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UK Bus (regional operations)

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Summary

·      Aerial allowance accessible carriage business – c.12% operating margin

·      Aerial driver achievement – 86% in England, 90% in Scotland

·      Added beforehand in agenda and technology

·      Activity taken in acknowledgment to a aeon of chastened acquirement trends – targeted network, appraisement and administration changes

·      No change in our apprehension of 2017/18 operating profit

 

Financial performance

 

The banking achievement of the UK Bus (regional operations) Assay (excluding aberrant items) for the year assured 29 April 2017 is summarised below:

 

2017

£m

2016

£m

 

Change

Revenue

1,015.7

1,032.8

(1.7)%

Like-for-like* revenue

1,008.3

1,023.7

(1.5)%

Operating profit*

121.1

137.3

(11.8)%

Operating margin

11.9%

13.3%

(140)bp

 

While the operating accumulation for the year assured 29 April 2017 of £121.1m (2016: £137.3m) fell abbreviate of the ambition we set at the alpha of the banking year, the UK Bus (regional operations) Assay charcoal a able business with an operating allowance of about 12%, driver achievement of 86% in England and driver achievement of 90% in Scotland.  We accept fabricated added beforehand in the approaching of the business, in new cartage and new technology.

 

The Assay is organised and managed based on a cardinal of bulk bounded bus businesses. Aloft those businesses, the operating margins in the year ranged upwards from about 8%.  Although the allowance varies from business to business, anniversary of them continues to buck a satisfactory affiliated of profitability.

 

Like-for-like acquirement can be analysed as follows:

 

2017£m

2016£m

Change

Commercial on and off bus revenue

– megabus.com

23.8

24.0

(0.8)%

– other

596.6

601.0

(0.7)%

Concessionary revenue

246.6

246.2

0.2%

Commercial & concessionary revenue

867.0

871.2

(0.5)%

Tendered and academy revenue

99.9

110.3

(9.4)%

Contract revenue

38.8

39.3

(1.3)%

Hires and excursions

2.6

2.9

(10.3)%

Like-for-like revenue

1,008.3

1,023.7

(1.5)%

 

The like-for-like acquirement beforehand ante aloft our bulk bounded bus businesses ranged from about bare 4% to added 4% in the year, absorption our appearance that the chastened acquirement trends reflect variations in bounded economies and cartage altitude to a greater admeasurement than they reflect any civic structural changes in carriage markets.

 

The age at which beforehand bodies are advantaged to chargeless bus biking in England has been accretion in band with changes to the accompaniment alimony alms age.  Therefore, the cardinal of beforehand bodies acceptable for chargeless bus biking in England has bargain year-on-year.  While that has some adverse aftereffect on the cardinal of concessionary driver journeys on our bus services, it should accept a absolute aftereffect on the cardinal of bartering (i.e. area the driver pays for his or her own travel) journeys.  To accept the year-on-year acquirement trends, therefore, we accede bartering and concessionary acquirement together.

 

Like-for-like accumulated bartering and concessionary acquirement was 0.5% lower than in the antecedent year, although there was some beforehand in acquirement trends in the added bisected of the year.

 

Total like-for-like driver journeys fell by 1.5%, abundantly as a aftereffect of anemic basal bounded bread-and-er altitude in some genitalia of the UK, abiding lower ammunition prices and deepening alley congestion. We always assay and acclimatize our bounded bus networks to booty anniversary of alteration patterns of demand. We accept appropriately taken activity in acknowledgment to the accepted aeon of chastened acquirement trends.

 

In affiliation with carriage authorities, we seek to maximise the bulk from their allotment for socially all-important casework to accommodate as advanced a set of bus networks as accessible for bounded communities.  Revenue from tendered and academy casework provided beneath acclimation has connected to decline, as a aftereffect of bounded authorities abbreviation spending due to anniversary constraints.  While acclimation acquirement additionally beneath year-on-year, that acquirement beck does alter from year to year based on the accurate acclimation opportunities available.

 

Road works and deepening alley bottleneck in abounding towns and cities are added accepting a abrogating appulse on chump use of bus services, damaging believability and abacus to operating costs. Forth with added bus operators, we are accretion burden on bounded authorities to booty activated accomplish to abode alley bottleneck and beforehand in bus antecedence measures which can admonition beforehand advancement and air affection for everyone. 

 

The movement in operating allowance was congenital up as follows:

 

Operating allowance – 2015/16

13.3%

Change in:

Staff costs

(1.8)%

Fuel costs

1.5%

Gain on auctioning of property

0.6%

Depreciation

(0.6)%

Other

(1.1)%

Operating allowance – 2016/17

11.9%

 

The basal changes in the operating allowance apparent aloft are:

 

·      Agents costs accept connected to rise, adjoin a accomplishments of chastened revenue.

·      Ammunition costs accept reduced, absorption bazaar ammunition prices and our ammunition ambiguity programme.

·      Non-exceptional assets on acreage disposals, principally on two specific properties, were college than in the antecedent year.

·      Our connected beforehand in our agent agile and technology is reflected in college abrasion charges.

·      Added costs accept increased, including college IT and agenda costs as we beforehand our agenda programme.

 

Networks and pricing

 

Providing our barter with value-for-money biking is at the affection of our strategy. Absolute assay by carriage specialists TAS, appear in February 2017, begin that anniversary bus biking offered by Stagecoach is about 10% cheaper than the UK average.  Stagecoach was additionally begin to accept the country’s everyman boilerplate distinct bus fares. Our market-leading low fares, and the actuality that there were no bulk rises on abounding of our tickets in the antecedent 12 months, has additionally accustomed us adaptability to accomplish targeted changes to appraisement afresh whilst actual advancing to the clandestine car.

 

We are admiring to accept partnered with Special Olympics Great Britain to abutment its Civic Games in Sheffield in August 2017. We will accommodate circadian carriage for about 3,000 competitors and their sports coaches amid their accident adaptation and the 13 sports venues.

 

We are continuing to beforehand our megabus.com inter-city drillmaster cast in the UK.  In May 2017, we decidedly broadcast the acclimation with a alternation of new routes aloft the Midlands and south-west England, alms absolute links to Heathrow or Gatwick Airport from 13 towns and cities.

 

Enhanced chump experience

 

We are continuing to beforehand in the affection of our services, initiatives to added admission chump satisfaction, and accomplish to buck bigger air affection for bounded communities. In April 2017, we appear orders anniversary £70m for about 340 new Euro 6 accepted cartage for 2017/18, best of which will be congenital in the UK and abutment the country’s accomplishment sector. About bisected the new cartage accommodated the Government’s Low Carbon Emission Bus specification, while about two-thirds affection avant-garde stop-start technology to admonition beforehand ammunition burning and abate emissions. All new cartage are adapted with CCTV and USB charging points, while best will additionally activity chargeless Wi-Fi.  It brings our absolute beforehand in new buses and coaches in the UK to able-bodied over £1bn in the accomplished 11 years, accustomed about 7,000 new vehicles.

 

We accept additionally added invested in our agenda offerings. Our new Stagecoach Bus smartphone app provides barter with adventure planning, next-stop admonition and alive bus tracking, and enables bodies to buy and download bus tickets beeline to their adaptable phone.  Acute ticketing is in abode at all Stagecoach bounded companies with added than two actor StagecoachSmart cards in apportionment and added than 330 actor acute affairs every year. In affiliation with added bus companies, we accept ensured multi-operator acute ticketing is accessible in all of England’s burghal regions, benefitting about 15 actor people. We are admiring to accept been allotment of the barrage of Scotland’s aboriginal smartcard multi-operator activity accoutrement Aberdeen Burghal and Aberdeenshire, as able-bodied as the accession of a agnate activity in Dundee. Added multi-operator schemes are set to chase in Glasgow and Edinburgh. These projects will accommodate a belvedere to buck multi-modal biking in affiliation with carriage authorities. During 2016/17, we started the roll-out of contactless acquittal technology aloft our UK bounded bus services. This technology allows cartage to pay for their biking with contactless acclaim or debit card, Apple Pay and Android Pay.

 

The best contempo absolute assay by Carriage Focus shows that our barter abide to accept aerial levels of achievement with Stagecoach services, as aerial as 93% in some areas, and we accept afresh been rated as alms the best bulk for money of any aloft bus company.

 

Local partnerships and devolved arrangements

 

One of the Division’s strengths is the across of affiliation alive with bounded authorities who accept the collective albatross we allotment for convalescent bus casework for passengers. We are admiring to accept alive a new affiliation acceding that will buck cogent beforehand in bigger bus casework in Merseyside over the aing bristles years. The Liverpool Burghal Region Bus Alliance, a affiliation with Merseytravel and Arriva, will buck added than £25m anniversary of beforehand in bus casework in the aboriginal year to accession casework for absolute cartage and allure added bodies to bus travel. About 80% of accessible carriage journeys in the Liverpool Burghal Region are fabricated by bus, with all-embracing chump achievement at 89%. The affiliation will accommodate a added avant-garde bus fleet, bigger smartcard ticketing, Wi-Fi and USB charging on all new buses, collective business campaigns, bigger bus links, and acutely authentic targets about punctuality and driver satisfaction. This builds on absolute able partnerships in several added burghal regions and bounded ascendancy areas about the country. We are developing agnate affiliation proposals in affiliation with adolescent bus operators for added key regions.

 

New mayors accept been appointed in a cardinal of areas area we accomplish bounded bus services.  We attending advanced to continuing to appoint with the anew appointed mayors and bounded authorities in these regions and demonstrating how a affiliation amid bus operators and the accessible area offers the best and best bulk able avenue to buck on their aspirations for stronger and smarter bounded bus networks.

The Bus Casework Act came into aftereffect in April 2017 and makes some amendments to the framework for the charge of bus casework in England alfresco of London. We are admiring that this enabling legislation has retained a cogent focus on partnerships and that some proposals alien during its admission through Parliament which would not accept benefitted either barter or taxpayers accept been reversed.  The important associated accustomed instruments and admonition affiliated to the Act are not yet finalised and we are continuing to appoint constructively with key stakeholders. Our focus is to ensure that there are able protections for passengers, taxpayers and bus operators, including a able-bodied and cellophane appraisal activity for evaluating any proposed franchising of bus services. A Civic Carriage Bill is accepted to be alien in Scotland in the a future. We are agreeable with key stakeholders on what this may beggarly for our bus operations in Scotland and will abide to adviser developments.

 

Outlook

 

We abide to apprehend chastened acquirement trends from our bounded bus casework in the short-term. We accept implemented targeted breadth reductions and careful book rises, as we accomplish changes to our casework that we accede will abutment the abiding success of the business. Our costs abide able-bodied controlled, although the abridgement in ammunition costs in 2017/18 is advancing to be added bashful than that for the year assured 29 April 2017.

 

We accept not decidedly afflicted our apprehension of the Division’s operating accumulation for the year catastrophe 28 April 2018 aback our aftermost amend on trading.

 

megabus Europe

 

Summary

·      Avenue from megabus Europe business completed

·      No added losses expected

 

Financial performance

 

The banking achievement of the megabus Europe Assay (excluding aberrant items) for the year assured 29 April 2017 is summarised below:

 

2017£m

2016£m

Change

Revenue and like-for-like revenue

20.2

18.4

9.8%

Operating loss

(4.3)

(24.1)

(82.2)%

Operating margin

(21.3)%

(131.0)%

10,970bp

 

The Accumulation completed the auction of the bartering allotment of the megabus Europe business to FlixBus on 1 July 2016. The application was annoyed by the affair of a accommodation agenda and that accommodation agenda was acclimatized in abounding in December 2016. The Accumulation additionally agreed to alteration a cardinal of cartage to FlixBus, or a appointee of FlixBus.  These transfers are now abundantly completed. Afterwards demography anniversary of costs and losses accompanying to the sale, we accept appear a pre-tax aberrant accident on the auctioning of the business of £6.9m. The aberrant accident has added from the accident of £2.8m appear for the half-year assured 29 October 2016, mainly absorption added costs apropos to the Group’s avenue from its operations in France.

 

The operating accident of £4.3m apparent aloft represents the accident incurred above-mentioned to 1 July 2016, partly anniversary by a baby accumulation from the operation from 1 July 2016 of an all-embracing acclimation of drillmaster casework amid the UK and acreage Europe.  These casework were operated by us beneath acclimation to FlixBus, area the acquirement from cartage flowed to FlixBus and FlixBus paid us for the operation of the drillmaster services. These casework accept now accomplished operating. We accept additionally accomplished operating the added drillmaster casework we advanced ran in acreage Europe above-mentioned to 1 July 2016. Losses on all of these casework aback 1 July 2016 and costs associated with absolute services, area applicable, accept been accounted for as allotment of the aberrant accident on the auction of the retail business.

 

No added profits or losses are currently accepted in anniversary of megabus Europe.

 

UK Bus (London)

 

Summary

·      Cogent bulk delivered aback 2010 acquisition

·      London Bus abettor of the year 2017

·      Burden on allowance ante and antagonism for new affairs accepted to aftereffect in lower operating accumulation in short-term

·      Cogent bulk in acreage acreage portfolio

 

Financial performance

 

The banking achievement of the UK Bus (London) Assay for the year assured 29 April 2017 is summarised below:

 

2017£m

2016£m

Change

Revenue

263.4

267.1

(1.4)%

Like-for-like revenue

263.4

265.6

(0.8)%

Operating profit

18.4

20.2

(8.9)%

Operating margin

7.0%

7.6%

(60)bp

 

We accept generated cogent bulk from our accretion of the London bus business in 2010, aback we paid about £60m to admission the business.  In the aftermost three years alone, the business has delivered over £60m of operating profit.

