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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Go-ahead Group Plc | LSE:GOG | London | Ordinary Share | GB0003753778 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1,546.00 | 1,546.00 | 1,548.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMGOG
RNS Number : 4747J
Go-Ahead Group PLC
09 September 2016
9 September 2016
THE GO-AHEAD GROUP PLC
("GO-AHEAD" OR "THE GROUP")
The Go-Ahead Group Annual Report and Accounts
Further to the release of the Group's preliminary financial results on 2 September 2016, The Go-Ahead Group plc announces that it has today published its Annual Report and Accounts for the year ended 2 July 2016.
The full Annual Report and Accounts is available on the Group's website www.go-ahead.com
A condensed set of The Go-Ahead Group plc financial statements and information on important events that have occurred during the year and their impact on the financial statements were included in the Group's preliminary announcement on 2 September 2016. That information together with the information set out below, which is extracted from the Annual Report and Accounts, constitute the requirements of DTR 6.3.5 which is to be communicated via an RIS in unedited full text. This announcement is not a substitute for reading the full Annual Report and Accounts. To view the preliminary announcement, visit the Group website: www.go-ahead.com.
SFor further information, please contact
The Go-Ahead Group
Peter Russell/Holly Gillis, Investor Relations
07966 941 890 / 07837 612 661
Citigate Dewe Rogerson
Michael Berkeley/Chris Barrie/Eleni Menikou/Toby Moore
020 7638 9571
Principal Risks and Uncertainties
Hot Features
Premium
External Economic environment
risks Lower economic growth or reduction in economic
activity.
----------- ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Potential impact Mitigating Opportunity Change in risk in
Reduced revenue as: actions * Maximise geographic and product diversification the year
* Customers make fewer journeys * Continue to focus our operations in more resilient opportunities * Economic growth rates for UK have been downgraded
geographical areas following the EU referendum vote
* Customers buy lower priced tickets * Two rail contracts will be re-bid over the next two
* Local management constantly assesses the needs of years allowing for a rebasing of target revenue * There are variances between geographical areas in the
local markets and tailors services and products rate of recovery
accordingly
* Focus on driving volumes through innovative and
targeted marketing
* Generate customer loyalty through initiatives such as
smart-ticketing
* Proactive cost control
----------- ----------------------------------------------------------- ----------------------------------------------------------- ----------------------------------------------------------- ------------------------------------------------------------
Political and regulatory framework
Changes to the legal and regulatory framework,
particularly the Bus Services Bill.
----------- ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Potential impact Mitigating Opportunity Change in risk in
* If bus services are franchised, the Group could lose actions * The political and regulatory framework provides us the year
revenue in some areas but has opportunity in others * Limited exposure to local authority funding. Our with the opportunity to influence decisions through * Following the EU referendum and changes in government,
operations are largely commercial close dialogue with the government, local authorities uncertainty around the outlook for government policy
and other key parties has increased
* Change to the rail franchising model
* Actively participate in key industry, trade and
government steering and policy development groups * The Bus Services Bill could provide business * The Bus Services Bill relating to bus franchising
* Reduced funding for public transport opportunities in new markets outside of London. The Bill is currently making its
way through Parliament
* Collaboration and partnership working with local
authorities
* Prepare for bus franchising
* Demonstrate the value delivered by the private sector
through investment in services, responding quickly
and flexibly to passenger needs
----------- ----------------------------------------------------------- ----------------------------------------------------------- ----------------------------------------------------------- ------------------------------------------------------------
Strategic Sustainability of rail profits or loss of franchise
risks Failure to retain two key franchises on acceptable
terms and failure to stabilise GTR's business
performance.
