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"value": "1 Corporate informationThe Consolidated Financial Statements of National Express Group PLC and its subsidiaries (the Group) for the year ended 31 December 2022 were authorised for issue in accordance with a resolution of the Directors on 1 March 2023. National Express Group PLC is a public limited company incorporated in England and Wales whose shares are publicly traded on the London Stock Exchange.The principal activities of the Group are described in the Strategic Report that accompanies these Financial Statements.2 Accounting policiesBasis of preparationThese Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.These Financial Statements are presented in pounds Sterling and all values are rounded to the nearest one hundred thousand pounds (\u00a30.1m) except where otherwise indicated.Going concernThe financial statements have been prepared on a going concern basis. In adopting this basis, the Directors have considered the Group\u2019s business activities, principal risks and uncertainties, exposure to macroeconomic conditions, financial position, liquidity and borrowing facilities.The Group continues to maintain a strong liquidity position, with \u00a30.8bn in cash and undrawn committed facilities available to it as of 31 December 2022 and total committed facilities of \u00a31.9bn at this date. Within the going concern outlook period, the only expiry of these facilities is a \u00a3400m sterling bond maturing in November 2023. In anticipation of this refinancing, the Group entered into a \u00a3400m bridge-to-bond facility in December 2022; this is for an initial period of 18 months and includes committed options to extend the maturity date until December 2025.The Group has positive relationships and regular dialogue with its lenders. Certain of the Group\u2019s borrowings are subject to covenant tests on gearing and interest cover on a bi-annual basis. The Group negotiated a series of waivers and amendments to these covenants as it navigated the impact of the Covid-19 pandemic, with the final remaining amendment relating to the December 2022 gearing covenant, which was relaxed to \u22645.0x. The original gearing covenant of \u22643.5x will apply to subsequent tests. The interest cover covenant had already reverted to pre-amendment levels of \u22653.5x during 2022. Covenant metrics are calculated on the basis of Underlying profits, in line with the definition agreed with lenders, and therefore exclude the impact of separately disclosed items (refer to page 210 for further details of separately disclosed items).The Group has performed strongly throughout 2022, demonstrating a sustained recovery in passenger demand, with patronage in the final quarter surpassing pre-pandemic levels in several areas of the Group. This has delivered record revenue and rebuilt profitability as the benefit of operational leverage flows through. At the same time, the Directors remain confident in the longer-term outlook for the Group, underlined by the 35 new contract wins, an acquisition, and expansion into a new country achieved during 2022, and an ambition to selectively pursue further growth opportunities from a strong pipeline of over \u00a32.5bn of annualised revenue of opportunities. This growth ambition is strengthened by government policy which is highly supportive of public transport as part of the solution to climate change.In the base case projections, which cover the period to March 2024, we assume an ongoing increase in passenger demand across the Group, in line with the progress seen throughout 2022 and the exit velocity into 2023. The key points of note regarding the base case are as follows:\u2022 In the UK, we will continue to rebuild the white coach network throughout the first half of 2023, sustaining revenue above pre-pandemic levels throughout the year, while the Bus business will benefit from Bus Service Improvement Plan (BSIP) funding to maintain low fares, enabling us to grow commercial patronage and offer a lower cost travel alternative in the face of a rising cost of living.\u2022 In ALSA, we will grow revenue as demand for Long Haul and Regional services grows, and through expansion into new contracts such as the Lisbon urban bus contract which began in June 2022, the Porto urban bus contract due to start in mid-2023, and the acquisition of Vitalia which completed in June 2022, representing our first entry into the Spanish paratransit market. We remain protected from significant inflation by CPI-linked indexation clauses in most of our contracted revenue streams.\u2022 In North America School Bus, we began the 2022/23 school year with around 10% of routes being unable to be operated due to driver shortages; we have made demonstrable progress in reducing this shortfall throughout 2022 and the base case assumes a further improvement in 2023, although not returning to full run-rate until the beginning of school year 2023/24. School Bus wage increases of 10% on average have been made in 2022, which is helping to recruit and retain drivers. The base case anticipates a further low-to-mid single digit wage increase for school year 2023/24. Where contracts have been renewed, this wage inflation has been passed on through price increases. Where contracts are not due for renewal until the 2023/24 school year or later, the base case assumes we secure rate increases which offset the cumulative impact of this wage inflation, but only from September 2023 onwards. This means that School Bus profitability will be subdued in the first half, as we are yet to recover the entire impact of wage increases across the portfolio and continue to return routes to service. We are engaging with all customers on non-expiring contracts to work collaboratively and secure contributions towards wage inflation in order to accelerate the return of services, and have already secured significant contributions outside of the contract renewal cycle for a large number of routes.\u2022 In North America Transit and Shuttle, 2022 exit run-rate volumes have progressively recovered throughout 2022 but remain slightly below pre-Covid levels; we anticipate further improvement in 2023. The business also continues to selectively bid for attractive opportunities, with a c.$0.5bn pipeline of asset-light contract opportunities available to continue scaling the business.\u2022 Around the Group, our base case takes account of latest expectations of wage and cost inflation, and our estimate of the extent to which we can pass these on in price, either at our discretion or through contractual protection mechanisms. Wage inflation remains most acute in North America School Bus; elsewhere it averages mid-single digit percentage increases.\u2022 Reliance on government funding continues to diminish, with the only material incremental funding stream in 2023, relative to pre-pandemic periods, being the BSIP support in the UK. This is part of a nationwide scheme to improve bus services outside London, as opposed to being Covid-specific funding. Covid-related government funding is assumed to taper down significantly in 2023.\u2022 We expect to re-finance the \u00a3400m sterling bond in late 2023, and are cognisant of the recent volatility of debt markets. Our base case assumes a refinancing at rates significantly higher than that of the expiring bond, based on current prevailing rates.Although we continued to be affected throughout 2022 by some knock-on effects of the pandemic such as driver shortages in North America, the impact on the Group\u2019s operations from mobility restrictions and reticence to travel has subsided. While continuing to monitor the impact of the pandemic, the Directors no longer consider that this represents a significant threat to the Group within the going concern assessment period. Therefore, the reasonable worst case (RWC) has instead been formed around the following three themes, all of which relate to the prevailing macroeconomic conditions:1. Driver shortages: despite the expected increase in unemployment due to upcoming recession, we assume that labour shortages become deeper and broader, affecting the Group\u2019s ability to deliver services, losing between 2% and 5% of revenue (compared to the base case) across most divisions and reducing profitability.2. Reduced demand: lower household disposable incomes due to high inflation and poor consumer confidence due to fears of a recession may affect customer demand in, in particular, discretionary services such as long haul coach and touristic services. We have also prudently assumed other services are also impacted on the basis of contract win/retention rates dropping due to public authorities cutting budgets.3. Inflation: we assume that cost inflation is between 2% and 3% higher than that already modelled in the base case, and that in most divisions we are only able to pass on around half of this to customers in the form of price increases or contractual margin protection mechanisms.These downsides have been modelled for each division in turn, taking into account the current economic situation in each market, including the relative labour market and inflation dynamics between geographies, which has been corroborated against independent external forecasts. Where we have assumed a reduction in revenue (items 1 and 2 above), we have triangulated this with the Group\u2019s actual experience throughout the 2008-10 Global Financial Crisis, and in most cases have assumed a total revenue reduction equal to or in excess of that seen during the last recession. We believe that this is a prudent view, since we expect that the higher cost of fuel compared to the previous recession and squeeze on household budgets from high inflation at present would encourage more people to switch to public transport and therefore offset any impact from reduced spending on discretionary travel.In addition to these wider downside themes described above, we further assume failure to win certain new growth contracts, a shortfall in government funding, and higher interest rates on variable borrowings or the new \u00a3400m bond (due to be taken out in September 2023), as a result of central banks\u2019 efforts to curtail high inflation.Consistent with prior assessments, against the RWC the Group has again assumed further mitigations in the form of further reductions in expenditure, over and above those reflected in the base case, primarily around discretionary spending and back office cost savings. Additional cash flow mitigating actions have also been assumed, including curtailment of capital expenditure, deferral of payment of the hybrid coupon due in February 2024, or, in the event of a significant downturn in trading, suspension of the FY22 final dividend payment.The Directors have reviewed the base case and reasonable worst case projections, which were used to evaluate liquidity headroom and compliance with covenants. In both the base case and reasonable worst case scenarios the Group has a strong liquidity position over the next 12 months and significant headroom on all of its covenant tests.In addition to the base case and reasonable worst case scenarios, the Directors have reviewed reverse stress tests, in which the Group has assessed the set of circumstances that would be necessary for the Group to either breach the limits of its borrowing facilities or breach any of the covenant tests. These reverse stress tests have focused on both the level of revenue reduction and the level of cost inflation that could be absorbed prior to breaching liquidity or EBITDA/interest cost headroom against covenants.In applying a reverse stress test to liquidity the Directors have concluded that the set of circumstances required to exhaust it are so extreme as to be considered clearly remote. As ever, covenants that include EBITDA as a component are more sensitive to reverse stress testing; the Directors have therefore conducted in-depth stress testing on all covenant tests at June 2023 and December 2023. In doing so, the Directors have considered all cost mitigations that would be within their control, and indeed would have no alternative but to pursue, if faced with another short-term material EBITDA reduction and no lender support to amend or waive EBITDA-related covenants. In light of the recent volatility in interest rate markets, we have also performed further reverse stress tests on the interest cover covenants, including modelling the impact of lower EBITDA on sustained higher interest cost levels, and the impact of higher market interest rates on both variable rate debt (which is only 19% of the Group\u2019s total debt) and on the planned re-financing of the \u00a3400m bond. Taking all of these reverse stress tests into account, the Directors concluded that the circumstances that would be necessary for covenants to be breached were remote.In any case, should there be a more severe set of circumstances than those assumed in the reasonable worst case, a number of further mitigating actions are available to the Group, including: deeper and broader cost cutting measures, seeking further amendments or waivers of covenants, raising further equity, sale and leaseback of vehicles, disposal of properties and disposal of investments or other assets.In conclusion, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for a period of 12 months from the date of approval of the financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements for the year ended 31 December 2022.Changes in accounting policies and the adoption of new and revised standardsThe accounting policies adopted are consistent with those of the previous financial year except for changes arising from new standards and amendments to existing standards that have been adopted in the current year.The following amendments and interpretations have been applied for the first time with effect from 1 January 2022:\u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022 Annual Improvements to IFRS Standards 2018-2020 \u2013 Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41\u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16\u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3These amendments did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.Prior year restatement of deferred tax balancesThe Group has deferred tax assets which were not recognised in full in previous years. The asset arose on a reorganisation of the Spanish group structure which gave rise to future goodwill amortisation for tax purposes. A deferred tax asset was recognised initially, only to the extent which the Directors at the time felt there was sufficient assurance of future profitability to enable the utilisation of the deferred tax asset. However, over time it has become clear that there is sufficient profitability in ALSA such that the deferred tax asset should have been recognised in full, based on the tax laws substantially enacted at each balance sheet date.In addition, an exercise undertaken in the current year to check the accuracy of deferred tax liabilities in North America has highlighted an overstatement of prior years\u2019 deferred tax liabilities by \u00a38.8m. While the impact on the prior year is not material for the Group accounts individually, the Directors have elected to include it in the restatement of prior year balances.This has been corrected by restating the earliest comparative period within this report, with the Financial Statement line items impacted as follows:Group Income StatementReported RestatedSeparately Separately discloseddiscloseditems items Underlying(note 5)Underlying(note 5)result 20212021Total 2021result 20212021Total 2021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mProfit/(loss) before tax 39.7 (124.6) (84.9) 39.7 (124.6) (84.9)Tax (charge)/credit (12.8) 19.8 7.0 (12.0) 19.8 7.8Profit/(loss) for the year 26.9 (104.8) (77.9) 27.7 (104.8) (77.1)Basic EPS (16.8)p (16.6)pDiluted EPS (16.8)p (16.6)pGroup Statement of Comprehensive IncomeReported Adjustment Restated20212021\u00a3m \u00a3m\u00a3mLoss for the year (77.9) 0.8 (77.1)Items that may be reclassified subsequently to profit or loss:Exchange differences on retranslation of foreign operations (55.7) (1.5) (57.2)Other comprehensive income for the year 50.2 (1.5) 48.7Total comprehensive expenditure for the year (27.7) (0.7) (28.4)Total comprehensive (expenditure)/income attributable to:Equity shareholders (30.1) (0.7) (30.8)Non-controlling interests 2.4 2.4(27.7) (0.7) (28.4)Group Balance SheetReportedRestatedReportedRestated31 DecemberAdjustment31 December31 DecemberAdjustment31 December2021202120202020\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mDeferred tax assets 150.6 8.8 159.4 140.5 8.8 149.3Total non-current assets 3,268.6 8.8 3,277.4 3,370.0 8.8 3,378.8Total assets 4,291.1 8.8 4,299.9 4,489.1 8.8 4,497.9Deferred tax liabilities (39.2) 24.7 (14.5) (40.7) 25.4 (15.3)Total non-current liabilities (1,636.4) 24.7 (1,611.7) (1,769.2) 25.4 (1,743.8)Total liabilities (2,842.9) 24.7 (2,818.2) (3,013.1) 25.4 (2,987.7)Net assets 1,448.2 33.5 1,481.7 1,476.0 34.2 1,510.2Retained earnings (45.8) 29.6 (16.2) 9.6 28.8 38.4Translation reserve 71.7 3.9 75.6 127.4 5.4 132.8Total equity 1,448.2 33.5 1,481.7 1,476.0 34.2 1,510.2As there was no impact on cash and cash equivalents, the statement of cash flows has not been re-presented.Critical accounting judgements and key sources of estimation uncertaintyThe preparation of Financial Statements requires the Group to make estimates and judgements that affect the application of the Group\u2019s accounting policies and reported amounts.Critical accounting judgements represent key decisions made by management in the application of the Group accounting policies. Where a significant risk of materially different outcomes exists due to management assumptions or sources of estimation uncertainty, this will represent a key source of estimation uncertainty. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.Management considered, throughout the year, the financial reporting impact associated with our identified principal risks, which includes the effects of climate change and inflation.(i) Critical accounting judgements Separately disclosed itemsThe Directors believe that the profit and earnings per share measures before separately disclosed items provide additional useful information to shareholders on the performance of the Group. These measures are consistent with how business performance is measured internally by the Board and the Group Executive Committee. In addition, the lender covenant calculations follow the accounting recognition for separately disclosed items and therefore the accounting judgment can also have an impact on covenant headroom.The classification of separately disclosed items requires significant management judgement after considering the nature, cause of occurrence and the scale of the impact of that item on reported performance. The Group\u2019s definition of separately disclosed items is outlined on page 210. Note 5 provides further details on current year separately disclosed items.(ii) Key sources of estimation uncertaintyManagement have considered the following are key sources of estimation uncertainty during the year.ALSA and North America goodwill impairmentDetermining whether assets are impaired requires an estimation of the value in use of the cash-generating units and requires the entity to estimate the future cash flows expected to arise, the growth rate to extrapolate cash flows into perpetuity and a suitable discount rate in order to calculate present value. Cash flow projections involve the use of estimates, notably revenue levels, operating margins and the proportion of operating profit converted to cash in each year. Given that there is an impairment of ALSA goodwill and a reduced level of headroom in North America this year, as well as volatility in the discount rate (particularly interest rates, risk-free rates of return and equity risk premiums, including country-specific risk premiums), we consider impairment to be a key source of estimation uncertainty with respect to both our ALSA and North America divisions. The key assumptions used and their sensitivities are included in note 14.Recognition of deferred tax assetsAt 31 December 2022 the Group had a $112.7m deferred tax asset in relation to federal tax losses and $39.9m deferred tax asset in relation to state tax losses in North America. This is a total deferred tax asset on losses of $152.6m (\u00a3125.5m). The total deferred tax asset on federal tax losses of $112.7m is calculated as 21%, being the substantially enacted rate set by US Federal governments at the balance sheet date, multiplied by trading losses of $536.7m. The majority of these losses may be carried forward indefinitely under US tax rules. There are other deferred tax liabilities in the NA business such as carried forward interest previously tax restricted and other short term timing differences of $57.8m (\u00a348.3m), offset by deferred tax liabilities on accelerated tax depreciation of $106.0m (\u00a387.6m), giving a total US deferred tax asset at 31 December 2022 of $104.4m (\u00a386.2m).In assessing the probability of recovery of these losses, and the overall deferred tax asset, management have looked at the last three years financial performance as well as future financial projections. While the North America business as a whole has made additional tax losses in the last three years, management believe these were attributable to a one-off, non-recurring, event that was the global Covid pandemic. Internal business modelling demonstrates that without the pandemic, the business would have been profitable in all three years.As a result of increased route recovery anticipated in 2023, we are expecting a return to taxable profits in North America in the year ended 31 December 2023 and beyond. As such, our financial projections based upon our strategic plans indicate that these tax losses will be utilised in full by 2029 and so these losses have been recognised as a deferred tax asset. It is also expected that the other deferred tax assets will be utilised against these future taxable profits.We have performed sensitivity analysis which shows that, even if our US profits fall by 25% from our financial projections, these losses will still be utilised in full by 2030.In addition, at the 31 December 2022 the Group has a \u00a388.8m deferred tax asset in relation to past losses in the UK business. This is calculated as 25%, being the substantially enacted tax rate set by the UK government from April 2023, multiplied by UK losses of \u00a3356m. These losses are made up of \u00a3269.3m post-2017 tax losses (which can be used against any future UK profits), plus \u00a386.7m pre-2017 tax losses (which may only be used against future income in the legal entity in which they arose). Both of these types of losses may be carried forward indefinitely under UK tax rules.In assessing the probability of recovery of these losses, management have looked at the last three years financial performance as well as future financial projections. While the UK business has made additional tax losses in the last three years, management believe these were attributable to a one-off, non-recurring, event that was the global Covid pandemic. Internal business modelling demonstrates that without the pandemic, the business would have been profitable in all three years. As such, it is reasonable to rely upon future projections when assessing the probability of recovery of these losses. Based upon future financial projections, we estimate post-2017 tax losses in the UK business will be utilised by 2028 and the pre-2017 losses by 2029.The following remain key sources of estimation uncertainty, consistent with the prior year.Insurance and other claimsThe claims provision arises from estimated exposures at the year end for auto and general liability, workers\u2019 compensation and environmental claims, the majority of which will be utilised in the next five years. The estimation of the claims provision is based on an assessment of the expected settlement of known claims together with an estimate of settlements that will be made in respect of incidents occurring prior to the balance sheet date but for which claims have not been reported to the Group. The Group makes assumptions concerning these judgemental matters with the assistance of advice from independent qualified actuaries. At 31 December 2022 the claims provision was \u00a377.4m (2021: \u00a384.4m).In certain rare cases, additional disclosure regarding these claims may seriously prejudice the Group\u2019s position and consequently this disclosure is not provided. Given the differing types of claims, their size, the range of possible outcomes and the time involved in settling these claims, there is a reasonably possible chance that a material adjustment would be required to the carrying value of the claims provision in the next financial year. These different factors also make it impracticable to provide sensitivity analysis on one single measure and its potential impact on the overall claims provision. For further information see note 26.PensionsThe determination of the defined benefit obligation of the UK defined benefit pension scheme depends on the selection of certain assumptions which include the discount rate, inflation rate and mortality rates. At 31 December 2022 the UK defined benefit pension liability was \u00a339.7m (2021: \u00a396.1m). The key area of estimation uncertainty is in respect to the discount rate and rate of inflation. While the Board believes that the assumptions are appropriate, significant differences in actual experience or significant changes in assumptions may significantly change the pension obligation. The Group makes assumptions with the assistance of advice from independent qualified actuaries. Details of the assumptions are set out in note 33 to these Financial Statements, along with their sensitivities.Consideration of climate changeIn preparing the Financial Statements we have considered the impact of climate change, particularly in the context of the disclosures included in the Strategic Report. There has not been a material impact on the financial reporting judgements and estimates arising from our considerations, consistent with our assessment that climate change is not expected to have a meaningful financial impact on the Group in the medium term, and in the longer term is expected to be a net opportunity to the Group. This conclusion has been arrived at with reference to the climate risk assessment exercise carried out during the year \u2013 see the TCFD disclosures in the Strategic Report. We have specifically considered the impact of climate change on the carrying value of fixed assets (see note 15) and in our goodwill impairment assessment (see note 14).Basis of consolidationThese Consolidated Financial Statements comprise the Financial Statements of National Express Group PLC and all its subsidiaries drawn up to 31 December each year. Adjustments are made to bring any dissimilar accounting policies that may exist into line with the Group\u2019s accounting policies.The Consolidated Income Statement includes the results of subsidiaries and businesses purchased from the date control is assumed and excludes the results of disposed operations and businesses sold from the date of disposal.Intra-group transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated.Non-controlling interests represent the portion of comprehensive income and equity in subsidiaries that is not attributable to the parent Company shareholders and is presented separately from parent shareholders\u2019 equity in the Consolidated Balance Sheet.Summary of significant accounting policiesSubsidiariesSubsidiaries are entities over which the Company has control. Control exists when the Company has power over an entity, exposure to variable returns from its involvement with an entity and the ability to use its power over the entity to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are also considered when assessing control.Interests in joint venturesThe Group has a contractual arrangement to share control of an entity. The Group recognises its interest in the assets and liabilities of the entity using the equity method of accounting. The Group Balance Sheet includes the appropriate share of the joint ventures\u2019 net assets or liabilities and the Income Statement includes the appropriate share of their results after tax.Financial Statements of joint ventures are prepared for the same reporting period as the Group. Adjustments are made in the Group\u2019s Financial Statements to eliminate the Group\u2019s share of unrealised gains and losses on transactions between the Group and its joint venture. The Group ceases to use the equity method from the date it no longer has joint control over the entity.Interests in associatesCompanies, other than subsidiaries and joint ventures, in which the Group has an investment representing not less than 20% of the voting rights and over which it exerts significant influence are treated as associates. The Consolidated Financial Statements include the appropriate share of these associates\u2019 results and net assets based on their latest Financial Statements under the equity method of accounting.Foreign currenciesThe trading results of foreign currency denominated subsidiaries, joint ventures and associates are translated into Sterling, the presentation currency of the Group and functional currency of the parent, using average rates of exchange for the year as a reasonable approximation to actual exchange rates at the dates of transactions.The Balance Sheets of foreign currency denominated subsidiaries, joint ventures and associates are translated into Sterling at the rates of exchange prevailing at the year end and exchange differences arising are taken directly to the translation reserve in equity. On disposal of a foreign currency denominated subsidiary, the deferred cumulative amount recognised in the translation reserve (since 1 January 2004 under the transitional rules of IFRS 1) relating to that entity is recognised in the Income Statement. All other translation differences are taken to the Income Statement, with the exception of differences on foreign currency borrowings and forward foreign currency contracts which are used to provide a hedge against the Group net investments in foreign enterprises. These are taken directly to equity until the disposal of the net investment, at which time they are recognised in the Income Statement.Presentation of Income Statement and separately disclosed itemsThe Group Income Statement has been presented in a columnar format to enable users of the Financial Statements to view the underlying results of the Group. The Group\u2019s policy is to separately disclose items that are considered significant in nature and value, not in the normal course of business, or are consistent with items that were treated as separately disclosed in prior periods. Treatment as a separately disclosed item provides users of the accounts with additional useful information to assess the year-on-year trading performance of the Group. Further details relating to separately disclosed items are provided in note 5 and a full listing of the Group\u2019s alternative performance measures (APMs) are provided in the glossary on page 292.Revenue recognitionRevenue is measured based on the consideration specified in the contract with a customer and is recognised when the performance obligations of the contract have been fulfilled.Contract revenuesFor the purposes of disclosures, the Group has applied the term \u2018contract revenues\u2019 to describe documented contracts that typically cover periods of at least one year, excluding concessions and subsidies. The contracts primarily relate to home to school and transit contracts in North America, urban bus contracts in Spain and coach contracts in the UK. In addition, in Germany, Spain and North America, the Group has a number of Service Concession arrangements for the provision of transport services.Revenues relating to the provision of transport services are recognised as the services are provided and in accordance with the terms of the contract. Revenue relating to any additional performance measures in the contract are recognised when the performance has been met and in accordance with the terms of the contract.If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring services to the customer. The variable consideration is estimated at contract inception and constrained until the associated uncertainty is resolved and when it becomes highly probable that a significant revenue reversal will not occur.Passenger revenuesPassenger revenues primarily relate to ticket sales in the UK, the RME German Rail contract, intercity coach services in Spain and urban bus services in Morocco.Passenger revenue is recognised in the Income Statement in the period in which the related travel occurs. Revenue from tickets that cover more than one day, for example monthly travelcards and season tickets, is initially deferred as a contract liability and released to the Income Statement on a straight-line basis over the applicable period of the ticket.Contract liabilities are reduced when an eligible cancellation arises. Also, where applicable, contract liabilities are reduced for ticket breakage, being the portion of future travel that is not expected to be exercised.Other ancillary revenues relating to ticket sales are recognised at point of sale or, if material and related to a future performance period, recognised by reference to that period.Passenger revenue in the German Rail RME contract is allocated between the various transport providers in each region by the tariff authority responsible for that region, and is recognised based on passenger counts, tariff authority estimates and historical trends.Private hirePrivate hire operations are contracts provided in the UK, ALSA and North America divisions and are typically of a short duration. Revenue is recognised over the period in which the private hire is provided to the customer.Other revenuesOther revenues primarily comprise non-passenger services in Spain, maintenance revenues in North America and advertising revenues. Other revenue also includes sub-leasing income where the Group acts as the lessor.Revenues for non-passenger services are recognised when the performance of the service has been fulfilled and in accordance with the terms of the contract. Advertising revenue is recognised over the period of the advertising contract.Contract costsCosts to obtain a contractThe incremental costs to obtain a contract with a customer are recognised within \u2018contract costs\u2019 if it is expected that those costs will be recoverable. Costs to obtain a contract that would have been incurred regardless of whether the contract was obtained are recognised as an expense in the period.Costs to fulfil a contractCosts that relate directly to a contract, generate resources that will be used in satisfying the contract and are expected to be recovered are recognised within \u2018contract costs\u2019 on the Balance Sheet. Contract fulfilment costs covered within the scope of another accounting standard, such as property, plant and equipment or intangible assets, are not capitalised as contract fulfilment assets but are treated according to those standards.Contract costs are amortised on a straight-line basis over the term of the specific contract they relate to, consistent with the pattern of recognition of the associated revenue.Contract assets and liabilitiesContract assets are recognised where the Group has performed its obligations to allow the recognition of revenue. However, it exceeds the amounts received or receivable from a customer at that time.Contract liabilities are recognised when amounts are advanced by customers and the Group has not yet met the performance obligation under the contract to allow the recognition of the balance as revenue. Contract liabilities are recognised as revenue when the Group performs such obligations under the contract.Government grantsGovernment grants are recognised at their fair value where there is reasonable assurance that the grant will be received and that the Group will comply with the conditions attached to it.Grants and subsidies relating to the provision of transport services are included within revenue when the terms of the agreement specify that they are intended to compensate the Group for services rendered, or to subsidise a revenue shortfall. The grants and subsidies are recognised as the services are provided. When the grant is awarded to compensate the business for incurring expenses, it is recognised in operating costs within the Income Statement over the period necessary to match on a systematic basis to the costs that it is intended to compensate. Where the grant is not prescriptive, management applies judgement to determine the most appropriate allocation of grant income between revenue and costs to match the intended nature of the award.Where the grant relates to property, plant and equipment, the value is included in liabilities as deferred income and credited to the Income Statement over the expected useful economic life of the assets concerned.Government grants received in excess of the amounts recognised in the Income Statement are held as deferred grant income within trade and other payables, whereas government grants recognised in the Income Statement that are yet to be received are held as grant receivables in trade and other receivables.For government grants that do not explicitly outline what the award is compensating, management applies its judgement as to whether it should be recognised within revenue or operating costs. Typically grants targeted at maintaining service levels are recognised within operating costs and those intended to compensate reduced fares or patronage are recognised within revenue.Service concession arrangementsIn Germany, Spain, Morocco, Portugal and North America, the Group provides services through public-private partnerships with public authorities responsible for the provision of public transport services.Concession arrangements involve the transfer of operating rights for a limited period, under the control of the local authority, using dedicated facilities supplied by the Group, or made available to it for or without consideration.The characteristics of these contracts vary depending on the country and activities concerned.Financial asset modelThe Group applies the financial asset model when the concession grantor contractually guarantees the payment of amounts specified in the contract or the shortfall, if any, between amounts received from users of the public service and amounts specified.Financial assets resulting from the application of IFRIC 12 Service Concession Arrangements are recorded in the Group Balance Sheet as financial assets or liabilities within working capital. These financial assets are assessed for impairment in line with the provisions of IFRS 9.Income received from the public authorities is recognised in line with the requirements of IFRS 15. In Germany, subsidy income from the Public Transport Authority (PTA) is recognised over the life of the franchise and by using the input method to measure progress against the performance obligation. The amount recognised in each period is based on a percentage of completion, applying net costs incurred as a proportion of total expected net costs, which is what the subsidy is intended to compensate. In accordance with IFRS 15, costs payable to the PTA are netted against subsidy income. In ALSA and North America, subsidy income from the local authority is recognised as the services are provided and in accordance with the terms of the contract.Intangible asset modelThe Group applies the intangible asset model when income is directly received from the passengers and there is no contractual guarantee from the concession grantor. The intangible asset corresponds to the right granted by the public authority to the Group to charge passengers of the public service. In addition, when the concession grantor has an option to purchase infrastructure assets at the end of the contract term, an intangible asset is recognised.Intangible assets resulting from the application of IFRIC 12 are recorded in the Group Balance Sheet and are amortised on the basis of the expected pattern of consumption applicable over the term of the concession.Income received from passengers is recognised in line with the requirements of IFRS 15 and the policy detailed on page 196.Infrastructure assets provided by the Group are either purchased or subject to a \u2018lease style\u2019 arrangement. Where the Group purchases the assets on its standard supplier terms (typically one year), the related liability is recorded in contract liabilities until it is settled. Where the assets are \u2018leased\u2019, the liability is recorded at the present value of the future payments in contract liabilities in accordance with IFRIC 12, as opposed to IFRS 16. Where lease payments on infrastructure assets are directly reimbursed from the customer, the asset is recorded according to the underlying classification of the IFRIC 12 contract (as set out above).TaxesCurrent taxCurrent tax is provided on taxable profits earned according to the local tax rates applicable where the profits are earned. Income taxes are recognised in the Income Statement unless they relate to an item accounted for in Other Comprehensive Income or Equity, in which case the tax is recognised directly in Other Comprehensive Income or Equity. The tax rates and tax laws used to compute the current tax are those that are enacted or substantively enacted at the balance sheet date.Deferred taxDeferred tax is provided in full in respect of all material temporary differences at the balance sheet date between the tax base and their carrying amounts for financial reporting purposes, apart from the following exceptions:\u2022 where the temporary difference arises from the initial recognition of goodwill;\u2022 where an asset or liability is recognised in a transaction that is not a business combination and that at the time of the transaction affects neither accounting nor taxable profit or loss; and\u2022 in respect of investment in subsidiaries, associates and joint ventures where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred tax is measured on a non-discounted basis at tax rates that are expected to apply in the periods in which the temporary differences reverse based on tax rates and laws enacted or substantively enacted at the balance sheet date.Deferred tax assets are recognised to the extent that it is considered more likely than not that future taxable profits will be available against which the underlying temporary differences can be deducted. For this purpose, forecasts of future taxable profits are considered by assessing the Group\u2019s forecast revenue and profit models, taking into account future growth predictions and operating cost assumptions, as well as assumptions on the tax elections within the Group\u2019s control.Accordingly, changes in assumptions to the Group\u2019s forecasts may have an impact on the amount of future taxable profits and therefore the period over which any deferred tax assets might be recovered.Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and when the Group intends to settle its current tax assets and liabilities on a net basis.Business combinationsOn the acquisition of a business, identifiable assets and liabilities acquired are measured at their fair value. Contingent liabilities assumed are measured at fair value unless this cannot be measured reliably, in which case they are not recognised but are disclosed in the same manner as other contingent liabilities.The cost of acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued. Any contingent consideration is recognised at fair value at the acquisition date and subsequently until it is settled.The cost of the acquisition in excess of the Group\u2019s interest in the net fair value of the identifiable net assets acquired is recorded as goodwill. If the cost of the acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the Income Statement.Non-current assets held for sale and discontinued operationsNon-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction rather than continuing use. This condition is regarded as met only when the sale is highly probable, the asset (or disposal group) is available for immediate sale in its present condition, management is committed to the sale and the sale is expected to complete within one year from the date of classification. Assets held for sale are stated at the lower of carrying amount and fair value less costs to sell.A discontinued operation is a component of the Group that has been disposed of or is classified as held for sale and either represents a separate major line of business or geographical area; is part of a plan to dispose of a separate major line of business or geographical area; or is a subsidiary acquired exclusively for resale.Discontinued operations are excluded from the results of continuing operations and presented as a single amount after tax. Comparatives are also represented to reclassify the operation as discontinued.Intangible assetsGoodwillGoodwill arising on consolidation represents the excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable assets and liabilities of the acquired subsidiary at the date of acquisition. Goodwill arising on the acquisition of an associate or joint venture is recognised within the carrying amount of the investment.