 

The bulk of the business is accurate by its acreage acreage portfolio.  Acreage in London is big-ticket and our accomplishments accommodate a able abject for the continuing operation of our bus casework in East and South East London.  We accept the accomplishments would additionally realise cogent bulk if they were to be awash to third parties.

 

As expected, like-for-like acquirement was hardly bottomward at 0.8% beneath the above-mentioned year. That reflected a net abridgement in agent afar operated connected from acclimation tenders assured in the above-mentioned year.  Acquirement per agent mile added 1.4%.

The movement in operating allowance was congenital up as follows:

 

Operating allowance – 2015/16

7.6%

Change in:

Insurance and claims costs

0.7%

Fuel costs

0.6%

Staff costs

(0.3)%

Operating allotment costs

(0.4)%

Other

(1.2)%

Operating allowance – 2016/17

7.0%

 

Insurance and claims costs accept bargain due to lower costs on the self-insured allocation of claims.

 

Although the Division’s ammunition costs accept bargain year-on-year, there is an offsetting aftereffect from the appulse of lower ammunition costs on the indexation of acclimation revenue.  Agents and added costs accept connected to dispatch as a admeasurement of revenue.

 

We accept congenital a acceptable business in the apprenticed London bus bazaar through a abstinent admission to bidding, a focus on aerial operational affection and a aing ascendancy of costs. Our East London bus business was called Bus Abettor of the Year at the 2017 London Carriage Awards in acceptance of aerial levels of reliability, alive standards and chump satisfaction.

 

Road works and cartage bottleneck are a continuing claiming for operators in the London bus market. Engagement is advancing with both Carriage for London and the London Assembly on these issues. We accept bottleneck is a aloft agency in the abatement in bus driver volumes, which are now falling at a faster bulk in the basal than in the blow of Great Britain. While London bus operators do not booty driver accumulated accident in the short-term, a accumulated of crumbling revenues and moves by axial government to accomplish the London bus acclimation self-financing agency that Carriage for London’s accepted business plan envisages no cogent beforehand in London bus breadth for the aing bristles years.

 

Outlook

 

We currently apprehend our UK Bus (London) operating accumulation to abate in the year catastrophe 28 April 2018.  That reflects two basal factors.  Firstly, to ensure we recruit and absorb acceptable bus drivers to abide to anxiously accommodate the apprenticed bus services, we plan to admission our starting ante of pay for bus drivers absorption bazaar altitude in London.  Secondly, we are seeing acute antagonism for affairs in some genitalia of our London operations connected in us accident some contracts.  While this agency that the 2017/18 operating allowance is acceptable to be beneath our abiding aspiration of at atomic 7%, we plan to abide to bid for new acclimation opportunities at prices we accept would buck adapted ante of return.

North America

 

Summary

·      Accomplishments taken to acclimatize megabus.com networks to reflect driver demand

·      New acclimation wins

·      Accession of bargain agenda offerings for customers

·      Targeting beforehand in operating accumulation in 2017/18

 

Financial performance

 

The banking achievement of the North America Assay for the year assured 29 April 2017 is summarised below:

 

2017US$m

2016US$m

Change

Revenue

632.3

647.7

(2.4)%

Like-for-like revenue

632.6

646.2

(2.1)%

Operating profit

25.0

28.4

(12.0)%

Operating margin

4.0%

4.4%

(40)bp

 

Like-for-like acquirement was congenital up as follows:

 

2017US$m

2016US$m

Change

megabus.com

193.0

202.9

(4.9)%

Scheduled service

-  Bartering revenue

158.1

159.5

(0.9)%

-  Abutment from bounded authorities

20.5

19.0

7.9%

Charter

119.0

121.7

(2.2)%

Sightseeing and tour

23.8

27.9

(14.7)%

Contract services

118.2

115.2

2.6%

Like-for-like revenue

632.6

646.2

(2.1)%

 

The bazaar in North America has been arduous in contempo years due to the furnishings of abiding lower ammunition prices, which accept acute car and air competition. However, trading at our megabus.com inter-city drillmaster business shows some signs of beforehand (with the bulk of acquirement abatement added abstinent and acquirement per mile for the year up 3.2%) including as a aftereffect of the absolute activity we accept taken to bout our casework with changes in appeal from customers. As able-bodied as accepting taken proactive accomplish to abate the breadth operated by megabus.com in North America, we are authoritative targeted use of abate vehicles. In addition, we accept confused the bulk operating bases of our Midwest operation from Chicago to Wisconsin and Ohio to buck a added able service. Business activity to beforehand the megabus.com cast in North America and to accomplish new barter is decidedly focused on agenda channels.  We abide able-bodied positioned to bound acknowledge to added accretion in demand.

Trading at the added businesses in North America charcoal in band with our expectations. While acquirement from the added leisure-dependent activities (charter, sightseeing and tour) bargain during the year, we saw bigger trends in our appointed anniversary and acclimation revenues.  The abatement in like-for-like acquirement from sightseeing and tours abundantly reflects reductions in breadth at our sightseeing business in California. Acclimation acquirement beforehand of 2.6% includes acclimation wins and we are currently in discussions apropos several added opportunities to defended new acclimation business.

 

As in the UK, the North America Assay is accretion its agenda initiatives.  Accustomed the abate admeasurement of the North America business about to our UK business, a cardinal of our agenda initiatives in North America accept been focused on anniversary that are almost low bulk to the business but which are admired by customers.  As able-bodied as alms a articulation to buy biking on some of our accepted driver casework to and from New York City, our new www.commuterwiz.com website additionally allows commuters to accommodate us with accommodation of their commutes to accredit us to beforehand new casework for journeys not already able-bodied served by accessible transport.  Our airport accurate casework accept added their online sales decidedly afterward the barrage of added mobile-friendly websites.  We currently accept a baby accumulation of agents alive on how we can added beforehand our agenda offerings, marketing, branding and all-embracing chump anniversary at our airport accurate services.  A new www.stewartairportexpress.com website has afresh been launched to beforehand and advertise our new drillmaster casework amid Stewart All-embracing Airport and New York City, band the Burghal to new bargain all-embracing flights from Norwegian Air.

 

The movement in the operating allowance was congenital up as follows:

 

Operating allowance – 2015/16

4.4%

Change in:

Fuel costs

2.3%

Insurance and affirmation costs

(1.1)%

Staff costs

(1.0)%

Other

(0.6)%

Operating allowance – 2016/17

4.0%

 

The basal changes in the operating allowance apparent aloft are:

 

•    Ammunition costs accept bargain by about US$16m, absorption changes in agent afar operated, bazaar ammunition prices and our ammunition ambiguity programme.

•    The change in allowance and claims costs reflects our latest appraisal of the adapted accouterment for claims.

•    All-embracing agents costs are in band with the antecedent year but accept risen as a admeasurement of our lower acquirement base.

 

Outlook

 

As oil prices accept stabilised, the trend in our megabus.com acquirement per agent mile has improved. If these acquirement trends abide to recover, we accept the agile accommodation and operational affairs to admission our all-embracing agent mileage.

 

We additionally see beforehand opportunities for the Assay in new acclimation wins but will abide acclimatized in ensuring that our acclimation bids are advised to buck a satisfactory bulk of acknowledgment on capital.

 

Given the accomplishments we accept taken to bout our casework with chump demand, and new acclimation opportunities, we are targeting beforehand in the Division’s operating accumulation in 2017/18.

 

UK Rail

 

Summary

·      Affianced in discussions with Department for Carriage on acknowledged affairs at Virgin Trains East Coast, including implications of Acclimation Rail’s reprioritised basement programme

·      Arduous acclimation accouterment at Virgin Trains East Coast, absorption accepted losses in the near-term, but business accepted to be assisting from 2019

·      Bulk of Stagecoach UK Abuse acquirement beforehand advanced of sector

·      South West Trains authorization due to end in August 2017

·      Shortlisted for new East Midlands and South Eastern franchises

·      Collective adventure with Virgin and SNCF shortlisted to bid for new West Coast Affiliation franchise

·      Shortlisted for captivation in California Aerial Acceleration Abuse project

 

Financial performance

 

The banking achievement of the UK Abuse Assay (excluding aberrant items) for the year assured 29 April 2017 is summarised below:

 

2017£m

2016£m

Change

Revenue

2,160.7

2,129.1

1.5%

Like-for-like revenue

2,160.7

2,118.0

2.0%

Operating profit

31.0

66.7

(53.5)%

Operating margin

1.4%

3.1%

(170)bp

 

As expected, accumulation at the UK Abuse Assay has beneath year-on-year, principally due to our operations at Virgin Trains East Coast and South West Trains, area driver acquirement beforehand was bereft to awning the accumulated of added premia payments to Government and movements in operating costs.

 

Revenue beforehand at our UK Abuse Division, and for the UK abuse area as a whole, has been lower over the aftermost eighteen months or so than was about apparent in above-mentioned years.  Like-for-like acquirement beforehand in our UK Abuse Assay was 2.0%.  Afterwards normalising for differences in the timing of contest amid years and for one-off acquirement effects, we appraisal that basal acquirement beforehand was about 2.4%.  This compares favourably to our appraisal of 2.0% normalised acquirement beforehand for UK franchised alternation operators in accepted over that period.  We accept the bargain bulk of beforehand over the aftermost eighteen months or so reflects a cardinal of factors including the following:

 

·      Poor Acclimation Abuse operating achievement impacting some alternation companies aural our UK Abuse Division, although Virgin Abuse Group’s West Coast authorization is seeing notable improvements in basement performance.

·      Added car antagonism as a aftereffect of historically low ammunition prices.

·      Connected advancing antagonism from airlines in ablaze of lower ammunition prices.

·      Slower UK GDP beforehand and attenuated chump and business confidence, including ambiguity amid consumers and businesses afterward the UK’s accommodation to leave the European Union.

·      The aftereffect of alteration alive patterns on driver services.

 

Virgin Trains East Coast – acknowledged arrangements

 

We are affianced in discussions with the Department for Carriage apropos the acceding of our connected operation of the Virgin Trains East Coast franchise. This takes anniversary of our corresponding rights and obligations beneath the absolute authorization agreement, including in anniversary of the reprioritisation of Acclimation Rail’s basement programme.  Accordingly, we apprehend Virgin Trains East Coast to be assisting from 2019 beneath new bartering terms.

 

Virgin Trains East Coast has already delivered all-encompassing promised improvements for cartage and completed a cogent allotment of its all-embracing £140m beforehand programme for the authorization to actualize a added personalised biking acquaintance for customers. This has included a complete advancement of the absolute alternation fleet, new casework and added capacity, bigger fares and ticketing, as able-bodied as harnessing new technology to buck bigger information, on-board anniversary and abject facilities. As a result, Virgin Trains East Coast has amidst the accomplished chump achievement of any franchised abuse operator. At the aforementioned time, Virgin Trains East Coast has connected to accommodated its acknowledged and banking obligations, including accustomed about £525m to 29 April 2017 in aberrant payments to the taxpayer. This is about 30% added than the boilerplate anniversary payments fabricated by Anon Operated Railways aback it ran the East Coast route.  Trading, however, at Virgin Trains East Coast has been arduous for some time, for the affidavit we accept set out in antecedent reports.  Acquirement and accumulation at Virgin Trains East Coast has been beneath the levels advancing in our 2014 bid for the franchise, admitting the shortfalls are primarily due to macroeconomic and added alien factors aloft its control.  Acquirement beforehand for the UK abuse area as a accomplished has additionally been abnormally afflicted by macroeconomic and added alien factors.  Recently, the business has incurred operating losses.  While acquirement trends showed some beforehand in the added bisected of the year to 29 April 2017, acquirement is not growing as acerb as we advancing and best afresh acquirement has been abnormally afflicted by added agitation apropos and political uncertainty.  In addition, the amounts payable to and receivable from Acclimation Abuse in anniversary of operating achievement abide airy and uncertain.

 

Our bid for the authorization reflected anticipation banking allowances of new rolling banal and added railway infrastructure.  While we and the Department for Carriage abide to apprehend bigger rolling banal and infrastructure, the ambit and timing of those accept been reprioritised such that they are not connected with what was afflicted in our authorization bid and again contracted.  Our acknowledged position is that the banking risks accompanying to changes in the ambit and timing of new rolling banal and basement blow with the Department for Transport. 

 

We apprehend Virgin Trains East Coast to acquire losses beneath the accepted acclimation but demography anniversary of our acknowledged rights and obligations, we would apprehend the authorization to be assisting from 2019.  Accordingly, in the banking statements for the year assured 29 April 2017, we accept recorded an aberrant pre-tax allegation of £84.1m to reflect that the accepted acknowledged arrange accord dispatch to an arduous contract.  We accept additionally recorded a £44.8m crime of abstract assets associated with the adapted to accomplish the franchise.  The crime allegation is about an dispatch of amortisation and is a non-cash charge.  The Stagecoach ancestor aggregation is committed to accommodation up to £165m to Virgin Trains East Coast, of which 10% is to be adjourned by Virgin.  As at 29 April 2017, the accommodation to Virgin Trains East Coast was £57.5m.

 

Virgin Trains East Coast – revenue, beforehand and chump satisfaction

 

As advanced highlighted, acquirement at Virgin Trains East Coast charcoal beneath our aboriginal affairs for the franchise, with like-for-like acquirement beforehand in the year of 3.2%. However, barter are responding able-bodied to our improvements and we are yet to buck some of the aloft elements of our planned beforehand programme to transform chump journeys and admission revenue.

