FirstGroup PLC Annual Financial Report

 
TIDMFGP 
 
FIRSTGROUP PLC 
                                (the 'Company') 
 
                            ANNUAL FINANCIAL REPORT 
 
In compliance with Listing Rule 9.6.1R, the Company has today submitted a copy 
of the documents listed below to the UK Listing Authority and they will shortly 
be available for inspection via the National Storage Mechanism at 
www.morningstar.co.uk/uk/NSM. These documents have also been despatched or 
otherwise made available to shareholders. 
 
  * 2018 Annual Report and Financial Statements (the '2018 Annual Report'); 
  * Notice of the 2018 Annual General Meeting of the Company which will be held 
    at the Aberdeen Exhibition & Conference Centre at 1.30pm on Tuesday 17 July 
    2018 (the '2018 AGM Notice'); and 
  * Form of Proxy and Notice of Availability for the 2018 AGM. 
 
As required under the Disclosure Guidance and Transparency Rule ('DGTR') 6.3.5R 
(3), the 2018 Annual Report and the 2018 AGM Notice are also available on the 
Company's website at www.firstgroupplc.com 
 
A condensed set of the FirstGroup plc financial statements, including 
information on important events that have occurred during the year and their 
impact on the financial statements, were included in the Company's announcement 
of its full year results made on 31 May 2018. To view the final results 
announcement, visit the Company website at www.firstgroupplc.com That 
information, together with the information set out below, which is extracted 
from the 2018 Annual Report, constitute the material required under the DGTR 
6.3.5R to be communicated to the media in unedited full text through a 
Regulatory Information Service. 
 
This announcement is not a substitute for reading the 2018 Annual Report. 
Cross-references and page numbers in the extracted information below refer to 
sections in the 2018 Annual Report. 
 
PRINCIPAL RISKS AND UNCERTAINTIES 
 
Our risk management approach 
 
We take a holistic approach to risk management, first building a picture of the 
principal risks at divisional level, then consolidating those principal risks 
alongside Group risks into a Group view. 
 
Risk management structure 
 
Whilst some risks such as treasury risk are managed at a Group level, all of 
our businesses are responsible for identifying, assessing and managing the 
risks they face with appropriate assistance, review and challenge from the 
Group functions as necessary. 
 
The current structure is as follows: 
 
Responsibility                        Process 
 
The Board has overall responsibility  The Board reviews and confirms Group 
for the Group's systems of internal   and divisional risks and the Audit 
control and their effectiveness.      Committee reviews the Group's risk 
                                      management process. 
The Audit Committee has a specific 
responsibility to review and validate 
the systems of risk management and 
internal control. 
 
The Executive Committee reviews the   The Executive Committee and other 
Group's risk management processes.    Group 
                                      management review and challenge Group 
Internal Audit provides assurance on  and 
the key risk mitigating controls and  divisional risk submissions. 
ensures that the audit plan is 
appropriately risk-based. 
 
The divisions and Group functions     Divisional and Group risk champions 
management have responsibility for    maintain and 
the identification and management of  update risk registers for their 
risks, developing appropriate         function or division. 
mitigating actions and the 
maintenance of risk registers.        Risks and mitigating actions are 
                                      monitored through normal business 
                                      management processes. 
 
Areas of focus 
 
We seek to continue to improve the quality of risk management information 
generated by 
 
our businesses. In 2018 we will implement a new risk management system across 
the 
 
business, and refresh our risk appetite. 
 
Our risk management methodology is aimed at identifying the principal risks 
that could: 
 
  * adversely impact the safety or security of the Group's employees, customers 
    and assets; 
 
  * have a material impact on the financial or operational performance of the 
    Group; 
 
  * impede achievement of the Group's strategic objectives and financial 
    targets; and/or 
 
  * adversely impact the Group's reputation or stakeholder expectations. 
 
