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Firstgroup Plc Annual Report and Accounts 2016 Firstgroup Plc Is a Leading Transport Operator in the UK and North America

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Firstgroup Plc Annual Report and Accounts 2016 Firstgroup Plc Is a Leading Transport Operator in the UK and North America FirstGroup plc Annual Report and Accounts 2016 FirstGroup plc Annual Report and Accounts 2016 FirstGroup plc is a leading transport operator in the UK and North America. Our services help to create strong, vibrant and sustainable local economies. During the last year around 2.2 billion passengers relied on us to get to work, to school or college, to visit family and friends and much more, and each day every one of our 110,000 employees works hard to deliver vitally important services for our customers. In an increasingly complex and congested world, efficient and attractive transport solutions have an important role to play in keeping people moving and communities prospering. With our portfolio of five leading transport businesses, FirstGroup is one of the few organisations which has the scale and expertise to meet this challenge. Strategic report Contents Strategic report Group overview 04 Chairman’s statement 06 Chief Executive’s strategic review 08 Business review 10 Our people 20 Corporate responsibility 22 Our markets 26 Business model 30 Key performance indicators 32 Principal risks and uncertainties 36 Financial review 42 Governance Board of Directors 48 Corporate governance report 50 Directors’ remuneration report 70 Other statutory information 101 Financial statements Consolidated income statement 106 Consolidated statement of comprehensive income 107 Consolidated balance sheet 108 Consolidated statement of changes in equity 109 Consolidated cash flow statement 110 Notes to the consolidated financial statements 111 Independent auditor’s report 155 Group financial summary 159 Company balance sheet 160 Statement of changes in equity 161 Notes to the Company financial statements 162 Shareholder information 166 Financial calendar 167 Glossary 168 FirstGroup Annual Report and Accounts 2016 01 Summary of the year and financial highlights ■■ Solid progress made in the year to position the ■■ Adjusted2 operating profit in line with prior Group for future growth and higher returns year, and net cash inflow (before end of rail franchise outflows) ahead of expectations ■■ Operating profit maintained despite smaller rail portfolio and challenging ■■ Adjusted2 EPS increased by 5.1% trading environment in some businesses ■■ Continued disciplined bidding and cost ■■ Contract portfolio enhanced with efficiencies, as well as lower fuel costs and TransPennine Express rail award additional First Student operating days and other wins across the Group expected to result in strong progress for the Group in the year ahead ■■ Underlying1 revenue broadly flat. Reported revenue decreased by 13.8% due to ■■ Significantly increased cash generation changes in rail portfolio expected in 2016/17. Underlying1 Change change Change Adjusted2 revenue Statutory revenue £5,218.1m (13.8)% (0.3)% £5,218.1m (13.8)% 2015: £6,050.7m 2015: £6,050.7m Adjusted2 EBITDA3 Statutory operating profit £615.9m (1.4)% £246.3m +0.2% 2015: £624.4m 2015: £245.8m Adjusted2 operating profit Statutory profit before tax £300.7m (1.0)% £113.5m +7.3% 2015: £303.6m 2015: £105.8m Adjusted2 operating profit margin Statutory EPS 5.8% +80bps 7.5p +21.0% 2015: 5.0% 2015: 6.2p Adjusted2 profit before tax £168.3m +2.7% 2015: £163.9m Adjusted2 EPS Net debt4 10.3p +5.1% £1,410.2m +0.2% 2015: 9.8p 2015: £1,407.3m 1 ‘Underlying’ revenue throughout this document is in constant currency and adjusts for changes in First Rail franchise portfolio. 2 ‘Adjusted’ figures throughout this document are before other intangible asset amortisation charges and certain other items as set out in note 4 to the financial statements. 3 EBITDA is adjusted operating profit less capital grant amortisation plus depreciation. 4 Net debt is stated excluding accrued bond interest. 02 FirstGroup Annual Report and Accounts 2016 Strategic report Strategic report Group overview 04 Chairman’s statement 06 Chief Executive’s strategic review 08 Business review 10 Our people 20 Corporate responsibility 22 Our markets 26 Business model 30 Key performance indicators 32 Principal risks and uncertainties 36 Financial review 42 FirstGroup Annual Report and Accounts 2016 03 Group overview We have five operating divisions and leading positions in all of our markets. First Student First Transit Greyhound The largest provider of student transportation One of the largest private sector providers of The only national operator of scheduled in North America – more than twice the size public transit management and contracting intercity coach transportation services of the next largest competitor. in North America. in the US and Canada. ■■ $25bn marketplace, of which 38% ■■ $30bn