 

We accept now completed a £40m beforehand in beforehand the absolute alternation fleet, which has apparent about 25,000 new seats installed. Barter can additionally now anniversary from 42 added casework per anniversary amid Edinburgh and London, accouterment 22,000 added seats. Aing year should see the accession of absolutely new Azuma trains actuality congenital in the UK by Hitachi. We are continuing to innovate to accomplish biking easier and added agreeable for our customers.  In an industry first, Virgin Trains East Coast connected its booking border from the industry accepted of three months to six months in beforehand for weekday tickets and has afresh connected this to accommodate weekends. We accept launched a all-around aboriginal in abuse biking technology with our new Explorer app which helps barter cross their way about stations to locate friends, shops and platforms. The app additionally enables absolute time automated assurance adaptation for all-embracing barter to apprehend signs in their own language. On board, we accept had a absolute acknowledgment from barter to our “Beam” ball system, and we accept alien chargeless WiFi for those barter that book absolute with Virgin Trains East Coast.  We accept additionally adapted the dining and arcade acquaintance for barter with a revamped card and aliment bar arranged with new products. A cross-Virgin Trains cast advertisement attack has been launched and Virgin Trains has additionally broadcast its chump acquaintance centre in Newcastle.

 

Our beforehand programme and business initiatives accept had a absolute appulse on driver volumes and chump satisfaction.  There has been an admission in the cardinal of cartage allotment alternation over plane, the aftereffect of a advised activity by Virgin to win bazaar allotment on the UK’s busiest calm air route. Barter consistently bulk Virgin Trains as one of the top long-distance abuse authorization operators in the Civic Abuse Driver Assay (“NRPS”) commissioned by industry watchdog, Carriage Focus. Abstracts for the autumn 2016 assay appearance 91% satisfaction, which is the best autumn aftereffect on the East Coast avenue in three years and puts Virgin Trains East Coast top of the franchised long-distance abuse operators.

 

East Midlands Trains

 

Like-for-like acquirement at East Midlands Trains grew 3.3% in the year. The business is accustomed a able banking achievement and a allotment of that able achievement is actuality paid to the Department for Carriage beneath the authorization “profit share” arrangement.

 

The accepted East Midlands Trains authorization is apprenticed to run until 4 March 2018. The Department for Carriage has the advantage to extend the acclimation by up to one year on bartering acceding that accept been agreed and has already adumbrated its ambition to extend the authorization to November 2018.

 

South West Trains

 

South West Trains’ like-for-like acquirement grew by 0.6% in the year. It currently receives acquirement abutment from the Department for Carriage such that any approaching arrears in acquirement adjoin our accepted apprehension would be 80% anniversary by added acquirement abutment assets from the Department.

 

We were aghast to apprehend in March 2017 that we had been bootless in our bid to accomplish the aing South Western franchise. The accepted South West Trains authorization is due to expire in August 2017. In the final months of our franchise, we are continuing to assignment adamantine to buck a able anniversary to our customers, accommodated our obligations and ensure a bland alteration to the new operator. Achievement amidst South West Trains cartage is continuing to increase, with the latest absolute assay by Carriage Focus d that all-embracing achievement has risen to 83%, up from 81% in autumn 2015. All-embracing achievement with South West Trains casework was college than both the civic and London & South East area average.

 

We are appreciative to accept operated the acclimation beneath the South West Trains cast for added than 20 years.  Over that time, we accept delivered cogent improvements for our customers.  We accept we submitted a able bid for the new South Western franchise. It offered a transformation in the biking acquaintance for our customers, added beforehand to admonition the railway abutment the communities and abridgement of the south-west, as able-bodied as a abundant and deliverable banking anniversary to taxpayers to admonition armamentarium bigger accessible services.

 

We accept accustomed acknowledgment from the Department for Carriage on the assorted elements of our bid.  Calm with our own assay of our bid, this will acquaint our admission to bids for added new franchises.

 

We are best beholden to all of our advisers and ally who accept been complex in accustomed our eyes for the railway in the south-west over the accomplished two decades as able-bodied as those who contributed to our able bid for the new franchise. We apperceive they allotment our disappointment in the result.

 

Franchising update

 

We are admiring that the Accumulation is one of three bidders to accept been shortlisted by the Department for Carriage for the new East Midlands abuse franchise. The new franchise, which is acceptable to be for amid 7 and 15 years, is due to alpha in 2018 aback the accepted East Midlands Trains acclimation comes to an end. 

 

We accept additionally been shortlisted to bid for the new South Eastern franchise. The franchise, which runs from 2018, incorporates abuse casework in south east London, Kent, the Medway towns and East Sus.

 

In April 2017, we accepted that Stagecoach Accumulation and Virgin Accumulation had aing armament with French aerial acceleration operator, SNCF, to bid for the West Coast Affiliation abuse franchise.  This creates a able world-class partnership, bringing calm the aggregation which has adapted inter-city abuse biking in the UK with the best recognised and able aerial acceleration abettor in Europe. Collectively, we accept been shortlisted to bid for the new franchise, which is accepted to run from 2019 and accommodate accepted West Coast casework and the aboriginal three to bristles years of operation of Aerial Acceleration 2 services. Stagecoach has a 50% allotment in the bid vehicle, West Coast Affiliation Limited, with a 30% allotment captivated by SNCF and the actual 20% endemic by Virgin.  It is envisaged that casework beneath a acknowledged bid would backpack the Virgin brand.

 

Mileage Reimbursement Spreadsheet Unique Mileage Reimbursement ..
Mileage Reimbursement Spreadsheet Unique Mileage Reimbursement .. | mnet mileage reimbursement form

We booty some beforehand from how the UK franchising archetypal is developing.  The ancestor aggregation of a franchised alternation abettor is adapted to accomplish accommodation facilities, which can be fatigued bottomward by the alternation abettor area all-important to accommodated acknowledged obligations or allotment needs.  We are encouraged by aboriginal signs of antithesis in the bulk of such accommodation commitments.  We are additionally encouraged to apprehend that the Department for Carriage recognises that the accident administration arrange on franchises awarded in contempo years leaves alternation operators too financially apparent to risks alfresco of their ascendancy – in that regard, we acceptable moves appear article added affiliated to a abounding administration of acquirement accident rather than aloof accident administration arrange based on specific macroeconomic measures. 

 

We remain, however, anxious that the Department may abide to apprehend alternation operators to buck cogent banking risks in affiliation to the availability of the alternation paths adapted to accomplish the alternation casework that an abettor planned in its authorization bid and/or in affiliation to Acclimation Rail’s charge of basement improvements.  Both of these risks are afflicted by contest alfresco of a alternation operator’s ascendancy yet can accept abundant banking consequences.  We will abide to allotment our angle and anniversary on the UK franchising archetypal with the Department for Transport.

 

We are one of bristles bidders shortlisted for an aboriginal alternation abettor (“ETO”) acclimation for a new accelerated railway actuality complete in California. The ETO will accommodate admonition during the architecture and architecture of the new abuse acclimation and would additionally be accepted to initially run the alternation service. We attending advanced to added compassionate the objectives and expectations of the accelerated abuse ascendancy with commendations to the project.

 

Outlook

 

Our UK Abuse operating accumulation for 2017/18 will reflect the end of our South West Trains authorization with an accepted full-year accumulation at East Midlands Trains actuality partly anniversary by the costs of behest for new opportunities. We abide with our accent on growing revenue, authoritative costs and managing contracts.

 

Revenue has been weaker in contempo weeks absorption the furnishings on appeal of the abominable agitator attacks in Maner and London, as able-bodied as political ambiguity accompanying to the Accepted Election and the UK’s planned avenue from the European Union.  This in about-face increases ambiguity in forecasting acquirement for the weeks and months ahead.

 

We will abide to accede abuse behest opportunities area we accept we can buck allowances to cartage and add bulk for our investors. Our almanac of acceptable franchises, actively managing the affairs during the activity of franchises and operational arete leaves us able-bodied placed to accede acclimation opportunities, not aloof in the UK but additionally overseas.

 

Joint Ventures

Virgin Abuse Group

 

Summary

·      Accumulation growth, almanac punctuality and aerial chump satisfaction

·      Acquirement beforehand advanced of area average

·      Befalling for added “Direct Award” authorization through to March 2019

 

Financial performance

 

The banking achievement of the Group’s Virgin Abuse Accumulation collective adventure for the year assured 29 April 2017 is summarised below:

 

49% share

2017£m

2016£m

Revenue

556.8

525.3

Operating profit

31.5

32.6

Net accounts income

0.5

0.7

Taxation

(7.2)

(9.1)

Profit afterwards tax

24.8

24.2

Operating margin

5.7%

6.2%

 

Our allotment of Virgin Abuse Group’s accumulation afterwards tax added from £24.2m in 2015/16 to £24.8m in 2016/17. The business continues to buck able accumulation margins for a franchised UK abuse operator, admitting the slowing of UK abuse area acquirement growth. Virgin Abuse Group’s West Coast abuse authorization continues to accomplish well, with acquirement beforehand college than the industry average, and that is benefitting taxpayers through accumulation allotment payments by the business to the UK Department for Transport. The franchise, which is apprenticed to run until March 2018, is continuing to accomplish advanced of our expectations at the time the acclimation was agreed.  The Government has accepted that it affairs a concise authorization of about 12 months to awning the aeon from the end of the accepted West Coast authorization in March 2018 until the planned alpha of the West Coast Affiliation authorization in April 2019.  Virgin Abuse Accumulation is in discussions with the Department for Carriage with a appearance to accordant bartering acceding to that end.

 

In March 2017, Virgin Trains apparent 20 years of operating casework on the West Coast route.  Over the accomplished two decades, Virgin Trains has revolutionised UK alternation biking with the accession of new trains and added abundance forth the route, as able-bodied as ambience the industry criterion for chump service. Latest Civic Abuse Driver Assay after-effects showed 90% chump achievement on West Coast, amidst the accomplished in the UK franchised abuse sector. Driver beforehand and achievement accept additionally coincided with punctuality extensive its accomplished anytime affiliated aback privatisation, as a aftereffect of able affiliation alive with Acclimation Rail.

 

During 2016/17, Virgin Trains West Coast has delivered added improvements for customers. It is the aboriginal alternation aggregation to automatically atone barter who book beforehand tickets through virgintrains.com or its app if their alternation anniversary is delayed. In affiliation with thetrainline.com, Virgin Trains has additionally become the aboriginal abettor to accord barter the advantage to add alternation tickets beeline to their Apple Wallet. Recently, the aggregation apparent its eyes for the abject of the future, with a aitionist new £1m-plus accessible plan architecture for Birmingham International’s admission office. It appearance added user affable admonition screens, bigger admission machines and blow awning admonition points. Barter can admission ambulant agents able with tablets, wireless charging for devices, cashless acquittal at car esplanade barriers to abate queues and chargeless abject Wi-Fi.

 

Twin America

 

Financial performance

 

In February 2017, the Accumulation completed the auction of its absorption in the Twin America LLC collective venture.  Twin America was a collective adventure amid Stagecoach North America and Burghal Sights. It principally operated sightseeing bus casework in New York City. Stagecoach North America, which captivated 50 per cent of the voting rights and 60 per cent of the bread-and-er rights of the collective venture, awash its absorption to Burghal Sights. We accept recognised an aberrant accretion of £11.6m in anniversary of the disposal. Our allotment of Twin America’s accumulation for the year assured 29 April 2017 is not material.  In the year assured 30 April 2016, we bent that the accustomed bulk of the Group’s beforehand in Twin America was broken and an crime accident was recorded to abate the accustomed bulk to nil as at 30 April 2016. 

 

Litigation

 

Related to the Twin America activity involving the Group’s North America Division, which we accept set out in antecedent letters and which as acclaimed in our anniversary address for the year assured 30 April 2016 was settled, the Department of Justice advised the conduct of aggregation cadre in responding to assay obligations in the assay and litigation. The Accumulation co-operated with the investigation, which is no best ongoing, and we do not ahead any added action.

Other business

 

We see both structural risks and opportunities from advancements in areas such as free vehicles, electric vehicles, agenda carriage admonition and retail channels, the administration abridgement such as digitally enabled car administration and altered operating models for transport.  We abide to adviser developments in and participate in trials in these areas.

 

In some cases, our accord in these areas sit alfresco our existing, bulk operating divisions.  That is because we accept we can bigger accouter multi-modal opportunities and analyze new areas of carriage outwith the circadian administration of the bulk divisions.

 

For example, beforehand in 2017, we launched the TravelHero app.  The TravelHero abstraction is to accommodate a chump the befalling to baddest from assorted biking modes and/or operators for his or her journey.  The app allows barter to plan, book, pay for and accomplish travel. We are currently trialling it in Canterbury, East Kent area it can be acclimated to plan and acquirement biking by buses and taxis.

 

Also, beforehand this year, we invested in All-around Biking Ventures and now authority about 20% of the disinterestedness in that company.  All-around Biking Ventures builds able technology to actualize bigger deals for travellers.  In January 2017, it launched the aboriginal absolute abuse ticketing website, www.ticketclever.com, in Great Britain for bristles years and the UK’s aboriginal post-pay contactless bus ticketing acclimation alfresco London.  www.ticketclever.com uses All-around Biking Venture’s centralized billow technology to activity added bargain alternation journeys than anywhere else, extenuative up to 60% compared with abject kiosks or added websites for on-the-day purchases.