----------- ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Potential impact Mitigating Opportunity Change in risk in
* Rail revenues and profits could fall over the next actions * Opportunity to build on rail contract wins in Germany the year
three years * Flexible and experienced management team which and potentially other European countries * The GTR franchise has seen a difficult year as a
responds quickly and expertly to changing result of the impact of major infrastructure projects
circumstances and industrial action
* Shared risk through Govia, which is 65% owned by * We are heavily reliant on third parties, which have
Go-Ahead and 35% by Keolis their own targets, budgets and deadlines to meet
* Invest in performance improvements * We began operating the London Midland franchise under
new contract terms in April 2016 which will run until
October 2017
* Work constructively with industry partners, such as
Network Rail, to deliver long term economic and
infrastructure benefits
* Significant resource and financial investment in
bidding for new franchises
* Regular Board review of rail performance, and Board
approval of overall rail bidding strategy
* Compliance with franchise conditions closely
monitored
* Recovery plan for GTR
----------- ----------------------------------------------------------- ----------------------------------------------------------- ----------------------------------------------------------- ------------------------------------------------------------
Inappropriate strategy or investment
Failure to make appropriate strategic or investment
decisions.
----------- ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Potential impact Mitigating Opportunity Change in risk in
* Shareholder value could be lost and the Group could actions * Continual focus on and review of strategy ensures the the year
suffer reputational damage * Comprehensive strategic discussions with main Board Board is well placed to assess value adding * Good strategic progress has been made during the
and advisors opportunities as they arise year. Continued focus on delivering profit growth in
bus
* Extensive valuation and due diligence, supported by
external expertise * Go-Ahead has a clear strategy, communicated to all
levels of the organisation
* Maintain strong financial discipline when assessing
viability of opportunities
* Cautious approach to investment opportunities
overseas and outside our core operating areas
* The Board has a clear stated risk appetite that
governs the acceptable level of risk in pursuit of
objectives
----------------------------------------------------------- ----------------------------------------------------------- ----------------------------------------------------------- ------------------------------------------------------------
Competition
Competition from existing and new market participants,
loss of business to other modes and threats from
market disruptors.
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Potential impact Mitigating Opportunity Change in risk in
* Loss of revenue and profits as well as reputational actions * Strategic partnerships provide opportunities and aim the year
damage if other offerings appear more customer * Disciplined and focused bidding in London to improve the passenger experience and perception of * The reduction in oil price, leading to lower fuel
focused public transport as a whole prices for motorists could result in passengers
taking more trips in private cars rather than
* Adapt to changing customer requirements and choosing public transport
technological advancements * Increased competition in the market encourages
innovation which improves the customer experience
* Technology based start-ups are entering transport
* Foster close relationships with stakeholders to markets
ensure we are meeting requirements, including service
quality and price
* Work in partnership with local authorities and other
operators
* Promote multi-modal travel, improving the overall
door-to-door experience for passengers
* Remain at the forefront of promoting and introducing
inter-operable ticketing schemes
* Focus on customer needs and expectations, including
more channels for ticket purchase and journey
planning
----------- ----------------------------------------------------------- ----------------------------------------------------------- ----------------------------------------------------------- ------------------------------------------------------------
Operational Catastrophic incident or severe infrastructure
risks failure
An incident, such as a major accident, an act
of terrorism, a pandemic, or a severe failure
of rail infrastructure.
----------- ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Potential impact Mitigating Opportunity Change in risk in
* Serious injury to the public, our passengers or our actions * The threat of such an event requires our staff to be the year
people. Service disruption with financial losses and * Rigorous, high profile health and safety programme well trained and prepared at all times * We have maintained high levels of safety performance,
reputational damage throughout the Group demonstrating our continuing efforts to minimise this
risk
* Continuous review of processes and procedures can
* Appropriate and regularly reviewed and tested identify areas for operational improvement and
contingency and disaster recovery plans improve overall safety on our networks
* Thorough and regular staff training
* Work closely with our industry partners, such as
Network Rail, which maintains the rail infrastructure
----------- ----------------------------------------------------------- ----------------------------------------------------------- ----------------------------------------------------------- ------------------------------------------------------------
Large scale infrastructure projects
Large scale projects on and around the networks
on which we operate, such as the Thameslink Programme,
HS2 and major roadworks.