The Group's principal risks are set out on page 36 onwards. These risks have 
been assessed taking into account their potential impact (both financial and 
reputational); the likelihood of occurrence, and any change to this compared to 
the prior year and the residual risk after the implementation of controls. 
Further information on our risk management processes is contained in the 
Corporate governance report on page 57. 
 
Strategic objectives 
 
To deliver our strategy, it is important that we understand and manage the 
risks that face the Group. The table below outlines our principal risks and 
identifies which of our strategic objectives may be affected by those principal 
risks. 
 
Risk                  Change     Focused      Driving  Continuous    Prudent  Responsible 
                          in         and       growth improvement investment partnerships 
                        year disciplined      through          in in our key     with our 
                                 bidding   attractive   operating     assets    customers 
                                           commercial         and                     and 
                                         propositions   financial             communities 
                                                      performance 
 
Economic conditions     No        -           -            -          - 
                      change 
 
Political and           Up        -           -            -          -           - 
regulatory 
 
Contract businesses     Up        -           -            -          -           - 
including rail 
franchising 
 
Competition and         Up        -           -            -          - 
emerging technologies 
 
Information             No        -           -            -          -           - 
technology            change 
 
Data security (inc.    New        -           -            -          -           - 
cyber &GDPR) 
 
Treasury and credit    Down       -                        -          - 
rating 
 
Pension scheme          No        -                        -          - 
funding               change 
 
Compliance,             No        -           -            -                      - 
litigation and        change 
claims, health and 
safety 
 
Labour costs,           Up        -           -            -          -           - 
employee relations, 
recruitment and 
retention 
 
Disruption to           No        -           -            -                      - 
infrastructure/       change 
operations 
 
 
 
Risk and potential impact Mitigation                Comment and movement 
                                                    during the year 
 
Economic conditions                                 No change. 
including Brexit 
implications 
                          To an extent, our First   Low oil prices have 
Changing economic         Bus and Greyhound         adversely affected our 
conditions affect our     operating companies are   Greyhound and Fort 
different businesses in   able to modify services   McMurray First Transit 
different ways.           to react to market        businesses. 
                          changes. 
A less positive economic                            The UK departure from the 
outlook could have a      All of our businesses     European Union (Brexit) 
negative impact on our    focus on controlling      may adversely impact the 
businesses in terms of    costs to ensure they      UK's economic position 
reduced demand and        remain competitive.       which in turn 
reduced                                             may have an adverse 
opportunities for growth                            impact on the Group's UK 
or to                                               operations. 
retain or secure new 
business. Our First Rail 
businesses are 
particularly sensitive to 
movements in key economic 
indicators. The same 
factors could also affect 
our key suppliers. 
 
An improving economic 
climate, particularly 
when combined with lower 
fuel prices, may result 
in reduced demand for 
public transportation in 
our Greyhound and First 
Bus businesses as 
alternative modes of 
transport become 
relatively more 
affordable. 
 
Improving economic 
conditions may also 
result in a tightening of 
labour markets resulting 
in employee shortages, 
rising pay, or affect the 
availability of public 
funding for transport 
services. 
 
Political and regulatory                            Up. 
 
The political landscape   The Group has dedicated   The political landscape 
within which the Group    legal teams in the UK and in the US and the UK 
operates is constantly    North America who advise  continues to present both 
changing. Changes to      on emerging issues.       risks and opportunities. 
government policy,                                  For example, in the UK we 
funding                   The Group actively        have continued to invest 
regimes, infrastructure   engages with the relevant in our fleet to 
initiatives, or the legal government and transport  meet the challenge of 
and regulatory framework  bodies and policy makers  tighter environmental 
may result in structural  to help ensure that we    regulations. 
market changes or impact  are properly positioned 
the Group's operations in to respond to any 
terms of reduced          proposed changes. 
profitability, increased 
costs and/or a reduction  Our continued focus on 
in operational            service quality and 
flexibility or            delivery helps to 
efficiency.               mitigate calls for 
                          structural market change. 
 

