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The Better Way to Travel 66817 Stcchv13 P1to39:66817 Stcchv13 P1to39 29/6/09 17:29 Page 1 Better value Greener travel Smarter choices Annual Report and Accounts 2009 The better way to travel 66817_StCchV13_p1to39:66817_StCchV13_p1to39 29/6/09 17:29 Page 1 STAGECOACH GROUP PLC Company No. SC100764 YEAR ENDED 30 APRIL 2009 Highlights Financial summary Strong financial results against challenging economic environment Results excluding Reported results • intangible asset – Earnings per share+ up 12.8% to 22.9p expenses and exceptional items – Full year dividend up 11.1% at 6.0p Year ended 30 April 2009 2008 2009 2008 • Flexible business model in UK Bus and North America Revenue (£m) 2,103.3 1,763.6 2,103.3 1,763.6 • Consistent growth at UK Bus - like-for-like* revenue up 8.9% Total operating profit (£m) 227.8 205.3 202.4 192.3 • Further UK Bus operating margin* enhancement, up to 15.1% from Disposal losses (£m) – – – (1.4) 14.8% Impairment charge on properties (£m) – – (2.4) – • North American operating margin, excluding megabus.com, Resolution of certain liabilities maintained at over 10% re acquisitions and disposals (£m) – – 2.2 – Net finance charges (£m) (31.4) (30.9) (31.4) (23.6) • Action to secure long-term business at UK Rail - c. £50m of Profit before taxation (£m) 196.4 174.4 170.8 167.3 annualised cost savings Earnings per share (pence) 22.9p 20.3p 18.7p 34.6p • UK Rail like-for-like revenue up 6.2% Proposed final dividend (pence) 4.2p 4.05p 4.2p 4.05p Full year dividend (pence) 6.0p 5.4p 6.0p 5.4p • Contractual issues at South Western Trains franchise referred to arbitration +excluding intangible asset expenses and exceptional items (refer to definition of exceptional items contained in note 38 to the consolidated financial statements). • Plans in place at Virgin Rail Group to drive growth from 30% increase in services * See definitions in note 38 to the consolidated financial statements. • Significant committed undrawn bank facilities Commenting on the results, Stagecoach Chief Executive, Brian Souter said: “We have delivered strong revenue and profit growth from our greener, smarter bus and rail services despite the challenging economic environment. Our bus operations are performing well, with our focus on delivering good value, high quality services. We have made targeted complementary acquisitions that support our successful organic growth strategy and we have a flexible and successful business model. While our rail operations are more sensitive to the macroeconomic cycle, we have acted quickly to protect our businesses. We have delivered a major cost reduction programme at our rail franchises and are implementing measures to protect passenger revenue and attract new customers to the rail network. There is no doubt the transport sector faces a challenging year ahead, but I believe Stagecoach is well placed to withstand the economic headwinds. We have a record of being able to respond quickly to the changing business environment. I am confident we can develop new ideas for future growth, maintain high quality public transport services to our customers and deliver long-term value to our shareholders.” Adjusted earnings per share Dividend per ordinary share 22.9p 6.0p 20.3p 5.4p 4.1p 3.7p 3.3p 10.6p 11.7p 9.5p 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 Year ended 30 April Year ended 30 April Adjusted earnings per share is earnings per share before intangible asset The Group seeks to grow the dividend per ordinary share as earnings expenses and exceptional items. grow. Contents 2 Chairman’s statement 31 Health, Safety and Environmental 102 Company independent auditors’ report 3 Chief Executive’s review Committee report 103 Company financial statements 4 Operating and Financial Review 32 Directors’ remuneration report 104 Notes to the Company financial 20 Directors’ biographies 39 Responsibility statement statements 22 Directors’ report 40 Group independent auditors’ report 109 Shareholder information 26 Corporate governance report 41 Consolidated financial statements 110 Five year financial summary 30 Audit Committee report 46 Notes to the consolidated financial 31 Nomination Committee report statements Stagecoach Group plc | page 1 66817_StCchV13_p1to39:66817_StCchV13_p1to39 29/6/09 17:29 Page 2 1. Chairman’s statement I am pleased to report that Stagecoach Group has achieved a Group revenue for the year ended 30 April 2009 was up 19.3% at strong performance in the year, with further growth in our £2,103.3m (2008: £1,763.6m). Operating profit before revenue, operating profit and dividend. intangible asset expenses and exceptional items was 11.0% The Group’s diverse portfolio of businesses, robust bus higher at £227.8m (2008: £205.3m). Earnings per share before operations and relatively low net debt have meant we have been intangible asset expenses and exceptional items were up 12.8% well placed to withstand the economic slowdown. at 22.9p (2008: 20.3p). of 