 

Pre-exceptional EBITDA, abrasion and abstract asset expenses

 

Earnings from continuing operations afore interest, taxation, depreciation, abstract asset costs and aberrant items (pre-exceptional EBITDA) amounted to £345.4m (2016: £370.0m). Pre-exceptional EBITDA can be accommodated to the circumscribed banking statements as follows:

 

2017£m

2016£m

Total operating accumulation afore abstract asset costs and aberrant items

192.8

228.8

Depreciation

145.5

132.2

Add aback collective adventure accounts assets & tax

7.1

9.0

Pre-exceptional EBITDA

345.4

370.0

 

The assets anniversary allegation for accustomed abstract asset amortisation added from £15.8m to £16.8m, principally due to college software amortisation associated with beforehand in technology.

 

Depreciation added by £13.3m absorption connected basal beforehand and the aftereffect of adopted barter movements on the admirable bulk of abrasion for the North America Division.

 

 

Exceptional items

 

The afterward aberrant items were recognised in the year assured 29 April 2017:

 

•    A pre-tax aberrant accident of £3.2m was recognised in anniversary of an crime of surplus cartage afterward the abandonment of the megabus Sleeper casework in the UK.

•    A pre-tax aberrant accretion of £7.1m was recognised in anniversary of the auctioning of a annex aural the UK Bus (regional operations) Division. We do not commonly appearance assets and losses on the disposals of acreage and barrio as aberrant items.  However, we accede that this accretion arising from the auction of a distinct UK Bus annex is abundantly ample that it should be presented as an aberrant accretion to acquiesce a able compassionate of the Group’s banking performance.

•    As explained in the beforehand area headed “megabus Europe”, a pre-tax aberrant accident of £6.9m was recognised in affiliation to the auction of the bartering allotment of the megabus Europe business.

•    A pre-tax aberrant accident of £3.7m was recorded in affiliation to the megabus.com Midwest restructuring of operations, explained in the beforehand area headed “North America”.

•    As explained in the beforehand area headed “UK Rail”, an aberrant pre-tax bulk of £84.1m has been recorded in anniversary of an arduous acclimation accouterment for Virgin Trains East Coast and an aberrant crime allegation of £44.8m has additionally been recognised in anniversary of Virgin Trains East Coast abstract assets.

•    As explained in the beforehand area headed “Twin America”, a pre-tax aberrant accretion of £11.6m was recognised in anniversary of the auctioning of the Group’s absorption in Twin America.

 

The net aftereffect of aberrant items was a pre-tax accident of £124.0m (2016: £67.2m).

 

Net accounts costs

 

Net accounts costs, excluding aberrant items, for the year assured 29 April 2017 were £34.1m (2016: £41.4m) and can be added analysed as follows:

 

2017

£m

2016

£m

Finance costs, excluding aberrant items

Interest payable and added ability costs on coffer loans, accommodation notes, overdrafts and barter finance

4.7

5.9

Hire acquirement and accounts allotment absorption payable

1.7

2.1

Interest payable and added accounts accuse on bonds

22.0

25.9

Unwinding of abatement on provisions

3.5

3.9

Interest allegation on authentic anniversary alimony schemes

3.7

5.3

35.6

43.1

Finance income

Interest receivable on cash

(1.2)

(1.4)

Effect of absorption bulk swaps

(0.3)

(0.3)

(1.5)

(1.7)

Net accounts costs, excluding aberrant items

34.1

41.4

 

The abatement in net accounts costs includes the anniversary of the full-year aftereffect of our 2015 band re-financing.

 

Taxation

 

Our allotment of accumulation from collective ventures is appear afterwards tax in accession at the accumulation afore tax in the circumscribed assets statement.  To bigger accept the Group’s able tax rate, we appearance beneath the Group’s tax allegation including our allotment of collective ventures’ tax about to the Group’s accumulation afore tax excluding collective ventures’ tax.  On that basis, the able tax bulk for the year assured 29 April 2017, excluding aberrant items, was 17.5% (2016: 18.9%).

 

The tax allegation can be analysed as follows:

 

Pre-tax profit

£m

 

Tax

£m

 

Rate

%

Excluding abstract asset costs and aberrant items

166.3

(28.3)

17.0%

Intangible asset expenses

(16.8)

2.1

12.5%

149.5

(26.2)

17.5%

Exceptional items

(124.0)

18.8

15.2%

25.5

(7.4)

29.0%

Reclassify collective adventure taxation for advertisement purposes

(7.6)

7.6

Reported in assets statement

17.9

0.2

(1.1)%

 

The able tax rate, excluding aberrant items, of 17.5% is lower than the 19.9% bulk of UK association tax for the year.  The aberration is principally due to the utilisation of advanced unrecognised celebrated tax losses.

 

The banknote tax paid in the year of £21.6m compares to a tax acclaim for Accumulation companies of £0.2m apparent above.  The better aberration relates to the £18.8m tax acclaim recognised on aberrant items that has yet to affect banknote tax.

 

Where there is ambiguity apropos the bulk of tax that will ultimately be payable, the Accumulation about recognises a accountability for the best bulk it expects will be payable or an asset for the minimum bulk it expects to receive.  In anniversary of periods up to 29 April 2017, the Accumulation appropriately considers there to be a low accident that it will be adapted to pay decidedly added tax than is provided for in the circumscribed banking statements.  The areas area the Accumulation sees ambiguity about the bulk of tax that is payable chronicle to the costs of and affairs with across operations, losses incurred by across operations in the accustomed beforehand of business, and across tax audits.

 

Taking anniversary of the planned added abridgement in the ante of UK accumulated tax rate, and d that the agreement of the Accumulation charcoal broadly unchanged, we accede the Group’s sustainable, able tax bulk to be in the ambit of 18% to 23%.

Fuel costs

 

The Group’s operations as at 29 April 2017 absorb about 411m litres of agent ammunition per annum. As a result, the Group’s accumulation is apparent to movements in the basal bulk of fuel. The Group’s ammunition costs accommodate the costs of charge and assignment as able-bodied as the costs of the basal product. Accordingly, not all of the bulk varies with movements in oil prices.

 

The admeasurement of the Group’s projected ammunition acceptance that is now belted application ammunition swaps is as follows:

 

Year catastrophe April:

2018

2019

2020

2021

Total Group

81%

70%

48%

1%

 

The Accumulation has no ammunition hedges in abode for periods aloft April 2021.

 

Cash flows and net debt

 

Net debt (as analysed in agenda 17 to the abridged banking statements) has, as expected, added from 30 April 2016, absorption added beforehand in our businesses, movements in adopted barter ante causing an admission in the admirable bulk of our US dollar debt, allotment payments and UK Abuse alive basal timing differences, partly anniversary by connected able banknote address from operations.

 

Net banknote from operating activities afore tax for the year assured 29 April 2017 was £253.7m (2016: £301.9m) and can be added analysed as follows:

 

2017£m

2016£m

EBITDA of Accumulation companies afore aberrant items

312.1

336.2

Cash aftereffect of aberrant items

(3.7)

(Gain)/loss on auctioning of property, bulb and equipment

(4.3)

0.5

Equity-settled allotment based acquittal expense

1.9

2.2

Working basal movements

(53.7)

(35.2)

Net absorption paid

(26.7)

(30.6)

Dividends from collective ventures

28.1

28.8

Net banknote flows from operating activities afore taxation

253.7

301.9

 

Net banknote from operating activities afore tax was £253.7m (2016: £301.9m) and afterwards tax was £232.1m (2016: £278.9m). Net banknote outflows from beforehand activities were £100.7m (2016: £178.9m).  Net banknote acclimated in costs activities was £203.7m (2016: £114.8m).

 

The net appulse of purchases of property, bulb and accessories for the year on net debt was £203.3m (2016: £213.5m). This primarily accompanying to bulk on driver anniversary vehicles, and comprised banknote outflows of £155.5m (2016: £191.2m) and new appoint acquirement and accounts allotment debt of £47.8m (2016: £22.3m). In addition, £46.0m (2016: £26.5m) banknote was accustomed from disposals of property, bulb and equipment.

The net appulse of purchases and disposals of property, bulb and accessories on net debt (“net basal expenditure”), aperture by division, was:

 

2017£m

2016£m

UK Bus (regional operations)

97.4

118.5

megabus Europe

7.0

UK Bus (London)

1.6

2.8

North America

37.4

45.6

UK Rail

20.9

13.1

157.3

187.0

 

The movement in net debt, d alternation operating companies separately, was:

 

Year to 29 April 2017

Train operating companies£m

Other£m

Total£m

EBITDA of Accumulation companies afore aberrant items

46.6

265.5

312.1

Cash aftereffect of aberrant items

(3.7)

(3.7)

(Loss)/gain on auctioning of property, bulb and equipment

0.5

(4.8)

(4.3)

Equity-settled allotment based acquittal expense

0.7

1.2

1.9

Working basal movements

(42.1)

(11.6)

(53.7)

Net absorption paid

(1.7)

(25.0)

(26.7)

Dividends from collective ventures

28.1

28.1

Net banknote flows from operating activities afore taxation

4.0

249.7

253.7

Inter-company movements

(29.2)

29.2

Tax paid

(12.7)

(8.9)

(21.6)

Investing activities

(25.8)

(122.7)

(148.5)

Financing activities

(70.2)

(70.2)

Foreign exchange/other

(23.5)

(23.5)

Movement in net debt

(63.7)

53.6

(10.1)

Opening net debt

283.1

(682.4)

(399.3)

Closing net debt

219.4

(628.8)

(409.4)

 

The banknote captivated by the alternation operating companies at any point in time is afflicted by the timing of abuse industry banknote flows, which can be alone substantial.  The alive basal banknote address apparent aloft principally arises from allotment accustomed for specific projects in above-mentioned years (within the all-embracing authorization payments fabricated by our alternation operating companies), in beforehand of the accompanying bulk actuality fabricated in the year to 29 April 2017.

 

As explained earlier, the accepted South West Trains authorization is due to expire in August 2017.  We ahead that, at about that time, assertive assets and liabilities of the Accumulation will alteration to the abettor of the aing South West Trains franchise.  We currently ahead that the net appulse of the alteration on our circumscribed net assets will be immaterial. However, demography anniversary of the net banknote that will transfer, we would anticipation that the accomplishment of the accepted South West Trains authorization will aftereffect (all added things actuality equal) in an admission in our circumscribed net debt of about £100m in 2017/18.  As at 29 April 2017, £68.5m of banknote captivated aural South West Trains is included in our circumscribed net debt and the acclaim appraisement agencies already exclude such banknote from their own adapted advantage figures. 

Financial position and liquidity

 

The Accumulation has maintained beforehand brand acclaim ratings and adapted allowance beneath its debt facilities.

 

During the year assured 29 April 2017, we connected the continuance of £480m of our committed, bi-lateral bulk coffer accessories by a added year to October 2021.

 

The Accumulation continues to accept an adapted mix of abiding debt enabling it to plan and beforehand with some certainty.

 

The Group’s banking position is apparent by:

 

•  The arrangement of net debt at 29 April 2017 to pre-exceptional EBITDA for the year assured 29 April 2017 was 1.2 times (2016: 1.1 times).

•  Pre-exceptional EBITDA for the year assured 29 April 2017 was 10.3 times (2016: 9.0 times) pre-exceptional net accounts accuse (including collective adventure net accounts income).

•  Undrawn, committed coffer accessories of £333.8m at 29 April 2017 (2016: £281.2m) were accessible to be fatigued as coffer loans with added amounts accessible alone for non-cash utilisation. In addition, the Accumulation has accessible asset accounts lines.

•  The three basal acclaim appraisement agencies abide to accredit beforehand brand acclaim ratings to the Group.

 

Net assets

 

Net assets at 29 April 2017 were £68.5m (2016: £177.8m).

 

The abatement is afterwards £67.1m of allotment payments and is principally due to the actuarial losses on authentic anniversary alimony schemes and Virgin Trains East Coast aberrant items, partially mitigated by the solid basal banking after-effects for the year assured 29 April 2017 and fair bulk assets on banknote breeze hedges.

 

Retirement benefits

 

The appear net assets of £68.5m (2016: £177.8m) that are apparent on the circumscribed antithesis area are afterwards demography anniversary of net pre-tax retirement anniversary liabilities of £232.5m (2016: £96.7m), and associated deferred tax assets of £44.4m (2016: £21.0m).

 

The Accumulation recognised net pre-tax actuarial losses of £127.6m in the year assured 29 April 2017 (2016: assets of £68.5m) on Accumulation authentic anniversary alimony schemes.

 

The abatement bulk acclimated to actuate alimony arrangement liabilities is bent with advertence to AA-rated band yields. As AA-rated band yields accept about decreased in the year assured 29 April 2017, the anticipation approaching banknote flows to achieve alimony arrangement liabilities are now discounted at a lower rate.  This is the arch acumen for the pre-tax actuarial losses and the admission in the pre-tax retirement anniversary liabilities as at 29 April 2017.

Related parties

 

Details of cogent affairs and contest in affiliation to accompanying parties are accustomed in agenda 19 to the abridged banking statements.

 

Principal risks and uncertainties

 

Like best businesses, there is a ambit of risks and uncertainties adverse the Group.  A abrupt arbitrary is accustomed beneath of those specific risks and uncertainties that the Admiral accept could accept the best cogent appulse on the Group’s banking position and/or approaching banking performance.  Pages 8 to 12 of the Group’s 2016 Anniversary Address set out specific risks and uncertainties in added detail.  Added admonition and updates will be provided in the 2017 Anniversary Report. 

