annual report 
for the year ended 31 march 2013
of service innovation
years “the board would like to thank our colleagues from around  
the group who have contributed to this publication”
jim barker
chief executive
contents
the group majors on the design manufacture and 
distribution of mechanical fasteners on a global basis to both 
distributors and oem assemblers
this competitive combination has fuelled sales and 
geographic expansion over the past two decades 
today tr has 5000 customers and has attained ‘preferred 
vendor’ status with over 30 global customers
automotive
home appliances electronics
distributors
what’s in our report
introduction
02 highlights
03 chairman’s message
our business
06 our business model
07 group business review
12 ‘strings to our bow’ for growth
13 financial review
18 taking your questions
behind the scenes
22 overview – asia
24 overview – uk  mainland europe
27 ceo global fastener summit
28 overview – usa
30 global sales and business development
34 benefits from changes in fastener technology
36 human resources
40 corporate social responsibility
44 the lead team
45 independent nonexecutive directors
46 senior people
48 managing the business
through the years
52 the story behind the years
54 tr long service colleagues
our governance
58 directors’ report
61 corporate governance
64 directors’ remuneration report
69 notes to the directors’ remuneration report
71 statement of directors’ responsibilities
our financials
74 independent auditor’s report
75 consolidated income statement
76 statement of comprehensive income
77 consolidated statement of changes in equity
78 company statement of changes in equity
79 statements of financial position
80 statements of cash flows
81 notes forming part of the financial statements
115 glossary of t erms
ibc company and adviser details
read more content online at  
wwwtrfasteningscom
for information about key 
markets see page
09
read more content online at  
wwwtrifastcom
of service innovation
years
stock code tri
trifast plc annual report 2013 stock code tri
01
trifast plc annual report 2013 revenue
£12154m
8
2010 2009 2011 2012 2013
£12154m
£11251m
£10609m
£8594m
£10490m
underlying pretax profit
£7 25m
45
2010 2009 2011 2012 2013
£725m
£500m
£377m
£092m
£254m
ebitda
£923m
41
2010 2009 2011 2012 2013
£923m
£654m
£526m
£213m
£455m
new trading links in new territories
international sales growth
new business wins
new plastics and cable management products
licences for philips screw co and acument
expansion of facilities
highlights
financial highlights 
operational highlights
“the board remains 
very optimistic that 
the phrase a ‘world of 
opportunity’ initiated 
last year is gathering 
momentum”
malcolm diamond mbe
executive chairman
 
  before separately disclosed items which 
are shown in the financial statements
of service innovation
years
02
stock code tri
trifast plc annual report 2013 dear shareholder 
what a difference a year makes when as in the case of trifast business dynamics start to build momentum 
over the past three years our teams have focused on ‘working smarter’ in relation to suppliers customers buysell margin 
and non valueadd costs and resources latterly employing the pareto 8020 principle eg 80 of our profit coming from 
only 20 of our customers – so making sure that we don’t become ‘busy fools’
the encouraging outcome from these efforts has been to reduce our overall overheads as a  of revenue from 23 in 
2010 to 19 for this 2013 financial year end and to increase underlying group pretax profit by 45 against 2012 with 
85 of ebitda being yielded in cash from operations
we acknowledge that this ‘selfhelp’ business focus has moved on from being a recovery strategy that started in early 
2010 to becoming a permanent key element of the now ingrained ‘continuous improvement’ culture that we know has the 
potential to deliver still further process improvements going forward
your board structure has been streamlined from six executive directors to five post the year end we then welcomed the 
addition of scott mac meekin as our third independent nonexecutive director scott’s asian and us fastener experience 
coupled with his strategic capabilities adds further strength to our team
we have much to report upon with regard to operational developments around the group these include
 important new global manufacturing licences granted by both philips screw co and acument 
 first major trading links with russia and south korea 
 exciting new product range launches of plastic fasteners and metal spacing pillars 
 expansion of our india business 
 new headquarters for our expanding swedish operations 
 investment in sophisticated automation enabling us to adopt ‘zerodefect philosophy’ within product quality out of our 
singapore and malaysian factories – with taiwan targeted for 2014 
 both our southern and northern ireland operations enjoying steady growth in a tough environment and
 our restructured us location starting to outperform on profitability having just enlarged its warehouse facilities with an 
additional unit in houston
as directors we are particularly pleased with the jump in profitability between march 2012 and march 2013 we remain 
committed to the pursuit of shareholder value and as part of this see many reasons that point to further ‘bottomline’ 
growth for the foreseeable future whilst we also continue to pursue ‘no nonsense earnings enhancing bolton acquisitions’ 
we can demonstrate that by focusing determinedly on our existing assets and resources quantum leap improvements in 
performance are achievable
as always we appreciate your loyalty and support to our company and in return  
we will continue to do our best to maintain open honest and regular communication  
on how we are managing your investment
yours sincerely
malcolm diamond mbe
executive chairman
chairman’s message
30 july 2013 trifast plc
trifast house 
bellbrook park uckfield 
east sussex tn22 1qw 
tel 44 01825 747366 
fax 44 01825 747368
email corporateenquiriestrifastcom
website wwwtrifastcom
stock code tri
03
trifast plc annual report 2013 visit our corporate website
wwwtrifastcom
strong leadership 
experienced and motivated people
total logistics resource
technical engineering specialists
quality of service
global sales capability
“the global market for 
fasteners is vast and 
remains fragmented 
there is an opportunity 
for smaller more flexible 
players like ourselves 
to be strategic 
consolidators”
jim barker
chief executive
 
our business
04 thinking locally operating globally
7
high quality
low cost
manufacturing
sites
50
global logistics
capability to over
countries
23
business locations
within north
america europe 
and asia
for information about behind 
the scenes see page
20
05 tr 
manufacturing
global
sourcing
strategic 
suppliers
local oem 
customers
local 
distributors
global oem 
customers
global 
distributors
global lo loca cal l global oe em obal oe em
tr distribution
local 
sourcing
customer contract tenders
customer daytoday enquiries
customer daytoday orders
quotations
marketing and external sales
enquiry
our business model
“our model is key 
to generating value 
and returns to our 
stakeholders”
malcolm diamond mbe
executive chairman
 
stock code tri
trifast plc annual report 2013
06
of service innovation
years “trifast’s relentless 
focus on profit growth 
and cash generation 
has been reflected 
in a strong trading 
performance resulting  
in all kpis being met at 
the end of the financial 
year”
jim barker
chief executive
for information about behind the 
scenes see page
20
key performance indicators
tr’s objectives set result march 2013
 increase revenue organically  acquisitively ✓ 8 increase in revenue 
 increase profitability ✓ 45 uplift in underlying pretax profit 
 ongoing margin enhancement ✓ 6 net profit margin 2012 44 
 maintain positive cash generation ✓ operating cash flow nearly £8 million 
 increase return on capital roce ✓ increase to over 12 
 broadening the skills of management  
and staff
 ✓ ‘value assessment’ model – identifying the 
leaders of the future 
all this has been achieved on a lower 
percentage cost base and within a global 
‘mixed’ market sector backdrop but more 
importantly by the tr teams focus on the 
objectives set before them last year their hard 
work and commitment has delivered what we 
are reporting to shareholders – on behalf of all 
stakeholders we congratulate our colleagues 
around the globe 
 
the key financials are covered in the group 
finance director’s report so we will focus on 
what we have achieved operationally over the 
year 
the ongoing benefit of our ‘selfhelp’ 
initiatives focusing on improving our gross 
profit margins reducing percentage overhead 
content and increasing logistics efficiencies 
are strongly evident in these 2013 results 
this very creditable performance clearly 
underpins the board’s commitment to all 
stakeholders – to build upon trifast’s evolving 
reputation for ‘under promising and over 
delivering’ on performance 
group business review
pictured left to right executive directors geoff budd glenda roberts malcolm diamond and mark belton
trifast plc annual report 2013
stock code tri
07 business overview 
the 201213 financial year has seen many 
operational developments and we summarise 
the key ones below 
organic performance of the business 
asia 
despite the loss of two previously longheld 
major component supply european transfer 
contracts to competing domestic chinese 
assemblers tr asia has managed to improve 
overall profitability with a combination of new 
business wins the integration of powersteel 
and electroplating works sdn bhd 
psep and healthier demand from existing 
customers 
europeautomotive 
the decision taken in 2010 to focus our sales 
engineering resources on tier 1 automotive 
assemblers has proved to be timely for 
two reasons the product lifecycle – once 
designed and approved it can take between 
12–18 months for the specifying quoting and 
testing period prior to production startup 
lasts between five to six years thus providing 
a stable and lengthy forward revenue stream 
also with the edge having come off peak 
demand for global electronics products in 
the past four years our growth has been 
sustained by diversifying our customer target 
sector beyond electronics and domestic 
appliances this strategy is no better reflected 
than by tr europe with its new automotive 
contract wins during the year 
 
united kingdom 
tr uk has gained by far the most benefit 
from the management team’s determined 
focus on ‘selfhelp’ operational efficiency 
gains have taken nearly three years to 
fully yield the material profit gains through 
lowering both fixed and variable costs and 
consolidating and renegotiating terms with 
key suppliers 
 
the new tr direct next day 
delivery of standard products 
has also made an important 
contribution to this year’s 
substantial profit growth 
ireland 
both our southern and northern ireland 
operations have enjoyed steady growth in 
a tough environment with no sign of their 
renewed momentum diminishing as we look 
forward
usa 
tr’s recently restructured us location is 
performing well with the additional global 
multinational customers secured last year we 
have recently enlarged our us warehouse 
facilities with a further unit in houston 
although the us operation is currently the 
smallest contributor to group revenue tr 
inc is strategic to our future plans a high 
proportion of our globally sited multinationals 
are headquartered in the usa where many 
of the product designers and engineers are 
based and who all expect to receive fastener 
specification advice locally ‘on the spot’ 
once tr is nominated on any component 
drawing then buyers in europe and asia will 
be able to source exactly to specification as 
originally designated by their hq 
 
competitive advantage 
customers continue to 
benchmark tr against global 
fastener competitors and maintain 
their conclusion that we are 
uniquely positioned to fully satisfy 
their increasing demands by being 
able to combine ‘low costzero
defect philosophy’ production via 
our six asian based factories 
this combines with delivery logistics to over 
50 countries along with designapplication 
engineers directly employed by tr purely 
to resolve assembly challenges for our 
customers many of whom despite being 
large multinationals do not carry the overhead 
of fastener engineers on their payroll 
 
this ‘onestop shop’ capability of tr 
is further bolstered by its range of tr 
branded speciality fasteners for sheet 
metal and plastics plus its launch post 
year end of a comprehensive new range of 
plastic fasteners pcb spacers and cable 
management components 
 
group business review continued
proposed 
final 
dividend 
080p
60
stock code tri
trifast plc annual report 2013
08
of service innovation
years group sales by sector
march 2013
automotive 33
electronics 22
distributors 10
domestic 8
other 27
although each of tr’s 23 location business 
teams operate to their own pl targets the 
tr attitude of cooperation and cross skilling 
results in a ‘one family’ approach with regard 
to data and inventory sharing together with 
mutual and enjoined objectives in relation 
to competitive sourcing and customer 
quotations this ‘thinking locally operating 
globally’ gives tr the benefit of being swift 
to market whilst having the resources of an 
international player 
 
expansion and new territories 
whilst the continent of india is an exciting area 
for expansion we have been cautious in our 
adoption of new business and the associated 
investment that is required however in the 
past year we have taken on additional sales 
engineers to expand our capabilities at our 
two business offices there as we serve our 
mainly usowned multinational customers 
that are now firmly established 
 
tr sweden has been one of our successful 
european teams in gaining new automotive 
business – despite their earlier loss of the 
saab closure as a going concern 
this growth has enabled them to secure 
larger new offices in stockholm in order to 
provide adequate scope for further expansion 
of their business 
 
our automotive team has opened up 
business for the first time with russia and 
new customers for our tr branded sheet 
metal fasteners have emerged in south 
korea again a first for our sales team 
 
new licences and products 
important new global manufacturing licences 
have been granted to tr by philips screw co 
and acument these licences dramatically 
extend our range of fastener drive and clinch 
applications and these will appeal to those 
requiring more sophisticated engineered 
applications such as weight reduction and 
high torque demands the product licence 
additions add considerable ‘kudos’ to our 
engineeringdesign capabilities in the eyes 
of many of our existing customers whilst 
attracting new applications from both existing 
and potential customers 
 
tr’s ever growing plastics portfolio is now 
one of the most extensive on the market 
with more products being added throughout 
2013 in response to customer demand tr’s 
plastics range meets all industry standards 
and legislation and initially our focus is on 
automotive and pcb hardware applications 
we are confident that all these developments 
open up new sectors and opportunities for 
tr as well as for the customer streamlining 
production processes where a fastener 
is needed to be versatile light and strong 
plastic is often the optimal solution an 
example of this is our working relationship 
with a uk specialist high performance 
sports car manufacturer – as we all know 
the automotive sector is constantly looking 
to be more economic and environmentally 
friendly without compromising quality and 
performance 
 
investing for the future 
investment during the year in sophisticated 
automation is enabling tr to adopt ‘zero
defect philosophy’ within product quality out 
of our singapore and malaysian factories 
– with taiwan targeted for 2014 this is 
becoming an absolute requirement for 
high volume assembly customers who use 
automation or robotics for inserting fasteners 
where a wrong dimension on a screw can 
bring a production line to a complete halt for 
anything up to an hour 
 
our taiwanese business is multisite with 
two factories one warehouse and a separate 
sales office post year end a cost model 
has been commissioned to establish a new 
site with an allpurpose new building to 
accommodate all the business functions 
under one roof any such move would deliver 
the double benefit of improved efficiency and 
more production capacity we look forward 
to updating shareholders on progress in due 
course 
 
authorisation has been given for tr sweden 
to upgrade its computer system in order to 
facilitate real time electronic data interchange 
with our automotive customers the new 
upgrade is based on the same basic 
architecture as their existing software and will 
be conducted by the same provider – thus 
minimising delays and disruption this new 
it system will serve as a teachingtraining 
module for other tr business teams in order 
to test thoroughly prior to any subsequent 
upgrades on other tr europe sites 
manufacturing and distribution
march 2013
manufacturing 27
distribution – tr direct 6
distribution – lancaster 3
distribution – oem 64
trifast plc annual report 2013
stock code tri
09 “we would like to 
acknowledge every 
colleague from around 
the world all of them 
have made a difference 
and worked hard 
together to achieve 
another year of solid 
growth”
malcolm diamond mbe
executive chairman
management  people 
training  adding new skills 
last year as part of our operational 
restructuring we introduced a ‘people 
performance  responsibilities’ programme 
across the company and at all levels 
as a direct result of what we term tr’s 
‘value assessment’ model aligned to strategy 
and objectives we are utilising skills and 
knowledge more effectively which in turn is 
further shaping tr’s ongoing senior executive 
development and succession planning 
programmes the first three welldeserved 
appointments to the tr operating board 
have been announced recently – these are in 
recognition of hard work and skills ‘developed 
and channelled’ effectively under the senior 
executive programme – suffice to say all three 
candidates possess leadership qualities and 
specialisms that will drive tr business units to 
the next level
through this initiative also we have been 
able to more effectively deploy resources 
within existing systems and structure 
this streamlining and realignment of 
responsibilities within the business is already 
having an impact and formed part of ‘self
help’ objectives set as part of the board’s 
strategy plan put in place at the start of 2012 
 
the apprenticeship scheme first introduced 
in 2011 is going from strength to strength 
– we have been successful in attracting 
enthusiastic young school leavers keen to 
join tr and we expect to gain greatly from 
their contribution in the future the rollout of 
the scheme across the uk businesses is also 
starting to gain momentum 
at board level we have seen change 
too seamus murphy having successfully 
completed his key strategic projects set 
within the lead team’s first three year plan 
initiated in 2009 stepped down from the main 
board at the end of january 2013 and has 
since left the business seamus joined us in 
2005 following the acquisition of serco ryan 
the directors acknowledge his input and 
service we wish him and his family well in the 
future 
 
post the year end scott mac meekin  
joined the business as an independent  
nonexecutive director scott brings a wealth 
of experience gained over a 20year career 
within the us and asian fastener industry his 
additional skills complement both the current 
executive and independent nonexecutive 
directors’ skills base and provide extra 
impetus to our expansion aspirations 
 
finally we would like to acknowledge every 
colleague from around the world all of them 
have made a difference and worked hard 
together to achieve another year of solid 
growth without their dedication stakeholders 
group business review continued
pictured left to right ron vlutters simon willington chris black tom eertman
stock code tri
trifast plc annual report 2013
10
of service innovation
years would not be sharing in this year’s trading 
achievement jim and i together with our 
fellow board colleagues look forward to 
working with everyone over the coming year 
to continue in the success
celebrating 40 years 
on 1 june 2013 trifast celebrated its 40
th
 
anniversary since being founded as tr 
fastenings ltd in 1973 tr has over the years 
played a major part in the transformation of 
how high volumevariety small lower value 
assembly components are delivered creating 
‘just in time’  ‘supply chain’ management 
logistics programmes to its customer base 
initially from one office in sussex and then 
driven by multinational customer demands 
going on to establish an international footprint 
now serving over 50 countries delivering 
over 150 million components worldwide each 
day by a highly motivated network of tr 
business teams nearly 30 of the group’s 
revenue now derives from tr’s own asian 
manufacturing base 
 
a number of those that joined the business 
at its humble beginnings remain with us to 
this day including both of us – new ‘young 
blood’ has since joined us along the way and 
together we have all experienced and seen 
many developments and challenges over 
the years however through our desire to 
‘innovate and serve’ tr today is recognised 
as a driving force within the industry at the 
cutting edge of fastener technology through 
its investment in the research  development 
of new products and services combined with 
the ‘tr culture’ 
 
objectives strategy and opportunities 
as trifast directors we are particularly 
pleased with the jump in profitability between 
march 2012 and march 2013 we remain 
committed to the pursuit of shareholder value 
and as part of this see lots of reasons that 
point to further ‘bottomline’ growth for the 
foreseeable future 
 
this will be achieved by as always a 
combination of activities there will be no 
end to our continual pursuit of operational 
efficiency improvements even though as 
each year passes there will naturally be an 
element of diminishing materiality in the 
size of profit gains this is why we are now 
financially in a position to consider prudent 
new investments in automation faster more 
analytical computer systems and additional 
sales engineers for both automotive and 
electronics sectors on a global basis 
 
as stakeholders know the global market 
for fasteners and related components for 
assembly is vast and in terms of penetration 
tr’s revenue is barely measurable however 
even though the market remains fragmented 
there is an opportunity for smaller more 
flexible players like ourselves to be ‘strategic 
consolidators’ 
 
existing shareholders are aware that as a 
team we are cautious in our approach to 
acquisitions with our demand for low debt
high marginloyal ongoing local management 
and cash generative businesses in a highly 
fragmented market where tr’s business 
model of combining low cost manufacturing 
with global logistics distribution supported by 
design and application engineering is relatively 
unique consequently our networking is 
constantly in search mode being sustained by 
our knowledge that like psep the business 
acquired december 2011 which today is 
fully and happily integrated into tr target 
companies that meet these criteria certainly 
do exist 
 
meanwhile our highly effective sales and 
marketing teams continue to open up new 
revenue opportunities – both geographically 
and with additional products and customer 
sectors as they strive to meet our ever 
ambitious revenue and profit targets 
 
trading outlook 
the board remains very optimistic that the 
phrase a ‘world of opportunity’ initiated last 
year is gathering momentum as the group’s 
structure and focus enables further organic 
growth and when combined with new 
business and niche expansion opportunities 
tr’s operational teams feel confident in 
their ability to deliver strong results through 
201314 and into the future 
 
we look forward to updating you on our 
progress throughout the coming year
malcolm diamond mbe
executive chairman
jim barker
chief executive
24 june 2013
pictured top lauren moyce  
tr uckfield
pictured bottom dara horgan  
tr southern fasteners
trifast plc annual report 2013
stock code tri
11 new 
in 2013
tr
sales focus
attack one 
plant at 
a time
oems uk
tr direct 
standardised 
fasteners for 
next day 
delivery 
distributors uk  europe
lancaster 
fastener 
standardised 
fasteners for 
next day 
delivery
distributors 
 oems
uk europe 
asia  usa
branded 
specialised 
components for 
sheet metal 
pcbs  plastic 
mouldings
electronics 
 tier 1 
automotive
target 
500 sites 
2013  20 converted 
 long term 
growth
global 
component 
supplies to 30 
multinationals 
as ‘preferred 
vendor’ status
electronics 
 tier 1 
automotive
global 
supply chain 
logistics
vmi
licences
manufacturing  
for hitech 
applications 
mainly 
automotive
new 
in 2013
supported by 
the tr usp 
‘virtuous triangle’ 
high quality
low cost 
manufacturing
design  
application 
engineering 
 onsite 
customer 
support
global 
supply chain 
logistics 
vmi
oems
uk europe 
asia  usa
plastic 
fasteners  
metal spacers 
for electronics 
 automotive
“risk management 
is a constant within 
our philosophy which 
is reflected in our 
business marketing 
model comprising 
six elements ranging 
from the sophisticated 
logistics management 
of complex arrays 
of differing products 
to our multinational 
customers on a global 
basis to next day 
delivery of standard 
fasteners within the uk 
and mainland europe 
an expanding range 
of specific application 
branded products are 
then overlaid as a key 
part of our ‘one stop 
shop’ offering”
malcolm diamond mbe
executive chairman
‘strings to our bow’ – for growth
for information about changes in 
fastener technology see page
34
stock code tri
trifast plc annual report 2013
12
of service innovation
years “whilst revenue growth 
is important to the 
business one of our 
key drivers remains 
the focus on quality of 
earnings and margin 
enhancement”
mark belton
group finance director
for information about business 
performance see page
08
revenue 
in the year being reported on group revenue increased by 80 to £12154 million 2012 
£11251m reflecting in the main the addition of our malaysian acquisition psep acquired in 
december 2011 during the year we were also successful in replacing older non profitable 
contracts with new business wins at improved margins although we did experience high 
attrition levels in both the uk due to customer ‘end of life’ builds finishing and within asia when 
two major transfer contracts from europe came to an end 
 
the group’s key regions can be analysed as follows 
continuing operations
full year 
31 march 
2013
full year 
31 march 
2012  increase 
revenue 
uk £5726m £5778m 09
asia £3885m £3112m 248 
europe £2291m £2120m 81 
usa £252m £241m 46 
total for the year £12154m £11251m 80 
the key driver of growth in the year was asia due in the main to the acquisition of psep 
within the uk revenue remained relatively stable despite a generally lower demand from uk 
customers and the transfer of some business to our hungary operation europe delivered 
a strong performance with increased sales across all the operations in particular holland 
and sweden where we were successful in winning new automotive business the increase 
in revenue from our north american operation reflects the confidence returning to the us 
economy 
whilst revenue growth is important to the business one of our key drivers remains the focus on 
quality of earnings and margin enhancement 
 
adjusted pretax profit operating margins 
the underlying operating before separately disclosed items result between the tr represented 
regions can be analysed as follows 
continuing operations
full year 
31 march 
2013
full year 
31 march 
2012  increase 
underlying operating result 
uk £413m £274m 507 
asia £441m £376m 173 
europe £111m £052m 1135 
usa £030m £010m 2000 
central costs £198m £149m 329 
total before financing costs £797m £563m 416 
net financing costs £072m £063m 
total after financing costs £725m £500m 450
financial review
trifast plc annual report 2013
stock code tri
13 financial review continued
roce
121
80bps
the impressive 450 increase in underlying 
profitability to £725 million before separately 
disclosed items was achieved by increasing 
gross profit margins which showed a 40bps 
increase in the year to 260 2012 256 
and a reduction in the level of overheads in 
relation to revenue to 194 2012 206 
this resulted in improved underlying net 
margins from 44 in 2012 to 60 thereby 
achieving two of our stated objectives 
ongoing margin enhancement and increase 
profitability 
 
by territory the tr uk contribution 
increased by 507 resulting from the 
gross profit margin enhancements and 
overhead and logistical efficiencies previously 
acknowledged europe more than doubled 
its 2012 operating profit performance to 
£111 million with strong performances being 
achieved particularly within the nordic region 
tr asia benefitted from the positive addition 
of psep into the group but conversely was 
impacted by the loss of business mentioned 
already tr usa from its 2011 restructuring 
programme is beginning to bring the 
region from its previous losses into profit 
demonstrating a threefold increase in profit 
from 2012 to £030 million in the year under 
review 
separately disclosed items 
the following items are shown separately in 
the consolidated income statement and need 
to be taken into consideration when reviewing 
the underlying performance of the group
restructuring costs £039m 
intangible amortisation £033m 
ifrs 2 charge £009m 
total £081m
of the £039 million restructuring costs  
£019 million relates to director compensation 
for loss of office from the board and 
all associated costs in january 2013 
the remaining balance relates to further 
redundancies within the uk to drive the  
ongoing efficiencies 
interest and interest cover 
net financing costs increased slightly by 
£009 million to £072 million 2012 £063m 
reflecting a full year’s effect of the acquisition 
term loan taken out by tr asia investment 
holdings pte ltd ‘tr asia’ to part fund the 
psep acquisition in december 2011 
 
net interest cover defined as ebitda to  
net interest before oneoff separately 
disclosed items improved to 128 times 
2012 104 times 
 
taxation 
taxation in the period was £173 million 
2012 £160m this reflects an effective tax 
rate ‘etr’ of 269 2012 336 whilst 
the group’s blended tax rate based on the 
geographical tax regimes was 213 2012 
204 nearly all of the group’s current tax 
charges related to overseas operations as the 
uk business was able to utilise the remaining 
uk tax losses that it had suffered over the 
previous years 
 
balance sheet and funding 
at 31 march 2013 total shareholder equity 
amounted to £6042 million 2012 £5349m 
an increase of 130 reflecting the group’s 
increase in retained profit of £471 million 
during the period and £217 million being 
the translation of group’s overseas assets 
predominantly in asia 
 
there was no major change in the group’s 
property plant and equipment which 
represents 131 of the group’s total assets 
intangible assets increased slightly by £050 
million to £1837 million 2012 £1787m 
reflecting the movements in foreign exchange 
and a fair value adjustment of £010 million in 
respect of psep 
 
working capital as a percentage of revenue 
remained fairly stable at 30 removing the 
foreign exchange effect on stock we saw 
levels fall by £084 million which resulted in 
net stock weeks dropping from 211 in 2012 
to 202 for 2013 debtor days also remained 
fairly stable at 67 days 2012 68 however 
total bad debts were slightly higher than in 
previous years at £029 million 2012  
£008m 
 
