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ANNUAL REVIEW 1999 UK Bus

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ANNUAL REVIEW 1999 UK Bus ANNUAL REVIEW 1999 UK Bus Bluebird East Midlands Cheltenham & East London Fife Manchester Gloucester Selkent Western Cumberland Midland Red South Busways Ribble Oxford East Kent Transit Red & White United Counties Devon Cambus Overseas Bus Swebus Australia Citybus Portugal New Zealand Finland Rail South West Trains Island Line Supertram Stagecoach Holdings plc Rolling Stock Porterbrook Aviation Glasgow Prestwick International Airport Strategic Investments Road King (China) Virgin Rail Group Financial calendar Contents Annual General Meeting 3 September 1999 Financial calendar IFC Auditors' statement 31 Final dividend 14 October 1999 Financial highlights 1 Summary profit and loss account 32 Interim report December 1999 Chairman's statement 2-3 Summary balance sheet 33 Interim dividend March 2000 Chief executive's review 4-28 Summary cash flow statement 34 Board of Directors 29 Five year financial summary 35 Summary financial statement 30 Shareholder information 36 Summary directors' report 30 Advisers IBC Stagecoach aims to provide long-term shareholder value by creating a global transport business, focused on innovation and quality, which benefits both our customers and employees. Financial highlights 4 Total turnover »1,548.4 million, up 15% 4 Total operating profit of »274.7 million, up 27% 4 Profit before tax of »219.9 million, up 39%* 4 Basic earnings per share of 12p, up 26% 4 Adjusted earnings per share of 12.7p, up 32%* 4 Final proposed dividend for the year of 2.0p 4 Total dividend for the year of 3.0p (net), up 25% 4 Free cash flow of »279.8 million 4 Capital investment of »263.1 million *before goodwill amortisation and exceptional items Turnover Profit before tax Earnings per share in » million in » million in pence Chairman's statement I am pleased to report another year of excellent progress. Turnover has increased by 15% to »1,548.4 million commitment to new train investment and new services, (1998 ^ »1,347.0million) and profit before tax, we believe that we have established a strong case to exceptional items and goodwill amortisation, is up 39% support franchise extension and we will be submitting to »219.9 million (1998 ^ »158.3 million). Earnings per proposals to the Government in the near future. share on an equivalent basis rose 32% to 12.7 pence (1998 ^ 9.6 pence) with basic earnings per share rising Porterbrook has continued to win new orders and 26% to 12.0pence (1998 ^ 9.5 pence). These results currently has an order book totalling »420million. represent strong underlying performances across all our The first orders since privatisation have been delivered divisions as well as contributions from our acquisitions with the remainder due over the next 18 months. of the Yellow Bus Company and Fuller's Ferries in New Porterbrook has also been successful in introducing Zealand, Citybus in Hong Kong and our strategic innovative new maintenance arrangements including investments in Road King and Virgin Rail. contracts with Midland Mainline under which maintenance responsibility is passed to the train A final dividend of 2 pence per share (1998 ^ 1.6 operating company and with Thameslink where pence) is proposed and is payable to shareholders on Porterbrook has taken full responsibility for all rolling the register at 13 August 1999 and will be paid on stock maintenance. Looking forward, we believe that 14 October 1999. The total dividend for the year is franchise extension opportunities and continued 3 pence per share, up 25% and is covered 3.9 times. increases in passenger volumes will result in further It is also intended that we will introduce a Dividend growth in rolling stock opportunities for Porterbrook. Reinvestment Plan in the current year to replace the scrip dividend programme we have implemented over Our Prestwick Airport operation has shown a good, recent years. first full year contribution to group results, with record freight tonnage and the introduction of additional For the sixth successive year our UK bus division has passenger services. delivered organic growth with our passenger volumes growing 0.7% on a like-for-like basis. Underlying The results also include the first contributions from margins have also improved significantly from 14.8% our two strategic investments, Road King Infrastructure to 15.8% as a result of revenue growth and further and Virgin Rail Group, which have contributed »10.7 cost savings. million and »11.2 million respectively to pre-tax profits, before goodwill amortisation. Our overseas bus division has also improved margins in all business units. At Swebus, despite the At Road King, toll road volume growth of 48% was continued adverse revenue effect of low inflation achieved and the company reported record profits of on turnover, margins improved from 5.3% to 6.3%. »38.4 million for the year ended 31 December 1998. This improvement has been achieved despite costs We continue to work closely with management to associated with the national