----------- ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Potential impact Mitigating Opportunity Change in risk in
* Reduced capacity decreases resilience and creates actions * Investment in railway infrastructure and roads will the year
congestion causing lower reliability which impacts * Work constructively with industry partners, such as deliver long term benefits to passengers travelling * Our rail operations have been impacted by works
service levels and contractual performance Network Rail, to minimise the impact of any on our services associated with the GBP6.5bn Thameslink Programme,
disruption on our passengers particularly around London Bridge
* Inadequate planning or execution can cause severe
disruption * Strong engagement with stakeholders, including our * Congestion due to roadworks in London has reduced our
customers, to enable effective communication income from Quality Incentive Contracts
* Good relationships with local authorities and
industry bodies, such as the DfT
* Communicate effectively with customers during
structural change programmes and during disruption
----------------------------------------------------------- ----------------------------------------------------------- ----------------------------------------------------------- ------------------------------------------------------------
Labour costs, employee relations and resource
planning
We fail to get the effective engagement of our
people and trade unions in making change and
managing costs.
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Potential impact Mitigating Opportunity Change in risk in
* Strikes leading to reputational damage actions * Through fostering positive employee relations and the year
* Work to maintain good relationships with employees offering good employment packages we have a motivated * Operational challenges on the GTR franchise have been
and trade unions and committed workforce, with low staff turnover compounded by industrial action and a spike in
* Low levels of morale and engagement lead to across all businesses sickness absence
inadequate customer service
* Robust and regularly reviewed recruitment and
retention policies, training schemes, resource * We are monitoring the impact of changes in the
* Service disruption and costs arising from industrial planning and working practices employment market which may affect our ability to
action retain and recruit staff
* Experienced approach to wage negotiations
* Inability to deploy new technology and work practices
for the benefit of customers
* Employee engagement surveys across all businesses to
identify issues
* Wage costs increase or are higher than necessary
* Engaging all our people in the new vision, beliefs
and attitudes
----------------------------------------------------------- ----------------------------------------------------------- ----------------------------------------------------------- ------------------------------------------------------------
Information technology failure or interruption
or security breach
Prolonged or major failure of the Group's IT
systems or a significant security breach.
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Potential impact Mitigating Opportunity Change in risk in
* Disruption to trading and/or operational service actions * Ensuring our systems and processes are efficient and the year
delivery * Process standardisation and continued investment in reliable strengthens day-to-day operations across the * Continued investment in and maintenance of IT systems
best practice systems, including 'light sites' and Group across the Group
'load bearing' servers
* Reputation damage and regulatory breach from misuse
of data * Cyber security certification achieved
* Clear and tested business continuity plans
* Financial loss
* Proactive approach to cyber security issues
----------- ----------------------------------------------------------- ----------------------------------------------------------- ----------------------------------------------------------- ------------------------------------------------------------
Directors' statement of responsibilities
The directors are responsible for preparing the Annual Report and the Group financial statements in accordance with applicable United Kingdom law and regulations. Company law requires the directors to prepare Group financial statements for each financial year. Under that law, the directors are required to prepare Group financial statements under IFRS as adopted by the European Union. Detailed below are statements made by the directors in relation to their responsibilities, disclosure of information to the Group's auditors, going concern and management's report on internal control over financial reporting.
Financial statements and accounting records
Under company law the directors must not approve the Group financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group at the end of the financial year and of the profit or loss of the Group for that period.