gp
260
40bps
net interest 
cover 
improved
128x
stock code tri
trifast plc annual report 2013
14
of service innovation
years gross debt fell by £446 million to  
£1575 million 2012 £2021m which 
included the final repayment of £100 million 
of the company’s three year term loan taken 
out initially in february 2010 and the annual 
repayment of c£150 million of tr asia’s 
acquisition loan for psep with the balance 
being reduced borrowings from the uk’s 
asset based lending facility abl 
 
group net cash balances as at 31 march 
2013 were £1055 million 2012 £1180m 
of which £947 million was held in foreign 
currencies 2012 £803m as a result year 
end net debt reduced by £321 million to 
£520 million in march 2013 2012 £841m 
and gearing remained low at 86  
2012 157 
the group continues to trade well within 
its banking covenants in april 2013 trifast 
successfully negotiated its uk banking 
facilities with an additional £500 million three 
year revolving credit facility for the company 
and extended its current abl facilities total 
availability to £1830 million 
cash flow 
cash generation continues to be another key 
objective for the tr operations in order for us 
to be able to provide cash to reinvest back 
into the growing business it is therefore very 
satisfying to report that operating cash flow as 
a percentage of ebitda was 855 
 
the following analysis reconciles net debt and cash flow 
 
full year 
31 march 
2013
full year 
31 march 
2012
adjusted ebitda £923m £654m 
adjusted working capital changes £136m £197m 
adjusted operating cash flow £787m £457m 
cash conversion 853 699 
net capital expenditure £085m £053m 
taxation paid £143m £068m 
net interest £072m £063m 
adjusted free cash flow £487m £273m 
deferred considerationconsideration on psep acquisition £139m £1349m 
proceeds from shares issued £023m £718m 
dividends paid september 2012 £053m – 
net change in cash and cash equivalents £318m £358m 
net debt as at 1 april £841m £714m 
net cash acquired on psep acquisition – £225m 
effect of exchange rate on net debt £003m £006m 
net debt as at 31 march £520m £841m 
adjusted 
cash 
conversion
853
adjusted operating 
cash flow
£7 9m
gearing
2010 2011 2012 2013
167
86
157
117
net debt
2010 2011 2012 2013
£714m
£520m
£841m
£468m
trifast plc annual report 2013
stock code tri
15 pictured jon gibb
earnings per 
share
473p
258
financial review continued
“i would like to take  
this opportunity to thank 
the finance teams 
around the globe for 
their hard work and 
dedication supporting 
the operational  
business units”
mark belton
group finance director
for information about managing 
the business see page
48
to support future growth and increase returns 
in the future capital expenditure increased 
to £087 million predominantly represented 
by plant and machinery for our growing asia 
business 2012 £065m 
psep in malaysia acquired at the end 
of 2011 has integrated well and under 
the terms of acquisition detailed in the 
prospectus dated 16 november 2011 a final 
payment of £139 million previously retained 
for twelve months against any warranties and 
claims was paid to the previous owners in 
december 2012 
return on capital employed 
the group remains mindful of its objective to 
invest to increase return on capital employed 
roce it is therefore pleasing to show that 
roce being defined as ebitnet assets  
net debt has once again improved yearon
year from 91 in 2012 113 adjusted 
for psep prorata 12 months to 121 by 
march 2013 
earnings per share 
the adjusted diluted earnings per share 
‘eps’ which in the directors’ opinion best 
reflects the underlying performance of the 
group has increased by 258 to  
473 pence 2012 376p 
 
dividend 
while the directors’ focus remains on 
capital growth through investment in the 
business and increasing roce the return 
to a progressive dividend stream has been 
a priority for the board since its formation in 
2009 in october 2012 we were pleased to 
achieve this key objective by payment of the 
final dividend for 2012 to demonstrate the 
confidence the management has in the future 
development and success of the business 
the board will be recommending a 60 
increase in the final dividend of 080 pence 
net of tax per ordinary share subject to 
shareholder approval at the annual general 
meeting which is to be held on 17 september 
2013 the annual dividend will be paid to 
shareholders on the register at the close of 
business on 5 july 2013 the ordinary shares 
become exdividend on 3 july 2013 
people 
once again i would like to take this 
opportunity to thank the finance teams around 
the globe for their hard work and dedication in 
supporting the operational business units and 
myself i look forward to working with them 
over the coming year as we look to further 
enhance working practices across the group 
to help improve operational efficiencies and 
addvalue across the tr network 
mark belton
group finance director
24 june 2013
pictured left to right carolyn emsley maria johnson mark belton and lyndsey case 
stock code tri
trifast plc annual report 2013
16
of service innovation
years pictured  
fastener inspection machine  
to achieve zero defect
trifast plc annual report 2013
stock code tri
17 pictured executive directors geoff budd and glenda roberts
what motivates you
no two days are the same and the sheer 
variety and opportunities coming through 
continue to excite me working with the 
teams globally is very satisfying as we have 
some great people who are a pleasure 
to work with and the opportunities are 
borderless
gcr
what will be the growth drivers  
this year
targeting successful customers and linking 
these with the best supply solutions 
developing new opportunities with an 
enhanced product range providing technical 
support and adding to our licences which 
will ensure we are the supplier of choice 
weight reduction in fastenings is the latest 
requirement particularly in the automotive 
industry 
gb
who do you see as competitors and 
in which markets
our competitors vary depending on the 
product or the area we are being asked to 
supply to from a small local distributor with 
local knowledge to one of the global fastener 
players in our industry we have a portfolio 
of either products or services that can offset 
challenges and offer an attractive package 
both in the automotive and electronics 
sectors our global footprint and ability to 
manage transfer or replicated builds gives us 
a leading edge major oems value this as they 
then get the same supply chain – seamlessly
gcr 
what is the fastest growing industry 
sector
without any doubt the automotive sector we 
saw a gap in this sector that we felt we could 
service better by drawing on the experience of 
how we have managed the global electronics 
customers we currently support and then 
replicated this model
gb
“trs business model 
combining high quality 
manufacturing with 
global logistics and 
technical support is 
relatively unique”
jim barker
chief executive
taking your questions
pictured kevin gladman tr uckfield
stock code tri
trifast plc annual report 2013
18
of service innovation
years what is the breakdown  
of your investor profile 
founders 156
tr directors  related 28
private individuals 38
retail investors 177
oeic 121
institutional investors 480
how strong is your operating team 
and do you have the ‘leaders of the 
future’ being nurtured within the 
group
i have developed a number of sector silos 
with a strong sales driven leader heading 
up each one this includes automotive 
electronics and telecoms sales to 
distributors tr direct looking after the smaller 
transactional customers plastics products 
and a project management team controlling 
multisite enquiries
of course all of this has to be supported 
by the sourcing and purchasing teams 
the new product introduction new product 
introduction npi teams which involves both 
technical and quality personnel on feasibility 
elimination of risk is a high priority for us and 
our customers and the work has to be put in 
by all disciplines to make that happen strong 
leaders of these key functions are in place
gcr
for information about human 
resources see page
37
since you took on the role globally 
how have things changed
in the fourth year since the team was 
reformed and strengthened the importance 
of coordinating global activity with the major 
oems we supply has been essential the 
global enquiry portal has been one of the 
main reasons for our success as we have 
visibility of activity 247 and can influence 
and respond using all of the group resources 
working with the global head offices and 
design centres of these companies and being 
able to support this at local level in the various 
countries is a winning formula 
gcr
what are key for you to achieve
continuing to coach people in the  
8020 pareto principle encouraging them 
to spend their time on the important issues 
and not get bogged down in the small stuff 
continuing to improve the efficiencies in 
the business and eliminate non value add 
activity upskill as many of our people as we 
can by training and equipping them with the 
skills to give value and gain personal pride in 
achieving their tasks and kpis 
gb
how often do you visit colleagues  
at the rockface
this is one of the most interesting and 
pleasurable parts of my role and i am a 
frequent visitor to most of our sites on a 
regular basis listening to the teams and 
engaging with them maybe on a topic or an 
issue that they need assistance with gives 
me a real feeling of being connected that you 
cannot get from sitting behind a desk
gb
whats so important about the  
new licences won this year
the licences are very important and give our 
manufacturing sites an opportunity to make 
more value add products and our sales 
teams to offer a more enhanced portfolio 
of product this keeps us ahead within our 
industry and in the eyes of our customers  
as we constantly look to increase our offering 
to them
gb
how would you sum up your last year 
and your outlook 
i am particularly delighted at the performance 
of the uk europe and the middle east having 
fought back from the recession so strongly 
all of the sites are performing well and i am 
encouraged that there are new markets and 
countries such as russia to develop in the 
coming year so we will move forward with 
confidence this year 
gb
i would sum up last year as a tribute to 
networking connecting up the opportunities 
globally and hard work on behalf of the 
teams my outlook is that this year will 
continue to bring more global opportunities 
with some new multinationals engaging with 
us china and the asean region will develop 
as a stronger force in automotive through the 
acquisition of psep and the work that has 
been done by the european teams to get us 
on the global platform builds as the approved 
supplier 
gcr
read more content online at 
wwwtrfasteningscom
“trs operational teams 
feel confident in their 
ability to deliver strong 
results into the future”
malcolm diamond mbe
executive chairman 
pictured bellbrook park tr uckfield
trifast plc annual report 2013
stock code tri
19 to find out more visit  
trfasteningscom
“our highly effective 
sales and marketing 
teams continue to 
open up new customer 
revenue and product 
opportunities”
jim barker
chief executive
 
highly skilled
teams working together
to deliver the best to all
behind the scenes
our customers through
the ‘tr culture’
20 thinking locally operating globally
for information about senior 
people see page
4647
15
locations
1
location
7
locations
uk and
mainland europe usa asia
21 “30 of the groups 
revenue now derives 
from trs own asian 
manufacturing base”
jim barker
chief executive
overview – asia
the year has seen the asian business 
develop well powersteel in particular has 
been successfully integrated into the group 
and is now benefiting from new opportunities 
outside its traditional market its customer 
base has increased and dependency on one 
major customer has reduced
it has also been a challenging year due to 
the global slowdown in the electronics and 
telecommunications sector but at tr we 
have managed to overcome this with new 
business wins in other sectors mainly due to 
the flexibility we can offer the market with our 
six asian factories – which have the combined 
ability to manufacture a wide range of sizes 
and specifications from micro screws for disc 
drives to long engine bolts for automotive
investment
new investment in production and state
oftheart inspection equipment for the 
singapore and malaysia manufacturing plants 
has meant that these plants have adopted 
‘zero defect philosophy’ giving them a 
significant advantage over competitors the 
taiwan sites will also be moving in the same 
direction during 2014
the taiwan facility has reached maximum 
output which means that we require further 
investment in plant and machinery to satisfy 
customer demand as a result we are 
reviewing the possibility of a new facility to 
bring under one roof all the plants that are 
currently multisited
due to our increased focus on 
the automotive industry it has 
become necessary to obtain 
licences to manufacture patented 
parts and parts with trademarks 
we have recently added philip’s complete 
range of drive systems which include 
the newly patented mortorq super and 
acument’s strux clinch system to our range 
of proprietary products we already have 
licences for torx torxplus ma thread 
totsupra and quadrex and we own 
the pozidriv trademark more licensing 
agreements are being negotiated in our 
strategic objective to be able to manufacture 
the most common globally available fastener 
designs that offer technical advantages to our 
customers
people
investment in people is still one of the main 
focuses of the business the sites are 
selectively recruiting experienced experts from 
our industry as well as nurturing employees 
with potential to take over key positions 
one such newcomer is theodore wong an 
automotive specialist who is now managing 
revenue
25
2010 2011 2012 2013
£2745m
£3885m
£3112m
£2144m
operating profit
17
2010 2011 2012 2013
£320m
£441m
£376m
£276m
number of employees 508
site locations 7
pictured new stateoftheart inspection equipment designed to support ‘zero defect philosophy’
22
of service innovation
years
stock code tri
trifast plc annual report 2013 the sales team in powersteel the focus on 
people has resulted in a high retention rate of 
employees and highly dedicated experienced 
teams across the region 
manufacturing based employees
female 
23
male
77
office based employees
female
47
male
53
outlook and strategy
over the past few years we have seen a 
number of transfer projects into our chinese 
business which are now coming to an end 
in its place we are seeing massive 
opportunities within the automotive market 
and this should create solid ongoing growth 
for this business
the gearing up for 4g infrastructure 
network worldwide will see the revival of the 
telecommunications sector within which we 
are well connected due to our well proven 
experience and knowledge
going forward we will continue to grow 
our business through acquiring new major 
accounts growing existing accounts and 
further expanding our market boundaries 
– especially into regional asean countries 
working with the global team on global 
accounts ensures that we keep the business 
within the group wherever the customers 
relocate while also enhancing our standing 
as a global supplier this has proved to be a 
winning formula
the new fiscal year comes with great 
opportunities and we aim to deliver yet 
another year of good results as a team we 
remain very optimistic about the future
i wish to take this opportunity to thank my 
staff in asia for putting in tremendous efforts 
to achieve good results
thomas tan
managing director tr asia
“tr asia has improved 
overall profitability 
through a combination 
of new business wins 
integration of psep and 
healthier demand from 
existing customers”
thomas tan
managing director tr asia
for information about business 
performance see page
08
23
trifast plc annual report 2013
stock code tri overview – uk  mainland europe
“the uk has gained by 
far the most benefit from 
the determined focus on 
selfhelp initiatives”
mark belton
group finance director
the group’s finance review shows the 
dramatic change in fortune for tr uk and the 
rest of europe and throughout i have enjoyed 
fantastic support enthusiasm and sheer hard 
work from location and business teams
communication of our goals and objectives 
has been key for each of the past two 
financial years through presentations to staff 
at all european locations we made the focus 
of attention on the important issues the 
theme for 201112 was focus on sales profit 
– cash 201213 was the company wide 
adoption of the pareto principle the 8020 
rule inspiration for these presentations was 
not original the first a particular hero of mine 
john winkler and the second an italian born 
in the 19th century vilfredo pareto 
the first theme highlighted that everyone 
with the company can influence the sales 
effort as all of us are ‘ambassadors’ of the tr 
brand and the manner with which they deal 
with customers and suppliers alike affects 
the image and reputation of the company 
everyone can look for opportunities to remove 
unnecessary costs and wasteful activities 
also that no matter how small improvements 
can make a big difference
john winkler brilliantly illustrated this using 
a business with the following cost model of 
sales of say £100 million – variable costs of 
50 fixed costs of 40 giving a net profit  
of 10 
this is shown below with the result of sales 
increasing by 1 and fixed costs down 1 
giving a 20 increase in profit
2
1
sales
1
total 
costs
1
net profit
 20
10 12
90 89
100 101 3
tr’s results reflect the work done to manage 
the existing business better
pictured tr swedens new facility
uk revenue
2010 2011 2012 2013
£5713m
£5726m
£5778m
£4646m
uk operating profit
51 
2010 2011 2012 2013
£246m
£413m
£274m
£055m
number of employees 413
site locations 9
24
of service innovation
years
stock code tri
trifast plc annual report 2013 “diversifying beyond 
the electronics and 
appliances sectors 
into the automotive 
assemblers is providing 
a stable and forward 
revenue stream”
geoff budd
tr europe managing director
for information about business 
performance see page
08
equally important in this period of recovery 
has been the generation of cash our people 
are constantly being reminded that profit 
does not equal cash good cash collection 
depends on good customer relationship 
management and effective cash collection 
terms tr has both quality crm and finance 
staff
the second year’s presentation introduced 
the 8020 pareto principle not a new idea 
although i have found outside of tr few 
people knew of pareto 
it is a philosophy that directs everyone to 
what is important 80 of sales come from 
20 of customers – look after them – 20 
of what you do will yield 80 of the total 
outcome and so forth ‘let us not be ‘busy 
fools’ but use our time wisely’
investing for the future
whilst optimising our trading position a lot of 
activity and resource has been to invest in the 
future
 product launches most notably plastic 
fastener cable management products 
spacer and electronic hardware
 a number of industry specialists and 
sales engineers have been recruited to 
accelerate our sales activity
 a major inhouse management 
development programme for all location 
managers was implemented
 inhouse apprenticeships have proved a 
great way to induct new colleagues 
in the early part of this new financial year 
we have successfully secured a number of 
new licences including the global licence 
agreement with the philips screw company  
for acr anti camout recess
pictured recently launched plastic cable products
25
trifast plc annual report 2013
stock code tri tr already owns the uk trademark 
pozidriv and european marque pozi 
philips the inventors of the philips drive 
and pozidriv have also developed a number 
of patented systems the most exciting for 
us is motorq super which enables the 
manufacture of fasteners with up to 25 less 
material in the head enabling the advantage of 
weight reduction and less material use both 
vital in achieving greater efficiency especially 
in automotive applications
finally in june 2013 and as part of the 
group’s planned succession strategy we 
promoted a number of executives including 
to the board of tr fastenings trf this 
reflects the strength in depth we now have 
within the organisation – dave fisk was 
appointed managing director stevie meiklem 
purchasing  operations director both have 
worked their way up the ranks of tr over 
many years whilst maria johnson the newly 
appointed trf finance director is extremely 
capable and brings to the trading business 
expertise from her previous senior roles before 
joining the business in november 2006
at the time of writing a very positive start to 
the current year has been achieved there 
is much optimism with an abundance of 
new products to sell and new geographical 
territories and industries to explore more on 
this is explained in glenda roberts’ global 
sales and business development report
lower cost base securing 
significant new business at 
improved margins steady profit 
growth across all regions
personally i would like to thank all of my 
colleagues throughout europe for making 
this the most enjoyable time to work for this 
organisation
geoff budd
tr europe managing director
overview – uk  mainland europe
pictured 
dave fisk managing director trf
pictured 
maria johnson trf finance director
pictured 
stevie meiklem trf purchasing  operations director
pictured 
michelle horscroft internal sales manager tr direct
europe revenue
8
2010 2011 2012 2013
£1907m
£2291m
£2120m
£1597m
europe operating profit
11 4
2010 2011 2012 2013
£002m
£111m
£052m
£025m
number of employees 96
site locations 6
26
of service innovation
years
stock code tri
trifast plc annual report 2013 launch of industry forum
in june 2013 tr was invited to speak at 
the inaugural ceo global fastener industry 
summit held in jin mao tower shanghai 
china 
the key aim of the summit has been to 
launch an industry highend communication 
platform and establish a dialogue forum for 
the global fastener industry an important 
sector seen as ‘traditional’ but operating in a 
rapidly changing era where as we all witness 
247 worldwide virtual communications are 
influencing the way we all lead our lives 
our ceo jim barker was one of seven 
business leaders invited to address the 
150strong summit attended by decision 
makers from manufacturing companies 
importers exporters distributors and 
wholesalers from across the world including 
europe mainland china hong kong taiwan 
japan south korea russia turkey and india
jim delivered his key speech on 
‘customers need a solution not 
just product itself’ 
he discussed how in today’s world of 
advancing everchanging communication 
tools customers look for more requirements 
on service – it is no longer about being just 
being able to deliver a pallet of goods – 
customers need a complete supply solution 
which is a strong usp for tr
others focused on branding with 
differentiation authenticity consistency and 
sustainability being the essences of brand 
value the importance of new technologies 
and social media in promoting fastener 
products china’s auto fastener market status 
and supply chain analysis and the need for 
modern equipment and technology being key 
to ensure high quality fastener production
the summit which is to become an annual 
event provided a significant opportunity 
for global business leaders to meet and 
discuss the current industrial hot issues 
share different ideas and strengthen 
communication and cooperation 
“to be invited to speak 
on behalf of tr at such 
a high profile event 
in asia truly reflects 
our company’s global 
standing”
jim barker
chief executive
ceo global fastener summit
pictured the official opening ceremony of the exhibition
pictured top right nut sorting machine 
pictured bottom right screw sorting machine
27
trifast plc annual report 2013
stock code tri overview – usa
evolution of opportunities
the main problem companies have in 
penetrating a new market is obtaining a fair 
opportunity from a customer to quote against 
an incumbent supplier most of the time the 
opportunity is just a benchmarking exercise 
to get the incumbent supplier to lower their 
costs customers used to be reluctant to 
change suppliers due to the cost resources 
and time associated with the transition let 
alone quality and supply concerns all of 
these factors make it hard for a company to 
grow market share
but a change or shift in perception occurred 
during the middle of the market collapse in 
the last four years
companies have begun to recognise 
that markets are no longer restrained to 
geographical regions a global economy 
drives demands for products not just 
specific regions also the market collapse 
has caused a ‘rethink’ from top to bottom in 
all companies on how to reduce costs no 
longer is it enough to just shave off labour by 
reducing the workforce but costs needed 
to be lowered by controlling the supply 
chain with these two changes those scarce 
opportunities are now abundant 
“creditable performance 
reflecting renewed vigour 
in the us economy 
and new multinational 
contract wins”
glenda roberts
group sales director
revenue
5
2010 2011 2012 2013
£244m
£252m
£241m
£206m
operating profit
200
2010 2011 2012 2013
£007m
£030m
£010m
£009m
number of employees 10
site locations 1
28
of service innovation
years
stock code tri
trifast plc annual report 2013 companies are now looking for global 
strategic supply chain partners shedding 
the philosophy that the incumbent is the only 
solution they are looking for suppliers that 
have a global footprint suppliers who can 
provide global logistical solutions suppliers 
who can provide cost reductions based on 
global demand suppliers who can manage 
quality and service on a global platform 
suppliers such as tr fastenings
the team here at tr usa acknowledges 
the opportunities we have before us we 
realise how tr as a global company has 
positioned itself correctly to take advantage 
of this opportunity tr usa will leverage that 
global footprint and continue to target large 
multinational companies specifically in the 
electronics and automotive sectors 
the trick will no longer be ‘how do we get 
an opportunity’ but ‘how do we separate 
ourselves from the competition as the correct 
solution’
so the time is now to make good on these 
opportunities while the market is fragmented 
and looking for a solution that solution will 
be tr 
gary badzioch
operations director  
tr fastenings inc
“a high proportion 
of tr’s globally sited 
multinationals are 
headquartered in the 
usa making tr inc 
strategic to our future 
plans”
gary badzioch
operations director  
tr fastenings inc
for information about business 
performance see page
08
29
trifast plc annual report 2013
stock code tri global inc
headquarters
tr 
marketing
tr
sales visits
audit of tr 
manufacturing 
facilities
tr
sales focus
attack one 
plant at 
a time
europe asia americas
tr
sales focus
attack one 
plant at 
a time
tr
sales focus
attack one 
plant at 
a time
approval given 
tr preferred 
supplier and 
placed on 
approved vendor 
list avl
avl status 
update on tr 
passed to 
company 
factories around 
the world
global sales and business development
the sales focus this year has been on the 
‘world of opportunity’ with an already 
established global footprint we were in an 
enviable position to develop further the global 
reach and a local presence concept the 
challenges this year have been very different 
to the previous three years and have required 
different approaches and skills to develop 
further with the major multinational oems that 
we supply and extend it to the rest of the 
customer base as required
the enhanced requirements of these oems 
have been demanding but instead of seeing 
these as issues we have embraced the 
challenges these range from rohs 2  
legislation on products coming into the 
european market place and the testing of 
parts to prove there are no inherent banned 
substances to it developments such as self 
bill and electronic data interchange edi
our attitude and willingness to 
support these requests in a timely 
manner has been appreciated 
and elevates our status as many 
competitors fight the inevitable 
this is not customer compliance 
but an acceptance that service 
and support is a key differentiator 
typical rollout of sales  
to multinationals
pictured global awards received by tr
30
of service innovation
years
stock code tri
trifast plc annual report 2013 we have dedicated teams in place to ensure 
that rohs2 conflict materials and carbon 
emissions are handled professionally this 
enables us to fully comply with legislation 
and satisfy customer audits and vendor 
questionnaires having inhouse it support 
and programmers gives us the immediacy 
and technical knowhow to meet these needs
in a very competitive world the levels 
of service and support that we give our 
customers is very important the true value of 
the vendor managed inventory systems vmi 
giving lean build cannot be underestimated 
eliminating costs in holding and managing 
product and reducing the vendor base all 
have an intrinsic value to the customer
end of life projects and build changes ran at 
a higher level this year but we have replaced 
this business with new contracts that have 
longevity in the automotive sector these 
contracts are typically for a six year period 
a high percentage of this replacement 
business is within this sector which has the 
advantage of having fewer but higher volume 
parts compared to other sectors this will be 
further reflected in the 20132014 figures as 
these contracts build in volume after the initial 
startup of production the way we handle 
new partsbusiness introduction has been 
modelled on the ts 16949 aqpq process 
and we have fully trained npi personnel 
controlling this key area at all hub sites this 
ensures that we meet feasibility criteria time 
lines and eliminate risk to either our company 
or our customers this is a global programme 
so that we have a consistent process with the 
same customer irrespective of where they are 
serviced
project management is another key area 
of sales development managing enquiries 
where the same parts are required on three 
continents to multiple sites for the same 
oem are now common as the oems 
try to leverage their group usages and 
spends to coordinate these across the tr 
business takes special skills this involves 
logistics and finance teams input an in 
depth understanding of freight and duty 
tariffs on product being sourced managing 
currencies and preparing quotations tailored 
to encompass all of these factors the global 
enquiry portal developed by tr personnel 
inhouse is the central repository that is used 
as a common platform in the business and 
tracks all aspects of the quotation we also 
have project managers on the strategic team 
who work with sales sourcing quality and 
logistics in preparing the final quotations this 
has proved to be very successful and is a key 
component of new business development 
“this year we have 
required different 
approaches and skills 
to develop further with 
the major multinational 
oems that we supply 
and extend it to the rest 
of the customer base as 
required”
glenda roberts
group sales director
pictured left to right tr group marketing team tom dewhurst abi burnett and anjanita eldridge
31
trifast plc annual report 2013
stock code tri pictured left to right lily li helen zhang from tr shanghai with glenda roberts
pictured tr india
the group marketing team have been very 
proactive during this year having this facility 
inhouse is just invaluable as we can react 
swiftly to the business needs and take 
advantage at short notice of opportunities to 
support the sales teams the enhancements 
to the website new brochures support for 
product launches new high impact exhibition 
stands used globally and promotional activity 
all keep us ahead of the game and we punch 
above our weight within our industry the 
exposure we have had in trade and industry 
media using application stories or product 
launches has increased substantially we 
have also entered the world of social media 
using facebook youtube and twitter we 
have seen some good results already and 
are attracting the right kind of ‘followers’ and 
fully expect this area to expand rapidly the 
website is now in 15 languages and russian 
has been our latest addition as we again 
follow our customers into new markets mini 
sites have been created off of the main site to 
specifically focus on certain countries
following extensive research we increased 
our strong product portfolio with the addition 
of a comprehensive range of plastic and 
cable management parts these products 
were already within our range but was often 
just an add on particularly with customers 
who required us to manage their category ‘c’ 
products certain market situations opened 
our eyes to an opportunity to major on this 
product and we selected very good vendors 
in asia and america to help us launch the 
range this is the most comprehensive 
and well planned market launch we have 
ever embarked upon the interest this has 
created has been significant as we have 
offered substitute products to meet demand 
and expect this to be a ‘real alternative’ to 
the dominant brand names in this market 
this range is being constantly expanded 
and we expect this to be a major revenue 
earner going forward we have recruited 
an experienced plastics brand manager to 
mastermind this product strategy and sales 
development on a global basis our sales 
teams are excited by this product range as 
initially we get quick wins with our existing 
customers many of whom have been buying 
this product from numerous other vendors
traditionally the electronicstelecom sector 
has been the largest sector within the tr 
group automotive has now overtaken 
electronics and represents 33 of the 
turnover the electronics sector however 
taught us during the first decade of this 
century how to follow this business globally 
global sales and business development continued
“a number of the 
platform builds we 
supply into for jlr 
nissan and volvo will 
now be replicated in 
china”
glenda roberts
group sales director
pictured top jeremy scholefield  
tr global sales
pictured bottom zoltan csengeri  
tr hungary
32
of service innovation
years
stock code tri
trifast plc annual report 2013 as parts were transitioned to lower cost 
countries or where we had assisted in 
the design of parts and were therefore the 
approved vendor the countries involved were 
usually mexico china hungary and poland 
we are now seeing the emergence of russia 
thailand vietnam and the whole asean 
region being the new areas for development 
as the oems chase new markets or the next 
lower cost area the asean region is of 
particular interest to us as we have seven 
manufacturing and distribution sites in this 
area there are real benefits for companies 
setting up in this region especially if product 
is manufactured within these 11 countries 
signed up to the asean trade agreement 
one of the key strategies employed within 
both sectors is to network out to more 
locations of the same group as the hard 
work at corporate level will already have 
been completed and we understand their 
business needs and requirements tr’s 
global positioning enables us to do this and 
the strategic teams work with the local tr 
sites to assist in securing the contracts at 
local level working within the design centres 
is key and we have a preference when 
recruiting to employ more engineers who also 
possess a commercial aptitude product can 
be designed with an oem in america but 
the production volumes are then potentially 
required in china mexico india slovakia and 
thailand truly a ‘world of opportunity’
pictured tr thailand
we have had a very successful year within the 
automotive sector and we have been the 
recipient of prestigious service awards from 
several tier1’s two of these have over 200 
sites globally so the potential is enormous 
the acquisition of psep in malaysia and their 
integration into the tr family has further 
strengthened our position in the marketplace 
previously we were limited to supplying 
product for the car cockpit which 
encompassed seating ip console 
headliner fixings etc whilst these are used 
in substantial volumes the value parts are 
in other parts of the vehicle eg braking 
systems airbag assemblies engine and 
powertrain fastenings
 