Contract businesses                                 Up. 
including rail 
franchising               The relevant divisions    We continually review our 
                          have experienced and      contracts to take account 
Approximately half of the dedicated bid teams who   of changing circumstances 
Group's business is       undertake careful         such as economic 
contracted, which is      economic modelling of     environment or 
dependent on the ability  contract bids and, where  infrastructure changes. 
to renew and secure new   possible, seek to         Our rail franchise 
contract wins on          negotiate risk sharing    contracts are examples of 
profitable terms. Failure arrangements with the     this. 
to do so would result in  relevant customer or 
reduced revenue           contracting authority. 
and profitability and 
incorrect modelling or    The Group also has a 
bid assumptions could     comprehensive review 
lead to greater than      process for rail bids as 
anticipated costs or      they are developed and 
losses.                   finalised involving a 
                          number of divisional and 
Failure to comply with    Group functions as well 
contract terms could      as final Board sign off. 
result in termination, 
litigation and financial  Compliance with our rail 
penalties and failure to  franchise agreements is 
win new contracts or      closely managed and 
non-renewal of existing   monitored on a monthly 
contracts.                basis by senior 
                          management and procedures 
Competition for new rail  are in place to minimise 
franchises is intense. We the risk of non? 
bid against rail          compliance. 
operators from both the 
UK and other countries. 
Failure to win franchises 
in the future will result 
in a lower First Rail 
division contribution and 
profitability. 
 
The GWR, TPE and SWR 
franchises cover a period 
during which there will 
be significant change 
including major 
infrastructure work, 
electrification and 
resignalling as well as 
the introduction of new 
trains, which require 
careful planning and 
management. Failure to 
manage these risks 
adequately in accordance 
with our plans could 
result in financial and 
reputational impacts to 
the Group. 
 
Competition and emerging                            Up. 
technologies 
 
All of the Group's        The Group continues to    In North America, 
businesses (both contract focus on service quality  Greyhound 
and non?contract)         and delivery as           has implemented new 
compete in the areas of   priorities in making our  pricing 
pricing and service and   services                  technology tools to allow 
face competition          attractive to passengers  for a more rapid response 
from a number of sources. and other customers,      to an increasingly 
                          across our portfolio of   competitive 
Our main competitors      businesses.               marketplace driven by low 
include the private car                             cost airline competition. 
and existing and          We have a dedicated 
new public and private    cross-divisional Consumer We currently have a 
transport operators       Experience Team focused   number of 
across all our markets.   on improving our service  autonomous vehicle pilot 
Airline competition       to customers and          projects 
impacts demand for bus    improving access to our   in the US and are working 
travel, especially in     services.                 on 
Greyhound's long haul     In our contract           one in the UK. We are 
business. Emerging        businesses, a competitive also running pilots for 
services such as Uber,    bidding strategy and a    on demand technology both 
ride sharing apps and     strong bidding team are   in the USA and UK. 
price comparison websites key. 
make access to 
alternative transport     Wherever possible, the 
solutions easier.         Group works with local 
However, emerging         and national bodies to 
technologies such as      promote measures aimed at 
autonomous vehicles and   increasing demand for 
on demand schemes also    public transport and the 
provide opportunities to  other services that we 
grow and develop our      offer. 
market segments. 
 
Increased competition 
could result in lost 
business, reduced revenue 
and reduced 
profitability. 
 
Information technology                              No change. 
(IT) 
                          The Group has increased   No material change in the 
The Group relies on IT in its focus on asset        year, 
all aspects of our        management and further    however, web and mobile 
business. Any significant enhanced its IT security  sales 
disruption or failure,    processes and procedures. channels are of 
caused by external                                  increasing 
factors, denial of        The Group has further     importance across many of 
service, computer viruses strengthened its IT       our businesses. 
or human error could      project 
result in a service       management capability 
interruption, accident or during the year, 
misappropriation of       particularly within 
confidential information. Greyhound. 
Process failure, security 
breach or other 
operational difficulties 
may also lead to revenue 
loss or increased 
costs, fines, penalties 
or additional insurance 
requirements. Prolonged 
failure of our sales 
websites could also 
adversely affect 
revenues. 
 