4.2p per share (2008: Nevertheless, we are not immune to the current economic We are proposing a final dividend 4.05p), giving a total dividend for the year of 6.0p (2008: 5.4p). environment, which has resulted in slower rates of revenue and The proposed final dividend is payable to shareholders on the passenger volume growth, particularly in the second half of the register at 28 August 2009 and will be paid on 30 September year. 2009. Our bus operations have continued to perform well and we have Trading to date in the current financial year to 30 April 2010 is in achieved further like-for-like revenue growth. We have also made line with our expectations. We will continue to monitor some small bolt-on acquisitions to complement our existing macroeconomic developments closely, particularly their impact operations. on our UK Rail Division, and take action to protect our business In UK Rail, we have achieved further improvements in train for the future. punctuality as we continue to deliver on our commitments to I am aware that our own employees have been affected by the passengers and the Government at our South Western and East Midlands rail franchises. Like all rail operators, our business is challenging economic environment and I would like to thank sensitive to changes in the macroeconomy and the negative them for their continued professionalism and support. trends in the UK economy have affected passenger demand. We have taken action to reduce costs, achieve sensible efficiencies and maximise revenue. These steps have helped to protect our underlying business and ensure we are in a strong position to capitalise on opportunities when the economy improves. Robert Speirs Chairman 24 June 2009 * Exceptional items are defined in note 4 to the consolidated financial statements on page 58 of this Annual Report page 2 | Stagecoach Group plc 66817_StCchV13_p1to39:66817_StCchV13_p1to39 29/6/09 17:29 Page 3 2. Chief Executive’s review We have had another strong year, reflecting the high quality of We have delivered strongly on our franchise commitments to our bus and rail operations, and our focus on delivering excellent Government, helping to significantly reduce the cost to taxpayers service and value for money to our customers. These qualities of running the railways. Our passengers at South Western Trains are more important than ever in the current economic and East Midlands Trains are benefiting from the investment we slowdown. have made in our stations and our services. We put forward a One of our strengths is the ability to respond quickly to the deliverable bid for the new South Central rail franchise, which changing operating environment. Since the turn of the year, the reflected our view of the economic outlook. We were transport sector as a whole has faced challenging trading disappointed not to win the franchise but will continue to conditions. However, we identified the implications for our evaluate opportunities to bid for new rail franchises. business early and moved fast to manage the issues effectively. As previously reported, we are in dispute with the Department I also believe that the current economic slowdown presents for Transport (”DfT”) regarding revenue support matters under opportunities for dynamic companies like Stagecoach that are the South Western rail franchise contract. We have taken legal driven by innovation. Issues around congestion and climate action to ensure the contractual commitments made by the DfT change are becoming more immediate and public transport is regarding the timing and scope of revenue support are met. We central to a low carbon economy. have legal advice in support of our case and we remain confident we are in a strong position. We will continue to deliver on our Stagecoach is continuing to invest for long-term growth and we commitments to passengers and the Government. have achieved further increases in like-for-like revenue across the business. Pricing is central to consumer decisions in the current Virgin Rail Group is now operating the full significant step-up in environment and we have further expanded our budget products rail services following the West Coast mainline upgrade project. over the past year, with more megabus.com destinations in Improvement works are continuing and Virgin Rail Group is North America and a new budget coach-rail service in the UK. working closely with Network Rail to minimise the immediate inconvenience on our customers and ensure they benefit from We have increased our focus on online marketing and sales long-term reliability on one of the UK’s crucial rail arteries. channels to reflect the changing purchasing habits of our passengers. Our new Stagecoach web portal, I have no doubt that 2009/10 will present some challenges. www.stagecoach.com, will allow us to market our greener, However, I also believe we are better placed than most to come smarter bus and rail services more effectively.
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