pictured management team – tr asia
this is psep’s core competency and they 
are supplying the two wheel and four wheel 
vehicle sector this gives us a complete 
supply capability on a vehicle and increases 
the product offering substantially the tr 
european locations servicing the automotive 
tier1’s are strategically sited close to the 
manufacturing clusters eg north east for 
nissan related business manchester for the 
liverpool sites birmingham for the midlands 
holland for the german and middle european 
plants and sweden for the scandinavian 
and russian market however china is the 
target market that is now our area of focus 
a number of the platform builds we supply 
into for jlr nissan and volvo will now be 
replicated in china we are in many cases the 
approved vendor and are perfectly positioned 
to manage this business from our established 
sites in china senior members from the tr 
shanghai operations have spent time with 
our automotive and npi teams to familiarise 
themselves with the product supplied the 
builds and the quality requirements
the activity level within sales is high the 
enquiry portal is at a healthy level conversion 
rates on new business are in line with budgets 
and i am optimistic about the organic sales 
for the new year
‘it’s all about the opportunities ahead’
glenda roberts
group sales director
pictured below  
chris black tr global sales 
ron vlutters tr holland  
roberto bianchi tr sweden
33
trifast plc annual report 2013
stock code tri “advances in technology 
which lead to better 
design improved 
productivity and new 
market opportunities are 
equally beneficial for the 
fastener manufacturer 
and customers – a great 
benefit to us all”
geoff budd
tr europe managing director
pictured plastic fasteners
the change in fastener technology 
has benefitted the manufacturer
millions if not billions of fasteners are 
produced and sold worldwide every day 
designed in response to the constantly 
evolving needs of manufacturers these 
integral components to our cars fridges 
computers and telephones are the lynchpins 
of our modern existence without which our 
21
st
 century lives would literally fall apart
advances in product technology and 
design combined with economic and 
even environmental factors mean that the 
successful fastener manufacturer and supplier 
has to be nimble enough to adapt its range 
constantly to manage its customers’ needs 
and stay ahead of competitors
tr has been at the forefront of the industry 
since it was founded and today regularly 
supplies over 5000 companies with 
components each with specific needs in both 
product and quality 
in recent years one major development in 
manufacturing industry has been the trend 
for using fewer and lighter materials already 
a market leader with our extensive range of 
metal fasteners and fixings tr has recently 
launched a range of plastic fasteners which 
looks set to become a core product range in 
its portfolio
where a fastener is needed to be versatile 
light and yet strong plastic is often the 
optimal solution for example within the 
automotive sector the latest trend is for 
‘lightweighting’ – a lighter car uses less fuel 
is more economic and more environmentally 
friendly tr recently supplied plastic fasteners 
to the uk car manufacturer ariel motors 
atom sports car the objective to take weight 
out of the structure to enhance its world
famous performance 
the atom is just one example of how we 
are currently approaching our clients and 
asking to work with them to understand 
their processes and see if we can use our 
engineering skills to improve production 
benefit plastic fasteners have the advantage 
of being multifunctional – why use a nut 
bolt and a washer when you could use a 
twopiece plastic rivet that takes less time to 
apply that is where the innovation is
manufacturers benefit from changes in fastener technology
back in may 2011 an electric motorcycle photo designed and built by phil edwards set the uk record 
for electric motorcycle drag racing as is the nature of motorsport the record was lost so phil simply 
had to respond the lure of recordbreaking proving irresistible
what’s the plana more ambitious target – building the quickest electric motorcycle in the world 
thats going to need a motorbike with 1000hp of clean energy accelerating to 60mph in under one 
second 200mph in just four seconds and on to 225mph… in just quarter of a mile
welcome to this great british project that’s designed to showcase uk talent and inspire the next 
generation of engineers and scientists tr is proud to be one of the support sponsors 
wwwyoutubecomwealdevt
update
34
of service innovation
years
stock code tri
trifast plc annual report 2013 pictured rivet bush
pictured knut
pictured opposite binx nut 
pictured below tr has been  
manufacturing the genuine hank rivet  
bush for 30 years and the new euro rivet 
bush offers a competitive product for the  
european market
innovation is all in a day’s work for tr’s team 
of technical specialists with communication 
between customer and tr key to success – 
we regularly undertake market research and 
invest considerable time and resources in the 
development of new products as a result 
our application engineers regularly work 
alongside product designer and developers to 
provide technical assistance on materials and 
product development – a bespoke service for 
those who request it
tr’s range of hank rivet bushes hank self 
clinch blind rivets euro rivet bushes 
swage nuts weld nuts and kseries 
products all offer threads in a variety of 
materials where the sheet is too thin to be 
tapped by conventional methods this has 
ensured that tr has positioned itself as a 
market leader in the sheet metal fastener 
sector with its ownrange of fasteners as 
metals became lighter and thinner during 
the 1990’s we introduced the tr hank 
clinch fastening range which now currently 
comprises 750 different components and 
continues to expand to meet commercially 
viable markets and customer needs in 
numerous industry sectors including medical 
equipment marine automotive white goods 
telecommunications electronics and general 
engineering 
binx nuts range is another exclusive fastening 
to tr’s product portfolio originally designed 
in the 1960’s the binx nut unaffected by 
temperature fluctuations has been refined and 
developed by tr fastenings to an allmetal 
selflocking nut suitable for use in various 
industry sectors and remains the first choice 
for many especially where vibration resistance 
is a priority such as in highend specialist 
engineering industry sectors
meanwhile further investment in product 
development for the thermoset and 
thermoplastic industries has enabled tr to 
expand its screws for plastics range with the 
introduction of the plasfix 45 screw 
35
trifast plc annual report 2013
stock code tri human resources – training and development
36
of service innovation
years
stock code tri
trifast plc annual report 2013 for information about our 
business see page
10
apprentices
following on from tr’s successful 
introduction of its apprenticeship scheme 
launched last year we have taken on another 
new business apprentice this year from 
uckfield community technology college 
earlier in the year we attended a careers fair 
at the local college joined by one of tr’s first 
apprentices we were able to demonstrate 
the opportunity and environment for a student 
joining the business and this approach 
seemed to attract a lot of students to our 
display stand – which was very encouraging 
to us we all know only too well that in 
today’s fast moving world of commerce the 
business community needs to attract high 
calibre young people to be trained to become 
the next generation of business leaders and 
entrepreneurs
at the time of writing we 
now have apprentices in 
manufacturing warehousing  
and in operations 
graham morrison has successfully completed 
his first year as a business apprentice and 
has benefited from his handson experience 
learning different modules within each 
department and very encouraging to us is 
that the feedback has been equally good 
from both the student and the respective 
departmental heads so an overall asset win 
for tr
james hope is the latest new apprentice who 
is currently in his first threemonth placement 
within the warehouse environment and 
already it has been pleasing to see we are 
developing his inner skills for both his own 
and tr’s benefit
jade wickham who we featured in the 2012 
annual report has successfully completed 
her apprenticeship and we are all delighted 
that she has secured a fulltime position with 
the company as a data coordinator working 
within the strategic team
all of these are great examples of young 
people who have committed to learning and 
training and their hard work and dedication 
is an asset to us as a business – both from a 
local and international perspective
leadership programme
we launched our leadership modules in may 
this year this programme is initially bringing 
together on a monthly basis eight location 
heads from the uk and ireland over the next 
14 months we will be striving to achieve the 
following aims 
aims of the programme
 to drive joint initiatives through the  
uk  ireland
 to further develop leadership skills
 to develop and implement ‘best practice’ 
across the uk and ireland
 to build and enhance relationships with 
peers and functional heads
overall objective
 to create a highly skilled and unified team 
to manage change and deliver business 
success across the uk  ireland
“designing personal 
development training 
for such enthusiastic 
colleagues is a real 
delight”
helen toole
hr adviser
37
trifast plc annual report 2013
stock code tri within the first leadership programme each 
location head from the uk and ireland has 
taken a lead for each of the key functions 
sales purchasing quality warehouse and 
logistics human resources systems 
finance each is responsible for collating 
the issues relating to that function and 
subsequently feeding them through to 
the functional head prior to the threeday 
leadership programme session as a result 
they will then be responsible for the action 
plan resulting from their discussions 
in addition the team is also undertaking as 
part of the programme four one day sessions 
with an external leadership trainer who will 
be concentrating on their leadership skills 
and how they interact with others and the 
resultant impact they can have on colleagues 
and the business we do not want them to 
lose their local passion which is undoubted 
and shines through but we want them to also 
view the entire tr business as one entity
training and development module
following on from the hr selfservice system 
introduced to the business two years ago 
and the performance management system 
introduced last year we are in the coming 
twelve month period to add a training  
development module to the system this will 
allow employees not only to browse training 
opportunities and courses and to be able to 
request training through the system but will 
also give tr a more proactive and effective 
approach in managing the training budget 
once training has been completed evaluation 
forms will be automatically generated allowing 
us to ensure that the training offered is 
relevant fit for purpose and that the trainers 
are up to the standard that we would expect
at tr we value our colleagues and so it is 
therefore important to open up opportunities 
to everyone at all levels skills and ability 
today we are training the leaders of the future 
and it gives my hr team and management 
great satisfaction to see the investment in our 
people reaping dividends for all stakeholders 
and most importantly the individual 
we look forward to reporting on our 
successes once again in next year’s annual 
report
helen toole
hr adviser
human resources – training and development continued
office based employees
female
48
male
52
office based employees 
with management grade
female
39
male
61
uk europe  usa
38
of service innovation
years
stock code tri
trifast plc annual report 2013 warehousemanufacturing  
based employees
female
5
male
95
warehousemanufacturing 
based employees with 
management grade
female
15
male
85
uk europe  usa
39
trifast plc annual report 2013
stock code tri read more content online at 
wwwtrfasteningscom
introduction
the trifast main board and operational 
management teams continue to focus 
on delivering ‘continuous improvement’ 
in relation to the group’s objectives and 
‘performance measurables’ that is how 
we as a business approach csr – both for 
individual business teams locations and for 
the group as a whole
our key group topics embrace health  
safety energy consumption within our 
properties fleet vehicle fuel consumption and 
emissions wasteful packaging personnel 
travel flexibility for staff compassionate 
leave combined with pastoral care ethical 
sourcing and supply chain freight logistics
as stakeholders are aware an increasing 
number of multinational customers now 
include csr audits when inspecting and 
validating potential new suppliers therefore 
our responsibility to further develop our 
own csr activities is ongoing and extends 
beyond business ethics environmental 
and community to include essential major 
customer compliance
at local level we continue to encourage 
‘loaning’ of staff or other relevant company 
resources to for example local charities 
youth organisations and hospices in order to 
assist and support them with their community 
activities we feel that it adds more value 
appreciation and satisfaction to all involved 
to give our time and gifts ‘in kind’ wherever 
possible rather than indulge in ‘cheque book 
charity’
tr has developed close links with local 
schools and colleges and actively promotes 
opportunities for work experience classroom 
seminars pupil and staff visits so as to 
generally foster a better level of understanding 
between tr as potential employers and the 
future providers of possible applicants for 
employment this has for the second year 
running been our main resource for recruiting 
school leavers into our new apprenticeship 
scheme and nvq business studies 
programme at tr uckfield as a business we 
subscribe to the uk government initiative that 
aims to support and encourage businesses to 
offer apprenticeship schemes especially at a 
time when the financial and career prospects 
for graduates continues to be tough for young 
people whilst tr is proud of its very low staff 
turnover there remains the need to ensure 
that we encourage a steady inflow of ‘new 
blood’ into our company that can be trained 
at an early age to learn our systems ethics 
and business culture
business ethics
we expect all of our business activities to be 
conducted in accordance with high standards 
of ethical conduct and full compliance with all 
applicable national and international laws we 
in turn apply these standards to all dealings 
with customers suppliers employees and 
other stakeholders
our code of business ethics and responsible 
behaviour provides a guide to the way we 
achieve our business goals helping us to 
behave in an open and ethical manner this 
extends to provisions for ‘whistleblowing’ 
whereby employees may report suspected 
wrongdoings in confidence appropriate 
ethical behaviour is reviewed as part of the 
group’s performance appraisal process we 
have extended this code to our vendors
suppliers this requires our key strategic 
suppliers to work towards achieving as a 
minimum standards covering such issues as 
the environment employee health  safety 
and the prohibition of child labour which 
through business reviews and onsite visits 
encourages compliance and good practice 
within our supply chain
we will also do our utmost to contract 
only with subcontractors or suppliers 
who themselves adhere to international 
human rights and environmental laws and 
practices tr commits to monitor the ethical 
performance of its key suppliers and to taking 
immediate steps in cases where the ethical 
performance of its key suppliers comes into 
question all key suppliers to the business are 
required to agree and sign our comprehensive 
‘quality and sustainability agreement’ 
before entering into a trading relationship 
with tr this agreement fully covers the 
suppliers business ethics health  safety 
and environmental management with regard 
to national and international laws including 
labour and ethics along with submission of 
their written policy and contact details of the 
persons responsible within their organisation 
we also encourage suppliers to support their 
local communities and expect evidence of this 
to be available on request plus we require all 
suppliers to sign a separate csr statement
corporate social responsibility
illustrated are a number of charities 
and sponsorships which tr has 
supported within the communities in 
which we operate
chris tull and dave hinton from  
tr systems ran in the brighton 
marathon for the british heart 
foundation and the nspcc 
sam pert from tr uckfield took part 
in the london to brighton bike ride for 
the british heart foundation
claire coleman from tr manchester 
took part in the great manchester 10k 
run for the alzheimer’s society
40
of service innovation
years
stock code tri
trifast plc annual report 2013 below are extracts from the tr supplier agreement
12 business ethics
tr fastenings expect all of our business 
activities to be carried out in accordance 
with high standards of ethical conduct and 
full compliance with all relevant national 
and international laws
to achieve this we require suppliers to 
comply with all applicable legislative 
requirements in relation to labour and 
ethics we expect suppliers to have a 
written policy details of an implementation 
programme and contact details for 
responsible persons available upon 
request
13 health safety and environmental 
management
tr fastenings run a robust and well 
established system of health safety and 
environmental management throughout 
the company which demands compliance 
with all laws and iso14001 where 
applicable 
tr fastenings routinely audits assesses 
monitors and carries out training to 
ensure that our policy and strategy are 
implemented effectively
our suppliers are required to comply with 
all relevant national and international laws 
suppliers must be able to provide evidence 
of policies risk assessments insurances 
licences contact details accidentincident 
figures and any other legally applicable 
documentation upon request
14 community
as a global company tr fastenings 
recognises the role that communities play 
in our business we encourage all areas of 
our company to support the needs of their 
local community by contributing to local 
charities and community initiatives
we also encourage our suppliers to 
support their local communities and 
expect that evidence of this is available 
upon request
tr scotland and tr head office  
took part in the ‘wear it pink’ 
fundraising day
john nar from tr west midlands  
took part in the 13mile ‘walk for kids’ 
charity event
tr newton aycliffe competed in muddy 
mayhem in march 2013 in aid of ‘help 
for heroes’
41
trifast plc annual report 2013
stock code tri health  safety
the managing directorsgeneral managers 
appointed by the board have responsibility 
for the health  safety and environmental 
performance of their operational areas they 
are assisted by the health  safety manager 
trifast is committed to meeting all relevant 
health  safety legislation regulation and 
codes of practice
the group health  safety policy places 
responsibility for the management of health 
 safety on the individual business unit 
management who are supported by health  
safety advisers where necessary all business 
units provide employees with relevant 
comprehensive health  safety training and a 
written health  safety policy
the managing directorsgeneral managers 
ensure regular inspections and annual internal 
audits of health  safety performance and 
also have regular designated health  safety 
training these audits have been successfully 
reinforced by the use of the british safety 
council our health  safety performance 
and significant risk exposures are reviewed 
regularly by management and the board
resulting from our excellent safety record we 
continue to work towards our stated goal of  
‘a reportable accident free target period of 
one million working hours’ 
health  safety is a standard agenda item at 
all main board meetings
environment
good environmental practice and the impact 
that our operations have on the environment 
are of great importance to tr
the main aim of the group’s environmental 
policy is to comply with all relevant legislation 
in all areas in which we operate and to adopt 
responsible environmental practices we 
have established a process for monitoring 
legislation and acting upon it where 
necessary business units are required to 
comply with group policy and local statutory 
regulations and are committed to setting their 
own environmental targets such as improving 
energy efficiency reducing waste and 
increasing recycling in conjunction with  
group objectives 
 in respect of waste management 
specifically we use the services of an 
external professional agency to manage 
and monitor activities using health check 
compliance audits and advice on data 
collection systems promoting recycling 
we follow the agency’s recommendation 
for appropriate waste disposal
 group performance and risk reviews are 
undertaken via management review 
on a regular basis and reported directly 
to jim barker chief executive who 
has main board responsibility for the 
group’s environmental risk policy tr will 
communicate any significant environmental 
impact with third parties on request
 our fleet manager focuses on 
manufacturers who can supply vehicles 
with below average carbon emissions
 our logistics managers continuously 
review the efficiency of our van delivery 
routes in conjunction with customers in 
order to examine opportunities to reduce 
delivery frequency and where appropriate 
to outsource ‘far flung isolated’ routes to 
daily delivery freight specialists this has 
resulted in our van fleet being reduced by 
25 since march 2009 – this has delivered 
significantly reduced mileage costs and 
carbon emissions
 the tr uckfield office and warehouse 
facility has begun to recoup the capital 
cost first of four year target set last year 
in energy savings and reduce the actual 
carbon footprint since the investment in 
replacement hvac 
 the utilisation of video conferencing 
systems around the business continues 
to assist us to significantly reduce costs 
and ‘lost time’ from staff travel needed in a 
multisite operation involving 31 business 
teams located in 16 countries 
the business and the community
trifast recognises the role local communities 
play in our businesses we aspire to be a 
responsible partner in the communities in 
which we operate around the world we 
encourage all our businesses to support 
the particular needs of their communities by 
contributing to local charities and community 
initiatives
corporate social responsibility continued
bringing sport to children tr northeast 
sponsors st mary’s aces football  
club and bishop auckland st mary’s 
junior’s fc and also the bishop 
auckland st mary’s junior’s fc 
42
of service innovation
years
stock code tri
trifast plc annual report 2013 most of our financial contributions to 
charities come from the effort and personal 
involvement of our staff around the group 
with tangible support from the directors 
with regard to allowing flexible working and 
auctions dressing up days and the use of 
our premises for fund raising not only does 
this provide real benefits to local communities 
but has the distinct advantage of further 
enhancing team spirit amongst our staff
employees
tr aims to attract retain and motivate the 
highest calibre of employees within a structure 
that encourages their development and 
initiative
employees are provided with ongoing 
learning and development opportunities 
that are aligned to the group’s strategic and 
business units’ objectives and formal personal 
development programmes operate where 
linked to the group’s objectives
to retain and add to the skills of our dedicated 
and committed workforce we continue 
to enhance our hr resources  training 
capabilities through professional managers 
and technology so as to provide an all
encompassing hr tool for each staff member 
that identifies and meets their future training 
personal development and support services
all of these processes are reinforced with 
appropriate remuneration incentives and are 
on recognised systems
communications
we aim to maintain a productive and  
open dialogue with all interested parties  
in our business including shareholders  
customers suppliers and employees  
we have established customer relations 
conduct customer satisfaction surveys 
monitor and develop supplier performance 
and undertake regular employee surveys 
we maintain our investor and commercial 
websites as one of the main routes for 
providing information to interested parties and 
for contacting us
the board is dedicated to investing time and 
effort into further improving all aspects of 
tr’s internal and external communications by 
prudent use of digital media to supplement 
verbal interaction with supporting materials
during the year the chief executive 
executive chairman and other main board 
directors continued with the highly successful 
‘tqm tour’ reintroduced in 2010 this 
initiative involves a visit to each english
speaking business location at least once a 
year in order to interact with the staff and to 
update them on the progress of the group 
by explaining the board’s objectives and the 
business performance in some detail and 
encouraging open dialogue questions and 
feedback on all aspects of the business and 
its plans from this we have been able to 
work with our colleagues and ensure that as 
a team we create the right environment to 
develop our people and overall productivity
our group marketing team works in 
partnership around the business both 
at home and overseas designing and 
distributing multilingual material to support 
local market activities as well as internal news 
publications that help to keep our people 
informed about for example new business 
wins exhibitions plus job functions and 
profiles of colleagues around the globe
in addition they work with the senior 
management and external agencies on 
projects that assist the profiling of the 
business both commercially and for all 
stakeholders during the year tr marketing 
supported colleagues at a number of trade 
events helping to underpin the strength of 
the tr brand and its global capabilities and 
offering
tr received documentation to certify  
that the construction of an elephant  
pump in zimbabwe has now been  
completed in the company name  
we also received a letter of thanks  
from taniche mahachi aged 14 from  
manicaland province where our well  
has been constructed 
tr’s marketing manager anjanita 
eldridge completed her first triathlon  
with flying colours supporting lupus uk
43
trifast plc annual report 2013
stock code tri the lead team
executive directors
“through our desire 
to innovate and serve 
tr is recognised as a 
driving force within the 
industry”
malcolm diamond mbe
executive chairman
length of service  
total 31 years reappointed in 2009 to 
the plc board as executive chairman 
formerly trifast ceo for 18 years before 
retiring in 2002
key areas of expertise 
sales  marketing strategic planning  
implementation business development 
and investor relations
committee membership 
nominations committee and by invitation
length of service  
total 31 years reappointed in 2009 is the plc board after retiring as 
ceo in 2007
key areas of expertise  
extensive industry experience at domestic and international level 
including global sourcing purchasing  logistics focus on asian  
european manufacturing and distribution
committee membership  
nominations committee and by invitation
jim barker
chief executive
length of service  
14 years appointed to the plc board in 2010
key areas of expertise  
all aspects of financial planning reporting and controls at group 
and operational levels company secretariat function
committee membership  
by invitation
mark belton
group finance director 
 company secretary
length of service  
37 years appointed to the plc board in 1986
key areas of expertise 
extensive knowledge of the industry european and asian markets 
particularly in sales  purchasing manufacturing and quality
committee membership  
by invitation
geoff budd
tr europe  
managing director
length of service  
23 years appointed to the plc board 2010
key areas of expertise  
global sales  marketing logistics  supply chain and customer 
relationship management
committee membership  
by invitation
glenda roberts
group sales director
length of service  
18 years 34 years within the industry appointed md of tr asia in 
2009
key areas of expertise  
manufacturing  engineering specifically in product development 
and cold forging technology business management in diverse 
asian cultures
thomas tan
managing director 
tr asia
44
of service innovation
years
stock code tri
trifast plc annual report 2013 independent nonexecutive directors
plc board
female
12
male
88
july 2013
length of service  
4 years appointed to the plc board in 2009
key areas of expertise  
finance audit governance and compliance
committee membership  
audit committee chairman nominations committee chairman 
and remuneration committee
neil chapman
senior independent 
nonexecutive director
length of service  
4 years appointed to the plc board in 2009
key areas of expertise  
investment fund management stockbroking  investment 
banking it and charitable foundations
committee membership  
remuneration chairman audit committee and  
nominations committee
jonathan 
shearman
independent 
nonexecutive director
length of service  
appointed to the plc board on 25 april 2013
key areas of expertise  
20 year career in both commercial  corporate structures across 
all major continents and cultures in ma global logistics 
technology distribution and manufacturing
committee membership  
member of the nominations audit and remuneration committees
scott mac meekin
independent 
nonexecutive director                                                                                                                                         
                                                                                                                                              
