CA1501-08 Bibby Annual Report 2015 FINAL V3

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CA1501-08 Bibby Annual Report 2015 FINAL V3 2014 ANNUAL REPORT “Our achievements in 2014 are a strong base for our future growth. We are reporting a profit before tax of £24.7m, successfully delivered new IT systems as our platform for future growth, and achieved external recognition as a great employer becoming one of the Sunday Times’ 50 Best Companies to work for in the UK”. Simon Featherstone, Global Chief Executive Ultimate parent undertaking: Secretary: Bibby Line Group Limited Bibby Bros. & Co. (Management) Limited Directors: Registered Office: Sir Michael Bibby, Bt. Chairman 105 Duke Street Simon Andrew Featherstone, Liverpool Global Chief Executive L1 5JQ Simon Timothy Davies Incorporated in England and Wales Mark Timothy Hartigan (Registered Number 3530461) Jonathan Haymer Leigh Anderson Lones Auditors David John Postings Deloitte LLP Steven Vears Robinson Liverpool Stephen George Rose United Kingdom Darcy Willson-Rymer 22 Ian Watson Bibby Financial Services Limited STATEMENT FROM GLOBAL CHIEF EXECUTIVE I am pleased to present as many new entrants compete the great people in this business our Annual Report for 2014. for SME business through both and their contribution to serving Bibby Financial Services traditional and new internet based our clients. Our investment in new (BFS) aspires to be the business models. The BFS response technology has also led to the world’s leading SME finance has been to invest in our business launch of new websites in all our during 2014, developing and countries. We continued to respond company in our chosen implementing new systems that to client needs with the launch of markets, providing the fuel will help us be more efficient in new products in Europe and North for growth to businesses the future and that we believe will America. Our focus has been how around the world. We improve our service to our clients. best to respond to and meet continue to make solid I am proud of our achievement in client needs. progress in pursuit of this implementing the new client system, We would not be able to continue aim, providing our clients Aquarius, during 2014 in many of our to grow our business without the with £660 million of funding UK businesses, Ireland, Germany and continuing support of our funders (2013: £601m) to drive their the Netherlands. On behalf of the who have provided strong and businesses forward. Board and shareholders I recognise uninterrupted support around the efforts of our people and our IT the globe, growing our funding Our achievements in 2014 are a partners at HPD, and I thank them capacity to £769m, for that strong base for our future growth. for their outstanding contribution. I am extremely appreciative. We are reporting a profit before This is a great platform for our Giving Something Back to tax of £24.7m for the year, we future growth. our local communities remains a successfully delivered new IT The outlook for 2015 is one of strong focus for the whole team. systems as our platform for change, as new entrants continue to Once again I am taken aback by future growth, and we achieved try and disrupt our business model the efforts of our people to support external recognition as a great place whilst many of our markets are likely and raise funds for local charities to work by becoming a Times Top to continue to experience sluggish that resonate personally with them. 50 employer in the UK. Further economic conditions. I believe we In 2014 our employees raised an details of the financial results for must continue to respond positively amazing £226k, including matched 2014 are set out in the Financial to those pressures by continuing funding from Bibby Line Group – Highlights, on pages 10 and 11. to grow our core products and an achievement of which I am 2014 has been a challenging and diversify into new ones that serve very proud. exciting time for financial services our SME clients. Our strategy is Finally I would like to thank all companies serving SMEs. In many based on three core pillars: Being my colleagues whose commitment markets, economies continued to a Great Place to Work; Setting and contributions to growing the experience slow growth, despite the Standard for Service and business is inspiring. Their passion there being overall high supply Value; and Growing Profitably. We for delivering a service to our of capital and liquidity. These were delighted to once again be clients like no other in the industry conditions contribute to a situation recognised in the Sunday Times is truly remarkable. where SMEs are presented with 100 Best Companies to work for new avenues to access funding, in the UK which is testament to 3 Annual Report TIMELINE OF BIBBY FINANCIAL SERVICES 2013-2014 2007 2010 Singapore office opened. 