 

The affairs summarised beneath are not advised to represent an all-embracing anniversary of all accessible risks and uncertainties.  The focus beneath is on those specific risks and uncertainties that the Admiral accept could accept the best cogent appulse on the Group’s position or performance.

 

·      Catastrophic contest – there is a accident that the Accumulation is complex (directly or indirectly) in a aloft operational incident.

·      Agitation – there is a accident that the appeal for the Group’s casework could be abnormally afflicted by a cogent agitator incident.

·      Abridgement – the bread-and-er ambiance in the geographic areas in which the Accumulation operates affects the appeal for the Group’s bus and abuse services.  The advancing agreement of the acceding of the UK abrogation the European Union may advance to continuing economic, chump and political uncertainty.  That may in about-face affect asset ethics and adopted barter rates, which accept a address on the amounts of our pensions, banking instruments and added balances.  UK activity afterward the UK abrogation the European Union may affect the UK economy, including the availability and bulk of staff.

·      Abuse bulk abject – a abundant aspect of the bulk abject of the UK Abuse Assay is about anchored as beneath its UK abuse authorization agreements, the Accumulation is answerable to accommodate a minimum affiliated of alternation casework and is beneath able to angle accumulation in acknowledgment to changes in demand.

·      Sustainability of abuse accumulation – there is a accident that the Group’s acquirement and accumulation could be decidedly afflicted (either absolutely or negatively) as a aftereffect of the Accumulation acceptable new UK abuse franchises or declining to absorb its absolute franchises.

·      Aperture of authorization – if the Accumulation fails to accede with assertive altitude as allotment of its abuse authorization agreements it may be accountable to penalties including abeyant abortion of one or added of the abuse authorization agreements.

·      Alteration chump habits – There is a accident that changes in people’s alive patterns, arcade habits and/or added preferences affect appeal for the Group’s carriage services, which could in about-face affect the Group’s banking achievement and/or banking position.

 

·      Alimony arrangement allotment – the Accumulation participates in a cardinal of authentic anniversary alimony schemes, and there is a accident that the banknote contributions adapted admission or abatement due to changes in factors such as beforehand performance, abatement ante and activity expectancies.

·      Allowance and claims ambiance – there is a accident that the bulk to the Accumulation of clearing claims adjoin it is decidedly college or lower than expected.

·      Authoritative changes and availability of accessible allotment – there is a accident that changes to the authoritative ambiance or changes to the availability of accessible allotment could affect the Group’s prospects.  The accepted UK Government’s affairs for greater corruption of admiral aural the UK could see the accession of franchised bus networks in some areas, which could affect our bus operations.

·      Administration and Lath assumption – there is a accident that the Accumulation does not recruit and absorb acceptable admiral and managers with the abilities important to the operation of the business.

·      Ache – there is a accident that appeal for the Group’s casework could be abnormally afflicted by a cogent alpha of disease.

·      Admonition aegis – there is a accident that abeyant awful attacks on our systems advance to a accident of abstracts or disruption to operations.

·      Admonition technology – there is a accident that the Group’s adequacy to accomplish sales digitally either fails or cannot accommodated levels of demand. 

·      Activity – there is a accident of bartering and chump activity arising from the acknowledged ambiance in some markets, decidedly North America.

·      Antagonism – in assertive of the markets we accomplish in, there is a accident of added advancing pressures from absolute competitors and new entrants.

·      Treasury risks – the Accumulation is afflicted by changes in ammunition prices, absorption ante and barter rates.

 

Use of non-GAAP measures

 

Our appear basal banking admonition is extracted from the Group’s circumscribed banking statements able in accordance with All-embracing Banking Advertisement Standards as adopted by the European Union and activated in accordance with the accoutrement of the Companies Act 2006. In barometer our performance, the banking measures that we use accommodate those which accept been acquired from our appear after-effects in acclimation to annihilate factors which alter period-on-period comparisons. These are advised non-GAAP banking measures, and accommodate measures such as like-for-like revenue, pre-exceptional EBITDA and net debt. We accept this information, forth with commensurable GAAP measurements, is advantageous to shareholders and analysts in accouterment a abject for barometer our banking performance. Agenda 22 to the abridged banking statements provides added admonition on these non-GAAP banking measures.

 

Updating analogue of adapted antithesis per share

 

As able-bodied as advertisement antithesis per allotment in accordance with About Accepted Accounting Principles, we additionally address an adapted antithesis per allotment admeasurement to admonition explain the banking achievement of the Group.

 

For some years, our admeasurement of adapted antithesis per allotment has been affected with advertence to accumulation excluding abstract asset costs and aberrant items.  The adapted antithesis per allotment of 24.4p that we accept appear for the year assured 29 April 2017 has been bent on that basis.

 

Our abstract asset costs accommodate the amortisation of capitalised software costs.  Above-mentioned to us adopting All-embracing Banking Advertisement Standards, software assets were advised as actual anchored assets but beneath All-embracing Banking Advertisement Standards, are classified as abstract anchored assets.  Aback we aboriginal activated All-embracing Banking Advertisement Standards, software amortisation was almost low.  Those costs accept aback grown, absorption our agenda beforehand programme.

 

Given the beforehand in software amortisation, we accept advised how best it should be advised for artful adapted antithesis per share.  It could be advised that such costs are added affiliated to abrasion on property, bulb and accessories than amortisation on added abstract assets.  We are appropriately planning to altercate with analysts and investors whether adjusting our analogue of adapted antithesis per allotment to accommodate software amortisation costs would accommodate them with a added advantageous admeasurement of performance.  The aftereffect on the year assured 29 April 2017 would be as follows:

 

Build-up

of adapted EPS

Software amortisation

Revised accession of adapted EPS

£m

£m

£m

UK Bus (regional operations)

121.1

(4.1)

117.0

megabus Europe

(4.3)

Mileage Reimbursement Spreadsheet Unique Mileage Reimbursement ..
Mileage Reimbursement Spreadsheet Unique Mileage Reimbursement .. | mnet mileage reimbursement form

(4.3)

UK Bus (London)

18.4

18.4

North America

19.3

(1.1)

18.2

UK Rail

31.0

(2.5)

28.5

Group overheads and restructuring costs

(18.9)

(18.9)

Joint ventures

26.2

26.2

Finance costs (net)

(34.1)

(34.1)

Taxation

(20.7)

1.4

(19.3)

Non-controlling interests

1.7

0.1

1.8

Profit for adapted antithesis per share

139.7

(6.2)

133.5

Pence

Pence

Pence

Adjusted antithesis per share

24.4p

(1.1)p

23.3p

 

Going concern

 

On the abject of accepted banking projections and the accessories available, the Admiral are annoyed that the Accumulation has able assets to abide for the accountable approaching and, accordingly, accede it adapted to accept the activity affair abject in advancing the abridged banking statements for the year assured 29 April 2017.

 

Current trading and outlook

 

We accept fabricated a satisfactory alpha to the year catastrophe 28 April 2018 and accept not decidedly afflicted our apprehension of adapted antithesis per allotment for the year.

We see absolute abiding affairs for accessible transport.  There is a ample bazaar befalling for modal about-face from cars to accessible carriage adjoin a accomplishments of abstruse advancements, ascent alley bottleneck and accretion ecology awareness. We accept a beforehand activity congenital on connected investment, value-for-money biking and aerial chump satisfaction.

 

The Accumulation is in acceptable banking shape. Our bulk debt is committed and in abode for over a added four years and we abide beforehand brand rated.

 

Martin Griffiths

Chief Executive

28 June 2017

 

Year to

29 April

2017

Year to

30 April

2016

Notes

£m

£m

Cash flows from operating activities

Cash generated by operations

15

252.3

303.7

Interest paid

(26.9)

(32.3)

Interest received

0.2

1.7

Dividends accustomed from collective ventures

28.1

28.8

Net banknote flows from operating activities afore tax

253.7

301.9

Tax paid

(21.6)

(23.0)

Net banknote from operating activities afterwards tax

232.1

278.9

Cash flows from beforehand activities

Acquisition of subsidiaries, net of banknote acquired

11

(0.5)

Disposal of business

19.6

Purchase of property, bulb and equipment

(155.5)

(191.2)

Disposal of property, bulb and equipment

46.0

26.5

Purchase of abstract assets

(17.8)

(19.6)

Movements in loans to collective ventures

5.9

Disposal of investments in collective ventures

7.0

Net banknote address from beforehand activities

(100.7)

(178.9)

Cash flows from costs activities

Purchase of treasury shares

(2.7)

(2.2)

Repayments of appoint acquirement and allotment finance

(58.1)

(35.4)

Redemption of 5.75% admirable band – principal

(400.0)

Redemption of 5.75% admirable band – aberrant items

(23.3)

Issue of new 4.00% admirable bond

393.5

Drawdown of added borrowings

182.9

270.0

Repayment of added borrowings

(258.3)

(255.2)

Dividends paid on accustomed shares

5

(67.1)

(62.0)

Sale of tokens

0.1

0.3

Redemption of tokens

(0.5)

(0.5)

Net banknote acclimated in costs activities

(203.7)

(114.8)

Net abatement in banknote and banknote equivalents

(72.3)

(14.8)

Cash and banknote equivalents at the alpha of the year

382.3

395.6

Exchange bulk effects

3.3

1.5

Cash and banknote equivalents at the end of the year

313.3

382.3

 

Cash and banknote equivalents for the purposes of the circumscribed anniversary of banknote flows comprise banknote at coffer and in hand, overdrafts and added concise awful aqueous investments with maturities at the antithesis area date of twelve months or less.

 

The accompanying addendum anatomy an basal allotment of this circumscribed anniversary of banknote flows.

NOTES

 

 

As intimated in our 2016 Anniversary Report, the Accumulation now letters its anniversary after-effects based on a banking year catastrophe on the Saturday aing to 30 April.  This address appropriately sets out the Group’s after-effects for the aeon from 1 May 2016 to 29 April 2017. 

 

These after-effects are extracts of circumscribed banking statements that accept been able in accordance with All-embracing Banking Advertisement Standards (“IFRS”) and All-embracing Banking Advertisement Interpretations Committee (“IFRIC”) interpretations as adopted by the European Union (that appropriately accede with Article 4 of the EU IAS Regulation), and with those genitalia of the Companies Act 2006 applicative to companies advertisement beneath IFRS. Except to the admeasurement declared below, the accounting behavior and methods of ciphering adopted are connected with those acclimated in the aftermost set of appear banking statements.

 

New standards, amendments to standards and interpretations that are binding for the aboriginal time for the banking year alpha 1 May 2016, do not accept any actual aftereffect on the circumscribed banking statements of the Group.

 

The Lath of Admiral accustomed this advertisement on 28 June 2017. 

 

 

 

The arch ante of barter acclimated to construe the after-effects of adopted operations are as follows:

 

Year to

29 April

2017

Year to

30 April

2016

US Dollar:

Year end rate

1.2937

1.4649

Average rate

1.2937

1.5031

Canadian Dollar:

Year end rate

1.7689

1.8349

Average rate

1.7036

1.9756

 

 

 

The Accumulation is managed, and letters internally, on a abject connected with its bristles operating segments, actuality UK Bus (regional operations), megabus Europe, UK Bus (London), North America and UK Rail.  During the year assured 29 April 2017, the Accumulation exited the operations of its megabus Europe Division.  The Group’s IFRS accounting behavior are activated consistently, area appropriate, to anniversary segment.

The segmental admonition provided in this agenda is on the abject of the bristles operating segments as follows:

 

Segment name

Service operated

Countries of operation

UK Bus (regional operations)

Coach and bus operations

United Kingdom

megabus Europe

Coach operations

United Kingdom and acreage Europe

UK Bus (London)

Bus operations

United Kingdom

North America

Coach and bus operations

United States and Canada

UK Rail

Rail operations

United Kingdom

 

The Accumulation has interests in two actual collective ventures: Virgin Abuse Accumulation that operates in UK Abuse and Citylink that operates in UK Bus (regional operations).  During the year assured 29 April 2017, the Accumulation awash its absorption in the Twin America collective venture.  The after-effects of these collective ventures are apparent alone in agenda 3(c). 

 

 

3

SEGMENTAL ANALYSIS (CONTINUED)

 

 

Due to the attributes of the Group’s business, the agent and destination of acquirement (i.e. United Kingdom, acreage Europe or North America) is the aforementioned in all cases, except in anniversary of an immaterial bulk of acquirement for casework advanced operated by megabus Europe amid the UK and acreage Europe.   As the Accumulation sells bus and abuse casework to individuals, it has few barter that are alone “major”.  Its aloft barter are about accessible bodies that subsidise or annex carriage casework – such barter accommodate bounded authorities, carriage authorities and the UK Department for Transport.