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses and is not amortised.Goodwill is allocated to cash-generating units for the purpose of impairment testing. A cash-generating unit is identified at the lowest aggregation of assets that generate largely independent cash inflows, and which is reviewed by management for monitoring and managing the Group\u2019s business operations.On disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.Other intangible assets Customer contractsCustomer contracts acquired as part of a business combination are initially recorded at the fair value attributed to those contracts on acquisition.Service concessionsService concession intangible assets represent a right to charge passengers for the use of the public service. See page 197 for further details.Contract costsContract costs include costs to obtain and costs to fulfil a contract. See page 196 for further details.SoftwareAcquired and internally developed software is capitalised on the basis of the costs incurred to acquire and bring to use the specific software or fair value if acquired as part of a business combination. Computer software that is integral to a tangible fixed asset is recognised within property, plant and equipment.Amortisation is charged on a straight-line basis over the expected useful lives of the assets as follows:Customer contracts \u2013 over the life of the contract (1 to 33 years)Contract costs \u2013 over the term of the specific contract (1 to 15 years)Software \u2013 over the estimated useful life (3 to 7 years)The useful lives are examined on an annual basis and adjustments, where applicable, are made on a prospective basis. Intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.Property, plant and equipmentAll property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses.Repairs and maintenance costs are expensed as incurred.Freehold land is not depreciated. All other property, plant and equipment is depreciated on a straight-line basis over its estimated useful life as follows:Land and buildings \u2013 15 to 50 yearsPublic service vehicles \u2013 8 to 20 yearsPlant and equipment, fixtures and fittings \u2013 3 to 15 yearsUseful lives and residual values are reviewed annually and adjustments, where applicable, are made on a prospective basis. Specifically, as the Group transitions away from diesel powered vehicles towards zero emissions vehicles, the impact on the useful life, and residual value of diesel vehicles is reviewed. In addition, as new vehicles are purchased, useful lives are set considering these factors.An item of property, plant and equipment is derecognised upon disposal with any gain or loss arising included in the Income Statement in the period of derecognition.ImpairmentIntangible assets with definite useful lives, and property, plant and equipment are tested for impairment when events or circumstances indicate that their carrying value may not be recoverable. Goodwill is subject to an impairment test on an annual basis, or more frequently if there are indicators of impairment. Assets that do not generate independent cash flows are combined into cash-generating units.The impairment testing of individual assets or cash-generating units requires an assessment of the recoverable amount of the asset or cash-generating unit. If the carrying value of the asset or cash-generating unit exceeds its estimated recoverable amount, the asset or cash-generating unit is written down to its recoverable amount. Recoverable amount is the greater of fair value less costs of disposal and value in use. Value in use is assessed based on estimated future cash flows discounted to their present value using a pre-tax discount rate that is based on the country-specific weighted average cost of capital (WACC). The outcome of such an assessment is subjective, and the result sensitive to the assumed future cash flows to be generated by the cash-generating units or assets, the growth rate used to extrapolate the cash flows beyond the three-year period and discount rates applied in calculating the value in use.Impairment losses relating to goodwill cannot be subsequently reversed.Financial instrumentsA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. The Group determines the classification of its financial instruments at initial recognition.Financial assetsFinancial assets are classified at initial recognition as (i) subsequently measured at amortised cost, (ii) fair value through Other Comprehensive Income or (iii) fair value through profit and loss. The classification depends on the purpose for which the financial assets were acquired.Financial assets at fair value through Profit and LossFinancial assets at fair value through Profit or Loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through Profit or Loss, or financial assets mandatorily required to be measured at fair value.Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives are also classified as held for trading unless they are designated as effective hedging instruments.Financial assets at fair value through profit or loss are carried in the Group Balance Sheet at fair value, with net changes in fair value recognised in the Income Statement within finance costs. Transaction costs arising on initial recognition are expensed in the Income Statement.Financial assets at fair value through Other Comprehensive IncomeThe Group has elected to recognise its non-listed equity investments at fair value through Other Comprehensive Income. Gains and losses on these financial assets are never recycled to the Income Statement. Dividends are recognised as other income in the Income Statement when the right of payment has been established. Where there is no active market for the Group\u2019s investments, fair value is determined using valuation techniques including recent commercial transactions and discounted cash flow analyses. Equity instruments designated at fair value through Other Comprehensive Income are not subject to impairment assessment.Financial assets at amortised costA financial asset is measured at amortised cost if it is held within a business model whose objective is to hold assets to collect contractual cash flows, and its contractual terms give rise on specific dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.The Group\u2019s financial assets at amortised cost include trade and other receivables and cash and cash equivalents in the Balance Sheet.Financial liabilitiesFinancial liabilities are classified at initial recognition as (i) financial liabilities at fair value through profit or loss, (ii) loans and borrowings, (iii) payables or (iv) derivatives designated as hedging instruments, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. Subsequent measurement depends on its classification as follows:Financial liabilities at fair value through profit and lossFinancial liabilities at fair value through profit or loss include financial liabilities held for trading. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term.Loans and borrowingsAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in the Income Statement when the liabilities are derecognised. Amortisation is included as finance costs in the Income Statement. This category applies to interest-bearing loans and borrowings.For some contracts where the cash flows are back ended, the Group enters into a non-recourse factoring arrangement with a bank to factor the future cash flows in advance of invoicing the customer, with the resultant liability with the bank recorded in loans and borrowings. On subsequent receipt of the cash from the customer this is then immediately repaid to the bank. Both the cash receipt and the repayment to the bank are recorded within cash flows from financing activities in the Statement of Cash Flows.Put liabilitiesPut liabilities are recognised by the Group when put options have been issued by the Group in a business combination. Liabilities are recorded at the present value of the purchase price upon acquisition. The present value of purchase price is re-measured at each reporting date, with subsequent changes recorded in profit and loss. Unwind of the discount of the liability is recorded within interest costs.Equity instruments Hybrid instrumentsHybrid instruments issued by the Group are classified on initial recognition according to the substance of the arrangement. Hybrid instruments are recorded within equity where the contractual terms of the instruments allow the Group to defer coupon payments and the repayment of the principal amount indefinitely. These features give the Group the unconditional right to avoid the payment of cash or another financial asset for the principal or coupon and consequently are classified as equity instruments. These equity instruments are not re-measured from period to period. Coupon payments made are treated the same as an equity dividend distribution and, where not made, are accrued within the hybrid reserve, with a corresponding reduction in retained earnings.Derivative financial instruments and hedge accountingThe Group uses derivative financial instruments such as fuel derivatives, interest rate derivatives, foreign exchange forward contracts and cross currency interest rate swaps to hedge its risks associated with fuel price, interest rate fluctuations and foreign currency. Such derivative financial instruments are initially recognised at fair value and subsequently re-measured to fair value for the reported Balance Sheet. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The fair value of the derivatives is calculated by reference to market exchange rates, interest rates and fuel prices at the period end.The Group designates certain derivatives as either:\u2022 hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges);\u2022 hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges); or\u2022 hedges of a net investment in a foreign operation (net investment hedges).At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.The Group\u2019s interest rate derivatives are designated as either fair value hedges or cash flow hedges. For fair value hedges, the gain or loss on the hedging instrument is recognised immediately in the Income Statement. The carrying amount of the hedged item is adjusted through the Income Statement for the gain or loss on the hedged item attributable to the hedged risk, in this case movements in the risk-free interest rate.The Group\u2019s fuel derivatives are designated as cash flow hedges. The gain or loss on the hedging instrument that is determined to be an effective hedge is recognised in equity. The gains or losses deferred in equity in this way are recycled through the Income Statement in the same period in which the hedged underlying transaction or firm commitment is recognised in the Income Statement.Foreign exchange forward contracts and cross currency interest rate swaps are used to hedge the Group\u2019s net investment in foreign currency denominated operations, and, to the extent they are designated and effective as net investment hedges, are matched in equity against foreign exchange exposure in the related assets and liabilities. Gains and losses accumulated in equity are included in the Income Statement when the foreign operation is partially disposed of or sold.The Group also uses foreign exchange forward contracts to hedge certain transactional exposures. These contracts are not hedge accounted and all gains and losses are taken directly to the Income Statement.For derivatives that do not qualify for hedge accounting, gains or losses are taken directly to the Income Statement in the period. Similarly, any material ineffective portion of the Group\u2019s cash flow and net investment hedges is recognised in the Income Statement.Movements in the fair value of the hedging instrument arising from costs of hedging for cash flow and net investment hedges are recognised in equity, disclosed separately and amortised to the Income Statement over the term of the hedge relationship on a rational basis.Any material ineffectiveness is recognised in the Income Statement within operating costs for fuel derivatives and finance costs for all other derivatives.Hedge accounting is discontinued when the hedging instrument or hedged item expires, is sold, terminated or exercised, or no longer qualifies for hedge accounting. For fuel derivatives, this can arise due to a change in the highly probable forecast transaction as a result of a change in divisional volume requirements. In such instances, accumulated fair value gains or losses are transferred from Other Comprehensive Income to the Income Statement for affected trades when hedge accounting has been discontinued.InventoriesInventories are valued at the lower of cost and net realisable value on a first in, first out basis, after making due allowance for obsolete or slow moving items.Trade and other receivablesTrade and other receivables are recognised and carried at the transaction price determined under IFRS 15, less provision for impairment.The Group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for trade receivables. The Group uses provision matrices based on historical ageing of receivables and credit loss experience, adjusted as necessary for any forward-looking factors specific to the debtors and economic environment.Trade receivables are derecognised where the Group enters into factoring arrangements without recourse and the risks and rewards have been fully transferred. The Group classifies the cash flows from receivable factoring arrangements within cash from operating activities in the Statement of Cash Flows.Cash and cash equivalentsCash and cash equivalents as defined for the Statement of Cash Flows comprise cash in hand, cash held at bank with immediate access, other short-term investments and bank deposits with maturities of three months or less from the date of inception, and bank overdrafts. In the Consolidated Balance Sheet, cash and cash equivalents are presented net of bank overdrafts where there is a legal right of offset, and otherwise are included within borrowings in current liabilities.Trade and other payablesTrade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.ProvisionsProvisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material using a pre-tax discount rate. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.Contingent liabilities are obligations that arise from past events that are dependent on future events. They are disclosed in the notes to the Financial Statements where the expected future outflow is not probable.Onerous contractsAn onerous contract is a contract under which the unavoidable costs (i.e. the costs that the Group cannot avoid because it has the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly to the contract (i.e. both incremental costs and an allocation of costs directly related to contract activities).Where the Group assesses that a contract is onerous, the present obligation under the contract is recognised and measured as a provision. However, before a separate provision for an onerous contract is established, the Group recognises any impairment loss on assets dedicated to that contract.Insurance claimsThe Group\u2019s policy is to not insure low value, high frequency claims within the businesses. To provide protection against higher value claims, the Group purchases insurance cover from a selection of proven and financially strong insurers.Provisions in respect of claims risk include projected settlements for known and incurred but not reported claims. Projected settlements are estimated based on historical trends and actuarial data and are discounted to take account of the expected timing of future cash settlements. To the extent insurance liabilities are insured and awaiting settlement, a separate asset is recognised in other receivables.LeasesGroup as a lessee Lease identificationAt inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identifiable asset for a period of time in exchange for consideration. Non-lease components and contracts which do not contain a lease are expensed in the Income statement on a systematic basis over the contract term.Right-of-use assetThe right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.The right-of-use asset is depreciated on a straight-line basis over the shorter of the estimated useful life of the asset and the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability.Lease liabilityAt the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs.The lease liability is measured at amortised cost using the effective interest method. It is re-measured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option.Short-term leases and leases of low-value assetsThe Group applies the short-term lease recognition exemption to those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the low-value assets recognition exemption to leases of assets below \u00a35,000. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.Group as a lessorAs a lessor, the Group continues to classify leases as either finance leases or operating leases and account for those two types of leases differently. Where the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset it is classified as a finance lease and if not is an operating lease.When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. Where the sub-lease is classified as a finance lease, the right-of-use asset with respect to the head lease is derecognised and a finance lease receivable is recognised equal to the net investment in the sub-lease. The net investment in the lease is calculated as the present value of the aggregate of lease payments receivable and any unguaranteed residual value. Where the interest rate implicit in the sub-lease cannot be readily determined, the Group uses the discount rate used for the head lease.The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of \u2018other revenue\u2019.Retirement benefitsDefined contribution schemesPayments to defined contribution schemes are charged to the Income Statement as they fall due. The Group has no legal or constructive obligation to pay further contributions into a defined contribution scheme if the fund has insufficient assets to pay all employees benefits relating to employee service in the current and prior periods.Defined benefit schemesPlan assets, including qualifying insurance policies, are measured at fair value and plan liabilities are measured on an actuarial basis, using the projected unit credit method and discounted at an interest rate equivalent to the current rate of return on a high-quality corporate bond of equivalent currency and term to the plan liabilities. The difference between the value of plan assets and liabilities at the period-end date is the amount of surplus or deficit recorded in the Group Balance Sheet as an asset or liability. An asset is recognised when the employer has an unconditional right to use the surplus at some point during the life of the plan or on its wind-up.Current service costs are recognised within operating costs in the Income Statement. Past service costs and gains, which are the change in the present value of the defined benefit obligation for employee service in prior periods resulting from plan amendments, are recognised immediately as the plan amendment occurs. Net interest is calculated by applying a discount rate to the net defined benefit liability or asset and is recognised within finance costs.Re-measurements comprise actuarial gains and losses and the return on plan assets (excluding amounts included in net interest). Actuarial gains and losses may result from differences between the actuarial assumptions underlying the plan liabilities and actual experience during the year or changes in the actuarial assumptions used in the valuation of the plan liabilities. Re-measurement gains and losses, and taxation thereon, are recognised in Other Comprehensive Income and are not reclassified to profit or loss in subsequent periods.Full actuarial valuations are carried out triennially and are updated for material transactions and other material changes in circumstances up to the end of the reporting period.Share-based paymentsThe Group awards equity-settled share-based payments to certain employees, under which the Group receives services from employees as consideration for equity instruments (options) of the Group. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted, excluding the impact of any non-market service and performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the Group over a specified time period). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At each balance sheet date, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in the Income Statement, with a corresponding adjustment to equity.Share capital, share premium and dividendsWhere either the Company or employee share trusts purchase the Company\u2019s equity share capital, the consideration paid, including any transaction costs, is deducted from total shareholders\u2019 equity as own shares until they are cancelled or re- issued. Any consideration subsequently received on sale or re-issue is included in shareholders\u2019 equity.Dividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s Financial Statements on the date when dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised in the period they are paid.New standards and interpretations not appliedCertain new accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the Group:\u2022 Classification of liabilities as current or non-current (Amendments to IAS 1)\u2022 Amendments to IFRS 17\u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)\u2022 Definition of Accounting Estimate (Amendments to IAS 8)\u2022 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction \u2013 Amendments to IAS 12 Income Taxes\u2022 Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (Amendments to IFRS 17)\u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)\u2022 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)These standards are not expected to have a material impact on the entity in the current or future reporting periods or on foreseeable future transactions.3 Exchange ratesThe most significant exchange rates to UK Sterling for the Group are as follows:2022202220212021Closing Average Closing Average raterateraterateUS Dollar 1.21 1.24 1.35 1.38Canadian Dollar 1.64 1.61 1.71 1.72Euro 1.13 1.17 1.19 1.16If the results for the year to 31 December 2021 had been retranslated at the average exchange rates for the year to 31 December 2022, North America would have achieved underlying operating profit of \u00a382.5m on revenue of \u00a3967.4m, compared with underlying operating profit of \u00a374.4m on revenue of \u00a3872.0m as reported, and ALSA would have achieved a underlying operating profit of \u00a356.2m on revenue of \u00a3712.3m, compared with underlying operating profit of \u00a356.6m on revenue of \u00a3718.4m as reported.4 Revenue and segmental analysis The Group\u2019s reportable segments have been determined based on reports issued to and reviewed by the Group Executive Committee, and are organised in accordance with the geographical regions in which they operate and the nature of services that they provide. Management considers the Group Executive Committee to be the chief decision-making body for deciding how to allocate resources and for assessing operating performance.Segmental performance is evaluated based on operating profit or loss and is measured consistently with operating profit or loss in the Consolidated Financial Statements. Group financing activities and income taxes are managed on a Group basis and are not allocated to reportable segments.The principal services from which each reportable segment derives its revenues are as follows:\u2022 UK \u2013 bus and coach operations\u2022 German Rail \u2013 rail operations\u2022 ALSA (predominantly Spain and Morocco) \u2013 bus and coach operations\u2022 North America (USA and Canada) \u2013 school bus, transit and shuttle operations Further details on the activities of each segment are described in the Strategic Report.Central functions is not a reportable segment but has been included in the segmental analysis for transparency and to enable a reconciliation to the consolidated Group.(a) RevenueRevenue is disaggregated by reportable segment, class and type of service as follows:2022Contract Passenger Grants and Other Analysis by class and revenuesrevenuessubsidiesPrivate hirerevenuesTotalreportable segment:\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 41.6 388.4 65.0 15.8 17.5 528.3German Rail \u2013 38.3 228.4 \u2013 1.8 268.5ALSA 175.9 510.1 176.6 51.3 48.6 962.5North America 988.5 \u2013 \u2013 54.1 5.6 1,048.2Central functions \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Total revenue 1,206.0 936.8 470.0 121.2 73.5 2,807.5Analysis by major service type:Passenger transport 1,206.0 936.8 470.0 121.2 13.1 2,747.1Other products and services \u2013 \u2013 \u2013 \u2013 60.4 60.4Total revenue 1,206.0 936.8 470.0 121.2 73.5 2,807.5Grants recognised within revenueIncluded in grants and subsidies is \u00a319.6m (2021: \u00a392.8m) of grant income recognised in the UK in response to Covid-19, principally from the Bus Recovery Grant (BRG) for the current year. Replacing the Covid Bus Services Support Grant (CBSSG) from 1 September 2021, the BRG intended to compensate UK bus operators for continuing bus services during the Covid-19 recovery period, and whereby funding has been allocated to the operators according to revenue and mileage operated.Included in the prior year is Covid-19 support from the CBSSG, of which \u00a380.6m has been recognised within revenue. Grant income has been recognised in the Income Statement in the same period that the related revenue shortfall occurred and to the extent that there is reasonable assurance that the Group will comply with the conditions of the grant and that it will be received and retained (taking account of the potential adjustments to grant payments as a result of the review process).During the year, the West Midlands Combined Authority (WMCA), supported by our UK Bus business (UK Bus) and other regional operators, applied for and was awarded a grant by the Department for Transport (DfT) under the UK government\u2019s Bus Service Improvement Plan (BSIP). The total amount awarded was \u00a387.8m and is available to WMCA and regional bus operators in return for delivering certain improvements to bus services in the West Midlands. The BSIP runs for three years from April 2022 to March 2025.A pre-application condition for the BSIP grant set by DfT was either the existence of an Enhanced Partnership Plan (EPP) and an Enhanced Partnership Scheme (EPS) between WMCA and regional bus operators or progress towards regional bus franchising. An EPP and EPS, which included UK Bus and other regional bus operators, were in place for the West Midlands prior to the commencement of the BSIP, and now incorporate the objectives of the West Midlands region\u2019s bus service improvement plan (West Midlands BSIP) as those have been agreed between WMCA and regional bus operators. These objectives are underpinned by the need to maintain a comprehensive bus network in order to build bus patronage.As UK Bus is an operator within the WMCA Enhanced Partnership and supported the WMCA BSIP Grant Application in 2022 we supported the EPS with a number of commitments such as freezing bus fares, maintaining bus network levels and developing bus passenger recovery plans as part of this grant application.As at 31 December 2022, WMCA had not yet received cash funding from the DfT and so had not disbursed funds to the relevant operators at that point in time. However, the grant was awarded by the DfT on 12 December 2022 and UK Bus has received written confirmation from WMCA that they will be paying this grant award on to the operators in line with the Enhanced Partnership agreement. As a result, the \u00a312.0m grant income recognised is recorded within current other receivables. The amount recognised is following IAS 20 Accounting for Government Grants and Disclosure of Government Assistance requirements, having concluded that the Group has (a) complied with any conditions attached to the grant under the EPP up to 31 December 2022 and expect to continue to comply through to the end of the grant in March 2025, and (b) the grant is expected to be received.The total amount of \u00a312.0m represents 9/36th of the total three-year grant funding available in respect of the elements of the West Midlands BSIP that UK Bus delivered on in 2022, which totals \u00a348.0m out of the total \u00a387.8m. Of this, \u00a34.0m of income has been recorded in revenue representing the portion of the grant income designed to compensate the business for freezing passenger fares. A further \u00a38.0m is recorded to reduce expenditure to reflect the elements of the BSIP programme compensating the business for the costs incurred in maintaining the bus network during the period (note 6).Also included in grants and subsidies is \u00a315.1m (2021: \u00a315.9m) of additional subsidies in Germany in respect of the Federal Framework Regulation on Aid to Public Transport. Under this arrangement, additional subsidies may be claimed by public transport operators in Germany to compensate for the loss of passenger revenue due to Covid-19. Similarly, a further \u00a322.0m (2021: \u00a354.2m) was recognised in ALSA from Public Transport Authorities to compensate for revenue shortfalls due to Covid-19. In both cases, subsidy income has been recognised in the same period in the Income Statement to match the period in which the related shortfall of revenue occurred and to the extent there is reasonable assurance that the Group has complied with the conditions.In German Rail, at the commencement of the Rhine-M\u00fcnster Express (RME) contract in 2015, a fixed amount of subsidy was agreed with the PTA for the life of the contract and the amount recognised each year was measured by considering the proportion of contract costs incurred at each balance sheet date. As it does every year, the Group has reforecast the contract out-turn and reassessed its estimate of the stage of completion. This reassessment concluded a re-phasing adjustment of revenue was not required in year (2021: \u00a33.8m).Included in ALSA\u2019s prior year results is revenue of \u00a310.8m for additional services provided to a customer between 2015 and 2020. In previous years it was considered uncertain as to whether such amounts could be recovered, and therefore such amounts were constrained. Following an agreement with the customer during the prior year, the uncertainty was resolved and the revenue recognised in full.There have been no other material amounts of revenue recognised in the year that relate to performance obligations satisfied or partially satisfied in previous years. Revenue received where the performance obligation will be fulfilled in the future is classified as deferred income or contract liabilities and disclosed in notes 24 and 25.There are no material inter-segment sales between reportable segments.2021Contract Passenger Grants and Other Analysis by class and revenuesrevenuessubsidiesPrivate hirerevenuesTotalreportabale segment:\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 49.3 195.3 136.5 7.0 9.7 397.8German Rail \u2013 45.2 136.7 \u2013 0.2 182.1ALSA 159.5 323.6 175.1 30.4 29.8 718.4North America 831.3 \u2013 \u2013 33.4 7.3 872.0Central functions \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Total revenue 1,040.1 564.1 448.3 70.8 47.0 2,170.3Analysis by major service type:Passenger transport 1,040.1 564.1 448.3 70.8 18.7 2,142.0Other products and services \u2013 \u2013 \u2013 \u2013 28.3 28.3Total revenue 1,040.1 564.1 448.3 70.8 47.0 2,170.3(b) Operating profit/(loss)Operating profit/(loss) is analysed by reportable segment as follows:Underlying Separately Underlying Separately (Restated) operating disclosed Segmentoperating disclosed Segmentprofit/(loss)itemsresult profit/(loss)itemsresult1202220222022202120212021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 25.6 (7.5) 18.1 (22.6) (23.8) (46.4)German Rail 17.6 (10.4) 7.2 5.0 (29.1) (24.1)ALSA 103.9 (274.1) (170.2) 56.6 (26.4) 30.2North America 68.4 (55.7) 12.7 74.4 (27.9) 46.5Central functions (18.2) (8.1) (26.3) (26.4) (16.0) (42.4)Operating profit/(loss) 197.3 (355.8) (158.5) 87.0 (123.2) (36.2)Share of results from associates andjoint ventures (0.4) \u2013 (0.4) (1.0) \u2013 (1.0)Net finance costs (51.0) \u2013 (51.0) (46.3) (1.4) (47.7)Profit/(loss) before tax 145.9 (355.8) (209.9) 39.7 (124.6) (84.9)Tax (charge)/credit (10.8) 7.8Loss for the year (220.7) (77.1)1 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.(c) DepreciationDepreciation is analysed by reportable segment as follows:20222021\u00a3m\u00a3mUK 32.5 35.0German Rail 4.3 3.9ALSA 62.9 60.8North America 103.1 99.3Central functions 0.7 0.7203.5 199.7(d) Non-current assetsNon-current assets and additions are analysed by reportable segment as follows:Property, TotalNon-currentProperty, Total Non-currentIntangibleplant and non-currentasset Intangible plant and non-currentasset assets equipmentassets additionsassets equipmentassets additions20222022202220222021202120212021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 54.2 249.5 303.7 35.3 54.7 249.9 304.6 21.3Central functions 13.7 1.4 15.1 2.8 12.1 1.5 13.6 2.0Total UK 67.9 250.9 318.8 38.1 66.8 251.4 318.2 23.3German Rail 7.9 14.9 22.8 8.0 8.5 11.5 20.0 7.6ALSA 695.8 355.8 1,051.6 90.0 910.3 336.7 1,247.0 52.7North America 849.3 553.7 1,403.0 81.5 792.9 530.0 1,322.9 72.8Total overseas 1,553.0 924.4 2,477.4 179.5 1,711.7 878.2 2,589.9 133.1Total 1,620.9 1,175.3 2,796.2 217.6 1,778.5 1,129.6 2,908.1 156.4(e) Geographical informationRevenue from externalcustomers Non-current assets2022202120222021\u00a3m\u00a3m\u00a3m\u00a3mUK 528.3 397.8 318.8 318.2Germany 268.5 182.1 22.9 20.0Spain 788.1 591.5 905.4 1,154.1Morocco 139.9 115.1 119.9 80.9USA 980.7 815.8 1,280.8 1,202.4Canada 67.5 56.2 122.1 120.51Switzerland & Other34.5 11.8 26.3 12.02,807.5 2,170.3 2,796.2 2,908.11 Other includes France and Portugal as presented to the Group Executive CommitteeDue to the nature of the Group\u2019s businesses, the origin and destination of revenue are the same. No single external customer amounts to 10% or more of the total revenue.Information reported to the Group Executive Committee does not regularly include an analysis of assets and liabilities by segment.The financial impact of risks associated with climate change will not have a material impact on the Group given the geographical spread of its operating locations, as outlined in the TCFD section.5 Separately disclosed itemsAs set out in our accounting policies, we report underlying measures because we believe they provide both management and stakeholders with useful additional information about the financial performance of the Group\u2019s businesses.The total separately disclosed items before tax for the year ended 31 December is a net charge of \u00a3355.8m (2021: \u00a3124.6m). The items excluded from the underlying result are:20222021\u00a3m\u00a3mGoodwill impairment of ALSA (a) 260.6 \u2013Intangible amortisation for acquired businesses (b) 37.2 38.8297.8 38.8Re-measurements of onerous contracts and impairments resulting from the Covid-19 pandemic (c) 7.6 41.0Re-measurement of the Rhine-Ruhr onerous contract provision (d) 9.3 27.9Onerous contract provision charges and impairments in respect of North America driver shortages (e) 31.4 \u2013Restructuring and other separately disclosed items (f) 9.7 15.558.0 84.4Separately disclosed operating cost items 355.8 123.2Interest charges (g) \u2013 1.4Total separately disclosed items 355.8 124.6Included within the above separately disclosed items are the following onerous contract costs and impairments:Movement in onerous contract provisionRe-measurements of Onerous contract onerous contracts and provision charges and impairments resulting Re-measurement of the impairments in respect from the Covid-19 Rhine-Ruhr onerous of North America driver pandemiccontract provisionshortages (c)(d)(e)Total\u00a3m\u00a3m\u00a3m\u00a3mAt 1 January 2022 18.5 21.2 \u2013 39.7Provided in the year 13.8 9.3 19.2 42.3Released in the year (5.1) \u2013 (2.6) (7.7)Charged to the Income Statement 8.7 9.3 16.6 34.6Utilised in the year (15.2) (9.6) (12.0) (36.8)Exchange differences \u2013 1.0 0.1 1.1At 31 December 2022 12.0 21.9 4.7 38.6Total charge to the Income StatementRe-measurements of Onerous contract onerous contracts and Re-measurement of the provision charges and impairments resulting Rhine-Ruhr onerous impairments in respect from the Covid-19 contractof North Americapandemicprovisiondriver shortages(c)(d)(e)Total\u00a3m\u00a3m\u00a3m\u00a3mOnerous contract provision charged to the Income Statement 8.7 9.3 16.6 34.6Impairments of assets:Tangible assets 0.3 \u2013 7.4 7.7Intangible assets (1.4) \u2013 7.4 6.0Total impairment (reversal)/charge (1.1) \u2013 14.8 13.7Total charge to the Income Statement 7.6 9.3 31.4 48.3(a) Goodwill impairment of ALSAThe Group performs a goodwill impairment on each cash-generating unit annually. During the year, discount rates have increased significantly due to the significant increase in risk-free interest rates. Additionally, a country risk premium for Spain was applied to the ALSA discount rate for the first time, given the current heightened geopolitical and macroeconomic uncertainty in the Eurozone at the time of the assessment. This has led to a non-cash impairment of \u00a3260.6m being recognised in ALSA, bringing the carrying value of goodwill to its recoverable amount (see note 14 for further information). The impairment does not relate to any change in the forecast trading performance of ALSA. This is separately disclosed due to both size and nature and is excluded to enable the users of the financial statements to provide greater clarity on the current and future performance of the Group\u2019s results.(b) Intangible amortisation for acquired businessesConsistent with previous periods, the Group classifies the non-cash amortisation for acquired intangibles as a separately disclosed item by virtue of its size and nature. Its exclusion enables comparison and monitoring of divisional performance by the Group Executive Committee regardless of whether through acquisition or organic growth. Equally, it improves comparability of the Group\u2019s results with those of peer companies.(c) Re-measurement of onerous contracts and impairments resulting directly from the Covid-19 pandemicAs a result of Covid-19, a number of onerous contract provisions and impairments were recorded in previous years. For the contracts which the Group was still operating during the year, and remains committed to at the period end, the onerous contract provision has been re-measured, resulting in a net cost of \u00a38.7m, with a tangible fixed asset impairment of \u00a30.3m for assets which are dedicated to the contract. On these contracts, \u00a315.2m provision has been utilised during the year, with a remaining provision of \u00a312.0m at the period end, of which \u00a37.7m is expected to be utilised within 12 months. Other than the contracts referenced in section (e) below no new onerous contracts were identified in the year.In addition, assets which have been previously impaired due to the pandemic have been reassessed for indicators of further impairment, or reversal of impairment. This has resulted in a reversal of previous impairment of customer contract assets of \u00a31.4m, reflecting improved profitability on those contracts.In the prior year, included in the amounts attributable to the Covid-19 pandemic was the loss on re-measurement of the liability for the put options over the remaining 20% shares of WeDriveU of \u00a311.5m. In the current year the liability has been re-measured by management with no resulting gain or loss.(d) Rhine-Ruhr Express onerous contract provisionAt December 2021, the Group had an onerous contract provision of \u00a321.2m remaining with respect to the Rhine-Ruhr Express contract, having previously impaired all dedicated assets. At December 2022 the contract profitability was reassessed taking into account the first full year of operation of all lines as well as the surge in energy costs, and the commercial energy price capping in place. This reassessment resulted in an increase in the provision of \u00a39.3m, principally due to energy costs. The provision at 31 December 2022 is \u00a321.9m for the remainder of the contract term until 2033, following utilisation during the year of \u00a39.6m.(e) Onerous contract provision charges and impairments in respect of North America driver shortagesDuring the period, the Group has identified a series of new onerous contracts in North America in relation to nationwide driver shortages, principally in the school bus market. These shortages have resulted in both an increase in wages (to retain and recruit) and a reduction in service levels, and hence a reduction in profitability of certain contracts. An exceptional expense of \u00a316.6m has been recognised in relation to onerous contracts and a further non-cash \u00a37.4m expense for the impairment of dedicated right-of-use assets on these contracts. The remaining provision at the period end of \u00a34.7m is expected to be utilised within the next 12 months.In addition, the decrease in profitability of customer contracts has had an impact on the recoverability of intangible assets associated to the customer contracts. This has led to a net impairment of intangible assets of \u00a37.4m in North America.Driver shortages in North America are considered by management to be an acute and short-term problem rather than business as usual, and have had a material impact, and therefore the total expense has been recorded within separately disclosed items based on its size and nature.(f) Restructuring and other separately disclosed itemsDuring the year, the Group incurred \u00a39.7m of costs in respect of Group-wide strategic initiatives and restructuring, as well as transaction fees in respect of the Group\u2019s aborted plans for a potential combination with Stagecoach. These one-off charges are not considered to be part of the day-to-day operational costs of the Group and therefore have been treated as separately disclosed on this basis.(g) Interest chargesThe prior year interest charges primarily related to fees associated with the gearing covenant waivers on the Group\u2019s borrowing facilities. These costs are not considered to be a normal finance cost of the Group.6 Operating costs20222021\u00a3m\u00a3mCost of inventories recognised in expense 67.4 78.6Staff costs 1,395.5 1,156.4Depreciation \u2013 owned assets 145.8 133.8 \u2013 leased assets 57.7 65.9Intangible asset amortisation \u2013 intangibles from acquired businesses (note 5) 37.2 38.8 \u2013 other intangible assets 18.3 15.4Gain on disposal of property, plant and equipment (10.5) (8.0)Gain on disposal of intangible assets (5.1) (0.6)Amortisation of fixed asset grants (2.1) (3.2)Leases (note 34) \u2013 variable lease payments not included in the measurement of lease liabilities 0.6 0.1 \u2013 expenses relating to short-term leases 6.5 4.3 \u2013 expenses relating to leases of low-value assets 2.9 3.01Separately disclosed items (note 5) 318.6 84.4Other charges 933.2 637.6Total operating costs 2,966.0 2,206.51 Excludes amortisation from intangibles from acquired businesses which is included within intangible asset amortisation aboveGrants recognised within operating costsWhere the Directors have reasonable assurance that we have complied with the conditions of the grant, and the grant will be received, we have recognised grant income. As noted in accounting policies, where the nature of the grant is to compensate us for certain costs incurred, they have been recognised to offset those costs in the same place.On 12 August 2021 the Group was granted an award under the Coronavirus Economic Relief for Transportation Services (CERTS) in North America, a scheme designed to provide relief to retain jobs, hire back employees previously laid off and cover applicable overhead and operational expenses. In the year ending 31 December 2022 the Group has recognised \u00a340.6m (2021: \u00a345.7m) as a reduction in operating expenses (mostly staff costs) based on eligible costs incurred during the period.The Group has also recognised \u00a315.3m in North America in respect of Covid-19 Employee Retention Credits (ERC). The amounts recognised in year relate to claims made to the Internal Revenue Service in the current and previous periods, for employee costs incurred in 2020 and 2021. Amounts have been recognised in the current year following submission of the grant claim in the current year, or the Director\u2019s gaining reasonable assurance during the year that we will be entitled to receive the grant, following submission of the grant claim in prior periods.The UK has recognised a credit of \u00a319.1m (2021: \u00a3nil) in respect of Stabilisation Funding (\u00a312.8m) and Network Protection Funding (\u00a36.3m) designed to provide relief to UK bus operators for maintaining pre-pandemic service levels as patronage numbers continue to recover and while the Birmingham Commonwealth Games 2022 took place. The grant terms did not define whether the grants were specifically awarded to cover revenue shortfall or network running costs, therefore management exercised judgement to determine where in the Income Statement the grants should be recorded. As the primary condition of the grant, as outlined in the funding agreement, was to maintain a stable bus network, management has allocated the credits against staff costs and operational expenses for the period they are intended to cover.In addition, the UK Bus business (UK Bus) has recognised grant income under the Bus Service Improvement Plan (BSIP). Included in operating costs above is \u00a38.0m grant income reflecting the elements of the BSIP programme compensating the business for the costs incurred in maintaining the bus network during the period. A further \u00a34.0m of income has been recorded in revenue representing the portion of the grant income designed to compensate the business for freezing passenger fares. See note 4 for further details.Included within 2021 is \u00a318.3m of the government grant Coronavirus Job Retention Scheme (CJRS) in the UK and the US CARES Act in North America, in response to the Covid-19 pandemic. The amounts recognised reflect the grants receivable in respect of the year ended 31 December 2021 and relate to the costs reclaimable for employees furloughed or retained to the extent that it is reasonably certain that the grant will be received. These grants were netted within staff costs.7 Auditor\u2019s remunerationAn analysis of fees paid to the Group\u2019s auditor is provided below:20222021\u00a3m\u00a3mAudit of the financial statements 1.4 1.5Audit of subsidiaries 1.0 0.9Audit-related assurance services 0.3 0.12.7 2.58 Employee benefit costs20222021\u00a3m\u00a3mWages and salaries 1,203.9 1,001.0Social security costs 180.7 143.5Pension costs (note 33) 9.7 10.9Share-based payment (note 9) 1.2 1.01,395.5 1,156.4The average number of employees, including Executive Directors, during the year was as follows:2022 2021Managerial and administrative 4,590 4,426Operational 41,309 41,02245,899 45,448Details of key management compensation can be found in note 36.9 Share-based paymentsThe charge in respect of share-based payment transactions included in the Group\u2019s Income Statement for the year is as follows:20222021\u00a3m\u00a3mExpense arising from share and share option plans 1.2 1.0Details of options or awards outstanding at the end of the year under the Group\u2019s share schemes are as follows:Number of Number of Futureshare optionsshare optionsExerciseexercise 20222021priceperiodsLong-Term Incentive Plan 7,617,535 6,181,699 nil 2023\u20132027West Midland Travel Long Service Option Scheme 118,051 136,776 175p\u2013412p 2023\u20132030Executive Deferred Bonus Plan 86,315 \u2013 nil 20237,821,901 6,318,475During the year ended 31 December 2022, the Group had three share-based payment arrangements, which are described below.