Financial overview
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Group Income Statement
For the year ended 31 December 2024
Note Adjusted
result
2024
£mAdjusting
items
(note 5)
2024
£mTotal
2024
£mAdjusted
result
2023
£m(Restated)
Adjusting
items
(note 5)
20231
£m(Restated)
Total
20231
£mRevenue 4 3,412.4 - 3,412.4 3,150.9 - 3,150.9 Operating costs 6 (3,224.7) (707.6) (3,932.3) (2,982.3) (211.8) (3,194.1) Group operating profit/(loss) 187.7 (707.6) (519.9) 168.6 (211.8) (43.2) Share of results from associates and joint ventures 18 3.2 - 3.2 (0.5) - (0.5) Finance income 10 2.4 - 2.4 4.0 - 4.0 Finance costs 10 (92.2) (2.8) (95.0) (79.2) (1.2) (80.4) Profit/(loss) before tax 101.1 (710.4) (609.3) 92.9 (213.0) (120.1) Tax charge 11 (41.4) (143.1) (184.5) (42.5) (21.6) (64.1) Profit/(loss) for the year 59.7 (853.5) (793.8) 50.4 (234.6) (184.2) Profit/(loss) attributable to equity shareholders 50.7 (853.5) (802.8) 49.1 (234.4) (185.3) Profit/(loss) attributable to non-controlling interests 9.0 - 9.0 1.3 (0.2) 1.1 59.7 (853.5) (793.8) 50.4 (234.6) (184.2) Earnings per share: 13 - basic earnings per share (134.8)p (33.7)p - diluted earnings per share (134.8)p (33.7)p 1. Restated for a correction to the German Rail onerous contract provision, see note 2 for further information.
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Group Balance Sheet
Note 2024
£m(Restated)
2023
£mNon-current assets Intangible assets 14 986.2 1,551.8 Property, plant and equipment 15 1,193.6 1,164.5 Derivative financial instruments 30 0.2 0.1 Financial assets at fair value through Other Comprehensive Income 17 25.0 15.2 Investments accounted for using the equity method 18 6.5 11.1 Other non-current receivables 20 169.2 153.8 Finance lease receivable 33 14.8 6.5 Deferred tax assets 27 - 164.4 Defined benefit pension assets 32 0.1 0.2 Total non-current assets 2,396.1 3,067.6 Current assets Inventories 21 34.0 33.7 Trade and other receivables 22 547.5 573.1 Finance lease receivable 33 3.2 2.7 Derivative financial instruments 30 12.6 11.1 Current tax assets 0.6 12.4 Cash and cash equivalents 23 244.5 356.3 Assets classified as held for sale 19 - 18.2 Total current assets 842.4 989.3 Total assets 3,238.5 4,075.1 Non-current liabilities Borrowings 28 (1,258.8) (1,290.6) Derivative financial instruments 30 (3.4) (15.3) Deferred tax liabilities 27 (46.8) (46.8) Other non-current liabilities 25 (116.9) (115.2) Defined benefit pension liabilities 32 (11.6) (3.2) Provisions 26 (172.2) (158.2) Total non-current liabilities (1,609.7) (1,658.9) Current liabilities Trade and other payables 24 (1,029.0) (960.6) Borrowings 28 (208.9) (271.2) Derivative financial instruments 30 (44.7) (31.6) Current tax liabilities (9.5) (0.0) Provisions 26 (115.8) (108.3) Total current liabilities (1,407.9) (1,371.7) Total liabilities (3,017.6) (3,030.6) Net assets 220.9 1,0445.5 Shareholders’ equity Share capital 31 30.7 30.7 Share premium 533.6 533.6 Own shares (4.3) (6.6) Hybrid reserve 0.0 0.0 Other reserves 31 396.7 397.6 Retained earnings (1,284.9) (457.0) Total shareholders’ equity (184.8) 1,104.3 Non-controlling interests in equity 36.1 30.2 Total equity 220.9 1,044.5 1. Restated for a correction to the German Rail onerous contract provision, see note 2 for further information.