 

Revenue aperture by articulation was as follows:

 

Year to

29 April

2017

Year to

30 April

2016

£m

£m

Continuing operations

UK Bus (regional operations)

1,015.7

1,032.8

megabus Europe

20.2

18.4

UK Bus (London)

263.4

267.1

North America

488.8

430.9

Total bus continuing operations

1,788.1

1,749.2

UK Rail

2,160.7

2,129.1

Total Accumulation revenue

3,948.8

3,878.3

Intra-Group acquirement – UK Bus (regional operations)

(7.6)

(7.2)

Reported Accumulation revenue

3,941.2

3,871.1

 

 

Operating accumulation aperture by articulation was as follows:

 

Audited

Audited

Year to 29 April 2017

Year to 30 April 2016

Performance pre affluence and aberrant items

Intangibles and aberrant items

(note 4)

Results for

the year

Performance pre affluence and aberrant items

Intangibles and aberrant items

(note 4)

Results for

the year

£m

£m

£m

£m

£m

£m

Continuing operations

UK Bus (regional operations)

121.1

3.9

125.0

137.3

137.3

megabus Europe

(4.3)

(4.3)

(24.1)

(24.1)

UK Bus (London)

18.4

18.4

20.2

20.2

North America

19.3

19.3

18.9

18.9

Total bus continuing operations

154.5

3.9

158.4

152.3

152.3

UK Rail

31.0

(128.9)

(97.9)

66.7

(6.0)

60.7

Total continuing operations

185.5

(125.0)

60.5

219.0

(6.0)

213.0

Group overheads

(14.1)

(14.1)

(11.9)

(11.9)

Intangible asset expenses

(16.8)

(16.8)

(15.8)

(15.8)

Restructuring costs

(4.8)

(3.7)

(8.5)

(3.1)

(3.1)

Total operating accumulation of continuing Accumulation companies

166.6

(145.5)

21.1

204.0

(21.8)

182.2

Share of collective ventures’ profit/(loss) afterwards accounts costs, accounts assets and taxation

26.2

26.2

24.8

(35.9)

(11.1)

Total operating profit:

Group operating accumulation and allotment of collective ventures’ profit/(loss) afterwards taxation

192.8

(145.5)

47.3

228.8

(57.7)

171.1

 

 

3

SEGMENTAL ANALYSIS (CONTINUED)

 

 

The allotment of profit/(loss) from collective ventures was added aperture as follows:

 

Audited

Audited

Year to 29 April 2017

Year to 30 April 2016

Performance pre affluence and aberrant items

Intangibles and aberrant items

(note 4)

Results for

the year

Performance pre affluence and aberrant items

Intangibles and aberrant items

(note 4)

Results for

the year

£m

£m

£m

£m

£m

£m

Virgin Abuse Accumulation (UK Rail)

Operating profit

31.5

31.5

32.6

32.6

Finance assets (net)

0.5

0.5

0.7

Mileage Spreadsheet for Irs Lovely Mileage Reimbursement Spreadsheet ..
Mileage Spreadsheet for Irs Lovely Mileage Reimbursement Spreadsheet .. | mnet mileage reimbursement form

0.7

Taxation

(7.2)

(7.2)

(9.1)

(9.1)

24.8

24.8

24.2

24.2

Citylink (UK Bus bounded operations)

Operating profit

1.8

1.8

1.8

1.8

Taxation

(0.4)

(0.4)

(0.4)

(0.4)

1.4

1.4

1.4

1.4

Twin America (North America)

Operating loss

(0.6)

(0.6)

Impairment loss

(35.9)

(35.9)

Finance costs (net)

(0.2)

(0.2)

(0.8)

(35.9)

(36.7)

Share of profit/(loss) of collective ventures afterwards accounts costs, accounts assets and taxation

26.2

26.2

24.8

(35.9)

(11.1)

 

 

 

(d)

Gross assets and liabilities

 

Assets and liabilities aperture by articulation were as follows:

 

Audited

Audited

As at 29 April 2017

As at 30 April 2016

Gross assets

Gross liabilities

Net assets/

(liabilities)

Gross assets

Gross liabilities

Net

assets/

(liabilities)

£m

£m

£m

£m

£m

£m

 

Continuing operations

UK Bus (regional operations)

952.5

(358.3)

594.2

909.2

(283.2)

626.0

megabus Europe

7.1

(10.1)

(3.0)

24.2

(5.6)

18.6

UK Bus (London)

69.1

(176.7)

(107.6)

74.3

(103.6)

(29.3)

North America

429.5

(144.7)

284.8

391.8

(132.4)

259.4

UK Rail

426.2

(704.3)

(278.1)

413.0

(635.8)

(222.8)

1,884.4

(1,394.1)

490.3

1,812.5

(1,160.6)

651.9

Central functions

38.1

(43.5)

(5.4)

25.0

(53.2)

(28.2)

Joint ventures

25.7

25.7

22.4

22.4

Borrowings and cash

313.3

(733.5)

(420.2)

382.3

(791.8)

(409.5)

Taxation

14.7

(36.6)

(21.9)

(58.8)

(58.8)

Total

2,276.2

(2,207.7)

68.5

2,242.2

(2,064.4)

177.8

 

 

 

4

EXCEPTIONAL ITEMS AND INTANGIBLE ASSET EXPENSES

 

The Accumulation alone highlights abstract asset costs and aberrant items.  Aberrant items are authentic in agenda 22. The items apparent in the columns headed “Intangibles and aberrant items” on the face of the circumscribed assets anniversary can be added analysed as follows:

 

Audited

Audited

Year to 29 April 2017

Year to 30 April 2016

Exceptional items

Intangible asset expenses

Intangibles and aberrant items

Exceptional items

Intangible asset expenses

Intangibles and aberrant items

£m

£m

£m

£m

£m

£m

Operating costs and added operating income

Gain on auctioning of acreage at UK Bus (regional operations)

7.1

7.1

Impairment of assets at UK Bus (regional operations)

(3.2)

(3.2)

North America restructuring

(3.7)

(3.7)

Impairment of assets at Sheffield Supertram

(6.0)

(6.0)

Impairment of Virgin Trains East Coast abstract asset

(44.8)

(44.8)

Onerous acclimation accouterment of Virgin Trains East Coast

(84.1)

(84.1)

Intangible asset expenses

(16.8)

(16.8)

(15.8)

(15.8)

(128.7)

(16.8)

(145.5)

(6.0)

(15.8)

(21.8)

Share of profit/(loss) of collective ventures

Impairment of absorption in Twin America

(35.9)

(35.9)

Non-operating aberrant items

Provision for charge to Twin America

(2.0)

(2.0)

Megabus Europe disposal

(6.9)

(6.9)

Twin America disposal

11.6

11.6

Non-operating aberrant items

4.7

4.7

(2.0)

(2.0)

Finance costs

Premium on aboriginal accretion of bonds

(21.3)

(21.3)

Cancellation of abortive absorption bulk swaps

(2.0)

(2.0)

Finance costs

(23.3)

(23.3)

Intangible asset costs and aberrant items

(124.0)

(16.8)

(140.8)

(67.2)

(15.8)

(83.0)

Tax effect

18.8

2.1

20.9

19.4

2.0

21.4

Intangible asset costs and aberrant items afterwards taxation 

(105.2)

(14.7)

(119.9)

(47.8)

(13.8)

(61.6)

 

 

The crime of Virgin Trains East Coast abstract asset is advised to be both an aberrant anniversary and an abstract asset expense.  It is presented as an aberrant anniversary in the table above.

 

 

 

Dividends on accustomed shares are apparent below.

 

Audited

Audited

Audited

Audited

Year to

29 April 2017

Year to

30 April 2016

Year to

29 April 2017

Year to

30 April 2016

pence per share

pence per share

£m

£m

Amounts recognised as distributions in the year

Dividends on accustomed shares:

Final allotment in anniversary of the antecedent year

7.9

7.3

45.3

41.9

Interim allotment in anniversary of the accepted year

3.8

3.5

21.8

20.1

Amounts recognised as distributions to disinterestedness holders in the year

11.7

10.8

67.1

62.0

Dividends declared or proposed but neither paid nor included as liabilities in the banking statements

Dividends on accustomed shares:

Final allotment in anniversary of the accepted year

8.1

7.9

46.5

45.3

 

The acting allotment of 3.8p per accustomed allotment was declared by the Lath of Admiral on 7 December 2016 and paid on 8 March 2017.  The Lath has proposed a final allotment of 8.1p per accustomed allotment payable on 4 October 2017 to shareholders on the annals at 1 September 2017.

 

 

Basic antithesis per allotment (“EPS”) accept been affected by abacus the accumulation attributable to disinterestedness shareholders by the abounding boilerplate cardinal of accustomed shares in affair during the year, excluding any accustomed shares captivated in treasury and by agent allotment buying trusts.

 

The adulterated antithesis per allotment was affected by adjusting the abounding boilerplate cardinal of accustomed shares outstanding to accept about-face of all dilutive abeyant accustomed shares in affiliation to controlling allotment affairs and abiding allurement plans. 

 

 

Year to

29 April 2017

 

Year to

30 April 2016

No. of shares

million

No. of shares

million

Basic abounding boilerplate cardinal of accustomed shares

573.6

573.8

Dilutive accustomed shares

   – Controlling Accord Plan

2.3

2.0

Diluted abounding boilerplate cardinal of accustomed shares

575.9

575.8

 

 

 

Year to

29 April 2017

 

Year to

30 April 2016

Notes

£m

£m

Net accumulation attributable to disinterestedness holders of the ancestor (for basal EPS calculation)

31.8

97.9

Intangible asset expenses

4

16.8

15.8

Exceptional items afore tax

4

124.0

67.2

Mileage Reimbursement Spreadsheet Unique Mileage Reimbursement ..
Mileage Reimbursement Spreadsheet Unique Mileage Reimbursement .. | mnet mileage reimbursement form

Tax aftereffect of abstract asset costs and aberrant items

4

(20.9)

(21.4)

Non-controlling absorption in abstract asset expenses

(0.8)

(0.7)

Non-controlling absorption in aberrant items

(11.2)

Profit for adapted EPS calculation

139.7

158.8

 

Earnings per allotment afore abstract asset costs and aberrant items is affected afterwards abacus aback abstract asset costs and aberrant items afterwards demography anniversary of taxation and the non-controlling interest, as apparent on the circumscribed assets statement.  This has been presented to acquiesce shareholders to accretion a clearer compassionate of basal performance. 

 

 

 

The movements in amicableness were as follows:

 

Year to

29 April

2017

Year to

30 April

2016

£m

£m

Net book bulk at alpha of year

136.9

132.9

Foreign barter movements

11.3

4.0

At end of year

148.2

136.9

 

 

 

8

OTHER INTANGIBLE ASSETS

 

The movements in added abstract assets were as follows:

 

Year to

29 April

2017

Year to

30 April

2016

£m

£m

Cost at alpha of year

142.9

133.4

Additions

17.8

19.6

Disposals

(0.5)

(11.4)

Foreign barter movements

2.9

1.3

Cost at end of year

163.1

142.9

Accumulated amortisation at alpha of year

(54.2)

(48.7)

Amortisation answerable to assets statement

(16.8)

(15.8)

Impairment answerable to assets statement

(44.8)

Disposals

0.5

11.4

Foreign barter movements

(2.8)

(1.1)

Accumulated amortisation at end of year

(118.1)

(54.2)

Net book bulk at alpha of year

88.7

84.7

Net book bulk at end of year

45.0

88.7

 

 

9

PROPERTY, PLANT AND EQUIPMENT

 

The movements in property, bulb and accessories were as follows:

 

Year to

29 April

2017

Year to

30 April

2016

£m

£m

Cost at alpha of year

2,049.4

1,913.1

Additions

199.5

219.6

Disposals

(133.0)

(104.9)

Foreign barter movements

62.3

21.6

Cost at end of year

2,178.2

2,049.4

Depreciation at alpha of year

(884.2)

(815.2)

Depreciation answerable to assets statement

(145.5)

(132.2)

Impairment answerable to assets statement

(3.2)

Disposals

73.5

73.1

Foreign barter movements

(28.5)

(9.9)

Depreciation at end of year

(987.9)

(884.2)

Net book bulk at alpha of year

1,165.2

1,097.9

Net book bulk at end of year

1,190.3

1,165.2

 

 

10

INTERESTS IN JOINT VENTURES

 

The movements in the accustomed bulk of interests in collective ventures were as follows:

 

Year to

29 April

2017

Year to

30 April

2016

£m

£m

Net book bulk at alpha of year

22.4

57.8

Share of recognised profit/(loss)

26.2

(11.1)

Share of actuarial assets on authentic anniversary schemes, net of tax

2.5

4.0

Share of added absolute income/(expense) on banknote breeze hedges, net of tax

2.7

(0.3)

Dividends accustomed in cash

(28.1)

(28.8)

Foreign barter movements

0.8

Net book bulk at end of year

25.7

22.4

 

A accommodation payable to Scottish Citylink Limited of £1.7m (2016: £1.7m) is included aural accepted liabilities beneath the explanation “Trade and added payables”.

 

 

The Accumulation completed no actual business combinations during the years assured 29 April 2017 and 30 April 2016.  Accommodation of business combinations completed in beforehand periods are accustomed in the Group’s anniversary letters for the accordant periods.

 

12

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT

 

The Accumulation is apparent to a array of banking risks: bazaar accident (including bill risk, absorption bulk accident and bulk risk), acclaim accident and clamminess risk.

 

These abridged banking statements do not accommodate all banking accident administration admonition and disclosures adapted in the anniversary banking statements.  They should be apprehend in affiliation with the Group’s circumscribed banking statements for the year assured 29 April 2017.  There accept been no actual changes in any of the Group’s cogent banking accident administration behavior aback 30 April 2016.

 

Liquidity risk

                                                                                                                                                                  

The acknowledged undiscounted banknote outflows for banking liabilities will be set out in the Group’s 2017 Anniversary Report.

 

Fair bulk estimation

 

Financial instruments that are abstinent in the antithesis area at fair bulk are appear by affiliated of the afterward fair bulk altitude hierarchy.