(i) Long-Term Incentive Plan (LTIP)The LTIP is open to Executive Directors and certain senior managers with awards made at the discretion of the Remuneration Committee, normally on an annual basis and in the form of a nil cost option over a certain number of shares in the Company.The vesting of shares on or around the third anniversary of grant is subject to the Group\u2019s achievement of specific performance conditions set at the date of grant. These typically comprise underlying diluted earnings per share (EPS), return on capital employed (ROCE), certain environmental targets and the relative total shareholder return (TSR) of the Group against a relevant comparison. Please refer to the Director\u2019s Remuneration Report for details of the performance conditions which are attached to the awards which are in flight at the end of the year and vested during the year. All targets are measured over the three-year financial period commencing with the year of grant. Unvested shares automatically lapse.An accrual entitlement in respect of dividends paid by the Company during the vesting period attaches to vested shares and is paid to participants on vesting. Similarly, an accrual entitlement in respect of dividends is payable on unexercised vested shares held by Executive Directors during their compulsory two-year holding period, which runs from the date of vesting (in parallel with the two-year exercise period).The LTIP allows for the grant to UK participants of an HMRC-approved share option over shares with a market value of up to a maximum of \u00a330,000 outstanding at any time. These are awarded at the same time as, and with the same performance conditions as, the LTIP awards and work by way of set-off versus the vested LTIP share value on exercise with the excess LTIP option award being forfeited.Vested shares for all LTIP awards are normally delivered in the form of market purchased shares held in the Company\u2019s Employee Benefit Trust (the Trust). No cash settlement alternative is available.(ii) Executive Deferred Bonus Plan (EDBP)The delivery of the annual bonus award for Executive Directors is structured in two distinct parts: an initial cash payment under the annual bonus plan and a one-year deferred payment award in the form of forfeitable shares in the Company granted under the EDBP. Release of the shares on the first anniversary of grant is not subject to any additional performance condition, save for continuing employment. Participants are entitled to receive any dividends paid by the Company on the shares while they are held in the Trust during the deferred period.(iii) West Midlands Travel Long Service Option Scheme (WMT LSOS)The WMT LSOS was used to reward WMT employees who attained 25 years\u2019 service. The market-value option award over a certain number of shares in the Company is exercisable between the third and tenth anniversary of grant. There are no performance conditions and shares are delivered on exercise through the Trust. No cash settlement alternative is available. The scheme is closed to new participants, with exercises on previous awards possible until 2030.For the following disclosure, share options with a nil exercise price have been disclosed separately to avoid distorting the weighted average exercise prices. The number of share options in existence during the year was as follows:2022 2021Weighted Weighted average average exerciseexerciseNumber of priceNumber of priceshare optionspshare optionspOptions without a nil exercise price:At 1 January 136,776 283 160,859 283Granted during the year \u2013 \u2013 \u2013 \u2013Forfeited during the year (3,695) 304 (2,000) 175Exercised during the year (212) 252 (3,828) 224Expired during the year (14,818) 299 (18,255) 301Outstanding at 31 December 118,051 287 136,776 283Exercisable at 31 December 80,051 342 86,776 318Options with a nil exercise price:At 1 January 6,181,699 nil 5,347,246 nilGranted during the year 4,383,239 nil 2,752,151 nilForfeited during the year (1,295,429) nil (333,116) nilExercised during the year (251,394) nil (398,416) nilExpired during the year (1,314,265) nil (1,186,166) nilOutstanding at 31 December 7,703,850 nil 6,181,699 nilExercisable at 31 December 6,714 nil 258,107 nilTotal outstanding at 31 December 7,821,901 6,318,475Total exercisable at 31 December 86,765 344,883The options outstanding at 31 December 2022 had exercise prices that were between 175p and 412p (2021: between 175p and 412p) excluding options with a nil exercise price. The range of exercise prices for options was as follows:20222021Exercise price (p)NumberNumber100-300 61,431 71,772301-350 27,120 29,604351-450 29,500 35,400118,051 136,776The options have a weighted average contractual life of one year (2021: one year). Options were exercised regularly throughout the year and the weighted average share price at exercise was 238p (2021: 291p). The aggregate gains of the Executive Directors arising from any exercise of options during the year totalled \u00a3nil (2021: \u00a30.2m).The fair value of the share options granted during the year was calculated using the Monte Carlo method, with the following assumptions and inputs:2022 2021Risk-free interest rate 1.32% 0.12%Expected volatility 70% 66%Peer group volatility 29%\u201345% 36%\u201362%Expected option life in years 3 years 3 yearsExpected dividend yield 0.00% 0.00%Weighted average share price at grant date 224p 305pWeighted average exercise price at grant date nil nilWeighted average fair value of options at grant date 206p 281pThe risk-free interest rate was calculated based on zero-coupon government bond yields in the United Kingdom, with a time- to-maturity commensurate with the remaining performance period, at the date of grant.Expected volatility was calculated based on the historical volatility of the share prices of National Express and the comparator companies in the peer group (on a daily basis) over a period commensurate with the remaining performance period, at the date of grant.Expected dividend yield was excluded from the model, given each participant is entitled to receive a dividend equivalent.For share options granted during the year under the LTIP, the TSR targets have been reflected in the calculation of the fair value of the options above.10 Net finance costs20222021\u00a3m\u00a3mBond and bank interest payable 35.5 32.0Lease interest payable (note 34) 9.4 10.5Other interest payable 3.0 2.7Unwind of discounting (note 26) 3.4 2.5Net interest cost on defined benefit pension obligations (note 33) 1.9 1.8Finance costs before separately disclosed items 53.2 49.5Separately disclosed finance costs (note 5) \u2013 1.4Total finance costs 53.2 50.9Lease interest income (note 34) (0.5) (0.7)Other financial income (1.7) (2.5)Total finance income (2.2) (3.2)Net finance costs 51.0 47.7Of which, from financial instruments:Financial assets measured at amortised cost (1.6) (1.5)Financial liabilities measured at amortised cost 44.4 44.0Derivatives 1.9 (1.8)Loan fee amortisation 1.1 1.211 Taxation(a) Analysis of taxation charge/(credit) in the year(Restated)120222021\u00a3m\u00a3mCurrent taxation:UK corporation tax 1.2 2.8Overseas taxation 19.3 16.3Current income tax charge 20.5 19.1Adjustments with respect to prior years \u2013 UK and overseas (1.0) 0.2Total current income tax charge 19.5 19.3Deferred taxation (note 27):Origination and reversal of temporary differences (7.0) (23.5)Adjustments with respect to prior years \u2013 UK and overseas (1.7) (3.6)Deferred tax credit (8.7) (27.1)Total tax charge/(credit) for the Group 10.8 (7.8)The tax charge/(credit) for the Group comprises:Tax charge on profit before separately disclosed items 30.3 12.0Tax credit on separately disclosed items (19.5) (19.8)10.8 (7.8)1 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.The tax credit on separately disclosed items of \u00a319.5m (2021: \u00a319.8m credit) comprises of \u00a39.1m tax credit (2021: \u00a310.3m) on intangibles, \u00a314.5m tax credit (2021: \u00a314.9m) on tax deductible expenditure on exceptional costs and a \u00a34.1m charge (2021: \u00a35.4m charge) on exceptional tax items.The tax relief relating to intangible amortisation is determined by reference to the tax rates in the jurisdiction to which the intangible amortisation relates. The effective tax rate relating to intangible amortisation is significantly higher than the UK tax rate of 19% due to the weighting of intangibles in jurisdictions with higher tax rates than the UK, specifically the US (26%) and Spain (25%).(b) Tax on items recognised in Other Comprehensive Income or Equity20222021\u00a3m\u00a3mDeferred taxation:Deferred tax charge on actuarial gains 12.7 2.7Deferred tax (credit)/charge on cash flow hedges (5.2) 9.5Deferred tax credit on foreign exchange differences (1.3) (0.5)Deferred tax credit on accrued hybrid instrument payments (5.3) (4.4)Deferred tax charge/(credit) on share-based payments 0.4 (0.3)1.3 7.0(c) Reconciliation of the total tax charge/(credit)(Restated)120222021\u00a3m\u00a3mLoss before income tax (209.9) (84.9)Notional credit at UK corporation tax rate of 19% (2021: 19%) (39.9) (16.1)Recurring items:Non-deductible intangible amortisation and impairment 0.2 \u2013Effect of overseas tax rates (12.1) (1.1)Tax incentives (0.5) (1.3)State taxes/Minimum tax 0.4 3.7Non-recurring items:Non-deductible goodwill amortisation and impairment 65.2 0.3Adjustments to prior years within current and deferred tax (excluding significant items) (2.7) 0.2Prior year adjustment \u2013 write-off of deferred tax asset on German losses \u2013 8.6Prior year adjustment \u2013 release of tax provisions \u2013 (0.6)Prior year adjustment \u2013 effect of reduction in UK tax rate (0.3) (11.6)Non-creditable withholding tax on pension surplus 1.1 2.6Effect of reduction in tax rates \u2013 (2.0)Non-deductible income/expenditure (0.3) 5.6Overseas financing deductions \u2013 (1.5)Non-taxable loss on disposal of Investment 0.3 0.2(Utilisation)/recognition of a deferred tax asset for previously unrecognised tax losses (0.6) 5.2Total tax charge/(credit) reported in the Income Statement (note 11(a)) 10.8 (7.8)1 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.Included within the tax reconciliation are a number of non-recurring items, including the effect of a reduction in recognition of current year Moroccan losses (\u00a34.5m) and recognition of prior year unrecognised German losses due to the improvement of future forecasts (\u00a34.6m). Items expected to recur in the tax reconciliation for 2022 include the difference in rates between the UK and our overseas markets and tax incentives on re-investment credits.As at 31 December 2022 deferred tax in the UK was held at 25% due to the substantively enacted 25% rate due to come in on 1 April 2023. A number of items reversed during 2022, when the corporation tax was still at 19%, therefore a tax credit of \u00a30.3m was included in the current year reconciliation to show this change in rate effect on current year profits.(d) Tax provisionsAt 31 December 2022, the Group held no tax provisions (2021: \u00a31.8m). All UK corporation tax returns up to 2021 have been submitted and agreed by HMRC. There has been a net decrease of \u00a31.8m which represents the release of tax reserves. Based on the experience of the Group Tax department and after discussions of the various tax uncertainties with our tax advisers, the year-end tax provision represents management\u2019s best estimate of the tax uncertainties of which we are aware.(e) Temporary differences associated with Group investmentsThere are no unremitted earnings of subsidiaries, associates and joint ventures, and so no deferred tax (2021: nil) has been recognised. As a result of changes to tax legislation in 2009, overseas dividends received on or after 1 July 2009 are generally exempt from UK corporation tax, but may be subject to withholding tax. There are no temporary differences (2021: \u00a3nil) associated with investments in subsidiaries, associates and joint ventures, for which a deferred tax liability has not been recognised but for which a tax liability may arise.(f) Unrecognised tax lossesDeferred income tax assets are recognised for tax loss carry-forwards to the extent that the realisation of the related tax benefit against future taxable profits is probable. Based on current forecasts, it is estimated that the losses recognised for deferred tax purposes will be utilised within three to four years. UK and overseas deferred tax assets that the Group has not recognised in the Financial Statements relates to gross losses of \u00a3105.9m (restated 2021: \u00a398.1m), which arise in companies where the Group does not expect to generate sufficient suitable future taxable profits.2022Unrecognised tax UKGermanySpainMoroccoSwitzerlandOtherTotallosses\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross 18.2 21.5 14.6 43.1 3.7 4.8 105.9Tax 4.5 6.7 3.7 13.4 0.9 1.2 30.42021Unrecognised tax losses UKGermanySpainMoroccoSwitzerlandOtherTotal1(Restated)\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross 18.0 27.0 10.5 35.4 3.1 4.1 98.1Tax 4.5 8.5 2.6 11.0 0.8 0.7 28.11 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.(g) Deferred tax included in the Income Statement(Restated)120222021\u00a3m\u00a3mAccelerated capital allowances (3.4) 23.5Other short-term temporary differences 17.7 1.8Recognition of losses (23.0) (52.4)Deferred tax credit (note 11(a)) (8.7) (27.1)1 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.Details on the Balance Sheet position of deferred tax are included in note 27.12 Dividends paid and proposedNo interim or final dividends were declared and paid during the period (2021: \u00a3nil). A final ordinary dividend of 5.0 pence per share (2021: nil), equating to a cash outflow of \u00a330.6m (2021: \u00a3nil), has been proposed but not recognised as a liability at 31 December 2022.13 Earnings per share(Restated)120222021Basic earnings per share (39.7)p (16.6)pUnderlying basic earnings per share 15.0p 0.2pDiluted earnings per share (39.7)p (16.6)pUnderlying diluted earnings per share 15.0p 0.2p1 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.Basic EPS is calculated by dividing the earnings attributable to equity shareholders, a loss of \u00a3243.1m (2021 restated: \u00a3102.0m loss), by the weighted average number of ordinary shares in issue during the year, excluding those held by the Group\u2019s Employee Benefit Trust (note 32) which are treated as cancelled. Earnings attributable to equity shareholders is inclusive of amounts accruing to the holders of the hybrid instrument and are calculated as follows:(Restated)120222021\u00a3m\u00a3mLoss attributable to equity shareholders (221.8) (80.8)Accrued payments on hybrid instrument (21.3) (21.2)Earnings attributable to equity shareholders (243.1) (102.0)1 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.For diluted EPS, the weighted average number of ordinary shares in issue during the year is adjusted to include the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. The reconciliation of basic and diluted weighted average number of ordinary shares is as follows:2022 2021Basic weighted average shares 612,772,081 613,117,1321Adjustment for dilutive potential ordinary shares339,199 345,497Diluted weighted average shares 613,111,280 613,462,6291 Potential ordinary shares have the effect of being anti-dilutive in 2022 and 2021, and have been excluded from the calculation of diluted earnings per shareThe underlying basic and underlying diluted earnings per share have been calculated in addition to the basic and diluted earnings per share required by IAS 33 since, in the opinion of the Directors, they reflect the underlying performance of the business\u2019 operations.The reconciliation of the earnings and earnings per share to their underlying equivalent is as follows:(Restated) 120222021Basic EPSDiluted EPSBasic EPSDiluted EPS\u00a3mpp \u00a3mppEarnings attributable to equity shareholders inclusive of hybrid instrument (243.1) (39.7) (39.7) (102.0) (16.6) (16.6)Separately disclosed items 355.8 58.1 58.1 124.6 20.3 20.3Separately disclosed tax (19.5) (3.2) (3.2) (19.8) (3.2) (3.2)Separately disclosed non-controlling interests (1.1) (0.2) (0.2) (1.6) (0.3) (0.3) Underlying profit attributable to equity shareholders 92.1 15.0 15.0 1.2 0.2 0.2Amounts accruing to the holders of the hybrid instrument 21.3 21.2 Underlying profit attributable to equity shareholders excluding the hybrid instrument 113.4 22.41 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.14 Intangible assetsInfrastructure Customer investment ContractGoodwillcontractsintangibleSoftwarecostsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCost:At 1 January 2022 1,552.1 843.6 78.1 130.6 35.0 2,639.4Acquisitions 4.7 4.8 \u2013 \u2013 \u2013 9.5Additions \u2013 0.7 22.0 10.4 0.2 33.3Disposals \u2013 (0.3) \u2013 (0.2) \u2013 (0.5)Foreign exchange 118.1 65.5 (0.5) 9.7 1.8 194.6At 31 December 2022 1,674.9 914.3 99.6 150.5 37.0 2,876.3Amortisation and impairment:At 1 January 2022 45.4 684.9 9.3 93.7 27.6 860.9Charge for year \u2013 34.5 7.4 12.8 0.8 55.5Disposals \u2013 (0.2) \u2013 (0.2) \u2013 (0.4)Impairment 260.6 6.0 \u2013 \u2013 \u2013 266.6Foreign exchange 12.7 51.4 (0.2) 7.5 1.4 72.8At 31 December 2022 318.7 776.6 16.5 113.8 29.8 1,255.4Net book value:At 31 December 2022 1,356.2 137.7 83.1 36.7 7.2 1,620.9At 1 January 2022 1,506.7 158.7 68.8 36.9 7.4 1,778.5Goodwill arising on acquisitions of \u00a34.7m comprises \u00a36.9m with respect to the in-year acquisition of Vitalia and \u00a31.3m in respect of the in-year acquisition of BMG Sevirama (see note 19 for further details). There is also an adjustment to goodwill of \u00a33.5m relating to a fair value adjustment on acquisition in previous years (note 19).The impairment charge includes a non-cash impairment of the goodwill of the ALSA division following an updated assessment of the value in use of the cash-generating unit caused by changes to the risk-free discount rate. See below for details of the goodwill impairment assessment performed.In addition, \u00a37.4m of customer contract intangibles in North America were impaired following reduced profitability in customer contracts due to driver shortages and changes in customer demand. In addition, previous impairments of customer contract intangibles in ALSA of \u00a31.4m were reversed due to improved profitability in contracts. In the prior year, impairment charge included \u00a310.6m of customer contracts which arose following strategic reviews in the North America and UK divisions, and with respect to onerous contracts, \u00a30.2m of customer contract intangibles in ALSA and \u00a34.8m franchise contract costs in German Rail.The Group recognises infrastructure investment intangibles for public service vehicles where the Group has the right to charge passengers of the public service in accordance with IFRIC 12 Service Concession Arrangements. Note 37 includes further details of the Group\u2019s service concession arrangements.Customer contracts includes the following individually material assets, all of which arose through past acquisitions.RemainingRemainingNet book useful Net bookuseful valueeconomic lifevalue at 31 economic lifeat 31 at 31 Decemberat 31 DecemberDecember2022December2021Segment Nature of contract2022\u00a3m2021\u00a3mNorth America School bus and paratransit service contract in North America 9 years 20.8 10 years 20.6North AmericaEmployee shuttle contracts in North America 7 years 11.3 8 years 16.9North AmericaParatransit bus service contracts in North America 10 years 11.3 11 years 12.1ALSA Urban and charter bus service contracts in Spain 3 years 7.3 4 years 10.5Goodwill has been allocated to individual cash-generating units for annual impairment testing on the basis of the Group\u2019s business operations. The carrying value by cash-generating unit is as follows:20222021\u00a3m\u00a3mUK 52.4 52.4North America 743.2 669.5ALSA 560.6 784.81,356.2 1,506.7The calculation of value in use for each group of cash-generating units is most sensitive to the assumptions over discount rates and the growth rate used to extrapolate cash flows into perpetuity beyond the five-year period of the management plan.The key assumptions used for the cash-generating units are as follows:Growth rate used to Pre-tax discount rate applied extrapolate cash flowsto cash flow projectionsinto perpetuity2022 2021 2022 2021UK 11.2% 7.9% 2.7% 2.4%North America 10.3% 7.2% 3.4% 2.9%ALSA 13.9% 7.8% 3.0% 2.9%Discount rates have increased significantly due to the increase in underlying risk-free interest rates. Additionally, a country risk premium for Spain was applied to the ALSA discount rate for the first time, given the heightened geopolitical and macroeconomic uncertainty in the Eurozone at the time of the assessment.The key estimates applied in the impairment review are the forecast level of revenue, operating margins and the proportion of operating profit converted to cash in each year. Forecast revenue and operating margins are based on past performance and management\u2019s expectations for the future. A growth rate for each division has been consistently applied in the impairment review for all cash-generating units based on respective long-term country-specific GDP growth rates. The cash flows are discounted using pre-tax rates that are calculated from country-specific weighted average cost of capital (WACC), principally derived from external sources. Capital expenditure is projected over the first five years using a detailed, contract-by-contract level forecast of the capital requirements of the Group for new and replacement vehicles and other assets. In the extrapolation of cash flows into perpetuity (the terminal value), capital expenditure is assumed to be a 1:1 ratio to depreciation. A non-cash impairment of \u00a3260.6 million has been recognised in ALSA, bringing the carrying value of goodwill to its recoverable amount. In the previous year there had been \u00a3425.9 million of headroom on the assessment. The impairment in the latest assessment is due to the significant increase in the discount rates noted above and is not due to a change in the assessment of the trading prospects for the division. Sensitivity analysis on the key assumptions made is provided below.The value in use of the North America division exceeds its carrying amount by \u00a3225.9m (2021: \u00a3812.0m); the reduction compared to the prior year being driven by the increased discount rate.The assumptions behind the cash flow projections also take account of the climate change risk assessment exercise carried out during the year, from which the pertinent conclusions are as follows:\u2022 While the global temperature rise above pre-industrial levels increases the likelihood of extreme weather events, the geographical diversity of the Group means that the risk to the Group as a whole is unlikely to be material. We have, nonetheless, factored in an assumption of financial impact from extreme weather disruption, albeit not to the extent of the extreme scenario disclosed in the TCFD section of the Strategic Report.\u2022 The Group\u2019s planning assumption is that input costs will not rise significantly above inflation on the basis that, for electric vehicles for example, supply will increase to match demand, and technological advances will also help decrease manufacturing costs. Furthermore, the Group assumes, based on its detailed modelling of electric versus diesel buses in the UK, that the total cost of ownership of zero emission vehicles will be no worse than their diesel equivalents. This assessment is inclusive of the cost of new electric vehicle infrastructure and assumes no government funding. The Group expects to utilise hydrogen vehicles in the transition to a zero emission fleet in long haul coach services and, while hydrogen vehicle technology is not currently as well developed as electric, the Group assumes that total cost of ownership for these vehicles will also be no worse than at parity with their diesel equivalents, albeit may require some level of government subsidies on the capital cost and/or the hydrogen fuel.\u2022 The Group already has ambitious targets for the transition to zero emission fleets. These targets are expected to result in the Group having a zero emission fleet before any potential ban on diesel vehicles is imposed by governments. The Group has assessed as very low the risk of the current fleet having a net book value higher than their residual value at the Group\u2019s targeted transition dates and has therefore concluded that no changes to the useful economic lives of the Group\u2019s current fleet are required.\u2022 The opportunity from modal shift from private cars to public transport is potentially significantly more material than that assumed in the Group\u2019s long-term cash flow projections as central governments, transport authorities and city councils introduce measures to tackle congestion, pollution and emissions.Sensitivities to key and other assumptions(i) ALSAFor ALSA, a sensitivity analysis showing the increase in impairment of a change in each key assumption has been provided in the table below.Additional ImpairmentALSA Sensitivity\u00a3mBase case \u2013WACC Increase of 1% (65.1)Perpetual Growth rate Decrease of 1% (45.6)Underlying Operating Profit Margin Decrease of 2% (192.7)Long Haul Underlying Operating Profit Margin Decrease of 2% (17.3)The Group operates coach services on certain long haul routes in Spain under concession arrangements with the government\u2019s transport department. These concessions are subject to renewal over the next few years, which brings uncertainty over the long-term margins of this business. Accordingly, we have included the Long Haul margins in the sensitivity analysis(ii) North AmericaFor North America, sensitivity analysis has been completed on each key assumption in isolation. This analysis indicates that the value in use of the North America division will be equal to its carrying value with an increase in the pre-tax discount rate of 110 basis points (2021: 250 basis points) or a reduction in the growth rates used to extrapolate cash flows into perpetuity of 120 basis points (2021: 270 basis points).In addition, for North America, a reduction in operating profit margin of 130 basis points (2021: 360 basis points) will result in the value in use of the division being equal to its carrying amount.Management has also performed sensitivity analysis to assess the impact that a combination of reasonably possible changes in the key assumptions would have on the recoverable amount of the North America division. In combination, a 20% reduction in the cash flows in 2023 and 2024, a 100 basis points reduction in the long-term growth rate and a 100 basis points increase in the pre-tax discount rate would lead to a \u00a3178m impairment in North America.The Directors have concluded that there is no risk of impairment for the UK and therefore, as permitted by IAS 36, have not provided sensitivity disclosure.The Directors consider the assumptions used to be consistent with the historical performance of each cash-generating unit and to be realistically achievable in light of economic and industry measures and forecasts.Infrastructure Customer investment GoodwillcontractsintangibleSoftwareContract costsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCost:At 1 January 2021 1,574.1 861.8 77.4 126.9 36.8 2,677.0Acquisitions 23.1 7.1 \u2013 \u2013 \u2013 30.2Additions \u2013 1.4 3.2 8.9 1.6 15.1Disposals \u2013 (0.1) \u2013 (4.7) \u2013 (4.8)Reclassifications (0.9) \u2013 \u2013 0.2 (1.2) (1.9)Foreign exchange (44.2) (26.6) (2.5) (0.7) (2.2) (76.2)At 31 December 2021 1,552.1 843.6 78.1 130.6 35.0 2,639.4Amortisation and impairment:At 1 January 2021 48.7 662.8 4.8 85.2 23.7 825.2Charge for year \u2013 35.4 4.7 13.0 1.1 54.2Disposals \u2013 (0.1) \u2013 (4.6) \u2013 (4.7)Impairment \u2013 10.8 \u2013 \u2013 4.8 15.6Reclassifications (0.9) \u2013 \u2013 0.6 (0.5) (0.8)Foreign exchange (2.4) (24.0) (0.2) (0.5) (1.5) (28.6)At 31 December 2021 45.4 684.9 9.3 93.7 27.6 860.9Net book value:At 31 December 2021 1,506.7 158.7 68.8 36.9 7.4 1,778.5At 1 January 2021 1,525.4 199.0 72.6 41.7 13.1 1,851.815 Property, plant and equipmentPlant and Public equipment,Land and service fixtures and buildingsvehiclesfittingsTotal\u00a3m\u00a3m\u00a3m\u00a3mCost:At 1 January 2022 320.6 2,135.2 183.9 2,639.7Acquisitions \u2013 1.5 \u2013 1.5Additions 66.9 103.5 13.9 184.3Disposals (10.0) (158.5) (2.2) (170.7)Assets transferred to held for sale 0.2 0.7 (0.2) 0.7Reclassifications \u2013 8.0 \u2013 8.0Foreign Exchange 19.3 155.1 7.0 181.4At 31 December 2022 397.0 2,245.5 202.4 2,844.9Depreciation:At 1 January 2022 153.5 1,221.2 135.4 1,510.1Charge for the year 35.2 155.6 12.7 203.5Disposals (9.6) (152.1) (2.1) (163.8)Impairments 7.4 0.3 \u2013 7.7Assets transferred to held for sale 0.1 (0.3) (0.1) (0.3)Reclassifications \u2013 8.0 \u2013 8.0Foreign exchange 10.8 88.6 5.0 104.4At 31 December 2022 197.4 1,321.3 150.9 1,669.6Net book value:At 31 December 2022 199.6 924.2 51.5 1,175.3At 1 January 2022 167.1 914.0 48.5 1,129.6During the year, construction was completed on a new bus depot in the UK and this was transferred from assets under construction. At 31 December 2022 there were no assets under construction (2021: \u00a33.9m).The impairment charge includes \u00a37.4m impairments of assets which are dedicated to contracts which became onerous due to driver shortages in North America. A further \u00a30.3m (2021: \u00a36.4m) arose following onerous contract reassessments in the UK division. No further impairments were identified in Spain with respect to assets relating to onerous contracts in the ALSA division (2021: \u00a31.2m). The total impairment charge of \u00a37.7m is included in separately disclosed items in the Income Statement; see note 5 for further information.Depreciation on public service vehicles is calculated using the straight-line method to write off the cost or fair value at acquisition of each asset to its residual value over its estimated useful life (or lease term, if shorter). The estimated useful lives for owned public service vehicles range from 8 to 20 years depending on the type of vehicle. The majority of the Group\u2019s public service vehicles are diesel powered, although the Group expects that, over time, an increasing proportion of its vehicle fleet will be zero emission; likely to be a combination of electric and hydrogen-powered vehicles. The actual useful lives of diesel-powered vehicles could be affected by measures taken by governments to tackle climate change and improve air quality by restricting the use of such vehicles.While governments across the Group\u2019s geographical locations are consulting on a date after which the sale of new diesel-powered vehicles will be prohibited, at this time there is no set date from which diesel vehicles are prohibited from being used. The estimated useful lives applied are consistent with the previous year and, taking account of the latest proposals from governments and our own internal targets (as described in the Strategic Report), the Directors consider that those estimates of useful lives remain appropriate.Other than in UK Bus, the estimated carrying value of vehicles in each of the Group\u2019s divisions at the Group\u2019s targeted date of transition to a fully zero emission fleet is \u00a3nil. In UK Bus, where the target date is 1 January 2030, the remaining net book value of existing diesel vehicles at transition is estimated to be \u00a335.0m, assuming no change to the useful lives. Considering that our transition target is significantly ahead of the earliest expected date that the UK would ban the use of diesel vehicles and also that the UK vehicles impacted are Euro 6 diesel buses (the most environmentally friendly variant of diesel vehicles), the Directors consider that they will be able to recover such value through their sale. This assumption is further supported by the sales of diesel buses during the year at greater than carrying value. However, in a more extreme scenario, assuming the vehicles were not able to be sold and therefore the residual value was nil at transition, a \u00a35.0m increase in the annual depreciation charge would be required from 1 January 2023.In an alternative scenario whereby no diesel-powered vehicle could be used anywhere in the Group after 31 December 2034, in addition to the 2030 transition for UK Bus, the annual depreciation expense from 1 January 2023 would increase by a further \u00a30.7m.Details of leased assets included within property, plant and equipment are provided in note 34.Plant and equipment,Land and Public service fixtures and buildingsvehiclesfittingsTotal\u00a3m\u00a3m\u00a3m\u00a3mCost:At 1 January 2021 313.6 2,194.3 187.3 2,695.2Acquisitions 0.5 \u2013 \u2013 0.5Additions 33.7 99.3 8.3 141.3Disposals (18.4) (125.4) (7.6) (151.4)Assets transferred to held for sale \u2013 (8.4) \u2013 (8.4)Reclassifications (4.2) 0.7 \u2013 (3.5)Foreign exchange (4.6) (25.3) (4.1) (34.0)At 31 December 2021 320.6 2,135.2 183.9 2,639.7Depreciation:At 1 January 2021 140.8 1,186.8 134.4 1,462.0Charge for the year 31.9 155.0 12.8 199.7Disposals (13.9) (108.4) (7.2) (129.5)Impairments 1.2 6.4 \u2013 7.6Assets transferred to held for sale \u2013 (7.4) \u2013 (7.4)Reclassifications (4.5) 0.8 (0.9) (4.6)Foreign exchange (2.0) (12.0) (3.7) (17.7)At 31 December 2021 153.5 1,221.2 135.4 1,510.1Net book value:At 31 December 2021 167.1 914.0 48.5 1,129.6At 1 January 2021 172.8 1,007.5 52.9 1,233.216 Subsidiaries The companies listed below include all those which principally affect the results and net assets of the Group. A full list of subsidiaries, joint ventures and associates is disclosed in note 39, along with the addresses of their registered offices. The principal country of operation in respect of the companies below is the country in which they are incorporated.National Express Group PLC is the beneficial owner of all the equity share capital, either itself or through subsidiaries, of the companies.% equity interestIncorporated in England and Wales 2022 2021National Express Limited Operation of coach services 100 100The Kings Ferry Limited Operation of coach services 100 100West Midlands Travel Limited Operation of bus services 100 100% equity interestIncorporated in the United States 2022 2021Durham School Services LP Operation of school bus services 100 100Petermann Ltd Operation of school bus services 100 100National Express Transit Corporation Operation of transit bus services 100 100National Express Transit Services Corporation Operation of transit bus services 100 100WeDriveU Inc. Operation of shuttle services 80 70% equity interestIncorporated in Canada 2022 2021Stock Transportation Limited Operation of school bus services 100 100% equity interestIncorporated in Spain 2022 20211General Tecnica Industrial S.L.U.Holding company for operating companiesNEX Continental Holdings S.L. Holding company for operating companies 100 100% equity interestIncorporated in Morocco 2022 2021Groupe Alsa Transport S.A. Operation of bus services 100 100Transport de Voyageurs en Autocar Maroc S.A. Operation of bus services 100 100Alsa Tanger S.A. Operation of bus services 100 100Alsa City Agadir S.A. Operation of bus services 100 100Alsa Citybus Rabat-Sal\u00e9-Temara Operation of bus services 51 51Alsa Al Baida S.A Operation of bus services 100 100% equity interestIncorporated in Germany 2022 2021National Express Rail GmbH Operation of train passenger services 100 1001 The main holding companies of the ALSA Group17 Non-current financial assets20222021\u00a3m\u00a3mFinancial assets at fair value through Other Comprehensive Income \u2013 unlisted ordinary shares 16.8 13.9Derivative financial instruments \u2013 fuel derivatives 7.4 9.1Derivative financial instruments \u2013 cross currency swaps 2.7 9.6Derivative financial instruments included in non-current assets 10.1 18.7Total non-current financial instruments 26.9 32.6Derivative financial instruments \u2013 fuel derivatives 12.5 20.3Derivative financial instruments \u2013 interest rate derivatives \u2013 0.1Derivative financial instruments \u2013 cross currency swaps 8.0 2.4Derivative financial instruments \u2013 foreign exchange derivatives 17.2 8.2Derivative financial instruments included in current assets 37.7 31.0Further information on the Group\u2019s use of derivatives is included in note 31.Financial assets at fair value through Other Comprehensive Income20222021\u00a3m\u00a3mFair value:At 1 January 13.9 12.9Additions in the year 0.4 0.2Disposals in the year (0.5) \u2013Fair value movement in the year 1.7 1.2Foreign exchange 1.3 (0.4)At 31 December 16.8 13.9The principal financial assets at fair value through Other Comprehensive Income are as follows:20222021ProportionProportionheldheldName Segment%%Metros Ligeros de Madrid, S.A. ALSA 15 15Transit Technologies Holdco North America 8.8 8.8Other small investments within ALSA ALSA 1\u201316 1\u201316Financial assets at fair value through Other Comprehensive Income comprise holdings in equity shares of non-listed companies. The Group elected to designate the non-listed equity investments at fair value through Other Comprehensive Income as the Group considers these investments to be strategic in nature.The fair value measurement of non-listed equity investments is categorised within Level 3 (i.e. the fair values are determined by reference to significant unobservable inputs), with the fair value of the two most significant investments totalling \u00a315.9m at 31 December 2022 (2021: \u00a313.9m). For the first of these, the fair value was determined using recent earnings. A 10% increase/(decrease) in earnings would result in a \u00a31.0m increase/(decrease) respectively in the fair value of the investment. For the second investment, the fair value was determined using an estimate of the discounted future cash flows. Future cash flows are estimated based on inputs including passenger growth, consumer price inflation and operating margin. The fair value is most sensitive to changes in inflation assumptions. A 2% increase in inflation would result in a \u00a35.4m increase in fair value, and a 2% decrease in inflation would result in a \u00a34.5m decrease in the fair value of the investment.No dividends were received from the investments during 2022 (2021: \u00a3nil).18 Investments accounted for using the equity methodInvestments accounted for using the equity method are as follows:20222021\u00a3m\u00a3mJoint ventures 8.4 9.0Associates 5.5 4.7Total investments accounted for under the equity method 13.9 13.7The Group\u2019s share of post-tax results from associates and joint ventures accounted for using the equity method is as follows:20222021\u00a3m\u00a3mShare of joint venture\u2019s (loss)/profit (0.4) 0.1Share of associates\u2019 loss \u2013 (1.1)Total share of results from associates and joint ventures (0.4) (1.0)(a) Investments in joint venturesThe Group has one interest in a joint venture as follows:Proportion held %Name Country of registration Activity2022 2021Bahrain Public Transport Company W.L.L. Kingdom of Bahrain Operation of bus services 50 50The summarised financial information for the joint venture is set out below:Bahrain Public TransportCompany W.L.L.20222021Share of the joint venture\u2019s Balance Sheet and results\u00a3m\u00a3mNon-current assets 4.7 8.0Current assets 6.2 5.4Share of gross assets 10.9 13.4Non-current liabilities (0.7) (0.8)Current liabilities (1.8) (3.6)Share of gross liabilities (2.5) (4.4)Net assets 8.4 9.0Revenue 6.0 5.0Operating profit (0.1) 0.5(Loss)/profit after tax (0.4) 0.1(Loss)/profit for the year and total comprehensive income (0.4) 0.1A reconciliation of the above summarised information to the carrying amount in the Group\u2019s Financial Statements is as follows:Bahrain Public TransportCompany W.L.L.20222021\u00a3m\u00a3mGroup share of net assets of the joint venture 8.4 9.0Carrying amount 8.4 9.0Dividends received from the joint venture 1.1 1.0(b) Investments in associatesThe Group\u2019s interests in associates are as follows:Country ofProportionNameregistrationheld %ALSA associates Spain 17\u201350North America associates North America 20ALSA\u2019s associates are generally involved in the operation of coach and bus services, management of bus stations and similar operations. North America associates include a start-up company offering app-based rideshare and childcare services in the San Francisco area and a software company which provides scheduling, dispatch and time management functions in the student transportation sector.The summarised aggregated financial information for individually immaterial associates is set out below:20222021\u00a3m\u00a3mShare of operating loss \u2013 (1.1)Share of loss for the year and total comprehensive income and expenditure \u2013 (1.1)19 Business combinations, disposals and assets held for sale(a) Acquisitions \u2013 ALSADuring the year, the ALSA division acquired both 100% control of Vitalia, a provider of paratransit services (Madrid, Spain) and the remaining 70% control of Sevirama, a touristic bus and regional concession provider (Sevilla, Spain).The provisional fair values, along with final fair value adjustments in respect of the acquisition of Transportes Rober group acquired during 2021, are presented in aggregate below:\u00a3mIntangibles 4.8Property, plant and equipment 1.5Inventory 0.1Trade and other receivables 2.4Cash and cash equivalents 0.4Borrowings (1.7)Trade and other payables (4.5)Deferred tax liability (0.9)Net assets acquired 2.1Goodwill 4.7Total consideration 6.8Represented by:Cash consideration 5.2Deferred consideration 1.66.8As permitted by IFRS 3 Business Combinations, the fair value of acquired identifiable assets and liabilities have been presented on a provisional basis. The fair value adjustments will be finalised within 12 months of the acquisition date, principally in relation to the valuation of intangible assets and provisions acquired.Trade and other receivables had a fair value and a gross contracted value of \u00a32.4m. The best estimate at acquisition date of the contractual cash flows not to be collected was \u00a3nil.Goodwill of \u00a34.7m arising from the acquisition consists of certain intangibles that cannot be separately identified and measured due to their nature. This includes control over the acquired business and increased scale in our operations in ALSA, along with growth benefits associated with entry into the paratransit sector and further growth within the touristic and regional concession market in Sevilla. None of the goodwill recognised is expected to be deductible for income tax purposes.During the year the fair value adjustments relating to the intangibles acquired in 2021 as part of the Transportes Rober Group in 2021 were finalised. This resulted in an increase in the fair value of intangibles acquired, a corresponding deferred tax liability, and a reduction in goodwill of \u00a33.5m.Included in the consideration shown above is contingent consideration of \u00a31.6m. The Group is required to pay contingent consideration upon pre-determined revenue thresholds being met up to 2023 and other post-closing conditions, with a minimum expected undiscounted payment of \u00a3nil and maximum expected undiscounted payment of \u00a31.6m. Based on projections, the Group expects the maximum amount to be paid. The amount recognised is undiscounted as the effect of discounting is not material.The acquired businesses contributed \u00a37.4m of revenue and \u00a30.2m profit to the Group\u2019s result for the period between acquisition and the balance sheet date. Had the acquisition been completed on the first day of the financial year, the Group\u2019s revenue would have been \u00a32,812.3m and the Group\u2019s statutory operating loss would have been \u00a3158.2m.(b) Acquisitions \u2013 further informationDeferred consideration of \u00a33.2m was paid in the period relating to acquisitions in ALSA in earlier years. Total cash outflow in the period from acquisitions in the ALSA division was \u00a38.0m, comprising consideration for current year acquisitions of \u00a35.2m and deferred consideration of \u00a33.2m, less cash acquired in the businesses of \u00a30.4m.In North America deferred consideration of \u00a30.5m was paid in the period relating to acquisitions in earlier years. Transaction costs of \u00a30.1m were incurred in the period to 31 December 2022 (2021: \u00a30.1m).During the year to 31 December 2022, the movement in the Group\u2019s carrying value of goodwill principally relates to the acquisition of Vitalia.The Group measures deferred contingent consideration at fair value through profit and loss and by reference to significant unobservable inputs, i.e. classified as Level 3 in the fair value hierarchy. The significant unobservable inputs used to determine the fair value of the contingent purchase consideration are typically forecast earnings or estimating the likelihood that contracts will be renewed over a fixed period. The fair value movement in deferred contingent consideration in the year is as follows:20222021\u00a3m\u00a3mFair value:At 1 January 13.4 28.8Additions in the year 1.6 5.6Payments during the year (3.7) (13.0)Fair value movement in the year (0.4) (7.9)Foreign exchange 0.8 (0.1)At 31 December 11.7 13.4(c) DisposalsThe Group disposed of several subsidiaries during the year, no cash was received for the disposals of these companies, nor a gain or loss recognised in the Income Statement.