Sinotrans InterBulk Alliance (SIA). 
•	 Recover the performance of our dry bulk business in Europe.
•	 Expand our liquid bulk European operations especially 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.
•	 Integrate with customers by offering innovative supply 
chain and 3rd party fleet management solutions using high 
performance IT tools. 
Only once recovery has been achieved in our European Dry Bulk 
business, will we seek to further expand this business model to other 
areas of the world. 
Funding
The impact on our markets of the financial crisis and the global 
economic downturn of recent years has been substantial and has 
prompted industry-wide strategic change. Our business model 
has enabled us to maintain profitability and to reduce bank debt 
throughout that difficult period but it is vital that we position the 
Group for success in the future, recognising the new dynamics in 
our sector. In addition to the operational strategy described above, 
we are also examining the options available to place the financial 
structure of the Group onto a long-term basis. 
Net debt was reduced by a further £9.2 million in the year. We have 
now reduced Group indebtedness for each of the past five 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 2014 of £60.2 million comprising:
 
30 September 
2014 
£’000
30 September 
2013 
£’000
Term loans 57,212 65,830
Other bank loans – 72
Asset finance lease creditor 13,196 17,101
Less: Cash 
(10,175) (13,529)
60,233 69,474
Full details of our bank facilities are contained in Note 24 to the 
financial statements. Our principal facilities expire on 30 September 
2016, and while the Group continues to demonstrate its ability to  4
InterBulk Group Annual Report and Accounts 2014
Chairman's Statement continued
manage cash flow well and to achieve sustained reductions in debt, 
the Board is seeking to develop a group and financial structure 
which will support the refinance of our existing bank facilities 
and create a financial platform to optimise shareholder value. Our 
strategic options continue to be assessed, including identifying 
ways to continue to reduce our levels of debt, and this process has 
included open dialogue with our existing bankers. We have agreed 
with our bankers adjustments to our covenant framework which 
will regulate our debt levels with adequate headroom. To align our 
facilities to the strategic needs of the business, and to ensure that 
we have new lasting facilities in place by the time of approval of next 
year’s Group annual accounts, the Group will be seeking to refinance 
existing borrowings by 31 December 2015. Given the continued debt 
reduction achieved over the last five years and the future strategy 
of the Group, we believe that such a refinancing can be delivered 
by that date. Our current bankers are aware of, and support, this 
timetable. We have also assessed the Group’s medium-term facility 
requirements and have agreed with our bankers that the current 
revolving credit facilities of £10m will now expire at 31 March 2016. 
The principal risks and uncertainties, including access to capital, 
which could potentially impact the Group are shown on pages 13 
and 14.
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 joined 
us as Chief Executive Officer. Koert van Wissen relinquished his non-
executive position on 30 June 2014. Again we thank Koert for his 
enormous contribution to the development of the Group over many 
years.
Outlook
The global chemical industry remains on a path of long term growth 
due to the wide range of benefits it brings to consumers with logistics 
playing an important part in supporting this growth. Intermodal 
solutions are aligned with the supply chains becoming longer, more 
complex and demanding greater environmental considerations. 
The review and update of our strategy has confirmed that we have a 
strong business model and that intermodal logistics will continue to 
play an ever more important role in global supply chains. Our short-
term priority in Dry Bulk is to continue the recovery of the European 
business performance. 
The chemical sector is expected to demonstrate some modest growth 
in the next year and we are well represented throughout this customer 
base in most regions. Supply chain volatility remains high, reflecting 
continued uncertainties in the global economy including crude oil 
prices but with the full impact of the measures implemented over 
the last six months, including reductions in fixed costs, operational 
efficiency actions and specific procurement initiatives, the Group is 
in a stronger position to achieve profitable growth. Coupled with the 
anticipated refinancing of our bank facilities in 2015, the coming 
year will be challenging but we have the right team in place to deliver 
sound results for all of our stakeholders. The Board wishes to record 
its appreciation for the dedication of all Interbulk Group employees 
who have worked tirelessly and tackled the challenges of a tough 
external environment.
David Rolph 
Non-Executive Chairman 5 6
InterBulk Group Annual Report and Accounts 2014
Chief Executive's Review
Operational Highlights
Operational highlights for the year include:
•	 Continued reinforcement of the emphasis on health & safety 
with a reduction in the number of significant events and 
improved near miss reporting. 
•	 Growth in Liquid Bulk transportation moves, both intra-
European and global, supported an increase in the Group’s 
tankcontainer fleet to 10,900.
•	 Dry Bulk European restructuring initiatives delivered with 
significant savings during the second half of the year thereby 
boosting our competitiveness.
Market Overview
The global chemical industry, which is our main customer base, has 
grown during the year to 30 September 2014. European production 
recovered slightly, but remains below pre-2008 levels. This modest 
recovery is forecast to continue next year, but there remain several 
risks, such as the conflict in the Ukraine, and the threat of deflation 
and high unemployment levels in several countries, which could 
potentially limit chemical demand. However, it is still believed that a 
number of developments including technical innovation, will ensure 
that demand growth for chemicals will exceed GDP expectations. 
Regions with advantaged feedstock positions will continue to be 
locations of substantial chemical industry investment. The Middle 
East is being joined by North America as the exploitation of shale gas 
has dramatically reduced the price of ethane, a key feedstock, which 
has sparked a high level of plant investments with the first wave due 
to come on stream in 2015-2017. Asia (principally China and India) 
is the other main location of investment in chemical production due 
to the scale and rapid growth of domestic consumption. The changes 
in the global chemical manufacturing footprint have a tangible 
impact on both our own customer base and our business mix and we 
continue to follow these developments carefully in order to respond 
accordingly. Looking forward, logistics will remain a critical aspect in 
this dynamic market.
Intermodal logistics solutions continue to gain market share from 
other transport modes driven by superior performance, flexibility 
offered in the supply chain and reduced environmental impact. 
The rapid expansion of the global tankcontainer fleet continues 
both through operators such as ourselves and through specialist 
lease companies. This can cause short-term over-capacity from 
time to time, but it also demonstrates that tankcontainers have 
a strong investment case. In intra-European transportation, the 
intermodal operators continue to be challenged by “traditional” road 
transportation. Despite the environmental agenda and the desire 
to see less freight on the roads, this direct competition remains 
strong, even for longer distances (over 400 km) which should be 
less attractive to a direct trucking option. In servicing the changing 
chemical market, it is important to provide sustainable and flexible 
logistics solutions by expanding and adapting our network and 
developing new partnerships. Examples include our strategic alliance 
with Sinotrans in Asia which we will continue to expand in 2015.
InterBulk has an outsourced business model in which all 
transportation and support services are performed through partners. 
This creates a global and flexible business model with a minimum 
of fixed costs and increasingly important advantages in the volatile 
market in which we operate. While deep-sea container shipping still 
faces overcapacity and rates have remained reasonably steady, there 
is some volatility on specific trade lanes. Across most areas of the 
transportation services there has been some form of rationalisation 
with adjustments to capacities and frequency, which on occasion 
resulted in constraints at peak times. In Europe, driver shortages 
remain a dilemma for the industry including an additional training 
burden in the UK. Additional costs associated with compliance with 
European low sulphur regulation on shipping to come into force on 
1 January 2015. We have been proactive in communicating to our 
customers about the impact on freight rates from these additional 
imposed industry wide charges.
Operational Performance
Liquid Bulk
Liquid Bulk division (tankcontainers) activity, as measured by moves 
performed, increased year on year by 1% with the increase in both 
the intra-European and global businesses. There was however 
a slowdown during August and September linked to weakening 
business confidence and short term de-stocking triggered by the 
sharply dropping oil price. During the first quarter of the financial year, 
storage income dropped, and while some of this was subsequently 
recovered, the full year was below last year’s level. Our global activity 
Loek Kullberg 7
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
is generally US dollar denominated and the appreciation of sterling 
therefore created an unfavourable currency impact on revenue 
and margin. During the year our fleet increased by 3% to 10,900 
tanks. Our fleet size remains in the top 5 of tankcontainer operators 
worldwide.
Overcapacity owing to the considerable expansion of the global fleet 
of tankcontainers in recent years, and increased competition from 
regional European competitors extending their services to include 
deep-sea activity, remain threats. Despite this backdrop and the 
foreign exchange losses, our concerted focus on profitable growth 
and cost efficiency has improved the divisional operating profit 
margin (before exceptional items) to above 5%.
After recent years of declining activity, the number of intra-European 
moves increased by 2% year on year. This consisted of some higher 
activity in the mainland, offsetting some small reductions in the 
UK and Scandinavia. Growth in European export deep-sea moves 
was achieved with a 1% increase in the number of deep-sea moves 
year on year. This higher element of the growth was in the first six 
months of the financial year, with the third quarter seeing lower 
activity levels. 
In the Americas the number of moves fell overall by 2% representing 
a mix of higher activity in North America and reductions in South 
American exports. Volatility in the market remains a challenge for fleet 
management and positioning of empty equipment. Most recently a 
slowdown in export activity in the region resulted in a larger stock 
of tankcontainers in the market and competitors repositioning more 
empty tankcontainers or accepting lower rates to keep the equipment 
moving. There are now signs of export opportunities increasing.
Asia has seen a steady activity after the 8% activity growth achieved 
in the prior year, however our growth was limited by a lack of 
equipment in the region and heavy pressure on rates, especially 
for exports from China. The majority of new tankcontainers are 
manufactured in China and this results in low rates being quoted 
by competitors to put their new equipment into circulation. Our 
organisation in Asia is being restructured and, after the success of 
taking our China activity in house instead of via local agents, we now 
plan to change our North East Asia agency structure to utilise the 
support of the Sinotrans network.
The tankcontainer liquid bulk business is established globally and 
the regions of Europe, Asia and the Americas are performance-wise 
strongly inter-dependent. Our goal is to ensure efficient utilisation 
of the total fleet at attractive margins and, while our business is 
controlled and reported by regions, our objective is to reach the best 
global result.
Dry Bulk
The Dry Bulk division, which is predominantly European based, 
continued to be heavily impacted by weakness and volatility in our 
core polymer market. This included the closure of production plants 
by our customers, on both a temporary and permanent basis, which 
affected our volumes and equipment balances. The transportation 
activity, as measured by moves performed, was down 11% year on 
year, and the revenue from temporary storage declined by 18%. The 
major factor was plant closures in the UK. Export opportunities as 
a result reduced leading to higher empty repositioning back to the 
continent. It will take some time to mitigate these plant closures 
given the continued pressure on European polymer producers from 
regions with access to cheap feedstock and energy. 
Diversification into the movement of foodstuff has been a focus 
with steady growth achieved over the last few years. This growth 
continued in the first half but was reversed in the second half with 
several smaller accounts lost to alternative modes of transport or 
competition. For the year as a whole, food moves were down 10%. 
The bag-in-box can provide a cost effective and quality solution 
for foodstuff and we have a strong reference point from existing 
customers. Commercial efforts on this front will be refocused to 
ensure that we maximise on the opportunity from the large market 
in Europe utilising our existing infrastructure and equipment 
base. Dry Bulk activities outside Europe, mainly in Asia, amount to 
approximately £3.2 million of revenue. Only once recovery has been 
achieved in our European Dry Bulk business, will we seek to further 
expand this business model to other areas of the world. 
The performance of our on-site terminal services has been positive in 
the current year. This includes a positive full year contribution from 
our first site in Russia and a second site operational since August 
2014. However, we have received notice that at the end of an 11 
year terminal service agreement in Austria, the contract has been 
awarded to a competitor who offered extremely low rates, and we 
will therefore transfer the site from 1 January 2015. 
For 2015, there will be some expansion of European production in 
the PET sector, where we have a large market share. However, this 
market also continues to be challenged by increased imports from 
outside Europe coinciding with sluggish demand growth from the 
wider economic issues in Europe. As a result, the revenue outlook 
remains both uncertain and volatile depending on the success in 
highly competitive export markets.
During the year we have completed a comprehensive reorganisation 
of the European Dry Bulk division and continue to push for greater 
efficiency from the centralisation of our internal operations. This has 
resulted in approximately a £1.5 million reduction in our Dry Bulk 
overheads. We have reduced our fleet size to match demand levels 
with the 30 foot container fleet at approximately 7,600 units at 30 
September 2014, down 14% in the year. 
Our ISO-Veyor technology, which provides a solution for materials 
with difficult flow characteristics, has established a presence in the 
movement of cement and associated construction products and  8
InterBulk Group Annual Report and Accounts 2014
Chief Executive's Review continued
also in other specialised markets. The business unit ran at a small 
operating loss in the year, but as we enter the new financial year 
we have secured some new contracts which will ensure a much 
improved utilisation of our ISO-Veyor fleet. This included a three year 
rental agreement in the UK for the entire fleet of 30 foot aluminium 
units where we have experienced low utilisation for the last 2-3 
years. Our 20 foot fleet is now mainly focused on the provision of 
solutions to the oilfield services market and has seen an increase in 
enquiry levels. As a result, we are confident that this niche business 
unit should be profitable in the coming year.
People
Our people are the core resource of the Group and critical to our 
future success. Excellent customer service and the ability to deliver 
cost effective solutions to our customers are driven by the efforts 
of our team and while our information systems provide the data to 
manage the business, it is our people who make the difference.
The tough market conditions during the past year have unfortunately 
meant we have had to make redundancies. This is a challenging 
exercise but the remaining staff have supported these changes and 
reacted well to the new organisation. We continue to have a well-
motivated team who are deeply committed with vast experience in 
intermodal logistics. 
There will be no change to our desire to ensure that our employees 
work within a fair and transparent structure, their expertise is put to 
good use and they develop in a group that puts health, safety, quality 
and environmental considerations at the forefront of everything we 
do.
Corporate Social Responsibility
The InterBulk Group aims for 100% safe operations and protection of 
people and the environment. We are fully committed to sustainability 
and are a partner to the chemical industry Responsible Care™ charter. 
We take a lead, and commit resources together with the logistics and 
chemical industry associations on health and safety improvement 
initiatives that impact on business developments. A core value of 
the InterBulk Group is to act according to uncompromising levels 
of responsible care, hygiene and environmental standards to protect 
people and the environment. Quality, health, safety, security, hygiene 
and environmental performance are considered using metrics 
reviewed at each Board meeting. The Responsible Care principles 
are cascaded throughout the Company and promulgated along 
the logistics chain. This year has seen a continued reinforcement 
to the mission critical area of Health and Safety and the whole 
organisation is actively engaged in driving improvement. There has 
been a reduction in the number of significant events and a focus on 
capturing the learning from near misses.
We have a set of core values and policies in a number of areas. These 
values apply to every director and employee in all of our companies 
across our global operations. The Board of Directors remains 
committed to ensuring that the correct processes, governance 
and cultures exist to support the maintenance of these values and 
behaviours. 
Summary
The 2014 financial year was challenging and despite good work 
across a number of areas, we are disappointed that only a small 
profit improvement has been achieved in the year. While we made 
step changes in our cost base, these efforts were negated by external 
factors especially within the European polymer market. While 
foreign exchange movements year on year were favourable on our 
net debt, the impact on trading results was unfavourable through 
the translation impact on Group revenue and EBITDA, and also by 
increasing volatility in the supply chain through the impact on inter-
regional competitiveness and trade flows.
The Liquid Bulk division has shown a stable level of performance 
after a weak first quarter with modest underlying activity growth 
in the current year and some good progress on internal margin 
improvement initiatives especially in intra-European activity. Despite 
significant attention, the Dry Bulk division has suffered from the 
depressed conditions in the European polymer market and specific 
plant closures, and no material improvement in the operating profit 
has been secured.
