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Notes to the Consolidated Financial Statements

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Notes to the Consolidated Financial Statements 108244_STC_Back PRINT_108244_STC_Back V12 03/07/2014 16:05 Page 67 Notes to the consolidated financial statements Note 1 IFRS accounting policies These consolidated financial statements are presented in accordance with International Financial Reporting Standards (“IFRS”), as adopted by the European Union. The principal accounting policies adopted in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. • Basis of preparation The consolidated financial statements have been prepared in accordance with IFRS and International Financial Reporting Interpretations Committee (“IFRIC”) interpretations as adopted by the European Union (and therefore comply with Article 4 of the EU IAS Regulation), and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost convention as modified by (i) the revaluation of available for sale financial assets and (ii) financial assets and financial liabilities (including derivative financial instruments) at fair value through profit or loss. The consolidated financial statements are presented in pounds sterling, the presentation currency of the Group, and the functional currency of the Company and all values are rounded to the nearest one hundred thousand (£0.1m) except where otherwise indicated. • New accounting standards adopted during the year The following new standards, amendments to standards and interpretations are mandatory for the first time for the financial year beginning 1 May 2013, but do not have any significant effect on the consolidated financial statements of the Group: • Amendments to IAS 1, Presentation of financial statements – Presentation of items of other comprehensive income • IFRS 13, Fair value measurement • Amendments to IFRS 7, Financial instruments: Disclosures – Offsetting financial assets and financial liabilities • Annual improvements to IFRS, 2011 • IAS 16, Property, Plant and Equipment (revised 2012) The Group has adopted early the amendment to IAS 36, on the disclosure of the recoverable amounts of cash-generating units containing goodwill or intangible assets with indefinite useful lives. This does not have a significant effect on the consolidated financial statements of the Group. In June 2011, the International Accounting Standards Board (“IASB”) issued an amended version of IAS 19 ‘Employee Benefits’, which brings in various changes relating to the recognition and measurement of post-retirement defined benefit expense and termination benefits, and to the disclosures for all employee benefits. The IAS 19 change that has the most significant effect on the Group’s reported profit is that the Group’s annual expense for defined benefit schemes now includes net interest expense or income calculated by applying the discount rate to the net defined benefit asset or liability. This net interest expense or income replaces the finance charge on scheme liabilities and the expected return on scheme assets and results in a higher annual expense. Applying IAS 19R to the consolidated financial statements had no impact on revenue or the consolidated statement of cash flows previously reported. Its impact on the segmental operating profit and profit from continuing operations was as follows: Year ended 30 April: 2013 2013 2013 2012 2012 2012 Effect of Effect of Reported applying new Restated Reported applying new Restated profit IAS 19 profit profit IAS 19 profit £m £m £m £m £m £m Operating Profit UK Bus (regional operations) 165.0 (21.8) 143.2 198.6 (16.1) 182.5 UK Bus (London) 21.9 (2.9) 19.0 13.5 (4.3) 9.2 North America 13.3 0.1 13.4 19.7 0.2 19.9 Total bus continuing operations 200.2 (24.6) 175.6 231.8 (20.2) 211.6 UK Rail 49.9 (8.7) 41.2 27.9 (7.1) 20.8 Total continuing operations 250.1 (33.3) 216.8 259.7 (27.3) 232.4 Group overheads (14.9) (0.8) (15.7) (9.8) (0.5) (10.3) Intangible asset expenses (15.1) – (15.1) (9.1) – (9.1) Restructuring costs (1.7) – (1.7) (2.3) – (2.3) Total operating profit of continuing Group companies 218.4 (34.1) 184.3 238.5 (27.8) 210.7 Share of joint ventures’ profit after finance income and taxation 17.0 (1.5) 15.5 24.4 (1.8) 22.6 Total operating profit: Group operating profit and share of joint ventures’ profit after taxation 235.4 (35.6) 199.8 262.9 (29.6) 233.3 Non-operating exceptional items (2.2) – (2.2) 11.6 – 11.6 Profit before interest and taxation 233.2 (35.6) 197.6 274.5 (29.6) 244.9 Finance charges (net) (37.4) (5.9) (43.3) (34.7) (0.2) (34.9) Profit on ordinary activities before taxation 195.8 (41.5) 154.3 239.8 (29.8) 210.0 Taxation (37.0) 9.2 (27.8) (51.5) 7.2 (44.3) Profit from continuing operations 158.8 (32.3) 126.5 188.3 (22.6) 165.7 Adjusted earnings per share (pence) 30.2p (5.6)p 24.6p 25.4p (3.6)p 21.8p The restated profit shown above, reflects: • The inclusion of the pensions current service cost within the operating profit of each division in the consolidated income statement. • The inclusion of investment administration costs and taxes, such as amounts levied by the UK Pension Protection Fund, in the actual return on investment, with the difference between the actual return on investment and the discount rate applied to the scheme assets being reflected in other comprehensive income. • The inclusion of net interest expense on the net defined liability within finance charges (net) in the consolidated income statement. Stagecoach Group plc | page 67 108244_STC_Back PRINT_108244_STC_Back V12 03/07/2014 16:05 Page 68 Notes to the consolidated financial statements Note 1 IFRS accounting policies (continued) The liability (or asset) recognised for the relevant sections of the Railways Pension Scheme reflects that part of the net deficit (or surplus) of each section that the employer is expected to fund (or expected to recover) over the life of the franchise to which the section relates. The determination of those amounts includes considering the expected return on assets in the relevant sections over the life of the related franchises. The new version of IAS 19 in effect applies a lower expected return on assets and so, results in a change in the liability recognised for the relevant sections of the Railways Pension Scheme. The consolidated balance sheets as at 30 April 2013 and 30 April 2012 have been restated as follows: 2013 2013 2013 2012 2012 2012 Previously Effect of Restated net Previously Effect of Restated net reported net applying new (liabilities)/ reported net applying new (liabilities)/ liabilities IAS 19 assets liabilities IAS 19 assets £m £m £m £m £m £m Interests in joint ventures 50.3 3.0 53.3 56.6 1.2 57.8 Net retirement benefit liability (157.8) 48.2 (109.6) (122.1) 45.3 (76.8) Deferred tax liabilities (24.4) (11.1) (35.5) (40.0) (11.7) (51.7) Other net assets 108.1 – 108.1 48.2 – 48.2 Net (liabilities)/assets (23.8) 40.1 16.3 (57.3) 34.8 (22.5) • New standards and interpretations not applied The IASB and IFRIC have issued the following standards and interpretations with an effective date for financial years beginning on or after the dates disclosed below and therefore after the date of these financial statements: International Accounting Standards and Interpretations Effective date IFRS 10 Consolidated Financial Statements 1 January 2014 IFRS 11 Joint Arrangements 1 January 2014 Amendments to IFRS 11: Accounting for Acquisitions of Interests in Joint Operations 1 January 2016 IFRS 12 Disclosure of Interests in Other Entities 1 January 2014 Amendments to IFRS 10, 11 and 12 on transition guidance 1 January 2014 IFRS 14 Regulatory Deferral Accounts* 1 January 2016 IFRS 15 Revenue from contracts from customers* 1 January 2017 Amendments to IAS 16 and IAS 38: Clarification of Acceptable Methods of Depreciation and Amortisation 1 January 2016 IAS 27 (revised 2011) Separate Financial Statements 1 January 2014 IAS 28 (revised 2011) Associates and Joint Ventures 1 January 2014 Amendment to IAS 32 Financial instruments: Presentation, on offsetting financial assets and financial liabilities 1 January 2014 IFRS 9 Financial Instruments: Hedge accounting* no effective date set IAS 19 Defined Benefit Plans: employee contributions* 1 July 2014 Annual Improvements to IFRSs 2012 1 July 2014 Annual Improvements to IFRSs 2013 1 July 2014 IAS 39 (amendment) Financial Instruments: Novation of Derivatives and Continuation of Hedge Accounting* 1 January 2014 IFRIC 21 Levies* 1 January 2014 *Not yet adopted for use in the European Union. With the exception of IFRS 15 that was only recently issued, the Directors have reviewed the requirements of the new standards and interpretations listed above and they are not expected to have a material impact on the Group’s financial statements in the period of initial application. • Comparatives Where appropriate, comparative figures for the previous year have been adjusted to conform to changes in presentation. These changes have no impact on the consolidated income statement or on consolidated net liabilities. • Basis of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiary undertakings and joint ventures made up to 30 April in each year. The consolidated income statement includes the results of businesses purchased from the effective date of acquisition and excludes the results of disposed operations and businesses sold from the effective date of disposal. • Subsidiaries and joint ventures (i) Subsidiaries Subsidiaries, which are those entities in which the Group has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies so as to obtain benefits from their activities, are consolidated.
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