(d) Assets held for saleIn ALSA, a building with a carrying value of \u00a318.6m (2021: \u00a317.6m) has met the held for sale IFRS 5 criteria and been recognised within current assets. Included in the 31 December 2021 balance are also public service vehicles in the UK with a carrying value of \u00a31.0m.20 Non-current assets \u2013 trade and other receivables20222021\u00a3m\u00a3mContract assets 145.3 128.1Prepayments 12.0 6.7Other receivables 16.2 12.3173.5 147.1Contract assets have increased primarily in North America due to the recognition of infrastructure assets for public service vehicles where the concession grantor guarantees the contract performance in accordance with IFRIC 12 Service Concession Arrangements. Note 37 includes further details of the Group\u2019s service concession arrangements. In addition, contract assets includes amounts in Germany and ALSA that are expected to be settled after 12 months.Other receivables includes \u00a35.5m (2021: \u00a35.5m) of property disposal proceeds that are payable to the Group on vacant possession and \u00a35.4m (2021: \u00a35.0m) of insurance recoveries.21 Inventories20222021\u00a3m\u00a3mRaw materials and consumables 32.4 28.8The movement on the provision for slow moving and obsolete inventory is immaterial.22 Current assets \u2013 trade and other receivables20222021\u00a3m\u00a3mTrade receivables 257.5 190.5Grant receivables 47.5 58.0Contract assets 131.8 97.1Amounts due from associates and joint ventures (note 36) 2.1 3.2Amounts due from other related parties (note 36) 0.6 1.2Trade and grant receivables and contract assets 439.5 350.0Less: provision for impairment of receivables (note 30) (43.2) (39.3)Trade and grant receivables and contract assets 396.3 310.7Other receivables 102.0 78.1Prepayments 55.4 38.1Accrued income 7.0 1.4560.7 428.3Trade receivables excludes \u00a362.5m (2021: \u00a348.5m) that was subject to factoring arrangements without recourse and for which no customer payment had been received at year end.Contract assets have increased primarily in German Rail due to the additional contract which was awarded at the end of the prior year. The increased levels of activity have led to a corresponding increase in contract assets. In addition, in ALSA and North America contract assets have increased comparatively to the prior year due to higher levels of services performed at the end of the year.The Directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value. Information about the credit risk exposure of the Group\u2019s trade receivables is shown in note 30.23 Cash and cash equivalents20222021\u00a3m\u00a3mCash at bank and in hand 171.7 268.1Overnight deposits 6.6 0.4Other short-term deposits 113.5 239.9Cash and cash equivalents 291.8 508.4Cash at bank and in hand earns interest at floating rates based on daily bank deposit rates. The prior year cash and cash equivalents included \u00a311.9m which was subject to contractual or regulatory restrictions, or withholding tax levied on repatriation of cash. These amounts held were not readily available for other purposes within the Group.Short-term deposits are made for varying periods of between one day and three months depending on the immediate cash requirements of the Group and earn interest at the agreed short-term floating deposit rate. The fair value of cash and cash equivalents is equal to the carrying value.For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents and bank overdrafts in notional cash pooling arrangements are presented net. Bank overdrafts form an integral part of the Group\u2019s cash management strategy as they arise from the Group\u2019s cash pooling arrangement with its bank. Net cash and cash equivalents comprise as follows:20222021\u00a3m\u00a3mCash at bank and in hand 291.8 508.4Bank overdrafts (note 28) (58.7) (132.2)Net cash and cash equivalents 233.1 376.224 Current liabilities \u2013 trade and other payables20222021\u00a3m\u00a3mTrade payables 296.5 209.0Contract liabilities 107.2 130.8Amounts owed to associates and joint ventures (note 36) 0.4 0.5Amounts owed to other related parties (note 36) 1.5 1.3Other tax and social security payable 43.8 39.7Accruals and deferred income 251.8 230.2Other payables 128.3 158.5Put liability 45.0 17.7874.5 787.7Trade payables are normally settled on 30 to 60 day terms and other payables have an average term of four months.Contract liabilities represents amounts advanced by customers where the Group has not yet met the performance obligation to allow the recognition of the balance as revenue, for example season ticket or advance ticket sales which cross over the year end date or payments on account. It also includes amounts outstanding with respect to the purchase of infrastructure assets under IFRIC 12 arrangements. Of the \u00a3107.2m contract assets at the end of 2022, \u00a369.6m will be recognised in revenue within the next 12 months as the Group completes its performance obligations. The remaining liability of \u00a337.6m relates to payments for IFRIC 12 infrastructure assets which will be made within the next 12 months. Contract liabilities have decreased year-on-year in ALSA following payments made for liabilities associated with the purchase of infrastructure assets, and increased in Germany, due to higher levels of payments on account having been receipted prior to completion of our performance obligations. During the year the Group has recognised revenue of \u00a334.2m which was included in contract liabilities at the end of 2021.Other payables includes \u00a387.3m (2021: \u00a3103.0m) for the purchase of property, plant and equipment. The Group settles these amounts in accordance with the supplier\u2019s standard payment terms, typically one year.Other payables also includes deferred fixed asset grants from government or other public bodies of \u00a32.3m (2021: \u00a32.8m), deferred expense-related grants of \u00a37.1m (2021: \u00a339.0m) and \u00a35.3m (2021: \u00a32.4m) of deferred contingent consideration for businesses acquired, of which \u00a30.3m (2021: \u00a3nil) relates to businesses acquired in the year (note 19).The put liability has been derived from an internal valuation, using forecast earnings over the exercise period (consistent with the base case projections used for going concern). The first tranche of options, over 10% of the equity of WeDriveU, was settled during 2021. The second tranche, for a further 10% of the equity, was exercised during 2021 and settled during 2022.The remaining option, over 20% of equity, was exercised at the final opportunity, being 31 December 2022. The final element of the liability is expected to be paid within the next 12 months.25 Other non-current liabilities20222021\u00a3m\u00a3mDeferred fixed asset grants 8.9 19.3Contract liabilities 89.9 44.8Other payables 22.4 19.6Put liability \u2013 40.1121.2 123.8Contract liabilities have primarily increased year-on-year in ALSA and North America due to liabilities associated with the purchase of IFRIC 12 infrastructure assets which are expected to be settled over the life of the contract.Other payables includes \u00a36.4m (2021: \u00a311.0m) of deferred contingent consideration for businesses acquired, of which \u00a31.3m (2021: \u00a35.6m) relates to businesses acquired in the year (note 19), expense related grants of \u00a315.3m (2021: \u00a37.3m) and \u00a3nil (2021: \u00a31.3m) for the purchase of property, plant and equipment.26 ProvisionsClaims Onerousprovisioncontract OtherTotal\u00a3mprovisions\u00a3m\u00a3mAt 1 January 2022 84.4 39.7 33.7 157.8Charged to the Income Statement 34.9 34.6 2.4 71.9Amounts settled through insurers (6.8) \u2013 \u2013 (6.8)Utilised in the year (46.4) (36.8) (13.1) (96.3)Unwinding of discount 3.4 \u2013 \u2013 3.4Exchange difference 7.9 1.1 2.3 11.3At 31 December 2022 77.4 38.6 25.3 141.3Current 31 December 2022 50.2 12.3 13.1 75.6Non-current 31 December 2022 27.2 26.3 12.2 65.777.4 38.6 25.3 141.3Current 31 December 2021 47.6 24.8 16.6 89.0Non-current 31 December 2021 36.8 14.9 17.1 68.884.4 39.7 33.7 157.8Claims provisionThe claims provision arises from estimated exposures at the year end for auto and general liability, workers\u2019 compensation and environmental claims, the majority of which will be utilised in the next five years. It comprises provisions for claims arising in the UK and North America.Onerous contractsProvisions for onerous contracts relate to loss making contracts in ALSA, North America, Germany and UK. With the exception of the provision in Germany, the remaining amounts are expected to be utilised within the next 1-2 years. The provision in Germany is in respect of the Rhine-Ruhr Express contract. The Group\u2019s latest assessment identified a further reduction in the contracts\u2019 profitability, and, accordingly, a provision of \u00a321.9m (2021: \u00a321.2m), following utilisation of \u00a39.6m during the year, was recorded at the end of the year to cover the losses associated with running the contract for the remainder of the term (see note 5 for further details).OtherOther includes provisions for potential reclaim of subsidies in ALSA of \u00a312.2m (2021: \u00a316.0m) all of which is expected to be utilised over the next three years, and restructuring provisions in the UK, ALSA and North America of \u00a33.1m (2021: \u00a36.4m), all of which are expected to be utilised within the next 12 months.When the effect is material, the provisions are discounted to their net present value.27 Deferred tax(Restated)120222021\u00a3m\u00a3mAt 1 January 144.9 134.0Credit to the Income Statement (note 11a) 8.7 27.1Charge to Other Comprehensive Income or Equity (note 11b) (1.3) (7.0)Exchange differences 7.2 0.9Acquired in business combinations (note 19) (0.9) (1.0)Acquired in business combinations \u2013 adjustment to goodwill (note 14) \u2013 (9.1)Net deferred tax asset at 31 December 158.6 144.91 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.Based on current capital investment plans, the Group expects to be able to claim capital allowances in excess of depreciation in future years at a similar level to the current year.2022North UKAmericaGermanyTotalDeferred tax assets\u00a3m\u00a3m\u00a3m\u00a3mAccelerated tax depreciation (11.5) (87.6) \u2013 (99.1)Losses carried forward 88.8 125.5 26.9 241.2Pensions 9.8 \u2013 \u2013 9.8Other short-term temporary differences 1.2 48.3 (15.9) 33.688.3 86.2 11.0 185.51(Restated) 2021North UKAmericaGermanyTotalDeferred tax assets\u00a3m\u00a3m\u00a3m\u00a3mAccelerated tax depreciation (12.9) (61.5) \u2013 (74.4)Losses carried forward 77.7 97.2 20.0 194.9Pensions 23.0 \u2013 \u2013 23.0Other short-term temporary differences (2.7) 29.9 (11.3) 15.985.1 65.6 8.7 159.41 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.2022CanadaSpainTotalDeferred tax liabilities\u00a3m\u00a3m\u00a3mAccelerated tax depreciation (5.9) (110.0) (115.9)Losses carried forward 2.3 18.4 20.7Intangibles and deductible goodwill \u2013 24.7 24.7Taxation credits \u2013 1.3 1.3Other short-term temporary differences 1.1 41.2 42.3(2.5) (24.4) (26.9)1(Restated) 2021CanadaSpainTotalDeferred tax liabilities\u00a3m\u00a3m\u00a3mAccelerated tax depreciation (6.2) (102.6) (108.8)Losses carried forward 2.7 19.4 22.1Intangibles and deductible goodwill \u2013 27.2 27.2Taxation credits \u2013 1.8 1.8Other short-term temporary differences 1.2 42.0 43.2(2.3) (12.2) (14.5)1 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.The Group has recognised deferred tax assets across the UK, North America, Spanish and German businesses amounting to \u00a3373.7m (2021 restated: \u00a3328.1m) that are considered to be able to be offset against the Group\u2019s future taxable profits. Management has based its assessment on the latest forecast budget approved by the Board which reflects improved trading performance across all divisions largely due to the expansion of the business along with a restructuring of intra-group finance and management charges. Further details of management\u2019s assessment are provided on 193.28 Borrowings and derivative financial liabilities20222021\u00a3m\u00a3mNon-currentBank loans 113.4 90.8Bonds 221.3 640.9Lease liabilities 139.7 168.7Private placements 411.9 393.9Non-current borrowings 886.3 1,294.3Fuel derivatives 4.8 0.2Cross currency swaps \u2013 5.2Interest rate derivatives 17.6 5.7Non-current derivative financial instruments 22.4 11.1Non-current borrowings and derivative financial liabilities 908.7 1,305.4CurrentBank overdrafts 58.7 132.2Bank loans 82.4 100.3Bonds 400.1 \u2013Lease liabilities 58.0 67.0Accrued interest on borrowings 2.8 2.8Current borrowings 602.0 302.3Fuel derivatives 12.6 0.5Cross currency swaps 15.6 4.5Interest rate derivatives 9.2 0.7Foreign exchange derivatives 4.5 18.8Current derivative financial instruments 41.9 24.5Current borrowings and derivative financial liabilities 643.9 326.8An analysis of interest-bearing loans and borrowings is provided in note 29. Further information on derivative financial instruments is provided in note 31.29 Interest-bearing borrowingsThe effective interest rates on loans and borrowings at the balance sheet date were as follows:2022Effective2021Effective\u00a3m Maturityinterest rate\u00a3m Maturityinterest rateBank overdrafts 58.7 \u2013 \u2013 132.2 \u2013 \u2013Bank overdrafts 58.7 132.27-year Sterling bond 400.1 November 2023 2.54% 400.1 November 2023 2.54%19-year Sterling bond221.3 November 2028 GBP SONIA + 240.8 November 2028 GBP SONIA + 1.98%1.98%Bonds 621.4 640.9European bank loans at fixed rate \u2013 \u2013 \u2013 2.4 2022\u20132025 2.03%European bank loans at floating 1.8 2023\u20132025 EURIBOR + 10.8 2022\u20132025 EURIBOR + rate1.05%0.86%Moroccan bank loans 69.5 2023\u20132029 4.20% 26.0 2022\u20132026 4.28%US asset backed bank loans 74.3 2023\u20132028 2.55% 74.0 2022\u20132029 2.28%Advance factoring liabilities 50.2 2023 3.45% 77.9 2022 0.99%Bank loans 195.8 191.1US Dollar leases at fixed rate 103.7 2023\u20132028 2.99% 122.7 2022\u20132028 3.03%European leases at fixed rate 14.8 2023\u20132030 3.46% 19.7 2022\u20132035 1.43%European leases at floating rate 1.1 2023\u20132024 EURIBOR + 2.9 2022\u20132024 EURIBOR + 0.90%1.00%Sterling leases at fixed rate 78.1 2023\u20132108 1.84% 90.4 2022\u20132037 3.02%Leases 197.7 235.7Private placements 411.9 2027\u20132032 1.92% 393.9 2027\u20132032 1.92%Accrued interest \u2013 Bonds 2.1 2.1Accrued interest \u2013 Private 0.7 0.7placementAccrued interest on borrowings 2.8 2.8Total 1,488.3 1,596.61 Bond is shown as floating as there is a fixed to floating interest rate swap in place until November 2025. Subsequent to this the bond reverts to a fixed rate of 2.38% until maturity.The Group currently has \u00a3527.0m of unsecured committed revolving credit facilities, of which \u00a332.0m matures in 2023, \u00a315.0m matures in 2024 and \u00a3480.0m matures in 2025. During the year, the Group entered into a new \u00a332.0m unsecured committed revolving credit facility which matures in 2023. This facility contains a margin linked to ESG targets, being emissions reduction and additional number of ZEVs in service or on order.At 31 December 2022, there was \u00a3nil (2021: \u00a3nil) drawn down on the facilities, with \u00a31.2m of capitalised deal fees remaining, which are classified within other receivables.Details of the Group\u2019s interest rate risk management strategy and associated interest rate derivatives are included in notes 30 and 31.The Group is subject to a number of financial covenants in relation to its syndicated credit facilities which, if contravened, could result in its borrowings under those facilities becoming immediately repayable. These covenants specify maximum covenant net debt to EBITDA and minimum EBITDA to net interest payable. In light of the impact of the pandemic on EBITDA generation, the Group renegotiated its covenants to obtain waivers or amendments on its gearing and interest cover covenant tests.The gearing covenant was amended to (no greater than) 5.0x for both the 30 June 2022 and 31 December 2022 tests, with no amendment to the interest cover covenant. From 2023 onwards, the gearing covenant reverts to the pre-amended test of 3.5x.The following table sets out the carrying amount, by maturity, of the Group\u2019s interest-bearing borrowings and deposits, including other debt receivables and finance lease receivables:< 1 year1-2 years2-3 years3-4 years4-5 years> 5 yearsTotalAs at 31 December 2022\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mFixed rateBank loans (81.5) (24.5) (27.4) (23.1) (21.0) (16.5) (194.0)Bonds (400.1) \u2013 \u2013 \u2013 \u2013 \u2013 (400.1)Finance lease receivables 4.3 3.1 1.5 0.5 0.6 4.0 14.0Lease liabilities (57.2) (34.8) (22.9) (17.3) (8.2) (55.5) (195.9)Private placements \u2013 \u2013 \u2013 \u2013 (239.0) (172.9) (411.9)Floating rateCash assets 291.8 \u2013 \u2013 \u2013 \u2013 \u2013 291.8Other debt receivables 2.6 0.2 \u2013 \u2013 \u2013 \u2013 2.8Bank overdrafts (58.7) \u2013 \u2013 \u2013 \u2013 \u2013 (58.7)Bank loans (0.9) (0.9) \u2013 \u2013 \u2013 \u2013 (1.8)Bonds \u2013 \u2013 \u2013 \u2013 \u2013 (221.3) (221.3)Lease liabilities (0.8) (0.5) (0.1) (0.1) (0.1) (0.2) (1.8)< 1 year1-2 years2-3 years3-4 years4-5 years> 5 yearsTotalAs at 31 December 2021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mFixed rateBank loans (99.4) (17.4) (16.0) (16.6) (13.1) (17.8) (180.3)Bonds \u2013 (400.1) \u2013 \u2013 \u2013 \u2013 (400.1)Finance lease receivables 4.1 3.8 3.1 1.0 0.5 4.3 16.8Lease liabilities (65.5) (46.2) (31.9) (17.1) (13.3) (58.8) (232.8)Private placements \u2013 \u2013 \u2013 \u2013 \u2013 (393.9) (393.9)Floating rateCash assets 508.4 \u2013 \u2013 \u2013 \u2013 \u2013 508.4Other debt receivables 0.8 0.2 \u2013 \u2013 \u2013 \u2013 1.0Bank overdrafts (132.2) \u2013 \u2013 \u2013 \u2013 \u2013 (132.2)Bank loans (0.9) (1.0) (8.7) (0.1) (0.1) \u2013 (10.8)Bonds \u2013 \u2013 \u2013 \u2013 \u2013 (240.8) (240.8)Lease liabilities (1.5) (1.0) (0.4) \u2013 \u2013 \u2013 (2.9)30 Financial risk management objectives and policiesFinancial risk factors and managementThe Group is exposed to risks relating to fuel prices, foreign currency exchange rates, interest rates and the availability of funding at reasonable margins. The Group has in place a risk management programme that seeks to manage the impact of these risks on the financial performance of the Group by using financial instruments including borrowings, committed facilities and forward foreign exchange, fuel and interest rate derivatives.The Board of Directors has delegated the responsibility for implementing the financial risk management policies laid down by the Board to the Group Chief Financial Officer and the Group Treasurer. The policies are implemented by the Group Treasury department with regular reporting to the Chief Financial Officer and the Audit Committee on its activities.Foreign currencyThe Group has major foreign operations in the USA, Canada, Spain and Morocco, and as a result is exposed to the movements in foreign currency exchange rates on the translation of these foreign currency denominated net assets.The Group seeks to reduce this foreign currency exchange movement risk by using a combination of foreign currency borrowings and entering into derivative financial instruments, such as cross currency interest rate swaps and foreign exchange forward contracts.At the year end, the Group had outstanding foreign exchange derivatives for net investment purposes of USD 30.0m, and cross currency interest rate swaps of USD 290.0.0m, CAD 46.0m and EUR 376.7m. These foreign exchange forward contracts and cross currency interest rate swaps are derivative financial instruments designated as net investment hedges of foreign currency assets. The effective portion of the gain or loss on the hedge is recognised in the Group Statement of Comprehensive Income and recycled to the Income Statement at the same time as the underlying hedged net assets affect the Income Statement. Any material ineffectiveness is taken to the Income Statement.The Group expects changes in value of both the hedging instrument and the hedged net investment to offset and systematically move in opposite directions and that there will be a 1:1 hedge ratio, given that the critical terms are closely aligned.The Group applies the \u2018forward rate method\u2019 under IFRS 9 such that the effective portion of changes in fair value of forward points are retained in Other Comprehensive Income. The currency basis is excluded from the hedging instrument, and the actual currency basis on inception of the trade is treated as the \u2018cost of hedging\u2019 and recognised in profit or loss over the life of the hedging relationship on a straight-line basis. Any changes in the currency basis since inception will be deferred into a separate component of Other Comprehensive Income.In these hedge relationships, the main source of ineffectiveness results from movements in the Group\u2019s or the derivative counterparty\u2019s credit spread resulting in fair value movements in the hedging instrument that are not reflected in the fair value movements of the hedged net investment.The table below demonstrates the sensitivity of the Group\u2019s financial instruments to a reasonably possible change in foreign exchange rates, with all other variables held constant. This would affect the Group\u2019s profit before tax and translation reserve. The effect on the translation reserve represents the movement in the translated value of the foreign currency denominated loans and change in fair value of the derivative contracts. These movements would be offset by an opposite movement in the translated value of the related portion of the Group\u2019s overseas net investments. It is estimated that a 10% change in the corresponding exchange rates would result in an exchange gain or loss in the translation reserve of \u00a356.4m (2021: \u00a327.8m).2022 2021Effect on Effect on Effect on Effect on Strengthening/ (loss)/profittranslation (loss)/profit translation (weakening) in before taxreservebefore taxreserveAs at 31 Decembercurrency\u00a3m\u00a3m\u00a3m\u00a3mUS Dollar 10% \u2013 (46.9) \u2013 (37.0)Euro 10% \u2013 (8.8) \u2013 12.2Canadian Dollar 10% \u2013 (0.7) \u2013 (3.0)US Dollar (10)% \u2013 46.9 \u2013 37.0Euro (10)% \u2013 8.8 \u2013 (12.2)Canadian Dollar (10)% \u2013 0.7 \u2013 3.0Interest rate riskThe Group is exposed to movements in interest rates on both interest-bearing assets and liabilities. It is the Group\u2019s policy to maintain an appropriate balance between fixed and floating interest rates on borrowings in order to provide a level of certainty to interest expense in the short term and to reduce the year-on-year impact of interest rate fluctuations over the medium term. To achieve the desired fixed:floating ratio, the Group has entered into a series of interest rate swaps that have the effect of converting fixed rate debt to floating rate debt. The net effect of these transactions was that as at 31 December 2022, the proportion of the Group\u2019s gross debt at floating rates was 19% (2021: 18%).The Group expects changes in value of both the hedging instrument and the hedged transaction to offset and systematically move in opposite directions and that there will be a 1:1 hedge ratio, given that the critical terms are closely aligned.In these hedge relationships, the main sources of ineffectiveness are:\u2022 movement in the Group\u2019s and the derivative counterparty\u2019s credit spread, resulting in fair value movements in the hedging instrument that are not reflected in fair value movements in the hedged transaction; and\u2022 any changes in the critical terms of the hedged transaction such that they no longer match those of the hedging instrument.During the year, inflation and fiscal policy have impacted the interest rate on the floating portion of debt. The table overleaf demonstrates the sensitivity of the Group\u2019s financial instruments to a reasonably possible change in interest rates, with all other variables held constant, on the Group\u2019s profit before tax and on the Group\u2019s hedging reserve.The sensitivity analysis covers all floating rate financial instruments, including the interest rate swaps. If the interest rates applicable to floating rate instruments were increased by 100 basis points, it is estimated that the Group\u2019s profit before taxation would decrease by approximately \u00a32.5m relating to Sterling. The analysis assumes that the amount and mix of floating rate debt, including finance leases, remains unchanged from that in place at 31 December 2022.2022 2021Effect on Effect on Increase/ (loss)/profit Effect on (loss)/profit Effect on (decrease) in before taxreservesbefore taxreservesAs at 31 Decemberbasis points\u00a3m\u00a3m\u00a3m\u00a3mSterling 100 (2.2) \u2013 (0.3) \u2013US Dollar 100 \u2013 \u2013 \u2013 \u2013Euro 100 \u2013 \u2013 (0.1) \u2013Sterling (100) 2.2 \u2013 0.3 \u2013US Dollar (100) \u2013 \u2013 \u2013 \u2013Euro (100) \u2013 \u2013 0.1 \u2013Commodity pricesThe Group is exposed to movements in commodity prices as a result of its fuel usage. It is the Group\u2019s policy to hedge this exposure in order to provide a level of certainty as to its cost in the short term and to reduce the year-on-year impact of price fluctuations over the medium term. This is achieved by entering into fuel derivatives. At 31 December 2022, the Group had hedged approximately 100% of its 2023 expected usage, 56% of its expected usage in 2024 and 7% of its expected usage in 2025.Fuel derivatives are designated as cash flow hedges, with the effective portion of changes in fair value of the hedging instrument being recorded within a separate component of equity, and recycled to the Income Statement as the hedged item impacts the Income Statement.Risk component hedging has been adopted under IFRS 9, such that the hedged price risk component of the purchased fuel matches that of the underlying derivative commodity. The hedged risk component, being the commodity index of each location where fuel is purchased, is considered to be separately identifiable and reliably measurable. The use of commodity derivatives to hedge the fuel exposure is expected to result in a 1:1 hedge ratio as the notional value of the hedging instrument is consistent with the designated amount of the underlying exposure.In these hedge relationships, the main source of ineffectiveness is changes in the actual settlement date and/or settlement amount.The table below demonstrates the effect of a reasonably possible variation in fuel prices, with all other variables held constant, on the fair value of the Group\u2019s financial instruments and, accordingly, on the Group\u2019s profit before tax and the Group\u2019s hedging reserve.The sensitivity analysis includes all fuel derivatives. The effect on the hedging reserve arises through movements on the fair value of the Group\u2019s fuel derivatives. For these derivative contracts the sensitivity of the net fair value to an immediate 10% increase or decrease in all prices would have been \u00a320.2m at 31 December 2022. The figure does not include any corresponding economic advantage or disadvantage that would arise from the natural business exposure which would be expected to offset the gain or loss on the derivatives.2022 2021Effecton (loss)/Effect on Effect on Effect on Increase/ profit before hedging (loss)/profit hedging (decrease) in taxreservebefore taxreserveAs at 31 Decemberprice\u00a3m\u00a3m\u00a3m\u00a3mSterling denominated diesel 10% \u2013 6.3 \u2013 3.6US Dollar denominated diesel 10% \u2013 3.7 \u2013 2.2US Dollar denominated gasoline 10% \u2013 1.3 \u2013 1.5Euro denominated diesel 10% \u2013 8.9 \u2013 4.6Sterling denominated diesel (10%) \u2013 (6.3) \u2013 (3.6)US Dollar denominated diesel (10%) \u2013 (3.7) \u2013 (2.2)US Dollar denominated gasoline (10%) \u2013 (1.3) \u2013 (1.5)Euro denominated diesel (10%) \u2013 (8.9) \u2013 (4.6)Credit risk(i) Risk managementCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations.Credit risk is managed by a combination of Group Treasury and divisional management, and arises from cash and cash equivalents, derivative financial instruments and credit exposures to amounts due from outstanding receivables and committed transactions. The maximum credit risk exposure of the Group is the gross carrying value of each of its financial assets, which comprises trade and other receivables of \u00a3432.9m (2021: \u00a3344.7m), cash and cash equivalents of \u00a3291.8m (2021: \u00a3508.4m), finance lease receivables of \u00a314.0m (2021: \u00a316.8m), investments of \u00a313.9m (2021: \u00a313.9m) and derivative financial instruments of \u00a347.8m (2021: \u00a349.7m); as well as its contract assets of \u00a3277.1m (2021: \u00a3225.2m).Credit risk is primarily attributable to trade and other receivables and is mitigated by a number of factors. Many of the Group\u2019s principal customers, suppliers and financial institutions with which it conducts business are local public (or quasi-public) bodies, including school boards in North America, municipal authorities in Spain and Morocco, West Midlands Combined Authority in the UK, and regional authorities in Germany. The Group does not consider these counterparties to pose a significant credit risk. Outside of this, the Group does not consider it has significant concentrations of credit risk. The Group continues to monitor the economic environment and has taken actions to limit its exposure to customers that are severely impacted. As a minimum, the Group has implemented policies that require appropriate credit checks on potential customers before sales commence.Net cash and cash equivalents and derivative financial instruments are held with counterparties with a minimum of BBB- credit rating assigned by international credit rating agencies. The Group Treasury Committee continually assesses the credit risk of each counterparty, including monitoring credit ratings and tier 1 capital of each counterparty. Additionally, Group policy sets limits on counterparty exposure according to credit ratings.(ii) Impairment of financial assetsThe Group applies the IFRS 9 simplified approach to measuring expected credit losses for all trade receivables (including grant receivables and contract assets) at each reporting date. Provision matrices are used to measure expected losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns, such as geographical region, service type, and customer type and rating. The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. The characteristics used to determine the groupings of customer segments are those that have the greatest impact on the likelihood of default. Given the diversity of characteristics of different customer segments, the Group applies different definitions of default for different groups of customers. The risk of default increases once the receivable is past due and increases in 30 day increments.The majority of the Group\u2019s customers are governmental or similar bodies and hence there are not considered to be any issues with the recoverability of these receivables. Further, there have not been any significant issues with the recoverability of non-governmental receivables.The table below shows the credit risk exposure on the Group\u2019s trade receivables as at 31 December 2022:Days past dueBetween Between Carrying Less than 30 and 60 61 and 90Over amountCurrent30 daysdaysdays90 days31 December 2022\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExpected loss rate 7.4% 0.6% 2.5% 5.7% 5.0% 23.8%Gross carrying amount \u2013 trade and grant receivables and contract assets (current and non-current) 584.8 344.9 36.0 21.1 24.2 158.6Loss allowance 43.2 2.1 0.9 1.2 1.2 37.8Days past dueBetween Between Carrying Less than 30 and 60 61 and 90Over amountCurrent30 daysdaysdays90 days31 December 2021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExpected loss rate 8.2% 0.7% 2.5% 2.3% 8.5% 21.9%Gross carrying amount \u2013 trade and grant receivables and contract assets (current and non-current) 478.1 235.5 52.1 21.8 8.2 160.5Loss allowance 39.3 1.7 1.3 0.5 0.7 35.1Trade receivables over 90 days primarily comprises amounts due from public authorities in ALSA and receivables for school bus services in North America where amounts are settled on approval from the local governing bodies at the end of the school period. A loss provision of \u00a337.8m (2021: \u00a335.1m) is in place against these receivables. Given that these are predominantly ongoing contractual relationships and with public bodies, the Directors believe that the remaining amounts will be collected.The closing loss allowance for trade receivables as at 31 December 2022 reconciles to the opening loss allowance as follows:20222021\u00a3m\u00a3mAt 1 January 39.3 46.3Increase in loss allowance recognised in Income Statement during the year 3.8 6.4Utilised in the year (2.2) (11.5)Arising on acquisitions \u2013 0.1Exchange difference 2.3 (2.0)At 31 December 43.2 39.3Trade receivables are written off when there is no reasonable expectation of recovery.Impairment losses on trade receivables are presented as net impairment losses within operating profit or loss. Subsequent recoveries of amounts previously written off are credited against the same item.Impairment provisions in respect of cash and cash equivalents and finance lease receivables are also subject to the requirements of IFRS 9. As our cash and cash equivalents are held with counterparties with a minimum of BBB- credit rating, no impairment loss was identified at the reporting date. Similarly, no impairment loss was identified in relation to finance lease receivables.Liquidity riskLiquidity risk is the risk that the Group, although solvent, will have difficulty in meeting its obligations associated with its financial liabilities as they fall due.Funding for the Group is coordinated centrally by the treasury function and with the Group\u2019s forecast funding requirements and its debt facilities being reported to and monitored on an ongoing basis by the treasury function and formally via the monthly Treasury Committee. The level of facilities is maintained such that facilities and term loans exceed the forecast peak gross debt of the Group over a rolling 12-month view, with minimum headroom of at least \u00a3300.0m maintained, taking into account market conditions and corporate activity, including acquisitions and organic growth plans. The minimum funding headroom assumes that factoring facilities are not available.Short-term funding requirements are met through use of cash and cash equivalents and drawings under unsecured committed revolving credit facilities if required. Most of the Group\u2019s cash is held in the UK, the USA and Spain. In the UK the Group utilises a pooling arrangement with its main relationship bank to manage its cash on a net basis.Included within cash and cash equivalents are certain amounts which are subject to contractual or regulatory restrictions, or withholding tax levied on repatriation of cash. The prior year cash and cash equivalents included \u00a311.9m which was subject to contractual or regulatory restrictions, or withholding tax levied on repatriation of cash. These amounts held were not readily available for other purposes within the Group.The Group currently has \u00a3527.0m of unsecured committed revolving credit facilities, which mature between 2023 and 2025. During the year, the group entered into a new \u00a332.0m unsecured committed revolving credit facility which matures in 2023. At 31 December 2022, there was \u00a3nil (2021: \u00a3nil) drawn-down on the facilities. The maximum draw down of the revolving credit facility during the year was \u00a395.0m (2021: \u00a3nil), with no drawdowns in the prior year due to the additional liquidity facilities secured in the light of Covid-19, which matured during 2021.Medium and long-term funding requirements are met through committed debt facilities as detailed in note 29.The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2022 based on the contractual undiscounted cash flows, including interest cash flows. As such, the amounts in this table will not agree to the carrying amounts disclosed in the Balance Sheet or other notes. The table includes cash flows associated with derivative hedging instruments. Their amounts reflect the maturity profile of the fair value liability where the instrument will be settled net, and the gross settlement amount where the pay leg of a derivative will be settled separately to the receive leg.Carrying Contractual Year ended amountscash flows< 1 year1-2 years2-3 years3-5 years> 5 years31 December 2022\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial liabilitiesBank overdrafts (58.7) (58.7) (58.7) \u2013 \u2013 \u2013 \u2013Bank loans (195.8) (203.7) (81.9) (29.5) (28.9) (46.4) (17.0)Bonds (621.4) (693.6) (414.6) (5.9) (5.9) (11.9) (255.3)Lease liabilities (197.7) (202.1) (64.2) (37.6) (21.1) (25.5) (53.7)Private placements (411.9) (433.3) (4.0) (4.0) (4.0) (244.1) (177.2)Trade and other 1payables(765.0) (765.0) (757.9) (7.1) \u2013 \u2013 \u2013(2,250.5) (2,356.4) (1,381.3) (84.1) (59.9) (327.9) (503.2)Derivative financial liabilitiesForeign exchange derivatives (4.5) (4.5) (4.5) \u2013 \u2013 \u2013 \u2013Interest rate derivatives (26.8) (29.5) (9.8) (10.4) (9.3) \u2013 \u2013Cross currency swaps (15.6) (13.4) (13.4) \u2013 \u2013 \u2013 \u2013Fuel derivatives (17.4) (15.7) (10.6) (3.4) (1.7) \u2013 \u2013(64.3) (63.1) (38.3) (13.8) (11.0) \u2013 \u20131 Trade and other payables as stated in this table does not directly reconcile with the amounts shown in notes 24 and 25 as it excludes contract liabilities, deferred expense-related grants and deferred fixed asset grantsCarrying Contractual Year ended amountscash flows< 1 year1-2 years2-3 years3-5 years> 5 years31 December 2021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial liabilitiesBank overdrafts (132.2) (132.2) (132.2) \u2013 \u2013 \u2013 \u2013Bank loans (191.1) (196.2) (100.6) (19.9) (25.9) (31.5) (18.3)Bonds (640.9) (709.5) (15.9) (414.6) (5.9) (11.9) (261.2)Lease liabilities (235.7) (243.5) (67.1) (45.5) (30.6) (29.3) (71.0)Private placements (393.9) (420.5) (3.9) (3.9) (3.9) (7.7) (401.1)Trade and other 1payables(667.5) (667.5) (615.1) (52.4) \u2013 \u2013 \u2013(2,261.3) (2,369.4) (934.8) (536.3) (66.3) (80.4) (751.6)Derivative financial liabilitiesForeign exchange derivatives (18.8) (18.8) (18.8) \u2013 \u2013 \u2013 \u2013Interest rate derivatives (6.4) (6.5) (0.6) (2.1) (2.1) (1.7) \u2013Cross currency swaps (9.7) (10.3) (4.4) 0.3 0.3 0.3 (6.8)Fuel derivatives (0.7) (0.7) (0.4) (0.2) (0.1) \u2013 \u2013(35.6) (36.3) (24.2) (2.0) (1.9) (1.4) (6.8)1 Trade and other payables as stated in this table does not directly reconcile with the amounts shown in notes 24 and 25 as it excludes contract liabilities, deferred expense related grants and deferred fixed asset grantsCapital risk managementThe objective of capital management is to ensure that the Group is able to continue as a going concern while delivering shareholder expectations of a strong capital base as well as returning benefits for other stakeholders.The Group\u2019s capital structure consists of equity (refer to the Group Statement of Changes in Equity) and net debt (refer to note 39).The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.The Group\u2019s debt is monitored on the basis of a gearing ratio, being net debt divided by EBITDA, further details of which are provided in the Group Chief Financial Officer\u2019s review.The Group also uses ROCE as a measure of its ability to drive better returns on the capital invested in the Group\u2019s operations, further details of which are provided in the Group Chief Financial Officer\u2019s review.31 Financial instruments (including cash, trade receivables and payables)Fair valuesFinancial assets at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and include trade and other receivables and cash and cash equivalents. After initial fair value recognition, they are measured at amortised cost using the effective interest rate method. The fair value of these instruments approximates their carrying amounts, largely due to the short-term maturities.Financial assets at fair value through Other Comprehensive Income relates to the Group\u2019s non-listed equity investments.The Group\u2019s derivatives are measured at fair value. Derivatives, other than those designated as effective hedging instruments, are classified as fair value through profit or loss and are carried on the Balance Sheet at their fair value, with gains or losses recognised in the Income Statement. Derivatives designated as hedging instruments in an effective hedge are carried on the Balance Sheet at their fair value. For cash flow hedges and hedges of net investments in foreign operations, the effective portion of the gain or loss on the hedging instrument is recognised directly in Other Comprehensive Income, while the ineffective portion is recognised in the Income Statement.Amounts taken to Other Comprehensive Income are transferred to the Income Statement when the hedged transaction affects profit or loss or when the foreign operation is sold or partially disposed of. For fair value hedges, all gains or losses are recognised in the Income Statement.The fair value measurement of derivative instruments is categorised within Level 2 (i.e. the fair values are derived based on observable market inputs). The Group has no financial instruments with fair values that are determined by reference to significant unobservable inputs, i.e. those that would be classified as Level 3 in the fair value hierarchy, other than the deferred contingent consideration disclosed in note 19 and financial assets at fair value through Other Comprehensive Income in note 17. There have not been any transfers of assets or liabilities between levels of the fair value hierarchy and there are no non- recurring fair value movements.In August 2021, the Group entered into a series of interest rate swaps equal in value to the \u00a3250.0m bond. They are designated as a fair value hedge of the interest rate risk on the \u00a3250.0m bond. These swaps as measured at fair value through profit and loss, with any gains and losses being taken immediately to the Income Statement to offset any fair value gains or losses due to changes in the risk-free rate on the \u00a3250.0m bond. Consequently, the carrying value of the bond is adjusted for changes in fair value attributable to the risk being hedged. This net carrying value will differ from the fair value depending on movements in the Group\u2019s credit risk, movements in interest rates and unamortised fees. At 31 December 2022, the carrying value of the Group\u2019s bonds was \u00a3650.0m (2021: \u00a3650.0m) and compares with the fair value as presented in the table below.All other liabilities, including the remaining bonds, private placements, leases, bank loans and trade and other payables (excluding contingent consideration) are held at amortised cost. After initial fair value recognition, these instruments are measured at amortised cost using the effective interest rate method. The carrying value of these liabilities approximates to the fair value.The following table illustrates the fair values of all financial assets and liabilities held by the Group at 31 December 2022:Assets and At fair value At fair valueliabilities at through Other through profit Derivatives amortised ComprehensiveHedged item orused for Classification of financial instruments costIncomeat fair valuelosshedgingTotalAs at 31 December 2022\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAssetsInvestments \u2013 16.8 \u2013 \u2013 \u2013 16.8Fuel derivatives \u2013 \u2013 \u2013 \u2013 19.9 19.9Cross currency swaps \u2013 \u2013 \u2013 \u2013 10.7 10.7Foreign exchange derivatives \u2013 \u2013 \u2013 16.4 0.8 17.2Cash and cash equivalents 291.8 \u2013 \u2013 \u2013 \u2013 291.8Other debt receivables 2.8 \u2013 \u2013 \u2013 \u2013 2.8Finance lease receivables 14.0 \u2013 \u2013 \u2013 \u2013 14.01Trade and other receivables432.9 \u2013 \u2013 \u2013 \u2013 432.9741.5 16.8 \u2013 16.4 31.4 806.1LiabilitiesBank overdrafts (58.7) \u2013 \u2013 \u2013 \u2013 (58.7)Bank loans (195.8) \u2013 \u2013 \u2013 \u2013 (195.8)Bonds (400.1) \u2013 (221.3) \u2013 \u2013 (621.4)Lease liabilities (197.7) \u2013 \u2013 \u2013 \u2013 (197.7)Private placements (411.9) \u2013 \u2013 \u2013 \u2013 (411.9)Fuel derivatives \u2013 \u2013 \u2013 \u2013 (17.4) (17.4)Interest rate derivatives \u2013 \u2013 \u2013 (26.8) \u2013 (26.8)Cross currency swaps \u2013 \u2013 \u2013 \u2013 (15.6) (15.6)Foreign exchange derivatives \u2013 \u2013 \u2013 (4.5) \u2013 (4.5)2Trade and other payables(753.2) \u2013 \u2013 (11.8) \u2013 (765.0)(2,017.4) \u2013 (221.3) (43.1) (33.0) (2,314.8)1 Trade and other receivables as stated in this table does not directly reconcile with the amounts shown in notes 20 and 22 as it excludes contract assets, prepayments and provision for impairment of receivables2 Trade and other payables as stated in this table does not directly reconcile with the amounts shown in notes 24 and 25 as it excludes contract liabilities, deferred expense related grants and deferred fixed asset grantsAssets and At fair value liabilities at through Other At fair valueDerivatives amortisedComprehensiveHedged item through profit used for Classification of financial instruments costIncomeat fair valueor losshedgingTotalAs at 31 December 2021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAssetsInvestments \u2013 13.9 \u2013 \u2013 \u2013 13.9Fuel derivatives \u2013 \u2013 \u2013 \u2013 29.4 29.4Interest rate derivatives \u2013 \u2013 \u2013 0.1 \u2013 0.1Cross currency swaps \u2013 \u2013 \u2013 \u2013 12.0 12.0Foreign exchange derivatives \u2013 \u2013 \u2013 6.1 2.1 8.2Cash and cash equivalents 508.4 \u2013 \u2013 \u2013 \u2013 508.4Finance lease receivables 16.8 \u2013 \u2013 \u2013 \u2013 16.81Trade and other receivables344.7 \u2013 \u2013 \u2013 \u2013 344.7869.9 13.9 \u2013 6.2 43.5 933.5LiabilitiesBank overdrafts (132.2) \u2013 \u2013 \u2013 \u2013 (132.2)Bank loans (191.1) \u2013 \u2013 \u2013 \u2013 (191.1)Bonds (400.1) \u2013 (240.8) \u2013 \u2013 (640.9)Lease liabilities (235.7) \u2013 \u2013 \u2013 \u2013 (235.7)Private placements (393.9) \u2013 \u2013 \u2013 \u2013 (393.9)Fuel derivatives \u2013 \u2013 \u2013 \u2013 (0.7) (0.7)Interest rate derivatives \u2013 \u2013 \u2013 (6.4) \u2013 (6.4)Cross currency swaps \u2013 \u2013 \u2013 \u2013 (9.7) (9.7)Foreign exchange derivatives \u2013 \u2013 \u2013 (16.0) (2.8) (18.8)2Trade and other payables(654.1) \u2013 \u2013 (13.4) \u2013 (667.5)(2,007.1) \u2013 (240.8) (35.8) (13.2) (2,296.9)1 Trade and other receivables as stated in this table does not directly reconcile with the amounts shown in notes 20 and 22 as it excludes contract assets, prepayments and provision for impairment of receivables2 Trade and other payables as stated in this table does not directly reconcile with the amounts shown in notes 24 and 25 as it excludes contract liabilities, deferred expense related-grants and deferred fixed asset grantsOther receivables and other payables are to be settled in cash in the currency they are held in.The Group assesses at each year end reporting date whether a financial asset or group of financial assets is impaired. In the financial year 2022, there was no objective evidence that would have necessitated the impairment of loans and receivables except the provision for impairment of receivables (see note 30).Embedded derivativesIn accordance with IFRS 9 Financial Instruments, the Group has reviewed its contracts for embedded derivatives that are required to be separately accounted for. No embedded derivatives have been identified.Hedging activitiesThe Group uses derivative financial instruments to manage exposures to market risk, such as movements in foreign exchange rates, fuel prices and interest rates. Such derivative financial instruments are initially recognised at fair value and are subsequently re-measured at fair value at the end of each reporting period. In line with IFRS 9, the Group classifies hedges as:(i) fair value hedges used to hedge exposure to changes in the fair value of a recognised asset or liability; (ii) cash flow hedges used to hedge exposure to variability in cash flows associated with a recognised asset or liability or a highly probable forecast transaction; and (iii) hedges of a net investment in a foreign operation.In 2022, the Group applied cash flow hedge accounting to hedge fuel price risk and to hedge foreign currency risk on a US dollar denominated private placement. The Group applied net investment hedge accounting to hedge net investments in its North American and European foreign operations.The movement on derivative financial instruments is detailed below:At fair value throughDerivatives usedprofit and lossfor hedgingForeign Foreign exchange Cross exchange Interestforward currency forward rate swapscontractsFuel swapsswapscontractsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNet (liability)/asset at 1 January 2022 (6.3) (9.9) 28.7 2.3 (0.7) 14.1Movements through Income Statement (20.5) (17.6) (70.1) (3.0) \u2013 (111.2)Movements through Other Comprehensive Income \u2013 \u2013 70.1 (32.6) (5.9) 31.6Cash settlements \u2013 39.4 (26.2) 28.4 7.4 49.0Net asset/(liability) at 31 December 2022 (26.8) 11.9 2.5 (4.9) 0.8 (16.5)At fair value throughDerivatives usedprofit and lossfor hedgingForeign Foreign exchange Cross exchange Interestforward currency forward Fuel swapsrate swapscontractsFuel swapsswapscontractsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNet (liability)/asset at 1 January 2021 (2.4) 1.5 4.6 (17.7) (3.5) 30.2 12.7Movements through Income Statement 2.4 (7.8) (5.7) (4.4) (1.9) \u2013 (17.4)Movements through Other Comprehensive Income \u2013 \u2013 \u2013 50.8 7.7 4.2 62.7Cash settlements \u2013 \u2013 (8.8) \u2013 \u2013 (35.1) (43.9)Net asset/(liability) at 31 December 2021 \u2013 (6.3) (9.9) 28.7 2.3 (0.7) 14.1A reconciliation of movements in the cash flow hedge reserve, cost of hedging reserve and net investment hedge reserve is shown in note 32.A summary of the Group\u2019s hedging activities is as follows:Net investmentFair valueCash flowCash flowHedge typehedgehedgehedgehedgeRisk Foreign Foreign Interest Commodity currency riskcurrency riskRate riskprice riskNominal amount of hedging CAD 46.0USD 320.0EUR 616.7 USD 81.0 GBP 250.0 367.2m litresAgeing of nominal amount:CAD 46.0\u2013 \u2013USD 320.0< 1 year 220.3m litresEUR 376.71-2 years \u2013 \u2013 \u2013 110.6m litres2-5 years EUR 43.0 USD 81.0 GBP 250.0 36.2m litres> 5 years EUR 197.0 \u2013 \u2013 \u2013Average hedged rate 2.43% GBP SONIA +\u00a30.58/litre1.98%Maturity 2023 \u2013 2032 2027 2025 2023 \u2013 2025Carrying amount of hedging instruments (\u00a3m)Assets \u2013 derivatives 7.5 3.2 \u2013 19.9Liabilities \u2013 derivatives (15.6) \u2013 (26.8) (17.4)1Liabilities \u2013 borrowings(212.3) \u2013 \u2013 \u2013Carrying amount of hedged item \u2013 borrowings (\u00a3m) \u2013 (66.9) (221.3) \u2013Changes in fair value of hedged item for calculating hedge 14.7 (8.4) 19.9 26.52effectivenessChanges in fair value of hedged instrument used for calculating (14.7) 8.1 (19.7) (26.9)2hedge effectivenessAmounts accumulated in reserves at 31 December 2022 15.1 (2.5) \u2013 (33.5)Accumulated fair value hedge adjustment on borrowings \u2013 \u2013 26.3 \u20131 Represents the carrying value of the \u20ac240.0m Euro-denominated private placements2 Inclusive of cash settlements for the periodHedge of net investments in foreign entitiesThe Group uses foreign currency borrowings and derivative financial instruments to hedge the net investment in material foreign currency net assets of the Group, which are used to reduce the exposure to foreign exchange rate movements. At 31 December 2022, the Group had designated EUR 616.7m of cross currency interest rate swaps, EUR 240.0m of private placements and EUR 376.7m of foreign exchange forward contracts as net investment hedges of the net assets of the Group\u2019s European subsidiaries. Similarly, USD 30.0m of foreign exchange forward contracts, and USD 290.0m and CAD 46.0m of cross currency interest rate swaps were designated as a hedge of the net assets of the Group\u2019s North America subsidiaries. No material ineffectiveness was recognised in relation to these hedges.Fuel derivativesThe Group has a number of fuel derivatives in place to hedge the different types of fuel used in each division. Fuel swaps are used to match the timing, type of fuel and currency in which the domestic physical fuel is purchased as closely as possible, with hedges currently in place from 2023 through to 2025.During the year, \u00a370.1m of fair value gains (2021: \u00a350.8m gains) have been transferred to the cash flow hedge reserve due to movements in market fuel prices. A fair value gain of \u00a369.5m (2021: \u00a31.9m gain) has been transferred from the cash flow hedge reserve to the Income Statement following settlement of fuel trades; this comprised a gain of \u00a332.9m (2021: \u00a316.0m loss), being the hedging reserve position at 1 January and a \u00a336.6m gain (2021: \u00a317.9 gain) generated during the year due to movements in market fuel prices. No material ineffectiveness was recognised in relation to these hedges.Fuel derivatives can be analysed as follows:31 December31 December31 December31 December2022202120222021Fair valueFair valueVolume Volume\u00a3m\u00a3mmillion litres million litresFuel derivativesSterling denominated \u2013 UK (5.2) 5.3 63.8 48.6Euro denominated \u2013 ALSA (3.3) 7.4 114.7 85.4US Dollar and Canadian Dollar denominated \u2013 North America 8.4 7.1 41.8 65.5Fuel derivatives included in current assets/(liabilities) (0.1) 19.8 220.3 199.5Sterling denominated \u2013 UK 0.9 3.0 41.1 42.6Euro denominated \u2013 ALSA 0.2 3.6 69.5 61.8US Dollar and Canadian Dollar denominated \u2013 North America 1.5 2.3 36.3 53.1Fuel derivatives included in non-current assets/(liabilities) 2.6 8.9 146.9 157.5Total fuel derivatives 2.5 28.7 367.2 357.0Interest rate swaps at fair value through profit or lossIn August 2021, the Group entered into a series of interest rate swaps equal in value to the \u00a3250.0m bond. These interest rate swaps all pay fixed interest annually and receive floating interest (GBP SONIA + margin) annually with cash settlements matching that of the \u00a3250.0m bond. They are designated as a fair value hedge of the interest rate risk on the \u00a3250.0m bond. These swaps as measured at fair value through profit and loss, with any gains and losses being taken immediately to the Income Statement to offset any fair value gains or losses due to changes in the risk-free rate on the \u00a3250.0m bond. During the year, a fair value loss of \u00a319.9m was recognised in the Income Statement and was offset by a fair value gain of \u00a319.9m on the underlying hedged item due to changes in the risk-free interest rate.Cash flow hedgesIn June 2020, the Group entered into an $81.0m cross currency swap that pays fixed USD interest semi-annually and receives fixed GBP interest semi-annually. This is designated as a cash flow hedge of foreign currency risk with maturities matching an $81.0m private placement maturing in June 2027. No material ineffectiveness was recognised during the year.32 Share capital and reserves20222021Issued and fully paid: No. of shares\u00a3m No. of shares\u00a3mAt 1 January and 31 December 614,086,377 30.7 614,086,377 30.7The total number of share options exercised in the year by employees of the Company was 251,606 (2021: 402,244) of which all (2021: all) exercises were satisfied by transferring shares from the National Express Employee Benefit Trust.Own sharesOwn shares comprises 1,268,303 (2021: 1,489,069) ordinary shares in the Company that have been purchased by the trustees of the National Express Employee Benefit Trust (the Trust). During the year, the Trust purchased 120,082 (2021: 1,013,976) shares. 