We continue to work hard to achieve high customer service levels 
and quality standards and this provides the foundation for future 
success. In the current year we have continued to reinforce the 
importance of line-management responsibility for health and safety 
awareness and controls and have seen improvement in this area. We 
will continue to scrutinise our own internal operational efficiency 
and cost base so that we continue to provide a cost effective solution 
to our customers. Large steps have been made in the current year 
and these efforts will continue given our marketplace continues to 
see challenges driven by uncertainty and volatility in the external 
economy. 
After just over one year in the business I remain convinced that 
our global market position, operating model, focus on intermodal 
solutions and above all our people provide a sound platform for the 
future with the work that has been completed this year positioning 
us well to benefit from improvements in market conditions.
Loek Kullberg 
Chief Executive Officer 9 10
InterBulk Group Annual Report and Accounts 2014
Financial Review
Financial Review
Operating Performance and Key Performance Indicators
 
Year to 
30 September 
2014
Year to 
30 September 
2013
Revenue
£256.3m
£271.5m
Gross Profit % 13.0% 12.8%
Group operating profit (before amortisation and exceptional items) £8.8m £8.3m
Operating profit % (before amortisation and exceptional items) 3.4% 3.1%
Net interest (before exceptional items) £5.6m £5.8m
Profit after tax (before exceptional items) £0.5m £1.4m
Earnings per share (before amortisation and exceptional items) 0.26 pence 0.37 pence
No of container paid moves 
(1)
134,763 140,923
Tankcontainer utilisation rate – % change in year 
(2)
–1.3% –2.3%
Dry Box Container utilisation rate – % change in year 
(2)
–2.5% –2.1%
Group EBITDA (before exceptional items)
 (3)
£16.7m £16.2m
Cashflows from operating activities / EBITDA (before exceptional items) % 93% 113%
(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 £256.3m (2013: £271.5m). The number of moves 
in the year to 30 September 2014 was 134,763 (2013: 140,923), split 
58,923 (2013: 65,750) Dry Bulk and 75,840 (2013: 75,173) Liquid 
Bulk. We have seen reduction in volume across the European polymer 
sector for Dry Bulk but growth in both the intra-European and 
deep-sea business for tankcontainers in Liquid Bulk. Fleet utilisation 
of tankcontainers and the dry bulk 30 foot containers decreased 
by 1.3% (2013: 2.3% decrease) and 2.5% (2013: 2.1% decrease), 
respectively. The lower utilisation of both fleets impacted on the 
financial performance in the year. We expanded the tankcontainer 
fleet by 3% this year and although still mindful of global volatility, 
recent activity levels indicate we should see improved utilisation next 
year. Dry bulk fleet utilisation dropped for the second year in a row 
during the year ended 30 September 2014 despite a reduction in 
the fleet by 14%. Some further fleet reduction is expected to ensure 
consistency with the current requirements both in transportation but 
also storage and terminal activity. 
Scott Cunningham 11
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Operating profit
Group operating profit before amortisation and exceptional items for 
the year was £8.8m equivalent to a 3.4% return on revenue (2013: 
£8.3m or 3.1%). After adding back depreciation and amortisation the 
EBITDA (before exceptional items) generated in the year was £16.7m 
or 6.5% return on revenue (2013: £16.2m or 6.0%). Group operating 
profit after amortisation (before exceptional items) for the year was 
£8.2m (2013: £8.0m).
exceptional items (including goodwill impairment 
provision)
A non-cash goodwill impairment provision of £32.3m has been 
taken. Each cash generating unit is separately assessed on an annual 
basis with the provision relating to the Dry Bulk division. The stable 
performance of Liquid Bulk in the current year and the strong track 
history of growth especially outside Europe did not indicate any 
impairment in the goodwill of that business unit. The ISO-Veyor 
business unit has secured a number of long-term rental agreements 
which underpin the goodwill carrying value.
The Dry Bulk business has continued to be heavily impacted by 
specific market dynamics in the polymer sector in Europe, including 
chemical plant shutdowns both temporary and permanent which 
affected both our volume and equipment balances. Our strategy 
to develop new business in for example the food market, and also 
to bring the bag in box concept to other regions such as Asia, has 
not achieved the desired results and indeed after a number of years 
of sustained growth we have seen a drop in food revenue in the 
second half. Activity linked to European polymer still accounts 
for a significant share of our business with 82% of our Dry Bulk 
division revenue. The drop in revenue of 11% year on year to £101.9 
million presents us with a challenging situation. The operating profit 
(before exceptional items) showed no improvement at only £1.7m. 
A lower starting position from our prior expectations and reduced 
growth expectations has meant a reduction to the future operating 
cash flows expected from the business unit in the next three years 
which then flow into the longer-term periods within the value in use 
calculations. 
The remaining exceptional amount of £2.0m reflects the cost of 
a redundancy and reorganisation programme (£1.1m), and also 
accruals for liabilities identified in respect of certain historic 
commercial transactions (£0.9m). These charges are exceptional in 
scale and nature and accordingly are shown as such on the face of 
the Income Statement.
Finance expense
Net finance expense (before exceptional items) for the Group for the 
year was £5.6m (2013: £5.8m). 
During the year all of the Term B tranche of the Group’s senior debt 
interest cost was fixed via interest rate swap arrangement until 
September 2015. These have LIBOR rates of 0.71% and 0.98% for 
Euro and GBP, respectively. The Term B tranche represents around 
79% of our total term debt. In the year ended 30 September 2013 all 
of the bank debt was on a floating LIBOR basis. 
Profit before tax
Group profit (before tax and exceptional items) for the year was 
£2.6m (2013: £2.3m) with the improvement in the operating profit 
being partially reduced by a higher intangible amortisation charge. 
The goodwill impairment provision of £32.3m along with other 
exceptional items of £2.0m resulted in a loss before tax after these 
items of £31.8m.
taxation
The tax charge for the year was £2.0m (2013: £0.8m). 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 25% 
(2013: 27%) is considered a reasonable recurring effective tax rate 
on underlying profits. The actual tax charge in the year is higher than 
this estimated annual effective rate of tax due to the finalisation 
of tax filing positions from the prior years and reassessment of 
deferred tax assets which in combination amount to £1.1m (2013: 
£0.2m). There is no current or deferred tax effect from the goodwill 
impairment provision of £32.3m.
earnings per share
Basic earnings per share as reported on the Income Statement (post 
exceptional items) for the year were a loss of 7.13 pence per share 
(2013: 2.90 pence loss per share). A number of exceptional and 
non-cash items are recorded in the financial results including in 
the current year a £32.3m goodwill impairment provision. Adjusting 
for these items and the taxation effect would result in earnings per 
share of 0.26 pence (2013: 0.37 pence).
Cash flow
Net cash inflow from operating activities for the year was £14.6m 
(2013: £16.6m). This includes tax cash outflows of £0.8m (2013: 
£1.7m). Consequently the cash generated from operations (prior to  12
InterBulk Group Annual Report and Accounts 2014
Financial Review continued
tax paid) was £15.4m (2013: £18.3m) with the reduction being due to 
a lower inflow from working capital and also cash incurred of around 
£1.0m on exceptional items. The EBITDA to operating cash flow 
represents a 93% (2013: 113%) conversion of the EBITDA generated 
in the year. Although not as high as last 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 year gross capital expenditure was £4.5m (2013: £6.7m). 
This capital expenditure is supported with finance lease funding such 
that the net cash outflow as shown in the cash flow statement is 
£1.9m (2013: £1.8m). This capital expenditure mainly related to a 
refurbishment programme on the box container and tankcontainer 
fleet, investment in terminals and Dry Bulk fleet in Asia.
In the year cashflows from financing activities relate to interest 
and fees paid of £5.1m (2013: £7.0m) including £0.4m of bank 
arrangement and associated fees on refinancing, scheduled loan 
repayments of £2.6m (2013: £1.8m) which was supplemented by an 
additional £3.6m (2013: £3.9m) early prepayment and repayments on 
finance lease obligations of £5.7m (2013: £6.2m). 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 £2.9m (2013: £3.1m).
At 30 September 2014, the Group had £10.2m in net cash and cash 
equivalents (2013: £13.5m).
Balance sheet
At 30 September 2014, the Group’s net assets amounted to 
£38.7m (2013: £73.5m) being a £34.8m reduction from the opening 
position. This decrease is mainly attributable to the £32.3m goodwill 
impairment provision offset 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 2014, £71.0m (2013: £106.6m) of 
goodwill is carried on the balance sheet with the reductions being 
a combination of the exceptional goodwill impairment provision of 
£32.3m and a currency movement of £3.3m in the year. As at 30 
September 2014, the balance sheet had £40.9m (2013: £47.6m) of 
fixed assets which have £13.2m (2013: £17.1m) of associated asset 
finance outstanding.
Debt
The Group had net debt (defined as bank loans, overdrafts and 
obligations under finance leases less cash and cash equivalents) at 
30 September 2014 of £60.2m being a £9.2m reduction. This includes 
a £2.5m favourable foreign exchange impact in the year arising from 
the impact of Euro appreciation on our tranche of Euro denominated 
debt.
This net debt position is split as:
30 September 
2014 
£’000
30 September 
2013 
£’000
Term debt bank loans
57,212
65,380
Other bank loans – 72
Asset finance lease creditor 13,196 17,101
Less: Cash and cash equivalents
(10,175) (13,529)
60,233 69,474
The structure of the term debt loans at 30 September 2014 is fully 
explained in note 24 to the financial statements. Term Loan A of 
£11.8m has scheduled quarterly repayments ending 30 September 
2016 with the sterling equivalent annual values of £3.2m and £3.9m, 
respectively. The balance remaining after these scheduled repayments 
is payable on 30 September 2016. Term Loan B of £45.4m 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.
Looking ahead to the expiry of these facilities in 2016, in order to 
align our facilities to the strategic needs of the business, and to 
ensure that we have new lasting facilities in place by the time of 
approval of next year’s Group annual accounts, the Group will be 
seeking to refinance existing borrowings by 31 December 2015. We 
have agreed with the existing banks a covenant framework with 
adequate headroom and acceptable pricing terms. Having assessed 
our medium-term facility requirements we have agreed with our 
bankers that the current revolving credit facilities of £10m will now 
expire at 31 March 2016. These arrangements enable the group to 
focus on execution of a financial strategy during 2015 which will 
achieve a sound outcome for all stakeholders. 
Scott Cunningham 
Finance Director 13
Directors' Report
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
The Directors present their annual report and the audited financial 
statements for the year to 30 September 2014. 
Principal activity 
The principal activity of the Group is the provision of intermodal 
logistic solutions for the movement of dry and liquid bulk material. 
The Company’s principal subsidiary undertakings are listed in note 
18 to the financial statements. The Company’s registered number is 
5308244.
Strategic Report
The information that fulfils the requirements of the strategic report 
is contained in the Chairman’s statement, (key highlights section on 
page 1 and outlook section on 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 29.
Principal Risks and Uncertainties
The management of the business and execution of the Group’s 
strategy is subject to a number of risks. The most important risks 
are set out below and are reviewed regularly by the Board with 
appropriate processes put in place to monitor and mitigate the risks. 
A risk register is maintained 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 being tabled at each 
Board meeting. Rigorous procedures are cascaded throughout the 
Company and to our partner organisations. Our fleet has appropriate 
engineering standards in place including statutory testing and is well 
maintained. Our third party logistics trucking service providers for 
the movement of hazardous cargo are assessed according to CEFIC’s 
SQAS (safety and quality assessment system). We are appropriately 
certified for all of our activities and members of the chemical 
industry Responsible Care™ program plus have a 24/7 emergency 
response capability.
Loss of major customer
InterBulk operates in a competitive and fluid marketplace. 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 resulting in lost business. We have taken strong action during 
the year to reduce overheads, lower the cost of procured services 
and identify efficiency improvements. We have also reduced the size 
of the fleet.
Our efforts to grow the use of “bag-in-box” dry bulk solutions for the 
storage and movement of other products (such as food) and in other 
geographies have not achieved the expected results and further 
investment in these initiatives will be limited until a profit recovery 
has been achieved in the core European activity base. 
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 operating locations understand and comply  14
InterBulk Group Annual Report and Accounts 2014
Directors' Report continued
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, 
its implementation, and the succession plan for the executive board 
members and their key staff. We provide a wide range of opportunities 
for training and development and have open communication with 
management and employees. We are introducing an electronic 
appraisal system to enhance the feedback and objective setting for 
all staff. This electronic basis will also allow global employee opinion 
surveys to be completed in an efficient manner.
IT systems failure
InterBulk uses IT systems extensively for business execution, control 
and reporting, and also for connections with our customers and 
suppliers and therefore a system failure risk exists. The Group has 
appropriate business continuity procedures in place in the event of 
interruption arising from an IT systems failure. We are currently in 
the final stages of a roll out of a common ERP platform which is 
developed in-house and tailor-made, based on that used successfully 
in the Dry Bulk business for a long period. This will give all of the 
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. Given our reliance on the in-house software post 
implementation we have commissioned an independent audit of the 
software architecture and coding.
Access to capital
The bank facility which is provided on a 50/50 basis between Bank 
of Scotland and Rabobank expires on 30 September 2016. The Group 
is forecasting that it will be able to continue to operate within the 
funding available under these facilities and meet all interest and 
capital repayments as they fall due through to that date. The Group’s 
banking facilities are subject to a number of financial covenants 
which the Group monitors closely and has complied with throughout 
the year to 30 September 2014. These covenants include interest 
cover, cash cover and leverage ratios on a last twelve month basis 
at each quarter end. 
The debt values used in the covenants are revalued at each quarter 
end based on pre-agreed fixed exchange rates, whilst the majority 
of our interest expense is fixed via interest rate SWAP agreements. 
This means the Group’s most variable metric is the last twelve 
months’ EBITDA. The Directors believe that the financial covenants 
for the remaining term of the facilities, which have been adjusted 
to take into account current and forecast trading results, provide an 
adequate level of headroom under sensible downside scenarios for 
the foreseeable future and expect, therefore, to be able to continue 
to meet these covenants. 
To align our facilities to the strategic needs of the business and to 
ensure that we have new lasting facilities in place by the time of 
approval of next year’s Group annual accounts, the Group will be 
seeking to refinance existing borrowings by 31 December 2015. 
A successful outcome to the refinance in 2015 is not without 
challenges and can be influenced by the economic and credit market 
conditions at that time plus both historic and forecast financial 
performance. The Group’s indebtedness and availability of finance 
remains an area which the Board monitors closely and the Group will 
focus on operational and financial strategies in 2015 which will aim 
to achieve a sound outcome for all stakeholders. 
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 is possible, to mitigate the transactional risk. 
We have a strategy of using short-term forward contracts to help 
mitigate residual foreign exchange risk post our natural hedging. 
This would involve Euro and USD forward contracts being used for 
no longer than 6 months and for less than 75% of our expected 
currency surplus. A substantial proportion of our net assets are also 
denominated in non-sterling currencies and the Board has approved 
that we denominate a significant part of our bank debt in 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. Interest rate SWAP agreements exist which fix the interest rates 
on our Term B bank loans until 30  September 2015. 1 5
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Results and dividends
Group loss after all exceptional items and taxation for the financial 
year amounted to £33.4m (2013: £13.6m loss). No interim or final 
dividend was proposed or paid during the year. No dividends were 
paid or proposed in the prior year.
