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3. Operating and Financial Review

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3. Operating and Financial Review 3. Operating and Financial Review 3.1 Statement of compliance performance is earnings per share, before exceptional items and the amortisation of intangible assets (“Adjusted EPS”). Adjusted EPS is calculated The Operating and Financial Review that follows is intended largely to reflect based on the profit attributable to equity shareholders (adjusted to exclude the recommendations of the Accounting Standard Board’s 2006 reporting exceptional items and the amortisation of intangible assets) divided by the statement of best practice on the Operating and Financial Review. The weighted average number of ordinary shares ranking for dividend during the statement has only recently been published and we intend to monitor relevant period. developments in best practice with a view to further tailoring our Operating and Financial Review in the future to enhance its usefulness to readers of the Adjusted EPS was as follows: Annual Report. Year ended 30 April 3.2 Cautionary statement 2006 2005 The Operating and Financial Review has been prepared for the shareholders pence pence of the Company, as a body, and no other persons. Its purpose is to assist Adjusted EPS 10.6p 9.5p shareholders of the Company to assess the strategies adopted by the Company and the potential for those strategies to succeed and for no other 3.3.2.2 Organic growth purpose. This Operating and Financial Review contains forward looking A key element underpinning the Group’s strategy is to deliver organic growth statements that are subject to risk factors associated with, amongst other in revenue. The following measures of organic growth are monitored in things, the economic and business circumstances occurring from time to respect of the Group’s three divisions: time in the countries, sectors and markets in which the Group operates. It is believed that the expectations reflected in these statements are reasonable • UK Bus – growth in passenger journeys (excluding London where but they may be affected by a wide range of variables which could cause Transport for London (“TfL”) receives the passenger revenue) measured as actual results to differ materially from those currently anticipated. No the percentage increase in the number of passenger journeys relative to assurances can be given that the forward looking statements in this the equivalent period in the previous year. Operating and Financial Review will be realised. The forward looking statements reflect the knowledge and information available at the date of • Rail – growth in passenger miles measured as the percentage increase in preparation. the number of miles travelled by passengers relative to the equivalent period in the previous year. 3.3 Group business objectives and long- • North America – growth in US$ revenue from continuing operations term strategy measured as the percentage increase in revenue relative to the equivalent 3.3.1 Business objectives and long-term strategy period in the previous year. The key elements of Stagecoach Group’s business strategy to deliver long- The measures vary by division reflecting differences in the underlying term shareholder value are: business – for example, not all passenger revenue in North America is determined on a “per passenger” basis. • To deliver organic growth across all of the Group’s operations; All of these growth KPIs involve a degree of estimation in respect of • To acquire businesses that are complementary to the Group’s existing passenger volumes and are normalised to exclude businesses that have not operations, in areas where the Group’s management has proven expertise been held by the Group for the whole of both periods. The organic growth and which offer prospective returns on capital in excess of the Group’s KPIs were as follows: weighted average cost of capital; Year ended • In addition to organic and acquisition growth, to maintain and grow the 30 April 2006 Group’s UK Rail division by bidding for selected rail franchises and to seek Growth % to secure new franchises where the risk/return trade-off is acceptable. This part of the strategy includes working with VRG to secure an acceptable UK Bus passenger journeys 2.1% renegotiated West Coast Trains franchise. UK Rail passenger miles A fundamental objective underlying this strategy is the continued provision – South West Trains 1.3% of safe and reliable services to passengers. – VRG – West Coast 21.3% – VRG – CrossCountry 4.3% Stagecoach Group has demonstrated particular strength in managing bus North America revenue 11.0% and coach businesses that operate scheduled services in a relatively deregulated environment. The Group’s focus is on operations with critical 3.3.2.3 Safety mass in their own local markets. In rail, Stagecoach’s skill centres on organic In addition to providing reliable services, we seek to ensure the safety of our revenue and