Continued successful 
delivery and 
implementation of the 
Greyhound IT 
transformation plan is 
required to improve yield 
management and drive 
future growth. 
 
Failure to properly 
manage the implementation 
of new IT systems may 
result in increased costs 
and/or lost revenue. 
 
Data security (including                            New. 
cyber security & GDPR) 
 
All business sectors are  We have threat detection  In the year, we appointed 
targeted by increasingly  systems across our        a 
sophisticated             business but continue to  Data Protection Officer 
cyber security attacks.   remain vigilant to        to oversee 
Across our divisions, we  security improvements     the completion of our 
are seeing increased      when identified.          GDPR 
use of mobile and                                   compliance project. From 
internet sales channels                             May 2018, the Data 
which gather large                                  Protection 
amounts of data and                                 Officer will undertake 
therefore the risk of                               the tasks 
unauthorised access to,                             set out in the GDPR, 
or loss of, data in                                 including 
respect of employees or                             monitoring compliance. 
our customers is growing. 
                                                    We have also implemented 
A failure to comply with                            a 
the General Data                                    number of staff training 
Protection Regulation                               initiatives 
(GDPR), which came into                             to raise awareness of 
force in May 2018, could                            data security 
result in significant                               risks and 
penalties and could have                            responsibilities. 
adverse impact on 
consumer confidence in 
the Group. 
 
Treasury and credit                                 Down. 
rating 
                          The Group's Treasury 
As set out in further     Committee manages         The continued reduction 
detail in note 24 to the  treasury policy, and      in the 
financial statements      delegated authorities are Group's leverage from 1.9 
on pages 130 to 134,      reviewed periodically to  times 
treasury risks include    ensure compliance with    net debt: EBITDA to 1.5 
liquidity risks, risks    best practice and to      times at 
arising from changes to   control and monitor these the end of the financial 
foreign exchange and      risks appropriately.      year as a 
interest rates and                                  result of strong cash 
fuel price risk.          The Group is continuously generation 
                          focused on improving      and the bond refinancing 
Foreign currency and      operating and financial   has 
interest rate movements   performance as part of    further reduced 
may impact the            our strategic objectives  refinancing risk. 
profits, balance sheet    as outlined on page 11. 
and cash flows of the 
Group. 
 
Ineffective hedging 
arrangements may not 
fully mitigate losses or 
may increase them. 
 
The Group is credit rated 
by Standard & Poor's and 
Fitch. A downgrade in the 
Group's credit ratings to 
below investment grade 
may lead to increased 
financing costs and other 
consequences and affect 
the Group's ability to 
invest in its operations. 
 
Pension scheme funding                              No change. 
 
The Group sponsors or     Diversification of        The Group has closed the 
participates in a number  investments, hedging of   UK 
of significant defined    liabilities, amendment of Group and First Bus 
benefit pension schemes,  the defined benefit       Pension 
primarily in the UK.      promises and the          Schemes to future accrual 
                          introduction of defined   from 
Future cash contribution  contribution benefits for April 2018. and 
requirements may increase new starters in First     consolidated other 
or decrease based upon    Bus, FirstGroup corporate First Bus legacy schemes. 
financial markets,        functions and our         This will further reduce 
notably investment        Canadian businesses have  the size and volatility 
returns and valuations,   reduced these risks.      of the pension funding 
the rates used to value                             risk over the longer 
the liabilities and       The Group also seeks to   term. 
through changes to life   remove liabilities from 
expectancy, and could     the balance sheet where   During the year, The 