Directors
The Directors during the year and up to the date of this report were:
Executive:
L Kullberg (appointed 1 October 2013)  
S Cunningham 
Hu Song
Non-Executive:
D Rolph (Chairman) 
J McColl 
G Bissett 
E van der Werff 
L Gomez (appointed 11 June 2013) 
H Ludvigsson 
E Tamimi
K van Wissen (became non-executive director 1 October 2013, 
resigned 30 June 2014)
The Directors holding office at 30 September 2014 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 
2013
10p Ordinary 
Shares
Number
30 September 
2014
10p Ordinary 
Shares
number
Date of
this report
10p Ordinary 
Shares
Number
L Kullberg – – –
S Cunningham 371,511 371,511 371,511
D Rolph 605,491 605,491 605,491
J McColl 16,711,661 16,711,661 16,711,661
G Bissett 650,000 650,000 650,000
E van der Werff 175,000 175,000 175,000
H Ludvigsson (a) (a) (a)
E Tamimi (a) (a) (a)
L Gomez (b) (b) (b)
H Song (c) (c) (c)
a)  H Ludvigsson and E Tamimi are also directors in Atorka Group hf. The 
shares held by Atorka Group hf in the Company via Atorka Holdings BV are 
shown below.
b)  L Gomez is a director and share option holder in 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 Rolph 
and Mr Song will offer themselves for re-election at the next annual 
general meeting.  16
InterBulk Group Annual Report and Accounts 2014
Directors' Report continued
Indemnity of officers
Under Article 184 of the Company’s Articles of Association and 
subject to the provisions of the Companies Act, the Company may 
indemnify any director or other officer against any liability incurred 
by him in the execution or discharge of his duties or the exercise of 
his powers and including but not limited to any liability for the costs 
of legal proceedings where judgment is given in their favour.
In addition, the Company may purchase and maintain for any director 
or other officer or auditor, insurance against any liability, and the 
Company does maintain appropriate insurance cover against legal 
action brought against its directors and officers and the directors 
and officers of its subsidiaries.
Substantial shareholders
As at the date of this document, the Company had been notified of 
the following beneficial interests in 3% or more of its issued share 
capital:
Number of 
Shares percentage
Sinotrans (HK) Logistics Ltd
165,000,000
35.26%
Atorka Holdings BV 123,537,500 26.40%
Hoyer GmbH Internationale 
Fachspedition 70,243,704 15.01%
Groupe Norbert Dentressangle SA 20,000,000 4.27%
Jim McColl 16,711,611 3.57%
As a condition of the original placing of shares, Sinotrans Limited 
has the right to appoint one executive director, Atorka Holdings BV 
has the right to appoint two non-executive directors and 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 2014, 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 2014, 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 2014 the amount 
owed to trade creditors by the Group was equivalent to 49 days of  17
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
purchases from suppliers (2013: 46 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 2014 (2013: £nil). A number of small charitable donations 
were made amounting to £434 (2013: £500).
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
23 December 2014
Registered Office: 
One London Wall 
London 
EC2Y 5AB 
Registered Number: 5308244 18
InterBulk Group Annual Report and Accounts 2014 19
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Corporate Governance 
Corporate Governance Report
The Directors acknowledge the importance of the principles set out in 
The UK Corporate Governance Code (“Code”) issued by the Financial 
Reporting Council in 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 seven 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. K. van Wissen subsequently relinquished his non-
executive position on 30  June 2014. 
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 five scheduled 
full meetings during the course of the 12 months under review and 
attendance at such board meetings by individual Directors is set out 
below. There was also a number of telephone board calls during the 
year to update on specific initiatives and projects. In all cases board 
members participated in the call or where this was not possible, were 
consulted in advance.
Board Meetings
L Kullberg
5
S Cunningham 5
H Song 5
D Rolph 5
J McColl 5
G Bissett 5
E van der Werff 5
H Ludvigsson 3
E Tamimi 5
L Gomez 3
K van Wissen (retired 30 June 14) 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.
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  20
InterBulk Group Annual Report and Accounts 2014
Corporate Governance  continued
and relevant financial experience. The Audit Committee advises the 
Board on the appointment, reappointment and removal of external 
auditors and approves their remuneration and terms of engagement, 
including developing and implementing a policy on the provision 
of non-audit services by the external audit firm. It also reviews and 
monitors the independence and objectivity of the external auditor. At 
the year-end meeting to review the annual report and accounts the 
Audit Committee formally considers the level of non-audit services 
and fees provided by the Group’s auditors. The nature and level of 
non-audit fees are fully discussed and the committee is satisfied, 
bearing in mind the steps taken by the audit firm, that there is no risk 
to the objectivity and independence of the external audit arising from 
the level of non-audit fees. The majority of non-audit fees relate to 
support in corporate finance and for 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 2014. These 
meetings were attended by the full Audit Committee.
Remuneration Committee
The Remuneration Committee during the year consisted of E van 
der Werff (Chairman of the Remuneration Committee), G Bissett 
and D Rolph. The Committee’s primary role is to consider and 
approve the remuneration and benefits of the Executive Directors. 
In framing the Company’s remuneration policy, the Remuneration 
Committee has given full consideration to Section D of the Code. 
The Report on Directors’ Remuneration is set out on pages 22 to 
23. The Remuneration Committee met three times during the year 
ended 30 September 2014. These meetings were attended by the full 
Remuneration Committee.
nominations Committee
The Nominations Committee during the year consisted of E van der 
Werff (Chairman of the Nominations Committee), D Rolph, G Bissett, 
J McColl and K van Wissen. The Committee leads the process for 
Board appointments and makes recommendations to the Board on 
the structure, size and composition of the Board. No Nomination 
Committee meetings were required in the current year. 
The Board currently comprises ten talented people with collectively 
a broad and relevant range of experience and diverse cultural 
backgrounds. Gender diversity will be an important consideration in 
any future appointment process.
Internal Control
The Board is responsible for establishing and maintaining the Group’s 
system of internal control and for reviewing its effectiveness. The 
system is designed to manage rather than eliminate the risk of 
failure to achieve the Group’s strategic objectives, and can only 
provide reasonable and not absolute assurance against material 
misstatement or loss. The key risk management processes and 
systems of internal control include the following features:
•	 The Group’s organisational structure has clear lines of 
responsibility and delegated authority;
•	 The Board is responsible for identifying the major business 
risks faced by the Group and for determining the appropriate 
courses of action to manage those risks. A formal risk register 
is maintained;
•	 The Group prepares a comprehensive annual business plan 
and financial budget that is approved by the Board. Monthly 
reporting, including consolidated management accounts, 
comparing actual results against the budget and prior period 
with variances are closely monitored by the Directors; and
•	 Executive Directors hold regular meetings with the Executive 
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 2014. 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; 21
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
•	 Each division prepares a year end reporting pack, in a 
standardised format, and submits it to Group. The Group 
finance function review the reporting packs for unusual items 
and for completeness. Any unexplained items are referred back 
to local management to explain;
•	 The Group’s consolidation, which consolidates the results of 
each business unit and makes appropriate adjustments, is 
subject to review within the Group finance function; and
•	 The Audit Committee reviews the draft consolidated financial 
statements and their comments are taken into consideration 
when finalising the financial statements.
Relations with Shareholders
Communications with shareholders are given high priority. The 
Chairman, Chief Executive and Finance Director 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
The Group’s business activities, together with the factors likely to 
affect its future development, performance and position are set 
out in the Chairman’s Statement, Chief Executive’s Review and the 
Financial Review. The Directors’ Report on pages 13 and 14 outlines 
the principal risks and uncertainties including those relating to 
access to capital and the terms of the existing bank facilities. The 
financial position of the Group, its cash flows, liquidity position 
and borrowing facilities are also described in the Financial Review 
on pages 10 to 12. In addition, note 26 of the financial statements 
include the Group’s objectives, policies and processes for managing 
its capital; its financial risk management objectives; details of its 
financial instruments and hedging activities; and its exposure to 
credit risk and liquidity risk. 
After consideration of the future and taking into account all 
information available, the Directors have a reasonable expectation 
that the Group has adequate resources to continue in operational 
existence for the foreseeable future. For this reason, they continue to 
adopt the going concern basis in preparing the financial statements.
Statement by Directors on Compliance with the 
Provisions of the UK Corporate Governance Code 
(“Code”)
The Board considers that they have complied with the 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 two years, 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.  22
InterBulk Group Annual Report and Accounts 2014
Directors' Remuneration Report
Information not subject to audit
The Remuneration Committee is responsible for determining 
and reviewing the terms of appointment and the remuneration 
of Executive Directors. The Committee takes external advice, as 
appropriate, on remuneration issues and takes cognisance of major 
surveys covering all aspects of the pay and benefits of Directors and 
senior executives in many companies.
The Committee aims to provide base salaries and benefits which are 
competitive in the relevant external market and which take account of 
the Group’s and individual’s performance thus enhancing the Group’s 
ability to recruit and to retain individuals of the calibre required for 
its continuing business success. It is the policy of the Committee to 
provide financial incentives and to reward superior performance over 
the medium and long term by creating opportunities to enable senior 
executives to earn cash and share-related incentive payments which 
result from achievement of performance targets.
The Remuneration Committee consists of E van der Werff (Chairman 
of the Remuneration Committee), G Bissett and D Rolph.
Service agreements 
L Kullberg has a service agreement, which requires a notice period 
of 3 months for the executive and 6 months for the Company. The 
remuneration package consists of basic salary and benefits in kind, 
defined contribution pension plus performance-related incentive 
arrangements. 
The services of S Cunningham and J McColl are provided via a service 
agreement with Clyde Blowers Limited. This service agreement has 
a notice period of three months and in the case of S Cunningham 
makes provision for performance-related incentive payments.
The services of 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 2017 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.
From 1 April 2014, a waiver of directors fees for Mr McColl, Mr 
Gomez, Mr Ludvigsson and Mr Tamimi have been granted for a two 
year period. 
Information subject to audit
Directors’ Detailed Emoluments
Directors’ remuneration for the year to 30 September 2014 (or resignation date) is as follows: 
Year ended 30 September 2014
Salary/fees
£
Benefits 
(1)
£
Performance-
related incentive 
payments
£
Pension
contribution
£
Total
£
executives
L Kullberg 199,868 14,813 – 26,443 241,124
K van Wissen 
(4)
61,757 261 – 8,168 70,186
S Cunningham 
(2)
140,569 8,983 – 11,124 160,676
Hu Song 
(3)
90,000 – – 90,000
non-executives
D Rolph 48,719 – – – 48,719
J McColl 
(2)
10,302 – – – 10,302
G Bissett 
(5)
38,664 – – – 38,664
E van der Werff 26,028 – – – 26,028
L Gomez 
(3) & (4)
10,000 – – – 10,000
H Ludvigsson 
(3)
 10,000 – – – 10,000
E Tamimi 
(3)
10,000 – – – 10,000
Total 645,907 24,057 – 45,735 715,699 23
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
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 and J McColl are provided via a service agreement with Clyde Blowers Limited (see note 33 to the financial statements). The 
total fee during the year to 30 September 2014 was £414,610 (2013: £429,501). From this total fee £10,302 (2013: £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.
(5)  Includes £9,000 for additional project work associated with corporate activities
Directors’ Interests
The Directors’ interests in the ordinary shares of the Company are set out in the Directors’ Report on page 15. 24
InterBulk Group Annual Report and Accounts 2014
Board of Directors
executive Directors
Loek Kullberg, 
Chief Executive Officer 
Loek Kullberg was appointed InterBulk’s Chief Executive Officer on 1 October 2013. Loek has extensive 
experience in the international maritime and transport industry and in the development and expansion of 
businesses. Most recently he was Divisional Director of Towage at Royal Boskalis and Managing Director of 
Harbour Towage and Terminals at SMIT International. Prior to joining SMIT International in 2004, Loek held 
various positions at DHL and Royal Nedlloyd where he was Managing Director of Danzas Chemicals and 
its predecessor Nedlloyd Road Cargo from 1996 until 2004. During that period he was accountable for all 
international chemical transport and distribution services. Prior to 1996 he was Managing Director Europe and 
Africa and a member of the Executive Committee of Nedlloyd Lines, for which he also worked and lived abroad 
for ten years in the Middle East, West Africa and the Far East.
Scott Cunningham,  
Group Finance Director
Scott Cunningham was appointed InterBulk’s Director of Corporate Finance on 28 February 2006 and 
subsequently on 25 April 2007 became the Group Finance Director. Previously he was Corporate Finance 
Manager for the Clyde Blowers Group responsible for the review of acquisition targets, overview of consolidated 
financial reporting, business planning reviews and worldwide treasury and tax matters. Until 2001 he was a 
senior manager with Arthur Andersen providing audit services and later transaction support services to both 
public and private companies. He has a Bachelor of Accountancy degree from the University of Glasgow and 
was admitted to the Institute of Chartered Accountants of Scotland in 1995. 
Hu Song, 
Executive Director
Hu Song is a Chinese national and a qualified engineer. He has worked for Sinotrans in a number of roles since 
2003, most recently as Deputy General Manager of the Marketing Department where he focuses on marketing 
and sales in chemical logistics. Hu Song has over 10 years managerial experience, a good track record of 
business development and project management and in-depth experience with the tank container business and 
international chemical industry. Prior to Sinotrans, he worked in a sales role for the China National Scientific 
Instruments and Materials Import/Export Corporation. Hu Song’s key focus is providing direction to the strategy 
and development of InterBulk’s business in China 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. 
Jim McColl
Jim McColl started his career as an engineering apprentice with Weir Pumps Limited in Glasgow and later 
obtained a BSc degree in Technology and Business Studies from Strathclyde University. He returned to Weir 
Pumps Limited where he remained for three years and completed his MBA. In 1981 he moved to a senior 
management position with Diamond Power Speciality Limited, an engineering company supplying equipment to 
the power industry worldwide and obtained a Masters Degree in International Accounting and Finance. In 1985 
Jim joined Coopers & Lybrand as a senior consultant involved mainly in “corporate care” assignments, and later 
became an independent “company doctor”. In 1992, after two successful turnarounds, he bought 29.9 percent of 
Clyde Blowers plc, a small engineering company with a full listing on the London Stock Exchange, which he took 
private in 1999. Over the past 20 years Clyde Blowers has grown significantly and developed into a portfolio 
of global companies. Jim’s achievements have been recognised across the industry; Ernst & Young Master 
Entrepreneur of the Year 2001, an OBE in 2001, a Scottish international business achievement award in 2006, 
and the IoD Scotland Director of the Year in 2008. 25
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Graeme Bissett
Graeme Bissett is a Chartered Accountant, who was a senior partner with Arthur Andersen before becoming 
Group Director of Finance at Kwik-Fit Holdings plc from 1998-2001. He has experience as a non-executive 
Chairman and director for a number of listed and private companies. He is currently providing consultancy 
services and non-executive roles to a number of organisations including non-executive Chairman of 
Macfarlane Group plc, the listed packaging group.
eric van der Werff
Eric van der Werff is a seasoned logistics professional with extensive global experience in the chemicals and 
transport sectors. He is currently running a consultancy business advising on logistic services. Prior to this, he 
worked for 34 years with Royal Dutch Shell plc in a variety of logistics/supply chain related roles. In his last 
role with Shell, he was Global Land Logistics Manager with responsibility for procuring logistic services and 
managing logistic activities in the areas of transport, storage, warehousing and packaging for all chemical 
production and business locations globally. He started his career as a marine officer.
Halldor Ludvigsson
Halldor Ludvigsson is a Managing Director in Markets and Investment Banking at Arion Bank and has previously 
been a senior director at Kaupthing Bank and CEO of Maritech International AS, a leading international IT 
solutions provider to the seafood industry. Halldor has a degree in Mechanical Engineering and a BS degree in 
Computer Science. He is Chairman of Landey and is a non-executive director of Bakkavor, Atorka, Klakki and 
Eignabjarg.
einar tamimi
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
Luis Gomez holds a joint honours degree in business management and finance. He joined Norbert 
Dentressangle in 2008 as managing director of its Spanish subsidiary, Norbert Dentressangle Gerposa following 
Norbert Dentressangle’s acquisition of Gerposa. After gaining initial experience in administrative and finance 
positions, he joined Gerposa and was subsequently appointed CFO in 2000 and managing director in 2008. On 
1st January 2013 he was appointed Managing Director of the Norbert Dentressangle Transport Division, which 
has an annual a turnover of approximately, €2 billion, has a presence in 14 countries and employs c. 13,500. 