In preparing the Group financial statements, the directors are required to:
- Present fairly the financial position, financial
performance and cashflows of the Group
- Select suitable accounting policies in accordance
with IAS 8: Accounting Policies, Changes in Accounting
Estimates and Errors and then apply them consistently
- Present information, including accounting policies,
in a manner that provides relevant, reliable, comparable
and understandable information
- Make judgements and estimates that are reasonable
- Provide additional disclosures when compliance with
the specific requirements in IFRS as adopted by
the European Union is insufficient to enable users
to understand the impact of particular transactions,
other events and conditions on the Group's financial
position and financial performance
- State whether the Group financial statements have
been prepared in accordance with IFRS as adopted
by the European Union
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Group, and enable them to ensure that the Group financial statements comply with the Act and Article 4 of the IAS Regulation. They are also responsible for the system of internal control, for safeguarding the assets of the Group and, hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are also responsible for preparing the strategic report, directors' report, including the directors' remuneration report and the corporate governance report, in accordance with the Act and applicable regulations, including the requirements of the Listing Rules and the Disclosure and Transparency Rules.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's corporate website.
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors' statement of responsibility under the Disclosure and Transparency Rules
The Board confirms to the best of its knowledge:
- The financial statements, prepared in accordance
with International Financial Reporting Standards
as adopted by the EU, give a true and fair view
of the assets, liabilities, financial position and
profit or loss of the Group and the undertakings
included in the consolidation taken as a whole
- The strategic report includes a fair review of the
development and performance of the business and
the position of the Group and the undertakings included
in the consolidation taken as a whole together with
a description of the principal risks and uncertainties
that they face
Directors' statement under the UK Corporate Governance Code 2014
The Annual Report and Financial Statements, taken as a whole, are fair, balanced and understandable and provides the information necessary for shareholders to assess the Group's position and performance, business model and strategy.
Disclosure of information to the auditor
Having made the requisite enquiries, so far as the directors are aware, there is no relevant audit information (as defined by section 418(3) of the Act of which the Group's auditor is unaware and the directors have taken all the steps they ought to have taken to make themselves aware of any relevant audit information and to establish that the Group's auditor is aware of that information.
Related party disclosures and Group undertakings
Our subsidiaries listed below each contributes to the profits, assets and cashflow of the Group. The Group has a number of related parties including joint ventures, pension schemes and directors. For accounting policies see 'Interests in joint arrangements' in note 2.
The consolidated financial statements include the financial statements of The Go-Ahead Group plc and the following Group undertakings:
% equity interest
===================
Name Country of incorporation 2016 2015
==================================== ========================= ========= ========
Trading subsidiaries
Go-Ahead Holding Limited United Kingdom(2) 100 100
Go North East Limited United Kingdom 100 100
Go Northern Limited United Kingdom 100 100
London General Transport Services
Limited United Kingdom 100 100
London Central Bus Company Limited United Kingdom 100 100
Go-Ahead London Rail Replacement
Services Limited United Kingdom 100 100
Metrobus Limited United Kingdom 100 100
Brighton & Hove Bus and Coach
Company Limited United Kingdom 100 100
The City of Oxford Motor Services
Limited United Kingdom 100 100
Go South Coast Limited United Kingdom 100 100
Hants & Dorset Transport Support
Services Limited United Kingdom 100 100
Plymouth Citybus Limited United Kingdom 100 100
Konectbus Limited United Kingdom 100 100
Thames Travel (Wallingford) Limited United Kingdom 100 100
Carousel Buses Limited United Kingdom 100 100
Hedingham and District Omnibuses
Limited United Kingdom 100 100
Anglian Bus Limited United Kingdom 100 100
HC Chambers and Son Limited United Kingdom 100 100
Aviance UK Limited United Kingdom 100 100
New Southern Railway Limited United Kingdom(1) 65 65
London and South Eastern Railway
Limited United Kingdom(1) 65 65
London and Birmingham Railway
Limited United Kingdom(1) 65 65
Southern Railway Limited United Kingdom(1) 65 65
Govia Thameslink Railway Limited United Kingdom(1) 65 65
Thameslink Rail Limited United Kingdom(1) 65 65
Govia Limited United Kingdom(1) 65 65
Go-Ahead Scotland Limited United Kingdom 100 100
Go-Ahead Holding LLC United States of America - 100
Go-Ahead Verkehrsgesellschaft
Deutschland GmbH Germany 100 100
Go-Ahead Holding (Singapore) PTE
Ltd Singapore 100 -
Go-Ahead Loyang PTE Ltd Singapore 100 -
Jointly controlled entities
On Track Retail Limited United Kingdom(3) 50 50
==================================== ========================= ========= ========
1 The rail companies are 65% owned by The Go-Ahead Group plc and 35% owned by Keolis (UK) Limited and held through Govia Limited.
