annual report  accounts 2008 nationwide provides automotive 
crash repair and accident administration
services principally to the uk 
insurance industry  
with a national network of accident repair centres
located across england scotland and wales employing
over 2400 people it is the largest dedicated provider
of accident repair services in the uk 
“i am pleased to report that in a
challenging trading environment
financial results for the year ended
31 december 2008 recorded a
new high for the group 
although our business is not
immune to the current economic
downturn the nature of our
business based as it is around
accident repairs should afford us
protection in addition we benefit
from good cash generation a
strong balance sheet and no bank
debt accordingly the directors
are confident that the business is
well placed for long term growth”
michael marx
chairman
corporate statement  ifc 
highlights 1
chairman’s statement  2
chief executive’s report  4
finance director’s review  6
board of directors  8
directors  advisers  10
directors’ report  11
statement of directors’ responsibilities  13
remuneration report  14
report of the independent auditor  15
consolidated income statement  16
consolidated balance sheet  17
consolidated statement of changes in equity  18
company balance sheet  19
consolidated cash flow statement  20
company cash flow statement  21
notes to the accounts  22 
financial calendar  37 highlights
• revenue up 18 to £1793m 
2007 £1519m
• gross profit margin maintained at 465
• profit before tax before nonrecurring item 
up 14 to £78m 2007 £68m
• earnings per share before nonrecurring item 
up 13 to 128p 2007 113p
• strong balance sheet with net cash at year 
end of £54m 2007 £52m
• recommended final dividend of 33p per 
share making total for the year of 50p 
an 11 increase 2007 45p
• contract wins and contract extensions signed 
in 2007 enjoyed in 2008
• accident management operations including 
our mobile divisions continue to demonstrate 
encouraging growth
• six new bodyshops acquired in the year 
scunthorpe gravesend bristol redruth 
kettering and perth
• well positioned to weather the current 
economic environment
2008 2007
revenue £1793m £1519m
operating profit before nonrecurring items £75m £66m
profit before tax before nonrecurring items £78m £68m
earnings per share before nonrecurring items 128p 113p
operating profit after nonrecurring items £67m £66m
profit before tax after nonrecurring items £71m £68m
earnings per share after nonrecurring items 116p 113p
a nonrecurring charge of £750000 has been made in relation to a bad debt provision 
against the debt of a customer that went into administration in march 2009
nationwide accident repair services plc annual report and accounts 2008 2
introduction
i am pleased to report that in a challenging
trading environment financial results for the year
ended 31 december 2008 recorded a new high
for the group
financial results
revenue for the year ended 31 december 2008
increased by 18 to £1793 million 2007 £1519
million this included a combined contribution of
£50 million from the six new sites acquired during
the year revenue on a likeforlike basis increased
by 15 operating profit rose by 2 to £67
million 2007 £66 million and profit before tax
rose by 3 to £71 million 2007 £68 million
earnings per share increased by 3 to 116 pence
2007 113 pence
these results for the year ended 31 december
2008 are after the deduction of £750000 in
respect of a bad debt provision made against the
debt of a customer that went into administration
in march 2009
net cash increased by £02 million producing net
cash balances as at 31 december 2008 of £54
million 2007 £52 million this increase in cash is
after an investment of £17 million in the purchase
of the company’s own shares deficit pension
contributions of £26 million and the payment of
£23 million for new site acquisitions
dividend
the board is pleased to recommend a final
dividend of 33 pence per share 2007 30 pence
per share taking the total dividend for the year 
to 50 pence 2007 45 pence an increase of
11 this will be paid subject to approval by
shareholders at the annual general meeting on
12 june 2009 to shareholders on the register at
the close of business on 15 may 2009
trading overview
the business continues to make solid progress and
we have increased our market share the contract
wins and contract extensions signed in 2007
helped to increase volumes through our repair
network notwithstanding a decrease in accidents
during the year we have also increased our non
insurance work while our customer base is biased
towards multiyear contracts with the leading
insurance companies we also provide our services
to corporate fleets brokers motor manufacturers
and private individuals
our national network of bodyshops enables us to
service our customers’ needs in an efficient and
effective manner and we continue to manage the
network carefully adding new locations where we
have identified customer demand and closing
locations no longer required during the year we
acquired six new bodyshops and closed one
bodyshop these new acquisitions further extend
our capacity and service capability and will provide
improved returns once they are fully integrated
into our network  
a key strength of our bodyshop network is the
flexibility it provides us in the deployment of work
across our branches which allows us to maximise
cost effectiveness our size enables us to derive
economies of scale and it is pleasing to note that
despite inflationary pressure gross margin
remained constant at 465 for the second
consecutive year we remain focused on achieving
cost savings and believe there is scope to deliver
further efficiencies within the business
our retail initiative progressed well in 2008
targeted at customers whose vehicles are already
in a bodyshop for an insurancerelated repair
revenue from this new offering has developed
well we are now developing further this directto
“these 2008 results
demonstrate the
ongoing success of 
our twin track growth
strategy organically 
and via acquisition”
chairman’s statement
nationwide accident repair services plc annual report and accounts 2008
revenue
£1793m
profit before tax before 
nonrecurring items
£78m
accident repair centres
73 3
consumer offering which should also enable us 
to enhance our margins 
our network services division which acts as 
a “onestop shop” for accident management
services continues to expand the division gives 
us a competitive edge over many of our peers
providing a service tailored to individual
customers’ needs and capturing additional 
work for the group’s bodyshops
outlook
these 2008 results demonstrate the ongoing
success of our twin track growth strategy
organically and via acquisition and we believe that
this strategy will continue to deliver future growth
although our business is not immune to the
current economic downturn the nature of our
business based as it is around accident repairs
should afford us protection in addition we
benefit from good cash generation a strong
balance sheet and no bank debt accordingly 
the directors are confident that the business is
well placed for long term growth
michael marx
chief executive
30 march 2009
nationwide accident repair services plc annual report and accounts 2008
chairman’s statement continued 4
introduction
i am pleased to report that 2008 was another
record year for the group despite the increasing
economic turbulence as the year progressed the
results were affected by the need to make a bad
debt provision of £750000 in relation to a
customer which went into administration in 
march 2009 this provision has been disclosed 
as a nonrecurring item
during the twelve months we benefited from 
the contract wins and extensions secured in 
2007 and underlying revenue and profits before
nonrecurring items rose by 18 and 14
respectively in line with our commitment to a
progressive dividend policy the proposed final
dividend represents an increase of 11 in the
total dividend for the year  
nationwide’s robust performance demonstrates
the inherent strengths of the business model in
particular its resistance to cyclical influences its
good cash generation strong balance sheet and
the scale of its operations which enables us to
extract cost efficiencies
operations
our national network of bodyshops constantly
evolves as we identify and acquire new locations
and withdraw from others either at the end of
their lease or because they require additional
capital expenditure which would not deliver a
sufficiently commercial return during 2008 
we acquired six new sites in total and closed 
one three sites were acquired in the first half of
the year at scunthorpe gravesend and redruth
sites at bristol kettering and perth were added in
the second half of the year new sites invariably
take a period of time to integrate within the
nationwide model before making contributions
which mirror those from our more established
sites as expected the six new sites reflected 
this and generated a combined loss of £230000
for the period as they went through the
integration process we expect them to deliver
enhanced returns over 2009 all of these
acquisitions were designed to increase our
capacity in areas not served by our existing 
network and where we have identified and agreed
sufficient customer demand
we continued to invest in our fully integrated 
inhouse it platform ‘voyager’ this system gives
us considerable market advantage allowing us 
to offer claims handling and vehicle repair
management without the need for manual data
transfer and double entry inputs as well as
improving our own efficiencies the platform also
provides additional benefits accessible via the web
it allows customers to track their vehicle repairs at a
time and location of their choosing without the
need to call our sites information on the system is
automatically updated throughout the repair
process and the system is a good example of how
we use our scale and investment to develop
industry leading standards and efficiencies
if our continued investment in sites equipment
and it is key to our continuing growth it is our
skilled and committed team which includes 116
apprentices that enables us to deliver success i
would like to extend my thanks to all of them
network services
network services our support division offers 
the following
•
first contact known as ‘first notification of loss’
or ‘fnol’ in the industry
•
claims handling
•
replacement vehicles 
•
deployment into our own or other networks
•
uninsured loss recovery and 
•
on site repair services for minor damage
the division continues to grow and is unique in
the industry offering accident management
services and also being able to transfer vehicles for
repair into our own wholly owned network of
bodyshops this year we will invest in the further
growth of our ‘mobile restore’ and ‘mobile
solutions’ businesses which offer glass
replacement electronic diagnostics and air
conditioning recharge services as well as offsite
repair for minor damage
“another record
year for our 
group despite the
increasing economic
turbulence”
chief executive’s report
nationwide accident repair services plc annual report and accounts 2008 5
customers
our strategy of aligning ourselves with our
customers’ objectives continues to deliver benefit
whilst many of our customers share similar aims
including value for money customer service and
process efficiency their preferred method of
achieving these remains individual the flexibility
of our business model allows us to tailor our
approach accordingly and our service offering
ranges from vehicle repairs at specific sites to
comprehensive claims handling this unique
capability gives us considerable market advantage
and allows us to develop business relationships
with insurance companies large corporate fleets
and brokers as well as motor manufacturers and
other associated companies  
in 2007 we launched a trial retail offering and
having generated sales of £184 million in its first
year income from this initiative over 2008 has
grown by 80 to £331 million our retail offering
is based both on convenience and value as we
provide private individuals with additional services
normally while their vehicle is with us for an
insurancerelated repair we are currently
developing two trial sites at leicester and kettering