Luis is also a member of the Norbert Dentressangle Executive Board. 26
InterBulk Group Annual Report and Accounts 2014
Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Annual Report, the 
Directors’ Remuneration Report and the financial statements in 
accordance with applicable law and regulations. 
Company law requires the Directors to prepare financial statements 
for each financial year. Under that law the Directors have prepared 
the Group and Parent Company financial statements in accordance 
with International Financial Reporting Standards (IFRSs) as adopted 
by the European Union. Under company law the Directors must not 
approve the financial statements unless they are satisfied that they 
give a true and fair view of the state of affairs of the Group and the 
Company and of the profit or loss of the Group for that period. In 
preparing these financial statements, the Directors are required to:
•	 select suitable accounting policies and then apply them 
consistently; 
•	 make judgments and accounting estimates that are reasonable 
and prudent;
•	 state whether applicable IFRSs as adopted by the European 
Union have been followed, subject to any material departures 
disclosed and explained in the financial statements; and
•	 prepare the financial statements on the going concern basis 
unless it is inappropriate to presume that the Company will 
continue in business.
The Directors are responsible for keeping adequate accounting 
records that are sufficient to show and explain the Company’s 
transactions and disclose with reasonable accuracy at any time the 
financial position of the Company and the Group and enable them to 
ensure that the financial statements and the Directors’ Remuneration 
Report comply with the Companies Act 2006 and, as regards the 
Group financial statements, Article 4 of the IAS Regulation. They are 
also responsible for safeguarding the assets of the Company and the 
Group and hence for taking reasonable steps for the prevention and 
detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of 
the Company’s website. Legislation in the United Kingdom governing 
the preparation and dissemination of financial statements may differ 
from legislation in other jurisdictions. 
The directors consider that the annual report and accounts taken 
as a whole are fair, balanced and understandable and provides 
information necessary for shareholders to assess a company’s 
performance, business model and strategy. 
Directors’ statement pursuant to the Disclosure 
and transparency Rules 
Each of the Directors, whose names and functions are listed in page 
24 and 25 confirm that, to the best of their knowledge:
•	 the financial statements, which have been prepared in 
accordance with IFRSs as adopted by the EU, give a true and fair 
view of the assets, liabilities, financial position and profit/loss of 
the Group and Company; and 
•	 the Directors’ report contained in the annual report includes a 
fair review of the development and performance of the business 
and the position of the Company and Group, together with a 
description of the principal risks and uncertainties that they face. 
advisors
Registered auditors: 
PricewaterhouseCoopers LLP 
141 Bothwell Street 
Glasgow 
G2 7EQ
nominated adviser & Brokers: 
Westhouse Securities Ltd 
110 Bishopsgate, London 
EC2N 4AY
Solicitors: 
CMS Cameron McKenna 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 27
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Independent Auditors’ Report 
Report on the financial statements
Our opinion
In our opinion:
•	 Interbulk Group plc’s group financial statements and company 
financial statements (the “financial statements”) give a true and 
fair view of the state of the group’s and of the company’s affairs 
as at 30 September 2014 and of the group’s loss and the group’s 
and the company’s cash flows for the year then ended;
•	 the group financial statements have been properly prepared in 
accordance with International Financial Reporting Standards 
(“IFRSs”) as adopted by the European Union;
•	 the company financial statements have been properly prepared 
in accordance with International Financial Reporting Standards 
(“IFRSs”) as adopted by the European Union and as applied in 
accordance with the provisions of the Companies Act 2006; and
•	 the financial statements have been prepared in accordance with 
the requirements of the Companies Act 2006.
What we have audited
Interbulk Group plc’s financial statements comprise:
•	 the group and company balance sheets as at 30 September 
2014;
•	 the group income statement and group statement of 
comprehensive income for the year then ended;
•	 the group and company statements of cash flows for the year 
then ended;
•	 the group and company statements of changes in equity for the 
year then ended; and
•	 the notes to the financial statements, which include a summary 
of significant accounting policies and other explanatory 
information.
The financial reporting framework that has been applied in the 
preparation of the financial statements is applicable law and IFRSs 
as adopted by the European Union and, as regards the company 
financial statements, as applied in accordance with the provisions of 
the Companies Act 2006.
In applying the financial reporting framework, the directors have 
made a number of subjective judgements, for example in respect 
of significant accounting estimates. In making such estimates, they 
have made assumptions and considered future events.
Opinion on other matter prescribed by the 
Companies act 2006
In our opinion, the information given in the Strategic Report and 
the Directors’ Report for the financial year for which the financial 
statements are prepared is consistent with the financial statements.
Opinion on additional disclosures
Directors’ Remuneration Report
The company voluntarily prepares a Directors’ Remuneration Report 
in accordance with the provisions of the Companies Act 2006. The 
directors have requested that we audit the part of the Directors’ 
Remuneration Report specified by the Companies Act 2006 to be 
audited as if the company were a quoted company.
In our opinion, the part of the Directors’ Remuneration Report 
to be audited has been properly prepared in accordance with the 
Companies Act 2006.
Other matters on which we are required to report 
by exception
Adequacy of accounting records and information 
and explanations received
Under the Companies Act 2006 we are required to report to you if, 
in our opinion:
•	 we have not received all the information and explanations we 
require for our audit; or
•	 adequate accounting records have not been kept by the 
company, or returns adequate for our audit have not been 
received from branches not visited by us; or
•	 the company financial statements are not in agreement with 
the accounting records and returns.
•	 We have no exceptions to report arising from this responsibility.
Directors’ remuneration
Under the Companies Act 2006 we are required to report to you if, in 
our opinion, certain disclosures of directors’ remuneration specified 
by law are not made. We have no exceptions to report arising from 
this responsibility.  28
InterBulk Group Annual Report and Accounts 2014
Independent Auditors’ Report  continued
Responsibilities for the financial statements and 
the audit
Our responsibilities and those of the directors
As explained more fully in the Statement of directors’ responsibilities 
set out on page 26, the directors are responsible for the preparation 
of the financial statements and for being satisfied that they give a 
true and fair view.
Our responsibility is to audit and express an opinion on the financial 
statements in accordance with applicable law and International 
Standards on Auditing (UK and Ireland) (“ISAs (UK & Ireland)”). Those 
standards require us to comply with the Auditing Practices Board’s 
Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and only 
for the company’s members as a body in accordance with Chapter 
3 of Part 16 of the Companies Act 2006 and for no other purpose. 
We do not, in giving these opinions, accept or assume responsibility 
for any other purpose or to any other person to whom this report is 
shown or into whose hands it may come save where expressly agreed 
by our prior consent in writing.
What an audit of financial statements involves
We conducted our audit in accordance with ISAs (UK & Ireland). An 
audit involves obtaining evidence about the amounts and disclosures 
in the financial statements sufficient to give reasonable assurance 
that the financial statements are free from material misstatement, 
whether caused by fraud or error. This includes an assessment of: 
•	 whether the accounting policies are appropriate to the group’s 
and the company’s circumstances and have been consistently 
applied and adequately disclosed; 
•	 the reasonableness of significant accounting estimates made by 
the directors; and
•	 the overall presentation of the financial statements. 
We primarily focus our work in these areas by assessing the directors’ 
judgements against available evidence, forming our own judgements, 
and evaluating the disclosures in the financial statements.
We test and examine information, using sampling and other 
auditing techniques, to the extent we consider necessary to provide 
a reasonable basis for us to draw conclusions. We obtain audit 
evidence through testing the effectiveness of controls, substantive 
procedures or a combination of both. 
In addition, we read all the financial and non-financial information in 
the Annual Report and Accounts to identify material inconsistencies 
with the audited financial statements and to identify any information 
that is apparently materially incorrect based on, or materially 
inconsistent with, the knowledge acquired by us in the course of 
performing the audit. If we become aware of any apparent material 
misstatements or inconsistencies we consider the implications for 
our report.
Mark Hoskyns-Abrahall (Senior Statutory Auditor) 
for and on behalf of PricewaterhouseCoopers LLP 
Chartered Accountants and Statutory Auditors 
Glasgow
23 December 2014 29
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Group Income Statement 
For the year ended 30 September 2014
Note
total before 
exceptional 
items 
2014
£’000
exceptional items
2014
£’000
total
2014
£’000
Total before 
exceptional 
items 
2013
£’000
Exceptional items
2013
£’000
Total
2013
£’000
Revenue 3
256,261
– 256,261 271,538 – 271,538
Cost of sales (222,934) – (222,934) (236,884) – (236,884)
Gross profit
33,327
– 33,327 34,654 – 34,654
Administrative expenses (25,159) (2,041) (27,200) (26,621) (546) (27,167)
Impairment of goodwill – (32,300) (32,300) – (14,600) (14,600)
Operating profit / (loss) 4 8,168 (34,341) (26,173) 8,033 (15,146) (7,113)
Analysed as:
Operating profit / (loss) 
before depreciation & 
amortisation & impairment 16,654 (2,041) 14,613 16,220 (546) 15,674
Depreciation of property, 
plant and equipment (7,818) – (7,818) (7,901) – (7,901)
Amortisation of intangible 
assets (668) – (668) (286) – (286)
Impairment of goodwill 17 – (32,300) (32,300) – (14,600) (14,600)
Finance income 8 7 – 7 7 – 7
Finance expenses 9 (5,623) – (5,623) (5,762) – (5,762) 
(5,616) – (5,616) (5,755) – (5,755)
Profit / (loss) before taxation 2,552 (34,341) (31,789) 2,278 (15,146) (12,868)
Taxation charge 10 (2,018) 449 (1,569) (846) 128 (718)
Profit / (loss) for the year 534 (33,892) (33,358) 1,432 (15,018) (13,586)
Loss per share (pence)
Basic 12 (7.13)p (2.90)p 
Diluted 12 n/a (2.90)p 
As permitted by S408 of the Companies Act 2006, the Parent Company’s Income Statement has not been presented in these financial 
statements. The loss in the Parent Company was £18,089,000 (2013: £2,720,000). 
The notes on pages 36 to 72 are an integral part of these financial statements. 30
InterBulk Group Annual Report and Accounts 2014
Group Statement of Comprehensive Income 
For the year ended 30 September 2014
2014
£’000
2013
£’000
Loss for the financial year (33,358) (13,586)
Other comprehensive income -
Items that may be subsequently reclassified to profit or loss:
– Net exchange differences on retranslation of foreign operations (3,128) 2,021
– Net gain/(loss) on net investment hedge taken to equity 2,189 (1,584)
– Fair value movement on interest rate swaps 31 (188)
– Net (loss)/gain on cashflow hedge transferred to equity, net of tax (508) 384
Items that will not be reclassified to profit or loss:
– Actuarial loss on retirement benefits obligations, net of tax – (26)
Other comprehensive income for the year (1,416) 607
total net comprehensive income for the year (34,774) (12,979)
Attributable to:
Owners of the parent (34,774) (12,979)
Items in the statement above are disclosed net of tax. The income tax relating to each component of other comprehensive income is described 
in note 10.
The notes on pages 36 to 72 are an integral part of these financial statements. 3 1
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Group and Company Balance Sheets 
At 30 September 2014
Note
Group
2014
£’000
Group
2013
£’000
Company
2014
£’000
Company
2013
£’000
aSSetS
Non-current assets
Goodwill 14 70,973 106,564 – –
Other intangible assets 15 3,871 4,487 – –
Property, plant and equipment 16 40,948 47,583 – –
Investments 18 – – 43,637 43,637
Preference shares in subsidiary 19 – – 2,457 2,637
Deferred tax assets 10 2,695 2,124 – –
118,487 160,758 46,094 46,274
Current assets
Inventories 20 1,394 1,441 – –
Trade and other receivables 21 41,600 43,248 14,850 34,353
Retirement benefit assets 30 – 13 – –
Cash 11,300 13,529 1,339 –
54,294 58,231 16,189 34,353
Total assets 172,781 218,989 62,283 80,627
LIaBILItIeS
Current liabilities
Financial liabilities 22 (8,955) (8,192) (2,063) (2,146)
Trade and other payables 23 (60,035) (60,915) (587) (759)
Current tax liabilities (1,140) (121) – –
(70,130) (69,228) (2,650) (2,905)
Non-current liabilities
Financial liabilities 22 (62,796) (75,073) – –
Deferred tax liabilities 10 (1,125) (1,184) – –
(63,921) (76,257) – –
Total liabilities (134,051) (145,485) (2,650) (2,905)
Net assets 38,730 73,504 59,633 77,722
SHaReHOLDeRS’ eQUItY
Ordinary share capital 27 46,789 46,789 46,789 46,789
Share premium account 26,431 26,431 26,431 26,431
Other reserves 1,246 2,983 1,046 1,406
Retained earnings (35,736) (2,699) (14,633) 3,096
Total equity attributable to owners of the parent 38,730 73,504 59,633 77,722
The notes on pages 36 to 72 are an integral part of these financial statements.
The financial statements were approved by the Board of Directors on 23 December 2014 and were signed on its behalf by: 
Loek Kullberg 
Chief Executive Officer
Scott Cunningham 
Finance Director 32
InterBulk Group Annual Report and Accounts 2014
Group Statement of Cashflows 
For the year ended 30 September 2014
Note
2014
£’000
2013
£’000
Cashflows from operating activities
Cash generated from operations 28 15,425 18,288
Tax paid (837) (1,686)
net cash flow from operating activities 14,588 16,602
Cashflows from investing activities
Interest received 7 7
Sale of property, plant and equipment 1,576 961
Purchases of property, plant and equipment (net of finance lease) (1,926) (1,806)
Payments to acquire intangible fixed assets (91) (307)
Investment in subsidiary – (64)
Proceeds from sale of business – 394
net cash flow used in investing activities (434) (815)
Cashflows from financing activities
Interest and fees paid (5,129) (7,022)
Repayment of borrowings (6,232) (5,677)
Repayment of capital element of finance leases (5,663) (6,232)
net cash flow used in financing activities (17,024) (18,931)
Decrease in cash and cash equivalents (2,870) (3,144)
Effect of exchange rates on cash and cash equivalents (484) 72
Cash and cash equivalents at the beginning of the year 13,529 16,601
Cash and cash equivalents at the end of the year 28 10,175 13,529
The accompanying notes on pages 36 to 72 are an integral part of these financial statements. 33
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Company Statement of Cashflows 
For the year ended 30 September 2014
Note
2014
£’000
2013
£’000
Cashflows from operating activities
Cash generated from operations 28 (1,479) (2,516)
net cash flow from operating activities (1,479) (2,516)
Cashflows from investing activities
Interest received 2,071 1,289
Investment in subsidiary – (64)
Loans repaid by subsidiaries 1,360 500
Loans to subsidiaries (3,000) (122)
Dividends received 2,473 3,117
net cash flow from investing activities 2,904 4,720
Cashflows from financing activities
Interest and fees paid (270) (307)
net cash flow used in financing activities (270) (307)
Increase in cash and cash equivalents 1,155 1,897
Effect of exchange rates on cash and cash equivalents 267 (450)
Cash and cash equivalents at the beginning of the year (2,146) (3,593)
Cash and cash equivalents at the end of the year 28 (724) (2,146)
The notes on pages 36 to 72 are an integral part of these financial statements. 34
InterBulk Group Annual Report and Accounts 2014
Group Statement of Changes in Equity
Other Reserves
Hedge
reserve 
£’000
Merger
reserve
£’000
Warrants
£’000
Retirement 
benefit 
obligations
reserve
£’000
Cumulative
translation
reserve
£’000
Total
Other 
reserves 
£’000
Ordinary 
share 
capital
£’000
Share
premium
account
£’000
Retained
earnings
£’000
Attributable
to owners 
of the  
parent
total
£’000
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 gain 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
Total loss for the year – – – – – – – – (33,358) (33,358)
Warrants expired – – (360) – – (360) – – 360 –
Retirement benefits scheme 
closure – – – 39 – 39 – – (39) –
Other comprehensive income:
–   Fair value movement on 
swaps 31 – – – – 31 – – – 31
–   Loss taken to equity on 
hedges (508) – – – – (508) – – – (508)
–   Exchange loss on 
translation of foreign 
operations and net 
investment hedges – – – – (939) (939) – – – (939)
Total other comprehensive 
income (477) – – – (939) (1,416) – – – (1,416)
at 30 September 2014 (527) 1,046 – – 727 1,246 46,789 26,431 (35,736) 38,730 35
Company Statement of Changes in Equity
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Other Reserves
Merger
reserve
£’000
Warrants
£’000
Total
other 
reserves
£’000
Ordinary 
share 
capital
£’000
Share
premium
account
£’000
Retained
earnings
£’000
Attributable to 
owners of the 
parent 
company
total
£’000
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
Total loss for the year – – – – – (18,089) (18,089)
Warrants expired – (360) (360) – – 360 –
at 30 September 2014 1,046 – 1,046 46,789 26,431 (14,633) (59,633) 36
InterBulk Group Annual Report and Accounts 2014
Notes to the financial statements 
30 September 2014
1. General information
These financial statements comprise Group and Company Balance Sheets as of 30 September 2014 and Group Income Statement, Group 
Statement of Comprehensive Income, Group and Company Cash Flow Statements, Group and Company Statement of Changes in Equity, and 
related notes for the year then ended of InterBulk Group plc (hereinafter referred to as ‘financial information’).