2 Held by The Go-Ahead Group plc. All other companies are held through subsidiary undertakings.
3 On Track Retail Limited is a start up company and was immaterial to the Group's financial statements.
The above trading subsidiaries have one class of ordinary shares which carry no right to fixed income. With the exception of On Track Retail Limited, whch also have redeemable preference shares.
The registered office of all trading subsidiaries incorporated in the United Kingdom is: 3(rd) Floor, 41-51 Grey Street, Newcastle upon Tyne, NE1 6EE.
The registered office of Go-Ahead Verkehrsgesellschaft Deutschland GmbH incorporated in Germany is: Platz vor dem Neuen Tor 2, D- 10115, Berlin, Germany.
The registered office of trading subsidiaries incorporated in Singapore is: 2 Loyang Way, Singapore 508776.
% equity
interest
===========
Company Country of
Name number incorporation 2016 2015
================================== ======= ================= ===== ====
Dormant subsidiaries
Eastern Railway Limited 7164882 United Kingdom 100 100
Go Wear Buses Limited 2019645 United Kingdom 100 100
Go-Reading Limited 3158846 United Kingdom 100 100
South Central Limited 4173713 United Kingdom 100 100
The Go-Ahead Group Trustee
Co Limited 2125799 United Kingdom 100 100
Go-Ahead Property Development
Limited 7128594 United Kingdom 100 100
Go-Ahead XX Limited 8205871 United Kingdom 100 100
GHI Limited 4262016 United Kingdom 100 100
Southern Vectis Limited 2005917 United Kingdom 100 100
Birmingham Passenger Transport
Services Limited 2901263 United Kingdom 100 100
Go Coastline Limited 2018469 United Kingdom 100 100
Go London Limited 2849983 United Kingdom 100 100
Go West Midlands Limited 2490584 United Kingdom 100 100
Levers Coaches Limited 2524573 United Kingdom 100 100
MetroCity (Newcastle) Limited 4153866 United Kingdom 100 100
Thames Trains Limited 3007943 United Kingdom 100 100
Victory Railway Holdings
Limited 3147927 United Kingdom 100 100
Govia Northern Limited 6537238 United Kingdom(1) 65 65
London & East Midlands Railway
Limited 5814586 United Kingdom(1) 65 65
London and West Midlands
Railway Limited
(previously North London
Orbital Railway Limited) 5537947 United Kingdom(1) 65 65
Abingdon Bus Company Limited 3151270 United Kingdom 100 100
Reed Investments Limited 4236536 United Kingdom 100 100
Gatwick Handling Limited 2984113 United Kingdom 100 100
GH Heathrow Limited 2813292 United Kingdom 100 100
GH Manchester Limited 1883900 United Kingdom 100 100
GH Stansted Limited 1983429 United Kingdom 100 100
Midland Airport Services
Limited 1592083 United Kingdom 100 100
Oxford Newco Limited 9542008 United Kingdom 100 100
London General Trustee Company
Limited 6953098 United Kingdom 100 100
Go-Ahead Finance Company 4699524 United Kingdom 100 100
Hants & Dorset Motor Services
Limited 2752603 United Kingdom 100 100
Hants & Dorset Trim Limited 2017829 United Kingdom 100 100
Solent Blue Line Limited 2103030 United Kingdom 100 100
Marchwood Motorways (Services)
Limited 2201331 United Kingdom 100 100
Marchwood Motorways (Southampton)
Limited 1622531 United Kingdom 100 100
The Southern Vectis Omnibus
Co. Limited 0241973 United Kingdom 100 100
Tourist Coaches Limited 3006529 United Kingdom 100 100
Wilts & Dorset Bus Company
Limited 1671355 United Kingdom 100 100
Wilts & Dorset Investments
Limited 4613075 United Kingdom 100 100
Wilts & Dorset Holdings Limited 2091878 United Kingdom 100 100
Dockland Buses Limited 3420004 United Kingdom 100 100
Blue Triangle Buses Limited 3770568 United Kingdom 100 100
Go-Ahead Leasing Limited 5262810 United Kingdom 100 100
Go-Ahead Sverige AB Sweden 100 -
Go-Ahead Norge AS Norway 100 -
================================== ======= ================= ===== ====
1 The rail companies are 65% owned by The Go-Ahead Group plc and 35% owned by Keolis (UK) Limited and held through Govia Limited.
