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View Annual Report National Express Group PLC Annual Report 2018 Group National Express Consistent delivery. Accelerating momentum. Consistent delivery. Consistent delivery. Accelerating momentum. Annual Report 2018 Our Purpose Contents Strategic Report To provide a crucial service by conveniently and safely 1 Highlights connecting people to jobs, education, shopping and 2 Strategic Report roadmap 3 Chairman’s statement leisure in an environmentally responsible way, through 4 Our business model 8 A changing market value fares. 10 Our strategy and priorities 12 Key performance indicators 14 Group Chief Executive’s review Our customers are at the heart of what we do at 17 Group Finance Directors’ review 22 Divisional review: ALSA National Express. Whether they are fare paying 25 Divisional review: North America passengers, transport authorities or school boards, 28 Divisional review: UK 31 Responsible business the mission is the same: to relentlessly meet 39 Risk management 41 Principal risks and uncertainties their expectations. 45 Viability Statement and going concern Corporate Governance 46 Chairman’s introduction to Corporate Governance 48 Leadership 52 Effectiveness 56 Board of Directors 58 Nominations Committee Report 62 Audit Committee Report 70 Safety & Environment Committee Report 74 Annual Statement by the Remuneration Visit our Group website to read our latest Committee Chair 78 Remuneration at a glance news, access investor information and 80 Summary of the Directors’ find out more about how we operate. Remuneration Policy 82 Annual Report on Remuneration www.nationalexpressgroup.com 100 Relations with Shareholders 102 Directors’ Report 105 Directors’ Responsibilities Statement Financial Statements 106 Independent Auditor’s Report 114 Group Income Statement 115 Group Statement of Comprehensive Income 116 Group Balance Sheet 117 Group Statement of Changes in Equity 118 Group Statement of Cash Flows 119 Notes to the Consolidated Accounts 186 Company Balance Sheet 187 Company Statement of Changes in Equity 188 Notes to the Company Accounts Additional Information 199 Five Year Summary 200 Managing our environmental impacts – performance data 202 Shareholder Information 204 Financial Calendar 205 Definitions and supporting information 207 Key Contacts and Advisers Unless otherwise stated, all operating profit, margin and EPS data refer to normalised results, which can be found on the face of the Group Income Statement in the first column. The normalised result is defined as being the IFRS result excluding intangible amortisation for acquired businesses, result from the year from discontinued operations and in the prior year, UK restructuring and US tax reform. The Board believes that this gives a more comparable year-on-year indication of the operating performance of the Group and allows users of the financial statements to understand management’s key performance measures. Further details relating to separately disclosed items are provided in note 5 on page 130 to the Financial Statements. In addition, unless otherwise stated, all pre-tax results and margin data refer to the Group’s continuing operations. Constant currency basis compares the current year’s results with the prior year’s results translated at the current year’s exchange rates. The Board believes that this gives a better comparison of the underlying performance of the Group. All definitions of alternative performance measures used throughout the Annual Report are included on page 205-206. Strategic Report 1 Highlights A resilient growth story REPORT STRATEGIC GROUP REVENUE ROCE STATUTORY OPERATING NORMALISED OPERATING (£m) (%) PROFIT (£m) PROFIT (£m) 2,450.7 12.4 215.4 257.7 CORPORATE GOVERNANCE CORPORATE 2,451 257.7 215.4 12.4 11.9 11.9 2,321 241.5 197.9 2,094 183.7 217.5 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 FINANCIAL STATEMENTS FINANCIAL STATUTORY EARNINGS FREE CASH FLOW DIVIDEND PER SHARE GEARING PER SHARE (p) (£m) (p) (x) 26.6 198.6 14.86 2.3 26.6 25.7 2.5 14.86 198.6 2.3 2.3 23.0 13.51 12.28 146.4 138.6 ADDITIONAL INFORMATION ADDITIONAL 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 IFRS basis Normalised basis 2018 2017 2018 2017 £m £m £m £m Revenue 2,450.7 2,321.2 2,450.7 2,321.2 Operating profit 215.4 197.9 257.7 241.5 Profit before tax 177.7 156.4 220.0 200.0 Profit for the year 138.7 134.3 171.0 152.0 Profit after tax from continuing operations 138.7 128.4 171.0 152.0 Basic earnings per share (pence) 26.6 25.7 32.9 29.1 Free cash flow 198.6 146.4 Net debt 951.5 887.9 Full year proposed dividend per share (pence) 14.86 13.51 National Express Group PLC Annual Report 2018 2 Strategic Report Strategic Report roadmap Generating stakeholder value Our Vision Our Vision is to earn the lifetime loyalty of our customers by consistently delivering frequent, high performing public transport services which offer excellent value. Our Values Underpinning this Vision we have a common set of Values across the business Excellence Safety Customers People Community We constantly strive We only do what is We place them at the We develop the