InterBulk Group plc (‘the Company’) and its subsidiaries (together ‘the Group’) provide intermodal logistics solutions to customers in the 
chemical, polymer and food industry in Europe, the Americas and Asia Pacific. InterBulk Group plc is a public limited company incorporated 
and domiciled in the UK. The Company’s ordinary shares are traded on the London Stock Exchange Alternative Investment Market (AIM). The 
address of the registered office is: One London Wall, London, EC2Y 5AB.
Basis of preparation
The Group’s and Company’s financial statements have been prepared in accordance with International Financial Reporting Standards as 
adopted by the European Union (“IFRS”) and International Financial Reporting Interpretations Committee (“IFRIC”) interpretations as applied in 
accordance with the provisions of the Companies Act 2006 applicable to companies reporting under IFRS. The Company has taken advantage 
of the exemption provided under the Companies Act 2006 section 408 not to publish its individual income statement and related notes.
The financial statements have been prepared under the historical cost convention as modified by the revaluation of derivative financial 
instruments at fair value through profit or loss.
The consolidated financial statements are presented in Sterling and all values are rounded to the nearest £’000 except where otherwise 
indicated.
The accounts have been prepared on a going concern basis.
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. The policies have been consistently 
applied to all the years except as stated below.
The following standards and interpretations have been adopted in these financial statements and have not had a material impact on the 
Group’s financial statements in the period of initial application.
IFRS 13, ‘Fair value measurement’ (effective 1 January 2013)  
IAS 19 (revised 2011) ‘Employee benefits’ (effective 1 January 2013)  
Amendments to IFRS 7 on Financial instruments asset and liability offsetting (effective 1 January 2013)  
IFRS 10, ‘Consolidated financial statements’ (effective 1 January 2013) (endorsed 1 January 2014)  
Amendment to IAS 12,’Income taxes’ on deferred tax (effective 1 January 2012) (endorsed 1 January 2013) 
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 2014, £70,973,000 of goodwill is carried on the Group’s balance sheet. IAS 36 requires this carrying value to be compared 
to its value in use calculations using cash flow forecasts. As a result judgement is required in preparation of the forecasts and uncertainty 
exists which could cause the actual cash flow to differ. 37
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
(ii) Taxation
The group’s tax charge is based on the profit for the year and tax rates enacted at the balance sheet date. Estimation of the tax charge requires 
an assessment to be made of the potential tax treatment of certain items which will only be resolved once finally agreed with the relevant 
tax authorities.
Although these estimates are based on management’s best knowledge the amounts, events, actions or actual results may ultimately differ.
Basis of consolidation
The Group financial statements consolidate the financial statements of InterBulk Group plc and the entities it controls (its subsidiaries) drawn 
up to 30 September each year.
Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control, and continue to be 
consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the 
investee so as to obtain benefit from its activities and is achieved through direct or indirect ownership of voting rights; currently exercisable 
or convertible potential voting rights; or by way of contractual agreement. The financial statements of subsidiaries are prepared for the same 
reporting year as the parent company, using consistent accounting policies for the 12 months ended 30 September. All intercompany balances 
and intra-group transactions, including unrealised profits arising from them, are eliminated.
Foreign currency translation
Transactions in foreign currencies are initially recorded in the functional currency by applying the spot exchange rate ruling at the date 
of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of 
exchange ruling at the balance sheet date. All differences are taken to the income statement, except when hedge accounting is applied and 
for differences on monetary assets and liabilities that form part of the Group’s net investment in a foreign operation. These are taken directly 
to equity until the disposal of the net investment, at which time they are recognised in the income statement.
The assets and liabilities of foreign operations are translated into Sterling at the rate of exchange ruling at the balance sheet date. Income and 
expenses are translated at weighted average exchange rates for the year. The resulting exchange differences are taken directly to a separate 
component of equity, the cumulative translation reserve. On disposal of a foreign entity, the deferred cumulative amount recognised in equity 
relating to that particular foreign operation is recognised in the income statement.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates 
of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the 
date when the fair value was determined.
Business combinations
Under the requirements of IFRS 3, all business combinations are accounted for using the purchase method (“acquisition accounting”). 
Under this method, the acquiree’s identifiable assets, liabilities and contingent liabilities that satisfy the recognition criteria of IFRS 3 are 
measured initially at their fair values as at the date of acquisition, except for non-current assets classified as held for sale, which are measured 
at fair value less costs of disposal. 
Only identifiable liabilities that satisfy the criteria for recognition as a liability by the acquiree are recognised in a business combination. 
Consequently, restructuring liabilities are not recognised as a liability of the acquiree unless the acquiree has an obligation as at the date of 
the acquisition to carry out the restructuring.  38
InterBulk Group Annual Report and Accounts 2014
Notes to the financial statements continued
The cost of a business combination is the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, 
equity instruments issued by the acquirer. Any costs directly attributable to the business combination are taken directly to the income 
statement. The cost of a business combination is allocated at the acquisition date by recognising the acquiree’s identifiable assets, liabilities 
and contingent liabilities that satisfy the recognition criteria, at their fair values at that date. The acquisition date is the date on which the 
acquirer effectively obtains control of the acquiree. An intangible asset, such as customer relationships, brands, patents and royalties, is 
recognised if it meets the definition of an intangible asset in IAS 38 ‘Intangible assets’ and its fair value can be measured reliably.
Adjustments to the values of assets and liabilities initially determined provisionally (pending the results of independent valuations or further 
analysis) are recognised as a retrospective adjustment to goodwill if they are made within twelve months of the acquisition date. Once this 
twelve-month period has elapsed, the effects of any adjustments are recognised directly in the income statement, unless they qualify as an 
error correction.
Goodwill
Any excess of the cost of the business combination over the Group’s interest in the net fair value of the identifiable assets, liabilities and 
contingent liabilities is recognised in the balance sheet as goodwill and is not amortised. To the extent that the net fair value of the acquired 
entity’s identifiable assets, liabilities and contingent liabilities is greater than the cost of the investment, a gain is recognised immediately in 
the income statement. 
After initial recognition, goodwill is stated at cost less any accumulated impairment losses, with the carrying value being reviewed for 
impairment, at least annually and whenever events or changes in circumstances indicate that the carrying value may be impaired.
For the purpose of impairment testing, goodwill is allocated to the related cash-generating units monitored by management, usually at 
business segment level or statutory company level as the case may be. Where the recoverable amount of the cash-generating unit is less than 
its carrying amount, including goodwill, an impairment loss is recognised in the income statement. Impairment losses on goodwill are not 
reversed.
The carrying amount of goodwill allocated to a cash-generating unit is taken into account when determining the gain or loss on disposal of 
the unit, or of an operation within it. 
Other intangible assets
Intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired separately from a business are carried initially at cost. An intangible asset acquired as part of a business combination 
is recognised separately from goodwill if the asset is separable or arises from contractual or other legal rights and its fair value can be 
measured reliably. Expenditure on internally developed intangible assets, excluding development costs, is taken to the income statement in the 
year in which it is incurred. Development expenditure is recognised as an intangible asset only after its technical feasibility and commercial 
viability can be demonstrated.
Intangible assets with a finite life are amortised on a straight line basis over their expected useful lives, as follows:
•	 Patents, licences and trademarks – over the duration of the legal agreement - typically over 5 to 15 years
•	 Development expenditure – 3 to 6 years
•	 Computer software – 5 years 
•	 Customer relationships – 15 years 
The carrying value of intangible assets is reviewed for impairment whenever events or changes in circumstances indicate the carrying value 
may not be recoverable. In addition, the carrying value of capitalised development expenditure is reviewed for impairment annually before 
being brought into use. 39
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs 
directly attributable to making the asset capable of operating as intended. 
Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value based on 
prices prevailing at the balance sheet date, of each asset evenly over its expected useful life as follows:
•	 Freehold land & 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 financial statements and related 
notes), which transfer to the Group substantially all the risks and benefits incidental to ownership of the leased item, are capitalised at the 
inception of the lease, with a corresponding liability being recognised for the fair value of the leased asset or, if lower, the present value of 
the minimum lease payments. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income 
statement so as to achieve a constant rate of interest on the remaining balance of the liability.
Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are classified as operating leases and rentals 
payable are charged in the income statement on a straight line basis over the lease term.
Impairment of assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when 
annual impairment testing for an asset is required, the Group makes an estimate of the asset’s recoverable amount. An asset’s recoverable 
amount is the higher of an asset’s or cash-generating unit’s fair value less costs of disposal and its value in use and is determined for an 
individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. 
Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable 
amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that 
reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses of continuing operations 
are recognised in the income statement in those expense categories consistent with the function of the impaired asset.
An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no 
longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognised impairment loss 
is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss 
was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot 
exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in 
prior years. Such reversal is recognised in the income statement. After such a reversal the depreciation charge is adjusted in future periods to 
allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. 40
InterBulk Group Annual Report and Accounts 2014
Notes to the financial statements continued
Financial assets
Financial assets in the scope of IAS 39 are classified as loans and receivables or held-to-maturity investments, as appropriate. The Group 
determines the classification of its financial assets at initial recognition and re-evaluates this designation at each financial year end. When 
financial assets are recognised initially, they are measured at fair value, being the transaction price plus, in the case of financial assets not at 
fair value through profit or loss, directly attributable transaction costs. 
All regular purchases and sales of financial assets are recognised on the trade date, being the date that the Group commits to purchase or sell 
the asset. Regular transactions require delivery of assets within the timeframe generally established by regulation or convention in the market 
place. The subsequent measurement of financial assets depends on their classification, as follows:
Held-to-maturity investments
Non-derivative financial assets with fixed or determinable payments and fixed maturity are classified as held-to-maturity when the Group has 
the positive intention and ability to hold to maturity. 
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, do not 
qualify as trading assets and have not been designated as either fair value through profit and loss or available for sale. Such assets are carried 
at amortised cost using the effective interest method if the time value of money is significant. Gains and losses are recognised in income when 
the loans and receivables are derecognised or impaired, as well as through the amortisation process.
Trade receivables, which generally have 30-60 day terms, are recognised and carried at the lower of their original invoiced value and 
recoverable amount. Where the time value of money is material, receivables are carried at amortised cost. Provision is made when there is 
objective evidence that the Group will not be able to recover balances in full. Significant financial difficulties of the debtor, probability that 
the debtor will enter bankruptcy or financial reorganisation, and default on large and outstanding balances are considered indicators that the 
trade receivable is impaired. The amount of the provision is the difference between the asset’s carrying amount and the present value of the 
estimated future cash flows, discounted at the original effective interest rate. The carrying amount of the asset is reduced through the use 
of an allowance account, and the amount of the loss is recognised in the income statement. Balances are written off when the probability of 
recovery is assessed as being remote.
Assets carried at amortised cost
If there is objective evidence that an impairment loss on loans and receivables carried at amortised cost has been incurred, the amount of 
the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding 
future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate (i.e. the effective interest rate 
computed at initial recognition). The carrying amount of the asset is reduced, with the amount of the loss recognised in administration costs.
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring 
after the impairment was recognised, the previously recognised impairment loss is reversed. Any subsequent reversal of an impairment loss is 
recognised in the income statement, to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date.
Impairment of financial assets
The Group assesses at each balance sheet date whether there is objective evidence a financial asset or group of financial assets is impaired.
Investments
Non-current investments are shown at cost less provision for impairment.  41
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Inventories
Inventories are stated at the lower of cost and net realisable value. Net realisable value is based on estimated selling price, less further costs 
expected to be incurred to completion and disposal. Provision is made for obsolete, slow moving stock or defective items where appropriate. 
Cash and cash equivalents
Cash and short-term deposits in the balance sheet comprise cash at banks and in hand, short-term deposits with an original maturity of three 
months or less and bank overdrafts. Bank overdrafts are shown within current financial liabilities on the balance sheet. For the purpose of the 
statement of cashflows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.
Interest bearing loans and borrowings
All loans and borrowings are initially recognised at fair value less directly attributable transaction costs.
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest 
method.
Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance income 
and finance expense.
Finance fees are deferred and amortised over the life of the facility.
Taxation including deferred tax
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax 
rates and laws that are enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in full on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts 
in the financial statements, with the following exceptions:
•	 where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a 
business combination that at the time of the transaction affects neither accounting nor taxable profit or loss;
•	 in respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, where the timing 
of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the 
foreseeable future; and
•	 deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the 
deductible temporary differences, carried forward tax credits or tax losses can be utilised.
Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is 
realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Income tax is charged or credited directly to equity if it relates to items that are credited or charge to equity. Otherwise income tax is 
recognised in the income statement.
Provisions
A provision is recognised when the Group has a legal or constructive obligation as a result of a past event and it is probable that an outflow of 
economic benefits will be required to settle the obligation. If the effect is material, expected future cash flows are discounted using a current 
pre-tax rate that reflects, where appropriate, the risks specific to the liability. 42
InterBulk Group Annual Report and Accounts 2014
Notes to the financial statements continued
Where the Group expects some or all of a provision to be reimbursed, for example under an insurance policy, the reimbursement is recognised 
as a separate asset but only when recovery is virtually certain. The expense relating to any provision is presented in the income statement net 
of any reimbursement. The increase in the provision due to unwinding the discount is recognised as a finance cost.
Derivative financial instruments and hedging
The Group uses derivative financial instruments such as forward currency contracts and interest rate swaps to hedge its risks associated with 
foreign currency and interest rate fluctuations. Such derivative financial instruments are initially recognised at fair value on the date on which 
a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as assets when the fair value is 
positive and as liabilities when the fair value is negative.
The fair value of forward currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity 
profiles. The fair value of interest rate swap contracts is determined by reference to market values for similar instruments.
For those derivatives designated as hedges and for which hedge accounting is desired, the hedging relationship is documented at its 
inception. This documentation identifies the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how 
effectiveness will be measured throughout its duration. Such hedges are expected at inception to be highly effective.
For the purpose of hedge accounting, hedges are classified as:
•	 fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability; or
•	 cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a 
recognised asset or liability or a highly probable forecast transaction.
Any gains or losses arising from changes in the fair value of derivatives that do not qualify for hedge accounting are taken to the income 
statement. The treatment of gains and losses arising from revaluing derivatives designated as hedging instruments depends on the nature of 
the hedging relationship, as follows: 
(i) Net investment hedges
Certain foreign currency borrowings are designated as hedges of the Group’s overseas net investments. The effective portion of the gain or 
loss on the hedging instrument is recognised in equity, while the ineffective portion is recognised in the income statement.