The registered office of all dormant subsidiaries incorporated in the United Kingdom is: 3(rd) Floor, 41-51 Grey Street, Newcastle upon Tyne, NE1 6EE.
The registered office of Go-Ahead Sverige AB incorporated in Sweden is: Mäster Samuelsgatan 20, SE 101 39, Stockholm, Sweden.
The registered office of Go-Ahead Norge AS incorporated in Norway is: Filipstad Brygge 1, NO 0125, Oslo, Norway.
All dormant companies listed above incorporated in the United Kingdom have taken advantage of the UK Companies Act 2006, S480 exemption from audit.
Transactions with other related parties
The Group meets certain costs of administering the Group's retirement benefit plans, including the provision of meeting space and office support functions to the trustees. Costs borne on behalf of the retirement benefit plans amounted to GBP0.2m (2015: GBP0.2m).
Joint operations
The Group's joint operations, On Track Retail Limited 'OTR' have their principal place of business in the United Kingdom. The principal activity of OTR is the development and provision of web ticketing applications for the rail industry. The activities of the joint operation are strategically important to the business activities of the Group. The Group owns 50% of the ordinary share capital of OTR.
Compensation of key management personnel of the Group
The key management are considered to be the directors of the parent company.
2016 2015
GBPm GBPm
=============================== ===== =====
Short term employee benefits 1.3 1.9
Long term employee benefits(1) 1.0 2.3
Post employment benefits - 0.1
=============================== ===== =====
2.3 4.3
=============================== ===== =====
1 The long term employee benefits relate to LTIP and DSBP.
Material partly owned subsidiaries
Financial information of subsidiaries that have material non-controlling interests is provided below:
Proportion of equity interest held by non-controlling interests:
Country of incorporation
and operation 2016 2015
==================================== ========================= ==== ====
Govia Limited United Kingdom 35% 35%
London and South Eastern Railway
Limited(1) United Kingdom 35% 35%
Southern Railway Limited(1) United Kingdom 35% 35%
London and Birmingham Railway
Limited(1) United Kingdom 35% 35%
Govia Thameslink Railway Limited(1) United Kingdom 35% 35%
Thameslink Rail Limited(1) United Kingdom 35% 35%
New Southern Railway Limited(1) United Kingdom 35% 35%
==================================== ========================= ==== ====
1 Subsidiary of Govia Limited.
2016 2015
GBPm GBPm
================================================= ===== =====
Accumulated balances of material non-controlling
interest:
Govia Limited 22.6 15.8
Total comprehensive income allocated to material
non-controlling interest:
Govia Limited 24.4 13.8
================================================= ===== =====
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACSSSFFIUFMSESU
(END) Dow Jones Newswires
September 09, 2016 11:03 ET (15:03 GMT)
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