marketplace in North America, ■■ 3,800 destinations served via a fleet is outsourced of which around 30% is outsourced of approximately 1,700 vehicles ■■ We operate a fleet of approximately ■■ We operate and manage 12,500 vehicles ■■ Point-to-point Greyhound Express serves 47,000 school buses, with around and maintain a further 35,000 1,000 city pairs in more than 135 markets 6m student journeys per school day ■■ 350 contracts for fixed route, paratransit, ■■ Unique nationwide network and iconic brand ■■ Around 1,200 multi-year contracts in more shuttle and vehicle maintenance services are significant competitive advantages than 500 locations ■■ Mainly capital-light operating model; our ■■ Systems to support new commercial model ■■ Industry-leading safety programmes, strong managerial and bidding expertise and in place customer relationships and service record technology are key differentiators are key differentiators ■■ Opportunities for growth in Mexico 2016 2016 2016 Approximate revenue by type Approximate revenue by type Approximate revenue by type Contract 91% Fixed route 39% Passenger revenue 78% School and third party charter 9% Paratransit 30% Package Express 8% Shuttle 21% Food service 2% Vehicle Services 10% Charter 1% Other 11% Adjusted Adjusted Adjusted Revenue operating margin Revenue operating margin Revenue operating margin $2,333m 7.1% $1,303m 7.0% $914m 6.0% Adjusted Adjusted Adjusted operating profit Employees operating profit Employees operating profit Employees $165.0m 57,000 $90.6m 19,500 $54.4m 7,000 04 FirstGroup Annual Report and Accounts 2016 Strategic report Contribution by division Revenue (as % of Group) First Bus First Rail One of the largest bus operators in the UK, One of the UK’s most experienced rail with a fifth of the market outside London. operators, carrying around 140m passengers First Student 30% across our two franchises and our open First Transit 16% ■■ £4.3bn deregulated market (outside London) access operation. Greyhound 12% First Bus 17% ■■ First Rail 25% 6,200 buses, carrying around 1.6m ■■ Experienced operator of all types passengers per day of passenger rail network (intercity, commuter, regional) Adjusted operating profit ■■ We serve eight of the 11 most densely (as % of Group) populated cities in the UK, with opportunities ■■ Operate Great Western Railway (GWR) to grow patronage in our key markets and TransPennine Express (TPE) franchises and open access service First Hull Trains ■■ We have invested to enhance our commercial proposition, improve service quality, and ■■ Well placed to continue to make disciplined simplify ticketing across the business bids for new contracts, with more than half of UK rail franchise revenues to be let by 2020 First Student 34% 2016 2016 First Transit 18% Approximate revenue by type Approximate revenue by type Greyhound 11% First Bus 15% First Rail 22% Number of employees (as % of Group) Passenger revenue 66% Passenger revenue 90% Concessions 24% Government funding1 2% Tenders 5% Other revenue 8% Other 5% First Student 53% Adjusted Adjusted First Transit 18% Revenue operating margin Revenue1 operating margin Greyhound 6% First Bus 16% £871m 6.0% £1,308m 5.6% First Rail 7% Adjusted Adjusted operating profit Employees operating profit Employees £52.0m 17,500 £72.9m 7,500 1 Includes subsidies of £20.4m but does not take into account total premium payments made to Government during the year of £105.8m, which are included in costs. FirstGroup Annual Report and Accounts 2016 05 Chairman’s statement I am pleased to make my first report to you as Without doubt there are Chairman of FirstGroup. Every day, FirstGroup’s significant challenges to 110,000 people are responsible for providing vital transportation services for millions of customers face and commitments still to across our core markets in the UK and North America. deliver, but I am confident that The Group’s five divisions have considerable FirstGroup has opportunities opportunities to support economic activity and improve social wellbeing by linking together the to deliver sustainable growth customers and communities they serve. and good financial returns The transportation services provided by FirstGroup have always been through ever more rigorous a critical enabler of economic and social activity, and the economic and environmental challenges of increasing urbanisation, congestion, focus on customers’ needs and demographic change mean that this is likely to remain so for the foreseeable future. At the same time, expectations for service quality going forwards. and convenience – at reasonable cost – are increasing on the part of passengers and the governments we work with. Meanwhile the digital economy continues to offer opportunities and risks throughout the Group, changing how customers expect to interact with the Group, how tickets are offered and revenue is collected, and how costs, employees and networks are managed. In
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