(ii) Cash flow hedges
For cash flow hedges, the effective portion of the gain or loss on the hedging instrument is recognised directly in equity, while the ineffective 
portion is recognised in the income statement. Amounts taken to equity are transferred to the income statement when the hedged transaction 
affects profit or loss, such as when a forecast sale or purchase occurs. Where the hedged item is the cost of a non-financial asset or liability, 
the amounts taken to equity are transferred to the initial carrying amount of the non-financial asset or liability.
If a forecast transaction is no longer expected to occur, amounts previously recognised in equity are transferred to the income statement. If 
the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, 
amounts previously recognised in equity remain in equity until the forecast transaction occurs and are transferred to the income statement 
or to the initial carrying amount of a non-financial asset or liability as above. If the related transaction is not expected to occur, the amount 
is taken to the income statement.
Compound Instruments
Compound instruments are recognised at fair value. The fair value of the liability portion of convertible instruments is determined using a 
market interest rate for an equivalent non-convertible liability. This amount is recorded at amortised cost until extinguished on conversion or 
maturity. The remainder is recognised and included in shareholder’s equity. The equity component of a compound financial instrument is not 
re-measured subsequent to initial recognition except on conversion or expiry. 43
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Employee benefits (including pensions)
Wages, salaries, social security contributions, paid annual leave and sick leave, bonuses and non-monetary benefits are accrued in the year in 
which the associated services are rendered by the employees of the Group. Where the Group provides long-term employee benefits, the cost 
is accrued to match the rendering of the services by the employees concerned.
The Group has defined contribution pension schemes under which it pays fixed contributions to a third party insurance company. The Group 
also provides a defined benefit scheme for two ex-Directors.
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. 44
InterBulk Group Annual Report and Accounts 2014
Notes to the financial statements continued
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably 
measured. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. 
Revenue from logistics services using tankcontainers and box containers is recognised on the stage of completion of such services at the 
year-end date recognising the greater significance of specific acts in the successful completion of contractual obligations. Revenue from other 
services such as storage and terminal services is recognised as the service is rendered. Capital sales are recognised on transfer of ownership 
of the containers.
Finance income
Interest income is recognised as interest accrues.
Finance expense
Borrowing costs are recognised as an expense when incurred.
Exceptional items
Items are classified as exceptional gains or losses where they are considered by the Group to be material and are different from events or 
transactions which fall within the ordinary activities of the Group and which individually, or if of a similar type, in aggregate, need to be 
disclosed by the virtue of their size or incidence if the financial statements are to be properly understood. Exceptional items are separately 
disclosed to assist the user of the financial statements in understanding the financial performance achieved and in making projections of 
future results. Details of the exceptional items are provided in Note 7 to the financial statements.
Segmental reporting
For management purposes the Group is reported in three operating units: Liquid Bulk, Dry Bulk and ISO-Veyor. This follows also the 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:
Amendments to IAS 32 on Financial instruments asset and liability offsetting (effective for periods beginning on or after 1 January 2014) 
Amendment to IAS 36, ‘Impairment of assets’ on recoverable amount disclosures (effective for periods beginning on or after 1 January 2014) 
Amendment to IAS 39 ‘Financial instruments: Recognition and measurement’, on novation of derivatives and hedge accounting (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.
3. Segment information
For management purposes the Group is reported in three operating units; Liquid Bulk, Dry Bulk and ISO-Veyor. This follows also the intermodal 
technology which we utilise in the provision of our intermodal logistics solutions to customers. These three divisions are treated as operating 
segments and reportable segments in accordance with IFRS 8. The operating and reportable segments were determined based on reports 
reviewed by the Group Executive Directors who are considered to be the Chief Operating Decision Makers. 45
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
The Liquid Bulk segment provides intermodal logistics and storage solutions for the movement of liquid bulk materials utilising the fleet of 
tankcontainers. The Dry Bulk segment provides intermodal logistics and storage solutions for the movement of dry bulk materials utilising “bag 
in box” container technology. The ISO-Veyor segment provides intermodal logistics and storage solutions for movement of dry bulk materials 
using our own patented container technology. In this segment we also offer opportunities for customers to purchase or rent this container 
technology. The ISO-Veyor segment is less than 10% of Group revenue, operating profit and assets, so is included in “others”.
Year ended 30 September 2014
Liquid Bulk
£’000
Dry Bulk
£’000
Others
£’000
Eliminations
£’000
Total
£’000
Revenue
Sales to external customers 153,587 101,948 726 – 256,261
Results
Segment operating profit / (loss) before exceptional items 7,852 1,657 (146) – 9,363
Exceptional items (1,127) (33,096) – – (34,223)
Segment operating profit / (loss) after exceptional items 6,725 (31,439) (146) – (24,860)
Unallocated expenses (1,313)
Group operating loss (after exceptional items) (26,173)
Net finance expenses (5,616)
Loss before taxation (31,789)
Taxation (1,569)
net loss for the year (33,358)
See note 7 for breakdown of exceptional items. 
assets and liabilities
Segment assets (before goodwill impairment) 97,728 84,148 4,986 6,919 193,781
Goodwill impairment – (32,300) – – (32,300)
Total segment assets 97,728 51,848 4,986 6,919 161,481
Unallocated assets 11,300
total assets 172,781
Segment liabilities (34,249) (18,408) (459) (6,919) (60,035)
Unallocated liabilities (74,016)
total liabilities (134,051)
Other segment information
Capital expenditure: 
 Property, plant & equipment 750 3,613 132 – 4,495
 Intangible fixed assets – 81 12 – 93
 Depreciation in the year 3,781 3,769 268 – 7,818
 Amortisation in the year 155 460 53 – 668 46
InterBulk Group Annual Report and Accounts 2014
Notes to the financial statements continued
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
Inter–segment transfers or transactions are entered into under the normal commercial terms and conditions that would also be available to 
unrelated third parties.
Unallocated expenses relate to expenditure on the entity as a whole and are controlled by head office through their strategic decision making 
process.
Unallocated assets comprise primarily cash and derivatives as well as those assets which are used for general head office purposes. Unallocated 
liabilities primarily comprise group borrowings, income tax payable and liabilities relating to general head office activities. 47
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Geographical Information
Revenue by country has not been disclosed as the necessary information is not available and the cost to develop would be excessive. In 
addition, as a cross-border logistics group such disclosure would be misleading. However, disclosed below is the revenue split between the 
three key regions in which we operate based on location where the order is received and invoiced.
2014
£’000
2013
£’000
Revenue
Europe 205,394 219,451
Americas 30,463 32,030
Asia 20,404 20,057
Total 256,261 271,538
There are no external customers from whom the group derives more than ten percent of total revenue.
The allocation of non-current assets (excluding financial instrument assets and deferred taxation) by country is as follows:
non-current assets
30 September 2014
United Kingdom
£’000
The Netherlands
£’000
 
Others
£’000
 
Total
£’000
Goodwill 25,784 45,189 – 70,973
Other intangible assets 3,871 – – 3,871
Property, plant and equipment 13,855 21,262 5,831 40,948
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
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)
2014
£’000
2013
£’000
Operating profit / (loss) is stated after charging/(crediting):
Depreciation of containers:
– owned 3,327 3,228
– held under finance lease contracts 4,180 4,297
Depreciation of other assets
– owned 311 376
Repair and maintenance expenditure 8,644 9,006
Amortisation of acquired other intangible assets 207 207
Amortisation of patents 55 79
Amortisation of software 406 –
Gain on disposal of property, plant and equipment (224) (246)
Net foreign exchange loss 446 731
Operating lease rentals:
– containers & equipment 514 1,025
– other assets 1,160 906 48
InterBulk Group Annual Report and Accounts 2014
Notes to the financial statements continued
During the year the Group (including overseas subsidiaries) obtained the following services from the Group’s auditor as detailed below:
2014
£’000
2013
£’000
Audit services
– Fees payable for the audit of the parent company and consolidated financial statements 126 106
Fees payable to the Company’s auditors for other services:
– The audit of the company’s subsidiaries 228 230
– Audit related assurance services – 45
– Tax compliance services 70 102
– Tax advisory services 7 64
– Corporate finance services 95 85
Fees paid to the auditors for non-audit services in the year to 30 September 2014 include £137,000 (2013: £155,000) payable in the United 
Kingdom.
5. employee information
The average monthly number of employees during the year, including Executive Directors of the Group was:
2014
number
2013
Number
Operations / commercial 345 350
Administration / finance 99 103
Technical / engineering 31 32
475 485
Their aggregate remuneration comprised:
2014
£’000
2013
£’000
Wages and salaries 13,223 14,304
Social security costs 2,075 2,219
Other pension costs (note 30) 818 955
16,116 17,478
6. Directors’ emoluments
2014
£’000
2013
£’000
Aggregate emoluments 716 788
A detailed analysis of Directors’ remuneration, shareholdings, share options, long-term incentive schemes and pension benefits is provided in 
the Remuneration Report on pages 22 to 23. 49
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
7. exceptional items
The current year includes the following exceptional items:
2014
£’000
2013
£’000
Administration expense charge (2,041) (546)
Impairment of goodwill (32,300) (14,600)
Total exceptional items (34,341) (15,146)
Exceptional charges of £34,341,000 (2013: £15,146,000) have been recorded in the year. £32,300,000 of these charges relate to the impairment 
of goodwill in Dry Bulk. See note 17 for further details of the impairment of goodwill.
The exceptional administration charge of £2,041,000 in the year ended 30 September 2014 reflects accruals for liabilities identified in respect of 
certain historic commercial transactions (£946,000) and also a redundancy and reorganisation programme, primarily in the Dry Bulk European 
workforce (£1,095,000). This phase of reorganisation is in light of the current trading environment in Europe which has seen lower activity 
levels. These charges are exceptional in scale and nature and accordingly are shown as exceptional on the face of the Income Statement.
In the year ended 30 September 2013, exceptional charges of £15,146,000 were recorded. £14,600,000 of these charges relate to the impairment 
of goodwill in Dry Bulk (£10,700,000) and Iso-veyor (£3,900,000). The remaining balance related to re-organisation costs (£652,000), property 
write-down (£173,000) net of a gain on sale of CleanCat Technologies business (£279,000 gain).
8. Finance income
2014
£’000
2013
£’000
Bank interest receivable 7 7
Total finance income 7 7
9. Finance expenses
2014
£’000
2013
£’000
Interest payable on bank loans and overdrafts 4,238 4,201
Amortisation of deferred finance costs 416 347
Finance charges payable under finance leases and hire purchase contracts 969 1,212
Interest on pension scheme assets/liabilities – 2
Total finance expenses 5,623 5,762
10. taxation charge
(a) Analysis of charge in year
2014
£’000
2013
£’000
Current tax:
UK Corporation tax on profits of the year 248 –
Foreign tax on profits of the year 1,373 1,139
Adjustment in respect of prior years 233 (151)
Deferred tax:
Origination and reversal of temporary differences (1,198) (664)
Adjustments in respect of prior years 913 394
Tax charge in the income statement 1,569 718
tax relating to items charged or credited to equity
Deferred tax:
Tax credit in the statement of comprehensive income (79) (66) 50
InterBulk Group Annual Report and Accounts 2014
Notes to the financial statements continued
(b) Reconciliation of the total tax charge
The current tax rate and effective rate on profit on ordinary activities in the year varied from the standard rate of UK corporation tax as follows:
2014
£’000
2013
£’000
Loss on ordinary activities before tax (31,789) (12,868)
Loss on ordinary activities multiplied by standard rate in the UK (22%) (2013: 23%) (6,994) (2,960)
Effects of:
Goodwill impairment provision 7,106 3,358
Unrecognised tax losses 189 (63)
Different tax rates in subsidiaries operating in other jurisdictions 1 108
Adjustments in respect of prior years 1,146 243
Others 121 32
total tax charge reported in the income statement 1,569 718
(c) Unrecognised tax losses
The Group has tax losses which arose in the UK with a tax effect of £2,640,000 (2013: £2,400,000) and tax losses which arose in Singapore 
with a tax effect of £490,000 (2013: £818,000) 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. During the year, £226,000 of a deferred tax asset, on 
a portion of the tax losses, was recognised in Singapore, as the subsidiary is now making profits and this expected to continue in the future.
(d) Temporary differences associated with Group investments
No deferred tax liability has been recognised at 30 September 2014 (2013: £nil) in respect of taxes payable on the unremitted earnings of 
subsidiaries as it is likely that the majority of the overseas earnings will qualify for the UK dividend exemption.
(e) Deferred tax
Group
The movement on the net deferred tax liability is shown below:
2014
£’000
2013
£’000
Beginning of the year 940 766
Credit to income statement 285 270
Credit to equity 79 66
Exchange differences 266 (162)
End of the year 1,570 940
The deferred tax included in the balance sheet is made up as follows:
2014
£’000
2013
£’000
Accelerated capital allowances (1,125) (1,184)
Deferred tax liability (1,125) (1,184)
Retirement benefit obligations – 32
Unused tax losses 1,119 899
Other temporary differences 1,576 1,193
Deferred tax asset 2,695 2,124 51
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Deferred tax assets are recognised to the extent that the realisation of the related deferred tax benefit through future taxable profits is 
probable.
Company
The Company had no deferred tax balances in either year.
11. Profit attributable to members of the Parent Company
As permitted by S408 of the Companies Act 2006, the Parent Company’s Income Statement has not been presented in these financial 
statements. The loss in the Parent Company was £18,089,000, (2013: £2,720,000 loss).
12. earnings per ordinary share
The basic earnings per share is calculated by dividing the profit/loss for the financial year attributable to shareholders by the weighted average 
number of shares in issue. In calculating the diluted profit/loss per share, warrants outstanding were taken into account in the year to 30 
September 2013. These warrants expired in the year to 30 September 2014, therefore the dilution calculation is no longer applicable.
2014 2013
Loss for the year (£’000) (33,358) (13,586)
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 per share (pence) (7.13)p (2.90)p
Diluted loss per share (pence) n/a (2.90)p 
InterBulk Group plc assesses the performance of the Group by adjusting earnings per share, calculated in accordance with IAS 33, to exclude 
exceptional items and intangible asset amortisation and believes that the exclusion of such items provides a better comparison of business 
performance. The calculation of earnings per ordinary share on a basis which excluded exceptional items and amortisation of intangible assets 
is based on the following adjusted earnings:
2014
£’000
2013
£’000
Loss for the year (33,358) (13,586)
Exclude exceptional items (net of attributable taxation) 1,592 418
Exclude goodwill impairment 32,300 14,600
Exclude amortisation of intangible assets 668 286
Adjusted earnings 1,202 1,718
An adjusted earnings per share figure is presented below:-
Basic earnings per share pre-exceptional items and amortisation (pence) 0.26p 0.37p
Diluted earnings per share pre-exceptional items and amortisation (pence) n/a 0.37p
In the year to 30 September 2013 the effects of outstanding warrants decreased the loss per share and thus were anti-dilutive. As a result, the 
diluted profit per share was the same as the basic profit per share. The outstanding warrants were not added to the adjusted weighted average 
number of ordinary shares. In the year to 30 September 2014, these warrants expired, therefore the diluted earnings per share calculation is 
no longer applicable.
13. Dividends paid and proposed
No dividend has been declared and paid during the year to 30 September 2014 (2013: £nil). No dividend has been proposed (2013: £nil). 52
InterBulk Group Annual Report and Accounts 2014
Notes to the financial statements continued
14. Goodwill 
Group
Cost:
2014
£’000
2013
£’000
At 1 October 121,164 118,890
Exchange differences (3,291) 2,274
At 30 September 117,873 121,164
Impairment:
At 1 October (14,600) –
Current year impairment provision (32,300) (14,600)
At 30 September (46,900) (14,600)
net book value at 30 September 70,973 106,564
See note 17 for details of current year impairment provision
Company
The Company has no goodwill.