with an enhanced offering which we are
provisionally positioning as “fast fit ” adjoining
our existing bodyshop repair facilities these sites
share infrastructure and capital investment whilst
offering drivein facilities for traditional “fast fit”
offers including mot and some servicing needs
in the current economic climate we have based 
our financial planning on conservative assumptions
we believe that there is a market for cost
effective basic servicing from well equipped
trustworthy companies 
we put considerable emphasis on the level of
service we offer our customers and measure their
satisfaction at every site on a monthly basis i am
pleased to report that customer satisfaction for
2008 for the group as a whole was 85 and 
our objective is to increase this in 2009
outlook
we continued to grow in 2008 for the sixth year
in succession  
the current economic environment is clearly
difficult the nature of our work makes our
business model more resistant to cyclical variances
than many but some claims such as light
cosmetic vehicle damage can be deferred whilst
more significant damage requires immediate
rectification it is this second category of work 
which offers us protection from the extremes of
the economic cycle we have built a market
nationwide accident repair services plc annual report and accounts 2008
chief executive’s report continued
leading position which will allow us to use our 
scale to maximise cost efficiencies and with no 
bank debt and a profitable robust business we 
believe that we are well positioned to weather
the current difficult economic environment and
to continue to execute our twin track strategy
of organic and acquisitive expansion
michael wilmshurst
chief executive
30 march 2009 6
operating results
overall turnover rose by 18 from £1519m to
£1793m this increase included contributions
from six new sites scunthorpe feb 08
gravesend feb 08 redruth feb 08 bristol 
aug 08 kettering aug 08 and perth nov 08
these six sites contributed turnover of £50m
turnover on a like for like basis therefore 
increased by 15
operating profit before nonrecurring items rose
by 13 to £75m from £66m this included a
loss of £230000 in relation to the six sites
acquired excluding the acquisitions operating
profit increased by 17
profit before tax rose by 14 to £78m from
£68m and earnings per share has increased 
by 13 to 128p
in addition the group closed  its kidderminster
site in december 08 this site had turnover of
£16m and incurred losses of £160000
pension scheme
the group operates a defined benefit and defined
contribution pension scheme the defined benefit
scheme was closed for future accruals on 31st july
2006 with active members transferred to a new
defined contribution section of the scheme
under ias 19 the deficit in the scheme as at 31st
december 2008 was £165m 2007 £103m or
£119m 2007 £74m net of deferred tax the
principal reason for the increase in the deficit in
the year is the decline in the value of equities the
group has agreed with the trustees to eradicate 
the scheme specific funding deficit by making 
annual special contributions of approximately
£23m for approximately 75 years
the group has opted to amortise all actuarial
gains and losses above the corridor 10 of the
greater of assets and liabilities over the future
working lifetime of the active membership a full
actuarial valuation of the defined benefit scheme
was carried out as at 31 december 2005 and was
updated to 31 december 2008 by a qualified
independent actuary
cash flow
the net increase in cash during the year was
£02m 2007 a decrease of £18m which
produced a net cash balance at 31st december
2008 of £54m this increase in cash was after
spending £17m on the purchase of own shares
and £23m on acquisitions
overall debtors increased by £30m of which
£21m relates to an increase in trade debtors this
increase in debtors was however compensated by
an increase in creditors of £63m of which £43m
relates to an increase in trade creditors 
the company continues to invest in new plant
and equipment and in improvements to its sites
£28m 2007 £18m in addition the company
continues to pay a “special” deficit contribution 
to its pension fund of £2555000 2007
£2465000 and a dividend of £20m was 
paid in 2008 2007 £18m
the group has a committed bank facility with 
the royal bank of scotland for £8m until 31st
december 2010
“overall turnover 
rose by 18 
and turnover on a 
like for like basis
increased by 15”
finance director’s review
nationwide accident repair services plc annual report and accounts 2008
turnover 18
2007
£1519m
2006
£1512m
2007
£68m
2006
£59m
profit before tax before
nonrecurring 
items 14
2008
£78m
2008
£1793m 7
trade receivables
the group’s trade receivables of £231m can 
be analysed between the two principal trading
units ncrc the bodyshops and network services
the accident management company
ncrc’s trade receivables are principally owed by
insurance companies and debtor days as at 31st
december 2008 were 35 days 2007 42 days
network services customer base includes
insurance customers and fleet operators and
debtor days as at 31st december 2008 were 43
days 2007 42 days 
tax
the effective tax rate is 288 which is slightly
above the company’s effective rate of tax of
285 the group has no income tax losses
available but has capital losses of £41m available 
earnings per share 
the basic earnings per share are 116p 2007 113p
a growth of 3 as a result of share options being
granted on 4th july 2006 the basic earnings per
share are reduced to 115p 2007 110p
dividends 
the board is proposing a final dividend in respect
of the results for the year ended 31 december
2008 of 33p per share 2007 30p per share
making 50p for the year as a whole 2007 45p
subject to approval by shareholders at the annual
general meeting this will be paid on 12 june
2009 to shareholders on the register at the close
of business on 15 may 2009 the annual dividend
is covered 23 times by underlying earnings
key performance indicators
the group reviews certain financial and non
financial key performance indicators on a regular
basis and yearonyear comparisons are included
within the directors’ report despite inflationary
pressure it is very pleasing to report that the gross
profit margin has remained constant at 465 for
the second year running cycle time is also a key
measure of performance and is measured across
the group on a weekly basis the “key to key”
measure ie how long a car is physically on site for
has increased slightly in the year from 121 days 
to 125 days 
measurement of customer satisfaction is also a 
key indicator and is measured monthly via a
sample of independent telephone surveys across
all customers this has been maintained at 85
david loftus
finance director
30 march 2009
nationwide accident repair services plc annual report and accounts 2008
finance director’s review continued
2008 2007
£m £m
ncrc 158 156
network services 66 49
other 07 05
231 210 8
nonexecutive chairman
aged 61
michael was appointed nonexecutive
chairman in june 2006 he is currently
chief executive of development securities
plc to whose board he was appointed in
1994 michael is a fellow of the institute
of chartered accountants in england and
wales and was a member of the uk listing
authority advisory committee from 2004
to 2007 he was formerly finance director
and commercial director of heron
international plc from 1981 to 1994
chief executive
aged 49
michael has extensive automotive sector
experience with twr hr owen and
european motor holdings at hr owen
he was head of the luxury division including
rolls royce jaguar ferrari and land rover
he formally joined nationwide in may
2002 having been an active member of
the team that took the company private 
finance director fca mba ba hons
aged 47
david joined nationwide in january 2003
as finance director after qualifying as 
a chartered accountant with spicer 
pegler now part of deloitte he spent four
years as an audit manager in 1990 he
joined brunel holdings plc formally bm
group plc as group accountant and in
1995 he was appointed finance director
michael marx
board of directors
nationwide accident repair services plc annual report and accounts 2008
michael wilmshurst david loftus 9
executive director
aged 36
stephen has extensive multisite experience
in the automotive sector he was
operations director with silver shield
windscreens and was also a divisional
director for kwikfit prior to that he was 
a commercial managing director for
phones4u limited part of the caudwell
communications group he joined
nationwide in january 2005 and since
then he has been responsible for
developing network services nationwide
limited and mobile solutions
nonexecutive director
aged 48
jeremy was appointed nonexecutive
director in may 2002 jeremy is a director
of j o hambro capital management
limited and partner of north atlantic
value llp where he manages private
equity investments
nonexecutive director
aged 62
barbara was appointed nonexecutive
director in june 2006 and is a lawyer 
and international banker she is currently
chairman of the uk atomic energy
authority and the school of oriental 
african studies in addition barbara is
deputy chairman of friends provident plc
she was formerly a commissioner of the
us securities and exchange commission
nationwide accident repair services plc annual report and accounts 2008
board of directors continued
stephen thompson jeremy brade lady judge directors  advisers
company no
966807 incorporated in england and wales
directors
michael marx
chairman
michael wilmshurst
chief executive 
david loftus 
finance director
stephen thompson
executive director
lady barbara thomas judge 
nonexecutive director
jeremy brade 
nonexecutive director
secretary
martin hickmanashby
auditor
grant thornton uk llp
grant thornton house
202 silbury boulevard
central milton keynes mk9 1lw
bankers
the royal bank of scotland plc
280 bishopsgate
london ec2m 4rb
hsbc bank plc
29 king street
leeds ls1 2hl
solicitors
kl gates
110 cannon street
london ec4n 6ar
osborne clarke
2 temple back east
temple quay
bristol bs1 6eg
financial adviser and corporate
stockbroker
arbuthnot securities ltd
20 ropemaker street
london ec2y 4ge
registrars
capita registrars
northern house
woodsome park
fenay bridge
huddersfield
w yorkshire hd8 0ga
registered office
17a thorney leys park
witney
oxfordshire ox28 4ge
website address
wwwnarsplccom
nationwide accident repair services plc annual report and accounts 2008
10 nationwide accident repair services plc annual report and accounts 2008
11
the directors present their report and accounts for the year ended 31 december 2008
principal activities and review of the business
as noted in the business review within the chief executive’s report and finance director’s review the business of the group is the repair of motor
vehicles and the provision of accident claim management services
the strategy for 2008 was to maintain the profitability of the core business to achieve consistency in margins and to introduce new insurance
companies to branches where possible the directors are pleased with the results for the year and this strategy will be maintained in 2009 
principal risks and uncertainties
the directors regularly review principal risks and uncertainties that affect the group these include avoiding the reliance on key customers for work
provision by diversifying contracts and extending the duration of contracts legislation changes such as pas 125 which affect road safety and vehicle
repair methodology are being implemented through training programmes
the group’s business continuity has been addressed by adopting a comprehensive disaster recovery program which has been approved by the
directors in the event of a systems failure work can be redirected to an alternative bodyshop
results and dividends
the group’s sales revenue amounted to £179337000 2007 £151947000 and the profit before taxation amounted to £7052000 2007
£6815000 taxation was a charge of £2030000 2007 charge of £1744000 and the net profit for the year was £5022000 2007 £5071000  
the directors are proposing a final dividend in respect of the results for the year ended 31 december 2008 of 33p per share subject to approval by
shareholders at the annual general meeting this will be paid on 12 june 2009 to shareholders on the register at the close of business on 15 may 2009
