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View Annual Report National Express Group PLC Group National Express National Express Group PLC Annual Report and Accounts 2007 Annual Report and Accounts 2007 Making travel simpler... National Express Group PLC 7 Triton Square London NW1 3HG Tel: +44 (0) 8450 130130 Fax: +44 (0) 20 7506 4320 e-mail: [email protected] www.nationalexpressgroup.com 117 National Express Group PLC Annual Report & Accounts 2007 Glossary AGM Annual General Meeting Combined Code The Combined Code on Corporate Governance published by the Financial Reporting Council ...by CPI Consumer Price Index CR Corporate Responsibility The Company National Express Group PLC DfT Department for Transport working DNA The name for our leadership development strategy EBT Employee Benefit Trust EBITDA Normalised operating profit before depreciation and other non-cash items excluding discontinued operations as one EPS Earnings Per Share – The profit for the year attributable to shareholders, divided by the weighted average number of shares in issue, excluding those held by the Employee Benefit Trust and shares held in treasury which are treated as cancelled. EU European Union The Group The Company and its subsidiaries IFRIC International Financial Reporting Interpretations Committee IFRS International Financial Reporting Standards KPI Key Performance Indicator LTIP Long Term Incentive Plan NXEA National Express East Anglia NXEC National Express East Coast Normalised diluted earnings Earnings per share and excluding the profit or loss on sale of businesses, exceptional profit or loss on the disposal of non current assets and charges for goodwill impairment, intangible asset amortization, exceptional items and tax relief on qualifying exceptional terms Normalised profit Profit before tax, goodwill impairment, intangible amortization and exceptional items (For the purposes of Directors’ Remuneration) OFR Operating and Financial Review RPS Railway Pension Scheme SPAD Signal Passed at Danger TfL Transport for London TOC Train Operating Company Four individual train businesses, four bus businesses, a TSR Total Shareholder Return – the growth in value of a shareholding over a specified period assuming that coach operator and an airport transfer service, all in the dividends are reinvested to purchase additional shares UK. That’s the way we were. Now when we talk to a UK GAAP UK Generally Accepted Accounting Principles customer who wants to get from Gatwick to Glasgow or Norwich to Newcastle, we present a more joined-up approach. One organisation. One brand. One website. And one much happier customer. This Annual Report and Accounts is printed on Revive 50:50 silk and Revive 50:50 uncoated, both papers are produced from 50% recovered waste and 50% virgin fibre. Both the paper mill and printer involved in the production support the growth of responsible forest management and are both accredited to ISO14001 which specifies a process for continuous environmental improvement and both are FSC certified. If you have finished reading this report and no longer wish to retain it, please pass it on to other interested readers or dispose of it in your recycled paper waste. Thank you. This annual report is available at www.nationalexpressgroup.com Designed and produced by Radley Yeldar (London) Printed by Cousins 1 National Express Group PLC Annual Report & Accounts 2007 ...by creating new opportunities Researching what our customers think and want is vital. If we understand them better, we can create new opportunities for them to travel with us. On National Express East Coast, for example, we’re planning 25 new services a day by 2010. Would you like to choose your seat when you book, or see which trains are less crowded? On our new website you’ll be able to. And soon you’ll be able to book a Dot2Dot transfer from King’s Cross at the same time. 2 National Express Group PLC Annual Report & Accounts 2007 ...by making customers our priority You can view your customers as statistics. Or you can treat them as individuals, each needing something different. By putting our customers at the heart of what we do, we’re doing it differently. Like offering commuter coaches with laptop plugs and wi-fi. Like asking what would make a North American school bus better. Like fitting child seat belts to all of our UK coaches. Like the difference? Our research says our customers do. 3 National Express Group PLC Annual Report & Accounts 2007 ...by working together We’re joining-up with other organisations to create more opportunities for our customers and our business. In partnership with the West Midlands transport authority, Centro, we’ve transformed six Birmingham bus routes. Result: 10% more customers within months on some routes, and plans for a much more far-reaching partnership. We’re partnering with airlines and tour operators to make Dot2Dot transfers part of their service. And we’ve become transport partner for major event venues and organisers such as Twickenham and Wembley stadiums. Result! 