Consolidated profit and loss account - Stagecoach Group

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Notes to the accounts 2003 Note 2 Segmental analysis (continued) (b) (ii) Operating (loss)/profit 2003 2002 Performance Goodwill Results for Performance Goodwill Results for pre goodwill and the year pre goodwill and the year and exceptional and exceptional exceptionals items exceptionals items »m »m »m »m »m »m Continuing operations UK Bus 76.0 Nil 76.0 71.1 Nil 71.1 Overseas Bus 30.3 Nil 30.3 34.1 Nil 34.1 Coach USA 16.6 (575.0) (558.4) 41.2 (19.6) 21.6 Total bus continuing operations 122.9 (575.0) (452.1) 146.4 (19.6) 126.8 Rail 38.2 Nil 38.2 31.3 Nil 31.3 Total continuing operations 161.1 (575.0) (413.9) 177.7 (19.6) 158.1 Group overheads (21.0) Nil (21.0) (23.0) Nil (23.0) Annual goodwill amortisation Nil (28.6) (28.6) Nil (41.7) (41.7) Redundancy/restructuring costs ^ Continuing operations (6.3) Nil (6.3) (6.6) Nil (6.6) Total operating (loss)/profit of Group companies 133.8 (603.6) (469.8) 148.1 (61.3) 86.8 Share of operating profit/(loss) of joint ventures ^ Train operating companies 7.2 Nil 7.2 10.8 Nil 10.8 ^ thetrainline.com (4.3) Nil (4.3) (4.4) Nil (4.4) ^ other (0.3) Nil (0.3) (0.3) Nil (0.3) Goodwill amortised on investment in joint ventures Nil (8.7) (8.7) Nil (8.4) (8.4) Share of operating profit/(loss) of associates ^ Road King 10.5 Nil 10.5 12.9 Nil 12.9 ^ other (0.5) Nil (0.5) (0.5) Nil (0.5) Goodwill amortised on investment in associates Nil (0.3) (0.3) Nil (0.4) (0.4) Total operating (loss)/profit: Group and share of joint ventures and associates 146.4 (612.6) (466.2) 166.6 (70.1) 96.5 (c) Operating costs 2003 2002 Performance Goodwill Results for Performance Goodwill Results for pre goodwill and the year pre goodwill and the year and exceptional and exceptional exceptionals items exceptionals items »m »m »m »m »m »m Operating costs (excluding asset impairment) (1,752.6) (54.1) (1,806.7) (1,753.8) (51.6) (1,805.4) Impairment of assets of group companies Nil (549.5) (549.5) Nil (9.7) (9.7) (1,752.6) (603.6) (2,356.2) (1,753.8) (61.3) (1,815.1) 47
Notes to the accounts 2003 Note 2 Segmental analysis (continued) (d) Net assets 2003 2002 »m »m UK Bus 298.5 344.3 Overseas Bus 230.1 271.0 Coach USA 323.2 1,032.3 Rail (76.8) (83.2) Central assets/liabilities (73.9) (67.5) Net assets of Group companies before debt 701.1 1,496.9 Joint ventures 106.0 114.0 Associates 70.0 72.8 Total net assets before debt: Group, joint ventures and associates 877.1 1,683.7 Net debt (560.0) (774.6) Net assets 317.1 909.1 Central assets/liabilities include the proposed dividend, token provisions, interest payable and receivable on Group debt and other net assets of the holding company. Note 3 Other operating income 2003 2002 »m »m Miscellaneous revenue 47.9 47.5 Liquidated damages received 8.5 Nil Losses on disposal of assets, other than properties (2.7) (0.1) Rail franchise support 34.0 6.8 87.7 54.2 Miscellaneous revenue comprises revenue incidental to the Group’s principal activity. It includes advertising income, maintenance income and property income. The liquidated damages received of »8.5m (2002 ^ »Nil) relate to 24 new class 458 trains, which are now in service at South West Trains, a subsidiary of the Group. A number of problems were experienced with the late delivery and reliability of the new trains and the liquidated damages were received in respect of these issues. Rail franchise support totalled »34.0m (2002 ^ »6.8m). The increase mainly reflects the deed of amendment agreed with the UK’s Strategic Rail Authority in respect of South West Trains and is offset by increased operating costs. Note 4 Finance charges (net) 2003 2002 »m »m Bank loans and overdrafts 27.8 35.3 Hire purchase and leases 4.7 7.6 Other loans 19.5 30.3 Interest receivable (5.4) (7.9) Net gain on early settlement of debt and other financial instruments (13.1) (5.5) 33.5 59.8 Interest receivable includes »Nil (2002 ^ »0.7m) in relation to share of joint venture net interest receivable and »1.0m (2002 ^ »1.0m) in relation to interest receivable on joint venture shareholder loan notes. Interest payable on other loans includes »0.2m (2002 ^ »Nil) in relation to share of joint venture net interest payable and »1.3m (2002 ^ »2.0m) in relation to share of associates’ net interest payable. 48
Page 1 and 2: Consolidated profit and loss accoun
Page 3 and 4: Company balance sheet As at 30 Apri
Page 5 and 6: Consolidated statement of total rec
Page 7 and 8: Notes to the accounts 2003 Note 1 S
Page 9 and 10: Notes to the accounts 2003 Note 1 S
Page 11: Notes to the accounts 2003 Note 2 S
Page 15 and 16: Notes to the accounts 2003 Note 5 (
Page 17 and 18: Notes to the accounts 2003 Note 8 D
Page 19 and 20: Notes to the accounts 2003 Note 12

Consolidated profit and loss account - Stagecoach Group

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