during 2008 the group paid dividends of £2030000 2007 £1840000 to its equity shareholders these comprised a final dividend in respect of 2007
of 30p per share paid in june 2008 £1296000 and an interim dividend in respect of 2008 of 17p per share paid in november 2008 £734000
noncurrent assets
the movement of noncurrent assets is set out in notes 11 12 and 13 to the accounts
directors and their interests
the directors who served during the year and their interests in the shares of the group are shown in the remuneration report on page 14 
the group has taken out directors and officers liability insurance
corporate governance
the board is committed to the highest principles of corporate governance as a group quoted on aim the group is not required to comply with the
requirements of the combined code
the board consists of three executive and three independent nonexecutive directors who take an active role in board matters and it meets eight times
in every year the board is responsible for maintaining a sound system of internal control to safeguard shareholders’ investment and group assets
the board has appointed an audit committee consisting of the chairman and j j brade a remuneration committee consisting of the chairman 
and j j brade and a nominations committee consisting of the chairman and lady judge
the audit committee meets regularly with the external auditor and with the executive directors to review the interim and final results key areas of
accounting treatment and risk and control procedures the committee can meet with the external auditor without any of the executive directors
being present
the remuneration committee and the nominations committee both meet in met in february 2009 but the nominations committee has not met
since its formation in june 2007
employment of disabled persons
the group gives full and fair consideration to applications for employment received from disabled persons having regard to their particular aptitudes
and abilities and wherever possible the group continues the employment of and arranges for reasonable adjustments to the working conditions of
employees who become disabled persons while employed by the group disabled employees are treated no differently from any other employees as
regards training career development and promotion opportunities the group operated this policy throughout the year
employee involvement
effective employee relations are seen as key drivers in moving the group forward consequently human resources quality health and safety and
training functions need to establish good communications with individual sites and are therefore organised on a divisional basis this structure
enables staff to obtain the help and guidance they may need and keeps them informed of and effectively involved in the development of the
group’s business regular review meetings are held at local divisional and group level to ensure that all employees are kept informed of the 
group’s objectives progress towards those objectives is measured and reported back to individual sites
directors’ report directors’ report continued
supplier payment policy
the group requires its subsidiaries to negotiate clear and satisfactory arrangements for the payment of suppliers as part of the overall terms and
conditions of the supply and to make payment accordingly group trade creditor days at the end of the year were 52 2007 53 the company trade
creditor date at the end of the year were 29 2007 29
share capital
full details of the authorised and issued share capital of the group are set out in note 20 to the accounts
summary of key performance indicators
the directors have monitored the progress of the overall groupcompany strategy and the individual strategic elements by reference to certain
financial and nonfinancial key performance indicators
key performance indicator 2008 2007 method of calculation
turnover £1793m £1519m external turnover excluding value added tax 
gross profit margin  465 465 gross profit margin is the ratio of gross profit to sales 
revenue expressed as a percentage
cycle time key to key 125 days 121 days key to key cycle time measures the days from receipt 
of the vehicle on site to return to the customer
csi 85 85 a measure of customer satisfaction derived from the results
of independent telephone surveys
nationwide accident repair services plc annual report and accounts 2008
12
turnover and gross margin are reviewed by individual bodyshop on a monthly basis in order that the operational team can address work provision or
operating practices respectively cycle times are indicative of vehicle throughput and de minimis targets have been set based on weekly data csi
targets are also specified and monitored in conjunction with the service level agreements specified by our customers our customer satisfaction data
is available on the web at wwwnationwidecsicouk and at the time of this report was 875
financial risk management policies
the details of the group’s financial risk management objectives and policies are detailed in note 26 to the financial statements
auditor
grant thornton uk llp offer themselves for reappointment as auditor
on behalf of the board
michael wilmshurst
chief executive
30 march 2009 nationwide accident repair services plc annual report and accounts 2008
13
the directors are responsible for preparing the annual report and the financial statements in accordance with applicable law
company law requires the directors to prepare financial statements for each financial year under that law the directors have elected to prepare
financial statements in accordance with international financial reporting standards as adopted by the european union the financial statements are
required by law to give a true and fair view of the state of affairs of the group and 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 judgements and estimates that are reasonable and prudent
•
state whether international financial reporting standards 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 proper accounting records that disclose with reasonable accuracy at any time the financial position of the
company and enable them to ensure that the financial statements comply with the companies act 1985 they are also responsible for safeguarding
the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities
in so far as the directors are aware
•
there is no relevant audit information of which the company’s auditor is unaware and
•
the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that 
the auditor is aware of that information
the directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website
legislation in the united kingdom governing the preparation and dissemination of financial statements may differ from other legislation in 
other jurisdictions
michael wilmshurst
chief executive
30 march 2009
statement of directors’ responsibilities remuneration report
remuneration committee
the remuneration committee is chaired by m h marx and includes j j brade the committee which met in february 2009 reviews and determines
the remuneration package of the executive directors of the group
the remuneration policy set by the remuneration committee is designed to deliver the group’s objective of increasing shareholder value by
attracting and retaining the most capable and committed people
directors’ and key management’s emoluments
the aggregate emoluments of the directors of the company who served during the year and of key management were
2008
total excl
salary annual pension pension 2008 2007
and fees benefits bonus contributions contribution total total
£’000 £’000 £’000 £’000 £’000 £’000 £’000
executive directors
m a wilmshurst 334 — — 334 — 334 319
d j loftus 147 14 70 231 21 252 264
s d g thompson 126 20 60 206 10 216 201
nonexecutive directors
m h marx 30 — — 30 — 30 30
lady judge 20 — — 20 — 20 20
j j brade 20 — — 20 — 20 20
total directors’ emoluments 677 34 130 841 31 872 854
key management’s emoluments 317 31 20 368 11 379 247
total 994 65 150 1209 42 1251 1101
fees of £323400 are paid to troy solutions limited via a consultancy agreement and are incorporated in the amount shown in respect of
m a wilmshurst in the above table m a wilmshurst is a director of troy solutions limited see note 24
the above disclosure on directors’ emoluments forms part of the financial statements as stated in note 5
share options
share options were granted to michael wilmshurst david loftus and stephen thompson on 4 july 2007 details are given in note 20
directors’ interests
the interests of the directors in the share capital of the company were
ordinary shares
31 december 1 january
2008 2008
executive directors
m a wilmshurst 1351351 1351351
d j loftus 54054 54054
s d g thompson — —
nonexecutive directors
m h marx 30000 30000
lady judge 55348 55348
j j brade 22550 —
nationwide accident repair services plc annual report and accounts 2008
14 nationwide accident repair services plc annual report and accounts 2008
15
we have audited the group and parent company financial statements the ‘’financial statements’’ of nationwide accident repair services plc for the
year ended 31 december 2008 which comprise the consolidated income statement the consolidated balance sheet the consolidated and company
statements of changes in equity the company balance sheet the consolidated and company cash flow statements and notes 1 to 26 these
financial statements have been prepared under the accounting policies set out therein 
this report is made solely to the company’s members as a body in accordance with section 235 of the companies act 1985 our audit work has
been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditors’ report and for no
other purpose to the fullest extent permitted by law we do not accept or assume responsibility to anyone other than the company and the
company’s members as a body for our audit work for this report or for the opinions we have formed
respective responsibilities of directors and auditor
the directors’ responsibilities for preparing the annual report and the financial statements in accordance with applicable law and international financial
reporting standards ifrs as adopted for use by the european union are set out in the statement of directors’ responsibilities
our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and international standards on
auditing uk and ireland
we report to you our opinion as to whether the financial statements give a true and fair view and whether the financial statements have been properly
prepared in accordance with the companies act 1985 we also report to you whether in our opinion the information given in the directors’ report is
consistent with the financial statements the information given in the directors’ report includes that specific information presented in the chief
executive’s report and the finance director’s review that is cross referenced from the business review section of the directors’ report
in addition we report to you if in our opinion the company has not kept proper accounting records if we have not received all the information and
explanations we require for our audit or if information specified by law regarding directors’ remuneration and other transactions is not disclosed 
we read other information contained in the annual report and consider whether it is consistent with the audited financial statements the other
information comprises only the directors’ report chairman’s statement chief executive’s report and finance director’s review we consider the
implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements our
responsibilities do not extend to any other information
basis of opinion
we conducted our audit in accordance with international standards on auditing uk and ireland issued by the auditing practices board an audit
includes examination on a test basis of evidence relevant to the amounts and disclosures in the financial statements it also includes an assessment of
the significant estimates and judgements made by the directors in the preparation of the financial statements and of whether the accounting policies
are appropriate to the group’s and company’s circumstances consistently applied and adequately disclosed
we planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with
sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement whether caused by fraud or other
irregularity or error in forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements
opinion
in our opinion
•
the group financial statements give a true and fair view in accordance with ifrs as adopted by the european union of the state of the group’s 
affairs as at 31 december 2008 and of its profit for the year then ended
•
the parent company financial statements give a true and fair view in accordance with ifrs as adopted by the european union as applied in 
accordance with the provisions of the companies act 1985 of the state of the parent company’s affairs as at 31 december 2008
•
the financial statements have been properly prepared in accordance with the companies act 1985 and
•
the information given in the directors’ report is consistent with the financial statements
separate opinion in relation to ifrs
as explained in note 2 to the group financial statements the group in addition to complying with its legal obligation to comply with ifrs 
as adopted by the european union has also complied with the ifrs as issued by the international accounting standards board
in our opinion the group financial statements give a true and fair view in accordance with ifrs of the state of the group’s affairs as at 
31 december 2008 and of its profit for the year then ended
grant thornton uk llp
registered auditor
chartered accountants
central milton keynes
30 march 2009
report of the independent auditor
to the members of nationwide accident repair services plc consolidated income statement
for the year ended 31 december 2008
2008 2007
notes £’000 £’000
revenue 179337 151947
cost of sales 95857 81360
gross profit 83480 70587
distribution costs 46933 38858
administrative expenses 28822 24872
share option charge 240 240
operating profit before nonrecurring items 4 7485 6617
nonrecurring items 6 750 —
operating profit 4 6735 6617
finance income 7 325 237 
finance costs 7 8 39
profit before tax for the year 7052 6815
tax expense 8 2030 1744
net profit for the year 5022 5071
earnings per share arising from both total and continuing operations
basic 9 116p 113p
diluted 9 115p 110p
the accompanying notes form an integral part of these financial statements 
nationwide accident repair services plc annual report and accounts 2008
16 nationwide accident repair services plc annual report and accounts 2008
17
2008 2007
notes £’000 £’000
assets
noncurrent
goodwill 11 7752 7038
property plant and equipment 13 9811 8100
pension and other employee assets 15 7619 5273
25182 20411
current
inventories 16 2678 2591
trade and other receivables 17 29500 26545
cash and cash equivalents 19 5395 5152
37573 34288
total assets 62755 54699
equity
equity attributable to the shareholders
share capital 20 5400 5578
capital redemption reserve 1209 1031
share premium account 11104 11104
revaluation reserve 8 8
retained earnings 8970 7426
total equity 26691 25147
liabilities
noncurrent
provisions 21 86 125
deferred tax liabilities 18 1678 1002
1764 1127
current
provisions 21 4 14
trade and other payables 22 33728 27380
current tax liabilities 23 568 1031
34300 28425
total liabilities 36064 29552
total equity and liabilities 62755 54699
the financial statements were approved by the board of directors and authorised for issue on 30 march 2009 they were signed on its behalf by
michael wilmshurst
chief executive
the accompanying notes form an integral part of these financial statements
consolidated balance sheet
as at 31 december 2008 consolidated statement of changes in equity
for the year ended 31 december 2008
capital share
share redemption premium revaluation retained
capital reserve account reserve earnings total
group £’000 £’000 £’000 £’000 £’000 £’000
balance at 1 january 2007 5609 1000 11104 8 4226 21947
income for the year — — — — 5071 5071
total recognised income and expense for the period — — — — 5071 5071
share buyback 31 31 — — 271 271
share option charge — — — — 240 240
dividend paid see note 9 — — — — 1840 1840
balance at 31 december 2007 5578 1031 11104 8 7426 25147
income for the year — — — — 5022 5022
total recognised income and expense for the period — — — — 5022 5022
share buyback 178 178 — — 1688 1688
share option charge — — — — 240 240
dividend paid see note 9 — — — — 2030 2030
balance at 31 december 2008 5400 1209 11104 8 8970 26691
capital share
share redemption premium revaluation retained
capital reserve account reserve earnings total
company £’000 £’000 £’000 £’000 £’000 £’000
balance at 1 january 2007 5609 1000 11104 — 7607 25320
income for the year — — — — 3099 3099
total recognised income and expense for the period — — — — 3099 3099
share buyback 31 31 — — 271 271
share option charge — — — — 240 240
dividend paid see note 9 — — — — 1840 1840
balance at 31 december 2007 5578 1031 11104 — 8835 26548
income for the year — — — — 3136 3136
total recognised income and expense for the period — — — — 3136 3136
share buyback 178 178 — — 1688 1688
share option charge — — — — 240 240
dividend paid see note 9 — — — — 2030 2030
balance at 31 december 2008 5400 1209 11104 — 8493 26206
the accompanying notes form an integral part of these financial statements 
nationwide accident repair services plc annual report and accounts 2008
18 nationwide accident repair services plc annual report and accounts 2008
19
2008 2007
company notes £’000 £’000
assets
noncurrent
investments in subsidiary undertakings 12 37496 37496
property plant and equipment 13 337 252
pension and other employee assets 15 7619 5273
45452 43021
current
trade and other receivables 17 949 5392
cash and cash equivalents 19 10200 6664
11149 12056
total assets 56601 55077
equity
equity attributable to the shareholders
share capital 20 5400 5578
capital redemption reserve 1209 1031
share premium account 11104 11104
retained earnings 8493 8835
total equity 26206 26548
liabilities
noncurrent
deferred tax liabilities 18 2104 1423
2104 1423
current
provisions 21 — 18
trade and other payables 22 28291 26632
current tax liabilities 23 — 456
28291 27106
total liabilities 30395 28529
total equity and liabilities 56601 55077
the financial statements were approved by the board of directors and authorised for issue on 30 march 2009 they were signed on its behalf by
michael wilmshurst
chief executive
the accompanying notes form an integral part of these financial statements
company balance sheet
as at 31 december 2008 consolidated cash flow statement
for the year ended 31 december 2008
2008 2007
£’000 £’000
operating activities
profit for the year before tax 7052 6815
adjustments to arrive at operating cash flow
net finance costs 8 237
depreciation 2303 2225
profit on sale of businesses — 165
lossprofit on sale of property plant and equipment 35 548
changes in inventories 87 43
changes in trade and other receivables 2955 5155
changes in trade and other payables 6369 2670
changes in provisions — 342
movement in pension fund asset – ias 19 209 1059
share option scheme charge 240 240
outflow from pension obligations 2555 2465
outflow from provisions 49 201
net cash flow from operating activities 10570 3853
tax paid 1817 963
investing activities
additions to property plant and equipment 2788 1796
proceeds from the disposal of businesses — 432
proceeds from the disposal of property plant and equipment 273 930
acquisition of businesses – cost 2269 2362
4784 2796
financing activities
dividend paid 2030 1840
interest paid 8 
interest received — 237
purchase of own shares 1688 271
3726 1874
net increasedecrease in cash and cash equivalents 243 1780
cash and cash equivalents at beginning of year 5152 6932
cash and cash equivalents at end of year 5395 5152
the accompanying notes form an integral part of these financial statements
nationwide accident repair services plc annual report and accounts 2008
20 nationwide accident repair services plc annual report and accounts 2008
21
2008 2007
£’000 £’000
operating activities
profit for the year before tax 4587 4360
net finance costs 4 384
depreciation 157 103
profit on sale of property plant and equipment 18 6
changes in trade and other receivables 4590 2057
changes in trade and other payables 1659 389
movement in pension fund asset – ias 19 209 1059
share option scheme charge 240 240
outflow from pension obligations 2555 2465
outflow from provisions 18 23
tax paid 1373 605
7482 4715
investing activities
additions to property plant and equipment 242 160
investments written off — 346
proceeds from the disposal of property plant and equipment 18 12
interest paid 4 384
228 186
financing activities
dividend paid 2030 1840
purchase of own shares 1688 271
3718 2111
net increase in cash and cash equivalents 3536 2418
cash and cash equivalents at beginning of year 6664 4246 
cash and cash equivalents at end of year 10200 6664
the accompanying notes form an integral part of these financial statements
company cash flow statement
for the year ended 31 december 2008 notes to the accounts
for the year ended 31 december 2008
1 nature of operations
nationwide accident repair services plc and its subsidiaries’ the group principal activity is the provision of support services to the motor insurance
industry currently this includes the repair of motor vehicles in the group’s wholly owned sites and the provision of accident claim management services
the strategy for 2008 was to maintain the profitability of the core business to achieve consistency in margins and to introduce new insurance companies
to branches where possible the integration of newly acquired sites was also paramount the directors are pleased with the results for the year and this
strategy will be maintained in 2009
the following is a list of the principal subsidiary undertakings of which nationwide accident repair services plc is either directly or through subsidiary
undertakings the beneficial owner of the whole of the equity share capital all companies are engaged in motor trade activities all are incorporated 
in england and wales
•
nationwide crash repair centres limited
•
nationwide crash repair centres staff limited
•
network services nationwide limited
•
mobile vehicle repairs limited trading as mobile solutions
•
nationwide fast fit plus limited previously w harold perry limited
2 general information
the consolidated financial statements of the group have been prepared in accordance with the international financial reporting standards ifrs as
adopted by the eu and as developed and published by the international accounting standards board iasb
the measurement basis for individual items has been noted in the accounting policies below
3 summary of accounting policies
basis of preparation
the accounts have been prepared under the historical cost convention the accounting policies have remained unchanged from the previous year
it should be noted that accounting estimates and assumptions are used in preparing the financial statements including the carrying amount of
goodwill note 11 and provisions note 21 although these estimates are based on management’s best knowledge of current events and actions
actual results may ultimately differ from those estimates the following significant judgement has been made in the financial statements 
intangible assets provisional fair values are placed on all property plant and equipment at the date of acquisition as certain asset values are required
to be estimated no intangible asset arises on acquisition
new standards and interpretations currently in issue but not effective for accounting periods commencing on 1 january 2009 have been reviewed
ias1 revised will have an effect on the presentation of the statement of changes in equity and ifrs3 revised on business combinations where
transaction costs are required to be written off rather than included in the calculation of goodwill
consolidation
subsidiaries are all entities over which the group has power to control the financial and operating policies with a view to obtaining benefits the
consolidated financial statements incorporate the financial statements of the parent company as well as those entities controlled by the group by 
full consolidation
in addition acquired subsidiaries and non subsidiary acquisitions are subject to the application of the purchase method this involves the revaluation
