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Interim Results For the six months ended 30 June 2001 12 September 2001.

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Presentation on theme: "Interim Results For the six months ended 30 June 2001 12 September 2001."— Presentation transcript:

1 Interim Results For the six months ended 30 June September 2001

2 PHIL WHITE Chief Executive

3 Highlights Turnover up 29.2% to £1.2bn Operating profit up 20.9% to £76.8m Normalised diluted EPS up 21.2% to 33.7p Integration of Prism and SS&L Continued investment in buses, trains and technology Train passenger revenue back to pre-Hatfield levels Strengthened divisional management Sale of airports division for £241m

4 WILLIAM ROLLASON Finance Director

5 Financial Highlights Turnover up 29.2% to £1,177.1m (2000: £911.3m) Normalised operating profit up 20.9% to £76.8m (2000: £63.5m) Normalised profit before tax up 20% to £60.5m (2000: £50.4m) Normalised diluted EPS up 21.2% to 33.7p (2000: 27.8p) Interim dividend up 12.3% to 7.3p (2000: 6.5p)

6 Financial Highlights Cash interest cover 6.4 times (2000: 5.2 times) on continuing activities Effective tax rate 21.5% (2000: 24.2%) Operating cashflow of £82.4m (2000: £44.4m) Net debt at 30 June £370.4m (2000: £415.3m) Net assets of £456.3m (2000: £278.1m) Gearing at 30 June 81% (2000: 149%)

7 Profit and Loss Account Unaudited 6 months to 30 June 2001 Unaudited 6 months to 30 June 2000 Audited Year to 31 Dec 2000 £m Turnover1, ,002.6 Normalised operating profit Share of loss of associates(1.1)(1.8) Normalised profit before interest Interest(16.3)(15.3)(34.0) Normalised profit before taxation Exceptional items(2.6)(20.9)(30.6) Disposal of businesses95.2(0.4)(1.0) Goodwill(20.0)(7.3)(22.7) Profit before taxation Normalised diluted EPS*33.7p27.8p63.7p Normalised effective tax rate21.5%24.2%21.5% * restated

8 Divisional Turnover Buses Unaudited 6 months to 30 June 2001 £m Unaudited 6 months to 30 June 2000 £m 99.1 Trains Coaches UK operations Turnover - Grants USA Australia , , Continuing operations Airports - discontinued Turnover - Grants Audited year to 31 Dec 2000 £m , , , ,968.6 Total turnover

9 Divisional Operating Profit before goodwill and exceptionals Buses Trains Coaches USA Unaudited 6 months to 30 June 2001 £m Unaudited 6 months to 30 June 2000 £m Audited year to 31 Dec 2000 £m UK operations Australia Continuing operations Airports - discontinued Total operating profit

10 Balance Sheet Unaudited At 30 June 2001 £m Unaudited At 30 June 2000 £m Audited At 31 Dec 2000 £m At 30 June Goodwill Fixed assets Investments Working capital(132.8)(251.1)(216.9) Net borrowings(415.3)(556.6)(370.4) Provisions for liabilities and charges(23.9)(19.6)(22.8) Net assets Gearing149%148%81% 1, ,204.6

11 Divisional Cash Flow Operating profit before exceptionals Depreciation Working capital movement Exceptionals Net capital investment Net cash flow from operations Net cash after investment Net investments/disinvestments EBITDA Buses £m (10.4) Total UK £m (11.4) (2.2) (23.4) USA £m (6.3) - (17.4) Australia £m (0.4) (15.1) (2.9) Trains £m 20.3 (6.4) (13.9) (2.2) (0.4) 27.1 Coaches £m (6.6) (0.8) Airports £m (7.1) - (3.5) (8.5) (5.0) 2.1 Total £m (22.8) (2.6) (59.4)

12 Cash Flow Disposal receipts £230.6m Cash generated from operations £82.4m Decrease in net debt £210.4m Capital expenditure £59.4m Financing, tax dividends and other £43.2m

13 PHIL WHITE Chief Executive

14 Trains Operating profit up 45% to £20.3m (2000: £14.0m) Train passenger revenue back to pre-Hatfield levels Hatfield effects mitigated by Railtrack compensation Marketing initiatives to return patronage growth Strengthened organisational lines Investment in rolling stock continues with 33 new trains delivered New ticketing technologies – on-line booking and retail system and portable ticketing units

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16 Total Trains Growth in NX passenger revenue 2000/2001 % March 2000 to August 2001

17 Trains Revenue performance growth on prior year Cumulative Growth to 18 August 2001 ATOCNX % % Long distance/intercity London & South East Regional Total Source: 2001 figures are sourced from ATOC

18 Train Refranchising New guidelines issued by DTLR to focus on short term extensions MML two year extension highlighted by DTLR in its guidelines We will focus on extensions and re-profiling existing franchises Two year extension proposed for Silverlink submitted Proposal to re-profile ScotRail submitted with Central Trains to follow Announcement awaited on Wales & Borders and Wessex Longer term franchises with infrastructure upgrades appear to be on hold

19 Buses Operating profit up 5.2% to £26.5m (2000: £25.2m) Patronage remained stable due to Birmingham city centre redevelopment Focus on customer service and efficiency improvements Five year pay deal agreed to reduce staff turnover and aid recruitment 180 new low floor new buses being introduced during 2001 Showcase routes

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21 Coaches Operating profit up 19% to £1.9m (2000: £1.6m) Passenger journeys up 5.5% on first half last year New customer contact centre in Birmingham New coach station at Manchester Fuel Duty Rebate will enable half price fares for senior citizens

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23 USA Operating profit up 32.5% to £22.0m (2000: £16.6m) Increased fuel and labour costs Increased efficiency Rebranding of Student Transportation Geographic focus Growth opportunities

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25 Australia Operating profit of £6.1m (2000: £6.1m) Re-branding across Melbourne and Sydney Punctuality and efficiency focus Fare evasion and ticketing system in Melbourne hitting revenue Improved contribution from bus division Growth opportunities

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28 Immediate Priorities Improve train profitability and patronage in the UK Work with Government Expand bus division Expand USA and Australian operations

29 Current Trading UK –Margin improvement at TWM and coaches –Marketing initiative to stimulate patronage on trains –Proposals to extend and re-profile train franchises Overseas –New school year starts well in USA –Continuing margin improvement in Australia

30 Interim Results For the six months ended 30 June September 2001


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