result in material        it can be achieved cost   Pensions 
changes in the accounting effectively.              Regulator ('TPR') has 
cost and cash                                       been in 
contributions required.   Under the First Rail      discussion with the 
                          franchise arrangements,   Railways Pension Scheme 
                          the Group's train         (the 'Scheme') 
                          operating companies are   regarding the funding 
                          not                       assumptions 
                          responsible for any       which could result in 
                          residual deficit at the   changes to 
                          end of a franchise so     contributions. The Scheme 
                          there is only short term  is the 
                          cash flow risk            industry-wide pension 
                          within any particular     scheme. The outcome of 
                          franchise.                the review, which 
                                                    could impact all rail 
                                                    operators, is 
                                                    not yet known. The Rail 
                                                    Delivery 
                                                    Group is engaging with 
                                                    rail 
                                                    operators to understand 
                                                    and 
                                                    assess TPR's concerns and 
                                                    to 
                                                    develop an industry-wide 
                                                    solution. 
 
Compliance, litigation                              No change. 
and claims, health and 
safety 
                          Compliance with Group and The legal climate in 
The Group's operations    divisional policies and   North America, 
are subject to a wide     procedures.               particularly in the US, 
range of legislation and                            continues to deliver 
regulation. Failure to    The Group has a very      judgements which are 
comply can lead to        strong focus on safety    disproportionately in 
litigation, claims,       and it is one of our five favour of plaintiffs, and 
damages, fines and        values. The Group         at times 
penalties.                self-insures              unpredictable. The costs 
                          third party and employee  of dealing with this 
The Group has three main  injury claims up to a     challenging legal 
insurable risks: third    certain level             environment is factored 
party injury and other    commensurate with the     in the 
claims arising from       historical risk profile.  budgets. Due to the scale 
vehicle and general       We purchase insurance     and scope of our 
operations, employee      above these limits        operations, risk 
injuries and property     from reputable global     mitigation in this area 
damage.                   insurance firms. Claims   continues to 
                          are managed by            be an area of focus for 
The Group is also subject experienced claims        the Group. 
to other litigation,      handlers. 
which is not insured, 
particularly in North     Non-insured claims are 
America, including        managed by the Group's 
contractual claims and    dedicated in-house legal 
those relating to         teams with external 
employee wage and hour,   assistance as 
and meal and break,       appropriate. 
matters. 
 
A higher volume of 
litigation and claims can 
lead to increased costs, 
reduced availability of 
insurance cover, and/or 
reputational impact. 
 
Increased frequency of 
accidents, clusters of 
higher severity losses, 
a large single claim, or 
a large 
number of smaller claims 
may 
negatively affect 
profitability and cash 
flow. 
 
Labour costs, employee                              Up. 
relations, recruitment 
and retention 
 
Employee costs represent  The Group seeks to        Strong economic 
the largest component of  mitigate these risks via  conditions, 
the Group's               its recruitment and       particularly in North 
operating costs, and new  retention policies,       America, continue to 
regulation or pressure to training                  impact retention 
increase wages could      schemes and working       and recruitment. 
increase these costs.     practices. 
Competition for                                     During the year, we have 
employees, particularly   Our working practices     refreshed our recruitment 
in an improved economic   include building          approach and offer in 
climate, can lead to      communication and         First Student 
shortages which increase  engagement with trade     and First Transit to 
costs and affect service  unions and the wider      reflect local 
delivery.                 workforce. Examples of    market conditions. 
                          this engagement include 
High employee turnover    regular employee 
could lead to higher than communication, 
expected                  satisfaction surveys, and 
increases in the cost of  the presence of Employee 
recruitment, training and Directors (who are voted 
labour costs and          for by the employees to 
operational disruption.   represent them) on many 
                          of the Group's UK 
Similarly, industrial     operating company boards 
action could adversely    and the FirstGroup plc 
impact customer           Board. 
service and have a 
financial impact on the   Where increased wages and 
Group's operations.       incentives are necessary 
                          to attract, and retain 
                          employees, those extra 
                          costs are factored into 
                          our bid models, where 
                          possible, to ensure 
                          appropriate returns are 
                          achieved. 
 