at fair value of all identifiable assets and liabilities including contingent liabilities of the subsidiary at the acquisition date regardless of whether or
not they were recorded in the financial statements of the subsidiary prior to acquisition on initial recognition the assets and liabilities of the
subsidiary are included in the consolidated balance sheet at their fair values which are also used as the bases for subsequent measurement in
accordance with group accounting policies goodwill represents the excess of acquisition cost over the fair value of the group’s share of identifiable
net assets of the acquired subsidiary at the date of acquisition unrealised gains on transactions between the group and its subsidiaries are
eliminated and unrealised losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred amounts
reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted
by the group
the results of subsidiary undertakings acquired or disposed of during the year are included in the consolidated income statement for their respective
periods of ownership intercompany trading is eliminated from these accounts where appropriate as permitted by section 230 of the companies
act 1985 an income statement is not presented for nationwide accident repair services plc profit for the year for nationwide accident repair
services plc the company was £3136323 2007 £3099096
income and expense recognition
revenue is recognised upon the performance of the service once authority has been given by the customer to undertake this work intragroup sales
and value added tax are excluded 
operating expenses with the exception of the ias 19 pension adjustment are recognised in the income statement upon utilisation of the service
interest income and expenditure are reported on an accruals basis
goodwill
goodwill is tested annually for impairment and carried at cost less accumulated impairment losses
nationwide accident repair services plc annual report and accounts 2008
22 nationwide accident repair services plc annual report and accounts 2008
23
3 summary of accounting policies continued
property plant and equipment
all property plant and equipment is recognised at cost
buildings fittings and furniture are carried at acquisition cost less subsequent depreciation and impairment losses
the cost of property plant and equipment is depreciated on a straight line basis taking into account estimated residual values both estimated
residual values and useful economic life are reviewed annually
the useful lives of property plant and equipment can be summarised as follows
land – nil
buildings – 5 to 25 years
plant and equipment – 3 to 10 years
it equipment – 2 to 5 years
land is not depreciated as it has an unlimited useful economic life
on adopting ifrs the group and company have taken advantage of the transitional rule that allows previously revalued fixed assets to be deemed at cost
leases
payments on operating leases are recognised as an expense on a straightline basis operating leases are those agreements where the risk and rewards
of ownership are not transferred to the lessee
impairment testing of goodwill other intangible assets and property plant and equipment
the group’s goodwill other intangible assets and property plant and equipment are subject to impairment testing
for the purpose of assessing impairment assets are grouped at the lowest levels for which there are separately identifiable cash flows cash
generating units as a result some assets are tested individually for impairment and some are tested at cashgenerating unit level goodwill is
allocated to those cashgenerating units that are expected to benefit from synergies of the related business combination and represent the lowest
level within the group at which management controls the related cash flows
individual assets or cashgenerating units that include goodwill with an indefinite useful life or those not yet available for use are tested for
impairment at least annually all other individual assets or cashgenerating units are tested for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable
an impairment loss is recognised for the amount by which the asset’s or cashgenerating unit’s carrying amount exceeds its recoverable amount the
recoverable amount is the higher of fair value reflecting market conditions less costs to sell and value in use based on an internal discounted cash
flow evaluation impairment losses recognised for cashgenerating units to which goodwill has been allocated are credited initially to the carrying
amount of goodwill any remaining impairment loss is charged pro rata to the other assets in the cashgenerating unit with the exception of
goodwill all assets are subsequently reassessed for indications that an impairment loss previously recognised may no longer exist
inventories
inventories comprise materials and direct labour at the balance sheet date inventories are carried at the lower of cost and net realisable value
inventories are valued using the weighted average cost net realisable value is the estimated selling price in the ordinary course of business less any
applicable selling expenses
accounting for income taxes
current income tax assets andor liabilities comprise those obligations to or claims from fiscal authorities relating to the current or prior reporting
period that are unpaid at the balance sheet date they are calculated according to the tax rates and tax laws applicable to the fiscal periods to which
they relate based on the taxable income for the year all changes to current tax assets or liabilities are recognised as a component of tax expense in
the income statement
deferred income taxes are calculated using the liability method on temporary differences deferred tax is generally provided on the difference
between the carrying amounts of assets and liabilities and their tax bases however deferred tax is not provided on the initial recognition of
goodwill nor on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting
profit deferred tax on temporary differences associated with shares in subsidiaries and joint ventures is not provided if reversal of these temporary
differences can be controlled by the group and it is probable that reversal will not occur in the foreseeable future in addition tax losses available to
be carried forward as well as other income tax credits to the group are assessed for recognition as deferred tax assets
deferred tax liabilities are always provided for in full deferred tax assets are recognised to the extent that it is probable that they will be able to be
offset against future taxable income deferred tax assets and liabilities are calculated without discounting at tax rates that are expected to apply to
their respective period of realisation provided they are enacted or substantively enacted at the balance sheet date deferred tax is on the annual
share option is recognised as a deferred tax asset on the balance sheet
most changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement only changes in deferred
tax assets or liabilities that relate to a change in value of assets or liabilities that are charged directly to equity such as the revaluation of land are
charged or credited directly to equity
cash and cash equivalents
cash and cash equivalents include cash at bank and in hand as well as short term highly liquid investments such as money market instruments and
bank deposits money market instruments are financial assets carried at fair value
notes to the accounts continued
for the year ended 31 december 2008 notes to the accounts continued
for the year ended 31 december 2008
3 summary of accounting policies continued
financial assets
trade receivables do not carry any interest and are recognised after initial recognition at amortised cost using the effective interest rate method as
reduced by appropriate allowances for estimated irrecoverable amounts
equity
share capital is determined using the nominal value of shares that have been issued
share premium includes any premiums received on the initial issuing of the share capital any transaction costs associated with the issuing of shares are
deducted from share premium net of any related income tax benefits
the revaluation reserve comprises gains and losses due to the revaluation of property plant and equipment
retained earnings include all current and prior period results as disclosed in the income statement
the capital redemption reserve was created on the acquisition by the company of its own shares
share based payments
the group operates two employee share option schemes the fair value at the date at which the share options are granted is recognised in the income
statement on a straight line basis over the vesting period taking into account the number of options that are expected to vest in valuing the share
options the group has utilised the blackscholes option pricing model for tranche 1 of the options and the monte carlo model for tranche 2 of the
options with the weighted average share price being factored into the model the expected life of the options has been assumed to be three years for
tranche 1 and five years for tranche 2 with the options being exercisable between three and ten years the model assumptions used are included
within note 20
pension obligations and short term employee benefits
pensions to employees are provided through a defined benefit plan as well as a defined contribution plan
a defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement usually dependent
on one or more factors such as age years of service and salary the legal obligation for any benefits from this kind of pension plan remains with the
group even if plan assets for funding the defined benefit plan have been acquired plan assets may include assets specifically designated to a long
term benefit fund as well as qualifying insurance policies
a defined contribution plan is a pension plan under which the group pays fixed contributions into an independent entity the group has no legal or
constructive obligations to pay further contributions after payment of the fixed contribution
the assetliability recognised in the balance sheet for defined benefit pension plans is the present value of the defined benefit obligation dbo at the
balance sheet date less the fair value of the plan assets together with adjustments for unrecognised actuarial gains or losses and past service costs
the dbo is calculated annually by independent actuaries using the projected unit credit method the present value of the dbo is determined by
discounting the estimated future cash outflows using interest rates of high quality corporate bonds that are denominated in the currency in which
the benefits will be paid and that have terms to maturity approximating to the terms of the related pension liability
actuarial gains and losses are not recognised as an expense unless the total unrecognised gain or loss exceeds 10 of the greater of the obligation
and related plan assets the amount exceeding this 10 is charged or credited to profit or loss over the employees’ expected average remaining
working lives actuarial gains and losses within the 10 corridor are disclosed separately past service costs are recognised immediately in the income
statement unless the changes to the pension plan are conditional on the employees remaining in service for a specified period of time the vesting
period in this case the past service costs are amortised on a straight line basis over the vesting period
the contributions recognised in respect of defined contribution plans are expensed as they fall due liabilities and assets may be recognised if
underpayment or prepayment has occurred and are included in current liabilities or current assets as they are normally of a short term nature
financial liabilities
the group’s financial liabilities include bank loans and overdrafts trade and other payables they are included in balance sheet line items ‘long term
financial liabilities’ and ‘trade and other payables’ 
trade payables are recognised initially at their fair value and subsequently measured at amortised cost through the income statement less 
settlement payments
dividend distributions to shareholders are included in ‘other short term financial liabilities’ when the dividends are approved by the shareholders’ meeting