45
trifast plc annual report 2013
stock code tri charlie y l foo
chief operating officer 
psep malaysia
length of service 41 years
wilson chen
general manager
sfe taiwan 
length of service 26 years
hk tan
general manager 
tr formac malaysia
length of service 21 years
endy chin
general manager 
tr formac singapore
length of service 18 years
phua yong sang
general manager 
tr formac china
length of service 8 years
roberto bianchi
managing director  
tr sweden
length of service 28 years
dara horgan
general manager 
tr southern fasteners ireland
length of service 20 years
jan erik storvse
general manager 
tr norway 
length of service 17 years
ron vlutters
managing director 
tr holland
length of service 15 years
zoltan csengeri
location head 
tr hungary
length of service 10 years
senior people
“every colleague around 
the business makes 
a difference working 
together and embracing 
the tr culture”
malcolm diamond mbe
executive chairman
asia europe
senior people –  
asia
female
15
male
85
46
of service innovation
years
stock code tri
trifast plc annual report 2013 sam wilson
managing director 
lancaster fastener company
length of service 32 years
dave fisk
managing director 
tr fastenings
length of service 20 years
stevie meiklem
purchasing  operations director
tr fastenings
length of service 21 years
maria johnson
finance director  
tr fastenings
length of service 7 years
colin coddington
it operations manager  
tr fastenings
length of service 18 years
ian carlton
director of quality  
tr fastenings
length of service 15 years
helen toole
hr adviser  
tr fastenings
length of service 3 years
gary badzioch
operations director  financial controller 
tr fastenings inc 
length of service 6 years
bradley allen
strategic business development manager
tr fastenings inc
length of service 11 years
james bohannon
quality  logistics manager
tr fastenings inc
length of service 14 years
joseph haymes
strategic business development manager
tr fastenings inc
length of service 12 years
chris black
strategic team – automotive
length of service 6 years 
jeremy scholefield
strategic team – electronics
length of service 13 years
phil callaghan
strategic team – logistics
length of service 19 years
uk usa global sales
senior people –  
europe uk and usa
female
23
male
77
47
trifast plc annual report 2013
stock code tri key risks and uncertainties mitigation
personnel  
the group’s employees are its key asset as their skills and 
commitment provide the solid foundation that is important in delivering 
our future plans and long term success
training forms a key part of an individuals’ personal development plan 
– with a clear hr strategy in place we operate an ongoing programme 
of rolling out new initiatives and modules to support both the group’s 
business plans and the personal goals of all our staff 
the group also has in place an ‘emergency plan’ to cover short 
term issues however the group has also developed its ‘succession 
planning module’ which provides detailed plans in the event of for 
example loss of key personnel including key officers who the board 
consider to be ‘the next generation’ leaders in circumstances where 
more specialist skills at a senioroperational or board level are needed 
learning programmes and development modules are instigated to 
assist with career development and learning pathways and added to 
personal development programmes which are undertaken internally or 
externally by suitably qualified personnel
quality and manufacturing   
the group operates stringent ‘total quality management’ tqm 
procedures and measures its performance 
tr manufactures around 30 of its inventory the balance being 
sourced from strategic manufacturing partners as with key 
customers tr regularly visit manufacturing operations to ensure that 
high standard operating procedure guidelines which cover production 
security logistics and quality are being adhered to
currency  
the business is exposed to currency movements relating to sales 
purchases and cash borrowings particularly against the us dollar and  
the euro
currently as far as practicable tr operationally hedges will monitor 
exchange rates and buy  sell currencies in order to minimise its 
exposure it is also reviewing instruments available through its banking 
partners to reduce the group’s open exposure to foreign exchange 
rates
global protectionism  
increasing evidence of growing trade protectionism around the world geographically spread our supply chain sources
managing the business
increase revenue
organically 
and acquisitively 
 
 
8 march 2013 45 6
increase 
proﬁtability
ongoing 
margin
enhancement 
in common with all businesses the group faces risks which may affect its performance the board recognises that the management 
of risk is required to enable the business objective in creating ‘stakeholder value’
the board and the operational management teams regularly monitor and develop a range of financial and nonﬁnancial performance 
indicators to allow them to measure performance against expected targets – these can be analysed under various categories the 
following represents a selection of these indicators 
tr’s key performance objectives remain ongoing
48
of service innovation
years
stock code tri
trifast plc annual report 2013 build on 
return on 
capital employed
maintain positive 
cash generation 
adjusted 853 12 training  succession 
planning modules
broaden and 
development of 
management 
and staff skills
key risks and uncertainties mitigation
working capital and stocks  
as the business continues to grow tr is required to carry additional 
stock to meet its transactional and oem business which could lead to 
an increased exposure to obsolete stock 
through tr’s involvement at the rd entry point through the 
production life of a product and customer underwrite forms control 
of obsolete stock risk is kept to a minimum the ongoing tight control 
over stock purchases has seen us once again report a reduction in 
stock weeks
customer failure and debtor exposure   
serving over 5000 customers in 50 countries bring complexity and 
stock challenges
the business operates very tight controls on debtors and working 
capital monitoring systems and reports in place assist in highlighting 
and managing debtor defaults and customers’ trading the impact of 
these controls is reﬂected in the reported accounts which show less 
than 5 group exposure in balances overdue 
macro economics   
currently group revenue comes from across the uk 47 and asia 
32 with the balance from europe and the americas 
traditionally whilst the distributionmanufacturing sectors bear the 
effect of destocking in tough and challenging economic periods tr 
protects itself to some extent from this by differentiating itself through 
‘added value’ capabilities such as high levels of service design  
engineering support customer partnerships and working practices 
the global sales team and the group’s purchasing strategy provides 
tr with the opportunity to secure a larger market share despite a 
possible repeated reduction in overall market size as previously 
stated in earlier publications should another economic downturn be 
experienced across the world and tr was to secure as a much as 1 
of the global market it would see £500m sales so growth aspirations 
continue to be legitimate
raw material price inflation  
industrial businesses have to contend with ﬂuctuating material prices 
energy and freight costs as well as ‘cost down’ pressures and stock 
obsolescence
the group is exposed to raw material price increases in relation to 
steel plastics and fuel tr is able to monitor costs effectively and has 
the ability to pass on cost increases to customers although in the 
current markets there can be a ‘lag’ as old stocks and contracts feed 
through and new supply prices take effect
competitor pressures  
tr benchmarks its operations and services against several leading 
logistics providers both in and outside its sector to ensure it remains 
competitive in its service offering
as part of tr’s business objectives it regularly addresses its logistics 
systems and focuses on reducing resource duplication where possible 
key  organisational  operational  financial  external
49
trifast plc annual report 2013
stock code tri of industry turning for
aiming to keep the wheels
in partnership with customers
tr is an innovator and leader
visit our website
wwwtrifastcom
“from small beginnings 
tr has grown into an 
international business 
delivering to its 
customers through a 
first class service quality 
product at competitive 
prices”
malcolm diamond mbe
executive chairman
 
through the years
many years to come
take a look inside 
50 for information about our long 
service see page
54
of service innovation
years
51
1973 tr fastenings established by mike timms and mike roberts 
1976 first uk inhouse manufacturing facility established  
and the hank name purchased
1982  acquired the rights to the binx nut and sole global manufacturer 
1982 six new tr sites opened across uk
   to
1992 introduced vendor managed inventory into the fastenings industry vmi
1993  acquired fastener techniques uk 
1994  acquired southern industrial fasteners southern ireland 
 obtained a full listing on the london stock exchange 
1996  acquired
 magne bjorlo norway 
  samson industries usa
  microscrew uk
1997  acquired formac technologies singapore
1998  acquired
  miller holding holland
 lancaster fastener uk
  polyfasteners malaysia
1999  acquired fcf sweden
2000  set up greenfield distribution site in hungary 
2001 acquired sfe taiwan
2002  set up greenfield distribution site in china 
2003  acquired the globally recognised trademark of pozidriv
2005  acquired serco ryan uk
2006  set up greenfield manufacturing site in china
2009  business restructured and new strategy implemented
2011  acquired powersteel and electroplating works malaysia looking back as tr celebrates  
40 years of service innovation 
founded in june 1973 in a rented room 
and the basement for storage in a listed 
historic house at the top end of uckfield high 
street by mike timms and mike roberts 
with their wives and a van driver as their first 
employees they has previously built up their 
fastener industry knowledge and experience 
as managers at tern screw ltd in southeast 
london but its subsequent acquisition by 
the glynwed group in birmingham motivated 
them to start their own fastener business
jim barker a former glynwed colleague 
joined them in 1974 followed by myself 
and then geoff budd in 1976 by which 
time tr had moved to a small converted 
industrial unit in the town and in that year 
inhouse manufacturing of threaded sheet 
metal fasteners was added to the uckfield 
distribution facility john wilson joined as 
head of finance in 1978
rapid expansion then followed with 
distribution sites established in northern 
ireland bracknell east kilbride and newton 
aycliffe along with an acquired selflocking 
nut factory in northampton and a large new 
greenfield factory in telford for turned parts 
and cold heading of screws
once satisfied that their business was 
growing very successfully the two founders 
retired from operational involvement in 1984 
leaving tr under the day to day responsibility 
of their four executive directors the founders 
then resigned as directors shortly before the 
business was fully listed as trifast plc on the 
london stock exchange in february 1994 
with by then a sales turnover of £23m and a 
market capitalisation of nearly £32m
growth and profitability then grew 
dramatically yearonyear until the 
end of the decade largely driven 
by tr’s expertise in component 
logistics management directly 
on to the assembly lines of 
mainly multinational electronics 
customers – predominantly in the 
telecoms sector 
the story behind the years
“a number of those that 
joined the business at 
its humble beginnings 
remain with us to this 
day new young blood 
has since joined and 
together we have all 
experienced many 
developments  
through the years”
jim barker
chief executive
52
of service innovation
years
stock code tri
trifast plc annual report 2013 during this time the decision was taken 
to invest heavily into asia – with fastener 
manufacturing acquisitions in singapore 
malaysia and taiwan and then a greenfield 
distribution centre based in shanghai
in 1998 institutional shareholders in the 
city rejected the board’s wish to diversify 
risk by acquiring a major uk competitor 
who mainly served the automotive and 
engineering sectors following the lack of 
any impact from the ‘millennium bug’ in 
2000 there followed the global collapse in 
demand for telecoms hardware in 2001 now 
known as the ‘dotcom’ crash which heavily 
decimated tr’s profits within three months 
the company had to act quickly to reduce 
its overheads as a result including closing the 
marginally profitable factory in telford
in 2002 after 18 years of leading the business 
i stepped down as ceo and retired from 
the business and went on to build many 
commercial interests and assist young 
growing business enterprise i handed over to 
my colleague jim barker who in 2005 went 
on to lead the acquisition of serco ryan a 
large uk fastener distributor that had little 
reliance on the electronics sector by mid
2007 having being at the helm for five years 
and recovering turnover and profit to levels 
close to performance achieved prior to the 
dotcom crash in 2001 jim barker retired 
after having served 26 years with tr
however it became clear during 2008 that 
trifast was going to fail in reaching its city 
growth and profit targets thus becoming 
in danger of severely disappointing its 
shareholders as profit warnings were issued 
by the company
in early 2009 when the full impact of the 
global recession was becoming clear several 
major shareholders initiated a move to make 
substantial changes to the board and myself 
and jim barker were asked to make a return 
as executive chairman and ceo respectively 
in order to help restore investor value
by late that year after the senior management 
changes trifast had moved back into profit 
as the first stage of a three year recovery 
plan put together by the revitalised board 
instigated this building back of financial 
performance and strength has continued 
consistently since then resulting in the ability 
to acquire the high quality malaysian based 
manufacturer powersteel psep in late 2011 
this move broadened tr’s capacity in larger 
diameter cold formed components that meet 
the demands of the automotive sector which 
now accounts for 30 of tr’s global revenue
in retrospect the nineties was a ‘golden 
decade’ for tr with meteoric growth from 
£23m in 1994 to over £100m by year 2000 
accompanied by a share price that grew 
from £2 to over £12 in six years after share 
split in 1999 this equates to 50p and £3 
however being unable to secure shareholder 
investment to spread the risk of over 50 
exposure to the electronics sector back in 
1998 proved highly costly in 2001
happily the combination of the serco ryan 
business coupled with a highly successful 
international sales campaign to secure 
revenue from the less ‘fractious’ automotive 
sector has now made tr less exposed to 
risk by having its main customer divisions 
more evenly spread with no one company 
accounting for more than 5 of total sales
in june 2013 tr celebrated its 40
th
 
anniversary the company continues from 
strength to strength all thanks to our 
dedicated and skilled management and staff 
who from humble beginnings now amount to 
over 1000 personnel working in 23 divisions 
in 16 countries across three continents
malcolm diamond mbe
executive chairman
stock code tri
53
trifast plc annual report 2013 tr long service colleagues
sharon cain
internal sales
38 years 
tr west midlands uk 
‘i have enjoyed doing 
different roles over 
the years and i enjoy 
working with the people 
at tr’
simon lockeyear
production manager
30 years
tr manufacturing uk
‘i get a sense of pride 
knowing that the 
products that we have 
made here in the uk are 
considered the best in 
the market’
phil nutley
sourcing manager
36 years
tr west midlands uk
‘the thing that i most 
like about working at 
tr is that it’s different 
every day and i’m still 
learning new challenges 
constantly present 
themselves everyday and 
in the process of trying 
to solve them generally i 
discover something new’
bill jambor
commercial director
15 years
lancaster fastener uk
‘i particularly enjoy 
the day to day 
communication with our 
suppliers in asia many 
of which i have been 
dealing with for many 
years and as a result 
have made many friends 
there’
“over 30 of our  
global workforce have 
been with us for  
10 years their 
knowledge skills and 
experience are being 
passed to the next 
generation of the  
tr family”
malcolm diamond mbe
executive chairman
stock code tri
trifast plc annual report 2013
of service innovation
years
54 gill o’halloran
pa to executive board
17 years
trifast plc uk
‘i have worked for tr for 
17 years and have seen 
many changes but the 
one constant is staff 
they are the company’s 
truest asset’
sam wilson
managing director
32 years 
lancaster fastener uk
‘i have enjoyed 
developing the 
‘lancaster’ brand as 
an industry leading 
range of fasteners 
respected for both 
quality of product and 
excellence in service 
it has been a very 
satisfying opportunity 
made possible with the 
support of a dedicated 
and professional team’ 
wong teng lock
production foreman
15 years
tr asia singapore
‘i have a passion for 
machines and thus 
working in production 
with machines is my 
natural enjoyment this 
company has friendly 
and cooperative 
working environment’ 
eric tay
plant manager
15 years
tr asia singapore
‘i like my job especially 
when being challenged 
with new product 
requirement our team 
and i achieve satisfaction 
when we are able to 
turn product concept 
to production i view 
problem as a challenge 
with opportunity to grow’
per edlund
warehouse manager
25 years 
tr norge europe 
‘i am very satisfied with 
my job good colleagues 
and tr is a very good 
company to work for’
goh kim seng
product planner
15 years
tr asia singapore
‘i view my job is not ‘just 
a job’ my function as 
production planner gives 
me an opportunity to 
exercise my good planning 
skill when properly 
executed i actually help 
my colleagues to get parts 
to our customers on time’
oh ming loi
product supervisor
15 years
tr asia singapore
‘i like this job as the 
company is caring  
i am glad tr gave me 
the opportunity to grow 
from a machine operator 
to my current role as 
production supervisor’
employees by length of service – 
asia
under 5 years 66
5 to 10 years 15
10 to 15 years 15
15 to 20 years 3
20 to 40 years 1
employees by length of service –  
uk europe and usa
under 5 years 25
5 to 10 years 29
10 to 15 years 23
15 to 20 years 11
20 to 40 years 12
stock code tri
55
trifast plc annual report 2013 visit our online report
wwwtrifastannualreport2013comourgovernance
and to achieve business objectives
designed to manage risk
for group controls
the board has responsibility
“we have excellent 
skilled people and we 
should incentivise and 
reward them based on 
their performance”
jonathan shearman
independent 
nonexecutive director
 
our governance
56 thinking locally operating globally
for information about independent
nonexecutives see page
45
‘health 
check’
system to review 
operational  
ﬁnancial systems 
and controls
main 
board
undertakes an 
annual evaluation 
on performance
independent
neds
shareholders and 
advisers have full
access anytime
57 the directors present their directors’ report and financial 
statements for the year ended 31 march 2013
results and proposed dividends
total group revenue from continuing operations was £12154 
million 2012 £11251m and the profit for the year before 
taxation was £644 million 2012 £476m underlying profit 
before tax for the group was £725 million 2012 £500m  
see note 2 for breakdown
the directors recommend a final dividend of 080 pence  
net of tax 2012 050p per ordinary share to be paid on  
18 october 2013 to shareholders registered at the close of 
business on 5 july 2013 this has not been included within 
creditors as it was not approved before the year end
 
principal activities and business review
the principal activity of the group during the financial year 
has been that of the manufacture and distribution of industrial 
fastenings and category ‘c’ components
a review of the business activity and future prospects of the 
group are covered in the group business and the finance 
reviews this includes that information to be included in the 
directors’ report as required by the enhanced business review 
under s417 of the companies act 2006
a balanced and comprehensive review of the development 
and performance of the group and its position at the year end 
is given on pages 7 to 16 an analysis of key performance 
indicators is given on page 7
a description of the principal risks and uncertainties facing the 
group is discussed on page 48
a description of the main trends and factors likely to affect future 
development is given on page 48
information on environmental and social issues is provided on 
pages 40 to 43
the key assumptions underlying the going concern basis of 
preparation are included on page 81 
annual general meeting agm
the agm will be held on 17 september 2013 at trifast house 
bellbrook park uckfield east sussex tn22 1qw
policy and practice on payment of creditors
the group does not follow any code or standard on payment 
practice as it is the group’s policy to settle creditors promptly 
on mutually agreed terms the terms will vary from supplier to 
supplier and suppliers will be aware of the terms of payment
for smaller suppliers where no terms are agreed payment will 
normally be made in the month following receipt of goods or 
services 
the number of days purchases in trade payables at the end of 
the financial year for the company was 56 2012 57 and  
61 2012 61 for the group
directors and directors’ interests
the directors who held office during the year were as follows
chairman
mm diamond mbe – executive chairman
executive directors
jc barker – chief executive
mr belton – group finance director
gp budd – managing director tr europe
sv murphy – resigned 31 january 2013
gc roberts – group sales director
nonexecutive directors
ns chapman – senior independent
jpd shearman – independent
the directors’ remuneration and their interests in share capital 
are shown in the remuneration report on pages 64 to 70
directors’ report
58
of service innovation
years
stock code tri
trifast plc annual report 2013 substantial shareholdings
details of the share structure of the company are disclosed in note 24
as at 31 may 2013 the company was aware of the following material interests representing 3 or more of the issued share capital 
of the company
no of shares 
held
 of shares 
held
schroders investment management 11364078 1048
henderson global investors 11168830 1030
mr michael timms 11000000 1014
hargreave hale 9583312 884
axa framlington investment managers 8771034 809
miton capital partners 6451877 595
mr michael j roberts 5960000 550
corporate governance
the corporate governance statement on pages 6163 should 
be read as forming part of the directors’ report
takeover directive
where not provided elsewhere in the directors’ report the 
following provides the additional information required to be 
disclosed as a result of the implementation of the takeover 
directive
there are no restrictions on the transfer of ordinary shares in 
the capital of the company other than certain restrictions which 
may from time to time be imposed by law for example insider 
trading law in accordance with the listing rules of the financial 
services authority certain employees are required to seek the 
approval of the company to deal in its shares
the company is not aware of any agreements between 
shareholders that may result in restrictions on the transfer of 
shares or on voting rights
the rules governing the appointment and replacement of 
directors are set out in the corporate governance statement 
section of the directors’ report on pages 6163 the company’s 
articles of association may only be amended by a special 
resolution at a general meeting of shareholders
the company is a party to a number of banking agreements 
that upon a change of control of the company could be 
terminable by the bank concerned 
outside of the extension of certain directors’ rolling contract 
periods and notice periods see page 67 there are no 
agreements between the company and its directors or 
employees which provide for compensation for loss of office or 
employment whether through resignation purported redundancy 
or otherwise that occurs because of a takeover bid
the company is not aware of any contractual or other 
agreements which are essential to its business which ought to  
be disclosed in the directors’ report
employees
the group has a policy of offering equal opportunities to 
employees at all levels in respect of the conditions of work 
throughout the group it is the board’s intention to provide 
possible employment opportunities and training for disabled 
people and to care for employees who become disabled 
having regard to aptitude and abilities our corporate social 
responsibility statement can be found on page 40 of this 
report
regular consultation and meetings formal or otherwise are 
held with all levels of employees to discuss problems and 
opportunities information on matters of concern to employees is 
presented in the inhouse letters and publications
59
trifast plc annual report 2013
stock code tri financial instruments
information in respect of the group’s policies on financial risk 
management objectives including policies to manage credit risk 
liquidity risk and foreign currency risk are given in note 26 to the 
financial statements
political and charitable contributions
during the year the group made no political donations  
2012 £nil and various charitable contributions totalling  
£4129 2012 £1907
disclosure of information to auditor
the directors who held office at the date of approval of this 
directors’ report confirm that so far as they are each aware 
there is no relevant audit information of which the company’s 
auditor is unaware and each director has taken all the steps 
that they ought to have taken as a director to make themselves 
aware of any relevant audit information and to establish that the 
company’s auditor is aware of that information
auditor
in accordance with section 489 of the companies act 2006 a 
resolution for the reappointment of kpmg audit llp as auditor 
of the company is to be proposed at the forthcoming agm
by order of the board
mark belton
company secretary
trifast house
bellbrook park
uckfield
east sussex
tn22 1qw
company registered number 1919797
24 june 2013
directors’ report continued
60
of service innovation
years
stock code tri
trifast plc annual report 2013 with exceptions as highlighted below the company complied 
with the provisions of the uk corporate governance code 
issued by the financial reporting council in 2010
the board acknowledges malcolm diamond is a nonindependent 
executive chairman which does not comply with the requirements 
of section c31 of the corporate governance code however the 
board believes that given mr diamond has sat as chairman and 
as a nonexecutive in other companies his experience from these 
appointments and his previous knowledge of trifast is invaluable 
and can best be delivered through the position of chairman
the company has applied the principles set out in the code 
including both the main principles and the supporting principles 
by complying with the code as reported above further 
explanation of how the principles and supporting principles have 
been applied is set out below and in the directors’ remuneration 
report
the structure of the board and its standing committees are as 
follows
the board
on 25 april 2013 scott mac meekin was appointed as an 
independent nonexecutive director to the board
currently the board consists of five executive directors and 
three independent nonexecutive directors the nonexecutive 
directors are considered to be independent of management 
and free from any business or other relationship which could 
interfere with the exercise of their independent judgement for 
the purposes of the code the chairman who is an executive 
chairman is not considered by the board to be independent
the appointment replacement and powers of the directors 
are governed by the company’s articles of association the 
corporate governance code the companies act prevailing 
legislation and resolutions passed at the annual general meeting 
agm or other general meetings of the company
the senior independent nonexecutive director is neil chapman 
who was chosen due to his executive board experience with 
other companies
all independent nonexecutive directors have the authority to 
meet with shareholders without first seeking approval from the 
executive directors
the board met nine times during the period with attendance as 
follows
mm diamond 9
jc barker 9
mr belton 9
gp budd 8
sv murphy 6
gc roberts 9
ns chapman 9
jpd shearman 9
upon appointment the directors are required to seek election at 
the first agm following appointment all directors are required to 
submit themselves for reelection at regular intervals and at least 
every three years
the company has separate posts of chairman and chief 
executive the chairman leads the board and the chief 
executive is responsible for the management of the company 
implementing policies and strategies determined by the board 
the independent nonexecutive directors have full access to 
the external auditor and to management and there is a formal 
procedure for directors to obtain independent professional 
advice in the furtherance of their duties should this be necessary 
all directors have access to the advice and services of the 
company secretary
appropriate and relevant training is provided to the directors as 
and when required
the board meets a minimum of five times a year and is 
supplied as early as practical with an agenda and appropriate 
papers further adhoc meetings of the board are held as 
and when required directors are appointed by the board on 
recommendation from the nominations committee the board 
monitors the financial performance of the group and approves 
and reviews major projects and acquisitions the board has 
formally adopted a schedule of matters which are reserved to 
the board for decision thus ensuring that it maintains control 
over appropriate strategic financial organisation and compliance 
issues
the board undertakes annual evaluation of its own performance 
and that of its committees using questionnaires and continues to 
train and evaluate senior managers below board level in order to 
maintain its continuous succession policy
corporate governance
61
trifast plc annual report 2013
stock code tri the board has delegated specific responsibilities to committees 
as described below
the audit committee
the audit committee’s principal responsibilities are to assist 
the board in reviewing and approving the company’s financial 
statements including any significant financial judgements 
contained therein monitoring the company’s internal 
financial control and risk management systems and making 
recommendations to the board with regard to the appointment 
and remuneration of the external auditor
the audit committee’s terms of reference include all matters 
indicated by the disclosure and transparency rule 71 and the 
corporate governance code
it is group policy to ensure auditor independence by carefully 
considering any nonaudit work carried out by the auditor 
there are no contractual obligations that oblige the company to 
appoint kpmg to conduct the annual audit there is no agreed 
timescale requiring formal tendering of the audit appointment 
however the committee reviews on an annual basis the 
performance expertise and independence of the external auditor 
and maintains appropriate contact with potential alternative 
suppliers for audit and accountancy advisery services in 
addition the board receives written confirmation from the auditor 
of any relationships they have which may cause a conflict of 
interest together with a declaration from them that they consider 
themselves to be independent the board has approved the 
auditor undertaking certain other limited activities for the group 
but any assignment outside these activities requires separate 
board approval following its review the board is satisfied that 
independence has been maintained and it is satisfied that it is 
appropriate to continue with the reappointment of kpmg llp  
as the company’s auditor
the audit committee comprises entirely of the independent non
executive directors it is chaired by neil chapman and has met 
three times in the year during the period the committee felt that 
given the size of the group it was valuable having the executive 
chairman chief executive officer ceo and group finance 
director gfd attending the committee meetings the external 
auditor also normally attends meetings in addition there is at 
least one meeting a year where the audit committee meets the 
external auditor without executive management present
the committee is considered to be adequately qualified the 
chairman a fellow of the icaew was previously the senior 
partner of kpmg’s southeast operation and now works in 
industry as a group finance director
the remuneration committee
the remuneration committee comprises the independent 
nonexecutive directors and is chaired by jonathan shearman 
the committee meets as required during the year to review 
and determine the terms and conditions of employment of the 
executive directors and senior management including levels 
of remuneration and other benefits during the period the 
committee met on two occasions
the nominations committee
the nominations committee comprises neil chapman and 
jonathan shearman independent nonexecutive directors the 
chief executive and the chairman and meets at least once a 
year it is chaired by neil chapman as senior independent  
nonexecutive director the committee is responsible for 
reviewing the board structure size and composition and 
for nominating candidates for executive and nonexecutive 
positions it will also ensure that any newly appointed director 
receives a full and proper induction into the company’s affairs 
appointments will be made after evaluating the balance of skills 
knowledge experience and diversity on the board in identifying 
suitable candidates the committee shall consider from a wide 
range of backgrounds both internally and externally and will take 
due regards for the benefits of diversity on the board including 
gender taking care that appointees have enough time to devote 
to the position during the period the committee met on three 
occasions
shareholder relations
the group has a website wwwtrifastcom which is regularly 
updated to ensure that shareholders are fully aware of the 
group’s activities the group’s registrar computershare is 
also linked to the trifast website and offers services for the 
shareholders
trifast also works with city specialists to ensure all levels of 
shareholders receive group information these include
arden partners plc – stockbroker and adviser to the 
company institutional fund managers
tooleystreet communications – investor relations analysts 
private client brokers and media
edison group – investment research which is also available on 
the trifast website
the members of the audit remuneration and nomination 
committees will normally be available to speak to shareholders 
at the agm in order that they understand the views of the 
shareholders in addition shareholders can contact them at 
any time by writing to trifast plc trifast house bellbrook park 
uckfield tn22 1qw
corporate governance continued
62
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trifast plc annual report 2013 going concern
after making enquiries the directors have reasonable 
expectations that the group has adequate resources to continue 
in operational existence for the foreseeable future further 
information is given in the basis of preparation note 1 for 
this reason they continue to adopt the going concern basis in 
preparing the financial statements
internal control 
the corporate governance code requires that directors review 
the effectiveness of the group’s system of internal controls 
which includes controls over financial operational compliance 
and risk management the audit committee has reviewed the 
effectiveness of the system of internal control and reported its 
positive conclusions to the board
in addition the board takes required account of the significance 
of social environmental and ethical matters in regard to the 
business of the group and seeks to take an ethical view of its 
responsibilities in providing business opportunities 
our corporate social responsibility statement can be found in 
this publication and via the company website 
the board has overall responsibility for the group’s controls 
however such a system is designed to manage rather 
than eliminate the risk of failure in order to achieve business 
objectives and can only provide reasonable and not absolute 
assurance against material misstatement or loss regarding
 the safeguarding of assets against unauthorised use or 
disposition
 the maintenance of proper accounting records and the 
reliability of financial information used within the business or 
for publication
the key elements of the system are as follows
 full detailed reviews of the business risks undertaken as part 
of the ongoing daytoday procedures of the business
 an organisational structure with clearly defined lines of 
responsibility and delegation of authority
 group policies for financial reporting accounting financial 
risk management information security capital expenditure 
appraisal and corporate governance are all well documented
 detailed annual budgets and rolling forecasts are prepared for 
all operating units and reviewedapproved by the board
 performance against budget is monitored closely and material 
variances are reported to the board on a monthly basis 
 the control system is operated with the full cooperation 
of all company directors risk assessments are done at all 
levels from local divisional right up to the main board with the 
summaries all being fed up to the main board for review
 the audit committee deals with any significant control issues 
raised by the external auditor
 well structured reporting lines to the board there is a formal 
schedule of matters specifically reserved for decisions by the 
board
 investment approval controlled by the budgetary process with 
authorisation levels in place any single capital expenditure 
over £50000 goes to the board with detailed written 
proposals and financial analysis of expected returns
a formalised internal review process ‘health check’ has been set 
up to routinely review the operational and financial controls within 
the group these reviews are conducted by senior personnel 
who are independent from the entity which is under review 
whilst the board recognises that this does not constitute a fully 
independent internal audit function it believes that due to the 
size of the group this process provides appropriate comfort as 
to the operational and financial controls in place 
the board and audit committee continually review the 
effectiveness of the group’s internal control systems no 
significant failings or weaknesses were identified as a result of 
this review process as such the board and audit committee 
are comfortable that they meet the requirements of the turnbull 
report
63
trifast plc annual report 2013
stock code tri directors’ remuneration report 
information not subject to audit
dear shareholder
as chairman of the trifast remuneration committee i am pleased to introduce our remuneration report for 2013 this 
has been a busy year for the company during which we have continued to generate increased profits through
 delivering high quality service which is rewarded through increased market penetration 
 winning new business at enhanced margins
 extending our product ranges
 successful integration of recent acquisitions
our remuneration policy at trifast is to have in place a structure that can incentivise and retain those key executives who 
are critical to execute the business strategy cognisant of the difficult position your company found itself in when the 
‘new’ management team was put in place salary levels for our executive directors have historically been set at highly 
conservative levels to somewhat compensate for this options were granted in 2009 to sit alongside the three year 
recovery plan these have now vested given the successful completion of the plan and the company needs to consider 
how to align the interests of executives with shareholders over the coming years as we go forward with trifast’s next stage 
of development to consolidate our position as a leader in the global fastener business
we do not believe that the historic policy of highly conservative levels of fixed remuneration underpinned by a grant of 
options which supported the recovery plan is any longer appropriate to retain attract and motivate executives of a calibre 
required to execute the business strategy over our next stage of development we are also mindful of the changing attitude 
of shareholders to executive reward and want to take these factors into account in any new structure
as a result the committee is conducting a review of the current remuneration structure in light of trifast’s overall 
remuneration policy and business strategy the objective of this review is to develop a holistic structure which strengthens 
the link between reward and performance – both financial and strategic – and which acts as a clear incentive to our senior 
executives over both the short and long term
further any incentive structure will aim to deliver an appropriate mix of fixed and variable compensation subject to the 
achievement of short and longer term financial and strategic performance metrics this approach ensures that strong year 
on year corporate performance is sustained and the interests of executives are aligned with the interests of shareholders 
over the long term
the outcome of this review and our proposals are at the time of signing this report  
still to be finalised we have provided some thoughts as to our current thinking in  
the remainder of this report but full details of our proposals will be provided and  
shareholder approval to the arrangements sought in due course
we have an excellent management team we want to keep them and reward  
and incentivise them appropriately for performance i believe that the changes  
we will be making to our remuneration structure will enable us to do this  
and look forward to your support
jonathan shearman
chairman remuneration committee
 