Disruption to                                       No change. 
infrastructure/operations 
 
Our operations, and the   We continue to develop    No material change during 
infrastructure on which   and apply good practice,  the 
they depend, can be       and provide guidance to   year, although severe 
affected by a number of   our employees to help     weather 
different external        them identify and respond has led to service 
factors, many of which    effectively to any        disruption in 
are not within our        potential threat or       both our North American 
control. These factors    incident.                 and 
include terrorism,                                  UK operations. 
adverse                   We maintain close working 
weather events and,       relationships with 
potentially, climate      specialist government 
change or pandemics.      agencies, in relation to 
                          terror threats, in both 
The threat from terrorism the UK and North America. 
is enduring and continues 
to exist in all of our    We employ dedicated 
markets. Public transport security specialists in 
continues to be regarded  the UK and North America. 
as an 
attractive and viable     The geographic spread of 
target, and has           the Group's businesses 
previously been subject   offers some protection 
to                        against specific 
attack. Across our        incidents. In addition, 
businesses, we take all   some of our 
reasonable steps to help  contract-based businesses 
guard against such        have force majeure 
activity on the services  clauses in place. 
we operate. An attack, 
or threat of attack, 
could lead to reduced 
public confidence in 
public transportation,    We have severe weather 
and/or specifically in    action plans and 
the Group's security and  procedures to manage the 
safety record and could   impact on our operations. 
reduce demand for our 
services,                 The Group continues to 
increase costs or         target reductions in our 
security requirements and emissions, including 
cause operational         through behaviour change 
disruption.               initiatives and 
                          investment in new 
Greater and more frequent technology. 
adverse weather could 
lead to 
interruptions or 
disruption to service 
performance and reduced 
customer demand with 
consequent financial 
impact, potential 
increased costs and 
accident rates. 
 
As a leading transport 
provider, we face the 
challenge of addressing 
climate change, both 
through managing its 
impact 
and reducing emissions. 
 
The risks listed are not all of those highlighted by our risk management 
processes and are not set out in any order of priority. Additional risks and 
uncertainties not presently known to us, or currently deemed to be less 
material, may also impact our business. Indication of a movement in a risk may 
not indicate a change in the overall net risk position after taking into 
account risk mitigations. 
 
Statement of Directors' responsibilities in respect of the annual report and 
the financial statement 
 
The following responsibility statement is extracted from the Statement of 
Directors' responsibilities in respect of the annual report and the financial 
statements on page 99 of the 2018 Annual Report and is repeated here solely for 
the purpose of complying with DGTR 6.3.5R. The statement relates to the 2018 
Annual Report and not to the extracted information presented in this annual 
financial report announcement or the final results announcement. 
 
 
The Directors are responsible for preparing the Annual Report and the Group and 
parent 
 
company financial statements in accordance with applicable law and regulations. 
Company 
 
law requires the Directors to prepare financial statements for each financial 
year. Under that 
 
law, the Directors are required to prepare the Group financial statements in 
accordance with 
 

International Financial Reporting Standards (IFRSs) as adopted by the European 
Union 
 
and Article 4 of the IAS Regulation and have chosen to prepare the parent 
company 
 
financial statements in accordance with applicable UK Accounting Standards, 
 
including Financial Reporting Standard 101'Reduced Disclosure Framework' (FRS 
101) 
 
and applicable law. 
 
Under company law, the Directors must not approve the financial statements 
unless they 
 
are satisfied that they give a true and fair view of the state of affairs of 
the Company and of 
 
the profit or loss of the Company for that period. In preparing the parent 
company 
 
financial statements, the Directors are required to: 
 
  * select suitable accounting policies and then apply them consistently; 
 
  * make judgements and accounting estimates that are reasonable and prudent; 
 
  * state whether applicable UK Accounting Standards, including FRS 101, have 
    been 
 
followed, subject to any material departures disclosed and explained in the 
financial 
 
statements; and 
 
  * prepare the financial statements on the going concern basis unless it is 
    inappropriate to presume that the Company will continue in business. 
 