other provisions contingent liabilities and contingent assets
other provisions are recognised when present obligations will probably lead to an outflow of economic resources from the group and they can be
estimated reliably timing or amount of the outflow may still be uncertain a present obligation arises from the presence of a legal or constructive
commitment that has resulted from past events provisions are not recognised for future operating losses
provisions are measured at the estimated expenditure required to settle the present obligation based on the most reliable evidence available at the
balance sheet date including the risks and uncertainties associated with the present obligation any reimbursement expected to be received in the
course of settlement of the present obligation is recognised if virtually certain as a separate asset not exceeding the amount of the related provision
where there are a number of similar obligations the likelihood that an outflow will be required in settlement is determined by considering the class
of obligations as a whole in addition long term provisions are discounted to their present values where time value of money is material
all provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate
nationwide accident repair services plc annual report and accounts 2008
24 nationwide accident repair services plc annual report and accounts 2008
25
3 summary of accounting policies continued
other provisions contingent liabilities and contingent assets continued
in those cases where the possible outflow of economic resource as a result of present obligations is considered improbable or remote or the amount to be
provided for cannot be measured reliably no liability is recognised in the consolidated balance sheet unless assumed in the course of a business combination
these contingent liabilities are recognised in the course of the allocation of purchase price to the assets and liabilities acquired in the business combination
they are subsequently measured at the higher amount of a comparable provision as described above and the amount initially recognised less any amortisation
probable inflows of economic benefits to the group that do not yet meet the recognition criteria of an asset are considered contingent assets
investment in subsidiaries
investments are valued at cost less any impairment and after deducting any dividends paid out of preacquisition profits
4 operating result
operating result is stated after chargingcrediting
2008 2007
£’000 £’000
depreciation 2303 2225
operating lease rentals
land and buildings 6192 5799
courtesy cars 5616 4935
plant and machinery 178 138
auditor’s remuneration
audit services 5 5
nonaudit services audit of subsidiaries 107 92
nonaudit services tax and ifrs assistance — 7
profit on disposal of businesses — 165
profit on disposal of property plant and equipment 11 548
bad debt expense 132 16
5 employee remuneration
the aggregate payroll costs of the group’s employees are analysed as follows
2008 2007
£’000 £’000
wages and salaries 51589 44109
social security costs 5126 4298
other pension costs contributions paid 2857 2821
59572 51228
the amount of pension contributions paid to defined contribution scheme 302 356
the average number of employees during the year was made up as follows
number number
motor accident repair operations 2319 2141
accident claim management operations 122 96
central and other 18 15
2459 2252
the remuneration of the directors and key management is disclosed in the remuneration report paragraph directors’ and key management’s
emoluments on page 14
6 non recurring item
2008 2007
£’000 £’000
bad debt provision for debtor in administration  750 —
this provision was made to provide against the debt of a customer that went into administration in march 2009
notes to the accounts continued
for the year ended 31 december 2008 notes to the accounts continued
for the year ended 31 december 2008
7 finance income and finance costs
2008 2007
£’000 £’000
finance income
interest receivable on bank balances — 237
pension credit see note 15 
interest on obligation 3911 —
expected return on assets 4236 —
325 237
finance costs
interest receivable on bank balances 8 —
pension costs see note 15
interest on obligation — 3786
expected return on assets — 3747
8 39
8 tax expense
2008 2007
£’000 £’000
current tax
united kingdom corporation tax at 28 2007 30 1418 1624
adjustments in respect of prior years 64 197
1354 1427
deferred tax
movement relating to pension asset ias 19 657 422
deferred tax on pension resulting from reduction in tax rate — 106
temporary differences origination and reversal 86 40
deferred tax resulting from reduction in tax rate — 28
on share options 67 67
2030 1744
the tax assessed for the period is higher 2007 lower than the effective rate of corporation tax in the uk of 285 2007 30
the differences are explained as follows
2008 2007
£’000 £’000
profit for the year before tax 7052 6815
profit on ordinary activities before tax multiplied by effective rate of uk corporation tax of 285 2007 30 2010 2044
effect of adjustments in respect of prior years 10 197
deferred tax provided at 28 13 71
capital item covered by capital losses brought forward 32 220
items not deductible for tax purposes 52 83
capital allowances in excess of depreciation 23 65
other temporary differences — 40
total tax charge for the year 2030 1744
nationwide accident repair services plc annual report and accounts 2008
26 nationwide accident repair services plc annual report and accounts 2008
27
9 earnings per share and dividends
basic earnings per share
basic earnings per share has been calculated using the net results attributable to the shareholders of the company of £5022000 2007 £5071000
the weighted average number of outstanding shares used for the basic earnings per share amounted to 43264023 2007 44864001
diluted earnings per share
diluted earnings per share has been calculated using the net results attributable to the shareholders of the company of £5022000  2007 £5071000
the weighted average number of outstanding shares used for diluted earnings per share amounted to 43672070 2007 46108171 and assumes the
exercise of all the share options detailed in note 20 since the date they were granted and the average market price of £123  
underlying earnings per share
the underlying earnings per share has been calculated as follows   
2008 2007
£’000 £’000
profit before tax as stated 7052 6815
non recurring item 750 —
7802 6815
tax expense as stated 2030 1744
tax effect on non recurring item 214 —
5558 5071
adjusted earnings per share 128p 113p
dividends
during 2008 the company paid dividends of £2030000 2007 £1840000 to its equity shareholders 
these comprised
– a final dividend in respect of 2007 of 30p per share paid in june 2008 £1296000 and
– an interim dividend in respect of 2008 of 17p per share paid in november 2008 £734000
the board is proposing a final dividend in respect of the results for the year ended 31 december 2008 of 33p per share
10 acquisitions
acquisitions
during 2008 the trade and assets of six bodyshop businesses were acquired in scunthorpe gravesend and redruth february 08 bristol and 
kettering august 08 and perth november 08
the total cost of these acquisitions includes the components stated below the purchase prices were settled in cash
£’000
purchase price 2134
due diligence costs including legal fees 135
total cost 2269
fair value of assets acquired 1534
goodwill 735
at fair value
acquisition adjustments total
notes £’000 £’000 £’000
noncurrent assets
property plant and equipment b 1534 — 1534
net assets 1534 — 1534
notes
a on acquisition the value of other intangible assets was considered and no value was attributed the directors have considered the value of 
intangible assets and determined that this was immaterial and that the goodwill arising related to expected synergies with the existing business 
and a skilled workforce but which are not separately recognised under ifrs
b provisional fair values were placed on all property plant and equipment at the date of acquisition as certain asset values were required to 
be estimated 
the result included in the group accounts in relation to these six acquisitions following their acquisition was revenue of £4957000 and a loss 
before tax of £230000 it is not possible to restate the revenue and profit of these acquisitions as if the acquisition had taken place as at 1 
january 2008 as the information cannot reliably be extracted from the accounting records
c during the year an adjustment of £21000 was made to increase the goodwill of the hull acquisition this related to further costs of acquisition 
which were known but not quantifiable at that date
notes to the accounts continued
for the year ended 31 december 2008 notes to the accounts continued
for the year ended 31 december 2008
11 goodwill
group
2008 2007
£’000 £’000
cost or valuation
1 january 7098 5881
reassessment of previous goodwill 21 308
additions 735 909
31 december 7812 7098
impairment
1 january and 31 december 60 60
net book value at 31 december 7752 7038
net book value comprises
business of gemini accident repair centres acquired in july 2005 4648 4648
business of aquilo motor services acquired in december 2006 1481 1481
businesses acquired in 2007 888 909
businesses acquired in 2008 735 —
7752 7038 
business of gemini accident repair centres
the carrying amount of goodwill is allocated to the cashgenerating units acquired the recoverable amounts for the cashgenerating units
determined above are based on value in use calculations covering a detailed one year forecast followed by an extrapolation of expected cash flows
using a 25 growth rate these cash flows were extrapolated over ten years and discounted using a rate of 5 a ten year period has been chosen
because management’s experience and knowledge of the business indicates that equivalent sites have a useful economic life in excess of ten years
management’s key assumptions for these cashgenerating units include stable profit margins and resulting cash flows which have been determined
based on past experience in this market the group is not currently aware of any reasonable possible changes which would necessitate changes in its
key assumptions 
business of aquilo motor services
the carrying amount of goodwill is allocated to the cashgenerating units acquired the recoverable amounts for the cashgenerating units
determined above are based on value in use calculations covering a detailed one year forecast followed by an extrapolation of expected cash flows
using a 25 growth rate these cash flows were extrapolated over five years and discounted using a rate of 5 a five year period has been
chosen because management’s experience and knowledge of the business indicates that equivalent business have a useful economic life in excess of
five years management’s key assumptions for these cashgenerating units include stable profit margins and resulting cash flows which have been
determined based on past experience in this market the group is not currently aware of any probable changes which would necessitate changes in
its key assumptions
businesses acquired in 2008
during 2008 six businesses were acquired scunthorpe gravesend and redruth february 08 bristol and kettering august 08 and perth
november 08 the recoverable amounts for the cashgenerating units determined above are based on value in use calculations covering a detailed
one year forecast followed by an extrapolation of expected cash flows using a 25 growth rate these cash flows were extrapolated over ten years
and discounted using a rate of 5 a ten year period has been chosen because management’s experience and knowledge of the business indicates
that equivalent sites have a useful economic life in excess of ten years management’s key assumptions for these cashgenerating units include stable
profit margins and resulting cash flows which have been determined based on past experience in this market 
nationwide accident repair services plc annual report and accounts 2008
28 nationwide accident repair services plc annual report and accounts 2008
29
12 investments in subsidiary undertakings
company
2008 2007
£’000 £’000
cost or valuation
1 january 37506 39456
disposals — 1950 
31 december 37506 37506
accumulated provisions
1 january 10 1614
on disposals — 1604