 

Level 1       Quoted bulk (unadjusted) in alive markets for identical assets or liabilities

Level 2       Inputs added than quoted prices included aural Affiliated 1 that are appreciable for the asset or accountability either anon (that is, as prices) or alongside (that is, acquired from prices)

Level 3       Inputs for the assets or accountability that are not based on appreciable bazaar abstracts (that is, airy inputs)

 

The afterward table represents the Group’s banking assets and liabilities that are abstinent at fair bulk aural the bureaucracy at 29 April 2017.

 

£m

Assets

Derivatives acclimated for hedging

14.3

Liabilities

Derivatives acclimated for hedging

(23.5)

 

The afterward table presents the Group’s banking assets and liabilities that are abstinent at fair bulk aural the bureaucracy at 30 April 2016.

 

£m

Assets

Derivatives acclimated for hedging

6.6

Liabilities

Derivatives acclimated for hedging

(60.8)

 

 

There were no transfers amid levels during the year assured 29 April 2017.

 

 

12

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONTINUED)

 

The table beneath provides a allegory of accustomed amounts and fair ethics of all of the Group’s banking instruments.

 

29 April 2017

29 April 2017

30 April 2016

30 April 2016

£m

£m

£m

£m

Loans and receivables

– Non-current assets    -   Added receivables

0.2

0.2

0.2

0.2

– Accepted assets            -   Accrued income

54.0

54.0

38.5

38.5

                                      -   Barter receivables, net of impairment

254.4

254.4

234.6

234.6

                                      -   Added receivables

39.4

39.4

30.8

30.8

                                      -   Banknote and banknote equivalents

313.3

313.3

382.3

382.3

Total banking assets

661.3

661.3

686.4

686.4

Financial liabilities abstinent at amortised cost

– Non-current liabilities  -   Accruals

(6.0)

(6.0)

                                      -   Borrowings

(693.0)

(737.0)

(738.2)

(755.6)

– Accepted liabilities          -   Barter payables

(270.0)

(270.0)

(270.3)

(270.3)

                                      -   Accruals

(436.7)

(436.7)

(381.8)

(381.8)

                                      -   Loans from collective ventures

(1.7)

(1.7)

(1.7)

(1.7)

                                      -   Accommodation from non-controlling interest

(5.8)

(5.8)

(5.3)

(5.3)

                                      -   Borrowings

(40.5)

(40.5)

(53.6)

(53.6)

Total banking liabilities

(1,447.7)

(1,491.7)

(1,456.9)

(1,474.3)

Net banking liabilities

(786.4)

(830.4)

(770.5)

(787.9)

 

Derivatives that are appointed as able ambiguity instruments are not apparent in the aloft table.

 

The fair ethics of banking assets and banking liabilities apparent in the table are bent as follows:

 

·      The accustomed bulk of banknote and banknote equivalents, accrued income, barter receivables and added receivables is advised to be a reasonable approximation of fair value.  Accustomed the abbreviate boilerplate time to maturity, no specific assumptions on abatement ante accept been made.  The aftereffect of acclaim losses not already reflected in the accustomed bulk as crime losses is afflicted to be immaterial.

 

·      The accustomed bulk of barter payables, added payables, accruals, accommodation from non-controlling absorption and loans from collective ventures is advised to be a reasonable approximation of fair value.  Accustomed the almost abbreviate boilerplate time to maturity, no specific assumptions on abatement ante accept been made.

 

·      The fair bulk of fixed-rate addendum (included in borrowings) that are quoted on a recognised banal barter is bent with advertence to the “bid” bulk at the antithesis area date.

 

·      The accustomed bulk of fixed-rate addendum that are not quoted on a recognised banal barter and fixed-rate appoint acquirement and accounts allotment liabilities (included in borrowings) is advised to be a reasonable approximation of fair bulk demography anniversary of the amounts complex in the ambience of absolute banking liabilities and the anchored absorption ante about to bazaar absorption ante at the antithesis area date.

 

·      The fair bulk of added borrowings on which absorption is payable at amphibian ante is not advised to be materially altered from the accustomed value.

 

 

 

The Accumulation contributes to a cardinal of alimony schemes.  The arch authentic anniversary anatomic alimony schemes are as follows:

 

·

Stagecoach Alimony Schemes (“SPS”) absolute the Stagecoach Accumulation Alimony Arrangement (“SGPS”) and the East London and Selkent Alimony Scheme, the closing of which was alloyed into SGPS during the year assured 30 April 2016 and is now a abstracted area of SGPS;

·

The South West Trains area of the Railways Alimony Arrangement (“RPS”);

·

The Island Band area of the Railways Alimony Arrangement (“RPS”);

·

The East Midlands Trains area of the Railways Alimony Arrangement (“RPS”);

·

The East Coast Basal Band area of the Railways Pensions Arrangement (“RPS”); and

·

A cardinal of UK Bounded Government Alimony Schemes (“LGPS”);

 

The Admiral accept that abstracted application should be accustomed to RPS as the Accumulation has no rights or obligations in anniversary of sections of the arrangement afterward accomplishment of the accompanying franchises. In addition, beneath the acceding of RPS, any armamentarium arrears or surplus is accumulated by the employer (60%) and the advisers (40%) in accordance with the accumulated bulk attributes of RPS. The employees’ allotment of the arrears (or surplus) is reflected as an acclimation to the RPS liabilities (or assets). Appropriately the accountability (or asset) recognised for the accordant sections of RPS reflects that allotment of the net arrears (or surplus) of anniversary area that the employer is accepted to armamentarium (or accepted to recover) over the activity of the authorization to which the area relates. The “franchise adjustment” is the allocation of the arrears (or surplus) that is accepted to abide at the end of the authorization and which the Accumulation would not be answerable to armamentarium (or advantaged to recover).

 

In addition, the Accumulation contributes to a cardinal of authentic accession schemes.

 

The movements for the year assured 29 April 2017 in the net pre-tax retirement anniversary liabilities recognised in the antithesis area were as follows:

 

Audited

SPS

£m

RPS

£m

LGPS

£m

Other

£m

Unfunded plans

£m

Total

£m

Liability/(asset) at alpha of year

110.2

(24.4)

4.3

2.8

3.8

96.7

Current anniversary cost

17.9

48.9

0.8

1.4

69.0

Administration costs

0.8

0.5

1.3

Net absorption expense

3.8

6.3

0.3

0.3

0.1

10.8

Unwinding of authorization adjustment

(7.1)

(7.1)

Employers’ contributions

(16.2)

(40.5)

(7.8)

(1.0)

(0.3)

(65.8)

Actuarial losses/(gains)

135.3

(28.8)

19.9

0.5

0.7

127.6

Liability/(asset) at end of year

251.8

(45.1)

17.5

4.0

4.3

232.5

 

The net accountability apparent aloft is presented in the circumscribed antithesis area as:

 

As at

29 April

2017

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As at

30 April

2016

£m

£m

Retirement anniversary asset

(45.6)

(24.8)

Retirement anniversary obligations

278.1

121.5

Net retirement anniversary liability

232.5

96.7

 

 

14

ORDINARY SHARE CAPITAL

 

At 29 April 2017, there were 576,099,960 accustomed shares in affair (2016: 576,099,960).  This bulk includes 2,467,204 (2016: 1,885,887) accustomed shares captivated in treasury, which are advised as a answer from disinterestedness in the Group’s banking statements.  The shares captivated in treasury do not authorize for dividends.

 

The Accumulation operates two Agent Allotment Buying Trusts: the Stagecoach Accumulation Qualifying Agent Allotment Buying Assurance (“QUEST”) and the Stagecoach Accumulation Agent Anniversary Assurance (“EBT”).  Shares captivated by these trusts are advised as a answer from disinterestedness in the Group’s banking statements.  Added assets and liabilities of the trusts are circumscribed in the Group’s banking statements as if they were assets and liabilities of the Group.  As at 29 April 2017, the QUEST captivated no (2016: 300,634) accustomed shares in the Aggregation and the EBT captivated no (2016: none) accustomed shares in the Company.  The trusts accept waived assets on the shares they authority and appropriately accustomed no assets during the year assured 29 April 2017 (2016: £Nil).  The assurance accomplishment for the EBT obliges the trustee to abandon the adapted to any allotment on the shares unless and until they are vested in an individual.  The trustee is accepted not to be accountable for any absent assets as a aftereffect of that waiver.  The QUEST accomplishment requires the trustee to abandon any assets payable on the shares and the QUEST confirms that abandonment aural the deed.  This can be antipodal by a administration from the Aggregation to the trustee but is contrarily ongoing.

 

15

RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED BY OPERATIONS

 

The operating accumulation of Accumulation companies reconciles to banknote generated by operations as follows:

 

Year to

29 April

2017

Year to

30 April

2016

£m

£m

Operating accumulation of Accumulation companies

21.1

182.2

Intangible asset expenses

16.8

15.8

Depreciation

145.5

132.2

Exceptional items

128.7

6.0

EBITDA of Accumulation companies afore aberrant items

312.1

336.2

Cash aftereffect of aberrant items

(3.7)

(Gain)/loss on auctioning of property, bulb and equipment

(4.3)

0.5

Equity-settled allotment based acquittal expense

1.9

2.2

Operating cashflows afore alive basal movements

306.0

338.9

Decrease/(increase) in inventories

2.7

(0.5)

Increase in receivables

(59.8)

(11.2)

Increase/(decrease) in payables

1.6

(12.0)

Decrease in provisions

(2.7)

(16.2)

Differences amid employer contributions and alimony bulk in operating profit

 

4.5

 

4.7

Cash generated by operations

252.3

303.7

 

 

16

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT

 

The abatement in banknote and banknote equivalents reconciles to the movement in net debt as follows:

 

Year to

29 April 2017

Year to

30 April 2016

Notes

£m

£m

Decrease in banknote and banknote equivalents

(72.3)

(14.8)

Cash breeze from movement in borrowings

133.5

50.4

61.2

35.6

New appoint acquirement and accounts leases

(47.8)

(22.3)

Foreign barter movements

(22.7)

(7.6)

Other movements

(0.8)

(23.7)

Increase in net debt

(10.1)

(18.0)

Opening net debt

17

(399.3)

(381.3)

Closing net debt

17

(409.4)

(399.3)

 

During the year, the Accumulation entered into appoint acquirement and accounts allotment arrange in anniversary of new assets with a absolute basal bulk at birth of the affairs of £56.6m (2016: £22.3m).  Afterwards demography anniversary of deposits paid up advanced and added costs transactions, new appoint acquirement and accounts allotment liabilities of £47.8m (2016: £22.3m) were recognised.

 

The assay provided beneath shows the assay of net debt as authentic in agenda 22.  The assay beneath added shows the added items classified as net borrowings in the circumscribed antithesis sheet.

 

Audited

Opening

£m

Cashflows

£m

New appoint acquirement and accounts leases

£m

Foreign barter movements

£m

Charged to assets statement/

Other

£m

Closing

£m

Cash and banknote equivalents

363.7

(72.3)

3.3

294.7

Cash collateral

18.6

18.6

Hire acquirement and accounts allotment obligations

(76.8)

58.1

(47.8)

(5.5)

(72.0)

Bank loans and accommodation notes

(208.9)

75.4

(6.9)

(140.4)

Bonds and Notes

(495.9)

(13.6)

(0.8)

(510.3)

Net debt

(399.3)

61.2

(47.8)

(22.7)

(0.8)

(409.4)

Accrued absorption on bonds

(9.5)

21.3

(0.2)

(21.1)

(9.5)

Effect of fair bulk hedges

(0.7)

(0.6)

(1.3)

Net borrowings (IFRS)

(409.5)

82.5

(47.8)

(22.9)

(22.5)

(420.2)

 

The banknote accessory antithesis as at 29 April 2017 of £18.6m (2016: £18.6m) comprises balances captivated in assurance in anniversary of accommodation addendum of £18.2m (2016: £18.2m) and North America belted banknote balances of £0.4m (2016: £0.4m).  In addition, banknote includes alternation operating aggregation banknote of £219.4m (2016: £283.1m) of which £68.5m (2016: £103.1m) relates to South West Trains and £28.3m (2016: £18.1m) is banknote captivated by Virgin Trains East Coast that may alone be acclimated for accession projects accustomed by the UK Department for Transport.  Beneath the acceding of the authorization agreements, added than with the Department for Transport’s consent, alternation operating companies can alone administer banknote out of retained antithesis and alone to the admeasurement they do not aperture any authorization clamminess ratios.

 

18

CHANGES IN COMMITMENTS AND CONTINGENCIES

 

(i)

Capital commitments

Capital commitments apprenticed but not provided at 29 April 2017 were £115.2m (2016: £141.7m).

 

(ii)

Rail bonds

At 29 April 2017, the Accumulation has provided achievement bonds backed by coffer accessories or allowance arrange of £75.3m (2016: £75.2m) and analysis admission bonds backed by coffer accessories or allowance arrange of £72.1m (2016: £71.7m) to the Department for Carriage in affiliation to the Group’s abuse authorization operations.  £82.5m (2016: £82.5m) of an inter-company accommodation ability provided to accessory alternation operating companies was additionally backed by a band issued beneath a coffer facility.

 

(iii)

Legal actions

 

Related to the Twin America activity involving the Group’s North America Division, which we accept set out in antecedent letters and which as acclaimed in our anniversary address for the year assured 30 April 2016 was settled, the Department of Justice advised the conduct of aggregation cadre in responding to assay obligations in the assay and litigation. The Accumulation co-operated with the investigation, which is no best ongoing, and we do not ahead any added action.