24 june 2013 trifast plc
trifast house 
bellbrook park uckfield 
east sussex tn22 1qw 
tel 44 01825 747366 
fax 44 01825 747368
email corporateenquiriestrifastcom
website wwwtrifastcom
64
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trifast plc annual report 2013 introduction
the directors present the remuneration report for the year 
ended 31 march 2013 this report has been prepared in 
accordance with schedule 8 of the large and medium sized 
companies and groups accounts and reports regulations 
2008 ‘the regulations’ the auditors are required to report on 
the ‘auditable’ part of this report and to state whether in their 
opinion that part of the report has been properly prepared 
in accordance with the companies act 2006 as amended by 
the regulations the report is therefore divided into separate 
sections for audited and unaudited information in accordance 
with schedule 18 of the companies act this report has been 
approved by the board for approval by shareholders at the 
forthcoming annual general meeting
statement of compliance
the board has reviewed the group’s compliance with the 
corporate governance code and it is their opinion that 
throughout the year the company complied with the principles 
and provisions on remuneration specified in the corporate 
governance code
remuneration committee
the objective of the remuneration committee ‘the committee’ 
is to develop a remuneration strategy for the executive directors 
and other key executives that drives both short and long term 
performance and provides levels of reward which reflect such 
performance more specifically the committee has and will 
attempt to reward exceptional performance based of profit 
before tax and share any outperformance over and above 
the ‘city forecast’ between our shareholders and the executive 
team this strategy is reviewed on an annual basis
we remain mindful of the ongoing challenges surrounding levels 
of executive pay as well as the forthcoming bis regulations 
work has already commenced to ensure compliance with the 
latter at the appropriate time
the committee is composed entirely of independent non
executive directors members have no daytoday involvement 
in the running of the business and no personal financial interest 
in the company other than that of shareholders no executive 
director sits on the committee the remuneration committee is 
formally constituted with written terms of reference a copy of 
the terms of reference is available to shareholders by writing to 
the company secretary whose details are set out on ibc  
of the report and accounts
the committee had two meetings during the year both 
members of the committee at the time being the chairman  
jpd shearman and senior independent nonexecutive director 
ns chapman attended these meetings each of these meetings 
were routine in initially confirming the remuneration policy for 
the year just commenced and then considering an appropriate 
approach for the year to march 2014 the executive chairman 
and ceo were both invited to attend to ensure the committee 
was in possession of all the relevant facts alongside this the 
committee had several informal meetings with their external 
advisers
the committee consults with the company secretary regarding 
issues on areas of remuneration and corporate governance 
with regard to senior executives in the company excluding 
board directors the committee also takes advice from the 
executive board
the committee is advised on matters relating to directors as 
required it uses independent external advisers see page 66 as 
and when to advise on remuneration matters
current remuneration policy
in deciding on the levels of remuneration for directors and senior 
managers the comparative pay and employment conditions of 
employees across the group are taken into account in particular 
the committee takes into account the level of salary increases 
across the wider workforce when deciding upon any increases in 
remuneration for the directors and senior management
actual remuneration to the directors is shown in the table on 
page 70
in order to achieve the objectives of the committee’s policy 
on remuneration the individual components of an executive 
director’s remuneration package are determined as follows 
1 base salary
the policy of the committee during the year ended 31 march 
2013 was to set base salaries around the lower quartile of an 
appropriate comparator group salaries are reviewed annually  
in april
factors taken into account by the committee when determining 
base salary levels are
 objective research based on a review of the remuneration in 
uk quoted companies with similar corporate attributes
 experience and responsibilities of each executive director
 pay and conditions throughout the group
the salary levels for the year under review as seen on page 70  
were largely unchanged from the previous year with the 
exception of mark belton it was the view of the committee that 
the existing level of salary was not commensurate with either the 
role of group finance director nor the contribution mark makes 
to the group’s performance
65
trifast plc annual report 2013
stock code tri 2 annual bonus payment
the 2013 bonus scheme is based on the premise of rewarding 
exceptional performance measured by reference to profit before 
tax pbt payments commence only once the ‘city forecast’ is 
achieved and increased thereafter with a cap of 100 of base 
salary
in arriving at a bonus scheme the committee is mindful of the 
following considerations
 the link between the fixed and variable element 
 the desire to reward team performance 
 the desire to link maximum payouts to exceptional 
performance 
 the financial performance of the group 
 the need to align the rewards with the interests of 
shareholders 
the committee assessed that performance in 2013 justified a 
payout of 30 for each of the executive directors this is against 
a backdrop of stretching targets
3 long term incentives lti’s
a at the beginning of the year to march 2013 the options see 
page 69 that were agreed with shareholders and granted on the 
change of management in 2009 were still ‘in play’ indeed given 
a threemonth average share price greater than 51p combined 
with a roce in excess of 10 during the final quarter of the 
financial year these options have now vested
b following approval at the 2005 annual general meeting the 
company introduced a long term incentive arrangement known 
as the trifast plc 2005 long term incentive plan ‘ltip’ awards 
under the ltip were delivered in the form of conditional share 
awards which were to be released in three years dependent 
on continued employment and the satisfaction of demanding 
performance targets
full details of the awards held by executive directors under the 
ltip at the start of the year are contained in the audited section 
of this report on page 69
all company directors who held ltip’s waived their right to these 
rewards during 2011
c the executive directors may also participate in the trifast 
savings related share option scheme that is open to all uk 
employees and is hmrc approved the scheme offers three 
five and seven year savings contracts which provide an option to 
purchase shares after maturity at a discount to the share price on 
the date the contract is taken out the maximum discount is 20 
of midmarket price
4 benefits
in line with other companies potential benefits are provided in 
the form of a company car or car allowance private medical 
insurance permanent health insurance critical illness cover 
and life cover up to a maximum 1333 times earnings at date of 
death this life cover provides a benefit in the form of a four times 
salary lump sum and a balance to buy a spouse’s annuity the 
provision of these benefits is in line with market practice
5 pension
geoff budd mark belton glenda roberts and seamus murphy 
resigned 31 january 2013 are members of the company’s  
noncontributory pension plan this is an hmrc approved 
defined contribution scheme the rate of company contribution 
to this scheme is 20 of basic salary
malcolm diamond and jim barker do not participate in the 
company pension plan
future remuneration policy
the remuneration committee is mindful that now is an 
appropriate time to undertake a wider review of board 
remuneration – including base salary on target annual bonus 
total cash and a new long term incentive plan as part of 
this exercise the committee has commissioned a report on 
executive remuneration by independent accountants pwc with 
the aim of creating a policy that allows each of the executives 
to feel valued and motivated by means of being fairly rewarded 
through both cash and share payments
below are our initial findings for the three core components
1 base salary
a benchmarking exercise undertaken by pwc has confirmed 
that in the case of all of the executives both base salary and 
total cash remuneration are below even the lower quartile for 
appropriate comparator companies we believe this is not in 
the best interests of the group and the committee is therefore 
looking to adjust executive salaries to reflect the median quartile 
of this comparator group
the committee of course recognises that it is essential to 
continue to control costs and therefore is minded where 
appropriate to make these adjustments over the next two years 
without substantially increasing overall board costs this will 
however necessitate increases above the current rate of inflation 
and indeed above that of the rest of the group
2 annual bonus payment
the committee’s policy with regard to an annual bonus scheme 
will remain broadly unchanged with the overriding aim to ensure 
that we can still reward outperformance vs the ‘city forecast’ 
up to a maximum of 100 of base salary
directors’ remuneration report continued
information not subject to audit
66
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trifast plc annual report 2013 alongside this the committee is considering whether it is 
appropriate to introduce a proportion of bonus which is not 
entirely dependent upon financial performance figures but 
rather based on personal targets we are also mindful that 
the proportion of cash and share payments to executives be 
balanced with the potential that this is reflected in the payment 
method of the bonus scheme
it was felt inappropriate to make any meaningful changes to 
the scheme for the year ending 31 march 2014 hence the 
committee intends to use the existing framework and for the 
maximum amount payable to remain at 100 of base salary
3 long term incentives lti’s
it is the desire of the committee to utilise lti’s as part of longer 
term remuneration and retention planning given that the 
committee is currently working on a plan with our independent 
advisers pwc and intends to fully engage with shareholders 
once any proposal is formulated any future plan will need to 
motivate long term performance and loyalty but will no longer be 
required to supplement the historically lower quartile salaries
in concluding neil and i would firstly like to welcome scott to the 
committee from april 2013 onwards we are also delighted to 
unanimously recommend that shareholders vote to approve the 
remuneration report at the 2013 annual general meeting
contracts
a executive directors
during the year all executive directors had rolling service 
contracts as follows
mm diamond 6 months

jc barker 6 months

mr belton 6 months
gp budd 6 months
sv murphy resigned 31 january 2013 6 months 
gc roberts 6 months
 12 months in the event of a change in control
 subsequent to the year end march 2013 this was changed to 12 months
the board is confident that these rolling contracts with the 
respective contractual termination payments were appropriate for 
the business and in accordance with ‘best practice’ corporate 
governance
the dates of the executive directors’ contracts are
mm diamond 26 july 2012
jc barker 26 july 2012
mr belton 26 july 2012
gp budd 26 july 2012
sv murphy resigned 31 january 2013 26 july 2012
gc roberts 26 july 2012
b independent nonexecutive directors
all nonexecutive directors are paid fees for their services which 
are determined by the board as a whole and reviewed against 
market levels on an annual basis they are all on annual contracts 
which are reviewed each year their signing dates were as follows
ns chapman 26 july 2012
jpd shearman 26 july 2012
all independent nonexecutive directors have threemonth 
notice periods 12 months in the event of a change in control 
and no contractual termination payments
their remuneration is not performance related and is not 
pensionable the only other payments made to them are mileage 
allowances at hmrc rates and expenses for items incurred 
during the fulfilment of their roles
67
trifast plc annual report 2013
stock code tri directors’ remuneration report continued
information not subject to audit
c performance graph
in accordance with the directors’ remuneration report regulations 2002 the graph below shows trifast’s total shareholder return 
compared with the ftse fledgling index and the ftse allshare industrial engineering index for the last five years the board 
considers these indices to be a fair measure of the company’s performance against its competitors
total shareholder return since 31 march 2008
200
150
100
50
0
50
100
2008 2009 2010 2011 2012 2013
 trifast plc ftse fledgling index ftse all share industrial engineering index
the remuneration report including accompanying notes was approved by the board of directors on 24 june 2013 and  
was signed on its behalf by 
jonathan shearman
chairman remuneration committee
68
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trifast plc annual report 2013 notes to the directors’ remuneration report 
information subject to audit
the interests in the ordinary shares of 5p each in the company of the directors who held office at the end of the financial year were 
as follows
 
number of shares
interest at 
end of year
interest at 
beginning of 
year 
mm diamond 533800 533800
jc barker 573229 573229
mr belton 68565 15183
gp budd 357264 303882
gc roberts 29307 29307
ns chapman 1507500 885000
there have been no changes to directors’ interests between the end of the financial year and the date of this report
there were no nonbeneficial interests
the directors retiring by rotation are malcolm diamond geoff budd and jonathan shearman who being eligible offer themselves for 
reelection at the forthcoming annual general meeting
scott mac meekin was appointed to the board on 25 april 2013 and accordingly will stand for election at the forthcoming annual 
general meeting
at the date of signing the financial statements there were no executives who held nonexecutive directorships elsewhere 
the rights of the directors who held office during the financial year to subscribe for ordinary shares of 5p each in the company 
including saye options are as follows
number of options
date granted
option price
£
at 31
march
2012
options 
granted in the 
year
options 
cancelled in 
the year
exercised
in the
year
at 31 march 
2013
mm diamond 30 sept 2009 0085 2000000 – – – 2000000
jc barker 30 sept 2009 0085 2000000 – – – 2000000
mr belton 30 sept 2009 0085 500000 – – – 500000
saye options 0170 53382 – – 53382 –
gp budd 30 sept 2009 0085 500000 – – – 500000
saye options 0170 53382 – – 53382 –
sv murphy 
resigned 31 
january 2013 30 sept 2009 0085 200000 – – – 200000
gc roberts 30 sept 2009 0085 250000 – – – 250000
ns chapman 30 sept 2009 0085 150000 – – – 150000
no other director has share options
mr belton and gp budd exercised their saye share options on 21 december 2012 when the market price was 4775p
the options granted on 30 september 2009 are exercisable between september 2012 and september 2019 at an exercise price of 
£0085 per share these can only be exercised when the company’s share price has reached a minimum of £051 maintained as an 
average over the threemonth period preceding the notice of exercise and the company has achieved a minimum of 10 return on 
capital employed defined as underlying ebit over shareholders’ funds and net debt for 2013 roce was 121 2012 112 – 
adjusted for 12 months of powersteel and electroplating works sdn bhd psep
69
trifast plc annual report 2013
stock code tri notes to the directors’ remuneration report continued
information subject to audit
the market price of the ordinary shares at 31 march 2013 was £057 2012 £045 and the range during the year was £039 to £058 
2012 £037 to £051
the company’s register of directors’ interests which is open to inspection contains full details of directors’ shareholdings and 
options to subscribe
there have been no other changes in the interests or rights to subscribe for shares of the directors in the ordinary share capital of the 
company since the end of the financial year
ltip awards over shares of 5p each
at 31 march 2013 no director of the company held any ltip awards
directors’ remuneration
march 2013
name
fees
£000
salaries
£000
benefits in 
kind
£000
restructuring 
costs
1
£000
bonus
£000
subtotal
£000
pension
£000
total
£000
chairman
mm diamond – 190 13 – 57 260 – 260
executive directors
jc barker ceo – 220 13 – 66 299 – 299
mr belton gfd – 150 13 – 45 208 30 238
gp budd – 150 13 – 45 208 30 238
sv murphy
1
 – 104 11 161 – 276 21 297
gc roberts – 125 12 – 38 175 25 200
independent non
executive directors
ns chapman 48–– –– 48 – 48
jpd shearman 42–– –– 42 – 42
totals 90 939 75 161 251 1516 106 1622
1 
the restructuring costs relate to compensation for loss of office for seamus murphy and all associated costs following his step down from the board on 31 january 
2013 
directors’ remuneration
march 2012
name
fees
£000
salaries
£000
benefits in 
kind
£000
bonus
£000
subtotal
£000
pension
£000
total
£000
chairman
mm diamond – 190 13 67 270 – 270
executive directors
jc barker ceo – 220 13 94 327 – 327
mr belton gfd – 130 13 62 205 26 231
gp budd – 150 14 30 194 30 224
sv murphy – 120 13 42 175 24 199
gc roberts – 120 12 42 174 24 198
independent non 
executive directors
ns chapman 48 – – – 48 – 48
jpd shearman 42 – – – 42 – 42
totals 90 930 78 337 1435 104 1539
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trifast plc annual report 2013 the directors are responsible for preparing the annual report 
and the group and parent company financial statements in 
accordance with applicable law and regulations
company law requires the directors to prepare group and parent 
company financial statements for each financial year under that 
law they are required to prepare the group financial statements 
in accordance with ifrss as adopted by the eu and applicable 
law and have elected to prepare the parent company financial 
statements on the same basis
under company law the directors must not approve the financial 
statements unless they are satisfied that they give a true and fair 
view of the state of affairs of the group and parent company 
and of their profit or loss for that period in preparing each of the 
group and parent company 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 they have been prepared in accordance with 
ifrss as adopted by the eu and
 prepare the financial statements on the going concern basis 
unless it is inappropriate to presume that the group and the 
parent company will continue in business
the directors are responsible for keeping adequate accounting 
records that are sufficient to show and explain the parent 
company’s transactions and disclose with reasonable accuracy 
at any time the financial position of the parent company and 
enable them to ensure that its financial statements comply with 
the companies act 2006 they have general responsibility for 
taking such steps as are reasonably open to them to safeguard 
the assets of the group and to prevent and detect fraud and 
other irregularities
under applicable law and regulations the directors are also 
responsible for preparing a directors’ report directors’ 
remuneration report and corporate governance statement that 
comply with that law and those regulations
the directors are responsible for the maintenance and integrity 
of the corporate and financial information included on the 
company’s website legislation in the uk governing the 
preparation and dissemination of financial statements may differ 
from legislation in other jurisdictions
we confirm that to the best of our knowledge
 the financial statements prepared in accordance with ifrss 
as adopted by the eu and applicable law give a true and 
fair view of the assets liabilities financial position and profit 
or loss of the company and its subsidiaries included in the 
consolidation taken as a whole and
 the directors’ report includes a fair review of the development 
and performance of the business and the position of the 
company and its subsidiaries included in the consolidation 
taken as a whole together with a description of the principal 
risks and uncertainties that they face
on behalf of the board
mark belton
group finance director  company secretary
statement of directors’ responsibilities
in respect of the annual report and the financial statements
71
trifast plc annual report 2013
stock code tri “the directors’ focus 
remains on capital 
growth through 
investment in the 
business and increasing 
roce the return to a 
progressive dividend 
stream has also been 
a priority for the board 
since its formation 
in 2009”
mark belton
group finance director
 
go to our website to see our 
corporate video
committed to the pursuit of
shareholder value which includes
further ‘bottomline’ growth for
the foreseeable future
our financials
72 thinking locally operating globally
£101  13m
total
assets £6042m
shareholder
equity £1055m
net cash
balances
read our press releases online at  
wwwtrifastcom
73 we have audited the financial statements of trifast plc for 
the year ended 31 march 2013 set out on pages 75 to 114 
the financial reporting framework that has been applied in 
their preparation is applicable law and international financial 
reporting standards ifrss as adopted by the eu and as 
regards the parent company financial statements as applied in 
accordance with the provisions of the companies act 2006
this report is made solely to the company’s members as a 
body in accordance with chapter 3 of part 16 of the companies 
act 2006 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 auditor’s 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
as explained more fully in the directors’ responsibilities 
statement set out on page 71 the directors are responsible 
for the preparation of the financial statements and for being 
satisfied that they give a true and fair view our responsibility is 
to audit and express an opinion on the financial statements 
in accordance with applicable law and international standards 
on auditing uk and ireland those standards require us to 
comply with the auditing practices board’s ethical standards for 
auditors
scope of the audit of the financial statements
a description of the scope of an audit of financial statements  
is provided on the financial reporting council’s website at  
wwwfrcorgukauditscopeukprivate
 
opinion on financial statements
in our opinion
 the financial statements give a true and fair view of the state of 
the group’s and of the parent company’s affairs as at  
31 march 2013 and of the group’s profit for the year ended 
and
 the group financial statements have been properly prepared in 
accordance with ifrss as adopted by the eu and 
 the parent company financial statements have been properly 
prepared in accordance with ifrss as adopted by the eu 
and as applied in accordance with the provisions of the 
companies act 2006 and 
 the financial statements have been prepared in accordance 
with the requirements of the companies act 2006 and as 
regards the group financial statements article 4 of the ias 
regulation
opinion on other matters prescribed by the  
companies act 2006
in our opinion
 the part of the directors’ remuneration report to be 
audited has been properly prepared in accordance with the 
companies act 2006 and
 the information given in the directors’ report for the financial 
year for which the financial statements are prepared is 
consistent with the financial statements
matters on which we are required to report by exception
we have nothing to report in respect of the following
under the companies act 2006 we are required to report to you 
if in our opinion
 adequate accounting records have not been kept by the 
parent company or returns adequate for our audit have not 
been received from branches not visited by us or
 the parent company financial statements and the part of 
the directors’ remuneration report to be audited are not in 
agreement with the accounting records and returns or
 certain disclosures of directors’ remuneration specified by law 
are not made or
 we have not received all the information and explanations we 
require for our audit or
 a corporate governance statement has not been prepared by 
the company
under the listing rules we are required to review
 the directors’ statement set out on page 71 in relation to 
going concern 
 the part of the corporate governance statement on pages 
6163 relating to the company’s compliance with the nine 
provisions of the uk corporate governance code specified 
for our review and
 certain elements of the report to shareholders by the board 
on directors’ remuneration
 