251,606 (2021: 402,244) shares were used to satisfy options granted under a number of the Company\u2019s share schemes, and a further 89,242 shares were transferred to the Executive Directors who purchased these shares using the cash element of their 2021 annual bonus awards. No shares (2021: nil) were sold during the year to the open market.The market value of the shares held by the Trust at 31 December 2022 was \u00a31.6m (2021: \u00a33.8m). No dividends were payable on these shares in either 2022 or 2021.Hybrid reservesThe Group has in issue a Sterling denominated hybrid instrument of \u00a3500m, with an annual coupon rate of 4.25%. The contractual terms of the instrument allow the Group to defer coupon payments and the repayment of the principal indefinitely. However, any deferred payments must be made in the event of a dividend distribution. The instrument was issued in November 2020 and the terms also allow for the instrument to be redeemed at the option of the Group at five years after issue (first call date) and 10 years (second call date), and subsequently at each coupon date or in the event of highly specific circumstances (such as a change in IFRS or change of control). As the Group has the unconditional right to avoid transferring cash or another financial asset in relation to this instrument, it is classified within equity. The annual coupon rate is fixed for the first five years, and thereafter reset according to the specific terms of the issuance.Other reservesFair value reserve of Net Capital financial Cash flow Cost of investmentredemptionMerger assets at hedge hedging hedge TranslationreservereserveFVOCIreservereservereservereserveTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m1At 1 January 2022 (Restated)0.2 239.5 (0.3) 25.0 1.0 43.0 75.6 384.0Exchange differences on retranslation of foreign operations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 146.9 146.9Gains on equity instruments classified as fair value through Other Comprehensive Income \u2013 \u2013 1.7 \u2013 \u2013 \u2013 \u2013 1.7Gains/(losses) on hedges \u2013 \u2013 \u2013 78.6 \u2013 (57.6) \u2013 21.0Hedging gains reclassified to Income Statement \u2013 \u2013 \u2013 (77.3) (0.4) \u2013 \u2013 (77.7)Cost of hedging \u2013 \u2013 \u2013 \u2013 (0.7) \u2013 \u2013 (0.7)Deferred tax \u2013 \u2013 \u2013 5.2 \u2013 1.3 \u2013 6.5At 31 December 2022 0.2 239.5 1.4 31.5 (0.1) (13.3) 222.5 481.71 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.The nature and purpose of the other reserves are as follows:\u2022 The merger reserve included the premium on shares issued to satisfy the purchase of Prism Rail PLC in 2000 and the share issue during 2020.\u2022 The cash flow hedge reserve and net investment hedge reserve records the movements on designated hedging instruments, offset by any movements recognised in equity on underlying hedged items.\u2022 The cost of hedging reserve records the movements in the currency basis, which are excluded from the hedging instrument on the designated hedging instruments in the cash flow and net investment hedge reserves.\u2022 The translation reserve records exchange differences arising from the translation of the accounts of foreign currency denominated subsidiaries offset by the movements on loans and derivatives used to hedge the net investment in foreign subsidiaries and cost of hedging.\u2022 The fair value reserve is for fair value movements on financial assets that are classified as fair value through Other Comprehensive Income.Fair value reserve of Net Capital financial Cash flowCost of investment(Restated) redemptionMerger assets at hedge hedging hedge Translation (Restated)1TotalreservereserveFVOCIreservereservereservereserve\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m1At 1 January 2021 (Restated)0.2 239.5 (1.5) (15.2) 1.4 16.0 132.8 373.2Exchange differences on retranslation of foreign operations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (57.2) (57.2)Gains on equity instruments classified as fair value through Other Comprehensive Income \u2013 \u2013 1.2 \u2013 \u2013 \u2013 \u2013 1.2Gains on hedges \u2013 \u2013 \u2013 52.5 \u2013 26.5 \u2013 79.0Hedging gains reclassified to Income Statement \u2013 \u2013 \u2013 (2.8) (0.5) \u2013 \u2013 (3.3)Cost of hedging \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.1Deferred tax \u2013 \u2013 \u2013 (9.5) \u2013 0.5 \u2013 (9.0)At 31 December 2021 0.2 239.5 (0.3) 25.0 1.0 43.0 75.6 384.01 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.33 Pensions and other post-employment benefits(a) Summary of pension benefits and assumptionsThe UK division (UK) operates defined benefit pension schemes.The Group also provides certain additional unfunded post-employment benefits to employees in North America and maintains a small defined benefit scheme for National Express Services Limited. These post-employment benefits have been combined into the \u2018Other\u2019 category.The UK, the Company and North America also operate or contribute into a number of defined contribution schemes.The Company defined benefit scheme was subject to a buy-in transaction on 11 October 2018 whereby the assets of the plan were invested in a bulk purchase annuity policy with the insurer Rothesay Life under which the benefits payable to defined benefit members became fully insured. On 23 September 2021, a full buy-out of the defined benefit section was completed, following which Rothesay Life has become fully and directly responsible for the pension obligations. On completion of the buy-out, the defined benefit assets (comprising the Rothesay Life insurance policy) and matching defined benefit liabilities were derecognised from the Group\u2019s Balance Sheet. The buy-out transaction also triggered the return of surplus assets to the Company totalling \u00a37.5m, with the remaining assets retained in the scheme to cover final expenses in completing its wind-up.In 2020, the UK division agreed a new six-year annual deficit plan with the trustees of the West Midlands Integrated Transport Authority Pension Fund, which continues until March 2024 with an average contribution of \u00a37.6m per annum. The plan remains open to accrual for existing members only.The assets of the defined benefit schemes are held separately from those of the Group and contributions to the schemes are determined by independent professionally qualified actuaries.The Group expects to contribute \u00a310.2m into its defined benefit pension plans in 2023.The total pension cost charged to underlying operating profit in the year for the Group was \u00a39.7m (2021: \u00a310.9m), of which \u00a36.2m (2021: \u00a36.0m) relates to the defined contribution schemes.The defined benefit pension (liability)/asset included in the Balance Sheet is as follows:20222021\u00a3m\u00a3mCompany \u2013 3.8Other 0.4 \u2013Pension assets 0.4 3.8UK (39.7) (96.1)Other (2.8) (3.1)Pension liabilities (42.5) (99.2)Total (42.1) (95.4)Through its defined benefit plans, the Group is exposed to a number of risks. As the only material scheme remaining in the Group, the risks, as detailed below, only relate to the UK scheme.Investment riskThe present values of scheme liabilities are calculated using a discount rate set with reference to corporate bond yields; if the return on scheme assets is below this yield, it will create a deficit. The UK scheme holds a significant proportion of return- seeking assets (equities and diversified growth funds) which, though expected to outperform corporate bonds in the long term, create volatility and risk in the short term.Interest riskA decrease in bond interest rates will increase scheme liabilities but this will be partially offset by an increase in the returns on the scheme assets.Inflation riskA significant proportion of the schemes\u2019 obligations are linked to inflation, and higher inflation will lead to higher liabilities. The UK scheme holds a small proportion of index-linked bonds which will help to protect against this risk.Longevity riskThe majority of the obligations are to provide benefits for the life of the members, so increases in life expectancy will result in an increase in the liabilities. The UK scheme includes a buy-in policy covering part of the pensioner members\u2019 liabilities, which partly helps to mitigate longevity risk.Legislative riskFuture legislative changes are uncertain. In the past these have led to both increases in obligations, for example, reduced investment return through the ability to reclaim advance corporation tax, and decreases in obligations, for example, through the ability to use consumer price index (CPI) inflation instead of retail price index (RPI) to set pension increase rates. For the UK scheme the Group receives professional advice on the impact of legislative changes.The valuations conducted for financial reporting purposes are based on the triennial actuarial valuations. A summary of the latest triennial actuarial valuations for the principal schemes, and assumptions made, are as follows:UK31 MarchDate of actuarial valuation2019Rate of investment returns per annum 3.2%Increase in earnings per annum 2.7%Scheme assets taken at market value \u00a3495.0mFunding level 84%The most recent triennial valuations are then updated by independent professionally qualified actuaries for financial reporting purposes, in accordance with IAS 19. Following the buy-out of the Company scheme there are no remaining pension liabilities at 31 December 2022 (2021: \u00a3nil) and therefore no assumptions are disclosed. The assumptions for the UK scheme are listed below:2022 2021UK UKRate of increase in salaries 2.5% 2.5%Rate of increase of pensions in payment 2.5% 2.8%Discount rate 4.8% 1.8%Inflation assumption (RPI) 3.1% 3.4%Inflation assumption (CPI) 2.5% 2.8%Post-retirement mortality in years:Current pensioners at 65 \u2013 male 19.5 19.6Future pensioners at 65 \u2013 male 20.9 21.0Current pensioners at 65 \u2013 female 23.0 23.0Future pensioners at 65 \u2013 female 24.5 24.6The Directors regard the assumptions around pensions in payment, discount rate, inflation and mortality to be the key assumptions in the IAS 19 valuation. The following table provides an approximate sensitivity analysis of a reasonably possible change to these assumptions:UK UK 20222021(Increase)/decrease in the defined benefit obligation\u00a3m\u00a3mEffect of a 0.5% increase in pensions in payment (17.1) (30.4)Effect of a 0.5% increase in the discount rate 24.2 36.1Effect of a 0.5% increase in inflation (19.0) (34.8)Effect of a 1-year increase in mortality rates (12.6) (18.0)The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. Aside from the matching insurance contracts held in the UK scheme, no allowance has been made for any change in assets that might arise under any of the scenarios set out above.Scheme assets are stated at their market values at the respective balance sheet dates. The expected rate of return on scheme assets is determined based on market returns on each category of scheme assets.(b) Financial results for pension benefitsThe amounts charged to the Group Income Statement and Group Statement of Comprehensive Income for the years ended 31 December 2022 and 2021 are set out in the following tables:UK CompanyOther Total 2022202220222022Group Income Statement\u00a3m\u00a3m\u00a3m\u00a3mAmounts credited:Current service cost (3.5) \u2013 \u2013 (3.5)Net interest expense (1.6) \u2013 (0.3) (1.9)Total credit to Income Statement (5.1) \u2013 (0.3) (5.4)In addition, during the year \u00a30.8m (2021: \u00a31.2m) of administrative expenses were incurred.UK CompanyOther Total 2022202220222022Group Statement of Comprehensive Income\u00a3m\u00a3m\u00a3m\u00a3mActuarial gain during the period from obligations 176.5 \u2013 1.6 178.1Expected return on plan assets greater than discount rate (125.1) \u2013 \u2013 (125.1)Net actuarial gain 51.4 \u2013 1.6 53.0The net interest expense has been included within finance costs (see note 10).UK CompanyOtherTotal20212021 2021 2021Group Income Statement\u00a3m\u00a3m\u00a3m\u00a3mAmounts (charged)/credited:Current service cost (3.8) \u2013 \u2013 (3.8)Settlement gain \u2013 0.1 \u2013 0.1Net interest (expense)/income (1.7) 0.1 (0.2) (1.8)Total charge/(credit) to Income Statement (5.5) 0.2 (0.2) (5.5)UK CompanyOtherTotal 20212021 20212021Group Statement of Comprehensive Income\u00a3m\u00a3m\u00a3m\u00a3mActuarial gain during the period from obligations 25.5 7.5 0.2 33.2Expected return on plan assets greater than discount rate 15.8 (7.6) 0.5 8.7Net actuarial gain/(loss) 41.3 (0.1) 0.7 41.9In addition to the above actuarial movements, the 2021 Statement of Comprehensive Income included a \u00a30.6m loss for investment advice that was incurred directly by the Company, primarily in relation to the buy-in transaction.The amounts were recognised in the Balance Sheet at 31 December as follows:UK CompanyOther Total 2022202220222022As at 31 December 2022\u00a3m\u00a3m\u00a3m\u00a3mEquities 54.5 \u2013 2.3 56.8Bonds and multi-asset credit 77.0 \u2013 0.9 77.9Insurance policy 126.0 \u2013 \u2013 126.0Diversified growth fund 21.9 \u2013 \u2013 21.9Liability-driven investment 52.8 \u2013 \u2013 52.8Other 14.9 \u2013 \u2013 14.9Fair value of scheme assets 347.1 \u2013 3.2 350.3Present value of liabilities and defined benefit obligation (386.8) \u2013 (5.6) (392.4)Defined benefit pension deficit (39.7) \u2013 (2.4) (42.1)None of the pension arrangements directly invest in any of the Group\u2019s own financial instruments nor any property occupied by, or other assets used by, the Group. The majority of the benefits within the plans are covered by insurance contracts. The insurance assets have been valued so as to match the defined benefit obligations. The fair value of the remaining equity and debt instruments have primarily been determined based on quoted prices in active markets.UK CompanyOtherTotal 20212021 20212021As at 31 December 2021\u00a3m\u00a3m\u00a3m\u00a3mEquities 96.4 \u2013 2.6 99.0Bonds and multi-asset credit 63.8 \u2013 0.9 64.7Insurance policy 171.7 \u2013 \u2013 171.7Diversified growth fund 98.3 \u2013 \u2013 98.3Liability-driven investment 48.0 \u2013 \u2013 48.0Other 1.5 3.8 0.1 5.4Fair value of scheme assets 479.7 3.8 3.6 487.1Present value of liabilities and defined benefit obligation (575.8) \u2013 (6.7) (582.5)Defined benefit pension (deficit)/surplus (96.1) 3.8 (3.1) (95.4)The movement in the present value of the defined benefit obligation in the year is as stated below.The Group\u2019s defined benefit obligation comprises \u00a3389.7m (2021: \u00a3580.6m) arising from plans that are wholly or partly funded and \u00a32.7m (2021: \u00a31.9m) from unfunded plans.The movement in the defined benefit obligations is as follows:UKCompanyOtherTotal\u00a3m\u00a3m\u00a3m\u00a3mDefined benefit obligation at 1 January 2022 (575.8) \u2013 (6.7) (582.5)Current service cost (3.5) \u2013 \u2013 (3.5)Benefits paid 26.6 \u2013 0.1 26.7Contributions by employees (0.6) \u2013 (0.4) (1.0)Finance charge (10.2) \u2013 (0.4) (10.6)Actuarial gain from changes in financial assumptions 208.9 \u2013 2.2 211.1Actuarial gain arising from changes in demographics 4.2 \u2013 \u2013 4.2Actuarial loss arising from experience adjustments (36.4) \u2013 (0.4) (36.8)Defined benefit obligation at 31 December 2022 (386.8) \u2013 (5.6) (392.4)UKCompanyOtherTotal\u00a3m\u00a3m\u00a3m\u00a3mDefined benefit obligation at 1 January 2021 (616.7) (110.5) (9.0) (736.2)Current service cost (3.8) \u2013 \u2013 (3.8)Benefits paid 27.4 3.7 0.1 31.2Contributions by employees (0.5) \u2013 2.2 1.7Finance charge (7.7) (1.1) (0.2) (9.0)Gain on settlements \u2013 100.4 \u2013 100.4Actuarial gain from changes in financial assumptions 19.9 7.3 0.1 27.3Actuarial gain arising from changes in demographics 8.6 0.2 0.1 8.9Actuarial loss arising from experience adjustments (3.0) \u2013 \u2013 (3.0)Defined benefit obligation at 31 December 2021 (575.8) \u2013 (6.7) (582.5)The movement in the fair value of scheme assets is as follows:UKCompanyOtherTotal\u00a3m\u00a3m\u00a3m\u00a3mFair value of scheme assets at 1 January 2022 479.7 3.8 3.6 487.1Expected return on plan assets 8.6 \u2013 0.1 8.7Expected return on plan assets greater/(less) than discount rate (125.1) \u2013 (0.4) (125.5)Cash contributions \u2013 employer 10.1 (3.1) \u2013 7.0Administrative expenses (0.1) (0.7) \u2013 (0.8)Cash contributions \u2013 employee 0.5 \u2013 \u2013 0.5Benefits paid (26.6) \u2013 (0.1) (26.7)Fair value of scheme assets at 31 December 2022 347.1 \u2013 3.2 350.3UKCompanyOtherTotal\u00a3m\u00a3m\u00a3m\u00a3mFair value of scheme assets at 1 January 2021 475.1 122.8 3.2 601.1Expected return on plan assets 6.0 1.2 \u2013 7.2Expected return on plan assets greater/(less) than discount rate 15.8 (7.6) 0.5 8.7Cash contributions \u2013 employer 9.9 (7.5) \u2013 2.4Administrative expenses (0.1) (1.1) \u2013 (1.2)Cash contributions \u2013 employee 0.4 \u2013 \u2013 0.4Loss on settlement \u2013 (100.3) \u2013 (100.3)Benefits paid (27.4) (3.7) (0.1) (31.2)Fair value of scheme assets at 31 December 2021 479.7 3.8 3.6 487.1The employer cash contribution of \u00a37.5m in the Company scheme in 2021 represents the surplus returned to the Group upon the buy-out transaction completing.20222021202020192018History of experience gains and losses:\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUKFair value of scheme assets 347.1 479.7 475.1 458.0 453.0Present value of defined benefit obligation (386.8) (575.8) (616.7) (557.1) (580.3)Deficit in the scheme (39.7) (96.1) (141.6) (99.1) (127.3)Experience adjustments arising on liabilities (36.4) (3.0) 6.7 52.2 (1.1)Experience adjustments arising on assets (125.1) 15.8 24.4 8.9 (30.0)CompanyFair value of scheme assets \u2013 3.8 122.8 109.3 98.6Present value of defined benefit obligation \u2013 \u2013 (110.5) (95.1) (83.7)Surplus in the scheme \u2013 3.8 12.3 14.2 14.9Experience adjustments arising on liabilities \u2013 \u2013 1.0 0.3 (2.3)Experience adjustments arising on assets \u2013 (7.6) 16.4 10.8 (35.6)OtherFair value of scheme assets 3.2 3.6 3.2 3.0 2.7Present value of defined benefit obligation (5.6) (6.7) (9.0) (8.1) (7.1)Deficit in the scheme (2.4) (3.1) (5.8) (5.1) (4.4)Experience adjustments arising on liabilities (0.4) \u2013 \u2013 \u2013 \u2013Experience adjustments arising on assets (0.4) 0.5 0.2 0.2 \u2013The cumulative amount of actuarial gains and losses recognised in the Statement of Comprehensive Income since 1 January 2004 is a \u00a382.8m loss (2021: \u00a3135.8m loss). The Directors are unable to determine how much of the pension scheme deficit recognised on transition to IFRS and taken directly to equity of \u00a351.9m is attributable to actuarial gains and losses since inception of those pension schemes. Consequently, the Directors are unable to determine the amount of actuarial gains and losses that would have been recognised in the Statement of Comprehensive Income before 1 January 2004.34 LeasesGroup as a lesseeThe Group has lease contracts for various items of property, vehicles, plant and other equipment. Lease terms are negotiated on an individual basis, contain a wide range of different terms and conditions, and may include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group\u2019s business needs. Management exercises judgement in determining whether these extension and termination options are reasonably certain to be exercised.The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the leased assets.(a) Amounts recognised in the Balance SheetSet out below is the net book value of right-of-use assets and additions during the year (included in property, plant and equipment \u2013 note 15):2022 2021Plant and Plant and Public equipment,Public equipment,Land and service fixtures Land and service fixtures and buildingsvehiclesand fittingsTotalbuildingsvehiclesfittingsTotalRight-of-use assets\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAdditions 40.3 2.9 0.5 43.7 25.4 8.0 0.3 33.7Depreciation charge (31.4) (25.8) (0.5) (57.7) (28.8) (36.5) (0.6) (65.9)Net book value at 31 December 104.6 79.5 0.2 184.3 97.6 129.9 0.2 227.7Set out below are the carrying amounts of lease liabilities (included in borrowings \u2013 note 28) at 31 December 2022:20222021Lease liabilities\u00a3m\u00a3mCurrent 58.0 67.0Non-current 139.7 168.7197.7 235.7The maturity analysis of lease liabilities is presented in note 29.(b) Amounts recognised in the Income Statement20222021\u00a3m\u00a3mDepreciation expense on right-of-use assets (note 6) 57.7 65.9Interest on lease liabilities (note 10) 9.4 10.5Interest income on sub-leases (note 10) (0.5) (0.7)Expenses relating to short-term leases (note 6) 6.5 4.3Expenses relating to leases of low-value assets (note 6) 2.9 3.0Variable lease payments not included in the measurement of lease liabilities (note 6) 0.6 0.1Income from sub-leasing right-of-use assets (included in other revenue) (4.5) (3.5)It is not expected that commitments for short-term leases will materially differ from those in place at 31 December 2022.(c) Amounts recognised in the Cash Flow Statement20222021\u00a3m\u00a3m Included withinPayment of interest (9.4) (10.5) Cash flows from operating activitiesPayment of principal (85.9) (118.2) Cash flows from financing activitiesPayments for short-term, low-value leases and variable lease payments (10.0) (7.4) Cash generated from operationsTotal cash outflow for leases (105.3) (136.1)(d) Extension and termination optionsSome property and vehicle leases contain extension or termination options exercisable by the Group before the end of the non-cancellable contract period. Where practicable, the Group seeks to include extension or termination options in new leases to provide operational flexibility. The extension and termination options held are exercisable only by the Group and not by the lessors. The Group assesses at the lease commencement date whether it is reasonably certain to exercise the extension or termination options and reassesses these assumptions when there is a significant event or significant change in circumstances within its control. Where the Group determines it is reasonably certain that a termination option will be exercised, any termination penalty is included in the lease liability.The Group has estimated that the potential future lease payments, should it exercise the extension or termination options, would result in an immaterial change in the lease liability.(e) Variable lease paymentsThe Group has a variable lease arrangement in respect of public service vehicles in North America. The lease payments are fully variable based on miles driven, and there is no minimum mileage or fixed payment within the contract. Given the lease payments are fully variable, no lease liability has been recognised in the Balance Sheet. Instead, the variable lease payments are included in the Income Statement as incurred.(f) Residual value guaranteesThe Group has a number of leased vehicles with residual value guarantees. At the lease commencement date the amounts expected to be payable have been included in the lease liability.(g) Future lease commitmentsIn 2021 the Group entered into an availability agreement for the provision of 130 electric buses in the UK. At the year end, 45 vehicles have been made available to us, the remaining 85 expected to be delivered in 2023. The agreement includes a substitution clause whereby the service provider makes available to us a set number of vehicles each day from its wider pool of vehicles. In the Directors\u2019 view, the arrangement does not meet the definition of a lease. The service provider has control of the vehicles and has a substantive substitution right, having both the practical ability to substitute the vehicles and an economic incentive to do so. Consequently, no right-of-use asset or lease liability will be recognised on the Balance Sheet, and payments under the agreement will be charged to the Income Statement as incurred. These contracts will give rise to an estimated annual expense of \u00a37.6m.At the year end, the Group had commitments relating to leases not yet commenced with future lease payments of \u00a30.3m (2021: \u00a30.1m) within one year, \u00a31.6m (2021: \u00a30.7m) within five years and \u00a3nil thereafter (2021: \u00a30.5m).Group as a lessorThe Group has finance leasing arrangements as a lessor for certain vehicles to its customers. In addition, the Group sub-leases two properties which are no longer used by the Group. During 2022, the Group recognised interest income on lease receivables of \u00a30.5m (2021: \u00a30.7m).The following table sets out a maturity analysis of lease receivables, showing the undiscounted lease payments to be received after the reporting date:20222021Net investment in the lease\u00a3m\u00a3mWithin one year 4.7 4.6After one year but not more than five years 7.3 9.3More than five years 6.7 5.6Total undiscounted lease receivable 18.7 19.5Unearned finance income (4.7) (2.7)Finance lease receivable 14.0 16.8The maturity analysis of the discounted lease payments are as follows:20222021Net investment in the lease\u00a3m\u00a3mCurrent 4.3 4.1Non-current 9.7 12.714.0 16.8The Group also sub-leases some of its property and public service vehicles. The Group has classified these sub-leases as operating leases, because they do not transfer substantially all of the risks and rewards incidental to the right-of-use assets. The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date.20222021Operating lease receipts\u00a3m\u00a3mWithin one year 3.6 3.0After one year but not more than five years 3.6 4.7More than five years \u2013 \u20137.2 7.735 Commitments and contingencies(a) Capital commitments20222021\u00a3m\u00a3mContracted 164.5 97.0The Group is committed to vehicle purchases and various land and buildings improvements.(b) Contingent liabilitiesGuaranteesThe Group has guaranteed credit facilities totalling \u00a3nil (2021: \u00a33.7m) of certain joint ventures.Bonds and letters of creditIn the ordinary course of business, the Group is required to issue counter-indemnities in support of its operations. As at 31 December 2022, the Group had performance bonds in respect of businesses in the USA of \u00a3132.7m (2021: \u00a3113.7m), in Spain of \u00a389.9m (2021: \u00a388.1m), in Germany of \u00a325.8m (2021: \u00a330.0m) and in the Middle East of \u00a310.3m (2021: \u00a36.0m). Letters of credit have been issued to support insurance retentions of \u00a3179.8m (2021: \u00a3145.0m).LegalThrough the ordinary course of our operations, the Group is party to various litigation, claims and investigations. We do not expect the ultimate resolution of any of these proceedings to have a material adverse effect on the Group\u2019s results, cash flows or financial position.36 Related party transactionsAmounts ofAmounts due fromAmounts due totransactionsrelated partiesrelated parties202220212022202120222021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mJoint venturesBahrain Public Transport Company W.L.L. 0.6 0.5 \u2013 \u2013 \u2013 \u2013AssociatesALSA associates 4.5 3.5 2.1 3.2 (0.4) (0.5)1North America associates0.3 0.4 \u2013 \u2013 \u2013Total joint ventures and associates 5.4 4.0 2.1 3.2 (0.4) (0.5)Trade investmentsALSA trade investments 6.8 4.7 \u2013 0.8 (1.3) (0.8)1North America trade investments\u2013 0.6 \u2013 \u2013 \u2013 \u2013Total investments 6.8 5.7 \u2013 0.8 (1.3) (0.8)Property transactionsALSA property transactions 7.0 4.9 0.6 0.4 (0.2) (0.5)North America property transactions \u2013 2.0 \u2013 \u2013 \u2013 \u2013Total property transactions 7.0 6.9 0.6 0.4 (0.2) (0.5)Total other related parties 13.8 12.6 0.6 1.2 (1.5) (1.3)Total 19.2 16.6 2.7 4.4 (1.9) (1.8)1 Included in North America associate transaction is \u00a30.4m previously included within trade investmentsA number of Spanish companies have leased properties from companies related to the Cosmen family. Jorge Cosmen is a Non-Executive Director of the Group and was appointed as Deputy Chairman in October 2008. These leases were in place before the Group\u2019s acquisition of ALSA and are at appropriate market rates.The details of the post-employment benefit plans operated for the benefit of employees of the Group are disclosed in note 33.Compensation of key management personnel of the GroupThe Group has determined key management personnel to constitute the Group Executive Committee and all other Board members of the parent entity. Further details are disclosed in the Directors\u2019 Remuneration Report:20222021\u00a3m\u00a3m1Short-term benefits2.5 2.6Share-based payment (note 9) \u2013 0.22.5 2.81 Included within the prior year short-term benefits is \u00a30.7m relating to other Board members\u2019 compensation37 Service concession arrangementsThe following table sets out the nature and extent of the Group\u2019s service concession arrangements:Description of the Concession Concession Classification Concessionarrangementperiodcommencement Nature of infrastructureunder IFRIC 12German Rail The Group operates15 years 2015 \u2013 2020 Rolling stock and tracks used No financial or two train services in in the operation of the service intangible asset Germany.are provided by the delegating is recognised for authority.construction as the infrastructure is provided to the Group.Moroccan Urban The Group has two 15 years September 2019 Public service vehicles used in Intangible assetBuscontracts with the the operation are providedMoroccan authority for by the Group, some of which are the operation of public subject to \u2018lease type\u2019transport bus services.arrangements.Up to 15 years November 2019 Initially, public service vehicles Financial assetused in operation are provided by the public authority. Replacement public service vehicles will be provided by the Group and publicauthority in future years.Spanish Regional The Group has a contract 10 years July 2021 Public service vehicles used in Financial assetBuswith the Provincial the operation are provided by Government of Bizkaia to the Group.operate regional services.Spanish Urban Bus The Group has two10 years August 2019 Public service vehicles usedFinancial assetcontracts with Spanish in the operation are provided by Councils to operate urban the Group.commuter coach services 3 years June 2021 Public service vehicles used in Financial assetin Spain.the operation are provided by the Group.Alaska Schoolbus The Group has 10 years July 2021 Public service vehicles used in Financial assetundertaken a contract the operation are provided by for home to school the Group.transportation.10 years July 2022 Public service vehicles used in Financial assetthe operation are provided by the Group.Portugal Urban Bus The Group has a contract 7 years June 2022 Public service vehicles are Intangible assetwith the Lisbon transport provided by the Group with a authority to operate urban purchase option for the grantor commuter bus services.to acquire the fleet at the end of the contract term.During the year, no revenue or profit was recognised in exchanging construction services for financial or intangible assets.38 Cash flow statement(a) Reconciliation of Group loss before tax to cash generated from operations20222021\u00a3m\u00a3mLoss before tax (209.9) (84.9)Net finance costs 51.0 47.7Share of results from associates and joint ventures 0.4 1.0Depreciation of property, plant and equipment 203.5 199.7Intangible asset amortisation 55.5 54.2Amortisation of fixed asset grants (2.1) (3.2)Gain on disposal of property, plant and equipment (10.5) (8.0)Gain on disposal of intangible assets (5.1) (0.6)Share-based payments 1.2 1.0Increase in inventories (1.5) (1.9)Increase in receivables (118.5) (85.3)Increase in payables 52.5 53.2Receipts on settlement of fuel forward contracts 26.2 \u2013(Decrease)/increase in provisions (23.9) 17.1Decrease in pensions (3.2) \u20131Separately disclosed operating items318.6 84.4Cash flows relating to separately disclosed items (49.3) (43.3)Cash generated from operations 284.9 231.11 Excludes amortisation from acquired intangibles which is included within \u2018intangible asset amortisation\u2019(b) Analysis of changes in net debtNet debt is an alternative performance measure which is not defined or specified under the requirements of International Financial Reporting Standards. Please refer to the glossary on page 291 for further information.At Acquisitions At 1 Januaryand Exchange Other 31 December2022Cash flowdisposalsdifferencesmovements2022\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mComponents of financing activities:1Bank and other loans(189.6) 10.7 (1.0) (14.3) (0.5) (194.7)3Bonds(640.9) \u2013 \u2013 \u2013 19.5 (621.4)Fair value of interest rate derivatives (6.3) \u2013 \u2013 \u2013 (19.7) (26.0)Fair value of foreign exchange forward contracts (9.9) 39.4 \u2013 (17.6) \u2013 11.9Cross currency swaps 2.6 28.4 \u2013 (37.0) \u2013 (6.0)2Net lease liabilities(218.9) 85.9 (0.7) (13.1) (36.9) (183.7)3Private placements(393.9) \u2013 \u2013 (17.7) (0.3) (411.9)Total components of financing activities (1,456.9) 164.4 (1.7) (99.7) (37.9) (1,431.8)Cash 268.1 (115.4) 0.4 18.6 \u2013 171.7Overnight deposits 0.4 6.0 \u2013 0.2 \u2013 6.6Other short-term deposits 239.9 (126.6) \u2013 0.2 \u2013 113.5Bank overdrafts (132.2) 73.5 \u2013 \u2013 \u2013 (58.7)Net cash and cash equivalents 376.2 (162.5) 0.4 19.0 \u2013 233.1Other debt receivables 1.0 1.6 \u2013 0.1 \u2013 2.7Remove: fair value of foreign exchange forward contracts 9.9 (39.4) \u2013 17.6 \u2013 (11.9)Net debt (1,069.8) (35.9) (1.3) (63.0) (37.9) (1,207.9)1 Net of arrangement fees totalling \u00a31.1m (2021: \u00a31.5m) on bank and other loans2 Net lease liabilities is inclusive of finance lease receivables which are reported separately from borrowings on the face of the Group\u2019s Balance Sheet3 Excludes accrued interest on long-term borrowingsShort-term deposits relate to term deposits repayable within three months.Borrowings include non-current interest-bearing borrowings of \u00a3886.3m (2021: \u00a31,294.3m) as disclosed in note 28.Other non-cash movements include lease additions and disposals of \u00a336.9m (2021: \u00a326.6m) and a \u00a31.1m net reduction from the amortisation of loan and bond arrangement fees (2021: \u00a31.2m). A \u00a319.9m decrease in the fair value of the hedging derivatives is offset by opposite movements in the fair value of the related hedged borrowings.At At 1 JanuaryAcquisitions Exchange Other 31 December2021Cash flowand disposalsdifferencesmovements2021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mComponents of financing activities:1Bank and other loans(101.8) (89.6) (2.0) 4.4 (0.6) (189.6)3Bonds(647.0) \u2013 \u2013 \u2013 6.1 (640.9)Fair value of interest rate derivatives 1.0 \u2013 \u2013 \u2013 (7.3) (6.3)Fair value of foreign exchange forward contracts 4.6 (8.8) \u2013 (5.7) \u2013 (9.9)Cross currency swaps (5.7) \u2013 \u2013 8.3 \u2013 2.62Net lease liabilities(311.3) 118.2 \u2013 0.8 (26.6) (218.9)3Private placements(476.8) 66.8 \u2013 15.5 0.6 (393.9)Total components of financing activities (1,537.0) 86.6 (2.0) 23.3 (27.8) (1,456.9)Cash 241.2 28.7 0.2 (2.0) \u2013 268.1Overnight deposits 49.7 (47.4) \u2013 (1.9) \u2013 0.4Other short-term deposits 338.9 (98.4) \u2013 (0.6) \u2013 239.95Bank overdrafts(109.3) (22.9) \u2013 \u2013 \u2013 (132.2)Net cash and cash equivalents 520.5 (140.0) 0.2 (4.5) \u2013 376.2Other debt receivables 1.2 (0.1) \u2013 (0.1) \u2013 1.0Remove: fair value of foreign exchange forward contracts (4.6) 8.8 \u2013 5.7 \u2013 9.9Net debt (1,019.9) (44.7) (1.8) 24.4 (27.8) (1,069.8)1 Net of arrangement fees totalling \u00a32.4m on bank and other loans2 Net lease liabilities is inclusive of finance lease receivables which are reported separately from borrowings on the face of the Group\u2019s Balance Sheet3 Excludes accrued interest on long-term borrowings(c) Reconciliation of net cash flow to movement in net debt20222021\u00a3m\u00a3mDecrease in net cash and cash equivalents in the year (162.1) (139.8)Cash inflow/(outflow) from movement in other debt receivables 1.6 (0.1)Cash inflow from movement in debt and leases liabilities 123.3 93.4Change in net debt resulting from cash flows (37.2) (46.5)Change in net debt resulting from non-cash movements (100.9) (3.4)Movement in net debt in the year (138.1) (49.9)Opening net debt (1,069.8) (1,019.9)Net debt (1,207.9) (1,069.8)39 Subsidiary undertakings and other significant holdingsA full list of subsidiaries, joint ventures and companies in which National Express Group PLC has a controlling interest as at 31 December 2022 is shown below, along with the country of incorporation and the effective percentage of equity owned.