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60
Financial Statements
Period ended 28 February 2011
Eddie Stobart
Stobart
Stobart
Stobart Adjustments
Stobart
Rail
Ports
Air Properties
and
Eliminations
Group
£’000
£’000
£’000
£’000
£’000
£’000
£’000
Revenue
External
449,860
29,766
13,682
6,836
251
-
500,395
Internal
-
23,282
-
-
-
(23,282)
-
Total revenue
449,860
53,048
13,682
6,836
251 (23,282)
500,395
Depreciation and amortisation
(14,960)
(1,933)
(537)
(355)
-
(279)
(18,064)
Share of profit of associates and joint ventures
80
-
-
-
200
(156)
124
Reversal of write downs of assets
-
-
-
-
500
-
500
Share based payment
(242)
(66)
(57)
(8)
(10)
(84)
(467)
Segment EBITDA
51,248
6,007
2,704
548
671
(6,046)
55,132
Segment PBT
33,598
3,733
1,982
167
899
(7,940)
32,439
Costs due to extreme weather
(1,830)
New territory business set-up costs
(2,654)
Transaction costs written off
(59)
Restructuring costs
(479)
Gain on property asset held for sale
2,050
Profit before tax
29,467
Assets
Equity accounted investments
30,080
-
-
-
700
-
30,780
Additions to property, plant and equipment
22,451
354
1,988
28,636
-
712
54,141
Operating assets
397,223
18,852
14,133
54,787
8,355 127,657 621,007
Operating liabilities
(159,276)
(12,576)
(3,494)
(22,647)
(61)
(91,244)
(289,298)
Net assets
237,947
6,276
10,639
32,140
8,294
36,413 331,709
Inter-segment revenues are eliminated on consolidation.
Included in adjustments and eliminations are central costs of £6,872,000 (2010: £5,019,000) and intra-group profit of £1,068,000 (2010: £314,000).
Also included in adjustments and eliminations are central assets and liabilities, inter company balances, and held for sale assets and liabilities.
Period ended 28 February 2010
Restated Restated
Eddie Stobart
Stobart
Stobart
Stobart Adjustments
Stobart
Rail
Ports
Air Properties
and Restated
Eliminations
Group
£’000
£’000
£’000
£’000
£’000
£’000
£’000
Revenue
External
381,389
45,636
13,919
6,567
150
-
447,661
Internal
-
19,115
-
-
(19,115)
-
Total revenue
381,389
64,751
13,919
6,567
150 (19,115)
447,661
Depreciation and amortisation
(13,446)
(1,327)
(563)
(220)
-
(112)
(15,668)
Share-based payments
(294)
(197)
(1,811)
(10)
-
(192)
(2,504)
Less: share based payments associated
with the disposal of Widnes assets
-
-
1,758
-
-
-
1,758
Share based payment on underlying operating profits
(294)
(197)
(53)
(10)
-
(192)
(746)
Segment EBITDA
43,065
6,524
4,782
401
(770)
(4,831)
49,171
Segment PBT
25,561
4,972
3,182
169
(770)
(5,333)
27,781
Net profit on disposal of Widnes assets
(net of associated costs)
-
-
-
-
-
-
8,258
Restructuring costs
(2,746)
Profit before tax
33,293
Assets
Additions to property, plant and equipment
19,635
602
33,100
23,066
-
1,000
77,403
Operating assets
358,526
24,643
87,571
68,784
3,463
559 543,546
Operating liabilities
(141,464)
(12,234)
(71,628)
(37,287)
(203)
24,626 (238,190)
Net assets
217,062
12,409
15,943
31,497
3,260
25,185 305,356
Also included in adjustments and eliminations are central assets and liabilities and inter company balances.