passenger volume growth, the management of significant passengers, staff and others. change projects, the delivery of improved operational performance, and driving up customer satisfaction. Health and safety matters are discussed on pages 15 and 16 of this Annual Report. Safety is monitored in various ways, including through a range of 3.3.2 Key Performance Indicators KPIs. Group level KPIs include the number of passenger injuries per million The Group uses a wide range of key performance indicators (“KPIs”) across its miles and staff lost time accidents per 100,000 hours worked. various businesses and at a Group level. The most important of these KPIs at a Disposed businesses are excluded from the safety KPIs. Group level focus on five key areas: The safety KPIs were as follows: • Profitability Year ended 30 April • Organic growth 2006 2005 • Safety • Service delivery Passenger injuries per million miles 1.39 1.47 • Staff retention Staff lost time accidents per 100,000 hours worked 0.83 0.98 3.3.2.1 Profitability 3.3.2.4 Service delivery The Group seeks to increase long-term value to its shareholders. While the Group aims to take a long-term perspective on shareholder value, it also We aim to provide a reliable service to support our organic growth strategy. monitors the financial performance of each of its businesses in the shorter Our measures of service delivery include: term. For the Group as a whole, the key measure of short-term financial • UK Bus – lost mileage measured as the percentage of planned miles to be page 4 | Stagecoach Group plc operated that were not operated. • Rail – punctuality measured on the basis of the DfT’s Public Performance 3.4.2 North America Measure (moving annual average) being the percentage of trains that Stagecoach is a major provider of transport services in North America where arrive at their destination within 5 minutes (or 10 minutes for inter-city the market is highly fragmented with several thousand operators. Our services) of their scheduled arrival time having called at all scheduled businesses include commuter services, tour and charter, sightseeing and stations. school bus operations. Due to the nature of the North American business, there is no single measure The United States business is headed by a Chief Operating Officer. Stagecoach of service delivery for the North American division as a whole. runs around 2,600 vehicles in the United States where our operations are The service delivery KPIs were as follows: centred on the states of New York, New Jersey, Pennsylvania, West Virginia, Ohio, northern Indiana, northern Illinois and southern Wisconsin. Our services operate in major cities such as New York City, Newark, Pittsburgh, Chicago and Year ended 30 April Milwaukee. 2006 2005 % % In Canada, we own four operating companies, which together operate around 500 vehicles in the Provinces of Quebec and Ontario. UK Bus lost mileage 0.5% 0.8% UK Rail punctuality 3.4.3 UK Rail – South West Trains 90.0% 82.5% Stagecoach Group has major rail operations and has an involvement in – VRG – West Coast 84.2% 72.5% operating around a quarter of the UK passenger rail network. The UK rail – VRG – CrossCountry 81.3% 77.5% market is split into a number of separate franchises, which are awarded by the Government for set time periods to a specification set by the DfT on the basis 3.3.2.5 Staff retention of bids by train operators. As noted on page 15, the Group’s most important resource is its employees. The Group’s principal wholly-owned rail business is South West Trains, the We monitor staff turnover which is measured as the number of employees UK’s biggest commuter franchise, which runs around 1,600 trains a day in who left the Group (other than through business disposals) during the period south-west England out of London Waterloo railway station. The Group’s as a proportion of the total average employees during the period. Staff other franchise is Island Line on the Isle of Wight. Both franchises are turnover for the last two years was as follows: operated under contract until February 2007. We also operate Supertram, a Year ended 30 April 28km light rail network incorporating three routes in the city of Sheffield, on a 27-year concession running until 2024. 2006 2005 % % Stagecoach Group’s rail division is headed by a Chief Executive, who reports directly to the Group Chief Executive. South West Trains, Island Line and UK Bus staff turnover 18.1% 22.4% Supertram each has a Managing Director, who reports to the Chief Executive UK Rail staff turnover of the Group’s rail division, who is also Chairman of South West Trains. – South West Trains 8.8% 10.7% – VRG 6.2% 7.7% 3.4.4 New Zealand North America staff turnover 21.9% 24.0% In November 2005, Stagecoach Group sold all of its New Zealand operations to Infratil Limited, a company listed on the New Zealand Exchange that is a 3.4 Description of the business specialist investor in infrastructure and utility assets.
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