% equity Name and country of IncorporationinterestUnited Kingdom & IrelandAirlinks The Airport Coach Company Limited (a) 100Airside Transport Services Limited (b) 100Altram L.R.T. Limited (a) 100Brooke Management Limited (a) 100Central Trains Limited (a) 100Clarkes Holdco Limited (a) 100Coachman Limited (a) 100Coliseum Coaches Limited (a) 100E. Clarke & Son (Coaches) Limited (a) 100Eurolines (U.K) Limited (a) 100H. Luckett & Co. Limited (a) 100London Eastern Railway Limited (a) 100Lucketts Holdings Limited (a) 100Lucketts Services Limited (a) 100Maintrain Limited (a) 100Midland Main Line Limited (a) 100Mobiciti Limited (a) 100Mobico Group Limited (a) 100Mortons Travel Limited (a) 100National Express Bus & Coach Services Limited (b) 100National Express European Holdings Limited (05652775)* (a) 100National Express Finance Company Limited (a) 100National Express Financing LP** (a) 100National Express Group Holdings Limited (04339932) (a) 100National Express Holdings Limited (02156473)* (a) 100National Express Intermediate Holdings Limited (a) 100National Express International Limited (a) 100National Express Leisure Limited (previously Lucketts Travel Limited) (a) 100National Express Limited (a) 100National Express Manchester Limited (a) 100National Express Middle East Plc (a) 100National Express North America Holdings Limited (07855182)* (a) 100National Express Operations (Stansted) Limited (a) 100National Express Operations Limited (02609812) (a) 100National Express Petermann UK Limited (07855188)* (a) 100National Express Rail Replacement Limited (a) 100National Express Services Limited (a) 100National Express Spanish Holdings Limited (a) 100National Express Trains Limited (a) 100National Express Transport Holdings Limited (04338163)* (a) 100National Express UK Limited (a) 100National Express UK Central Services Limited (a) 100N E Canada Limited (08596333)* (a) 100NE Durham UK Limited (08270480)* (a) 100% equity Name and country of IncorporationinterestNE Europe Finance Limited (07876047)* (a) 100NE No.1 Ltd (a) 100NE No.2 Ltd (a) 100NE No. 3 Limited (a) 100NE Trains South Limited (a) 100NXEC Trains Limited (a) 100Scotrail Railways Limited (a) 100Silverlink Train Services Limited (a) 100Solent Coaches Limited (a) 100Speedlink Airport Services Limited (a) 100Stewarts Coach Group Limited (a) 100Stewarts Coaches Limited (a) 100The Kings Ferry Limited (a) 100Travel Coventry Limited (previously WM Card Systems Limited) (a) 100Travel Merryhill Limited (a) 100Travel West Midlands Limited (a) 100Travel WM Limited (a) 100Travel Yourbus Limited (a) 100West Anglia Great Northern Railway Limited (a) 100West Midlands Accessible Transport Limited (previously Travel Coventry Limited) (a) 100West Midlands Travel Limited (a) 100W M Property Holdings Limited (a) 100WM Travel Limited (a) 100W M Ventures Limited (a) 100Wood\u2019s Coaches Limited (a) 100Woods Reisen Limited (a) 100Worthing Coaches Limited (a)100BahrainBahrain Public Transport Company W.L.L. (c) 50GermanyNational Express Germany GmbH (d) 95National Express Holding GmbH (d) 100National Express Rail GmbH (e) 100S\u00fcddeutsche Regionalbahn GmbH (d) 100Czech RepublicNational Express Cz s.r.o. (f) 100NetherlandsNational Express Holdings LLC BV (g) 100% equity Name and country of IncorporationinterestAndorraEstaci\u00f3 2017, S.A. (h) 11Transports Dels Pirineus (h) 100France(ABG) Alsa Bustours Gex (i) 100Alsa Puerto Rico, LLC (j) 100Iberolines (k) 46SARL Chamexpress.com (l) 100MoroccoAlsa al Baida (m) 100Alsa City Agadir S.A. (n) 100Alsa City Sightseeing Maroc (o) 100Alsa City Tour S.A.R.L. (o) 95Alsa Citybus Rabat-Sal\u00e9-Temara, S.A. (p) 51Alsa Education a la S\u00e9curit\u00e9 Routi\u00e8re S.A.R.L. (o) 98Alsa Intercity Services, S.A. (q) 100Alsa Khouribga S.A. (r) 100Alsa Tanger S.A. (s) 100Centre de Formation Techn. Profes. Transport S.A.R.L. (o) 99Groupe Alsa Transport S.A. (o) 100Immeubles V\u00e9hicules Accessoires Maroc S.A.R.L. (o) 80Interprovincial Maroc S.A.R.L. (o) 100Transport de Voyageurs en Autocar Maroc S.A. (o) 100Portugal Alsa Metropolitano do Porto, Lda (t) 100 Tiac Viagens e Turismo Lda (u) 100Alsa Todi Metropolitana de Lisboa (v) 65Alsa Portugal \u2013 Aluguer de veicolos, Unipessoal, Lda. (v) 100Slovakia Efc Spol s.r.o. (w) 80Spain Agreda Bus, S.L (x) 70 Alianza Bus, S.L.U. (y) 100Alsa Atl\u00e1ntica, S.L.U. (z) 100Alsa Ferrocarril, S.A.U. (z) 100Alsa Granada Airport S.L. (aa) 100Alsa Grupo, S.L.U. (z) 100Alsa Innovaci\u00f3n y Proyectos de Movilidad, S.L. (ab) 100Alsa Internacional, S.L.U. (z) 100Alsa Metropolitana, S.A.U. (y) 100Alsa-Mirat Extremadura, S.L. (ac) 50Alsa Micromobility, S.L.U. (z) 50Alsa Rail, S.L.U. (z) 100Alsa Internacional, S.L.U. y Otros U.T.E. (y) 100Alsa Transporte Sanitario, S.L. (ad) 60Alsa Servicios Log\u00edsticos Ferroviarios, S.L. (ad) 100Aplic. y Sist. Integrales Para el Transporte, S.A. (ae) 100% equity Name and country of IncorporationinterestAragonesa de Estaci\u00f3n de Autobuses, S.A. (af) 23Argabus, S.A. (ag) 100Artazo Servicios Integrales, S.L. (ah) 100Asturies Berlinas de Luxu, S.L. (ai) 100Autobuses Urbanos de Bilbao, S.A. (aj) 75Autobuses Urbanos de Le\u00f3n, S.A.U. (ak) 100Autocares Castilla\u2013Leon, S.A.U. (al) 100Autocares de Badajoz, S.L. (am) 100Autocares Discrecionales del Norte, S.L.U. (an) 100Autom\u00f3viles Luarca, S.A.U. (ao) 100Autom\u00f3viles Sigras Carral, S.A. (ap) 100Autos Cal Pita, S.A. (ap) 97Autos Pelayo, S.A.U. (z) 100Autos Rodr\u00edguez Eocar, S.L. (aq) 80Baleares Business Cars, S.L. (ai) 100Baleares Consignatarios, S.L.U. (ar) 100Baleares Consignatarios Tours, S.L.U. (ar) 100Berlinas de Asturias, S.L. (ai) 100Berlinas Calecar, S.L.U. (al) 100Berlinas de Canarias, S.L. (ai) 100Berlinas de Toledo, S.L. (ai) 100Berlinas VTC de Cantabria, S.L.U. (as) 100Bilboko Hiribus Jasangarr\u00eda, S.L. (aj) 78Buses de Palencia, S.L. (at) 100Bus Metropolitano de Granada, S.L. (aa) 100Busturialdea Lea Artibai Bus, S.A. (au) 65Bus Urbano de Castro Urdiales, S.L. (as) 96Canary Business Cars, S.L. (ai) 100Catalu\u00f1a Business Cars, S.L. (ai) 100Cetralsa Formaci\u00f3n, S.L.U. (z) 100C\u00eda. del Tranv\u00eda El\u00e9ctrico de Avil\u00e9s, S.A. (av) 87Compa\u00f1ia Navarra de Autobuses, S.A. (aw) 50Compostelana, S.A.U. (ax) 100Concesionario Estaci\u00f3n Autobuses Logro\u00f1o, S.A. (ay) 21Ebrobus, S.L.U. (z) 100Estaci\u00f3n Autobuses de Cartagena, S.A. (az) 54Estaci\u00f3n Autobuses de Ponferrada, S.A. (ba) 49Estaci\u00f3n Central de Autobuses de Zaragoza, S.A. (bb) 19Estaci\u00f3n de Autobuses de Siero, S.L. (bc) 50Estaci\u00f3n de Autobuses Aguilar de Campoo, S.L. (bd) 67Estaci\u00f3n de Autobuses de Aranda de Duero, S.L. (be) 43Estaci\u00f3n de Autobuses de Astorga, S.L. (bf) 79Estaci\u00f3n de Autobuses de Aviles S.L. (bg) 100Estaci\u00f3n de Autobuses de Le\u00f3n, S.A. (al) 89Estaci\u00f3n de Autobuses de Plasencia, S.A. (bh) 52Estaci\u00f3n de Autobuses de San Lorenzo del Escorial, S.A.U. (y) 100Estaci\u00f3n de Autobuses de Ribadeo, S.L. (bi) 50Estaci\u00f3n de Autobuses de Vitoria, S.L. (bj) 32Estaci\u00f3n de L\u00edneas Regulares, S.L. (bk) 46Estaci\u00f3nes Terminales de Autobuses, S.A. (bl) 79% equity Name and country of IncorporationinterestEuska Alsa, S.L.U. (an) 100Explotaci\u00f3n Gasoleo Estaci\u00f3n de Autobuses A Coru\u00f1a, S.L. (bm) 40Ezkerraldea-Meatzaldea Bus, S.A. (au) 65Gal Bus. S.L. (ap) 100G.S. Carretera (bn) 25General T\u00e9cnica Industrial, S.L.U. (z) 100Gesti\u00f3n de Movilidad Intermodal, S.L. (ad) 100Gorbea Representaciones, S.L. (an) 100Guaguas Gumidafe, S.L. (ah) 100Grupo Enatcar, S.A. (y) 100Ibero-Euro Sur, S.L. (y) 20Intercambiadores Europeos, S.L. (z) 60Intercar Business Cars, S.L. (bo) 100International Business Limousines, S.A.U. (bp) 100Interurbana de Autocares, S.A.U. (z) 100Irubus, S.A.U. (y) 100Jimenez Lopera, S.A.U. (bp) 100La Uni\u00f3n Alavesa, S.L. (bj) 50La Uni\u00f3n de Benisa, S.A. (bq) 98Lineas Europeas de Autobuses, S.A. (br) 43Los Abades de la Gineta, S.L.U. (y) 100Mybustest, S.L (z) 50Mai Tours, S.L.U. (bs) 100Manuel V\u00e1zquez, S.L. (bt) 60Movelia Tecnologias, S.L. (bu) 78Movilidad Balear, S.L.U (bv) 100Movilidad Multimodal, S.L. (ad) 100Movilidad Peninsular, S.L. (ad) 100Mundaka Consultoria, S.L.U. (an) 100NEX Continental Holdings, S.L.U. (z) 100NX Middle East, S.L.U. (bw) 100Proyectos Unificados, S.A.U. (z) 100Publi Imagen Granada, S.L.U. (aa) 100Representaciones Mec\u00e1nica, S.A.U. (an) 100Return Viajes, S.L. (bx) 50Rutas a Catalu\u00f1a, S.A. (by) 28Rutas del Cant\u00e1brico, S.L. (an) 95Semarvi (z) 34Serviareas 2000, S.L.U (z) 100Servicios Auxiliares del Transporte C.B. (bz) 100Servicios del Principado, S.A.U. (z) 100Servicios El Temple, S.L. (ap) 100Servicios Empresariales Especiales, S.L.U. (an) 100Setra Ventas y Servicios, S.A.U. (bp) 100Sevirama, S.L. (ca) 30Sociedad An\u00f3nima Unipersonal Alsina Graells de A.T. (cb) 100Sociedad Concesionaria Interurbano Tolosa Buruntzaldea S.L. (cc) 25Takselia, S.L. (cd) 60T\u00e9cnicas en Veh\u00edculos Autom\u00f3viles, S.L.U. (y) 100Terminal de Autobuses de Garellano, S.L. (ce) 41% equity Name and country of IncorporationinterestTibus, S.A. (cb) 60Tibus Berlines de Luxe, S.L.U. (cb) 100Tibus Business Cars, S.L.U. (cb) 100Tibus Business Limousines, S.L.U. (y) 100Tibus Luxury Services, S.L.U. (cb) 100Transporte Colectivos, S.A.U. (cf) 100Transportes Accesibles Peninsulares, S.L. (cg) 100Transportes Adaptados Andaluces, S.A.U. (ch) 100Transportes Adaptados Regionales, S.L.U. (al) 100Transportes Adaptados C\u00e1ntabros, S.A. (ci) 98Transportes Bacoma, S.A.U. (cb) 100Transportes Rober, S.A.U. (aa) 100Transportes de Viajeros de Arag\u00f3n, S.A. (bb) 59Transportes Santo Domingo, S.L.U. (cj) 100Viajes ALSA, S.A.U. (z) 100Transportes Terrestres Cantabros, S.A. (ci) 93Transportes Unidos de Asturias, S.L. (ck) 100Transportes Urbanos de Cantabria, S.L.U. (ci) 100Transportes Urbanos de Cartagena, S.A. (cl) 97Tranv\u00eda de V\u00e9lez, S.A.U. (cm) 100Transportes Urbanos de Guadalajara, S.L. (cn) 100Tranv\u00edas Metropolitanas de Granada, S.A.U. (co) 100Tury Express, S.A. (an) 100Viajes Por Carretera, S.A.U. (an) 100Ute Ea Alicante (dg) 50Ute Ea Cordoba (dh) 50Ute Mundiplan (dj) 17Vitalia Servicios Sanitarios, S.L. (cp) 60Voramar el Gaucho S.L.U. (cq) 100SwitzerlandAlpyBus S.a.r.l. (cr) 100Eggmann Frey (cs) 100GVA Transfers.com SARL (ct) 100Linien Abfertigung GmbH (cs) 80Odier Excursions, S.A. (cu) 100USThe Provider Enterprises, Inc. (cv) 100A1A Transportation, Inc. (cw) 100A&S Transportation Incorporated (cw) 100Atlantic & Southern Transportation (cx) 100Atlantic & Southern Transportation (cy) 100Atlantic & Southern Transportation (cz) 100Beck Bus Transportation Corp. (da) 100Beck Bus Transportation III, LLC (da) 100Beck Bus Transportation IV, LLC (da) 100Beck Bus Transportation, LLC (da) 100Bus Co., Inc. (da) 100Caravan Leasing Vehicles LLC (db) 100Carrier Management Corporation (dc) 100Chicagoland Coach Lines LLC (de) 100% equity Name and country of IncorporationinterestCommunity Transportation, Inc. (dc) 100Cook-DuPage Transportation Company, Inc. (da) 100Diamond Transportation Services, Inc. (df) 100Discount Enterprises, Inc. (dg) 100Durham D&M LLC (de) 100Durham Holding I, LLC (de) 100Durham Holding II, LLC (de) 100Durham School Services, L.P. (de) 100Fox Bus Lines Inc. (dh) 100Greensburg Yellow Cab Co. (dc) 100Haid Acquisitions LLC (di) 100JNC Leasing, Inc. (dj) 100Kiessling of Attleboro Inc. (previously Aristocrat Limousine and Bus, Inc.) (dk) 100Kiessling Transit, Inc. (dh) 100Meda-Care Vans of Waukesha, Inc. (dl) 100MF Petermann Investment Corporation (de) 100Monroe School Transportation, Inc. (dm) 100MV Student Transportation, Inc. (dn) 100National Express Acquisition Corporation (de) 100National Express Durham Holding Corporation (de) 100National Express LLC (de) 100National Express Leasing Company LLC (de) 100National Express Transit Corporation (de) 100National Express Transit Services Corporation (de) 100New Dawn Transit LLC (dm) 100Petermann Acquisition Co., LLC (de) 100Petermann Acquisition Corporation (de) 100Petermann Holding Co., LLC (de) 100Petermann Ltd. (di) 100Petermann Northeast, LLC (di) 100Petermann Northwest, LLC (de) 100Petermann Partners, Inc. (de) 100Petermann Southwest, LLC (de) 100Petermann STS, LLC (de) 100Petermann STSA, LLC (de) 100PM2 Co. LLC (de) 100Quality Bus Service, LLC (dm) 100Queen City Transportation, LLC (di) 100Rainbow Management Service, Inc. (dm) 100Safeway Training and Transportation Services, Inc. (cv) 100Septran, Inc. (cz) 100Smith Bus Service, Inc. (do) 100Suburban Paratransit Services, Inc. (dm) 100Total Transit Enterprises, LLC (dp) 100Trans Express, Inc. (dm) 100Transit Express, Inc. (dl) 100Transit Express Services, Inc. (dl) 100Trinity, Inc. (dj) 100Trinity Cars, Inc. (dj) 100Trinity Coach LLC (dj) 100Trinity Management Services Co. LLC (dq) 100% equity Name and country of IncorporationinterestTrinity Student Delivery LLC (dj) 100TWB Transport, LLC (da) 100WeDriveU America LLC (cz) 100WeDriveU Holdings, Inc. (dr) 80White Plains Bus Co., Inc. (dm) 100Whitetail Bid Co., LLC (de) 100Wise Coaches, Inc. (ds) 100CanadaNational Express Canada (Holdings) Limited (dt) 100National Express Canada Transit Ltd (dt) 100Stock Transportation Ltd (dt) 100* These subsidiaries are exempt from the requirements of the UK companies Act 2006 relating to the audit of individual accounts by virtue of S479A of the Act. Outstanding liabilities of the exempt companies at the Balance Sheet date are guaranteed pursuant to Sections 479A-C of the Act.** National Express Financing LP is exempt from preparing accounts in accordance with Part 2, Regulation 7 of The Partnerships (Accounts) Regulations 2008, as it is included within the Group consolidated financial statements for the year ending 31 December 2022Key Address(a) National Express House, Mill Lane, Digbeth, Birmingham, B5 6DD(b) Terminal 1, Office 10, Link Corridor, Mezzanine Level, Dublin Airport, Dublin, K67 KD58, Ireland(c) Garage 1087, Road 4025, Isa Town 840, Southern Governorate, Kingdom of Bahrain(d) Vogelsanger Weg 38, 40470 D\u00fcsseldorf, Germany(e) Johannisstrasse 60-64, 50668 Cologne, Germany(f) Seifertova 327/85, 130 00 Praha, Zizkov, Czech Republic(g) Dr Willem Dreesweg 2, 1st Fl. South Wing, 1185 VB Amstelveen, The Netherlands(h) Carrer de la C\u00faria, s/n, Andorra la Vella(i) 30 Rue Auguste Piccard \u2013 01630 Saint-Genis-Pouilly(j) 361 San Francisco Street 4th Floor, San Juan, PR, 00901(k) 41 Boulevard Poniatowski, 75012, Paris(l) 498 Avenue des Alpages, 74310 Les Houches(m) Twin Center ang Bd Zerktouni Et Al Massira Etg 5 et 6, Casablanca(n) Rue De Teheran, Q.I Agadir(o) Ahwaz, Ferme Ahzib Achayech Ferkat Ain Dada, Askedjour, Jamaat Et Kiadat Saada, Marrakech(p) Rue cadi Srayri et Cadi Ben Hammadi, Quartier de la Pinede \u2013 Rabat (q) Ferme Ahzib Achayech, Ferkat Ain Dada, Askedjour (Marakech Menara \u2013 Maroc)(r) No 22 Rue Meknes Hey Haboub, Khouribga(s) 37 Rue Omar Ibn Khattab, Inmeuble Maspalomas 2, Tanger(t) Avenida das For\u00e7as Armadas, N 125, 12 Lisboa(u) Rua de Pedro Nunes, 39, Lisboa(v) Estrada de Algeruz, Cruz de Peixe \u2013 2901-279-Set\u00fabal(w) Teheln\u00e1 23 83103, Bratislava \u2013 Nov\u00e9 Mesto(x) Avda. Manuel Rodr\u00edguez Ayuso, 110 \u2013 Zaragoza(y) C/ Alcal\u00e1, 478, Madrid (28027)(z) C/ Miguel Fleta, 4, Madrid (28037)(aa) Avenida Juan Pablo II, 33 (Estaci\u00f3n de Autobuses), Granada (18013)(ab) Pepe Cosmen s/n - Oviedo Key Address(ac) C/ T\u00fanez, 1 (Estaci\u00f3n de Autobuses), C\u00e1ceres (ad) Josefa Valc\u00e1rcel, 20 - Madrid(ae) Pol. San Mateo, Ctra Coll D\u2019 En Rabassa, Palma de Mallorca (07002)(af) Urbanizaci\u00f3n Plaza de Roma, F-1, Zaragoza(ag) C/ Real 116 \u2013 Arganda del Rey (Madrid)(ah) G\u00e1ldar (Las Palmas de Gran Canaria), calle Pedro de Arguello, 10(ai) C/ Jorge Juan, 19 \u2013 2\u00ba Izquierda, Madrid (28001)(aj) C/ Tellaetxebidea 3, Bilbao(ak) Pol. Ind. Vilecha Oeste, Le\u00f3n (24192)(al) Avenida Ingeniero Saenz de Miera, Le\u00f3n (24009)(am) Avenida de la Libertad, s/n, 06800, M\u00e9rida (Badajoz)(an) Alameda de Urquijo, no 85, 1o \u2013 Dcha., Bilbao- Vizaya (48013)(ao) Magnus Blikstad 2, Gij\u00f3n (33207)(ap) Ctra. El Burgo-Los Pelamios s/n Culleredo \u2013 A Coru\u00f1a(aq) Cedofeita, c/ Requiande, 1 \u2013 Ribadeo-Lugo(ar) Carretera Porto Pi, 8-7\u00ba, 07015, Palma de Mallorca(as) Avenida de Candina, n\u00ba 35, Santander (39011) (at) C/ Campaneros, 4, 1o Dcha, Palencia (34003)(au) Centro de Transportes de Vizcaya, Barrio el Juncal, Naves 3 y 4 (Valle de Tr\u00e1paga-Trapagaran), Vizcaya (48510)(av) Avda Conde de Guadalhorce 123, Aviles (33400)(aw) C/ Yanguas y Miranda, 2 (Estaci\u00f3n de Autobuses), Pamplona(ax) Plaza San Cayetano, s/n. Estaci\u00f3n Autobuses Taq. 10, Santiago de Compostela (La Coru\u00f1a)(ay) Avda de Espa\u00f1a, 1, Logro\u00f1o- La Rioja(az) Avda Trovero Mar\u00edn. N\u00ba 3,(Estaci\u00f3n Autobuses), Cartagena (30202)(ba) Ctra de Asturias, Ponferrada (bb) Avda de Navarra, 80 (Estaci\u00f3n Central de Autobuses),Zaragoza (50011)(bc) C/ Ram\u00f3n y Cajal, Pola de Siero(bd) Avda de Ronda 52 Bis, Aguilar de Campoo (Palencia)(be) Avda Valladolid, Aranda de Duero (Burgos)(bf) Avda Las Murallas, n\u00ba 52, Astorga-Le\u00f3n (24700)(bg) C/ Los Telares (Estaci\u00f3n de Autobuses) Aviles (33400)(bh) C/ Tornavacas, 2, PlasenciaKey Address(bi) Avda Rosal\u00eda de Castro, Ribadeo(bj) C/ Los Herran, 50 (Estaci\u00f3n de Autobuses), Alava (Vitoria)(bk) Plaza de las Estaciones, Santander (Cantabria)(bl) Avda Men\u00e9ndez Pidal, n\u00ba 13 (Estaci\u00f3n de Autobuses), Valencia (46009)(bm) R\u00faa Caballeros, 21, 15009 A Coru\u00f1a(bn) Plaza de la Constituci\u00f3n, Estaci\u00f3n de Autobuses, 2\u00aa Planta, Oficina 26, Lugo(bo) Pol. De Pocomaco, Primera Avenida, 10 Nave Alsa B-15, A Coru\u00f1a(bp) Pol. Ind. Las Fronteras. C/ Limite, Torrej\u00f3n de Ardoz (Madrid)(bq) C/ Comunicaciones, 10 (P. de Babel), Alicante (03008)(br) C/Guillem de Castro, 77, Valencia(bs) Avenida de la Hispanidad O- Parking P12, Barajas, Madrid(bt) C/ Jacques Cousteau, 2 \u2013 Arteijo (A Coru\u00f1a)(bu) C/ Santa Leonor, 65 \u2013Aval\u00f3n Parque Empresarial, Edificio A, Madrid(bv) C/ Porto Pi, 8 \u2013 Palma de Mallorca(bw) C/ Inglaterra, 20-22, Palencia (34004)(bx) Madrid (Las Rozas), Avda de Marsil 33(by) C/ Musico Gustavo Freire, 1 -1\u00b0 Dcha, Lugo (27001)(bz) C/ Mendez \u00c1lvaro (Estaci\u00f3n de Autobuses), Madrid(ca) Paseo Col\u00f3n, 18, Bajo Dcha. Sevilla(cb) C/ Ali Bei, 80 (Estaci\u00f3n de Autobuses), Barcelona (08013)(cc) Barrio Ubilluts, Andoa\u00edn \u2013 Guipuzcoa(cd) c/ Santander, 71 - Barcelona(ce) Alameda de Mazarredo, 21, Bilbao(cf) Gran V\u00eda de D. Ingacio de Haro, 81, Bilbao(cg) C/Pepe Cosmen, (Estaci\u00f3n de Autobuses), Oviedo (33001)(ch) Plaza Coca Pi\u00f1era, s/n (Estaci\u00f3n de Autobuses), Ja\u00e9n(ci) Avda Candina, 35-37, Santander (39011)(cj) C/ Investigaci\u00f3n. N\u00ba 2 \u2013 Getafe (Madrid)(ck) Pol. Ind. Esp\u00edrtiu Santo, Oviedo (33010)(cl) Paraje de la Asomada, Cartagena (Murcia)(cm) Avda Juan Carlos I, s/n. Ronda del Ingeniero, V\u00e9lez M\u00e1laga (M\u00e1laga)(cn) Pol\u00edgono Industrial del Henares, Calle Livorno, 55, Marchamalo, Guadalajara (19180)(co) Avenida de C\u00e1diz, n\u00famero 70, 1\u00ba-B, Granada (cp) C/ Eduardo Torroja, 57 - Madrid(cq) S\u2019 den Serral (San Agust\u00edn) Sant Josep de sa Talaia, Illes Balears(cr) 8 Chemin de Morglas, 1214, Gen\u00e8ve(cs) Rue du Mont Blanc 14, 1201, Gen\u00e8ve(ct) Chemin de Morglas, 8 \u2013 Vernier(cu) Chemin Des Aulx 9 \u2013 Plan Les Ouates \u2013 Switzerland(cv) 9 Capitol Street, Concord, NH 03301(cw) 1200 Pine Island Road, Plantation, FL 33324(cx) 289 Culver Street, Lawrenceville, GA 30046(cy) 3867 Plaza Tower Drive, Baton Rouge, LA 70816(cz) 334 North Senate Avenue, Indianapolis, IN 46204Key Address(da) 208 S. LaSalle Street, Chicago, County of Cook, IL 60604(db) 8020 Excelsior Drive, Suite 200, Madison, WI 53717(dc) 600 N. 2nd Street, Suite 401, Harrisburg, PA 17101-1071(de) 1209 Orange Street, Corporation Trust Center, New Castle County, Wilmington, DE 19801-1120(df) 4701 Cox Road, Glen Allen, County of Henrico, VA 23060(dg) 3800 North Central Avenue, Ste. 460 Phoenix, AZ 85012(dh) 155 Federal Street, Suite 700, Boston, MA 02110(di) 4400 Easton Commons Way, Suite 125, Columbus, County of Franklin, OH 43219(dj) 40600 Ann Arbor Road E., Suite 201, Plymouth, MI 48170-4675(dk) 820 Bear Tavern Road, West Trenton, NJ 08628(dl) 301 S. Bedford St., Suite 1, Madison, WI 53703(dm) 28 Liberty Street, New York, NY 10005(dn) 40 West Lawrence, Suite A, Helena, Montana 59601(do) 2405 York Road, Ste. 201, Lutherville Timonium, MD 21093-2264(dp) 3800 North Central Avenue, Suite 460, Phoenix, AZ 85012(dq) 4624 13th St., Wyandotte, MI 48192(dr) 2710 Gateway Oaks Drive, Suite 150N, Sacramento, CA 95833(ds) 300 Montvue Road, Knoxville, TN 37919(dt) 40 King Street West, Suite 5800, Toronto, ON M5H 3S1 Canada(dg) Muelle de Poniente, Alicante(dh) Glorieta de las Tres Culturas, C\u00f3rdoba(dj) C/ Ruiz Perell\u00f3, 15, Madrid40 Post balance sheet eventsSubsequent to year end, National Express Rail GmbH business has won a contract worth \u20ac1 billion over the lifetime of the agreement to operate the RE1 and RE11 Rhein-Ruhr-Express (\u201cRRX\u201d) lines in Germany to 2033.The German Rail division has been operating the two rail lines since February 2022 through an emergency contract award. Following this new contract award, National Express now operates all three RRX lots under long term contracts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__14": {
"value": "The Consolidated Financial Statements of National Express Group PLC and its subsidiaries (the Group) for the year ended 31 December 2022 were authorised for issue in accordance with a resolution of the Directors on 1 March 2023.",
"dimensions": {
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"s9_notes__6__13": {
"value": "National Express Group PLC",
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"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
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"s9_notes__6__12": {
"value": "National Express Group PLC",
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"s9_notes__6__7": {
"value": "National Express Group PLC",
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"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__6__8": {
"value": "public limited company",
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"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__6__10": {
"value": "incorporated in England and Wales",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "England",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__6__11": {
"value": "The principal activities of the Group are described in the Strategic Report that accompanies these Financial Statements.",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__6__16": {
"value": "Basis of preparationThese Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.These Financial Statements are presented in pounds Sterling and all values are rounded to the nearest one hundred thousand pounds (\u00a30.1m) except where otherwise indicated.",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"s9_notes__6__15": {
"value": "These Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
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"s9_notes__6__17": {
"value": "Going concernThe financial statements have been prepared on a going concern basis. In adopting this basis, the Directors have considered the Group\u2019s business activities, principal risks and uncertainties, exposure to macroeconomic conditions, financial position, liquidity and borrowing facilities.The Group continues to maintain a strong liquidity position, with \u00a30.8bn in cash and undrawn committed facilities available to it as of 31 December 2022 and total committed facilities of \u00a31.9bn at this date. Within the going concern outlook period, the only expiry of these facilities is a \u00a3400m sterling bond maturing in November 2023. In anticipation of this refinancing, the Group entered into a \u00a3400m bridge-to-bond facility in December 2022; this is for an initial period of 18 months and includes committed options to extend the maturity date until December 2025.The Group has positive relationships and regular dialogue with its lenders. Certain of the Group\u2019s borrowings are subject to covenant tests on gearing and interest cover on a bi-annual basis. The Group negotiated a series of waivers and amendments to these covenants as it navigated the impact of the Covid-19 pandemic, with the final remaining amendment relating to the December 2022 gearing covenant, which was relaxed to \u22645.0x. The original gearing covenant of \u22643.5x will apply to subsequent tests. The interest cover covenant had already reverted to pre-amendment levels of \u22653.5x during 2022. Covenant metrics are calculated on the basis of Underlying profits, in line with the definition agreed with lenders, and therefore exclude the impact of separately disclosed items (refer to page 210 for further details of separately disclosed items).The Group has performed strongly throughout 2022, demonstrating a sustained recovery in passenger demand, with patronage in the final quarter surpassing pre-pandemic levels in several areas of the Group. This has delivered record revenue and rebuilt profitability as the benefit of operational leverage flows through. At the same time, the Directors remain confident in the longer-term outlook for the Group, underlined by the 35 new contract wins, an acquisition, and expansion into a new country achieved during 2022, and an ambition to selectively pursue further growth opportunities from a strong pipeline of over \u00a32.5bn of annualised revenue of opportunities. This growth ambition is strengthened by government policy which is highly supportive of public transport as part of the solution to climate change.In the base case projections, which cover the period to March 2024, we assume an ongoing increase in passenger demand across the Group, in line with the progress seen throughout 2022 and the exit velocity into 2023. The key points of note regarding the base case are as follows:\u2022 In the UK, we will continue to rebuild the white coach network throughout the first half of 2023, sustaining revenue above pre-pandemic levels throughout the year, while the Bus business will benefit from Bus Service Improvement Plan (BSIP) funding to maintain low fares, enabling us to grow commercial patronage and offer a lower cost travel alternative in the face of a rising cost of living.\u2022 In ALSA, we will grow revenue as demand for Long Haul and Regional services grows, and through expansion into new contracts such as the Lisbon urban bus contract which began in June 2022, the Porto urban bus contract due to start in mid-2023, and the acquisition of Vitalia which completed in June 2022, representing our first entry into the Spanish paratransit market. We remain protected from significant inflation by CPI-linked indexation clauses in most of our contracted revenue streams.\u2022 In North America School Bus, we began the 2022/23 school year with around 10% of routes being unable to be operated due to driver shortages; we have made demonstrable progress in reducing this shortfall throughout 2022 and the base case assumes a further improvement in 2023, although not returning to full run-rate until the beginning of school year 2023/24. School Bus wage increases of 10% on average have been made in 2022, which is helping to recruit and retain drivers. The base case anticipates a further low-to-mid single digit wage increase for school year 2023/24. Where contracts have been renewed, this wage inflation has been passed on through price increases. Where contracts are not due for renewal until the 2023/24 school year or later, the base case assumes we secure rate increases which offset the cumulative impact of this wage inflation, but only from September 2023 onwards. This means that School Bus profitability will be subdued in the first half, as we are yet to recover the entire impact of wage increases across the portfolio and continue to return routes to service. We are engaging with all customers on non-expiring contracts to work collaboratively and secure contributions towards wage inflation in order to accelerate the return of services, and have already secured significant contributions outside of the contract renewal cycle for a large number of routes.\u2022 In North America Transit and Shuttle, 2022 exit run-rate volumes have progressively recovered throughout 2022 but remain slightly below pre-Covid levels; we anticipate further improvement in 2023. The business also continues to selectively bid for attractive opportunities, with a c.$0.5bn pipeline of asset-light contract opportunities available to continue scaling the business.\u2022 Around the Group, our base case takes account of latest expectations of wage and cost inflation, and our estimate of the extent to which we can pass these on in price, either at our discretion or through contractual protection mechanisms. Wage inflation remains most acute in North America School Bus; elsewhere it averages mid-single digit percentage increases.\u2022 Reliance on government funding continues to diminish, with the only material incremental funding stream in 2023, relative to pre-pandemic periods, being the BSIP support in the UK. This is part of a nationwide scheme to improve bus services outside London, as opposed to being Covid-specific funding. Covid-related government funding is assumed to taper down significantly in 2023.\u2022 We expect to re-finance the \u00a3400m sterling bond in late 2023, and are cognisant of the recent volatility of debt markets. Our base case assumes a refinancing at rates significantly higher than that of the expiring bond, based on current prevailing rates.Although we continued to be affected throughout 2022 by some knock-on effects of the pandemic such as driver shortages in North America, the impact on the Group\u2019s operations from mobility restrictions and reticence to travel has subsided. While continuing to monitor the impact of the pandemic, the Directors no longer consider that this represents a significant threat to the Group within the going concern assessment period. Therefore, the reasonable worst case (RWC) has instead been formed around the following three themes, all of which relate to the prevailing macroeconomic conditions:1. Driver shortages: despite the expected increase in unemployment due to upcoming recession, we assume that labour shortages become deeper and broader, affecting the Group\u2019s ability to deliver services, losing between 2% and 5% of revenue (compared to the base case) across most divisions and reducing profitability.2. Reduced demand: lower household disposable incomes due to high inflation and poor consumer confidence due to fears of a recession may affect customer demand in, in particular, discretionary services such as long haul coach and touristic services. We have also prudently assumed other services are also impacted on the basis of contract win/retention rates dropping due to public authorities cutting budgets.3. Inflation: we assume that cost inflation is between 2% and 3% higher than that already modelled in the base case, and that in most divisions we are only able to pass on around half of this to customers in the form of price increases or contractual margin protection mechanisms.These downsides have been modelled for each division in turn, taking into account the current economic situation in each market, including the relative labour market and inflation dynamics between geographies, which has been corroborated against independent external forecasts. Where we have assumed a reduction in revenue (items 1 and 2 above), we have triangulated this with the Group\u2019s actual experience throughout the 2008-10 Global Financial Crisis, and in most cases have assumed a total revenue reduction equal to or in excess of that seen during the last recession. We believe that this is a prudent view, since we expect that the higher cost of fuel compared to the previous recession and squeeze on household budgets from high inflation at present would encourage more people to switch to public transport and therefore offset any impact from reduced spending on discretionary travel.In addition to these wider downside themes described above, we further assume failure to win certain new growth contracts, a shortfall in government funding, and higher interest rates on variable borrowings or the new \u00a3400m bond (due to be taken out in September 2023), as a result of central banks\u2019 efforts to curtail high inflation.Consistent with prior assessments, against the RWC the Group has again assumed further mitigations in the form of further reductions in expenditure, over and above those reflected in the base case, primarily around discretionary spending and back office cost savings. Additional cash flow mitigating actions have also been assumed, including curtailment of capital expenditure, deferral of payment of the hybrid coupon due in February 2024, or, in the event of a significant downturn in trading, suspension of the FY22 final dividend payment.The Directors have reviewed the base case and reasonable worst case projections, which were used to evaluate liquidity headroom and compliance with covenants. In both the base case and reasonable worst case scenarios the Group has a strong liquidity position over the next 12 months and significant headroom on all of its covenant tests.In addition to the base case and reasonable worst case scenarios, the Directors have reviewed reverse stress tests, in which the Group has assessed the set of circumstances that would be necessary for the Group to either breach the limits of its borrowing facilities or breach any of the covenant tests. These reverse stress tests have focused on both the level of revenue reduction and the level of cost inflation that could be absorbed prior to breaching liquidity or EBITDA/interest cost headroom against covenants.In applying a reverse stress test to liquidity the Directors have concluded that the set of circumstances required to exhaust it are so extreme as to be considered clearly remote. As ever, covenants that include EBITDA as a component are more sensitive to reverse stress testing; the Directors have therefore conducted in-depth stress testing on all covenant tests at June 2023 and December 2023. In doing so, the Directors have considered all cost mitigations that would be within their control, and indeed would have no alternative but to pursue, if faced with another short-term material EBITDA reduction and no lender support to amend or waive EBITDA-related covenants. In light of the recent volatility in interest rate markets, we have also performed further reverse stress tests on the interest cover covenants, including modelling the impact of lower EBITDA on sustained higher interest cost levels, and the impact of higher market interest rates on both variable rate debt (which is only 19% of the Group\u2019s total debt) and on the planned re-financing of the \u00a3400m bond. Taking all of these reverse stress tests into account, the Directors concluded that the circumstances that would be necessary for covenants to be breached were remote.In any case, should there be a more severe set of circumstances than those assumed in the reasonable worst case, a number of further mitigating actions are available to the Group, including: deeper and broader cost cutting measures, seeking further amendments or waivers of covenants, raising further equity, sale and leaseback of vehicles, disposal of properties and disposal of investments or other assets.In conclusion, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for a period of 12 months from the date of approval of the financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements for the year ended 31 December 2022.",
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"s9_notes__6__18": {
"value": "Changes in accounting policies and the adoption of new and revised standardsThe accounting policies adopted are consistent with those of the previous financial year except for changes arising from new standards and amendments to existing standards that have been adopted in the current year.The following amendments and interpretations have been applied for the first time with effect from 1 January 2022:\u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022 Annual Improvements to IFRS Standards 2018-2020 \u2013 Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41\u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16\u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3These amendments did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.Prior year restatement of deferred tax balancesThe Group has deferred tax assets which were not recognised in full in previous years. The asset arose on a reorganisation of the Spanish group structure which gave rise to future goodwill amortisation for tax purposes. A deferred tax asset was recognised initially, only to the extent which the Directors at the time felt there was sufficient assurance of future profitability to enable the utilisation of the deferred tax asset. However, over time it has become clear that there is sufficient profitability in ALSA such that the deferred tax asset should have been recognised in full, based on the tax laws substantially enacted at each balance sheet date.In addition, an exercise undertaken in the current year to check the accuracy of deferred tax liabilities in North America has highlighted an overstatement of prior years\u2019 deferred tax liabilities by \u00a38.8m. While the impact on the prior year is not material for the Group accounts individually, the Directors have elected to include it in the restatement of prior year balances.This has been corrected by restating the earliest comparative period within this report, with the Financial Statement line items impacted as follows:Group Income StatementReported RestatedSeparately Separately discloseddiscloseditems items Underlying(note 5)Underlying(note 5)result 20212021Total 2021result 20212021Total 2021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mProfit/(loss) before tax 39.7 (124.6) (84.9) 39.7 (124.6) (84.9)Tax (charge)/credit (12.8) 19.8 7.0 (12.0) 19.8 7.8Profit/(loss) for the year 26.9 (104.8) (77.9) 27.7 (104.8) (77.1)Basic EPS (16.8)p (16.6)pDiluted EPS (16.8)p (16.6)pGroup Statement of Comprehensive IncomeReported Adjustment Restated20212021\u00a3m \u00a3m\u00a3mLoss for the year (77.9) 0.8 (77.1)Items that may be reclassified subsequently to profit or loss:Exchange differences on retranslation of foreign operations (55.7) (1.5) (57.2)Other comprehensive income for the year 50.2 (1.5) 48.7Total comprehensive expenditure for the year (27.7) (0.7) (28.4)Total comprehensive (expenditure)/income attributable to:Equity shareholders (30.1) (0.7) (30.8)Non-controlling interests 2.4 2.4(27.7) (0.7) (28.4)Group Balance SheetReportedRestatedReportedRestated31 DecemberAdjustment31 December31 DecemberAdjustment31 December2021202120202020\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mDeferred tax assets 150.6 8.8 159.4 140.5 8.8 149.3Total non-current assets 3,268.6 8.8 3,277.4 3,370.0 8.8 3,378.8Total assets 4,291.1 8.8 4,299.9 4,489.1 8.8 4,497.9Deferred tax liabilities (39.2) 24.7 (14.5) (40.7) 25.4 (15.3)Total non-current liabilities (1,636.4) 24.7 (1,611.7) (1,769.2) 25.4 (1,743.8)Total liabilities (2,842.9) 24.7 (2,818.2) (3,013.1) 25.4 (2,987.7)Net assets 1,448.2 33.5 1,481.7 1,476.0 34.2 1,510.2Retained earnings (45.8) 29.6 (16.2) 9.6 28.8 38.4Translation reserve 71.7 3.9 75.6 127.4 5.4 132.8Total equity 1,448.2 33.5 1,481.7 1,476.0 34.2 1,510.2As there was no impact on cash and cash equivalents, the statement of cash flows has not been re-presented.",
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"s9_notes__6__19": {
"value": "Critical accounting judgements and key sources of estimation uncertaintyThe preparation of Financial Statements requires the Group to make estimates and judgements that affect the application of the Group\u2019s accounting policies and reported amounts.Critical accounting judgements represent key decisions made by management in the application of the Group accounting policies. Where a significant risk of materially different outcomes exists due to management assumptions or sources of estimation uncertainty, this will represent a key source of estimation uncertainty. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.Management considered, throughout the year, the financial reporting impact associated with our identified principal risks, which includes the effects of climate change and inflation.(i) Critical accounting judgements Separately disclosed itemsThe Directors believe that the profit and earnings per share measures before separately disclosed items provide additional useful information to shareholders on the performance of the Group. These measures are consistent with how business performance is measured internally by the Board and the Group Executive Committee. In addition, the lender covenant calculations follow the accounting recognition for separately disclosed items and therefore the accounting judgment can also have an impact on covenant headroom.The classification of separately disclosed items requires significant management judgement after considering the nature, cause of occurrence and the scale of the impact of that item on reported performance. The Group\u2019s definition of separately disclosed items is outlined on page 210. Note 5 provides further details on current year separately disclosed items.(ii) Key sources of estimation uncertaintyManagement have considered the following are key sources of estimation uncertainty during the year.ALSA and North America goodwill impairmentDetermining whether assets are impaired requires an estimation of the value in use of the cash-generating units and requires the entity to estimate the future cash flows expected to arise, the growth rate to extrapolate cash flows into perpetuity and a suitable discount rate in order to calculate present value. Cash flow projections involve the use of estimates, notably revenue levels, operating margins and the proportion of operating profit converted to cash in each year. Given that there is an impairment of ALSA goodwill and a reduced level of headroom in North America this year, as well as volatility in the discount rate (particularly interest rates, risk-free rates of return and equity risk premiums, including country-specific risk premiums), we consider impairment to be a key source of estimation uncertainty with respect to both our ALSA and North America divisions. The key assumptions used and their sensitivities are included in note 14.Recognition of deferred tax assetsAt 31 December 2022 the Group had a $112.7m deferred tax asset in relation to federal tax losses and $39.9m deferred tax asset in relation to state tax losses in North America. This is a total deferred tax asset on losses of $152.6m (\u00a3125.5m). The total deferred tax asset on federal tax losses of $112.7m is calculated as 21%, being the substantially enacted rate set by US Federal governments at the balance sheet date, multiplied by trading losses of $536.7m. The majority of these losses may be carried forward indefinitely under US tax rules. There are other deferred tax liabilities in the NA business such as carried forward interest previously tax restricted and other short term timing differences of $57.8m (\u00a348.3m), offset by deferred tax liabilities on accelerated tax depreciation of $106.0m (\u00a387.6m), giving a total US deferred tax asset at 31 December 2022 of $104.4m (\u00a386.2m).In assessing the probability of recovery of these losses, and the overall deferred tax asset, management have looked at the last three years financial performance as well as future financial projections. While the North America business as a whole has made additional tax losses in the last three years, management believe these were attributable to a one-off, non-recurring, event that was the global Covid pandemic. Internal business modelling demonstrates that without the pandemic, the business would have been profitable in all three years.As a result of increased route recovery anticipated in 2023, we are expecting a return to taxable profits in North America in the year ended 31 December 2023 and beyond. As such, our financial projections based upon our strategic plans indicate that these tax losses will be utilised in full by 2029 and so these losses have been recognised as a deferred tax asset. It is also expected that the other deferred tax assets will be utilised against these future taxable profits.We have performed sensitivity analysis which shows that, even if our US profits fall by 25% from our financial projections, these losses will still be utilised in full by 2030.In addition, at the 31 December 2022 the Group has a \u00a388.8m deferred tax asset in relation to past losses in the UK business. This is calculated as 25%, being the substantially enacted tax rate set by the UK government from April 2023, multiplied by UK losses of \u00a3356m. These losses are made up of \u00a3269.3m post-2017 tax losses (which can be used against any future UK profits), plus \u00a386.7m pre-2017 tax losses (which may only be used against future income in the legal entity in which they arose). Both of these types of losses may be carried forward indefinitely under UK tax rules.In assessing the probability of recovery of these losses, management have looked at the last three years financial performance as well as future financial projections. While the UK business has made additional tax losses in the last three years, management believe these were attributable to a one-off, non-recurring, event that was the global Covid pandemic. Internal business modelling demonstrates that without the pandemic, the business would have been profitable in all three years. As such, it is reasonable to rely upon future projections when assessing the probability of recovery of these losses. Based upon future financial projections, we estimate post-2017 tax losses in the UK business will be utilised by 2028 and the pre-2017 losses by 2029.The following remain key sources of estimation uncertainty, consistent with the prior year.Insurance and other claimsThe claims provision arises from estimated exposures at the year end for auto and general liability, workers\u2019 compensation and environmental claims, the majority of which will be utilised in the next five years. The estimation of the claims provision is based on an assessment of the expected settlement of known claims together with an estimate of settlements that will be made in respect of incidents occurring prior to the balance sheet date but for which claims have not been reported to the Group. The Group makes assumptions concerning these judgemental matters with the assistance of advice from independent qualified actuaries. At 31 December 2022 the claims provision was \u00a377.4m (2021: \u00a384.4m).In certain rare cases, additional disclosure regarding these claims may seriously prejudice the Group\u2019s position and consequently this disclosure is not provided. Given the differing types of claims, their size, the range of possible outcomes and the time involved in settling these claims, there is a reasonably possible chance that a material adjustment would be required to the carrying value of the claims provision in the next financial year. These different factors also make it impracticable to provide sensitivity analysis on one single measure and its potential impact on the overall claims provision. For further information see note 26.PensionsThe determination of the defined benefit obligation of the UK defined benefit pension scheme depends on the selection of certain assumptions which include the discount rate, inflation rate and mortality rates. At 31 December 2022 the UK defined benefit pension liability was \u00a339.7m (2021: \u00a396.1m). The key area of estimation uncertainty is in respect to the discount rate and rate of inflation. While the Board believes that the assumptions are appropriate, significant differences in actual experience or significant changes in assumptions may significantly change the pension obligation. The Group makes assumptions with the assistance of advice from independent qualified actuaries. Details of the assumptions are set out in note 33 to these Financial Statements, along with their sensitivities.",
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"s9_notes__6__20": {
"value": "Basis of consolidationThese Consolidated Financial Statements comprise the Financial Statements of National Express Group PLC and all its subsidiaries drawn up to 31 December each year. Adjustments are made to bring any dissimilar accounting policies that may exist into line with the Group\u2019s accounting policies.The Consolidated Income Statement includes the results of subsidiaries and businesses purchased from the date control is assumed and excludes the results of disposed operations and businesses sold from the date of disposal.Intra-group transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated.Non-controlling interests represent the portion of comprehensive income and equity in subsidiaries that is not attributable to the parent Company shareholders and is presented separately from parent shareholders\u2019 equity in the Consolidated Balance Sheet.",
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"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__6__21": {