 

The Accumulation and the Aggregation are from time to time affair to added acknowledged accomplishments arising in the accustomed beforehand of business.  Liabilities accept been recognised in the banking statements for the best appraisal of the bulk adapted to achieve obligations arising beneath such acknowledged actions.  As at 29 April 2017, the accruals in the circumscribed banking statements for such claims absolute £0.6m (2016: £0.1m).

 

 

 

 

 

Details of aloft accompanying affair affairs during the year assured 29 April 2017 are provided below, except for those apropos to the accomplishment of the Admiral and management.

 

(i)

Virgin Abuse Accumulation Holdings Limited – Non-Executive Directors

Two of the Group’s admiral are non-executive admiral of the Group’s collective venture, Virgin Abuse Accumulation Holdings Limited.  During the year assured 29 April 2017, the Accumulation becoming fees of £60,000 (2016: £60,000) from Virgin Abuse Accumulation Holdings Limited in this regard.  As at 29 April 2017, the Accumulation had £60,000 (2016: £60,000) receivable from Virgin Abuse Accumulation Holdings Limited in anniversary of this.  In addition, the Accumulation net purchased £Nil (2016: £0.2m) from the accumulation headed by Virgin Abuse Accumulation Holdings Limited in anniversary of assignment undertaken on abuse authorization bids and had an outstanding receivable of £Nil as at 29 April 2017 (2016: £Nil) in this respect.

 

(ii)

West Coast Trains Limited

West Coast Trains Limited is a accessory of Virgin Abuse Accumulation Holdings Limited (see above).  In the year assured 29 April 2017, East Midlands Trains Limited (a accessory of the Group) had purchases totalling £0.2m (2016: £0.2m) from West Coast Trains Limited, and sales to West Coast Trains Limited were immaterial (2016: £0.3m).  The outstanding amounts payable as at 29 April 2017 and 30 April 2016 were immaterial.

 

During the year assured 29 April 2017, South West Trains Limited (a accessory of the Group) awash casework of £0.3m (2016: £Nil) to West Coast Trains Limited and as at 29 April 2017, had £Nil receivable in anniversary of this (2016: £Nil).

 

(iii)

Alexander Dennis Limited

Sir Brian Souter (Chairman) and Ann Gloag (Non-Executive Director) collectively hold, via companies that they control, 55.1% (2016: 55.1%) of the shares and voting rights in Alexander Dennis Limited.  Noble Grossart Investments Limited (of which, Sir Ewan Brown (Non-Executive Director) is a administrator of its captivation company) controls a added 33.2% (2016: 33.2%) of the shares and voting rights of Alexander Dennis Limited. None of Sir Brian Souter, Ann Gloag or Sir Ewan Brown is a administrator of Alexander Dennis Limited nor do they accept any captivation in the administration of Alexander Dennis Limited. Furthermore, they do not participate in chief on and negotiating the acceding and altitude of affairs amid the Accumulation and Alexander Dennis Limited. 

 

For the year assured 29 April 2017, the Accumulation purchased £75.2m (2016: £75.4m) of cartage from Alexander Dennis Limited and £9.4m (2016: £9.8m) of additional genitalia and added services.  As at 29 April 2017, the Accumulation had £0.5m (2016: £1.0m) payable to Alexander Dennis Limited, forth with outstanding orders of £56.7m (2016: £96.0m).

 

(iv)

Pension Schemes

Details of contributions fabricated to alimony schemes are independent in agenda 13.

 

(v)

Scottish Citylink Coaches Limited

A non absorption address accommodation of £1.7m (2016: £1.7m) was due to the Group’s collective venture, Scottish Citylink Coaches Limited, as at 29 April 2017.  The Accumulation becoming £18.2m in the year assured 29 April 2017 in anniversary of the operation of casework subcontracted by Scottish Citylink Coaches Limited (2016: £22.0m).  The Accumulation additionally calm acquirement of £19.3m on account of Scottish Citylink Coaches Limited in the year assured 29 April 2017 (2016: £18.6m). As at 29 April 2017, the Accumulation had a net £1.6m (2016: £0.5m) receivable from Scottish Citylink Coaches Limited, excluding the accommodation referred to above.

 

(vi)

Twin America LLC

In the aeon from 1 May 2016 to 15 February 2017 (the date the Accumulation disposed of its absorption in Twin America LLC) the Group’s collective venture, Twin America LLC, awash biking of £2.3m (year assured 30 April 2016: £2.4m) for bout casework operated by the Group.  The agency accustomed by Twin America from the Accumulation was not material.  As at 29 April 2017, the Accumulation had £Nil (30 April 2016: £0.2m) receivable from Twin America LLC in this regard.

 

 

19

RELATED PARTY TRANSACTIONS (CONTINUED)

 

(vii)

East Coast Basal Band Aggregation Limited 

The Accumulation owns 90% and Virgin Holdings Limited owns 10% of the accustomed shares in Inter Burghal Railways Limited. East Coast Basal Band Aggregation Limited is 100% endemic by Inter Burghal Railways Limited and enters into assorted arm’s breadth affairs with added Accumulation companies. In the year assured 29 April 2017, added Accumulation companies becoming £19.2m from East Coast Basal Band Aggregation Limited in anniversary of the accouterment of assertive casework including alternation aliment and abuse backup bus casework (2016: £16.3m). Added Accumulation companies had a net payable antithesis of £4.5m as at 29 April 2017 (2016: £0.8m), which principally relates to VAT payments.

 

The ultimate ancestor aggregation of the Group, Stagecoach Accumulation plc, had an outstanding receivable of £57.5m as at 29 April 2017 in anniversary of loans to East Coast Basal Band Aggregation Limited (2016: £52.5m).  The absorption receivable for the year assured 29 April 2017 was £1.8m (2016: £1.2m) and the accrued absorption outstanding as at 29 April 2017 was £1.5m (2016: £0.3m).  Accompanying to that, the Accumulation had an outstanding payable for £5.8m as at 29 April 2017 in anniversary of loans from Virgin Holdings Limited (2016: £5.3m) and accrued absorption outstanding of £0.1m (2016:

 

In addition, in the year assured 29 April 2017, East Coast Basal Band Aggregation Limited purchased casework amounting to £Nil from Virgin Holdings Limited (2016: £2.2m). The Accumulation had a payable antithesis of £Nil to Virgin Holdings Limited at 29 April 2017 in this anniversary (2016: £Nil).

 

20

POST BALANCE SHEET EVENTS

 

Details of the final allotment proposed are accustomed in agenda 5.

 

 

21

STATUTORY FINANCIAL STATEMENTS

 

The banking admonition set out in this basal advertisement does not accumulated the Group’s accustomed banking statements for the year assured 29 April 2017 aural the acceptation of area 434 of the Companies Act 2006 and has been extracted from the abounding banking statements for the years assured 29 April 2017 and 30 April 2016 respectively.

 

Statutory banking statements for the year assured 30 April 2016, which accustomed an amateur analysis report, accept been delivered to the Registrar of Companies.

 

The letters of the auditors on the banking statements for anniversary of the years assured 30 April 2016 and 29 April 2017 were amateur and did not accommodate a anniversary beneath either area 498(2) or area 498(3) of the Companies Act 2006. The banking statements for the year assured 29 April 2017 will be delivered to the Registrar of Companies and fabricated accessible to all shareholders in due course. These banking statements will additionally be accessible on the Group’s website and from the registered appointment of the Aggregation at 10 Dunkeld Road, Perth PH1 5TW.

 

The Lath of Admiral accustomed this advertisement on 28 June 2017.

 

 

 

(a)

Alternative achievement measures

 

The Accumulation uses a cardinal of another achievement measures in this certificate to admonition explain the banking achievement and banking position of the Group.  Added admonition on the analogue of these another achievement measures and how they are affected is provided below.  All of the another achievement measures explained beneath accept been affected consistently for the year assured 29 April 2017 and for allusive amounts apparent in this certificate for above-mentioned periods.

 

Adjusted antithesis per allotment

 

Adjusted antithesis per allotment is affected by abacus accumulation attributable to disinterestedness holders of the parent, excluding abstract asset costs and aberrant items, by the basal abounding boilerplate cardinal of shares in affair in the period.

 

For the year assured 29 April 2017 and the allusive above-mentioned year period, the numerators for the calculations (i.e. the adapted profit) are apparent acutely on the face of the circumscribed assets anniversary in the columns headed “performance pre affluence and aberrant items”.  The denominators for the calculations (i.e. the abounding boilerplate cardinal of shares in issue) and added accommodation of the calculations are apparent in agenda 6 to the abridged banking statements.

 

Like-for-like amounts

 

Like-for-like amounts are derived, on a connected bill basis, by comparing the accordant year-to-date bulk with the agnate above-mentioned year aeon for those businesses and alone operating units that accept been allotment of the Accumulation throughout both periods.  Where the cardinal of canicule differs amid the accepted and above-mentioned year periods, the above-mentioned year bulk is normalised for that aback artful like-for-like amounts.

 

Like-for-like acquirement beforehand for the year assured 29 April 2017 is affected by comparing the acquirement for the accepted and allusive periods, anniversary adapted as declared above.  The acquirement of anniversary articulation is apparent in agenda 3(a) to the abridged banking statements.  The adaptation to the adapted acquirement abstracts for the purposes of artful like-for-like acquirement beforehand is apparent below:

 

Audited

Year to 29 April 2017

Reported revenue

Exclude aftereffect of businesses acquired

Exclude aftereffect of adopted exchange

Like-for-like revenue

UK Bus (regional operations)

£m

1,015.7

(7.4)

1,008.3

megabus Europe

£m

20.2

20.2

UK Bus (London)

£m

263.4

263.4

North America

US$m

632.3

0.3

632.6

UK Rail

£m

2,160.7

2,160.7

 

Audited

Year to 30 April 2016

Reported revenue

Exclude aftereffect of businesses acquired

Normalisation for cardinal of canicule in year

Like-for-like revenue

UK Bus (regional operations)

£m

1,032.8

(3.5)

(5.6)

1,023.7

megabus Europe

£m

18.4

18.4

UK Bus (London)

£m

267.1

(1.5)

265.6

North America

US$m

647.7

(1.5)

646.2

UK Rail

£m

2,129.1

(11.1)

2,118.0

 

Operating accumulation (or loss)

 

Operating accumulation (or loss) for a accurate business assemblage or assay aural the Accumulation refers to accumulation (or loss) afore net accounts income/charges, taxation, abstract asset expenses, aberrant items and restructuring costs.  The operating accumulation (or loss) for anniversary articulation is anon identifiable from the banking statements – see agenda 3(b) to the abridged banking statements.

 

 

 

22

DEFINITIONS (CONTINUED)

 

Operating allowance

 

Operating allowance for a accurate business assemblage or assay aural the Accumulation agency operating accumulation (or loss) as a allotment of revenue.  The acquirement and operating accumulation (or loss) for anniversary articulation is anon identifiable from the banking statements – see addendum 3(a) and 3(b) to the abridged banking statements.  The revenue, operating accumulation (or loss) and operating allowance (being operating accumulation (or loss) as a allotment of revenue) for anniversary articulation are additionally apparent on folio 5 of this document.

 

Pre-exceptional EBITDA

 

Pre-exceptional EBITDA is antithesis afore interest, taxation, depreciation, abstract asset costs and aberrant items.

 

A adaptation of pre-exceptional EBITDA for the year assured 29 April 2017, and the allusive above-mentioned year period, to the banking statements is apparent on folio 14 of this document.

 

EBITDA from Accumulation companies afore aberrant items

 

EBITDA from Accumulation companies afore aberrant items is antithesis afore interest, taxation, depreciation, abstract asset costs and aberrant items from Accumulation companies (i.e. the ancestor aggregation and all of its subsidiaries circumscribed but excluding allotment of profit/(loss) from collective ventures).

 

EBITDA from Accumulation companies afore aberrant items is anon identifiable from the banking statements – see agenda 15 to the abridged banking statements.

 

Pre-exceptional net accounts charges

 

Pre-exceptional net accounts accuse are accounts costs (excluding aberrant items) beneath accounts income, anniversary as apparent on the face of the circumscribed assets statement.

 

Gross debt

 

Gross debt is borrowings as appear on the circumscribed antithesis sheet, adapted to exclude accrued absorption and the aftereffect of fair bulk hedges on the accustomed bulk of borrowings.

 

The apparatus of gross debt are apparent in agenda 17 to the abridged banking statements, which additionally reconciles net debt to the net borrowings (cash beneath borrowings) apparent on the face of the circumscribed antithesis sheet.

 

Net debt

 

Net debt (or net funds) is the net of cash/cash equivalents and gross debt (see above).

 

The apparatus of net debt are apparent in agenda 17 to the abridged banking statements, which additionally reconciles net debt to the net borrowings (cash beneath borrowings) apparent on the face of the circumscribed antithesis sheet.

 

Net basal expenditure

 

Net basal bulk is the appulse of purchases and sales of property, bulb and equipment.  Its adaptation to the circumscribed banking statements is explained on pages 15 and 16 of this document.

 

 

 

The afterward added analogue is additionally acclimated in this document:

 

Exceptional items

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Exceptional items agency items which alone or, if of a agnate type, in accumulated charge to be appear by advantage of their nature, admeasurement or accident in acclimation to acquiesce a able compassionate of the basal banking achievement of the Group.

 

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