bus strike that took assess further opportunities as existing privately place in early spring. Without the effect of the strike owned toll roads consolidate and a wide range the operating margin would have been 6.7%. Our of new projects arise in China. Swebus Express business was extended following deregulation of long distance services in January Virgin Rail Group has had strong volume and revenue 1999 and is showing year on year passenger growth during the year. In addition, the first phase growth of 12%. of the major upgrade plans has been completed, with financing in place for both CrossCountry and West South West Trains (SWT) has continued to carry more Coast rolling stock. A new Chief Executive has been passengers and we have increased services by more appointed for the Virgin Rail Group and renewed focus than 10% since privatisation. Despite this increased is being placed on the operational performance of the volume of services, reliability on both mainline business, and already improvements in reliability and and suburban services is now at record levels and punctuality are being delivered. Despite a variable punctuality is also improving with the best levels operational performance, passenger volumes on West recorded since privatisation over the last 3 months. Coast grew by 8%, reflecting a strong economy and Given the improved operational performance, our the chronic congestion being experienced by road 2 STAGECOACH HOLDINGS PLC ``We are now in a new phase with the emergence of truly global transport groups.'' Brian Souter Chairman users. We are confident that there is substantial latent opportunities throughout our businesses. The fruits of passenger demand and we note that inter-city this approach can be seen in the last 14 months where passenger numbers are growing organically at only one of the last six transactions has been secured very high rates across Northern Europe. through an open tender. Indeed, a further example of this is our recent strategic investment, whereby we Over the last 12 months the group has added over have conditionally acquired a 35% stake in Sogin »425 million of annualised turnover through the Group, the largest privately managed bus and coach acquisition of Yellow Bus/Fuller's Ferries in Auckland, operator in Italy. Our strong brand and reputation for Citybus in Hong Kong and our investment in Virgin innovation and straight dealing continues to be our Rail Group. Each of these businesses has significant greatest strength. potential to contribute to group performance; Yellow These results are the first to reflect our new Bus now gives us critical mass in New Zealand and an management structure implemented following the overall 64% market share; Citybus, the second largest appointment of Mike Kinski as Group Chief Executive bus operator in Hong Kong, with a very modern fleet, in April 1998 and demonstrate our strong focus on firmly establishes us in this important growth market operational performance and organic growth as well in the Pacific Rim; Virgin Rail Group provides long as value enhancing new acquisitions. Our strong term revenue and profit potential from the substantial infrastructure and rolling stock upgrade taking place management team is well positioned for further organic growth and to exploit new acquisition opportunities. on the West Coast mainline which will create a railway for the 21st century. I would like to thank all our employees for their support and commitment over the last 12 months. We are now in a new phase with the emergence The success and growth of the group depends on of truly global transport groups. Most significant the commitment and support of our staff and it is vehicle manufacturers are responding to the changing encouraging to hear anecdotal reports from visitors environment and are now represented in all the main who have found friendly staff as well as quality industrial markets and international procurement services with Stagecoach companies around the world. savings are becoming increasingly important for all operators. Few countries are still ideologically opposed The current year has started satisfactorily and each of to the concept of privatisation of transport resources our existing businesses is well positioned for continued and market testing but the speed of change will organic growth. We are continuing to assess a wide continue to be determined by political will. The range of business development opportunities within majority of markets are now open to private sector our core disciplines and look forward to another investment and the restrictions on foreign ownership exciting year of progress and sustainable growth. are fast disappearing. The menu of opportunities is An early start has been made to this process following greater and wider than ever before and our aim our announcement of the proposed acquisition of is to identify the correct diet and concentrate our Coach USA, Inc. which provides us with an exciting management time and shareholder funds on the platform for growth in the North American market.
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