15. Other intangible assets 
Group
Acquired
customer 
relationships
£’000
Acquired
software
£’000
Acquired patents
and licences
£’000
Software
£’000
Patents
and licences
£’000
Total
£’000
Cost:
At 1 October 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
Additions – – – 81 12 93
Disposals – – – – (18) (18)
Exchange differences – – – (38) – (38)
at 30 September 2014 3,110 500 747 2,119 366 6,842
Accumulated amortisation and impairment:
At 1 October 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)
Amortisation during the year (207) – (38) (406) (17) (668)
Disposals – – – – 18 18
Exchange differences – – – (3) – (3)
at 30 September 2014 (1,546) (500) (322) (409) (194) (2,971)
net book value at 30 September 2014 1,564 – 425 1,710 172 3,871
Net book value at 30 September 2013 1,771 – 463 2,076 177 4,487
The amortisation charge in the year for other intangible assets has been included in administrative expenses.  53
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Company
The Company has no other intangible assets. 
16. Property, plant and equipment
Group
Freehold
land and
buildings
£’000
Containers &
direct
equipment
£’000
Computer 
equipment 
and others 
£’000
 
 
Total
£’000
Cost:
At 1 October 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
Additions – 3,961 534 4,495
Disposals (959) (5,955) (109) (7,023)
Exchange differences – (4,465) (290) (4,755)
at 30 September 2014 – 73,813 5,102 78,915
accumulated depreciation and impairment:
At 1 October 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)
Depreciation during the year – (7,507) (311) (7,818)
Disposals 263 5,303 105 5,671
Exchange differences – 2,530 265 2,795
at 30 September 2014 – (34,436) (3,531) (37,967)
net book value at 30 September 2014 – 39,377 1,571 40,948
Net book value at 30 September 2013 696 45,510 1,377 47,583
The depreciation charge for the year is £7,818,000 (2013: £7,901,000), of which £7,507,000 has been charged (2013: £7,525,000) in cost of sales 
and £311,000 (2013: £376,000) in administration expenses. 
The net book value of containers & direct equipment held under finance leases and hire purchase contracts at 30 September 2014 was 
£25,606,000 (2013: £30,081,000). Additions during the year include £2,313,000 (2013: £4,289,000) 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 in the year to 30 September 2013 relates to the write down of the asset value of our only owned office property which 
was sold in October 2013.
As disclosed in note 24 the Bank of Scotland (as agent to the bank facility) has been granted various securities. This specifically includes a first 
legal charge over the freehold land and buildings.
Company
The Company has no property, plant and equipment. 54
InterBulk Group Annual Report and Accounts 2014
Notes to the financial statements continued
17. Impairment of goodwill 
Goodwill acquired through business combinations has been allocated for the purposes of impairment testing to cash-generating units 
(“CGU’s”).
Due to the global structure of the business and the central control of key business activities such as container management, capital expenditure 
decisions and cash management, it is not appropriate to allocate goodwill to a more detailed geographic segment for any of the historic 
acquisitions. The total goodwill for the three individual historic acquisitions is viewed as three separate CGUs for goodwill purposes.
The recoverable amounts of the CGU’s are determined from value in use calculations using pre-tax cash flow forecasts based on the latest 
strategic three year plan approved by the Board. These projections are based on historical performance and the most recent financial forecasts 
available. Cashflows beyond the period of the projections are extrapolated based on expected growth rates for the operational geographical 
areas and industries for the next seven years, and a perpetuity for the period beyond ten years with no growth is also included. A growth rate 
specific to the CGU’s industry focus and geographic market is used beyond the period of the three year plan. The growth rate used for the Dry 
Bulk and Iso-veyor divisions was 2%, and 4% for the Liquid Bulk division. The growth rates do not exceed the average long term growth rates 
for these areas. The discount rate applied to the cash flow forecast is based on the weighted average, nominal, risk adjusted pre-tax cost of 
capital in the various geographical regions. The weighted average pre-tax discount rates used was 11.1% (2013: 11.1%).
Key assumptions used in value in use calculations are set out below and are consistent with past experience.
•	 Retention of existing business and securing new business;
•	 Gross margins;
•	 Capital investment required 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 55,681 48,480 2,403 106,564
Impairment provision in the year (32,300) – – (32,300)
Exchange – (3,291) – (3,291)
Goodwill – closing 23,381 45,189 2,403 70,973
Dry Bulk
During the year the goodwill in relation to the Group’s Dry Bulk operations was impaired by £32.3m following reduced assumptions concerning 
the future cash flow forecast of this business unit. 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 £23.4m goodwill carrying value. If the growth of the Dry Bulk 
financial performance assumed in the 3 year financial plans is removed, then a further write-down of £4.0m of the remaining goodwill may 
occur. If the discount rate increased by 300 basis points, then a further write-down of £6.5m of the remaining goodwill may occur. 55
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
ISO-veyor
The recoverable amount the Iso-veyor business unit exceeded the carrying value at the time of the impairment test, so no impairment 
provision was required. Whilst cashflow projections used within the impairment review are subject to inherent uncertainty, management 
believes reasonably possible changes in any of the above key assumptions in assessing the value in use would not cause a material change to 
the conclusions reached for the carrying value of the ISO-Veyor business unit.
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 material change to the conclusions reached for the carrying value of the Liquid Bulk business 
unit.
18. Investments
Group Company
2014
£’000
2013
£’000
2014
£’000
2013
£’000
Investments in subsidiaries – – 43,637 43,637
– – 43,637 43,637
Company
There was no movement in investments in the year
The Company’s principal subsidiary undertakings at 30 September 2014 are shown below. The accounting dates of the subsidiary undertakings 
are all 30 September with the exception of Beijing InterBulk Logistics Co. Limited, Shanghai InterBulk Logistics Co. Limited, InterBulk OOO and 
OOO InterBulk Terminal which have December year ends. 56
InterBulk Group Annual Report and Accounts 2014
Notes to the financial statements continued
active subsidiaries
For all subsidiaries 100% of voting rights and shares are held. The active subsidiary undertakings whose shares are all owned indirectly by the 
Company are marked with an asterisk (*):
Name of Company
Class of 
Shares
Country of
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
InterBulk Group plc has given a guarantee under Section 479C of the Companies Act 2006 (the “Act”) in respect of the year ended 30 
September 2014 of the following of its subsidiary companies and the following subsidiary companies are exempt from the requirements of 
the Act relating to the audit of individual financial statements by virtue of Section 479A of the Companies Act 2006:
Linertech Limited 
I.B.T Limited 
InterBulk China Holdings Limited 57
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
19. Preference shares in subsidiary
Company
2014
£’000
2013
£’000
Financial assets
Preference shares held in subsidiary 2,457 2,637
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
2014
£’000
2013
£’000
Spare parts 141 89
Finished liners 1,253 1,352
1,394 1,441
During the year £3,067,000 (2013: £3,835,000) was recognised as an expense within cost of sales.
21. trade and other receivables
Group Company
2014
£’000
2013
£’000
2014
£’000
2013
£’000
Trade receivables (gross) 36,930 39,990 – –
Less: provision for impairment of receivables (445) (509) – –
Trade receivables (net) 36,485 39,481 – –
Loans owed by subsidiaries – – 4,078 21,738
Amounts due from subsidiaries – – 9,849 9,407
VAT 399 719 40 15
Prepayments and accrued income 341 447 24 48
Other debtors 4,375 2,601 283 283
Dividends receivable from subsidiary – – 576 2,862
41,600 43,248 14,850 34,353
Interest is charged on loans owed by subsidiaries based on the market rate at the time of inception of each loan, the rates range from 5.25% 
to 10%. 58
InterBulk Group Annual Report and Accounts 2014
Notes to the financial statements continued
22. Financial liabilities
Current
Group Company
2014
£’000
2013
£’000
2014
£’000
2013
£’000
Bank overdraft 1,125 – 2,063 2,146
Current obligations under finance leases and 
hire purchase contracts (note 25) 4,842 5,812 – –
Current instalments due on bank loans (note 24) 2,770 2,380 – –
Interest rate swap 218 – – –
8,955 8,192 2,063 2,146
non-current
Group Company
2014
£’000
2013
£’000
2014
£’000
2013
£’000
Non-current obligations under finance leases and 
hire purchase contracts (note 25) 8,354 11,289 – –
Non-current instalments due on bank loans (note 24) 54,442 63,522 – –
Interest rate Swap – 262 – –
62,796 75,073 – –
The bank overdrafts and revolving credit facility are secured via the Group’s Senior Debt facility (note 24). The bank overdraft recorded by the 
Group and Company is subject to legal offset with bank accounts held by subsidiary companies within the same Bank. However, there is no 
legal offset between Banks, therefore the net position is shown per Bank resulting in both and overdraft and positive cash balances being 
presented in the Group and Company balance sheets. 
23. trade and other payables
Current
Group Company
2014
£’000
2013
£’000
2014
£’000
2013
£’000
Trade payables 29,809 29,351 267 248
Accruals and deferred income 29,946 31,277 320 511
Taxation and social security 280 287 – –
60,035 60,915 587 759 59
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
24. Bank loans
Group
Bank loans comprise the following:
Group Company
2014
£’000
2013
£’000
2014
£’000
2013
£’000
Senior Term A - USD 5,044 5,889 – –
Senior Term A - GBP 1,979 4,365 – –
Senior Term A – Euro 4,799 8,067 – –
Senior Term B – Euro 27,946 30,043 – –
Senior Term B – GBP 17,444 17,466 – –
Other Bank Loans – Euro – 72 – –
57,212 65,902 – –
Less: current instalments due on Bank Loans (2,770) (2,380) – –
54,442 63,522 – –
The above bank loans are recorded at fair value less directly attributable transaction costs. At 30 September 2014, the value of attributable 
transaction costs was £929,000 (2013: £947,000). The value of the unamortised warrant costs at 30 September 2014 for the Group was nil 
(2013: £nil). 
Senior term Loan a
Term Loan A has scheduled quarterly repayments ending 30 September 2016 with the following sterling equivalent annual values: £3.2m and 
£3.9m, 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 consisted of local finance arrangements in Austria in relation to container terminals. The loans were repayable in monthly and 
quarterly instalments with the final repayment being made during the current year. 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 and again on 22 December 2014. In addition, the Group has committed 
revolving credit and ancillary facilities with the Bank of Scotland plc and Cooperatieve RaboBank Rotterdam U.A. for working capital and 
ancillary purposes of the Group of £6m and £4m respectively. As at 30 September 2014, £1.1m was drawn with the Bank of Scotland (2013: 
none), none was drawn with Rabobank (2013: none).
The facilities were granted after various securities were provided which includes fixed and floating charges, share pledges and cross company 
guarantees. 60
InterBulk Group Annual Report and Accounts 2014
Notes to the financial statements continued
In addition, the continued availability of the facilities are subject to warranties, general undertakings, and certain defined events of default. 
The Group’s banking facilities are also subject to a number of financial covenants which the Group monitors closely and has complied with 
throughout the year to 30 September 2014. These covenants include interest cover, cash cover and leverage ratios on a last twelve month 
basis at each quarter end. The Directors believe that the financial covenants for the remaining term of the facilities, which were adjusted by 
our bankers on 22 December 2014 to take into account current and forecast trading results, provide an adequate level of headroom under 
sensible downside scenarios for the foreseeable future and expect, therefore, to be able to continue to meet these covenants. The Group will 
undertake a process aimed at refinancing the facility by 31 December 2015. This timetable is necessary to support the strategic needs of the 
business and to ensure that the Group has new lasting facilities in place by the time of approval of next year’s Group annual accounts. Having 
assessed the Group’s medium-term facility requirements we have agreed with our bankers that the current revolving credit facilities of £10m 
will now expire at 31 March 2016. 
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
2014
£’000
2013
£’000
Not later than one year 5,489 6,734
After one year but not more than 5 years 7,832 11,145
Greater than 5 years 1,742 1,651
15,063 19,530
Less finance charges allocated to future periods (1,867) (2,429)
Present value of minimum lease payments 13,196 17,101
The present value of minimum lease payments is analysed as follows:
Not later than one year 4,842 5,812
After one year but not more than 5 years 6,752 9,872
Greater than 5 years 1,602 1,417
13,196 17,101
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: 6 1
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Group
2014
£’000
2013
£’000
Not later than one year 840 1,262
After one year but not more than 5 years 775 1,546
Greater than 5 years – 10
1,615 2,818
Company
The Company has no operating leases in either year.
26. Financial instruments
The Group’s activities expose it to a variety of financial risks including interest rate, liquidity, foreign currency and credit risks. The Board 
reviews and agrees policies for managing each of the risks. It is the Group’s policy that no trading in financial instruments shall be undertaken. 
These policies have remained unchanged throughout the year, and are consistent with the previous periods.
26(a) Interest rate risk
The Group borrows in the desired currencies at floating rates of interest and can use forward rate agreements or interest rate swaps to 
generate the desired interest profile and to manage the Group’s exposure to interest rate fluctuations. At 30  September 2014, 79% (2013: 
72%) of the Group’s financial liabilities were at fixed rates after taking account of interest rate swaps which became 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 2014, the Group had interest rate swaps in place with notional amounts of £28,404,097 (2013: £30,472,723) and £17,715,515 
(2013: £17,715,515). The interest rate swaps in place at 30 September 14 results in receiving fixed rates of interest of 0.71% and 0.985%, 
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. 
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 2014
Within 
1 year
£’000
1–2 years
£’000
2-3 years
£’000 
3-4 years
£’000
4-5 years
£’000
More than
5 years
£’000
Total
£’000
Floating rate
Senior debt loans – GBP 778 1,201 – – – – 1,979
Senior debt loans – Euro 1,329 3,470 – – – – 4,799
Senior debt loans – USD 1,030 4,014 – – – – 5,044
Other bank loans – Euro – – – – – – –
Fixed rate
Senior debt loans – GBP (137) 17,581 – – – – 17,444
Senior debt loans – Euro (230) 28,176 – – – – 27,946
Finance leases – GBP 1,355 1,060 903 555 147 – 4,020
Finance leases – Euro 2,502 871 537 566 469 1,602 6,547
Finance leases – USD 985 1,190 241 127 86 – 2,629
7,612 57,563 1,681 1,248 702 1,602 70,408 62
InterBulk Group Annual Report and Accounts 2014
Notes to the financial statements continued
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
At 30 September 2013 the bank loans included above as fixed interest were classified as such due to the effect of interest rate swaps that 
became effective on 1 October 2013. These swaps were not in effect during the year to 30 September 2013. The weighted average interests’ 
rates on the financial liabilities during the year were as follows:
2014 2013
Floating
Senior debt loans – Sterling 5.27% 5.03%
Senior debt loans – Euro 5.07% 4.79%
Senior debt loans - USD 5.05% 5.33%
Other bank loans – Euro 1.96% 1.97%
Fixed 
Senior debt loans – Sterling 5.74% –
Senior debt loans – Euro 5.46% –
Finance leases – GBP 4.0% 4.0%
Finance leases – Euro 7.0% 5.5%
Finance leases – USD 6.9% 6.9%
At 30 September 2014, 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 £47,000 (2013: £169,000) 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.  63
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
26(b) Liquidity risk
The Group has a medium term loan facility which is regularly reviewed to ensure that it provides adequate liquidity. The facility is managed on 
a centralised basis with appropriate local availability. A debt package was obtained on 5 October 2012 which expires on 30 September 2016. 