alex sanderson
senior statutory auditor
for and on behalf of kpmg audit plc 
statutory auditor
chartered accountants
24 june 2013
independent auditor’s report 
to the members of trifast plc
74
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stock code tri
trifast plc annual report 2013  note
2013
£000
2012
£000
continuing operations
revenue 3 121544 112510
cost of sales 89969 83680
gross profit 31575 28830
other operating income 4 486 209
distribution expenses 2732 2220
administrative expenses before separately disclosed items 21358 21190
ifrs2 charge 2 22 91 227
intangible amortisation 2 12 331 281
acquisition expenses 2 – 391
restructuring costscredit 2 389 656
total administrative expenses 22169 21433
operating profit 5 6 7 7160 5386
financial income 8 45 42
financial expenses 8 763 669
net financing costs 718 627
profit before tax 2 3 6442 4759
taxation 9 1734 1597
profit for the period 
attributable to equity shareholders of the parent company 4708 3162
earnings per share total
basic 25 439p 345p
diluted 25 418p 325p
the notes on pages 81 to 114 form part of these financial statements
consolidated income statement
for year ended 31 march 2013
75
trifast plc annual report 2013
stock code tri group
2013 
£000
2012 
£000
profit for the year 4708 3162
other comprehensive income
 foreign currency translation differences 2167 27
other comprehensive income recognised directly in equity net of income tax 2167 27
total comprehensive income recognised for the year
attributable to the equity shareholders of the parent company 6875 3135
statement of comprehensive income
for year ended 31 march 2013
76
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stock code tri
trifast plc annual report 2013 share 
capital
£000
share 
premium
£000
translation 
reserve
£000
retained 
earnings
£000
total 
equity
£000
balance at 31 march 2012 5343 18263 9804 20078 53488
total comprehensive income for the year
 profit for the year – – – 4708 4708
other comprehensive income
 foreign currency translation differences – – 2167 – 2167
total other comprehensive income – – 2167 – 2167
total comprehensive income recognised for the year – – 2167 4708 6875
transactions with owners recorded directly in equity
issue of share capital 69 164 – – 233
share based payment transactions – – – 360 360
dividends – – – 534 534
total transactions with owners 69 164 – 174 59
balance at 31 march 2013 5412 18427 11971 24612 60422
consolidated statement of changes in equity
for year ended 31 march 2012
share 
capital
£000
share 
premium
£000
translation 
reserve
£000
retained 
earnings
£000
total 
equity
£000
balance at 31 march 2011 4262 12167 9831 16585 42845
total comprehensive income for the year
 profit for the year – – – 3162 3162
other comprehensive income
 foreign currency translation differences – – 27 – 27
total other comprehensive income – – 27 – 27
total comprehensive income recognised for the year – – 27 3162 3135
transactions with owners recorded directly in equity
issue of share capital 1081 6096 – – 7177
share based payment transactions – – – 331 331
total transactions with owners 1081 6096 – 331 7508
balance at 31 march 2012 5343 18263 9804 20078 53488
consolidated statement of changes in equity
for year ended 31 march 2013
77
trifast plc annual report 2013
stock code tri company statement of changes in equity
for year ended 31 march 2013
share 
capital
£000
share 
premium
£000
merger 
reserve
£000
retained 
earnings
£000
total 
equity
£000
balance at 31 march 2012 5343 18263 1521 4048 29175
total comprehensive income for the year
 loss for the year – – – 674 674
total comprehensive loss recognised for the year – – – 674 674
transactions with owners recorded directly in equity
issue of share capital 69 164 – – 233
share based payment transactions – – – 268 268
dividends – – – 534 534
total transactions with owners 69 164 – 266 33
balance at 31 march 2013 5412 18427 1521 3108 28468 
company statement of changes in equity
for year ended 31 march 2012
share 
capital
£000
share 
premium
£000
merger 
reserve
£000
retained 
earnings
£000
total 
equity
£000
balance at 31 march 2011 4262 12167 1521 4532 22482
total comprehensive income for the year
 loss for the year – – – 799 799
total comprehensive loss recognised for the year – – – 799 799
transactions with owners recorded directly in equity
issue of share capital 1081 6096 – – 7177
share based payment transactions – – – 315 315
total transactions with owners 1081 6096 – 315 7492
balance at 31 march 2012 5343 18263 1521 4048 29175
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stock code tri
trifast plc annual report 2013 group company
note
2013 
£000
2012
£000
2013
£000
2012
£000
noncurrent assets
property plant and equipment 10 11 13360 13292 2457 2510
intangible assets 12 13 18366 17869 – –
equity investments 14 – – 33551 33551
deferred tax assets 15 16 966 1256 436 361
total noncurrent assets 32692 32417 36444 36422
current assets
stocks 17 30439 30517 – –
trade and other receivables 18 27248 26295 1422 1152
cash and cash equivalents 19 26 10750 12612 154 1081
total current assets 68437 69424 1576 2233
total assets 3 101129 101841 38020 38655
current liabilities
bank overdraft 19 26 195 814 6048 5042
other interestbearing loans and borrowings 20 26 11334 14520 – 999
trade and other payables 21 21029 23035 3396 3439
tax payable 1424 1420 – –
provisions 23 700 1157 104 –
total current liabilities 34682 40946 9548 9480
noncurrent liabilities
other interestbearing loans and borrowings 20 26 4418 5688 – –
provisions 23 701 882 – –
deferred tax liabilities 15 16 906 837 4 –
total noncurrent liabilities 6025 7407 4 –
total liabilities 3 40707 48353 9552 9480
net assets 60422 53488 28468 29175
equity 
share capital 5412 5343 5412 5343
share premium 18427 18263 18427 18263
reserves 11971 9804 1521 1521
retained earnings 24612 20078 3108 4048
total equity 60422 53488 28468 29175
the notes on pages 81 to 114 form part of these financial statements
these financial statements were approved by the board of directors on 24 june 2013 and were signed on its behalf by
malcolm diamond mbe
director
james barker
director
statements of financial position
at 31 march 2013
79
trifast plc annual report 2013
stock code tri statements of cash flows
for year ended 31 march 2013
note
group company
2013 
£000
2012
£000
2013
£000
2012
£000
cash flows from operating activities
profitloss for the year 4708 3162 674 799
adjustments for
 depreciation amortisation and impairment 1586 1043 56 56
 financial income 45 42 36 2
 financial expense 763 669 50 90
  gain on sale of property plant and equipment  
and investments 14 14 – –
 dividends received – – 1619 874
 equity settled sharebased payment charge 91 227 76 156
 taxation 1734 1597 108 33
operating cash inflowoutflow before changes 
in working capital and provisions 8823 6642 2039 1406
change in trade and other receivables 183 600 77 135
change in stocks 839 1663 – –
change in trade and other payables 969 331 43 206
change in provisions 638 1492 104 –
cash generated fromused in operations 7872 4418 2055 1335
tax paid 1427 678 178 87
net cash fromused in operating activities 6445 3740 2233 1422
cash flows from investing activities
proceeds from sale of property plant and equipment 18 272 – –
interest received 45 42 36 2
acquisition of subsidiary net of cash acquired 1389 10455 – –
increase in subsidiary investment 14 – – – 5477
acquisition of property plant and equipment 10 11 869 653 3 –
dividends received – – 1617 874
net cash used infrom investing activities 2195 10794 1650 4601
cash flows from financing activities
proceeds from the issue of share capital 233 7177 233 7177
proceeds from new loan 20 26 – 7483 – –
repayment of borrowings 20 26 4707 2276 999 1334
payment of finance lease liabilities 20 26 178 52 – –
dividends paid 534 – 534 –
interest paid 763 669 50 90
net cash used infrom financing activities 5949 11663 1350 5753
net change in cash and cash equivalents 1699 4609 1933 270
cash and cash equivalents at 1 april 19 11798 7140 3961 3691
effect of exchange rate fluctuations on cash held 456 49 – –
cash and cash equivalents at 31 march 19 10555 11798 5894 3961
the notes on pages 81 to 114 form part of these financial statements
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trifast plc annual report 2013 1 accounting policies 
a significant accounting policies
trifast plc ‘the company’ is a company incorporated in the united kingdom the registered office details are on the ibc
the group financial statements consolidate those of the company and its subsidiaries together referred to as the group the 
parent company financial statements present information about the company as a separate entity and not about its group the 
loss after tax for the company is £067 million 2012 £080m
statement of compliance
both the parent company financial statements and the group financial statements have been prepared and approved by the 
directors in accordance with international financial reporting standards as adopted by the eu ‘adopted ifrss’ except as 
explained below
on publishing the parent company financial statements here together with the group financial statements the company 
is taking advantage of the exemption in s408 of the companies act 2006 not to present its individual consolidated income 
statement and related notes that form a part of these approved financial statements
the accounting policies set out below have unless otherwise stated been applied consistently to all periods presented in these 
group and parent company financial statements 
ifrs not yet applied
the iasb and ifric have issued a number of standards and interpretations with an effective date after the date of these financial 
statements the following are those standards and interpretations that it is expected may have an impact on the group’s 
financial statements
presentation of items of other comprehensive income – amendments to ias 1
 the amendments require that an entity present separately the items of oci that may be reclassified to profit or loss in the 
future from those that would never be reclassified to profit or loss they also preserve the existing option to present the profit 
or loss and other comprehensive income in two statements the standard was endorsed on 5 june 2012 and the impact is 
not expected to be material
annual improvements to ifrss – 20092011 cycle – this cycle of improvements contains amendments to
 ifrs 1 firsttime adoption of ifrss – repeated application of ifrs 1 and borrowing cost exemption
 ias 1 presentation of financial statements – comparative information beyond minimum requirements and presentation of the 
opening statement of financial position and related notes
 ias 16 property plant and equipment – classification of servicing equipment
 ias 32 financial instruments presentation – income tax consequences of distributions
 ias 34 interim financing reporting – segment assets and liabilities
this was endorsed on 27 march 2013 and the impact is not expected to be material
b basis of preparation
the financial statements are prepared in sterling rounded to the nearest thousand they are prepared on the historical cost 
basis with the exception of certain items which are measured at fair value as disclosed in the accounting policies below
the preparation of the financial statements requires management to make judgements estimates and assumptions that affect 
the application of policies and reported amounts of assets and liabilities income and expenses actual results may differ from 
these estimates
the estimates and underlying assumptions are reviewed on an ongoing basis revisions to accounting estimates are recognised 
in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future 
periods if the revision affects current and future periods
notes forming part of the financial statements
81
trifast plc annual report 2013
stock code tri notes forming part of the financial statements continued
1 accounting policies continued
judgements made by management in the application of ifrs that have significant effect on the financial statements and 
estimates with a significant risk of material adjustment in the next year are discussed in note 31
a review of the business activity and future prospects of the group are covered in the executive chairman’s and ceo’s 
statement and the directors’ business review the financial position of the group its cash flows liquidity position and 
borrowing facilities are described in the finance review detailed information regarding the group’s current facility levels liquidity 
risk and maturity dates are provided in note 26
current trading and forecasts show that the group will continue to be profitable and generate cash the banking facilities and 
covenants that are in place provide appropriate headroom against our forecasts
on 31 december 2012 the company term loan was fully repaid on 23 april 2013 the company secured a three year £500 
million multicurrency revolving credit facility this is in addition to the asset based lending facility which was increased to a 
maximum £1830 million availability discussions with our existing bankers confirm that they have no reason not to continue in 
the ordinary course of business to provide funding facilities to the company on the current basis the asian term loan of £750m 
s1510m taken out in december 2011 to facilitate the purchase of psep is being repaid quarterly with the final repayment 
in december 2016 current forecasts show that the group has sufficient liquidity and headroom to continue to operate within 
these facilities
considering the current forecasts the directors have a reasonable expectation that the group has adequate resources to 
continue in operational existence for the foreseeable future thus they continue to adopt the going concern basis of accounting 
in preparing the annual financial statements
c basis of consolidation
i subsidiaries
subsidiaries are entities controlled by the group control exists when the group has the power directly or indirectly to govern 
the financial and operating policies of an entity so as to obtain benefits from its activities in assessing control potential voting 
rights that are currently exercisable or convertible are taken into account the financial statements of subsidiaries are included in 
the consolidated financial statements from the date that control commences until the date that control ceases
ii transactions eliminated on consolidation
intragroup balances and any unrealised gains and losses or income and expenses arising from intragroup transactions are 
eliminated in preparing the consolidated financial statements
d foreign currency
i foreign currency transactions
transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction monetary 
assets and liabilities denominated in foreign currencies at the balance sheet date are translated to sterling at the foreign 
exchange rate ruling at that date foreign exchange differences arising on translation are recognised in the consolidated income 
statement nonmonetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated 
using the exchange rate at the date of the transaction 
ii financial statements of foreign operations
the assets and liabilities of foreign operations including goodwill and fair value adjustments arising on consolidation are 
translated to sterling at foreign exchange rates ruling at the balance sheet date the revenues and expenses of foreign 
operations are translated to sterling at average rates of exchange for the period where this rate approximates to the foreign 
exchange rates ruling at the dates of the transactions
foreign exchange differences arising on retranslation are recognised directly in a separate component of equity the translation 
reserve they are released into the income statement upon disposal
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trifast plc annual report 2013 1 accounting policies continued
e hedge of net investment in foreign operations
the portion of the gain or loss on an instrument used to hedge a net investment in a foreign operation that is determined to be 
an effective hedge is recognised directly in equity in the translation reserve the ineffective portion is recognised immediately in 
the income statement the effective portion is recycled and recognised in the income statement upon disposal of the operation
f property plant and equipment
i owned assets
property plant and equipment are stated at cost or deemed cost less accumulated depreciation see below and impairment 
losses see accounting policy l
certain items of property plant and equipment that had been revalued to fair value on or prior to 1 april 2004 the date of 
transition to adopted ifrs are measured on the basis of deemed cost being the revalued amount at the date of transition
ii depreciation
depreciation is charged to the income statement on a straightline basis over the estimated useful lives of each part of an item of 
property plant and equipment land is not depreciated the depreciation rates are as follows
freehold and long leasehold buildings – 2 per annum on a straightline basis or the period of the lease
short leasehold properties – period of the lease
motor vehicles – 2025 on a straightline basis
plant and machinery – 1020 per annum on a straightline basis
fixtures fittings and office equipment – 1025 per annum on a straightline basis
when parts of an item of property plant and equipment have different useful lives those components are accounted for as 
separate items of property plant and equipment where relevant residual values are reassessed annually
iii leased assets
the rental charges on assets held under operating leases are taken to the profit and loss account on a straightline basis over 
the life of the lease
leases in which the group assumes substantially all the risks and rewards of ownership of the leased asset are classified as 
finance leases where land and buildings are held under leases the accounting treatment of the land is considered separately 
from that of the buildings leased assets acquired by way of finance lease are stated at an amount equal to the lower of their fair 
value and the present value of the minimum lease payments at inception of the lease less accumulated depreciation and less 
accumulated impairment losses lease payments are accounted for as described in note s
iv subsequent costs
the group recognises in the carrying amount of an item of property plant and equipment the cost of replacing part of such an 
item when that cost is incurred if it is probable that the future economic benefits embodied within the item will flow to the group 
and the cost of the item can be measured reliably all other costs are recognised in the income statement as an expense is 
incurred
g intangible assets
i goodwill
all business combinations are accounted for by applying the purchase method in respect of business acquisitions that have 
occurred since 1 april 2004 goodwill represents the difference between the cost of the acquisition and the fair value of the 
net identifiable assets acquired identifiable intangibles are those which can be sold separately or which arise from legal rights 
regardless of whether those rights are separable
positive goodwill arising on acquisitions is stated at cost less any accumulated impairment losses goodwill is allocated to cash
generating units and is not amortised but is tested annually for impairment see accounting policy l 
83
trifast plc annual report 2013
stock code tri notes forming part of the financial statements continued
1 accounting policies continued
goodwill arising on acquisitions before 1 april 1998 was written off to reserves in the year of acquisition under ifrs1 and 
ifrs3 this goodwill will now remain eliminated against reserves goodwill arising on acquisitions after 1 april 1998 but before  
31 march 2004 is included on the basis of its deemed cost which represents the amortised amount recorded under uk gaap 
as at 31 march 2004 the classification and accounting treatment of business combinations that occurred prior to 1 april 2004 
has not been reconsidered in preparing the group’s year end balance sheets
decreases in goodwill resulting from the non payment of contingent consideration are recognised in the period when non 
payment occurs
negative goodwill arising on an acquisition is recognised directly in profit or loss
ii other intangible assets
intangible assets other than goodwill that are acquired by the group are stated at cost less accumulated amortisation see 
below and impairment losses see accounting policy l 
expenditure on internally generated goodwill and brands is recognised in profit or loss as an expense as incurred
iii subsequent expenditure
subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits 
embodied in the specific asset to which it relates all other expenditure is expensed as incurred
iv amortisation
amortisation is charged to the consolidated income statement on a straightline basis over the estimated useful lives of 
intangible assets unless such lives are indefinite goodwill and intangible assets with an indefinite useful life are tested 
systematically for impairment at each annual balance sheet date
the amortisation rates of other intangibles are as follows
customer relationships – 83 to 125 per annum
h investments in subsidiaries
investments in subsidiaries are held in the company balance sheet at historic cost net of any impairment
i trade and other receivables
trade and other receivables are stated at their fair value and subsequently at cost less impairment losses see accounting  
policy l
j stocks
stocks are stated at the lower of cost and net realisable value with provision being made for obsolete and slowmoving items 
in determining the cost of raw materials consumable and goods purchased for resale a firstin firstout purchase price is used 
and includes expenditure incurred in acquiring the stocks and bringing them to their existing location and condition for work 
in progress and finished goods manufactured by the group cost is taken as production cost which includes an appropriate 
proportion of attributable overheads based on normal operating capacity
k cash and cash equivalents
cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less 
bank overdrafts that are repayable on demand and form an integral part of the group’s cash management are included as a 
component of cash and cash equivalents only for the purpose of the statement of cash flows
l impairment
the carrying amounts of the group’s assets other than stocks see accounting policy j and deferred tax assets see accounting 
policy t are reviewed at each balance sheet date to determine whether there is any indication of impairment if any such 
indication exists the asset’s recoverable amount is estimated see accounting policy li 
84
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trifast plc annual report 2013 1 accounting policies continued
financial assets are considered to be impaired if objective evidence indicates that one or more events has had a negative effect 
on the estimated future cashflows of that asset
for goodwill and other intangible assets that have an indefinite useful life the recoverable amount is estimated at each annual 
balance sheet date
an impairment loss is recognised whenever the carrying amount of an asset or its cashgenerating unit exceeds its recoverable 
amount impairment losses are recognised in the consolidated income statement unless the asset is recorded at a revalued 
amount in which case it is treated as a revaluation decrease
impairment losses recognised in respect of cashgenerating units are allocated first to reduce the carrying amount of any 
goodwill allocated to cashgenerating units and then to reduce the carrying amount of the other assets in the unit on a pro rata 
basis a cash generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent 
of the cash inflows from other assets or groups of assets
i calculation of recoverable amount
the recoverable amount is the greater of net selling price and value in use in assessing value in use the estimated future cash 
flows are discounted to their present value using a pretax discount rate that reflects current market assessments of the time 
value of money and the risks specific to the asset for an asset that does not generate largely independent cash inflows the 
recoverable amount is determined for the cash generating unit to which the asset belongs
ii reversals of impairment
an impairment loss in respect of goodwill is not reversed an impairment loss on any other asset is reversed only to the extent 
that the asset’s carrying amount does not exceed the carrying amount that would have been determined net of depreciation or 
amortisation if no impairment loss had been recognised 
m share capital – dividends
dividends to the company’s shareholders are recognised as a liability and deducted from shareholders’ equity in the period in 
which the shareholders’ right to receive payment is established
n  interestbearing borrowings
interestbearing borrowings are recognised initially at fair value where existing facilities are extinguished rather than modified 
arrangement fees and related costs are expensed in full in the income statement as incurred subsequent to initial recognition 
interestbearing borrowings are stated at amortised cost
o employee benefits
i defined contribution plans
the group operates defined contribution pension schemes which include stakeholder pension plans the assets of these 
schemes are held separately from those of the group in independently administered funds the amount charged against profits 
represents the contributions payable to the schemes in respect of the accounting period
ii sharebased payment transactions
the share option programme allows group employees to acquire shares of the parent company the fair value of options 
granted is recognised as an employee expense with a corresponding increase in equity the fair value is measured at grant date 
and spread over the period during which the employees become unconditionally entitled to the options the fair value of the 
options granted is measured using black scholes binomial lattice and monte carlo models taking into account the terms and 
conditions upon which the options were granted the amount recognised as an expense is adjusted to reflect the actual number 
of share options that vest except where forfeiture is only due to share prices not achieving the threshold for vesting ifrs2 has 
been applied in accordance with ifrs1 to equity settled share options granted after 7 november 2002 and not vested at  
1 april 2005
85
trifast plc annual report 2013
stock code tri notes forming part of the financial statements continued
1 accounting policies continued
iii termination benefits
termination benefits are recognised as an expense when the group is demonstrably committed without realistic possibility of 
withdrawal to a formal plan to terminate employment before the normal retirement date
p provisions
a provision is recognised in the balance sheet when the group has a present legal or constructive obligation as a result of 
a past event and it is probable that an outflow of economic benefits will be required to settle the obligation if the effect is 
material provisions are determined by discounting the expected future cash flows at a pretax rate that reflects current market 
assessments of the time value of money and when appropriate the risks specific to the liability
i restructuring
a provision for restructuring is recognised when the group has approved a detailed and formal restructuring plan and the 
restructuring has either commenced or has been announced publicly future operating costs are not provided for
ii dilapidations
a provision for dilapidations is recognised when expected costs become more likely than not and can be estimated reliably
iii onerous contracts
a provision for onerous contracts is recognised when the expected benefits to be derived by the group from a contract are 
lower than the unavoidable cost of meeting its obligations under the contract the provision is measured at the present value of 
the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract
q trade and other payables
trade and other payables are stated at cost
r revenue
revenue from the sale of goods rendered is recognised net of vat in the consolidated income statement when the significant 
risks and rewards of ownership have been transferred to the buyer in accordance with normal practice this will be on dispatch 
of goods
s expenses
i operating lease payments
payments made under operating leases are recognised in the consolidated income statement on a straightline basis over the 
term of the lease lease incentives received are recognised in the consolidated income statement as an integral part of the total 
lease expense
ii  finance lease payments
minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability the finance 
charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining 
balance of the liability
iii net financing costs
net financing costs comprise interest payable on borrowings calculated using the effective interest rate method and interest 
receivable on funds invested interest income is recognised in the consolidated income statement as it accrues using the 
effective interest method net finance costs also include arrangement fees and related costs recognised in line with accounting 
policy n
t taxation
tax on the profit or loss for the periods presented comprises current and deferred tax tax is recognised in the consolidated 
income statement except to the extent that it relates to items recognised directly in equity in which case it is recognised in 
equity
current tax is the expected tax payable on the taxable income for the year using tax rates enacted or substantively enacted at 
the balance sheet date and any adjustment to tax payable in respect of previous years
86
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trifast plc annual report 2013 1 accounting policies continued
deferred tax is provided using the balance sheet liability method providing for temporary differences between the carrying 
amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes the following 
temporary differences are not provided for the initial recognition of goodwill not deductible for tax purposes the initial 
recognition of assets or liabilities that affect neither accounting nor taxable profit and differences relating to investments in 
subsidiaries to the extent that they will probably not reverse in the foreseeable future the amount of deferred tax provided 
is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities using tax rates 
enacted or substantively enacted at the balance sheet date
a deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which 
the asset can be utilised deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit 
will be realised
additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the 
related dividend information as to the calculation of income tax on the profit or loss for the period presented is included in note 9
u operating segment reporting
a segment is a distinguishable component of the group that is engaged in providing products or services within a particular 
geographical economic environment whose operating results are reviewed regularly by the group’s chief operating decision 
maker the board in order to allocate resources and assess its performance and for which discrete financial information is 
available 
the group operates in a number of geographical economic environments the company only operates in one business 
segment being the manufacture and logistical supply of industrial fasteners and category ‘c’ components
v financial guarantee contracts
where the company enters into financial guarantee contracts to guarantee the indebtedness of other companies within its 
group the company considers these to be insurance arrangements and accounts for them as such in this respect the 
company treats the guarantee contract as a contingent liability until such time as it becomes probable that the company will be 
required to make a payment under the guarantee
w earnings per share
the group presents basic and diluted earnings per share eps data for its ordinary shares basic eps is calculated by dividing 
the profit or loss attributable to ordinary shareholders of the company by the weighted average number of ordinary shares 
outstanding during the period diluted eps is determined by adjusting the profit or loss attributable to ordinary shareholders 
and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares which 
comprise share options granted to employees
x underlying measure of profits and losses
the group believes that underlying operating profit and underlying profit before tax provide additional guidance to statutory 
measures to help understand the underlying performance of the business during the financial period the term underlying is not 
defined under international financial reporting standards it is a measure that is used by management to assess the underlying 
performance of the business internally and is not intended to be a substitute measure for adopted ifrss’ gaap measures the 
group defines these underlying measures as follows
underlying operating profit is profit before taxation and separately disclosed items see note 2
underlying earnings used in the calculation of underlying earnings per share is profit after tax excluding separately disclosed 
items
it should be noted that the definitions of underlying items being used in these financial statements are those used by the group 
and may not be comparable with the term ’underlying’ as defined by other companies within both the same sector or elsewhere
separately disclosed items are included within the income statement caption to which they relate
87
trifast plc annual report 2013
stock code tri notes forming part of the financial statements continued
1 accounting policies continued
y separately disclosed items see note 2
separately disclosed items are those significant items which in management’s judgement should be highlighted by virtue of their 
size or incidence to enable a full understanding of the group’s financial performance
2 underlying profit and separately disclosed items
note
2013
£000
2012
£000
underlying profit before tax 7253 5002
separately disclosed items within administrative expenses
 ifrs 2 sharebased payment charge 91 227
 intangible amortisation 12 331 281
 acquisition expenses – 391
 restructuring costscredits 389 656 
profit from continuing operations before tax 6442 4759
of the 2013 restructuring costs £019 million refers to redundancy payments and associated costs in relation to compensation 
for loss of office for seamus murphy following his departure from the board on 31 january 2013 the remaining balance of 
£020m are further redundancies within the uk to drive the ongoing efficiencies
the 2012 acquisition expenses were predominantly legal and accountancy fees in relation to due diligence required in the 
purchase of the malaysian company powersteel  electroplating works sdn bhd psep in december 2011
the 2012 restructuring credit of £066 million comprised £084 million of provision releases in respect of onerous leases that had 
been surrendered with potential liabilities up to 2017 the costs in relation to this had previously been provided and separately 
disclosed this was offset by £018 million costs incurred to close one of our sites in the us the majority of these costs refer to 
redundancies and an onerous lease
3 operating segmental analysis
segment information as discussed in note 1 is presented in the consolidated financial statements in respect of the group’s 
geographical segments this reflects the group’s management and internal reporting structure and the operating basis on 
which individual operations are reviewed by the chief operating decision maker the board
performance is measured based on segment underlying profit before finance costs and income tax as included in the internal 
management reports that are reviewed by the chief operating decision maker this is used to measure performance as 
management believes that such information is the most relevant in evaluating the results of certain segments relative to other 
entities that operate within the industry 
intersegment pricing is determined on an arm’s length basis
segment results assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a 
reasonable basis 
segment capital expenditure is the total cost incurred during the period to acquire segment assets that are expected to be used 
for more than one period
geographical operating segments
the group is comprised of the following main geographical operating segments
uk
mainland europe includes norway sweden hungary ireland holland and poland
usa includes usa and mexico
asia includes malaysia china singapore taiwan thailand and india
88
of service innovation
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stock code tri
trifast plc annual report 2013 3 operating segmental analysis continued
in presenting information on the basis of geographical operating segments segment revenue and segment assets are based on 
the geographical location of our entities across the world and are consolidated into the four distinct geographical regions which 
the board use to monitor and assess the group
march 2013
uk
£000
mainland 
europe
£000
usa
£000
asia
£000
common 
costs
£000
total
£000
revenue
revenue from external 
customers 57258 22912 2519 38855 – 121544
inter segment revenue 1672 564 104 4253 – 6593
total revenue 58930 23476 2623 43108 – 128137
underlying operating result 4135 1108 295 4411 1978 7971
net financing costs 471 1 1 195 50 718
underlying segment result 3664 1107 294 4216 2028 7253
separately disclosed items  
see note 2 811
profit before tax 6442
specific disclosure items
depreciation and amortisation 140 49 15 1065 317 1586
assets and liabilities
segment assets 34071 10448 1362 51401 3847 101129
segment liabilities 22925 2817 150 13152 1663 40707
march 2012
uk
£000
mainland 
europe
£000
usa
£000
asia
£000
common 
costs
£000
total
£000
revenue
revenue from external 
customers 57782 21197 2409 31122 – 112510
inter segment revenue 1489 514 35 4052 – 6090
total revenue 59271 21711 2444 35174 – 118600
underlying operating result 2735 522 97 3764 1489 5629
net financing costs 487 – 1 51 88 627
underlying segment result 2248 522 96 3713 1577 5002
separately disclosed items  
see note 2 243
profit before tax 4759
specific disclosure items
depreciation and amortisation 177 38 18 645 318 1196
assets and liabilities
segment assets 35291 9229 1001 50327 5993 101841
segment liabilities 26396 3072 255 16048 2582 48353
89
trifast plc annual report 2013
stock code tri notes forming part of the financial statements continued
3 operating segmental analysis continued
there were no major customers that represent more than 10 of the revenue
there was no material difference in the uk europe mainland and usa regions between the external revenue based on location 
of the entities and the location of the customers of the asian external revenue £266 million 2012 £273m was sold into the 
american market and £564 million 2012 £481m sold into the european market 
revenue is derived solely from the manufacture and logistical supply of industrial fasteners and category ‘c’ components
4 other operating income
2013
£000
2012
£000
rental income received from sublets 166 49
other income 320 160
486 209
5 expenses and auditor’s remuneration
included in profit for the year are the following
note
2013
£000
2012
£000
depreciation 10 1255 915
amortisation of acquired intangibles 12 331 281
operating lease expense 1095 1137
forex loss 250 249
auditor’s remuneration 
2013
£000
2012
£000
audit of these financial statements 40 39
audit of financial statements of subsidiaries pursuant to legislation 147 140
services in relation to the acquisition of powersteel  electroplating works sdn bhd – 355
other services relating to taxation 36 38
other services supplied pursuant to such legislation 5 5
6 staff numbers and costs
the average number of persons employed by the group including directors during the year analysed by category was as 
follows
group
number of employees
2013 2012
office and management 92 81
manufacturing 271 239
sales 155 137
distribution 509 450
1027 907
90
of service innovation
years
stock code tri
trifast plc annual report 2013 6 staff numbers and costs continued
the aggregate payroll costs of these persons were as follows
group
2013
£000
2012
£000
wages and salaries including bonus 20382 19097
share based payments 91 227
social security costs 1605 1702
other pension costs see note 22 1425 1310
23503 22336
7 directors’ emoluments
2013
£000
2012
 £000
directors’ emoluments 1355 1435
compensation for loss of office 161 –
company contributions to money purchase pension plans 106 104
1622 1539
the emoluments of individual directors are shown in the remuneration report on page 70
the aggregate of emoluments of the highest paid director was £299000 2012 £327000 and company pension contributions 
of £nil 2012 £nil were made to a money purchase scheme on his behalf 
number of directors
2013 2012
retirement benefits are accruing to the following number of directors under 
money purchase schemes 4 4
the number of directors who exercised share options was 2 –
see page 66 of the remuneration report for more details
directors’ rights to subscribe for shares in the company are also set out in the remuneration report
8 financial income and expense
2013
£000
2012
£000
financial income 45 42
financial expenses
 interest payable on bank loans and hire purchase liabilities 763 669 
91
trifast plc annual report 2013
stock code tri notes forming part of the financial statements continued
9 taxation
recognised in the income statement
2013
£000
2012
£000
current uk tax expense
 current year 5 –
 double taxation relief – –
5 –
current tax on foreign income for the year 1192 1030
adjustments for prior years 114 60
1306 970
total current tax 1311 970
deferred tax expense note 15
 origination and reversal of temporary differences 434 705
 adjustments for prior years 11 78
423 627
tax in income statement 1734 1597
tax recognised directly in equity
2013
£000
2012
£000
current tax recognised directly in equity 69 –
deferred tax recognised in equity 160 103
total tax recognised in equity 229 103
reconciliation of effective tax rate ‘etr’ and tax expense
2013
£000
etr