In preparing the Group financial statements, International Accounting Standard 
1 requires 
 
that Directors: 
 
  * properly select and apply accounting policies; 
 
  * present information including accounting policies, in a manner that 
    provides relevant, 
 
reliable, comparable and understandable information; provide additional 
disclosures 
 
when compliance with the specific requirements in IFRSs are insufficient to 
enable users to understand the impact of particular transactions, other events 
and conditions on the entity's financial position and financial performance; 
and 
 
  * make an assessment of the Company's ability to continue as a going concern. 
 
The Directors are responsible for keeping adequate accounting records that are 
 
sufficient to show and explain the Company's transactions and disclose with 
reasonable 
 
accuracy, at any time, the financial position of the Company and enable them to 
ensure 
 
that the financial statements comply with the 2006 Act. They are also 
responsible for 
 
safeguarding the assets of the Company and hence for taking reasonable steps 
for the 
 
prevention and detection of fraud and other irregularities, and have adopted a 
control 
 
framework across the Group. 
 
The Directors are responsible for the maintenance and integrity of the 
corporate and 
 
financial information included on the Company's website. Legislation in the 
United Kingdom governing the preparation and dissemination of financial 
statements may differ from legislation in other jurisdictions. 
 
responsibility statement 
 
Each Director confirms to the best of their knowledge that: 
 
  * the financial statements, prepared in accordance with the relevant 
    financial 
 
reporting framework, give a true and fair view of the assets, liabilities, 
financial position and profit or loss of the Company and the undertakings 
included in the consolidation taken as a whole; 
 
  * the Strategic report and Governance section include a fair review of the 
    development and performance of the business and the position of the Company 
    and the undertakings included in the consolidation taken as a whole, 
    together with a description of the principal risks and uncertainties that 
    they face; and 
 
  * the Annual Report and Accounts, taken as a whole, is fair, balanced and 
    understandable and provides the information necessary for shareholders to 
    assess the Company's and the Group's position and performance, business 
    model and strategy. 
 
The Strategic report comprising pages 4 to 44 and the Governance section 
comprising 
 
pages 46 to 97, and including the sections of the Annual Report and Accounts 
referred to 
 
in these pages, have been approved by the Board and signed on its behalf by: 
Matthew Gregory 
 
Interim Chief Operating Officer & Chief Financial Officer 
 
RELATED PARTY TRANSACTIONS 
 
Transactions between the Company and its subsidiaries, which are related 
parties, have been eliminated on consolidation and are not disclosed in this 
note. 
 
Remuneration of key management personnel 
 
The remuneration of the Directors, which comprise the plc Board who are the key 
management personnel of the Group, is set out below in aggregate for each of 
the categories specified in IAS 24 Related Party Disclosures. Further 
information about the remuneration of individual Directors is provided in the 
Directors' remuneration report on pages 68 to 94. 
 
                                                           Year to  31 March 
                                                          31 March 
 
                                                              2018      2017 
 
                                                                GBPm        GBPm 
 
Basic salaries1                                                1.6       1.6 
 
Performance-related bonuses                                    0.1       0.5 
 
Benefits in kind                                               0.1       0.0 
 
Fees                                                           0.7       0.6 
 
Share-based payment                                            1.1       0.8 
 
                                                               3.6       3.5 
 
1 Basic salaries include cash emoluments in lieu of retirement benefits and car 
and tax allowances. 
 
Further information, FirstGroup plc: 
 
 
Faisal Tabbah, Head of Investor Relations 
 
Stuart Butchers, Group Head of Media 
 
Silvana Glibota-Vigo, Deputy Company Secretary 
 
Tel: [phone] 
 
Legal Entity Identifier: 549300DEJZCPWA4HKM93. Classification as per DGTR 6 
Annex 1R: 1.1 
 
 
 
END 
 

(END) Dow Jones Newswires

June 15, 2018 10:04 ET (14:04 GMT)