The tables below summarise the Group’s remaining contractual maturity for its financial liabilities at 30 September 2014 and 2013. 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 2014
Within 
1 year
£’000
1–2 years
£’000
2–3 years
£’000 
3–4 years
£’000
4–5 years
£’000
More than
5 years
£’000
Total
£’000
Trade payables 29,809 – – – – – 29,809
Loans – principal and interest 6,403 57,892 – – – – 64,295
Obligations under finance leases and hire 
purchase contracts 5,489 3,552 2,006 1,465 809 1,742 15,063
Interest rate swaps 218 – – – – – 218
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
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 2014 was a borrowing of Euro 38,066,129 (2013: Euro 41,592,565) 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 2014 was £29,660,000 (2013: £34,768,000). The foreign exchange gain of £2,189,000 (2013: £1,584,000 loss) 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 (2013: £nil). 64
InterBulk Group Annual Report and Accounts 2014
Notes to the financial statements continued
The main currencies of the net debt were:
Currency
Financial 
liabilities  
2014
£’000
Financial 
liabilities
2013
£’000
net cash 
 at bank 
 and in hand
2014
£’000
Net cash 
 at bank 
 and in hand
2013
£’000
Sterling 23,443 25,954 (4,190) 3,918
Euro 39,292 48,208 2,280 (1,929)
US Dollars 7,673 8,841 10,463 10,746
Swedish Krona – – 638 201
Other currencies – – 984 593
70,408 83,003 10,175 13,529
Company
The Company has a net overdraft balance at September 2014 of £724,000 (2013: £2,146,000). This is split between cash £1,353,000 (2013: 
£3,582,000 cash) denominated in Sterling, £2,069,000 overdraft denominated (2013: £5,720,000 overdraft) in Euro and £8,000 overdraft 
denominated (2013: £8,000 overdraft) in US Dollars. 
Currency sensitivities
At 30 September 2014, 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
2014
£’000
2013
£’000
Euro 46 (43)
US Dollars 117 138
Swedish Krona 29 13
Singapore Dollars 3 13
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 £1,585,000 (2013: £1,840,000) lower/higher. If the US Dollar had varied by 5% against the pound, equity would have been 
£244,000 (2012: £285,000) lower/higher. As these loans are predominantly used to hedge the subsidiaries net assets there would be an equal 
and offsetting movement in the value of the subsidiaries net assets. 
This exposure is part of the group’s economic risk of operating globally which is essential to remain competitive in the markets which the 
group operates. 65
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
26(d) Credit risk
The risk of financial loss due to a counterparty’s failure to honour its obligations arises principally in relation to transactions where the Group 
provides goods and services on deferred credit terms. Group policies are aimed at minimising such losses, and require that deferred credit 
terms are granted only to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. Each unit is 
responsible for managing trade receivables. Credit worthiness checks are also undertaken before entering into contracts with new customers 
taking into account their financial position, past experience and other factors. The Group has no significant concentrations of credit risk.
Group Company
2014
£’000
2013
£’000
2014
£’000
2013
£’000
Amounts neither past due nor impaired 30,358 33,293 – –
Amounts past due but not impaired
Less than 30 days 3,987 4,220 – –
30-90 days 1,679 1,375 – –
More than 90 days 461 593 – –
Total past due but not impaired 6,127 6,188 – –
Amounts impaired 445 509 – –
Specific allowances for bad and doubtful debts (445) (509) – –
Trade receivables net of allowances 36,485 39,481 – –
Movements in the allowance for impairments were:
Group Company
2014
£’000
2013
£’000
2014
£’000
2013
£’000
At 1 October 509 298 – –
Charge / (credit) 202 211 – –
Utilised (215) – – –
Exchange adjustments (51) – – –
At 30 September 445 509 – –
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.
2014
£’000
2013
£’000
Senior debt 57,212 65,830
Other bank loans – 72
Asset finance lease creditors 13,196 17,101
Less: cash and cash equivalents (10,175) (13,529)
Net debt 60,233 69,474
Equity 38,730 73,504
Capital employed 98,963 142,978
Gearing 61% 49%
Net debt is defined as bank loans, and obligations under finance leases less cash and cash equivalents. 66
InterBulk Group Annual Report and Accounts 2014
Notes to the financial statements continued
26(f) Fair values of financial assets and financial liabilities
The following table provides a comparison by category of the carrying amounts and the fair values of the Group’s financial assets and financial 
liabilities at each year end. Fair value is the amount at which a financial instrument could be exchanged in an arm’s length transaction between 
informed and willing parties, other than a forced or liquidation sale, and excludes accrued interest. Where available, market values have been 
used to determine fair values. Where market values are not available, fair values have been calculated by discounting expected cash flows at 
prevailing interest rate and by applying year end exchange rates. The carrying amounts of short term borrowings approximate to book value.
Group
The fair value of the Group’s financial assets and liabilities are:
2014
Book value
£’000
2014
Fair value
£’000
2013
Book value
£’000
2013
Fair value
£’000
Financial assets:
Cash at bank and in hand 11,300 11,300 13,529 13,529
Financial Liabilities:
Bank overdraft (1,125) (1,125) – –
Current bank loans (2,770) (2,770) (2,380) (2,380)
Non-current bank loans (54,442) (54,442) (63,522) (63,522)
Interest rate swaps (218) (218) (262) (262)
Finance leases (13,196) (12,402) (17,101) (16,000)
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 9.22%.
Company
The fair value of the Company’s financial assets and liabilities are:
2014
Book value
£’000
2014
Fair value
£’000
2013
Book value
£’000
2013
Fair value
£’000
Financial assets:
Preference shares in subsidiary 2,457 2,457 2,637 2,637
Cash at bank and in hand 1,339 1,339 – –
Financial Liabilities:
Bank overdraft (2,063) (2,063) (2,146) (2,146)
Trade and other receivables and trade and other payables, whose carrying value is a reasonable approximation to the fair value have been 
excluded from the table above. 
Bank overdraft and current bank loans The fair value of the Group’s overdrafts and bank loans is equivalent 
to the carrying value reported in the balance sheet as they are 
floating rate borrowings where payments are reset to market rates at 
intervals of up to three months.
Non-current bank loans The fair value of the Group’s long term borrowings has been 
calculated using values equivalent to the carrying value reported in 
the balance sheet given that they are floating rate borrowings where 
payments reset to market rates at intervals of up to three months. 67
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Interest rate swaps The fair value of interest rate swaps is based on market prices of 
comparable instruments at the balance sheet date. Under the IFRS 7 
fair value hierarchy, this is a level 2 valuation using inputs other than 
quoted prices that are either observable directly (that is, as prices) or 
indirectly (that is, derived from prices).
Finance leases The fair value is assessed by calculating the discounted cash flows 
at prevailing interest rates and by applying year end exchange rates. 
Under the IFRS 7 fair value hierarchy, this is a level 2 valuation using 
inputs other than quoted prices that are either observable directly 
(that is, as prices) or indirectly (that is, derived from prices).
Preference shares The preference shares fair value has been determined by reference to 
market value using recent transactions at the balance sheet date.
In accordance with IAS 39, ‘Financial Instruments: Recognition and measurement’, the Group has reviewed all contracts for embedded 
derivatives that are required to be separately accounted for if they do not meet certain requirements set out in the standard. None were 
recognised that were required to be separately accounted for.
Financial Derivative Instruments
The fair value and book value of the derivative financial instruments are as follows:
2014
£’000
2013
£’000
Group
Liabilities – interest rate swaps (218) (262)
(218) (262)
Company
The company has no derivative financial instruments.
27 authorised and issued share capital
Group and Company
The authorised share capital of the Company can be analysed as follows:
2014
£
2013
£
authorised
500,000,000 (2013: 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 2013 and 30 September 2014 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. The remaining 12,115,680 warrants expired on 30 September 2014. 68
InterBulk Group Annual Report and Accounts 2014
Notes to the financial statements continued
28. Cash flow and net debt
Group
(a) Cash flow from operations
2014
£’000
2013
£’000
Loss before taxation (31,789) (12,868)
Adjustments for:
Depreciation 7,818 7,901
Amortisation of intangible assets 668 286
Gain on sale of fixed assets (224) (246)
Finance income (7) (7)
Finance expenses 5,623 5,762
Impairment of goodwill 32,300 14,600
Decrease in inventories 47 312
Decrease / (increase) in trade & other receivables 3,200 (1,791)
Decrease in retirement benefit obligations (13) (47)
(Decrease) / increase in payables (2,198) 4,386
Cash generated from operations 15,425 18,288
(b) Cash and cash equivalents
2014
£’000
2013
£’000
Cash and cash equivalents 11,300 13,529
Overdraft (1,125) –
Net cash and cash equivalents 10,175 13,529
(c) Analysis of Group net debt
1 October
2013
£’000
Cashflow
£’000
Exchange
differences
£’000
Non–cash 
movements
£’000
30 September
2014
£’000
Cash and cash equivalents 13,529 (2,870) (484) – 10,175
Senior term loans (65,830) 6,566 2,468 (416) (57,212)
Other loans (72) 70 2 – –
Finance leases (17,101) 5,663 555 (2,313) (13,196)
(69,474) 9,429 2,541 (2,729) (60,233)
Cash movements in senior term loans includes £404,000 of fees paid to senior term loan providers deferred over the remaining terms of the 
facility. 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 £2,313,000 relating to the inception of new finance leases on the purchase of containers 
and other direct equipment.
Non-cash movements within loans includes amortisation of deferred finance costs in the year of £416,000 69
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
Company
(a) Cash flow from operations
2014
£’000
2013
£’000
Loss before taxation (18,089) (2,720)
Adjustments for:
Finance income (2,725) (2,691)
Finance expense 438 348
Write off of investment – 100
Write off of intercompany loan 19,300 –
Impairment of investment – 3,900
Non-cash exchange loss 4 11
Dividend income from subsidiary (257) (266)
Decrease / (increase) in trade and other receivables 65 (1,448)
(Decrease) / Increase in payables (215) 250
Cash utilised from continuing operations (1,479) (2,516)
(b) Cash and cash equivalents
2014
£’000
2013
£’000
Cash and cash equivalents 1,339 –
Overdraft (2,063) (2,146)
Net cash and cash equivalents (724) (2,146)
(c) Analysis of Company net debt
1 October 
2013
£’000
Cashflow
£’000
Exchange
differences
£’000
Non–cash
movements
£’000
30 September 
2014
£’000
Cash and cash equivalents (2,146) 1,155 267 – (724)
29. Capital commitments
The Group has capital commitments at 30 September 2014 of £137,000 (2013: £109,000). The Company has no capital commitments at 30 
September 2014 (2013: £ nil).
30. Pension and other post-retirement benefits
(a) Defined Contribution Pension Scheme
In respect of the defined contribution pension scheme £818,000 (2013: £902,000) has been recognised as an administrative expense during 
the year (note 5).
(b) Defined Benefit Pension Scheme
The Group operated a defined benefit scheme which at 30 September 2013 consisted of two members, one active and one deferred. At that 
date a pension asset of £13,000 was recorded in relation to this pension arrangement. Note 30 (b) in the 2013 Annual Report and Financial 
Statements includes the associated disclosures. On 30 November 2013 the one active member became deferred. The exposure of the Group for 
both deferred members is fully insured. As a result, there is no longer any future obligation for the Group.  70
InterBulk Group Annual Report and Accounts 2014
Notes to the financial statements continued
31. Share based payments
Share warrants
On 30 September 2009, 15,144,600 warrants were granted to the Bank of Scotland with an exercise price of 10p. During the year ended 30 
September 2011, 3,028,920 of these warrants were cancelled. The remaining 12,115,680 warrants expired on 30 September 2014.
32. Contingent liabilities and guarantees
The Company and Group have given guarantees in relation to bank and other borrowings of certain subsidiary companies. The debt facilities 
are described in note 24.
At 30 September 2014 the Group has issued bank guarantees to suppliers in the ordinary course of business to a value of £424,653 (2013: 
£424,434) and guarantees to HM Revenue and Customs with a value of £200,000 (2013: £200,000).
33. Related party transactions
Group
The Group has entered into certain management service agreements with Clyde Blowers Limited, a company in which Jim McColl is a Director. 
These service agreements cover the services of Scott Cunningham and Jim McColl, in-house legal services, general administrative services and 
office space. For the current year fees payable under these arrangements were £414,610 (2013: £429,501) excluding out of pocket expenses. 
As at 30 September 2014 amounts due to Clyde Blowers Limited were £nil (2013: £41,998).
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 £7,755,651 (2013: £8,135,029). As at 30 September 2014 amounts due to Groupe 
Norbert Dentressangle SA were £1,536,858 (2013: £1,194,561). 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 £644,656 (2013: £1,031,585). As at 30 September 
2014 amounts due from Group Norbert Dentressangle SA were £115,991 (2013: £87,076).
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 £2,877,957 (2013: £2,469,559). As at 30  September 2014 amounts due to 
Sinotrans Limited were £576,047 (2013: £504,293). In addition, the Group provides certain logistics services and equipment rental to Sinotrans 
Limited. For the current year amounts receivable for these were £690,409 (2013: £833,417). As at 30 September 2014 amounts due from 
Sinotrans Limited were £202,925 (2013: £519,234).
Payments to directors totalled £715,699 in the year. The breakdown of this per director can be found in the Directors’ Remuneration report 
on page 22.
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:
2014
£’000
2013
£’000
InterBulk (UK) Limited 95 95
United Transport Tankcontainers Holdings BV 135 135
InBulk Technologies Limited 30 30
260 260 71
INTRODUCTION BUSINESS REVIEW CORPORATE GOVERNANCE FINANCIAL
(b) Management costs:
2014
£’000
2013
£’000
InterBulk (UK) Limited (1) (1)
United Transport Tankcontainers Holdings BV (290) (79)
InterBulk (Tankcontainers) Holdings Limited – (10)
United Transport Tankcontainers BV – (17)
UTT (Eastern Europe) BV – (2)
(291) (109)
(c) Finance income – interest receivable:
2014
£’000
2013
£’000
InterBulk (UK) Holdings Limited 2,630 2,567
InterBulk China Holdings Limited 54 81
InBulk Technologies Limited 42 42
2,726 2,690
(d) Dividend income:
2014
£’000
2013
£’000
United Transport Tankcontainers Holdings BV 257 266
(e) Year end balances – loans owed by subsidiaries:
2014
£’000
2013
£’000
InBulk Technologies limited 600 600
InterBulk (UK) Holdings Limited 2,648 19,698
UTT (Eastern Europe) BV 8 8
InterBulk China Holdings Limited 822 1,432
4,078 21,738
(f) Year end balances – dividends receivable from subsidiary:
2014
£’000
2013
£’000
United Transport Tankcontainers Holdings BV 576 2,862 72
InterBulk Group Annual Report and Accounts 2014
Notes to the financial statements continued
(g) Year end balances – amounts due from subsidiaries:
2014
£’000
2013
£’000
InterBulk (UK) Limited 246 19
United Transport Tankcontainers Holdings BV 1,073 1,227
InterBulk (Tankcontainers) Holdings Limited – 390
United Transport Tankcontainers BV – 137
InterBulk (Tankcontainers) Limited 19 –
InBulk Technologies Limited 982 901
CleanCat Technologies Limited – 76
Beijing InterBulk Logistics Co. Limited 58 48
InterBulk China Holdings Limited 165 245
InterBulk (UK) Holdings Limited 7,290 6,323
Non-significant companies 16 41
9,849 9,407 c InterBulk Group Annual Report and Accounts 2012   
Five Year Summary
Design and production by Imprima
Printed on FSC mixed source papers
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) (£)
2014 2010 2011 2012 2013
16.7
23.5
23.8
21.3
16.2
2014 2010 2011 2012 2013
8.8
15.1
15.5
13.3
8.3
2014 2010 2011 2012 2013
0.5
1.6
3.5
4.3
1.4
2014 2010 2011 2012 2013
60.2
109.3
83.9
72.5
69.5
2014 2010 2011 2012 2013
256.3
273.0
300.4
280.4
271.5 INTERBULK GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
www.interbulkgroup.com
  
Annual Report
& Accounts 2014