31 december 10 10
net book value at 31 december 37496 37496
the significant investments comprise
subsidiary country of residence proportion of shares held
nationwide crash repair centres limited england and wales 100
nationwide crash repair centres staff limited england and wales 100
network services nationwide limited england and wales 100
mobile vehicle repairs limited england and wales 100
nationwide fast fit plus limited previously w harold perry limited england and wales 100
13 property plant and equipment
plant
equipment and
land buildings computers total
group £’000 £’000 £’000 £’000
cost
1 january 2008 248 4853 20537 25638
acquisitions — 564 970 1534
additions — 308 2480 2788
disposals —  —  1417 1417
31 december 2008 248 5725 22570 28543
accumulated depreciation
1 january 2008 — 1705 15833 17538
disposals — — 1109 1109
charge for the year — 304 1999 2303
31 december 2008 — 2009 16723 18732
net book value at 31 december 2008 248 3716 5847 9811
cost
1 january 2007 348 4970 20881 26199
acquisitions — — 245 245
additions — 355 1441 1796
disposals 100 472 2030 2602
31 december 2007 248 4853 20537 25638
accumulated depreciation
1 january 2007 — 1589 15677 17266
disposals — 137 1816 1953
charge for the year — 253 1972 2225
31 december 2007 — 1705 15833 17538
net book value at 31 december 2007 248 3148 4704 8100
notes to the accounts continued
for the year ended 31 december 2008 notes to the accounts continued
for the year ended 31 december 2008
13 property plant and equipment continued
the net book value of land and buildings comprises
short
leasehold
total freehold improvements
£’000 £’000 £’000
group as at 31 december 2008 3964 248 3716
group as at 31 december 2007 3396 248 3148
motor vehicles
2008 2007
company £’000 £’000
cost
1 january 516 437
additions 242 160
disposals 119 81
31 december 2008 639 516
accumulated provisions
1 january 264 236
change for the year 157 103
on disposals 119 75
31 december 302 264
net book value at 31 december 337 252
as at 31 december 2008 there was a non cancelable commitment of £550000 to acquire software for network services nationwide limited
14 leases
the total of future minimum lease commitments in respect of noncancelable operating leases as at 31 december are as follows
2008 2007
group £’000 £’000
land and buildings leases expiring
within one year 106 268
two – five years inclusive 2497 3410
more than five years 57678 54163
60281 57841
other leases expiring
within one year 2361 2423
two – five years inclusive 306 645
more than five years — 5
2667 3073
the total of future minimum sublease payments expected to be received under noncancelable subleases at the balance sheet date is £1100000
2007 £1258000
2008 2007
company £’000 £’000
land and buildings leases expiring
within one year — 15
two – five years inclusive 15 —
15 15
other leases expiring
within one year — 4
two  five years inclusive 5 —
5 4
nationwide accident repair services plc annual report and accounts 2008
30 nationwide accident repair services plc annual report and accounts 2008
31
15 pension and other employee assetsobligations
the group operates a defined benefit scheme and a defined contribution pension scheme in the uk which offers both pensions in retirement and death
benefits to members since 1 january 2002 the defined benefit scheme has been closed to new members the assets of the schemes are administered by
trustees independent of the group the company made contributions of £2555000 2007 £2465000 to the defined benefit scheme during the year
the defined benefit scheme was closed for future accruals on 31 july 2006 with active members transferred to a new defined contribution section of the
scheme in 2005 the company agreed with the trustees of the pension scheme to make annual contributions of approximately £23 million increasing
annually by the retail price index with a view to eradicating the scheme specific funding deficit over a period of approximately 75 years
the group has opted to amortise all actuarial gains and losses above the corridor 10 of the greater of assets and liabilities over the future working
lifetime of the active membership
a full actuarial valuation of the defined benefit scheme was carried out as at 31 december 2005 and was updated to 31 december 2007 by a qualified
independent actuary
2008 2007 2006 2005
ias 19    
the major assumptions used by the actuary were in nominal terms
rate of increase in salaries na na na 33
rate of increase in pensions – accrued pre 5 april 1997 30 30 30 30
rate of increase in pensions – accrued post 5 april 1997 270 315 285 265
discount rate 65 61 54 50
inflation assumption 270 315 285 265
the assumptions used in determining the overall expected return of the scheme have been set with reference to yields available on government bonds and
appropriate risk margins the pre and post retirement mortality assumptions use the a92 and pa92 tables respectively the 1992 series of mortality tables
were published by the continuous mortality investigation bureau and are based on mortality data from life assurance companies over the years 1991 to
1994 inclusive the “a92” tables are based on the mortality experience of life assurance policyholders the “pa92” tables are based on the mortality
experience of pension annuity policyholders
the assets in the scheme and the expected rate of return were
2008 2007 2006 2005
long long long long
term rate term rate term rate term rate
of return value of return value of return value of return value
expected £’000 expected £’000 expected £’000 expected £’000
equities 96 26575 85 37044 81 34525 80 29340
bonds 52 9668 53 9664 48 9341 44 9493
property 96 4378 85 6055 81 6400 80 5454
other 42 3047 43 1970 33 94 30 232
total market value of assets 43668 54733 50360 44519
present value of defined  
obligations funded plans 60131 65040 70928 65552
present value of 
unfunded obligations 16463 10307 20568 21033
unrecognised actuarial losses 24082 15580 24435 23024
net asset in balance sheet 7619 5273 3867 1991
actual return on assets in period 11783 3540 4719 5584
the overall expected rates of return were determined by the directors of the group with the advice of their actuarial advisers the expected return 
available on equities has been taken as the dividend yield on the ftse actuaries all share index plus real dividend growth of 21 plus price inflation
reconciliation of opening and closing balances of the present value of the defined benefit obligations
2008 2007 2006 2005
£’000 £’000 £’000 £’000
benefit obligation at beginning of year 65040 70928 65552 61984
service cost — — 613 1148
interest cost 3911 3786 3262 3344
contributions by scheme members — — 212 328
actuarial gainloss 6983 8042 3351 323
curtailments and settlements — — 611 —
benefits paid 1837 1632 1451 1575
balance at end of year 60131 65040 70928 65552
notes to the accounts continued
for the year ended 31 december 2008 notes to the accounts continued
for the year ended 31 december 2008
15 pension and other employee assetsobligations continued
reconciliation of opening and closing balances of the fair value of plan assets
2008 2007 2006 2005
£’000 £’000 £’000 £’000
fair value of scheme assets at beginning of year 54733 50360 44519 37601
expected return on scheme assets 4236 3747 3248 2471
actuarial lossgain 16019 207 972 3113
contributions by employers 2555 2465 2860 2581
contributions by scheme members — — 212 328
benefits paid 1837 1632 1451 1575
asset at end of year 43668 54733 50360 44519
the amounts recognised in the income statement are
2008 2007
£’000 £’000
current service cost — —
interest on obligation 3911 3786 
expected return on assets 4236 3747 
curtailments and settlements — —
actuarial loss recognised in year 534 1020 
209 1059 
charged to
administration expenses 534 1020
finance income 325 —
finance costs — 39
209 1059 
history of scheme assets obligations and experience adjustments
2008 2007 2006 2005 2004
£’000 £’000 £’000 £’000 £’000
present value of defined benefit obligations 60131 65040 70928 65552 61984
fair value of scheme assets 43668 54733 50360 44519 37601
deficit in scheme 16463 10307 20568 21033 24383
experience adjustments arising on scheme liabilities 6983 8042 3351 323 1954
experience item as a  of scheme liabilities 12 12 5 0 3
experience adjustments arising on scheme assets 16019 207 972 3113 1270
experience item as a  of scheme assets 37 0 2 7 3
16 inventories
group
2008 2007
£’000 £’000
consumables 2678 2591
in 2008 total purchases of £47161000 of inventories were included in the income statement as an expense 2007 £43638000 there were no 
write downs of inventories 2007 £nil
nationwide accident repair services plc annual report and accounts 2008
32 nationwide accident repair services plc annual report and accounts 2008
33
17 trade and other receivables
company group
2008 2007 2008 2007
£’000 £’000 £’000 £’000
trade receivables 209 270 24000 21139 
bad debt provision — — 921 145
current tax receivable 147 — — —
other receivables — 1096 — 187
amounts owed by subsidiary undertakings 418 3219 — —
prepayments and accrued income 175 807  6421 5364
949 5392 29500 26545 
the directors consider that the carrying amount of trade and other receivables approximates to their fair values
financial assets can be analysed as follows
company group
2008 2007 2008 2007
£’000 £’000 £’000 £’000
within terms 558 3369 21997 18425
overdue by 30 days 10 98 1057 1542
overdue by 60 days — — 508 501
overdue by 90 days 59 22 267 526
overdue by more than120 days — — 171 145
627 3489 24000 21139
company group
2008 2007 2008 2007
impaired receivables £’000 £’000 £’000 £’000
within terms — — 737 —
overdue by 30 days — — 5 —
overdue by 60 days — — 3 —
overdue by 90 days — — 5 —
overdue by more than120 days — — 171 145
— — 921 145
company group
2008 2007 2008 2007
net loss on receivables £’000 £’000 £’000 £’000
movement on bad debt provision — — 776 2
receivables written off — — 106 14
net loss on receivables — — 882 16
the basis for identifying impaired receivables is to consider those amounts which are overdue by more than 120 days and for which no cash has
been received after the year end past history has indicated that this policy is reasonable in addition a provision of £750000 has been made to
provide against the debt of a customer that went into administration in march 2009 see note 6
notes to the accounts continued
for the year ended 31 december 2008 notes to the accounts continued
for the year ended 31 december 2008
18 deferred tax assets and liabilities
2008 2007
group £’000 £’000
accelerated capital allowances 472 392
pension fund asset 2133 1476
goodwill 166 —
short term temporary differences 149 82
liability 1678 1002
balance brought forward 1002 685
charge for the year 676 317
balance carried forward 1678 1002
company
accelerated capital allowances 29 39 
pension fund asset 2133 1476 
short term temporary differences — 14
liability 2104 1423 
the group and company have capital losses available to be carried forward and offset against future capital gains of £41m 2007 £42m for which
no deferred tax asset has been recognised
19 cash and cash equivalents
cash and cash equivalents include cash at bank and in hand as well as short term highly liquid investments such as money market instruments and
bank deposits money market instruments are financial assets carried at fair value the company has a committed facility of £8m with the royal
bank of scotland plc until 2010 any borrowings under this facility are guaranteed by a fixed charge on book debts under this facility the company
has given an unlimited guarantee for the borrowings of its trading subsidiaries
20 equity
share capital
2008 2007
shares £’000 shares £’000
authorised
ordinary shares of 125p 2007 125p each 64000000 800064000000 8000
issued and fully paid
ordinary shares of 125p 2007 125p each 43197220 5400 44622220 5578
on 15 january 2008 the company purchased 975000 of its own shares at a price of 120p per share and 450000 shares on 25 january 2008 at a
price of 115p per share all shares purchased have been cancelled
of the 20802780 shares authorised but not issued 4262861 are reserved for issue in respect of the share options
share options
number exercise exercise
of shares price period
m a wilmshurst approved 25751 £1165 2009–16
unapproved 2217860 £111 2009–16
d j loftus approved 25751 £1165 2009–16