"value": "Summary of significant accounting policiesSubsidiariesSubsidiaries are entities over which the Company has control. Control exists when the Company has power over an entity, exposure to variable returns from its involvement with an entity and the ability to use its power over the entity to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are also considered when assessing control.Interests in joint venturesThe Group has a contractual arrangement to share control of an entity. The Group recognises its interest in the assets and liabilities of the entity using the equity method of accounting. The Group Balance Sheet includes the appropriate share of the joint ventures\u2019 net assets or liabilities and the Income Statement includes the appropriate share of their results after tax.Financial Statements of joint ventures are prepared for the same reporting period as the Group. Adjustments are made in the Group\u2019s Financial Statements to eliminate the Group\u2019s share of unrealised gains and losses on transactions between the Group and its joint venture. The Group ceases to use the equity method from the date it no longer has joint control over the entity.Interests in associatesCompanies, other than subsidiaries and joint ventures, in which the Group has an investment representing not less than 20% of the voting rights and over which it exerts significant influence are treated as associates. The Consolidated Financial Statements include the appropriate share of these associates\u2019 results and net assets based on their latest Financial Statements under the equity method of accounting.Foreign currenciesThe trading results of foreign currency denominated subsidiaries, joint ventures and associates are translated into Sterling, the presentation currency of the Group and functional currency of the parent, using average rates of exchange for the year as a reasonable approximation to actual exchange rates at the dates of transactions.The Balance Sheets of foreign currency denominated subsidiaries, joint ventures and associates are translated into Sterling at the rates of exchange prevailing at the year end and exchange differences arising are taken directly to the translation reserve in equity. On disposal of a foreign currency denominated subsidiary, the deferred cumulative amount recognised in the translation reserve (since 1 January 2004 under the transitional rules of IFRS 1) relating to that entity is recognised in the Income Statement. All other translation differences are taken to the Income Statement, with the exception of differences on foreign currency borrowings and forward foreign currency contracts which are used to provide a hedge against the Group net investments in foreign enterprises. These are taken directly to equity until the disposal of the net investment, at which time they are recognised in the Income Statement.Presentation of Income Statement and separately disclosed itemsThe Group Income Statement has been presented in a columnar format to enable users of the Financial Statements to view the underlying results of the Group. The Group\u2019s policy is to separately disclose items that are considered significant in nature and value, not in the normal course of business, or are consistent with items that were treated as separately disclosed in prior periods. Treatment as a separately disclosed item provides users of the accounts with additional useful information to assess the year-on-year trading performance of the Group. Further details relating to separately disclosed items are provided in note 5 and a full listing of the Group\u2019s alternative performance measures (APMs) are provided in the glossary on page 292.Revenue recognitionRevenue is measured based on the consideration specified in the contract with a customer and is recognised when the performance obligations of the contract have been fulfilled.Contract revenuesFor the purposes of disclosures, the Group has applied the term \u2018contract revenues\u2019 to describe documented contracts that typically cover periods of at least one year, excluding concessions and subsidies. The contracts primarily relate to home to school and transit contracts in North America, urban bus contracts in Spain and coach contracts in the UK. In addition, in Germany, Spain and North America, the Group has a number of Service Concession arrangements for the provision of transport services.Revenues relating to the provision of transport services are recognised as the services are provided and in accordance with the terms of the contract. Revenue relating to any additional performance measures in the contract are recognised when the performance has been met and in accordance with the terms of the contract.If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring services to the customer. The variable consideration is estimated at contract inception and constrained until the associated uncertainty is resolved and when it becomes highly probable that a significant revenue reversal will not occur.Passenger revenuesPassenger revenues primarily relate to ticket sales in the UK, the RME German Rail contract, intercity coach services in Spain and urban bus services in Morocco.Passenger revenue is recognised in the Income Statement in the period in which the related travel occurs. Revenue from tickets that cover more than one day, for example monthly travelcards and season tickets, is initially deferred as a contract liability and released to the Income Statement on a straight-line basis over the applicable period of the ticket.Contract liabilities are reduced when an eligible cancellation arises. Also, where applicable, contract liabilities are reduced for ticket breakage, being the portion of future travel that is not expected to be exercised.Other ancillary revenues relating to ticket sales are recognised at point of sale or, if material and related to a future performance period, recognised by reference to that period.Passenger revenue in the German Rail RME contract is allocated between the various transport providers in each region by the tariff authority responsible for that region, and is recognised based on passenger counts, tariff authority estimates and historical trends.Private hirePrivate hire operations are contracts provided in the UK, ALSA and North America divisions and are typically of a short duration. Revenue is recognised over the period in which the private hire is provided to the customer.Other revenuesOther revenues primarily comprise non-passenger services in Spain, maintenance revenues in North America and advertising revenues. Other revenue also includes sub-leasing income where the Group acts as the lessor.Revenues for non-passenger services are recognised when the performance of the service has been fulfilled and in accordance with the terms of the contract. Advertising revenue is recognised over the period of the advertising contract.Contract costsCosts to obtain a contractThe incremental costs to obtain a contract with a customer are recognised within \u2018contract costs\u2019 if it is expected that those costs will be recoverable. Costs to obtain a contract that would have been incurred regardless of whether the contract was obtained are recognised as an expense in the period.Costs to fulfil a contractCosts that relate directly to a contract, generate resources that will be used in satisfying the contract and are expected to be recovered are recognised within \u2018contract costs\u2019 on the Balance Sheet. Contract fulfilment costs covered within the scope of another accounting standard, such as property, plant and equipment or intangible assets, are not capitalised as contract fulfilment assets but are treated according to those standards.Contract costs are amortised on a straight-line basis over the term of the specific contract they relate to, consistent with the pattern of recognition of the associated revenue.Contract assets and liabilitiesContract assets are recognised where the Group has performed its obligations to allow the recognition of revenue. However, it exceeds the amounts received or receivable from a customer at that time.Contract liabilities are recognised when amounts are advanced by customers and the Group has not yet met the performance obligation under the contract to allow the recognition of the balance as revenue. Contract liabilities are recognised as revenue when the Group performs such obligations under the contract.Government grantsGovernment grants are recognised at their fair value where there is reasonable assurance that the grant will be received and that the Group will comply with the conditions attached to it.Grants and subsidies relating to the provision of transport services are included within revenue when the terms of the agreement specify that they are intended to compensate the Group for services rendered, or to subsidise a revenue shortfall. The grants and subsidies are recognised as the services are provided. When the grant is awarded to compensate the business for incurring expenses, it is recognised in operating costs within the Income Statement over the period necessary to match on a systematic basis to the costs that it is intended to compensate. Where the grant is not prescriptive, management applies judgement to determine the most appropriate allocation of grant income between revenue and costs to match the intended nature of the award.Where the grant relates to property, plant and equipment, the value is included in liabilities as deferred income and credited to the Income Statement over the expected useful economic life of the assets concerned.Government grants received in excess of the amounts recognised in the Income Statement are held as deferred grant income within trade and other payables, whereas government grants recognised in the Income Statement that are yet to be received are held as grant receivables in trade and other receivables.For government grants that do not explicitly outline what the award is compensating, management applies its judgement as to whether it should be recognised within revenue or operating costs. Typically grants targeted at maintaining service levels are recognised within operating costs and those intended to compensate reduced fares or patronage are recognised within revenue.Service concession arrangementsIn Germany, Spain, Morocco, Portugal and North America, the Group provides services through public-private partnerships with public authorities responsible for the provision of public transport services.Concession arrangements involve the transfer of operating rights for a limited period, under the control of the local authority, using dedicated facilities supplied by the Group, or made available to it for or without consideration.The characteristics of these contracts vary depending on the country and activities concerned.Financial asset modelThe Group applies the financial asset model when the concession grantor contractually guarantees the payment of amounts specified in the contract or the shortfall, if any, between amounts received from users of the public service and amounts specified.Financial assets resulting from the application of IFRIC 12 Service Concession Arrangements are recorded in the Group Balance Sheet as financial assets or liabilities within working capital. These financial assets are assessed for impairment in line with the provisions of IFRS 9.Income received from the public authorities is recognised in line with the requirements of IFRS 15. In Germany, subsidy income from the Public Transport Authority (PTA) is recognised over the life of the franchise and by using the input method to measure progress against the performance obligation. The amount recognised in each period is based on a percentage of completion, applying net costs incurred as a proportion of total expected net costs, which is what the subsidy is intended to compensate. In accordance with IFRS 15, costs payable to the PTA are netted against subsidy income. In ALSA and North America, subsidy income from the local authority is recognised as the services are provided and in accordance with the terms of the contract.Intangible asset modelThe Group applies the intangible asset model when income is directly received from the passengers and there is no contractual guarantee from the concession grantor. The intangible asset corresponds to the right granted by the public authority to the Group to charge passengers of the public service. In addition, when the concession grantor has an option to purchase infrastructure assets at the end of the contract term, an intangible asset is recognised.Intangible assets resulting from the application of IFRIC 12 are recorded in the Group Balance Sheet and are amortised on the basis of the expected pattern of consumption applicable over the term of the concession.Income received from passengers is recognised in line with the requirements of IFRS 15 and the policy detailed on page 196.Infrastructure assets provided by the Group are either purchased or subject to a \u2018lease style\u2019 arrangement. Where the Group purchases the assets on its standard supplier terms (typically one year), the related liability is recorded in contract liabilities until it is settled. Where the assets are \u2018leased\u2019, the liability is recorded at the present value of the future payments in contract liabilities in accordance with IFRIC 12, as opposed to IFRS 16. Where lease payments on infrastructure assets are directly reimbursed from the customer, the asset is recorded according to the underlying classification of the IFRIC 12 contract (as set out above).TaxesCurrent taxCurrent tax is provided on taxable profits earned according to the local tax rates applicable where the profits are earned. Income taxes are recognised in the Income Statement unless they relate to an item accounted for in Other Comprehensive Income or Equity, in which case the tax is recognised directly in Other Comprehensive Income or Equity. The tax rates and tax laws used to compute the current tax are those that are enacted or substantively enacted at the balance sheet date.Deferred taxDeferred tax is provided in full in respect of all material temporary differences at the balance sheet date between the tax base and their carrying amounts for financial reporting purposes, apart from the following exceptions:\u2022 where the temporary difference arises from the initial recognition of goodwill;\u2022 where an asset or liability is recognised in a transaction that is not a business combination and that at the time of the transaction affects neither accounting nor taxable profit or loss; and\u2022 in respect of investment in subsidiaries, associates and joint ventures where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred tax is measured on a non-discounted basis at tax rates that are expected to apply in the periods in which the temporary differences reverse based on tax rates and laws enacted or substantively enacted at the balance sheet date.Deferred tax assets are recognised to the extent that it is considered more likely than not that future taxable profits will be available against which the underlying temporary differences can be deducted. For this purpose, forecasts of future taxable profits are considered by assessing the Group\u2019s forecast revenue and profit models, taking into account future growth predictions and operating cost assumptions, as well as assumptions on the tax elections within the Group\u2019s control.Accordingly, changes in assumptions to the Group\u2019s forecasts may have an impact on the amount of future taxable profits and therefore the period over which any deferred tax assets might be recovered.Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and when the Group intends to settle its current tax assets and liabilities on a net basis.Business combinationsOn the acquisition of a business, identifiable assets and liabilities acquired are measured at their fair value. Contingent liabilities assumed are measured at fair value unless this cannot be measured reliably, in which case they are not recognised but are disclosed in the same manner as other contingent liabilities.The cost of acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued. Any contingent consideration is recognised at fair value at the acquisition date and subsequently until it is settled.The cost of the acquisition in excess of the Group\u2019s interest in the net fair value of the identifiable net assets acquired is recorded as goodwill. If the cost of the acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the Income Statement.Non-current assets held for sale and discontinued operationsNon-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction rather than continuing use. This condition is regarded as met only when the sale is highly probable, the asset (or disposal group) is available for immediate sale in its present condition, management is committed to the sale and the sale is expected to complete within one year from the date of classification. Assets held for sale are stated at the lower of carrying amount and fair value less costs to sell.A discontinued operation is a component of the Group that has been disposed of or is classified as held for sale and either represents a separate major line of business or geographical area; is part of a plan to dispose of a separate major line of business or geographical area; or is a subsidiary acquired exclusively for resale.Discontinued operations are excluded from the results of continuing operations and presented as a single amount after tax. Comparatives are also represented to reclassify the operation as discontinued.Intangible assetsGoodwillGoodwill arising on consolidation represents the excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable assets and liabilities of the acquired subsidiary at the date of acquisition. Goodwill arising on the acquisition of an associate or joint venture is recognised within the carrying amount of the investment.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses and is not amortised.Goodwill is allocated to cash-generating units for the purpose of impairment testing. A cash-generating unit is identified at the lowest aggregation of assets that generate largely independent cash inflows, and which is reviewed by management for monitoring and managing the Group\u2019s business operations.On disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.Other intangible assets Customer contractsCustomer contracts acquired as part of a business combination are initially recorded at the fair value attributed to those contracts on acquisition.Service concessionsService concession intangible assets represent a right to charge passengers for the use of the public service. See page 197 for further details.Contract costsContract costs include costs to obtain and costs to fulfil a contract. See page 196 for further details.SoftwareAcquired and internally developed software is capitalised on the basis of the costs incurred to acquire and bring to use the specific software or fair value if acquired as part of a business combination. Computer software that is integral to a tangible fixed asset is recognised within property, plant and equipment.Amortisation is charged on a straight-line basis over the expected useful lives of the assets as follows:Customer contracts \u2013 over the life of the contract (1 to 33 years)Contract costs \u2013 over the term of the specific contract (1 to 15 years)Software \u2013 over the estimated useful life (3 to 7 years)The useful lives are examined on an annual basis and adjustments, where applicable, are made on a prospective basis. Intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.Property, plant and equipmentAll property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses.Repairs and maintenance costs are expensed as incurred.Freehold land is not depreciated. All other property, plant and equipment is depreciated on a straight-line basis over its estimated useful life as follows:Land and buildings \u2013 15 to 50 yearsPublic service vehicles \u2013 8 to 20 yearsPlant and equipment, fixtures and fittings \u2013 3 to 15 yearsUseful lives and residual values are reviewed annually and adjustments, where applicable, are made on a prospective basis. Specifically, as the Group transitions away from diesel powered vehicles towards zero emissions vehicles, the impact on the useful life, and residual value of diesel vehicles is reviewed. In addition, as new vehicles are purchased, useful lives are set considering these factors.An item of property, plant and equipment is derecognised upon disposal with any gain or loss arising included in the Income Statement in the period of derecognition.ImpairmentIntangible assets with definite useful lives, and property, plant and equipment are tested for impairment when events or circumstances indicate that their carrying value may not be recoverable. Goodwill is subject to an impairment test on an annual basis, or more frequently if there are indicators of impairment. Assets that do not generate independent cash flows are combined into cash-generating units.The impairment testing of individual assets or cash-generating units requires an assessment of the recoverable amount of the asset or cash-generating unit. If the carrying value of the asset or cash-generating unit exceeds its estimated recoverable amount, the asset or cash-generating unit is written down to its recoverable amount. Recoverable amount is the greater of fair value less costs of disposal and value in use. Value in use is assessed based on estimated future cash flows discounted to their present value using a pre-tax discount rate that is based on the country-specific weighted average cost of capital (WACC). The outcome of such an assessment is subjective, and the result sensitive to the assumed future cash flows to be generated by the cash-generating units or assets, the growth rate used to extrapolate the cash flows beyond the three-year period and discount rates applied in calculating the value in use.Impairment losses relating to goodwill cannot be subsequently reversed.Financial instrumentsA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. The Group determines the classification of its financial instruments at initial recognition.Financial assetsFinancial assets are classified at initial recognition as (i) subsequently measured at amortised cost, (ii) fair value through Other Comprehensive Income or (iii) fair value through profit and loss. The classification depends on the purpose for which the financial assets were acquired.Financial assets at fair value through Profit and LossFinancial assets at fair value through Profit or Loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through Profit or Loss, or financial assets mandatorily required to be measured at fair value.Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives are also classified as held for trading unless they are designated as effective hedging instruments.Financial assets at fair value through profit or loss are carried in the Group Balance Sheet at fair value, with net changes in fair value recognised in the Income Statement within finance costs. Transaction costs arising on initial recognition are expensed in the Income Statement.Financial assets at fair value through Other Comprehensive IncomeThe Group has elected to recognise its non-listed equity investments at fair value through Other Comprehensive Income. Gains and losses on these financial assets are never recycled to the Income Statement. Dividends are recognised as other income in the Income Statement when the right of payment has been established. Where there is no active market for the Group\u2019s investments, fair value is determined using valuation techniques including recent commercial transactions and discounted cash flow analyses. Equity instruments designated at fair value through Other Comprehensive Income are not subject to impairment assessment.Financial assets at amortised costA financial asset is measured at amortised cost if it is held within a business model whose objective is to hold assets to collect contractual cash flows, and its contractual terms give rise on specific dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.The Group\u2019s financial assets at amortised cost include trade and other receivables and cash and cash equivalents in the Balance Sheet.Financial liabilitiesFinancial liabilities are classified at initial recognition as (i) financial liabilities at fair value through profit or loss, (ii) loans and borrowings, (iii) payables or (iv) derivatives designated as hedging instruments, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. Subsequent measurement depends on its classification as follows:Financial liabilities at fair value through profit and lossFinancial liabilities at fair value through profit or loss include financial liabilities held for trading. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term.Loans and borrowingsAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in the Income Statement when the liabilities are derecognised. Amortisation is included as finance costs in the Income Statement. This category applies to interest-bearing loans and borrowings.For some contracts where the cash flows are back ended, the Group enters into a non-recourse factoring arrangement with a bank to factor the future cash flows in advance of invoicing the customer, with the resultant liability with the bank recorded in loans and borrowings. On subsequent receipt of the cash from the customer this is then immediately repaid to the bank. Both the cash receipt and the repayment to the bank are recorded within cash flows from financing activities in the Statement of Cash Flows.Put liabilitiesPut liabilities are recognised by the Group when put options have been issued by the Group in a business combination. Liabilities are recorded at the present value of the purchase price upon acquisition. The present value of purchase price is re-measured at each reporting date, with subsequent changes recorded in profit and loss. Unwind of the discount of the liability is recorded within interest costs.Equity instruments Hybrid instrumentsHybrid instruments issued by the Group are classified on initial recognition according to the substance of the arrangement. Hybrid instruments are recorded within equity where the contractual terms of the instruments allow the Group to defer coupon payments and the repayment of the principal amount indefinitely. These features give the Group the unconditional right to avoid the payment of cash or another financial asset for the principal or coupon and consequently are classified as equity instruments. These equity instruments are not re-measured from period to period. Coupon payments made are treated the same as an equity dividend distribution and, where not made, are accrued within the hybrid reserve, with a corresponding reduction in retained earnings.Derivative financial instruments and hedge accountingThe Group uses derivative financial instruments such as fuel derivatives, interest rate derivatives, foreign exchange forward contracts and cross currency interest rate swaps to hedge its risks associated with fuel price, interest rate fluctuations and foreign currency. Such derivative financial instruments are initially recognised at fair value and subsequently re-measured to fair value for the reported Balance Sheet. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The fair value of the derivatives is calculated by reference to market exchange rates, interest rates and fuel prices at the period end.The Group designates certain derivatives as either:\u2022 hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges);\u2022 hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges); or\u2022 hedges of a net investment in a foreign operation (net investment hedges).At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.The Group\u2019s interest rate derivatives are designated as either fair value hedges or cash flow hedges. For fair value hedges, the gain or loss on the hedging instrument is recognised immediately in the Income Statement. The carrying amount of the hedged item is adjusted through the Income Statement for the gain or loss on the hedged item attributable to the hedged risk, in this case movements in the risk-free interest rate.The Group\u2019s fuel derivatives are designated as cash flow hedges. The gain or loss on the hedging instrument that is determined to be an effective hedge is recognised in equity. The gains or losses deferred in equity in this way are recycled through the Income Statement in the same period in which the hedged underlying transaction or firm commitment is recognised in the Income Statement.Foreign exchange forward contracts and cross currency interest rate swaps are used to hedge the Group\u2019s net investment in foreign currency denominated operations, and, to the extent they are designated and effective as net investment hedges, are matched in equity against foreign exchange exposure in the related assets and liabilities. Gains and losses accumulated in equity are included in the Income Statement when the foreign operation is partially disposed of or sold.The Group also uses foreign exchange forward contracts to hedge certain transactional exposures. These contracts are not hedge accounted and all gains and losses are taken directly to the Income Statement.For derivatives that do not qualify for hedge accounting, gains or losses are taken directly to the Income Statement in the period. Similarly, any material ineffective portion of the Group\u2019s cash flow and net investment hedges is recognised in the Income Statement.Movements in the fair value of the hedging instrument arising from costs of hedging for cash flow and net investment hedges are recognised in equity, disclosed separately and amortised to the Income Statement over the term of the hedge relationship on a rational basis.Any material ineffectiveness is recognised in the Income Statement within operating costs for fuel derivatives and finance costs for all other derivatives.Hedge accounting is discontinued when the hedging instrument or hedged item expires, is sold, terminated or exercised, or no longer qualifies for hedge accounting. For fuel derivatives, this can arise due to a change in the highly probable forecast transaction as a result of a change in divisional volume requirements. In such instances, accumulated fair value gains or losses are transferred from Other Comprehensive Income to the Income Statement for affected trades when hedge accounting has been discontinued.InventoriesInventories are valued at the lower of cost and net realisable value on a first in, first out basis, after making due allowance for obsolete or slow moving items.Trade and other receivablesTrade and other receivables are recognised and carried at the transaction price determined under IFRS 15, less provision for impairment.The Group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for trade receivables. The Group uses provision matrices based on historical ageing of receivables and credit loss experience, adjusted as necessary for any forward-looking factors specific to the debtors and economic environment.Trade receivables are derecognised where the Group enters into factoring arrangements without recourse and the risks and rewards have been fully transferred. The Group classifies the cash flows from receivable factoring arrangements within cash from operating activities in the Statement of Cash Flows.Cash and cash equivalentsCash and cash equivalents as defined for the Statement of Cash Flows comprise cash in hand, cash held at bank with immediate access, other short-term investments and bank deposits with maturities of three months or less from the date of inception, and bank overdrafts. In the Consolidated Balance Sheet, cash and cash equivalents are presented net of bank overdrafts where there is a legal right of offset, and otherwise are included within borrowings in current liabilities.Trade and other payablesTrade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.ProvisionsProvisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material using a pre-tax discount rate. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.Contingent liabilities are obligations that arise from past events that are dependent on future events. They are disclosed in the notes to the Financial Statements where the expected future outflow is not probable.Onerous contractsAn onerous contract is a contract under which the unavoidable costs (i.e. the costs that the Group cannot avoid because it has the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly to the contract (i.e. both incremental costs and an allocation of costs directly related to contract activities).Where the Group assesses that a contract is onerous, the present obligation under the contract is recognised and measured as a provision. However, before a separate provision for an onerous contract is established, the Group recognises any impairment loss on assets dedicated to that contract.Insurance claimsThe Group\u2019s policy is to not insure low value, high frequency claims within the businesses. To provide protection against higher value claims, the Group purchases insurance cover from a selection of proven and financially strong insurers.Provisions in respect of claims risk include projected settlements for known and incurred but not reported claims. Projected settlements are estimated based on historical trends and actuarial data and are discounted to take account of the expected timing of future cash settlements. To the extent insurance liabilities are insured and awaiting settlement, a separate asset is recognised in other receivables.LeasesGroup as a lessee Lease identificationAt inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identifiable asset for a period of time in exchange for consideration. Non-lease components and contracts which do not contain a lease are expensed in the Income statement on a systematic basis over the contract term.Right-of-use assetThe right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.The right-of-use asset is depreciated on a straight-line basis over the shorter of the estimated useful life of the asset and the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability.Lease liabilityAt the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs.The lease liability is measured at amortised cost using the effective interest method. It is re-measured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option.Short-term leases and leases of low-value assetsThe Group applies the short-term lease recognition exemption to those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the low-value assets recognition exemption to leases of assets below \u00a35,000. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.Group as a lessorAs a lessor, the Group continues to classify leases as either finance leases or operating leases and account for those two types of leases differently. Where the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset it is classified as a finance lease and if not is an operating lease.When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. Where the sub-lease is classified as a finance lease, the right-of-use asset with respect to the head lease is derecognised and a finance lease receivable is recognised equal to the net investment in the sub-lease. The net investment in the lease is calculated as the present value of the aggregate of lease payments receivable and any unguaranteed residual value. Where the interest rate implicit in the sub-lease cannot be readily determined, the Group uses the discount rate used for the head lease.The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of \u2018other revenue\u2019.Retirement benefitsDefined contribution schemesPayments to defined contribution schemes are charged to the Income Statement as they fall due. The Group has no legal or constructive obligation to pay further contributions into a defined contribution scheme if the fund has insufficient assets to pay all employees benefits relating to employee service in the current and prior periods.Defined benefit schemesPlan assets, including qualifying insurance policies, are measured at fair value and plan liabilities are measured on an actuarial basis, using the projected unit credit method and discounted at an interest rate equivalent to the current rate of return on a high-quality corporate bond of equivalent currency and term to the plan liabilities. The difference between the value of plan assets and liabilities at the period-end date is the amount of surplus or deficit recorded in the Group Balance Sheet as an asset or liability. An asset is recognised when the employer has an unconditional right to use the surplus at some point during the life of the plan or on its wind-up.Current service costs are recognised within operating costs in the Income Statement. Past service costs and gains, which are the change in the present value of the defined benefit obligation for employee service in prior periods resulting from plan amendments, are recognised immediately as the plan amendment occurs. Net interest is calculated by applying a discount rate to the net defined benefit liability or asset and is recognised within finance costs.Re-measurements comprise actuarial gains and losses and the return on plan assets (excluding amounts included in net interest). Actuarial gains and losses may result from differences between the actuarial assumptions underlying the plan liabilities and actual experience during the year or changes in the actuarial assumptions used in the valuation of the plan liabilities. Re-measurement gains and losses, and taxation thereon, are recognised in Other Comprehensive Income and are not reclassified to profit or loss in subsequent periods.Full actuarial valuations are carried out triennially and are updated for material transactions and other material changes in circumstances up to the end of the reporting period.Share-based paymentsThe Group awards equity-settled share-based payments to certain employees, under which the Group receives services from employees as consideration for equity instruments (options) of the Group. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted, excluding the impact of any non-market service and performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the Group over a specified time period). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At each balance sheet date, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in the Income Statement, with a corresponding adjustment to equity.Share capital, share premium and dividendsWhere either the Company or employee share trusts purchase the Company\u2019s equity share capital, the consideration paid, including any transaction costs, is deducted from total shareholders\u2019 equity as own shares until they are cancelled or re- issued. Any consideration subsequently received on sale or re-issue is included in shareholders\u2019 equity.Dividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s Financial Statements on the date when dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised in the period they are paid.New standards and interpretations not appliedCertain new accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the Group:\u2022 Classification of liabilities as current or non-current (Amendments to IAS 1)\u2022 Amendments to IFRS 17\u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)\u2022 Definition of Accounting Estimate (Amendments to IAS 8)\u2022 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction \u2013 Amendments to IAS 12 Income Taxes\u2022 Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (Amendments to IFRS 17)\u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)\u2022 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)These standards are not expected to have a material impact on the entity in the current or future reporting periods or on foreseeable future transactions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__22": {
"value": "SubsidiariesSubsidiaries are entities over which the Company has control. Control exists when the Company has power over an entity, exposure to variable returns from its involvement with an entity and the ability to use its power over the entity to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are also considered when assessing control.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__23": {
"value": "Interests in joint venturesThe Group has a contractual arrangement to share control of an entity. The Group recognises its interest in the assets and liabilities of the entity using the equity method of accounting. The Group Balance Sheet includes the appropriate share of the joint ventures\u2019 net assets or liabilities and the Income Statement includes the appropriate share of their results after tax.Financial Statements of joint ventures are prepared for the same reporting period as the Group. Adjustments are made in the Group\u2019s Financial Statements to eliminate the Group\u2019s share of unrealised gains and losses on transactions between the Group and its joint venture. The Group ceases to use the equity method from the date it no longer has joint control over the entity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__24": {
"value": "Interests in associatesCompanies, other than subsidiaries and joint ventures, in which the Group has an investment representing not less than 20% of the voting rights and over which it exerts significant influence are treated as associates. The Consolidated Financial Statements include the appropriate share of these associates\u2019 results and net assets based on their latest Financial Statements under the equity method of accounting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__25": {
"value": "Foreign currenciesThe trading results of foreign currency denominated subsidiaries, joint ventures and associates are translated into Sterling, the presentation currency of the Group and functional currency of the parent, using average rates of exchange for the year as a reasonable approximation to actual exchange rates at the dates of transactions.The Balance Sheets of foreign currency denominated subsidiaries, joint ventures and associates are translated into Sterling at the rates of exchange prevailing at the year end and exchange differences arising are taken directly to the translation reserve in equity. On disposal of a foreign currency denominated subsidiary, the deferred cumulative amount recognised in the translation reserve (since 1 January 2004 under the transitional rules of IFRS 1) relating to that entity is recognised in the Income Statement. All other translation differences are taken to the Income Statement, with the exception of differences on foreign currency borrowings and forward foreign currency contracts which are used to provide a hedge against the Group net investments in foreign enterprises. These are taken directly to equity until the disposal of the net investment, at which time they are recognised in the Income Statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__26": {
"value": "Presentation of Income Statement and separately disclosed itemsThe Group Income Statement has been presented in a columnar format to enable users of the Financial Statements to view the underlying results of the Group. The Group\u2019s policy is to separately disclose items that are considered significant in nature and value, not in the normal course of business, or are consistent with items that were treated as separately disclosed in prior periods. Treatment as a separately disclosed item provides users of the accounts with additional useful information to assess the year-on-year trading performance of the Group. Further details relating to separately disclosed items are provided in note 5 and a full listing of the Group\u2019s alternative performance measures (APMs) are provided in the glossary on page 292.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__27": {
"value": "Revenue recognitionRevenue is measured based on the consideration specified in the contract with a customer and is recognised when the performance obligations of the contract have been fulfilled.Contract revenuesFor the purposes of disclosures, the Group has applied the term \u2018contract revenues\u2019 to describe documented contracts that typically cover periods of at least one year, excluding concessions and subsidies. The contracts primarily relate to home to school and transit contracts in North America, urban bus contracts in Spain and coach contracts in the UK. In addition, in Germany, Spain and North America, the Group has a number of Service Concession arrangements for the provision of transport services.Revenues relating to the provision of transport services are recognised as the services are provided and in accordance with the terms of the contract. Revenue relating to any additional performance measures in the contract are recognised when the performance has been met and in accordance with the terms of the contract.If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring services to the customer. The variable consideration is estimated at contract inception and constrained until the associated uncertainty is resolved and when it becomes highly probable that a significant revenue reversal will not occur.Passenger revenuesPassenger revenues primarily relate to ticket sales in the UK, the RME German Rail contract, intercity coach services in Spain and urban bus services in Morocco.Passenger revenue is recognised in the Income Statement in the period in which the related travel occurs. Revenue from tickets that cover more than one day, for example monthly travelcards and season tickets, is initially deferred as a contract liability and released to the Income Statement on a straight-line basis over the applicable period of the ticket.Contract liabilities are reduced when an eligible cancellation arises. Also, where applicable, contract liabilities are reduced for ticket breakage, being the portion of future travel that is not expected to be exercised.Other ancillary revenues relating to ticket sales are recognised at point of sale or, if material and related to a future performance period, recognised by reference to that period.Passenger revenue in the German Rail RME contract is allocated between the various transport providers in each region by the tariff authority responsible for that region, and is recognised based on passenger counts, tariff authority estimates and historical trends.Private hirePrivate hire operations are contracts provided in the UK, ALSA and North America divisions and are typically of a short duration. Revenue is recognised over the period in which the private hire is provided to the customer.Other revenuesOther revenues primarily comprise non-passenger services in Spain, maintenance revenues in North America and advertising revenues. Other revenue also includes sub-leasing income where the Group acts as the lessor.Revenues for non-passenger services are recognised when the performance of the service has been fulfilled and in accordance with the terms of the contract. Advertising revenue is recognised over the period of the advertising contract.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__49": {
"value": "Contract costsCosts to obtain a contractThe incremental costs to obtain a contract with a customer are recognised within \u2018contract costs\u2019 if it is expected that those costs will be recoverable. Costs to obtain a contract that would have been incurred regardless of whether the contract was obtained are recognised as an expense in the period.Costs to fulfil a contractCosts that relate directly to a contract, generate resources that will be used in satisfying the contract and are expected to be recovered are recognised within \u2018contract costs\u2019 on the Balance Sheet. Contract fulfilment costs covered within the scope of another accounting standard, such as property, plant and equipment or intangible assets, are not capitalised as contract fulfilment assets but are treated according to those standards.Contract costs are amortised on a straight-line basis over the term of the specific contract they relate to, consistent with the pattern of recognition of the associated revenue.Contract assets and liabilitiesContract assets are recognised where the Group has performed its obligations to allow the recognition of revenue. However, it exceeds the amounts received or receivable from a customer at that time.Contract liabilities are recognised when amounts are advanced by customers and the Group has not yet met the performance obligation under the contract to allow the recognition of the balance as revenue. Contract liabilities are recognised as revenue when the Group performs such obligations under the contract.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__28": {