2012
£000
etr

profit for the period 4708 3162
tax from continuing operations 1734 1597
profit before tax 6442 4759
tax using the uk corporation tax rate of 24 2012 26 1546 24 1237 26
tax suffered on dividends 174 3 102 2
nondeductible expenses 231 4 307 7
ifrs2 share option creditcharge 10 – 4–
deferred tax assets not recognised 184 3 287 6
different tax rates on overseas earnings 171 3 265 6
adjustments in respect of prior years 103 2 138 3
tax rate change 45 – 63 2
total tax in income statement 1734 27 1597 34
92
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trifast plc annual report 2013 9 taxation continued
the uk current tax expense was low during the period as the uk was able to utilise the remaining uk tax losses that it suffered 
during the previous years
on 21 march 2012 the chancellor announced a reduction in the main rate of uk corporation tax to 24 with effect from  
1 april 2012 on 3 july 2012 a further reduction in the uk corporation tax rate from 24 to 23 with effect from 1 april 2013 
became substantively enacted the effect of the rate reduction on the deferred tax balances as at 31 march 2013 has been 
included in the figures above 
 
on 20 march 2013 the chancellor announced proposed changes to further reduce the main rate of corporation tax to 20 by 
1 april 2015 the corporation tax rate reductions to 21 and 20 have not yet been substantively enacted and therefore are 
not included in the figures above 
 
it has not yet been possible to quantify the full anticipated effect of the announced further 3 rate reduction although this will 
further reduce the company’s future current tax charge and reduce the company’s deferred tax accordingly
10 property plant and equipment – group
land and
buildings
£000
leasehold
improvements
£000
plant and
equipment
£000
fixtures 
 fittings
£000
motor
vehicles
£000
total
£000
cost
balance at 1 april 2011 6396 682 10517 4020 217 21832
acquisition 4552 – 6399 573 103 11627
additions 5 205 306 137 – 653
disposals – 155 378 86 20 639
effect of movements in foreign exchange 41 4 51 24 2 110
balance at 31 march 2012 10912 736 16793 4620 302 33363
balance at 1 april 2012 10912 736 16793 4620 302 33363
additions 8 91 553 161 56 869
disposals – – 134 40 72 246
effect of movements in foreign exchange 344 44 653 49 14 1104
balance at 31 march 2013 11264 871 17865 4790 300 35090
depreciation and impairment
balance at 1 april 2011 1672 547 8579 3773 183 14754
acquisition 20 – 4476 467 33 4996
depreciation charge for the year 115 43 606 134 17 915
disposals – 138 300 77 18 533
effect of movements in foreign exchange – 3 43 23 2 61
balance at 31 march 2012 1807 455 13318 4274 217 20071
balance at 1 april 2012 1807 455 13318 4274 217 20071
depreciation charge for the year 175 58 867 119 36 1255
disposals – – 131 40 72 243
effect of movements in foreign exchange 49 16 515 57 10 647
balance at 31 march 2013 2031 529 14569 4410 191 21730
net book value
at 1 april 2011 4724 135 1938 247 34 7078
at 31 march 2012 9105 281 3475 346 85 13292
at 31 march 2013 9233 342 3296 380 109 13360
93
trifast plc annual report 2013
stock code tri notes forming part of the financial statements continued
10 property plant and equipment – group continued
included in the net book value of land and buildings are £778 million 2012 £771m of freehold land and buildings and  
£145 million 2012 £140m of long leasehold land and buildings
£1091 million 2012 £1095m of land and buildings have been recognised at a deemed cost that is equal to their fair value at 
transition date as allowable under ifrstransition rules 
included in the total net book value of plant and machinery is £058 million 2012 £068m in respect of assets held under 
finance leases and similar hire purchase contracts depreciation for the year on these assets was £012 million 2012 £007m
11 property plant and equipment – company
land and
 buildings
£000
fixtures 
 fittings
£000
total
£000
cost
balance at 1 april 2011 and 31 march 2012 3497 750 4247
additions –33
balance at 31 march 2013 3497 753 4250
depreciation and impairment 
balance at 1 april 2011 939 742 1681
depreciation charge for the year 54 2 56
balance at 31 march 2012 993 744 1737
balance at 1 april 2012 993 744 1737
depreciation charge for the year 54 2 56
balance at 31 march 2013 1047 746 1793
net book value
at 1 april 2011 2558 8 2566
at 31 march 2012 2504 6 2510
at 31 march 2013 2450 7 2457
included in the net book value of land and buildings are £245 million 2012 £250m of freehold land and buildings 
£350 million 2012 £350m of land and buildings have been recognised at a deemed cost that is equal to their fair value at 
transition date as allowable under ifrstransition rules
94
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trifast plc annual report 2013 12 intangible assets – group 
goodwill
£000
other
£000
total
£000
cost
balance at 1 april 2011 29728 2152 31880
acquisition 732 817 1549
effect of movements in foreign exchange 78 4 82
balance at 31 march 2012 30538 2973 33511
balance at 31 march 2012
fair value adjustment
30538
96
2973
–
33511
96
effect of movements in foreign exchange 928 55 983
balance at 31 march 2013 31562 3028 34590
amortisation and impairment 
balance at 1 april 2011 13863 1477 15340
amortisation for the year – 281 281
effect of movements in foreign exchange 21 – 21
balance at 31 march 2012 13884 1758 15642
balance at 1 april 2012 13884 1758 15642
amortisation for the year – 331 331
effect of movements in foreign exchange 246 5 251
balance at 31 march 2013 14130 2094 16224
net book value
at 1 april 2011 15865 675 16540
at 31 march 2012 16654 1215 17869
at 31 march 2013 17432 934 18366
other intangible assets are made up of customer relationships acquired as part of the acquisitions of serco ryan ltd and 
powersteel and electroplating works sdn bhd psep the remaining amortisation period left on these assets is 05 and 1075 
years respectively
the 2013 fair value adjustment relates to a psep deferred tax liability recognised upon revaluation of buildings performed prior 
to the acquisition in december 2011
there were £nil impairments made during 2013 2012 £nil
the following cash generating units have significant carrying amounts of goodwill
2013
£000
2012
£000
special fasteners engineering co ltd taiwan 10050 9423
tr fastenings ab sweden 1063 1063
lancaster fastener company ltd uk 1245 1245
serco ryan ltd within tr fastenings ltd uk 4083 4083
powersteel and electroplating works sdn bhd psep malaysia 887 736
other 104 104
17432 16654
95
trifast plc annual report 2013
stock code tri notes forming part of the financial statements continued
12 intangible assets – group continued
the group tests goodwill annually for impairment the recoverable amount of cash generating units is determined from value in 
use calculations
value in use was determined by discounting the future cashflows generated from the continuing use of the unit in this method 
the free cashflows after funding internal needs of the subject company are forecast for a finite period of five years based 
on actual operating results budgets and economic market research beyond the finite period a terminal residual value is 
estimated using an assumed stable cashflow figure 
the values assigned to the key assumptions represent management’s assessment of future trends in the fastenings market and 
are based on both external and internal sources of historical data
the table below highlights the key assumptions
taiwan uk sweden
2013 2012 2013 2012 2013 2012
pretax discount rate 17 16 16 16 16 16
longterm growth rate 4 4 3 3 2 2
longterm growth rate
five year management plans are used for the group’s value in use calculations longterm growth rate into perpetuity has been 
determined as the lower of
 — the nominal gdp rates for the country of operation and
 — the long term compound annual growth rate in ebitda in years six to ten estimated by management
pretax risk adjusted discount rate
the discount rate applied to the cash flows of each of the group’s operations is based on the risk free rate for ten year bonds 
issued by the government in the respective market adjusted for a risk premium to reflect both the increased risk of investing in 
equities and the systematic risk of the specific group operating company 
in making this adjustment inputs required are the equity market risk premium that is the increased return required over and 
above a risk free rate by an investor who is investing in the market as a whole and the risk adjustment beta applied to reflect 
the risk of the specific group operating company relative to the market as a whole
in determining the risk adjusted discount rate management has applied an adjustment for the systematic risk to each of the 
group’s operations determined using an average of the betas of comparable listed fastener distribution and manufacturing 
companies and where available and appropriate across a specific territory management has used a forwardlooking equity 
market risk premium that takes into consideration both studies by independent economists the average equity market risk 
premium over the past ten years and the market risk premiums typically used by investment banks in evaluating acquisition 
proposals
the table above discloses pre tax discount rates across the three cgu’s this takes into account certain components such as 
various discount rates reflecting different risk premiums and tax rates in the respective regions overall the board is confident 
the pretax adjusted discount rates adequately reflect the circumstances in each region and are in accordance with ias36
96
of service innovation
years
stock code tri
trifast plc annual report 2013 12 intangible assets – group continued
sensitivity to changes in assumptions
other than as disclosed below management believes that no reasonably possible change in any of the above key assumptions 
would cause the carrying value of any cash generating unit to exceed its recoverable amount
the estimated values in use at 31 march 2013 of the group’s operations in taiwan and sweden were £222 million and  
£145 million above their respective carrying value and consequently any material adverse change in key assumptions would  
in isolation cause an impairment loss to be recognised
the table below shows what the variables used in the ‘value in use’ calculations for taiwan and sweden need to change to  
in isolation in order for the estimated recoverable amount to be equal to its carrying value
taiwan sweden
pretax adjusted discount rate 190 230
budgeted change in ebit 134 299
longterm growth rate 18 0
other subsidiaries are not included in the calculation as their individual cash generating units show a significant headroom over 
the goodwill carrying value
the £063 million increase in the goodwill of sfe refers to a foreign exchange gain as the investment is held in singapore dollars 
within tr asia investment holdings pte ltd
the £015 million increase in the goodwill of psep comprises £010 million in respect of the restatement of the preacquisition 
reserves and £005 million refers to a foreign exchange gain as the investment is held in singapore dollars within tr asia 
investment holdings pte ltd
13 intangible assets – company
other
£000
cost
balance at 1 april 2011 and 31 march 2012 62
balance at 31 march 2013 62
amortisation and impairment 
balance at 1 april 2011 62
amortisation for the year –
balance at 31 march 2012 62
balance at 1 april 2012 62
amortisation for the year –
balance at 31 march 2013 62
net book value
at 1 april 2011 –
at 31 march 2012 –
at 31 march 2013 – 
97
trifast plc annual report 2013
stock code tri notes forming part of the financial statements continued
14 equity investments 
company – investments in subsidiaries
£000
cost
balance at 1 april 2011 35959
additions 5477
balance at 31 march 2012 and 31 march 2013 41436
provision
balance at 1 april 2011 and 1 april 2012 7885
balance at 31 march 2012 and 31 march 2013 7885
net book value
at 1 april 2011 28074
at 31 march 2012 33551
at 31 march 2013 33551
during 2012 £548 million was invested in trifast overseas holding ltd which passed the funds ultimately down to tr asia 
investment holdings pte ltd to acquire psep
details of principal subsidiary and associate undertakings country of registration and principal activity are included on page 114
15 deferred tax assets and liabilities – group
recognised deferred tax assets and liabilities 
deferred tax assets and liabilities are attributable to the following
 assets liabilities net
2013
£000
2012
£000
2013
£000
2012
£000
2013
£000
2012
£000
property plant and equipment 178 316 1113 915 935 599
intangible assets 10 10 56 99 46 89
stocks 389 284 – – 389 284
provisions 426 511 103 72 323 439
ifrs 2 317 117 – – 317 117
tax value of loss cfwd 12 267 – – 12 267
tax assetsliabilities 1332 1505 1272 1086 60 419
tax setoff 366 249 366 249 – –
net tax assetsliabilities 966 1256 906 837 60 419
a potential £102 million 2012 £151m deferred tax asset relating to tax losses at tr fastenings inc was not recognised on 
the grounds that recovery is uncertain in addition a potential £129 million 2012 £136m deferred tax asset relating to the 
company’s trapped management losses was not recognised on the grounds that recovery of these losses is uncertain
98
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stock code tri
trifast plc annual report 2013 15 deferred tax assets and liabilities – group continued
movement in deferred tax during the year
1 april 2012
£000
recognised
in income
£000
recognised
on
acquisitions
£000
recognised in
equity
£000
31 march 
2013
£000
property plant and equipment 599 211 96 29 935
intangible assets 89 43 – – 46
stocks 284 105 – – 389
provisions 439 119 – 3 323
ifrs 2 117 – – 200 317
tax value of loss cfwd 267 241 – 14 12
419 423 96 160 60
movement in deferred tax during the prior year
1 april 2011
£000
recognised
in income
£000
recognised 
on 
acquisitions
£000
recognised in
equity
£000
31 march 
2012
£000
property plant and equipment 76 90 765 – 599
intangible assets 175 86 – – 89
stocks 225 59 – – 284
provisions 339 26 72 2 439
ifrs 2 13 – – 104 117
tax value of loss cfwd 1158 888 – 3 267
1636 627 693 103 419
16 deferred tax assets and liabilities – company
recognised deferred tax assets and liabilities 
deferred tax assets and liabilities are attributable to the following
 assets liabilities net
2013
£000
2012
£000
2013
£000
2012
£000
2013
£000
2012
£000
property plant and equipment – 2 4 – 4 2
provisions 181 272 – – 181 272
ifrs 2 255 87 – – 255 87
tax assetsliabilities 436 361 4 – 432 361
a potential £129 million 2012 £136m deferred tax asset relating to the company’s trapped management losses was not 
recognised on the grounds that recovery of these losses is uncertain
99
trifast plc annual report 2013
stock code tri notes forming part of the financial statements continued
16 deferred tax assets and liabilities – company continued
movement in deferred tax during the year
1 april 2012
£000
recognised in
income
£000
recognised in
equity
£000
31 march
2013
£000
property plant and equipment 2 6 – 4
provisions 272 91 – 181
ifrs 2 87 – 168 255
361 97 168 432
movement in deferred tax during the prior year
1 april 2011
£000
recognised in
income
£000
recognised in
equity
£000
 31 march
2012
£000
property plant and equipment – 2 – 2
provisions 240 32 – 272
ifrs 2 – – 87 87
240 34 87 361
17 stocks
group
2013
£000
2012
£000
raw materials and consumables 3374 3741
work in progress 1460 1302
finished goods and goods for resale 25605 25474
30439 30517
18 trade and other receivables
group company
2013
£000
2012
£000
2013
£000
2012
£000
trade receivables 25872 24882 – –
non trade receivables and prepayments 1376 1413 6 13
amounts owed by subsidiary undertakings – – 1416 1139
27248 26295 1422 1152
19 cash and cash equivalentsbank overdrafts
group company
2013
£000
2012
£000
2013
£000
2012
£000
cash and cash equivalents per statement of financial position 10750 12612 154 1081
bank overdrafts per statement of financial position 195 814 6048 5042
cash and cash equivalents per cash flow statements 10555 11798 5894 3961
100
of service innovation
years
stock code tri
trifast plc annual report 2013 20 other interestbearing loans and borrowings
this note provides information about the contractual terms of the group and company’s interestbearing loans and borrowings 
for more information about the group and company’s exposure to interest rate and foreign currency risk see note 26
current noncurrent
initial loan value rate maturity
2013
£000
2012
£000
2013
£000
2012
£000
company
term loan £400m libor 375 2012 – 999 – –
– 999 – –
other group
asset based lending £1830m
maximum
base189
to 225 2014 9675 11804 – –
acquisition term loan 
s1511m fixed 314 2016 1604 1503 4411 5640
bankers acceptances 
myr 02m 364 2013 – 41 – –
finance lease liabilities various 201314 55 173 7 48
11334 13521 4418 5688
total group 11334 14520 4418 5688
finance lease liabilities
minimum 
lease 
payments
2013
£000
interest
2013
£000
principal
2013
£000
less than one year 55 1 54
between one and two years 716
62 2 60
in april 2013 the company negotiated a £500 million three year multicurrency revolving credit facility which is secured by 
corporate guarantees and debentures over the group’s uk entities
the asset based lending facility is secured over the receivables and stock of the group’s uk companies and the property of the 
company the amount available is dependent on the receivables and stock levels due to the revolving nature of this facility it is 
shown as current on the statement of financial position 
101
trifast plc annual report 2013
stock code tri notes forming part of the financial statements continued
21 trade and other payables
group company
2013
£000
2012
£000
2013
£000
2012
£000
trade payables 12851 13856 – –
amounts payable to subsidiary undertakings – – 2593 2590
nontrade payables and accrued expenses 7012 8206 782 848
other taxes and social security 1166 973 21 1
21029 23035 3396 3439
22 employee benefits
pension plans
defined contribution plans
the group operates a number of defined contribution pension plans which include stakeholder pension plans whose assets are 
held separately from those of the group in independently administered funds
the total expense relating to these plans in the current year was £143 million 2012 £131m and represents contributions 
payable by the group to the funds
at the end of the financial year there were outstanding pensions contributions of £009 million 2012 £009m which are 
included in creditors
sharebased payments
the group share options and share matching plans provide for a grant price equal to the average quoted market price of the 
group shares on the date of grant the vesting period is generally three years the options expire if they remain unexercised 
after the exercise period has lapsed furthermore options are forfeited if the employee leaves the group before the options vest 
unless for retirement redundancy or health reasons the options are equity settled
the number and weighted average exercise prices of share options are as follows
2013 2012
options
weighted 
average 
exercise 
price options
weighted 
average 
exercise
price
outstanding at beginning of year 8976859 013 8948751 013
granted during the year 525754 035 89942 045
forfeitedlapsed during the year 185621 035 61834 071
exercised during the year 1363202 017 ––
outstanding at the end of the year 7953790 013 8976859 013
exercisable at the end of the year 6047782 009 161592 037
the options outstanding at 31 march 2013 had a weighted average remaining contractual life of 52 years 2012 55 years and 
exercise prices ranging from £0085 to £0825 2012 £0085 to £0825
102
of service innovation
years
stock code tri
trifast plc annual report 2013 22 employee benefits continued
the fair value of services received in return for share options granted are measured by reference to the fair value of share options 
granted the estimate of the fair value of the services received is measured based on black scholes binominal lattice and 
monte carlo models the contractual life of the option is used as an input into this model 
options granted before september 2004 with the exception of saye can only be exercised if the company’s growth based on 
annualised earnings per share in the period or any three consecutive financial years after the grant exceeds rpi plus an average 
of 2 per annum options granted in september 2004 can only be exercisable where the company’s earnings per share growth 
is at least rpi plus 4 over the three year period from date of grant
the options granted in september 2009 are exercisable between september 2012 and september 2019 at an exercise price of 
£0085 per share they can only be exercised when the company’s share price has reached a minimum of £051 maintained as 
an average over the threemonth period preceding the notice of exercise and the company has achieved a minimum of 10 
roce
the only vesting conditions on all other options are detailed below
date of
grant
type of
instrument
valuation
model
no
out
standing
on
31 march
2013
share 
price
on date 
of
grant
£
exercise 
price
£
expected
volatility