2001-2003 Entry into the Acquisition of 1981 West Midlands Offices Czech Republic Kopparberg Bibby Line Group 2005 Business opened in and Slovakia Finans in establishes -2006 Centre and Warsaw, Sweden a factoring 1990-1993 Lyon, Warrington Sydney, New Delhi business within Acquisitions of Dublin Office & Florida office opened Hong Kong Bibby Line’s Berisford Factors and opened in office opened accounts Ltd, Maddox Toronto the UK. department in Factoring & offices Liverpool Anpal Finance Ltd opened 2014 Debts Factored 1985 1985 1985 1985 1985 1985 1985 1985 Debts Factored £1.55M £8.34BN 1981 1981 1981 1981 1981 1981 1981 1981 Bibby Financial Services 1,000+ 1985 5,000+ Factoring business 1998 2004 migrated to a Client Dallas office 2010 wholly owned numbers opened 2008 Client 2011 subsidiary and break the Acquisition numbers New Zealand renamed Bibby 1,000 barrier of Arbuthnot break the office opened Financial Services Commercial 5,000 barrier and strategic Acquired Finance Ltd partnership assets of with DAS Siemens in the Receivables Netherlands Finance Ltd Düsseldorf began office opens CONTENTS P2 & 3 Statement from Global Chief Executive GOVERNANCE P6 & 7 Bibby Financial Services at a Glance P24 & 25 Directors’ Report & Statement STRATEGIC REPORT of Directors’ Responsibilities P8 & 9 Statement from Global Finance Director P26 & 27 Auditor’s Report P10 - 12 Financial Highlights FINANCIAL STATEMENTS STRATEGY & OPERATIONS P28 Group Profit & Loss Account & Statement of Total Group Recognised Gains and Losses P14 & 15 Business Review P29 Balance Sheets P16 & 17 Business Strategy P30 Group Cash Flow Statements P18 - 21 Risk Management P31 - 47 Notes to the Financial Statements P22 & 23 We believe in giving something back 4 Bibby Financial Services Limited OUR VALUES Our values are at the heart of everything we do, and it is our team’s passion for them that makes us who we are and drives our success. POWERED BY PEOPLE PUTTING WE WORK AS A FAMILY We recognise our strength in our CUSTOMERS FIRST Our roots are important to us, people and they make the company Our clients are at the heart and that is why we are proud to what it is today. They inspire and of our business. That’s why we be part of the Bibby Line Group shape our future. We give our put them at the heart of everything family. The values we stand by and people encouragement and we do. That means taking the time demonstrate are the foundations opportunity to achieve their to really get to know them, to upon which our parent and Bibby potential and the best for our understand their needs, listen to Financial Services have built clients and our business. what they say and provide them successful businesses. Our strength We don’t just say our people are with the very best solutions. is the relationships we have built empowered, we put it into practice. with our businesses, our clients, We value, respect and seek out our suppliers, our partners and the individual talents. By investing in communities in which we work. and developing our people and Paramount to those relationships encouraging teamwork, we are is our continual aim to maintain high collectively investing in our future. AMBITIOUS CHALLENGE quality and professional standards We love being a part of a winning and we are committed to team and enjoy the challenge of supporting trustworthy teams. coming up with ideas to make We keep our promises and ensure things happen. We embrace we continually aspire to be a good change in order to grow and are company to work with, to work POSITIVE ENERGY consistently looking for ways to for and to succeed with. Our people bring Bibby Financial improve, because it’s about wanting Services alive with their passionate to make things better so that OUR CUSTOMERS ARE and vibrant approach to work and both our business and our clients THE LIFEBLOOD OF OUR life in general. We gain from each keep ahead of our respective BUSINESS. THAT’S WHY other’s energy, sparking off ideas competition. Standing still is not WE PUT THEM AT THE and inspiring each other. We are a an option for us or our clients – HEART OF EVERYTHING bright and colourful organisation that’s why enterprising, enthusiastic WE DO. and it is our people that provide and purposeful people with ‘yes we that colour. We adapt and help can’ attitudes thrive within Bibby shape our ever changing world to Financial Services. ensure we make the most of it, but to also make the most of what each employee has to offer. Our values make work more enjoyable and a fun place to be! 5 Strategic Report BIBBY FINANCIAL SERVICES AT A GLANCE PROUD TO HELP 8,900 CLIENTS GROW THEIR BUSINESSES BY PROVIDING IN EXCESS OF £650M OF FUNDING £226k DONATED TO CHARITIES TO SUPPORT OUR LOCAL COMMUNITIES POWERED BY A TEAM OF 1,255 DEDICATED EMPLOYEES OVER £14.3M INVESTED IN OUR SYSTEMS AND THE FUTURE IN 2014 £1.16M INVESTED IN
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