unapproved 1096055 £111 2009–16
s d g thompson approved 25751 £1165 2009–16
unapproved 871693 £111 2009–16
4262861
all the above options were issued on 4 july 2006 and no additional share options have been issued since this date
in total £240000 of employee compensation expense has been included in the consolidated income statement for 2008 2007 £240000 
the corresponding credit is taken to shareholders’ funds no liabilities were recognised due to share based transactions
each director has been granted two transfers of options the first tranche is not subject to any vesting conditions and the second tranche is subject
to achievement of a total shareholder return performance condition under both tranches vested options can be exercised at any time between the
third and tenth anniversary of the date of the grant
nationwide accident repair services plc annual report and accounts 2008
34 nationwide accident repair services plc annual report and accounts 2008
35
20 equity continued
the accounting policy for share based payments is included within note 3 and the following have been factored into the model
exercise prices of £111 and £1165 expected volatility of 25 dividend yield of 300 equivalent risk free rate of return being the rate of return
on zerocoupon government bonds with a term equal to the expected life assumptions
the company’s assumptions regarding the volatility of its shares have been based on a review of market and competitors’ volatility
the group’s objectives when managing capital are
i to safeguard the entitys ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for 
other stakeholders and 
ii to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk
the group sets the amount of capital in proportion to risk the group manages the capital structure and makes adjustments to it in the light of 
changes in economic conditions and the risk characteristics of the underlying assets in order to maintain or adjust the capital structure the group
may adjust the amount of dividends paid to shareholders return capital to shareholders issue new shares or sell assets to reduce debt
21 provisions
onerous lease costs
company group
group £’000 £’000
at 1 january 2008 18 139
charged to the income statement to administrative expenses  — 35
credited to the income statement to administrative expenses   5 5
utilised 13 79
at 31 december 2008 — 90
current liability — 4
noncurrent liability — 86
— 90
the group vacated a number of properties over the last six years for which there is an ongoing liability in respect of leases and other costs 
the potential cost of these onerous contracts has been provided in the accounts due consideration has been given to the likelihood of subletting
these properties the potential outflows of which will occur in the period to december 2018
22 trade and other payables
company group
2008 2007 2008 2007
£’000 £’000 £’000 £’000
trade payables 1413 1692 23140 18884
amounts owed to subsidiary undertakings 24212 23403 — —
taxes and social security costs 218 202  3604 2912 
accruals 2448 1335  6984 5584 
28291 26632  33728 27380 
the directors consider that the carrying amount of financial liabilities approximates to their fair values
23 current tax liabilities
company group
2008 2007 2008 2007
£’000 £’000 £’000 £’000
current tax liabilities — 456 568 1031
notes to the accounts continued
for the year ended 31 december 2008 notes to the accounts continued
for the year ended 31 december 2008
24 related party transactions
group
the group paid £323400 to troy solutions limited in the year for management and consultancy services 2007 £308000 this amount is included within
directors’ remuneration as it relates to the amounts payable under a consultancy agreement dated 29 june 2007 m a wilmshurst is a director of troy
solutions limited  in addition the group paid troy solutions limited £295653 2007 £256788 in relation to the provision of office facilities customer
satisfaction surveys and training services the amount outstanding at the year end was £34350 2007 £44112 this outstanding amount was payable
within 30 days of the invoice date in cash
company
the company paid £323400 to troy solutions limited in the year for management and consultancy services 2007 £308000 this amount is included
within directors’ remuneration as it relates to the amounts payable under a consultancy agreement dated 29 june 2007 m a wilmshurst is a director of
troy solutions limited in addition the company paid troy solutions limited £295653 2007 £256788 in relation to the provision of office facilities
customer satisfaction surveys and training services the amount outstanding at the year end was £34350 2007 £44112 this outstanding amount was
payable within 30 days of the invoice date in cash
transactions with subsidiaries
balance balance
as at as at
31 december 31 december
2008 2007
£’000 £’000
nationwide crash repair centres limited 346 3219
network services nationwide limited 778 784
mobile vehicle repairs limited 27 78
nationwide fast fit plus limited 2362 1274
other nontrading subsidiaries 21027 21423
23794 20184
during the year the company recharged various costs incurred to its subsidiaries including a £30m management charge to nationwide crash repair
centres limited the above balances are all repayable on demand the company was also charged interest of £840000 2007 £826000 on an
intercompany loan with a subsidiary nationwide fast fit plus limited the interest was calculated using the average base rate plus 1 throughout
the year
25 contingent assets and contingent liabilities 
various warranty and legal claims were brought against the group during the year where these claims are not quantifiable no provision is made in
the accounts at the balance sheet date management’s assessment of the value of contingent assets and liabilities was £nil 
26 risk management objectives and policies
group and company
the group and company is exposed to a variety of financial risks which result from both its operating and investing activities the group and company’s risk
management is coordinated at its headquarters and is regularly discussed by the board of directors the group and company does not engage in the trading
of financial assets nor does it write options the most significant financial risks to which the group and company is exposed to are described below
i credit risk
the group and company’s trade and other receivables are monitored actively to avoid significant concentrations of credit risk the group varies its
credit terms with new customers in order to reduce this risk
ii cash flow and interest rate risks
the group and company is in a cash positive situation and currently earns between 05 and 10 interest on its deposits this interest earned is
dependent on bank rates and is not fixed other than this the group and company is not exposed to interest rate risk on its financial assets and
financial liabilities
the royal bank of scotland overdraft rate is only payable when the facility is utilised the interest rate is dependent upon the bank base rate and is
not fixed
iii market risk
the group and company hedge market risk by avoiding reliance on a few key customers in addition the group and company operate within a
vertical market with the ability to influence a significant number of market sectors
nationwide accident repair services plc annual report and accounts 2008
36 nationwide accident repair services plc annual report and accounts 2008
37
preliminary announcement 31 march 2009
annual report publication due 24 april 2009
annual general meeting 4 june 2009
2009 interim announcement september 2009
financial calendar nationwide accident repair services plc
17a thorney leys park
witney
oxfordshire ox28 4ge
wwwnarsplccom


Summary:
 2
introduction
i am pleased to report that in a challenging
trading environment financial results for the year
ended 31 december 2008 recorded a new high
for the group
financial results
revenue for the year ended 31 december 2008
increased by 18 to £1793 million 2007 £1519
million this included a combined contribution of
£50 million from the six new sites acquired during
the year revenue on a likeforlike basis increased
by 15 operating profit rose by 2 to £67
million 2007 £66 million and profit before tax
rose by 3 to £71 million 2007 £68 million
earnings per share increased by 3 to 116 pence
2007 113 pence
these results for the year ended 31 december
2008 are after the deduction of £750000 in
respect of a bad debt provision made against the
debt of a customer that went into administration
in march 2009
net cash increased by £02 million producing net
cash balances as at 31 december 2008 of £54
million 2007 £52 million this increase in cash is
after an investment of £17 million in the purchase
of the company’s own shares deficit pension
contributions of £26 million and the payment of
£23 million for new site acquisitions
dividend
the board is pleased to recommend a final
dividend of 33 pence per share 2007 30 pence
per share taking the total dividend for the year 
to 50 pence 2007 45 pence an increase of
11 this will be paid subject to approval by
shareholders at the annual general meeting on
12 june 2009 to shareholders on the register at
the close of business on 15 may 2009
trading overview
the business continues to make solid progress and
we have increased our market share the contract
wins and contract extensions signed in 2007
helped to increase volumes through our repair
network notwithstanding a decrease in accidents
during the year we have also increased our non
insurance work while our customer base is biased
towards multiyear contracts with the leading
insurance companies we also provide our services
to corporate fleets brokers motor manufacturers
and private individuals
our national network of bodyshops enables us to
service our customers’ needs in an efficient and
effective manner and we continue to manage the
network carefully adding new locations where we
have identified customer demand and closing
locations no longer required during the year we
acquired six new bodyshops and closed one
bodyshop these new acquisitions further extend
our capacity and service capability and will provide
improved returns once they are fully integrated
into our network  
a key strength of our bodyshop network is the
flexibility it provides us in the deployment of work
across our branches which allows us to maximise
cost effectiveness our size enables us to derive
economies of scale and it is pleasing to note that
despite inflationary pressure gross margin
remained constant at 465 for the second
consecutive year we remain focused on achieving
cost savings and believe there is scope to deliver
further efficiencies within the business
our retail initiative progressed well in 2008
targeted at customers whose vehicles are already
in a bodyshop for an insurancerelated repair
revenue from this new offering has developed
well we are now developing further this directto
“these 2008 results
demonstrate the
ongoing success of 
our twin track growth
strategy organically 
and via acquisition”
chairman’s statement
nationwide accident repair services plc annual report and accounts 2008
revenue
£1793m
profit before tax before 
nonrecurring items
£78m
accident repair centres
73 3
consumer offering which should also enable us 
to enhance our margins 
our network services division which acts as 
a “onestop shop” for accident management
services continues to expand the division gives 
us a competitive edge over many of our peers
providing a service tailored to individual
customers’ needs and capturing additional 
work for the group’s bodyshops
outlook
these 2008 results demonstrate the ongoing
success of our twin track growth strategy
organically and via acquisition and we believe that
this strategy will continue to deliver future growth
although our business is not immune to the
current economic downturn the nature of our
business based as it is around accident repairs
should afford us protection in addition we
benefit from good cash generation a strong
balance sheet and no bank debt accordingly 
the directors are confident that the business is
well placed for long term growth
michael marx
chief executive
30 march 2009
nationwide accident repair services plc annual report and accounts 2008
chairman’s statement continued