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Group Statement of Cash Flows
Note 2024
£m2023
£mCash generated from operations 37 355.5 315.7 Corporate income tax paid (15.0) (27.3) Interest paid (82.5) (62.9) Interest received 1.0 4.5 Net cash flow from operating activities 259.0 230.0 Cash flows from investing activities Payments to acquire businesses, net of cash acquired 19 (29.2) (9.4) Deferred consideration for businesses acquired 19 (16.2) (3.6) Purchase of property, plant and equipment (195.6) (128.2) Proceeds from disposal of property, plant and equipment 47.4 33.8 Payments to acquire intangible assets (6.4) (12.9) Proceeds from disposal of intangible assets 3.6 4.9 Payments to settle net investment hedge derivative contracts (9.2) (5.0) Receipts on settlement of net investment hedge derivative contracts 8.3 15.8 Receipts relating to joint ventures and associates 7.3 1.5 Net cash flow from investing activities (190.0) (103.1) Cash flows from financing activities Dividends paid to holders of hybrid instrument (21.3) (21.3) Principal lease payments² 33 (64.5) (62.7) Principal lease receipts² 33 3.8 5.3 Increase in borrowings 121.1 668.9 Repayment of borrowings (182.7) (576.6) Transaction costs relating to new borrowings (0.3) (4.1) Payments to settle foreign exchange forward contracts (29.7) (30.3) Receipts on settlement of foreign exchange forward contracts 20.4 44.6 Purchase of own shares (2.2) – Acquisition of non-controlling interests¹ – (46.1) Contributions from non-controlling interest – 0.5 Disposals of non-controlling interests – 0.4 Dividends paid to non-controlling interests (1.6) – Dividends paid to shareholders of the Company 12 – (41.1) Net cash flow from financing activities (157.0) (62.5) (Decrease)/increase in net cash and cash equivalents (88.0) 64.4 Opening net cash and cash equivalents 293.7 233.1 (Decrease)/increase in net cash and cash equivalents (88.0) 64.4 Foreign exchange (2.6) (3.8) Closing net cash and cash equivalents 23 203.1 293.7 1. Amounts in 2023 include £46.1m paid on exercise of the final 20% of the WeDriveU put liability
2. Prior year comparative represented to show principal lease payments and principal lease receipts on a gross basis to be comparable with the current year disclosures; a net payment of £57.4m was disclosed in the prior year -
Five Year Summary
2024 2023 2022 2021 2020 Group Adjusted Revenue 3,412.4 3,150.9 2,807.5 2,170.3 1,955.9 Adjusted operating profit/(loss) 187.7 168.6 197.3 87.0 (50.8) Return on capital 10.2% 7.0% 7.6% 3.4% (2.0)% Basic EPS 4.8 4.5 15.0 0.2 (14.6) IFRS Revenue 3,412.4 3,150.9 2,807.5 2,170.3 1,955.9 Operating loss (519.9) (43.2)1 (173.5) (36.2) (381.4) Loss before tax (609.3) (120.1)1 (225.3) (84.9) (447.7) Basic EPS (134.8) (33.7)1 (41.4) (16.6) (57.9) Dividends per share Nil 1.7 5.0 Nil Nil Net (debt)/funds Cash 244.5 356.3 291.8 508.4 629.8 Bank overdrafts (41.4) (62.6) (58.7) (132.2) (109.3) Other debt receivable 2.7 2.9 2.7 1.0 1.2 Bonds (648.3) (659.2) (621.4) (640.9) (647.0) Bank loans2 (177.5) (243.9) (194.7) (189.6) (101.8) Fair value of derivatives included in net debt (9.8) (18.6) (32.0) (3.7) (4.7) Lease liabilities3 (176.2) (171.9) (183.7) (218.9) (311.3) Private placements (396.5) (404.7) (411.9) (393.9) (476.8) Adjusted net debt (1,202.5) (1,201.7) (1,207.9) (1,069.8) (1,019.9) 1 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information
2 Net of arrangement fees totalling £2.7m on bank and other loans
3 Lease liabilities are reported net of finance lease receivables that are reported separately from borrowings on the face of the Group’s Balance Sheet