talents, We are active in to be excellent in all safe and stop any heart of our business reward the exceptional the communities we that we do unsafe behaviour and relentlessly meet performance and serve to generate their expectations respect the rights economic, social and of all our employees environmental value How we generate and preserve value Our business model Our strategy and priorities Our KPIs What we do and how it generates Our priorities and how How we measure our value for our shareholders we plan to deliver them progress and delivery p4 p10 p12 The environment we operate in A changing market Principal risks and uncertainties Responsible business The trends and factors impacting The risks faced by National Express How we manage relationships with our the development of our industry and how we manage them stakeholders, including environment, social and governance matters p8 p39 p31 Our performance in 2018 Group Chief Executive’s review Group Finance Director’s review Divisional performance reviews An analysis of our strategy, A review of the key factors impacting A review of performance by our performance and results our financial performance principal segments – ALSA, North America and the UK p14 p17 p22 National Express Group PLC Annual Report 2018 Chairman’s statement 3 Building on REPORT STRATEGIC opportunities Sir John Armitt CBE Chairman CORPORATE GOVERNANCE CORPORATE Dear fellow Shareholder Introduction and overview both grow into new local market segments As a company we greatly value our It gives me great pleasure to report to fellow by serving them efficiently from our existing relationships with customers, local partners shareholders that National Express has locations and begin to offer comprehensive and regulators. This is demonstrated by our enjoyed a record-breaking 2018. The Group door-to-door journeys for customers. award-winning and pioneering Bus Alliance delivered significant increases in revenue, in the West Midlands and the long-term profit and free cash; our profit performance As a Board we have worked closely with the nature of our regional and urban contracts was a record on every measure. Driving this Executive team as they develop interesting in Spain, for example. We also believe we were record performances in both our North ideas around the future of transport and have an important role to play in society, American and ALSA divisions. Our UK bus mobility. We believe that this model, with which is why we were so pleased to and coach businesses also had a very customers looking for ‘seamless’ end-to- become the first private transport group to strong year, in contrast to some of the end journey information and options through become a Living Wage Foundation pervasive commentary around our sector. a single technology platform, is likely to accredited employer in the UK. increasingly define transport. National These record-breaking results have been Express is investing now to position It is this combination of consistently strong delivered through a combination of organic ourselves appropriately in this area. As our financial performance with an active sense STATEMENTS FINANCIAL growth and new acquisitions. The Group significant growth in digital revenue, with of our responsibility as an employer that again carried more passengers than it did increasingly sophisticated online and app helped us secure the accolade of Britain’s the year before and our targeted acquisition presences and industry-leading Revenue Most Admired Transport Company in the strategy has added prime new businesses Management Systems in the UK and Spain 2018 Management Today awards. I would to our portfolio. We augmented this with demonstrate, we are already seeing the like to personally commend Dean, Chris, business wins, from the substantial urban benefit of targeted investment in areas Matt and the rest of the Executive team for bus operation in Rabat, Morocco (which will where customers want innovation and their hard work to deliver both this record make us the largest private operator in that modernisation. This is an approach that result and such an accolade. country) to the 20 smaller ‘tuck in’ contracts we will maintain. in North America. We will also start our next The year ahead German rail operation – the Rhine-Ruhr A trusted operator and partner The Board expects the Group to build again Express – later this year. The Board has always been greatly on these results to deliver further growth in impressed with Dean’s determination and 2019. While there remains considerable This combination of organic growth, focus on safety within our business. In the uncertainty regarding Brexit at the time of targeted acquisitions and strategic contract last year, the Group has significantly writing, as a business we have reviewed a INFORMATION ADDITIONAL wins is helping deepen our presence in expanded the number of vehicles fitted with range of potential scenarios and do not significant urban markets as well as Lytx DriveCam smart safety cameras and believe we are exposed to any material diversify our earnings streams.
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