vesting
period
yrs
expected
life
yrs
risk
free
rate

expected
 annual
dividend

fair
value
£
02072003 share options binomial 37000 0640 0650 4821 300 300 350 250 020
27092004 share options binomial 40000 0760 0730 3745 300 300 472 250 022
01102005 7 year saye binomial 2042 0710 0700 2881 700 700 433 250 021
15032005 share options binomial 7000 0830 0830 2924 300 300 485 250 013
01102006 saye 7 year binomial 2736 0600 0500 3985 700 700 466 300 030
01102007 saye 5 year binomial 9605 0740 0750 2926 500 500 500 339 017
01102007 saye 7 year binomial 6091 0740 0750 2926 700 700 506 339 020
01102008 saye 5 year binomial 36888 0370 0450 3402 500 500 417 767 004
01102008 saye 7 year binomial 17836 0370 0450 3402 700 700 431 767 004
30092009 share options monte carlo 5950000 0280 0085 5354 300 300 194 332 009
01102009 saye 3 year binomial 2135 0280 0170 4544 300 300 183 338 011
01102009 saye 5 year binomial 631141 0280 0170 4544 500 500 258 338 012
01102009 saye 7 year binomial 304327 0280 0170 4544 700 700 309 338 012
01102010 saye 3 year black scholes 210960 0370 0250 4786 300 300 111 136 016
01102010 saye 5 year black scholes 103824 0370 0250 4786 500 500 183 136 018
01102010 saye 7 year black scholes 11682 0370 0250 4786 700 700 243 136 020
01102011 saye 3 year black scholes 61764 0410 0450 5363 300 300 093 000 014
01102011 saye 5 year black scholes 8226 0410 0450 4764 500 500 151 000 017
01102011 saye 7 year black scholes 7920 0410 0450 4320 700 700 218 000 019
01102012 saye 3 year black scholes 418092 0460 0350 5363 300 300 079 109 018
01102012 saye 5 year black scholes 64281 0460 0350 4764 500 500 137 109 021
01102012 saye 7 year black scholes 20240 0460 0350 4320 700 700 193 109 024
expected volatility was determined by calculating the historical volatility of the group’s share price over one two and three years 
back from the date of grant the expected life used in the model has been adjusted based on management’s best estimate for 
the effects of nontransferability exercise restrictions and behavioural considerations
103
trifast plc annual report 2013
stock code tri notes forming part of the financial statements continued
22 employee benefits continued
the group recognised total charges of £009 million and £023 million in relation to equitysettled sharebased payment 
transactions in 2013 and 2012 respectively
as at 31 march 2013 outstanding options to subscribe for ordinary shares of 5p were as follows
grant dateemployees entitled
number of
instruments
contractual life of
options
020703  executive 37000 jul 2006 – jul 2013
270904  executive 40000 sep 2007 – sep 2014
150305  executive 7000 mar 2008 – mar 2015
011005  saye 2042 oct 2012
011006  saye 2736 oct 2013
011007  saye 15696 oct 2012 2014
011008  saye 54724 oct 2013 2015
011009  saye 937603 oct 2012 2014 2016
300910  executive 5950000 sep 2012 – sep 2019
011010  saye 326466 oct 2013 2015 2017
011011  saye 77910 oct 2014 2016 2018
011012  saye 502613 oct 2015 2017 2019
7953790
in accordance with ifrs 1 transitional provisions share option arrangements granted before 7 november 2002 have not been 
included in the ifrs 2 charge calculated
all options require continued employment from grant date to the later of vesting date or exercise date
23 provisions
group
restructuring
costs
£000
dilapidations
£000
total
£000
balance at 31 march 2012 988 1051 2039
provisions made during the year 298 – 298
provisions utilised during the year 836 100 936
balance at 31 march 2013 450 951 1401
the restructuring provision relates to redundancy payments as well as onerous leases arising from ‘rightsizing’ our portfolio of 
properties within the uk – see note 2
dilapidations relate to properties and will be utilised on vacation of the property
group
restructuring
costs
£000
dilapidations
£000
2013
total
£000
2012
total
£000
non current greater than 1 year – 701 701 882
current less than 1 year 450 250 700 1157
balance at 31 march 450 951 1401 2039
in respect of the company there are £010 million provisions 2012 £nil
104
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stock code tri
trifast plc annual report 2013 24 capital and reserves
capital and reserves – group and company
see statements of changes in equity on pages 77 to 78
the translation reserve comprises all foreign exchange differences arising from the translation of foreign operations as well as 
from the translation of liabilities that hedge the company’s net investment in foreign subsidiaries
the merger reserve has arisen under section 612 companies act 2006 and is a nondistributable reserve
share capital
number of 
ordinary shares
2013 2012
in issue at 1 april 106867708 85246086
shares issued 1363202 21621622
in issue at 31 march – fully paid 108230910 106867708
the fair value of the ordinary shares issued was based on a share price of 170 pence and a nominal value of 50 pence  
the total number of shares issued during the year was 1363202
2013
£000
2012
£000
authorised
ordinary shares of 5p each 10000 10000
allotted called up and fully paid
ordinary shares of 5p each 5412 5343
the holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per 
share at meetings of the company 
dividends
during the year the following dividends were declared and paid by the group
2013
£000
2012
£000
final paid 2012 – 050p 2011 nil p per qualifying ordinary share 534 –
interim paid 2013 – nil p 2012 nil p per qualifying ordinary share – –
534 –
after the balance sheet date a final dividend of 080p per qualifying ordinary share 2012 050p was proposed by the directors
2013
£000
2012
£000
final proposed 2013 – 080p 2012 050p per qualifying ordinary share 866 534
105
trifast plc annual report 2013
stock code tri notes forming part of the financial statements continued
25 earnings per share 
basic earnings per share
the calculation of basic earnings per share at 31 march 2013 was based on the profit attributable to ordinary shareholders of 
£471 million 2012 £316m and a weighted average number of ordinary shares outstanding during the year ended  
31 march 2013 of 107324310 2012 91643717 calculated as follows
weighted average number of ordinary shares
2013 2012
issued ordinary shares at 1 april 106867708 85246086
effect of shares issued 456602 6397631
weighted average number of ordinary shares at 31 march 107324310 91643717
diluted earnings per share
the calculation of diluted earnings per share at 31 march 2013 was based on profit attributable to ordinary shareholders of 
£471 million 2012 £316m and a weighted average number of ordinary shares outstanding during the year ended  
31 march 2013 of 112586386 2012 97438412 calculated as follows
weighted average number of ordinary shares diluted
2013 2012
weighted average number of ordinary shares at 31 march 107324310 91643717
effect of share options on issue 5262076 5794695
weighted average number of ordinary shares diluted at 31 march 112586386 97438412
the average market value of the company’s shares for the purposes of calculating the dilutive effect of share options was based 
on quoted market prices for the period that the options were outstanding
2013
eps
2012
eps
eps total
earnings
£000 basic diluted
earnings
£000 basic diluted
profit for the financial year 4708 439p 418p 3162 345p 325p
separately disclosed items
 ifrs 2 share option 91 008p 008p 227 025p 023p
 intangible amortisation 331 031p 029p 281 031p 029p
 acquisition expenses ––– 391 043p 040p
 restructuring costscredits 389 036p 035p 656 072p 067p
 tax chargecredit on adjusted items 195 018p 017p 258 028p 026p
adjusted 5324 496p 473p 3663 400p 376p
the ‘adjusted diluted’ earnings per share is detailed in the above tables in the directors’ opinion this best reflects the 
underlying performance of the group and assists in the comparison with the results of earlier years see note 2
106
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stock code tri
trifast plc annual report 2013 26 financial instruments
a fair values of financial instruments
there is no difference between the fair values and the carrying values shown in the balance sheet
b financial instruments risks
exposure to credit interest rate and currency risks arises in the normal course of the group’s business and the group continues 
to monitor and reduce any exposure accordingly information has been disclosed relating to the individual company only where a 
material risk exists
i credit risk
credit risk is the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet its 
contractual obligations and arises principally from the group’s receivables from customers
management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis
credit evaluations are performed on all customers requiring credit over a predetermined amount bad debt insurance is taken 
out on all key accounts where the cost is appropriate given the risk covered all overdue debts are monitored regularly and 
customers are put on credit hold if payments are not received on time
the carrying amount of trade receivables represents the maximum credit exposure for the group therefore the maximum 
exposure to credit risk at the balance sheet date was £2587 million 2012 £2488m being the total carrying amount of trade 
receivables net of an allowance management does not consider there to be any significant unimpaired credit risk in the year end 
balance sheet 2012 £nil
at the balance sheet date there were no significant concentrations of credit risk
the amount of trade receivables which are beyond 90 days from their due date is £118 million 2012 £101m  
this represents 5 of the total gross receivable balance
impairment losses
the movement in the allowance for impairment in respect of loans and receivables during the year was as follows
2013
£000
2012
£000
balance at 1 april 451 822
impairment movement 189 371
balance at 31 march 640 451
there are no significant lossesbad debts provided for specific customers
ii liquidity and interest risk
the group holds net debt and hence its interest and liquidity risks are associated with the maturity of its loans against cash 
inflows from around the group the group’s objective is to maintain a balance of continuity of funding and flexibility through the 
use of loans and banking facilities as applicable 
on 31 december 2012 the company and group repaid the remaining term loan of £100 million
to facilitate potential further growth on 23 april 2013 the company secured a £500 million three year multicurrency revolving 
credit facility this is in addition to the asset based lending facility which was increased to a maximum £1830 million 
availability secured over the receivables and stock of the group’s uk subsidiaries and the property of the holding company 
in december 2011 to part fund the powersteel  electroplating works sdn bhd acquisition tr asia investment holdings 
pte ltd took out a five year term loan with the singaporean bank dbs at a fixed rate of 314 which is secured by corporate 
guarantees from the company and tr formac pte ltd 
107
trifast plc annual report 2013
stock code tri notes forming part of the financial statements continued
26 financial instruments continued
covenant headroom
the current term facilities are subject to quarterly covenant testing as follows
interest cover underlying ebitda to net interest to exceed a ratio of three
cashflow cover adjusted cashflow to debt service to exceed a ratio of one
net debt cover underlying net debt to ebitda not to exceed a ratio of 275
with respect to the asian loan facility the covenant testing is as follows
minimum tangible net worth tr asia investment holdings pte ltd of s20 million
minimum consolidated tangible net worth asia group of s35 million
maximum asia group net debt to ebitda ratio of 20x
minimum asia group debt service cover dsc of 12x
these covenants currently provide sufficient headroom and forecasts indicate no breach is anticipated
liquidity headroom
trading forecasts show that the current facilities provide sufficient liquidity headroom the group continues to maintain positive 
relationships with a number of banks and the directors believe that appropriate facilities will continue to be made available to the 
group as and when they are required
interest risk
the group monitors closely all loans outstanding which currently incur interest at floating rates
in respect of incomeearning financial assets and interestbearing financial liabilities the following table indicates their effective 
interest rates at the balance sheet date and the periods in which they mature
2013 2012
company
effective
interest
rate

total
£000
0 to
 1 year
£000
1 to
2 years
£000
effective
interest
rate

total
£000
0 to
1 year
£000
1 to
2 years
£000
cash and cash
equivalents 154 154 – 1081 1081 –
secured bank loans ––– 425 999 999 –
bank overdrafts 6048 6048 – 5042 5042 –
total company 5894 5894 – 4960 4960 –
group
cash and cash 
equivalents 10750 10750 – 12612 12612 –
secured bank loans 343 15690 11279 4411 343 19987 14347 5640 
finance lease liabilities 298–400 62 55 7 298–400 221 173 48
bank overdrafts 195 195 – 814 814 –
total group 5197 779 4418 8410 2722 5688
with the exception of the loan taken out by tr asia investment holdings ltd which bears a fixed interest rate of 314 all other 
assets and liabilities bear interest at a floating rate and therefore may change within one year
108
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stock code tri
trifast plc annual report 2013 26 financial instruments continued
sensitivity analysis
a change of 1 point in interest rates at the balance sheet date would change equity and profit and loss by £010 million  
2012 £013m this calculation has been applied to risk exposures existing at the balance sheet date
this analysis assumes that all other variables in particular foreign currency rates remain consistent and considers the effect of 
financial instruments with variable interest rates the analysis is performed on the same basis for the comparative period
iii foreign currency risk
the group is exposed to foreign currency risk on sales purchases and cash borrowings that are denominated in a currency 
other than local functional currency the group faces additional currency risks arising from monetary financial instruments held in 
nonfunctional local currencies
operational foreign exchange exposure
where possible the group tries to invoice in the local currency at the respective entity if this is not possible then to mitigate any 
exposure the group tries to buy from suppliers and sell to customers in the same currency
where possible the group tries to hold the majority of its cash and cash equivalent balances in the local currency at the 
respective entity
monetary assetsliabilities
the group continues to monitor exchange rates and buy or sell currencies in order to minimise open exposure to foreign 
exchange risk the group does not speculate on exchange rates
the group’s exposure to foreign currency risk is as follows based on the carrying amount for monetary financial instruments 
held in nonfunctional currencies
31 march 2013
sterling
£000
euro
£000
us dollar
£000
singapore
dollar
£000
total
£000
cash and cash equivalents 576 431 2423 794 4224
balance sheet exposure 576 431 2423 794 4224
31 march 2012
sterling
£000
euro
£000
us dollar
£000
singapore
dollar
£000
total
£000
cash and cash equivalents 580 964 1499 240 3283
balance sheet exposure 580 964 1499 240 3283
109
trifast plc annual report 2013
stock code tri notes forming part of the financial statements continued
26 financial instruments continued
sensitivity analysis
group
a 1 change in the following currencies against local functional currency at 31 march would have changed equity and profit and 
loss by the amount shown below this calculation assumes that the change occurred at the balance sheet date and had been 
applied to risk exposures existing at that date
this analysis assumes that all other variables in particular other exchange rates and interest rates remain constant the analysis 
is performed on the same basis for the comparative period
equity  profit 
or loss
2013
£000
2012
£000
us dollar to sterling 24 15
euro to sterling 4 10
a 1 strengthening of the above currencies against the pound sterling at 31 march would have had the equal but opposite 
effect on the above currencies to the amounts shown above on the basis that all other variables remain constant
iv capital management
the group’s objectives when managing capital are to ensure that all entities within the group will be able to continue as going 
concerns while maximising the return to shareholders through the optimisation of the debt and equity balance we regularly 
review and maintain or adjust the capital structure as appropriate in order to achieve these objectives and this is consistent with 
the management of capital for previous periods
the group has various borrowings and available facilities see section ii liquidity  interest risk and note 20 that contain 
certain external capital requirements ‘covenants’ that are considered normal for these types of arrangements as discussed 
above we remain comfortably within all such covenants
 
identification of the total funding requirement is achieved via a detailed cash flow forecast which is reviewed and updated on a 
monthly basis
the capital structure of the group is presented below
2013
£000
2012
£000
cash and cash equivalents note 19 10555 11798
borrowings note 20 15752 20208
net debt 5197 8410
equity 60422 53488
capital 65619 61898
there is a continuous process for identifying evaluating and managing the key risks faced by the group activities are  
coordinated by the audit committee it has responsibility on behalf of the board for ensuring the adequacy of systems for 
identifying and assessing significant risks that appropriate control systems and other mitigating actions are in place and that 
residual exposures are consistent with the group’s strategy and objectives assessments are conducted for all material entities
110
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stock code tri
trifast plc annual report 2013 27 operating leases
noncancellable operating lease rentals are payable as follows
group company
2013 
£000
2012
£000
2013
£000
2012
£000
less than one year 2197 2081 27 31
between two and five years 3375 3519 20 45
more than five years 389 487 – –
5961 6087 47 76
the group leases a number of offices warehouse and factory facilities under operating leases 
 
none of the leased properties have been sublet by the group 2012 £nil the group has recognised a provision of £010 million 
2012 £094m in respect of onerous leases which is included within the restructuring provision see note 23
group
during the year £233 million was recognised as an expense 2012 £232m in the income statement in respect of operating 
leases
company
during the year £006 million 2012 £010m was recognised as an expense in the income statement in respect of operating 
leases
28 contingencies
group and company
i the company has cross guarantees on its uk banking facilities with its three uk subsidiaries the amount outstanding at 
the end of the year was £619 million 2012 £612m
ii in accordance with the provisions of section 17 of the republic of ireland companies amendment act 1986 trifast plc 
has given irrevocable guarantees in respect of the financial year 1 april 2012 to 31 march 2013 in respect of the liabilities as are 
referred to in section 5c of that act for the subsidiary company tr southern fasteners limited
29 related parties group and company
compensation of key management personnel of the group
full details of the compensation of key management personnel are given in the directors’ remuneration report
in addition to details of the compensation of key management personnel given in the directors’ remuneration report the 
charge for the year in relation to share based payments was £009 million 2012 charge of £023m
transactions with directors and directors’ close family relatives 
during the year a relative of the chairman provided itmarketing consultancy services totalling £16250 2012 £27250 on  
an arm’s length basis and terms similar to other third party suppliers the outstanding balance at 31 march 2013 was £1000 
31 march 2012 £2000
related party transactions
details of principal subsidiary undertakings country of registration and principal activities are included on page 114
111
trifast plc annual report 2013
stock code tri notes forming part of the financial statements continued
29 related parties continued
company related party transactions – incomeexpenditure
income expenditure
rent
£000
management
fees
£000
loan 
interest
total
£000
management
fees
£000
tr fastenings ltd 196 369 – 565 150
tr southern fasteners ltd – 26 – 26 –
tr norge as – 35 – 35 –
tr fastenings ab – 48 – 48 –
tr miller bv – 45 11 56 –
lancaster fastener co ltd – 31 – 31 –
tr hungary kft – 38 25 63 –
tr asia investments pte ltd – 252 – 252 –
tr fastenings inc – 39 – 39 –
196 883 36 1115 150
company related party transactions – receivablepayable
balances
receivable
balances
payable
trade 
receivables
£000
trade 
payables
£000
tr fastenings ltd 229 26
tr southern fasteners ltd 4–
tr norge as ––
tr fastenings ab 4–
tr miller bv 375 –
lancaster fastener co ltd 31 –
tr hungary kft 462 –
tr fastenings inc ––
tr asia investments pte ltd 3–
dormant subsidiaries 11 267
trifast overseas holdings ltd – 2300
trifast holdings bv 284 –
tr fastenings poland sp zoo 13 –
1416 2593
all related party transactions are on an arm’s length basis
112
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stock code tri
trifast plc annual report 2013 30 subsequent events
there are no material adjusting or nonadjusting events subsequent to the balance sheet date
31 accounting estimates and judgements
the preparation of financial statements in conformity with adopted ifrs’s requires management to make judgements estimates 
and assumptions that affect the application of policies and reported annual amounts of assets and liabilities income and 
expenses the estimates and associated assumptions are based on historical experience and various other factors that are 
believed to be reasonable under the circumstances the results of which form the basis of making the judgements about carrying 
values of assets and liabilities that are not readily apparent from other sources actual results may differ from these estimates
the estimates and underlying assumptions are reviewed on an ongoing basis revisions to accounting estimates are recognised 
in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future 
periods if the revision affects both current and future periods
the group believes the principal accounting estimates assumptions and uncertainties employed in the preparation of these 
financial statements are
 recoverable amount of goodwill note 12  
the recoverable amount is the greater of net selling price and value in use where value in use is determined by discounting 
the future cashflows generated from the continuing use of the unit further details are provided in note 13
 provisions note 23 
a provision is recognised in the balance sheet where the group has a present legal or constructive obligation as a result of a 
past event and it is probable that an outflow of economic benefits will be required to settle the obligation management have 
based their judgements on the latest available information reflecting the expected outcome 
 
in respect of onerous leases and dilapidation provisions external advisers were used to provide estimates of potential costs 
and likelihood of subletting rental the future cash flows were then discounted using risk free rates over the length of the 
leases
113
trifast plc annual report 2013
stock code tri notes forming part of the financial statements continued
32  trifast plc principal trading subsidiaries
name
country of
 incorporation 
or 
registration
issued and
fully paid
share capital principal activity
percentage of
ordinary
shares held
group company
europe
trifast overseas holdings ltd united kingdom £111 holding company 100 100
tr fastenings ltd united kingdom £10200 manufacture and 
distribution of fastenings
100 –
tr southern fasteners ltd republic of 
ireland
€254 distribution of fastenings 100 –
tr norge as norway nok300000 distribution of fastenings 100 –
tr miller holding bv holland €45378 distribution of fastenings 100 –
lancaster fastener company ltd united kingdom £40000 distribution of fastenings 100 –
tr fastenings ab sweden sek1500000 distribution of fastenings 100 –
tr hungary kft hungary huf 3000000 distribution of fastenings 100 –
tr fastenings poland sp z oo poland pln 50000 distribution of fastenings 100 100
asia
tr asia investment holdings pte ltd singapore sg4 holding company 100 –
tr formac pte ltd singapore sg315000 manufacture and 
distribution of fastenings
100 –
tr formac malaysia sdn bhd malaysia myr480000 manufacture and
distribution of fastenings
100 –
tr formac shanghai pte ltd china us200000 distribution of fastenings 100 –
special fasteners engineering co ltd taiwan nt100000000 manufacture and
distribution of fastenings
100 –
tr formac suzhou co ltd china us2000000 manufacture and
distribution of fastenings
100 –
tr formac fastenings pte ltd india inr 10000000 distribution of fastenings 100 –
powersteel  electroplating works 
sdn bhd 
malaysia myr4586523 manufacture and
distribution of fastenings
100 –
americas
tr fastenings inc usa us1168063 distribution of fastenings 100 100
a full list of the group companies will be included in the company’s annual return
there were no changes in ownership during the year
all of the above subsidiaries have been included in the group’s financial statements
114
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stock code tri
trifast plc annual report 2013 assets
anything owned by the company having a monetary value eg fixed 
assets like buildings plant and machinery vehicles these are not 
assets if rented and not owned and potentially including intangibles 
like trademarks and brand names and current assets such as stock 
debtors and cash
pe ratio price per earnings
the pe ratio is an important indicator as to how the investing market 
views the health performance prospects and investment risk of a plc 
the pe ratio is arrived at by dividing the share price by the earnings 
per share profit after tax and interest divided by the number of ordinary 
shares in issue to calculate the pe ratio
 find the total profit after tax and interest for the past year
 divide this by the number of shares issued
 this gives you the earnings per share
 divide the price of each share by the earnings per share
 this gives the priceearnings or pe ratio
profit and loss account pl
the pl shows how well the company has performed in its trading 
activities and would cover a trading account for a period
the pl shows profit performance and typically shows sales revenues 
cost of salescost of goods sold generally a gross profit margin fixed 
overheads andor operating expenses and then a profit before tax  
figure pbt 
balance sheet 
the balance sheet provides a ‘snapshot’ at a particular date in time of 
who owns what in the company and what assets and debts represent 
the value of the company
the balance sheet is where to look for information about shortterm and 
long term debts gearing the ratio of debt to equity reserves stock 
values materials and finished goods capital assets cash and the value 
of shareholders’ funds the balance sheet equation is
capital  liabilities where the money came from  
 assets where the money is now
cashflow
the movement of cash in and out of a business from daytoday direct 
trading and other nontrading effects such as capital expenditure tax 
and dividend payments
cashflow statement
the cashflow statement shows the movement and availability of cash 
through and to the business over a given period and it is fundamental 
that financial forecasting and reporting of cash movement and availability 
is accurate for any business ‘cash is king’ and essential to meet 
payments for example to suppliers staff and other creditors
current assets
cash and anything that is expected to be converted into cash within  
12 months of the balance sheet date for example debtors stocks
current liabilities
money owed by the business that is generally due for payment within  
12 months of balance sheet date for example creditors bank overdraft 
taxation
depreciation
the proportion of cost relating to a capital item over an agreed period 
based on the useful life of the asset for example a piece of equipment 
costing £10000 having a life of five years might be depreciated over five 
years at a cost of £2000 per year
this for example would be shown in the pl as a depreciation cost of 
£2000 per year the balance sheet would show an asset value of £8000 
at the end of year one reducing by £2000 per year and the cashflow 
statement would show all £10000 being used to pay for it in year one
dividend
a dividend is a payment made per share to a company’s shareholders 
and is based on the profits of the year but not necessarily all of the 
profits normally a half year dividend is recommended by a company 
board whilst the final dividend for the year is proposed by the board of 
directors and shareholders consider this and vote at an annual general 
meeting
earnings before
there are several ‘earnings before…’ ratios the key ones being
 pbt profitearnings before taxes 
 ebit earnings before interest and taxes
 ebitda  earnings before interest taxes depreciation and 
amortisation
earnings relate to operating and nonoperating profits eg interest 
dividends received from other investments depreciation and 
amortisation are noncash charges to the balance sheet which is made 
in writingoff an asset over a period 
glossary of terms
115
trifast plc annual report 2013
stock code tri gearing
the ratio of debt to equity usually the relationship between long term 
borrowings and shareholders’ funds
goodwill
any surplus money paid to acquire a company that exceeds its net 
tangible assets value
icaew
institute of chartered accountants in england  wales
intellectual property ip
this is an intangible asset such as a copyright or patent
copyright is the exclusive right to produce copies and to control an 
original work and is granted by law for a specified number of years
a patent is a government grant to an inventor assuring the inventor the 
sole right to make use and sell an invention for a limited period
open ended investment companies oeic
funds managed by institutional investors these funds can mix different 
types of investment strategies such as income and growth and small 
cap and large cap stocks there are no bid and ask quotes on the oeic 
shares buyers and sellers receive the same price 
the value of oeic investment and any income from it is not guaranteed 
and can go down as well as up and investors may not get back the 
original amount invested
profit
the surplus remaining after total costs are deducted from total revenue 
retained profit
a business profit which is after tax and dividend payments to 
shareholders it is often retained by the business and used for 
reinvestment
net profit
the actual profit made during a specific period of business activity after 
deducting all costs from gross receipts
reserves
the accumulated and retained difference between profits and losses year 
on year since the company’s formation
retained earnings
the earnings of a company which is used for reinvestment rather than 
being distributed to shareholders as dividends
return on capital employed roce
a fundamental financial performance measure a percentage figure 
representing profit before interest against the money that is invested in 
the business 
ebit ÷ capital employed net assets  net debt × 100  roce
share capital
the balance sheet nominal value paid into the company by shareholders 
at the times shares were issued
shareholders’ funds
a measure of the shareholders’ total interest in the company represented 
by the total share capital plus reserves
trademark
the name or a symbol used by a manufacturer or dealer to distinguish its 
products from those of competitors a registered trademark is one that 
is officially registered and legally protected
working capital
current assets less current liabilities representing the required 
investment continually circulating to finance stock debtors and work in 
progress
glossary of terms
116
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stock code tri
trifast plc annual report 2013 trifast plc
incorporated in the united kingdom
head office and registered office
trifast house bellbrook park 
uckfield tn22 1qw
telephone 44 01825 747366
facsimile 44 01825 747368
registered number 1919797
audit committee
neil chapman chairman
jonathan shearman
scott mac meekin
remuneration committee
jonathan shearman chairman
neil chapman
scott mac meekin
nominations committee
neil chapman chairman 
jonathan shearman
malcolm diamond mbe
jim barker 
company secretary
mark belton
advisers
registered auditors
kpmg audit plc
1 forest gate brighton road 
crawley rh11 9pt
corporate stockbroker
arden partners plc 
125 old broad street
london ec2n 1ar
solicitors
charles russell llp
compass house lypiatt road
cheltenham gl50 2qj
registrars
computershare investor services plc
the pavilions bridgwater road 
bristol bs13 8ae
financial pr adviser
tooleystreet communications 
regency court 68 caroline street 
birmingham b3 1ug 
company and adviser details
email 
corporateenquiriestrifastcom
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forwardlooking statements
this document contains certain forwardlooking statements the forwardlooking statements reflect the 
knowledge and information available to the company during the preparation and up to the publication 
of this document by their very nature these statements depend upon circumstances and relate to the 
events that may occur in the future thereby involving a degree of uncertainty therefore nothing in this 
document should be construed as a profit forecast by the company
pictured winners in 2012  2011  
of the investor relations society  
best corporate website  
small cap to aim category
stock code tri 
trifast plc annual report 2013
stock code tri trifast plc
trifast house 
bellbrook park 
uckﬁeld 
east sussex tn22 1qw
tel 44 01825 747366
fax 44 01825 747368
of service innovation
years


Summary:
 launch of industry forum
in june 2013 tr was invited to speak at 
the inaugural ceo global fastener industry 
summit held in jin mao tower shanghai 
china 
the key aim of the summit has been to 
launch an industry highend communication 
platform and establish a dialogue forum for 
the global fastener industry an important 
sector seen as ‘traditional’ but operating in a 
rapidly changing era where as we all witness 
247 worldwide virtual communications are 
influencing the way we all lead our lives 
our ceo jim barker was one of seven 
business leaders invited to address the 
150strong summit attended by decision 
makers from manufacturing companies 
importers exporters distributors and 
wholesalers from across the world including 
europe mainland china hong kong taiwan 
japan south korea russia turkey and india
jim delivered his key speech on 
‘customers need a solution not 
just product itself’ 
he discussed how in today’s world of 
advancing everchanging communication 
tools customers look for more requirements 
on service – it is no longer about being just 
being able to deliver a pallet of goods – 
customers need a complete supply solution 
which is a strong usp for tr
others focused on branding with 
differentiation authenticity consistency and 
sustainability being the essences of brand 
value the importance of new technologies 
and social media in promoting fastener 
products china’s auto fastener market status 
and supply chain analysis and the need for 
modern equipment and technology being key 
to ensure high quality fastener production
the summit which is to become an annual 
event provided a significant opportunity 
for global business leaders to meet and 
discuss the current industrial hot issues 
share different ideas and strengthen 
communication and cooperation 
“to be invited to speak 
on behalf of tr at such 
a high profile event 
in asia truly reflects 
our company’s global 
standing”
jim barker
chief executive
ceo global fastener summit
pictured the official opening ceremony of the exhibition
pictured top right nut sorting machine 
pictured bottom right screw sorting machine
27
trifast plc annual report 2013
stock code tri