4 National Express Group PLC Annual Report & Accounts 2007 ...by protecting the future Everyone knows public transport is a sound environmental choice. At National Express we aim to get even greener. We’ve started trialling hybrid buses in London. By adding regenerative braking to all c2c trains, we’ve achieved a 20% reduction in energy use. We’ve found that by investing in driver training at National Express East Anglia we can further reduce energy consumption. And in Leon we’ve launched Spain’s first electric bus service. For many of our customers, our sustainability is a key reason for leaving the car at home. It’s a competitive edge we don’t take lightly. 5 National Express Group PLC Annual Report & Accounts 2007 Making our strategy work Contents 6 Highlights 7 Chairman’s Statement 10 Chief Executive’s Review 14 Divisional Overview 16 Operating and Financial Review Trains Buses Coaches North America Spain 28 Financial Review 34 Corporate Responsibility 36 Board of Directors and Company Secretary 38 Directors’ Report 42 Corporate Governance Report 47 Directors’ Remuneration Report 54 Independent Auditors’ Report to the Members of National Express Group PLC 55 Group Primary Financial Statements 59 Notes to the Consolidated Accounts 105 Company Balance Sheet 106 Notes to the Company Accounts 114 Five Year Summary 115 Shareholder information 116 Dividends and Financial Calendar Corporate Information 117 Glossary 6 National Express Group PLC Annual Report & Accounts 2007 Highlights Results at the top end of market expectations Strong passenger growth in all divisions – 6% in trains, 3% in coaches, 2% in buses and 4% in Spain Completion of the acquisition of Continental Auto for £459.8 million (€659.3 million) to create Spain’s leading coach and bus operator Award – with launch in December – of National Express East Coast franchise Restructuring of UK operations to form one division, releasing £11 million of annualised savings Record North American bid season and Business Transformation project on course Positive start to 2008 Commitment to increase the Group’s dividend by 10% per annum for the next three years reflecting the Board’s confidence in the Group’s future prospects Financial Revenue Normalised operating profit* Highlights £2.6bn +11% (2006: £2.5bn) to £205.6m (2006: £184.8m) Normalised diluted Normalised profit earnings per share* before tax* +10% +13% to 83.9p (2006: 76.5p) to £177.0m (2006: £156.1m) Total dividend for the year per share 37.96p (2006: 34.75p) * Normalised results are the statutory results excluding the profit or loss on the sale of businesses, exceptional profit or loss on sale of non-current assets and charges for goodwill impairment, intangible asset amortisation, exceptional items and tax relief on qualifying exceptional items. 7 National Express Group PLC Annual Report & Accounts 2007 Chairman’s Results and dividend Based on the Board’s confidence in I am delighted to announce that we the Group’s prospects and the greater Statement traded strongly throughout the year visibility of rail earnings following the and that our results are at the top end completion of the recent round of of market expectations. All divisions rail franchising, we have announced a provided a healthy contribution. commitment to increase our dividend by We have delivered 10% earnings 10% per annum for the next three years. growth and increased the Group This reflects the Board’s confidence in margin to 7.9%. the Group’s future prospects. Revenue was £2.6 billion (2006: £2.5 Safety billion) and normalised Group operating Safety continues to be of paramount profit was £205.6 million (2006: £184.8 importance to us. During 2007 we million). After interest and the Group’s saw two serious coach accidents, share of profits from associated one tragically involving the loss of three undertakings, normalised profit before lives. Our condolences and thoughts tax was £177.0 million (2006: £156.1 remain with those families affected. million). Normalised diluted earnings In our coach business, as with all per share from continuing operations our operations, our policy is one of were 83.9 pence (2006: 76.5 pence). continuous improvement in safety. We are recommending a final dividend of 26.4 pence per ordinary share (2006: 24.0 pence), an increase of 10%, to be paid on 9 May 2008 to shareholders on the register at 25 April 2008. Including the interim dividend, the proposed total dividend for the year is 37.96 pence (2006: 34.75 pence). “We have announced a commitment to increase our dividend by 10% per annum for the next three years. This reflects the Board’s confidence in the Group’s future prospects.” David Ross Chairman 8 National Express Group PLC Annual Report & Accounts 2007 Chairman’s Operations Our Spanish bus and coach operations We have restructured our three UK traded well with passenger growth Statement divisions into a single UK business. of 4%. Our acquisition of Continental This will enable us to put much greater Auto makes us the number one private continued focus on the needs of our customers operator of public transport services and be more responsive to new in Spain.
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