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Interim Results For the six months ended 30 June 2001

Interim Results For the six months ended 30 June 2001. 12 September 2001. PHIL WHITE. Chief Executive. 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

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Interim Results For the six months ended 30 June 2001

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  1. Interim ResultsFor the six months ended 30 June 2001 12 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 * restated

  8. Divisional Turnover Audited year to 31 Dec 2000 £m Unaudited 6 months to 30 June 2001 £m Unaudited 6 months to 30 June 2000 £m Buses 103.1 99.1 200.1 Trains • Turnover • Grants 413.0 259.6 244.9 221.2 576.0 482.6 672.6 466.1 1,058.6 Coaches 85.4 80.8 186.8 UK operations 861.1 646.0 1,445.5 USA 202.5 135.2 301.6 Australia • Turnover • Grants 75.8 39.3 151.9 69.6 77.3 29.4 106.7 115.1 221.5 Continuing operations 1,170.3 896.3 1,968.6 Airports - discontinued 6.8 15.0 34.0 Total turnover 1,177.1 911.3 2,002.6

  9. Divisional Operating Profit before goodwill and exceptionals Audited year to 31 Dec 2000 £m Unaudited 6 months to 30 June 2001 £m Unaudited 6 months to 30 June 2000 £m Buses 26.5 25.2 50.6 Trains 20.3 14.0 34.1 Coaches 1.9 1.6 11.3 UK operations 48.7 40.8 96.0 USA 22.0 16.6 32.7 Australia 6.1 6.1 13.3 Continuing operations 76.8 63.5 142.0 Airports - discontinued 1.1 4.0 13.1 Total operating profit 77.9 67.5 155.1

  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 526.1 278.8 523.7 Fixed assets 513.0 549.6 653.6 Investments 27.3 21.7 27.3 1,066.4 850.1 1,204.6 Working capital (216.9) (132.8) (251.1) Net borrowings (370.4) (415.3) (556.6) Provisions for liabilities and charges (22.8) (23.9) (19.6) Net assets 456.3 278.1 377.3 Gearing 81% 149% 148%

  11. Divisional Cash Flow Buses £m Trains £m Coaches £m Total UK £m USA £m Australia £m Airports £m Total £m Operating profit before exceptionals 26.5 20.3 1.9 48.7 22.0 6.1 1.1 77.9 Depreciation Working capital movement Exceptionals 5.6 0.6 - 6.8 (13.9) (2.2) 2.0 1.9 - 14.4 (11.4) (2.2) 10.0 (6.3) - 4.5 2.0 (0.4) 1.0 (7.1) - 29.9 (22.8) (2.6) Net cash flow from operations 32.7 11.0 5.8 49.5 25.7 12.2 (5.0) 82.4 Net capital investment (10.4) (6.4) (6.6) (23.4) (17.4) (15.1) (3.5) (59.4) Net cash after investment 22.3 4.6 (0.8) 26.1 8.3 (2.9) (8.5) 23.0 Net investments/disinvestments 4.8 (0.4) 4.6 9.0 7.4 10.6 2.5 29.5 EBITDA 32.1 27.1 3.9 63.1 32.0 10.6 2.1 107.8

  12. Cash Flow Decrease in net debt £210.4m Disposal receipts £230.6m Capital expenditure £59.4m Cash generated from operations £82.4m 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

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

  16. TrainsRevenue performance growth on prior year CumulativeGrowth to 18 August 2001 ATOC NX % % Long distance/intercity -10.57 0.76 London & South East 1.42 -0.66 Regional -1.59 -0.66 Total -3.28 -0.45 Source: 2001 figures are sourced from ATOC

  17. 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

  18. 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

  19. 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

  20. 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

  21. 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

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

  23. 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

  24. Interim ResultsFor the six months ended 30 June 2001 12 September 2001

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