"value": "Government grantsGovernment grants are recognised at their fair value where there is reasonable assurance that the grant will be received and that the Group will comply with the conditions attached to it.Grants and subsidies relating to the provision of transport services are included within revenue when the terms of the agreement specify that they are intended to compensate the Group for services rendered, or to subsidise a revenue shortfall. The grants and subsidies are recognised as the services are provided. When the grant is awarded to compensate the business for incurring expenses, it is recognised in operating costs within the Income Statement over the period necessary to match on a systematic basis to the costs that it is intended to compensate. Where the grant is not prescriptive, management applies judgement to determine the most appropriate allocation of grant income between revenue and costs to match the intended nature of the award.Where the grant relates to property, plant and equipment, the value is included in liabilities as deferred income and credited to the Income Statement over the expected useful economic life of the assets concerned.Government grants received in excess of the amounts recognised in the Income Statement are held as deferred grant income within trade and other payables, whereas government grants recognised in the Income Statement that are yet to be received are held as grant receivables in trade and other receivables.For government grants that do not explicitly outline what the award is compensating, management applies its judgement as to whether it should be recognised within revenue or operating costs. Typically grants targeted at maintaining service levels are recognised within operating costs and those intended to compensate reduced fares or patronage are recognised within revenue.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__29": {
"value": "Service concession arrangementsIn Germany, Spain, Morocco, Portugal and North America, the Group provides services through public-private partnerships with public authorities responsible for the provision of public transport services.Concession arrangements involve the transfer of operating rights for a limited period, under the control of the local authority, using dedicated facilities supplied by the Group, or made available to it for or without consideration.The characteristics of these contracts vary depending on the country and activities concerned.Financial asset modelThe Group applies the financial asset model when the concession grantor contractually guarantees the payment of amounts specified in the contract or the shortfall, if any, between amounts received from users of the public service and amounts specified.Financial assets resulting from the application of IFRIC 12 Service Concession Arrangements are recorded in the Group Balance Sheet as financial assets or liabilities within working capital. These financial assets are assessed for impairment in line with the provisions of IFRS 9.Income received from the public authorities is recognised in line with the requirements of IFRS 15. In Germany, subsidy income from the Public Transport Authority (PTA) is recognised over the life of the franchise and by using the input method to measure progress against the performance obligation. The amount recognised in each period is based on a percentage of completion, applying net costs incurred as a proportion of total expected net costs, which is what the subsidy is intended to compensate. In accordance with IFRS 15, costs payable to the PTA are netted against subsidy income. In ALSA and North America, subsidy income from the local authority is recognised as the services are provided and in accordance with the terms of the contract.Intangible asset modelThe Group applies the intangible asset model when income is directly received from the passengers and there is no contractual guarantee from the concession grantor. The intangible asset corresponds to the right granted by the public authority to the Group to charge passengers of the public service. In addition, when the concession grantor has an option to purchase infrastructure assets at the end of the contract term, an intangible asset is recognised.Intangible assets resulting from the application of IFRIC 12 are recorded in the Group Balance Sheet and are amortised on the basis of the expected pattern of consumption applicable over the term of the concession.Income received from passengers is recognised in line with the requirements of IFRS 15 and the policy detailed on page 196.Infrastructure assets provided by the Group are either purchased or subject to a \u2018lease style\u2019 arrangement. Where the Group purchases the assets on its standard supplier terms (typically one year), the related liability is recorded in contract liabilities until it is settled. Where the assets are \u2018leased\u2019, the liability is recorded at the present value of the future payments in contract liabilities in accordance with IFRIC 12, as opposed to IFRS 16. Where lease payments on infrastructure assets are directly reimbursed from the customer, the asset is recorded according to the underlying classification of the IFRIC 12 contract (as set out above).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__30": {
"value": "TaxesCurrent taxCurrent tax is provided on taxable profits earned according to the local tax rates applicable where the profits are earned. Income taxes are recognised in the Income Statement unless they relate to an item accounted for in Other Comprehensive Income or Equity, in which case the tax is recognised directly in Other Comprehensive Income or Equity. The tax rates and tax laws used to compute the current tax are those that are enacted or substantively enacted at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__31": {
"value": "Deferred taxDeferred tax is provided in full in respect of all material temporary differences at the balance sheet date between the tax base and their carrying amounts for financial reporting purposes, apart from the following exceptions:\u2022 where the temporary difference arises from the initial recognition of goodwill;\u2022 where an asset or liability is recognised in a transaction that is not a business combination and that at the time of the transaction affects neither accounting nor taxable profit or loss; and\u2022 in respect of investment in subsidiaries, associates and joint ventures where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred tax is measured on a non-discounted basis at tax rates that are expected to apply in the periods in which the temporary differences reverse based on tax rates and laws enacted or substantively enacted at the balance sheet date.Deferred tax assets are recognised to the extent that it is considered more likely than not that future taxable profits will be available against which the underlying temporary differences can be deducted. For this purpose, forecasts of future taxable profits are considered by assessing the Group\u2019s forecast revenue and profit models, taking into account future growth predictions and operating cost assumptions, as well as assumptions on the tax elections within the Group\u2019s control.Accordingly, changes in assumptions to the Group\u2019s forecasts may have an impact on the amount of future taxable profits and therefore the period over which any deferred tax assets might be recovered.Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and when the Group intends to settle its current tax assets and liabilities on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__32": {
"value": "Business combinationsOn the acquisition of a business, identifiable assets and liabilities acquired are measured at their fair value. Contingent liabilities assumed are measured at fair value unless this cannot be measured reliably, in which case they are not recognised but are disclosed in the same manner as other contingent liabilities.The cost of acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued. Any contingent consideration is recognised at fair value at the acquisition date and subsequently until it is settled.The cost of the acquisition in excess of the Group\u2019s interest in the net fair value of the identifiable net assets acquired is recorded as goodwill. If the cost of the acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the Income Statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__33": {
"value": "Non-current assets held for sale and discontinued operationsNon-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction rather than continuing use. This condition is regarded as met only when the sale is highly probable, the asset (or disposal group) is available for immediate sale in its present condition, management is committed to the sale and the sale is expected to complete within one year from the date of classification. Assets held for sale are stated at the lower of carrying amount and fair value less costs to sell.A discontinued operation is a component of the Group that has been disposed of or is classified as held for sale and either represents a separate major line of business or geographical area; is part of a plan to dispose of a separate major line of business or geographical area; or is a subsidiary acquired exclusively for resale.Discontinued operations are excluded from the results of continuing operations and presented as a single amount after tax. Comparatives are also represented to reclassify the operation as discontinued.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__34": {
"value": "Intangible assetsGoodwillGoodwill arising on consolidation represents the excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable assets and liabilities of the acquired subsidiary at the date of acquisition. Goodwill arising on the acquisition of an associate or joint venture is recognised within the carrying amount of the investment.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses and is not amortised.Goodwill is allocated to cash-generating units for the purpose of impairment testing. A cash-generating unit is identified at the lowest aggregation of assets that generate largely independent cash inflows, and which is reviewed by management for monitoring and managing the Group\u2019s business operations.On disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.Other intangible assets Customer contractsCustomer contracts acquired as part of a business combination are initially recorded at the fair value attributed to those contracts on acquisition.Service concessionsService concession intangible assets represent a right to charge passengers for the use of the public service. See page 197 for further details.Contract costsContract costs include costs to obtain and costs to fulfil a contract. See page 196 for further details.SoftwareAcquired and internally developed software is capitalised on the basis of the costs incurred to acquire and bring to use the specific software or fair value if acquired as part of a business combination. Computer software that is integral to a tangible fixed asset is recognised within property, plant and equipment.Amortisation is charged on a straight-line basis over the expected useful lives of the assets as follows:Customer contracts \u2013 over the life of the contract (1 to 33 years)Contract costs \u2013 over the term of the specific contract (1 to 15 years)Software \u2013 over the estimated useful life (3 to 7 years)The useful lives are examined on an annual basis and adjustments, where applicable, are made on a prospective basis. Intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__35": {
"value": "Property, plant and equipmentAll property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses.Repairs and maintenance costs are expensed as incurred.Freehold land is not depreciated. All other property, plant and equipment is depreciated on a straight-line basis over its estimated useful life as follows:Land and buildings \u2013 15 to 50 yearsPublic service vehicles \u2013 8 to 20 yearsPlant and equipment, fixtures and fittings \u2013 3 to 15 yearsUseful lives and residual values are reviewed annually and adjustments, where applicable, are made on a prospective basis. Specifically, as the Group transitions away from diesel powered vehicles towards zero emissions vehicles, the impact on the useful life, and residual value of diesel vehicles is reviewed. In addition, as new vehicles are purchased, useful lives are set considering these factors.An item of property, plant and equipment is derecognised upon disposal with any gain or loss arising included in the Income Statement in the period of derecognition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__36": {
"value": "ImpairmentIntangible assets with definite useful lives, and property, plant and equipment are tested for impairment when events or circumstances indicate that their carrying value may not be recoverable. Goodwill is subject to an impairment test on an annual basis, or more frequently if there are indicators of impairment. Assets that do not generate independent cash flows are combined into cash-generating units.The impairment testing of individual assets or cash-generating units requires an assessment of the recoverable amount of the asset or cash-generating unit. If the carrying value of the asset or cash-generating unit exceeds its estimated recoverable amount, the asset or cash-generating unit is written down to its recoverable amount. Recoverable amount is the greater of fair value less costs of disposal and value in use. Value in use is assessed based on estimated future cash flows discounted to their present value using a pre-tax discount rate that is based on the country-specific weighted average cost of capital (WACC). The outcome of such an assessment is subjective, and the result sensitive to the assumed future cash flows to be generated by the cash-generating units or assets, the growth rate used to extrapolate the cash flows beyond the three-year period and discount rates applied in calculating the value in use.Impairment losses relating to goodwill cannot be subsequently reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__37": {
"value": "Financial instrumentsA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. The Group determines the classification of its financial instruments at initial recognition.Financial assetsFinancial assets are classified at initial recognition as (i) subsequently measured at amortised cost, (ii) fair value through Other Comprehensive Income or (iii) fair value through profit and loss. The classification depends on the purpose for which the financial assets were acquired.Financial assets at fair value through Profit and LossFinancial assets at fair value through Profit or Loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through Profit or Loss, or financial assets mandatorily required to be measured at fair value.Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives are also classified as held for trading unless they are designated as effective hedging instruments.Financial assets at fair value through profit or loss are carried in the Group Balance Sheet at fair value, with net changes in fair value recognised in the Income Statement within finance costs. Transaction costs arising on initial recognition are expensed in the Income Statement.Financial assets at fair value through Other Comprehensive IncomeThe Group has elected to recognise its non-listed equity investments at fair value through Other Comprehensive Income. Gains and losses on these financial assets are never recycled to the Income Statement. Dividends are recognised as other income in the Income Statement when the right of payment has been established. Where there is no active market for the Group\u2019s investments, fair value is determined using valuation techniques including recent commercial transactions and discounted cash flow analyses. Equity instruments designated at fair value through Other Comprehensive Income are not subject to impairment assessment.Financial assets at amortised costA financial asset is measured at amortised cost if it is held within a business model whose objective is to hold assets to collect contractual cash flows, and its contractual terms give rise on specific dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.The Group\u2019s financial assets at amortised cost include trade and other receivables and cash and cash equivalents in the Balance Sheet.Financial liabilitiesFinancial liabilities are classified at initial recognition as (i) financial liabilities at fair value through profit or loss, (ii) loans and borrowings, (iii) payables or (iv) derivatives designated as hedging instruments, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. Subsequent measurement depends on its classification as follows:Financial liabilities at fair value through profit and lossFinancial liabilities at fair value through profit or loss include financial liabilities held for trading. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term.Loans and borrowingsAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in the Income Statement when the liabilities are derecognised. Amortisation is included as finance costs in the Income Statement. This category applies to interest-bearing loans and borrowings.For some contracts where the cash flows are back ended, the Group enters into a non-recourse factoring arrangement with a bank to factor the future cash flows in advance of invoicing the customer, with the resultant liability with the bank recorded in loans and borrowings. On subsequent receipt of the cash from the customer this is then immediately repaid to the bank. Both the cash receipt and the repayment to the bank are recorded within cash flows from financing activities in the Statement of Cash Flows.Put liabilitiesPut liabilities are recognised by the Group when put options have been issued by the Group in a business combination. Liabilities are recorded at the present value of the purchase price upon acquisition. The present value of purchase price is re-measured at each reporting date, with subsequent changes recorded in profit and loss. Unwind of the discount of the liability is recorded within interest costs.Equity instruments Hybrid instrumentsHybrid instruments issued by the Group are classified on initial recognition according to the substance of the arrangement. Hybrid instruments are recorded within equity where the contractual terms of the instruments allow the Group to defer coupon payments and the repayment of the principal amount indefinitely. These features give the Group the unconditional right to avoid the payment of cash or another financial asset for the principal or coupon and consequently are classified as equity instruments. These equity instruments are not re-measured from period to period. Coupon payments made are treated the same as an equity dividend distribution and, where not made, are accrued within the hybrid reserve, with a corresponding reduction in retained earnings.Derivative financial instruments and hedge accountingThe Group uses derivative financial instruments such as fuel derivatives, interest rate derivatives, foreign exchange forward contracts and cross currency interest rate swaps to hedge its risks associated with fuel price, interest rate fluctuations and foreign currency. Such derivative financial instruments are initially recognised at fair value and subsequently re-measured to fair value for the reported Balance Sheet. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The fair value of the derivatives is calculated by reference to market exchange rates, interest rates and fuel prices at the period end.The Group designates certain derivatives as either:\u2022 hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges);\u2022 hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges); or\u2022 hedges of a net investment in a foreign operation (net investment hedges).At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.The Group\u2019s interest rate derivatives are designated as either fair value hedges or cash flow hedges. For fair value hedges, the gain or loss on the hedging instrument is recognised immediately in the Income Statement. The carrying amount of the hedged item is adjusted through the Income Statement for the gain or loss on the hedged item attributable to the hedged risk, in this case movements in the risk-free interest rate.The Group\u2019s fuel derivatives are designated as cash flow hedges. The gain or loss on the hedging instrument that is determined to be an effective hedge is recognised in equity. The gains or losses deferred in equity in this way are recycled through the Income Statement in the same period in which the hedged underlying transaction or firm commitment is recognised in the Income Statement.Foreign exchange forward contracts and cross currency interest rate swaps are used to hedge the Group\u2019s net investment in foreign currency denominated operations, and, to the extent they are designated and effective as net investment hedges, are matched in equity against foreign exchange exposure in the related assets and liabilities. Gains and losses accumulated in equity are included in the Income Statement when the foreign operation is partially disposed of or sold.The Group also uses foreign exchange forward contracts to hedge certain transactional exposures. These contracts are not hedge accounted and all gains and losses are taken directly to the Income Statement.For derivatives that do not qualify for hedge accounting, gains or losses are taken directly to the Income Statement in the period. Similarly, any material ineffective portion of the Group\u2019s cash flow and net investment hedges is recognised in the Income Statement.Movements in the fair value of the hedging instrument arising from costs of hedging for cash flow and net investment hedges are recognised in equity, disclosed separately and amortised to the Income Statement over the term of the hedge relationship on a rational basis.Any material ineffectiveness is recognised in the Income Statement within operating costs for fuel derivatives and finance costs for all other derivatives.Hedge accounting is discontinued when the hedging instrument or hedged item expires, is sold, terminated or exercised, or no longer qualifies for hedge accounting. For fuel derivatives, this can arise due to a change in the highly probable forecast transaction as a result of a change in divisional volume requirements. In such instances, accumulated fair value gains or losses are transferred from Other Comprehensive Income to the Income Statement for affected trades when hedge accounting has been discontinued.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__39": {
"value": "Financial assetsFinancial assets are classified at initial recognition as (i) subsequently measured at amortised cost, (ii) fair value through Other Comprehensive Income or (iii) fair value through profit and loss. The classification depends on the purpose for which the financial assets were acquired.Financial assets at fair value through Profit and LossFinancial assets at fair value through Profit or Loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through Profit or Loss, or financial assets mandatorily required to be measured at fair value.Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives are also classified as held for trading unless they are designated as effective hedging instruments.Financial assets at fair value through profit or loss are carried in the Group Balance Sheet at fair value, with net changes in fair value recognised in the Income Statement within finance costs. Transaction costs arising on initial recognition are expensed in the Income Statement.Financial assets at fair value through Other Comprehensive IncomeThe Group has elected to recognise its non-listed equity investments at fair value through Other Comprehensive Income. Gains and losses on these financial assets are never recycled to the Income Statement. Dividends are recognised as other income in the Income Statement when the right of payment has been established. Where there is no active market for the Group\u2019s investments, fair value is determined using valuation techniques including recent commercial transactions and discounted cash flow analyses. Equity instruments designated at fair value through Other Comprehensive Income are not subject to impairment assessment.Financial assets at amortised costA financial asset is measured at amortised cost if it is held within a business model whose objective is to hold assets to collect contractual cash flows, and its contractual terms give rise on specific dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.The Group\u2019s financial assets at amortised cost include trade and other receivables and cash and cash equivalents in the Balance Sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__38": {
"value": "Financial assets at fair value through Profit and LossFinancial assets at fair value through Profit or Loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through Profit or Loss, or financial assets mandatorily required to be measured at fair value.Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives are also classified as held for trading unless they are designated as effective hedging instruments.Financial assets at fair value through profit or loss are carried in the Group Balance Sheet at fair value, with net changes in fair value recognised in the Income Statement within finance costs. Transaction costs arising on initial recognition are expensed in the Income Statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__40": {
"value": "Financial liabilitiesFinancial liabilities are classified at initial recognition as (i) financial liabilities at fair value through profit or loss, (ii) loans and borrowings, (iii) payables or (iv) derivatives designated as hedging instruments, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. Subsequent measurement depends on its classification as follows:Financial liabilities at fair value through profit and lossFinancial liabilities at fair value through profit or loss include financial liabilities held for trading. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term.Loans and borrowingsAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in the Income Statement when the liabilities are derecognised. Amortisation is included as finance costs in the Income Statement. This category applies to interest-bearing loans and borrowings.For some contracts where the cash flows are back ended, the Group enters into a non-recourse factoring arrangement with a bank to factor the future cash flows in advance of invoicing the customer, with the resultant liability with the bank recorded in loans and borrowings. On subsequent receipt of the cash from the customer this is then immediately repaid to the bank. Both the cash receipt and the repayment to the bank are recorded within cash flows from financing activities in the Statement of Cash Flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__41": {
"value": "Derivative financial instruments and hedge accountingThe Group uses derivative financial instruments such as fuel derivatives, interest rate derivatives, foreign exchange forward contracts and cross currency interest rate swaps to hedge its risks associated with fuel price, interest rate fluctuations and foreign currency. Such derivative financial instruments are initially recognised at fair value and subsequently re-measured to fair value for the reported Balance Sheet. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The fair value of the derivatives is calculated by reference to market exchange rates, interest rates and fuel prices at the period end.The Group designates certain derivatives as either:\u2022 hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges);\u2022 hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges); or\u2022 hedges of a net investment in a foreign operation (net investment hedges).At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.The Group\u2019s interest rate derivatives are designated as either fair value hedges or cash flow hedges. For fair value hedges, the gain or loss on the hedging instrument is recognised immediately in the Income Statement. The carrying amount of the hedged item is adjusted through the Income Statement for the gain or loss on the hedged item attributable to the hedged risk, in this case movements in the risk-free interest rate.The Group\u2019s fuel derivatives are designated as cash flow hedges. The gain or loss on the hedging instrument that is determined to be an effective hedge is recognised in equity. The gains or losses deferred in equity in this way are recycled through the Income Statement in the same period in which the hedged underlying transaction or firm commitment is recognised in the Income Statement.Foreign exchange forward contracts and cross currency interest rate swaps are used to hedge the Group\u2019s net investment in foreign currency denominated operations, and, to the extent they are designated and effective as net investment hedges, are matched in equity against foreign exchange exposure in the related assets and liabilities. Gains and losses accumulated in equity are included in the Income Statement when the foreign operation is partially disposed of or sold.The Group also uses foreign exchange forward contracts to hedge certain transactional exposures. These contracts are not hedge accounted and all gains and losses are taken directly to the Income Statement.For derivatives that do not qualify for hedge accounting, gains or losses are taken directly to the Income Statement in the period. Similarly, any material ineffective portion of the Group\u2019s cash flow and net investment hedges is recognised in the Income Statement.Movements in the fair value of the hedging instrument arising from costs of hedging for cash flow and net investment hedges are recognised in equity, disclosed separately and amortised to the Income Statement over the term of the hedge relationship on a rational basis.Any material ineffectiveness is recognised in the Income Statement within operating costs for fuel derivatives and finance costs for all other derivatives.Hedge accounting is discontinued when the hedging instrument or hedged item expires, is sold, terminated or exercised, or no longer qualifies for hedge accounting. For fuel derivatives, this can arise due to a change in the highly probable forecast transaction as a result of a change in divisional volume requirements. In such instances, accumulated fair value gains or losses are transferred from Other Comprehensive Income to the Income Statement for affected trades when hedge accounting has been discontinued.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__42": {
"value": "InventoriesInventories are valued at the lower of cost and net realisable value on a first in, first out basis, after making due allowance for obsolete or slow moving items.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__43": {
"value": "Trade and other receivablesTrade and other receivables are recognised and carried at the transaction price determined under IFRS 15, less provision for impairment.The Group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for trade receivables. The Group uses provision matrices based on historical ageing of receivables and credit loss experience, adjusted as necessary for any forward-looking factors specific to the debtors and economic environment.Trade receivables are derecognised where the Group enters into factoring arrangements without recourse and the risks and rewards have been fully transferred. The Group classifies the cash flows from receivable factoring arrangements within cash from operating activities in the Statement of Cash Flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__44": {
"value": "Cash and cash equivalentsCash and cash equivalents as defined for the Statement of Cash Flows comprise cash in hand, cash held at bank with immediate access, other short-term investments and bank deposits with maturities of three months or less from the date of inception, and bank overdrafts. In the Consolidated Balance Sheet, cash and cash equivalents are presented net of bank overdrafts where there is a legal right of offset, and otherwise are included within borrowings in current liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__45": {
"value": "Trade and other payablesTrade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__46": {
"value": "ProvisionsProvisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material using a pre-tax discount rate. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.Contingent liabilities are obligations that arise from past events that are dependent on future events. They are disclosed in the notes to the Financial Statements where the expected future outflow is not probable.Onerous contractsAn onerous contract is a contract under which the unavoidable costs (i.e. the costs that the Group cannot avoid because it has the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly to the contract (i.e. both incremental costs and an allocation of costs directly related to contract activities).Where the Group assesses that a contract is onerous, the present obligation under the contract is recognised and measured as a provision. However, before a separate provision for an onerous contract is established, the Group recognises any impairment loss on assets dedicated to that contract.Insurance claimsThe Group\u2019s policy is to not insure low value, high frequency claims within the businesses. To provide protection against higher value claims, the Group purchases insurance cover from a selection of proven and financially strong insurers.Provisions in respect of claims risk include projected settlements for known and incurred but not reported claims. Projected settlements are estimated based on historical trends and actuarial data and are discounted to take account of the expected timing of future cash settlements. To the extent insurance liabilities are insured and awaiting settlement, a separate asset is recognised in other receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__47": {
"value": "LeasesGroup as a lessee Lease identificationAt inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identifiable asset for a period of time in exchange for consideration. Non-lease components and contracts which do not contain a lease are expensed in the Income statement on a systematic basis over the contract term.Right-of-use assetThe right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.The right-of-use asset is depreciated on a straight-line basis over the shorter of the estimated useful life of the asset and the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability.Lease liabilityAt the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs.The lease liability is measured at amortised cost using the effective interest method. It is re-measured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option.Short-term leases and leases of low-value assetsThe Group applies the short-term lease recognition exemption to those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the low-value assets recognition exemption to leases of assets below \u00a35,000. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.Group as a lessorAs a lessor, the Group continues to classify leases as either finance leases or operating leases and account for those two types of leases differently. Where the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset it is classified as a finance lease and if not is an operating lease.When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. Where the sub-lease is classified as a finance lease, the right-of-use asset with respect to the head lease is derecognised and a finance lease receivable is recognised equal to the net investment in the sub-lease. The net investment in the lease is calculated as the present value of the aggregate of lease payments receivable and any unguaranteed residual value. Where the interest rate implicit in the sub-lease cannot be readily determined, the Group uses the discount rate used for the head lease.The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of \u2018other revenue\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__48": {
"value": "Share-based paymentsThe Group awards equity-settled share-based payments to certain employees, under which the Group receives services from employees as consideration for equity instruments (options) of the Group. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted, excluding the impact of any non-market service and performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the Group over a specified time period). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At each balance sheet date, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in the Income Statement, with a corresponding adjustment to equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__50": {
"value": "3 Exchange ratesThe most significant exchange rates to UK Sterling for the Group are as follows:2022202220212021Closing Average Closing Average raterateraterateUS Dollar 1.21 1.24 1.35 1.38Canadian Dollar 1.64 1.61 1.71 1.72Euro 1.13 1.17 1.19 1.16If the results for the year to 31 December 2021 had been retranslated at the average exchange rates for the year to 31 December 2022, North America would have achieved underlying operating profit of \u00a382.5m on revenue of \u00a3967.4m, compared with underlying operating profit of \u00a374.4m on revenue of \u00a3872.0m as reported, and ALSA would have achieved a underlying operating profit of \u00a356.2m on revenue of \u00a3712.3m, compared with underlying operating profit of \u00a356.6m on revenue of \u00a3718.4m as reported.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__51": {
"value": "4 Revenue and segmental analysis The Group\u2019s reportable segments have been determined based on reports issued to and reviewed by the Group Executive Committee, and are organised in accordance with the geographical regions in which they operate and the nature of services that they provide. Management considers the Group Executive Committee to be the chief decision-making body for deciding how to allocate resources and for assessing operating performance.Segmental performance is evaluated based on operating profit or loss and is measured consistently with operating profit or loss in the Consolidated Financial Statements. Group financing activities and income taxes are managed on a Group basis and are not allocated to reportable segments.The principal services from which each reportable segment derives its revenues are as follows:\u2022 UK \u2013 bus and coach operations\u2022 German Rail \u2013 rail operations\u2022 ALSA (predominantly Spain and Morocco) \u2013 bus and coach operations\u2022 North America (USA and Canada) \u2013 school bus, transit and shuttle operations Further details on the activities of each segment are described in the Strategic Report.Central functions is not a reportable segment but has been included in the segmental analysis for transparency and to enable a reconciliation to the consolidated Group.(a) RevenueRevenue is disaggregated by reportable segment, class and type of service as follows:2022Contract Passenger Grants and Other Analysis by class and revenuesrevenuessubsidiesPrivate hirerevenuesTotalreportable segment:\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 41.6 388.4 65.0 15.8 17.5 528.3German Rail \u2013 38.3 228.4 \u2013 1.8 268.5ALSA 175.9 510.1 176.6 51.3 48.6 962.5North America 988.5 \u2013 \u2013 54.1 5.6 1,048.2Central functions \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Total revenue 1,206.0 936.8 470.0 121.2 73.5 2,807.5Analysis by major service type:Passenger transport 1,206.0 936.8 470.0 121.2 13.1 2,747.1Other products and services \u2013 \u2013 \u2013 \u2013 60.4 60.4Total revenue 1,206.0 936.8 470.0 121.2 73.5 2,807.5Grants recognised within revenueIncluded in grants and subsidies is \u00a319.6m (2021: \u00a392.8m) of grant income recognised in the UK in response to Covid-19, principally from the Bus Recovery Grant (BRG) for the current year. Replacing the Covid Bus Services Support Grant (CBSSG) from 1 September 2021, the BRG intended to compensate UK bus operators for continuing bus services during the Covid-19 recovery period, and whereby funding has been allocated to the operators according to revenue and mileage operated.Included in the prior year is Covid-19 support from the CBSSG, of which \u00a380.6m has been recognised within revenue. Grant income has been recognised in the Income Statement in the same period that the related revenue shortfall occurred and to the extent that there is reasonable assurance that the Group will comply with the conditions of the grant and that it will be received and retained (taking account of the potential adjustments to grant payments as a result of the review process).During the year, the West Midlands Combined Authority (WMCA), supported by our UK Bus business (UK Bus) and other regional operators, applied for and was awarded a grant by the Department for Transport (DfT) under the UK government\u2019s Bus Service Improvement Plan (BSIP). The total amount awarded was \u00a387.8m and is available to WMCA and regional bus operators in return for delivering certain improvements to bus services in the West Midlands. The BSIP runs for three years from April 2022 to March 2025.A pre-application condition for the BSIP grant set by DfT was either the existence of an Enhanced Partnership Plan (EPP) and an Enhanced Partnership Scheme (EPS) between WMCA and regional bus operators or progress towards regional bus franchising. An EPP and EPS, which included UK Bus and other regional bus operators, were in place for the West Midlands prior to the commencement of the BSIP, and now incorporate the objectives of the West Midlands region\u2019s bus service improvement plan (West Midlands BSIP) as those have been agreed between WMCA and regional bus operators. These objectives are underpinned by the need to maintain a comprehensive bus network in order to build bus patronage.As UK Bus is an operator within the WMCA Enhanced Partnership and supported the WMCA BSIP Grant Application in 2022 we supported the EPS with a number of commitments such as freezing bus fares, maintaining bus network levels and developing bus passenger recovery plans as part of this grant application.As at 31 December 2022, WMCA had not yet received cash funding from the DfT and so had not disbursed funds to the relevant operators at that point in time. However, the grant was awarded by the DfT on 12 December 2022 and UK Bus has received written confirmation from WMCA that they will be paying this grant award on to the operators in line with the Enhanced Partnership agreement. As a result, the \u00a312.0m grant income recognised is recorded within current other receivables. The amount recognised is following IAS 20 Accounting for Government Grants and Disclosure of Government Assistance requirements, having concluded that the Group has (a) complied with any conditions attached to the grant under the EPP up to 31 December 2022 and expect to continue to comply through to the end of the grant in March 2025, and (b) the grant is expected to be received.The total amount of \u00a312.0m represents 9/36th of the total three-year grant funding available in respect of the elements of the West Midlands BSIP that UK Bus delivered on in 2022, which totals \u00a348.0m out of the total \u00a387.8m. Of this, \u00a34.0m of income has been recorded in revenue representing the portion of the grant income designed to compensate the business for freezing passenger fares. A further \u00a38.0m is recorded to reduce expenditure to reflect the elements of the BSIP programme compensating the business for the costs incurred in maintaining the bus network during the period (note 6).Also included in grants and subsidies is \u00a315.1m (2021: \u00a315.9m) of additional subsidies in Germany in respect of the Federal Framework Regulation on Aid to Public Transport. Under this arrangement, additional subsidies may be claimed by public transport operators in Germany to compensate for the loss of passenger revenue due to Covid-19. Similarly, a further \u00a322.0m (2021: \u00a354.2m) was recognised in ALSA from Public Transport Authorities to compensate for revenue shortfalls due to Covid-19. In both cases, subsidy income has been recognised in the same period in the Income Statement to match the period in which the related shortfall of revenue occurred and to the extent there is reasonable assurance that the Group has complied with the conditions.In German Rail, at the commencement of the Rhine-M\u00fcnster Express (RME) contract in 2015, a fixed amount of subsidy was agreed with the PTA for the life of the contract and the amount recognised each year was measured by considering the proportion of contract costs incurred at each balance sheet date. As it does every year, the Group has reforecast the contract out-turn and reassessed its estimate of the stage of completion. This reassessment concluded a re-phasing adjustment of revenue was not required in year (2021: \u00a33.8m).Included in ALSA\u2019s prior year results is revenue of \u00a310.8m for additional services provided to a customer between 2015 and 2020. In previous years it was considered uncertain as to whether such amounts could be recovered, and therefore such amounts were constrained. Following an agreement with the customer during the prior year, the uncertainty was resolved and the revenue recognised in full.There have been no other material amounts of revenue recognised in the year that relate to performance obligations satisfied or partially satisfied in previous years. Revenue received where the performance obligation will be fulfilled in the future is classified as deferred income or contract liabilities and disclosed in notes 24 and 25.There are no material inter-segment sales between reportable segments.2021Contract Passenger Grants and Other Analysis by class and revenuesrevenuessubsidiesPrivate hirerevenuesTotalreportabale segment:\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 49.3 195.3 136.5 7.0 9.7 397.8German Rail \u2013 45.2 136.7 \u2013 0.2 182.1ALSA 159.5 323.6 175.1 30.4 29.8 718.4North America 831.3 \u2013 \u2013 33.4 7.3 872.0Central functions \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Total revenue 1,040.1 564.1 448.3 70.8 47.0 2,170.3Analysis by major service type:Passenger transport 1,040.1 564.1 448.3 70.8 18.7 2,142.0Other products and services \u2013 \u2013 \u2013 \u2013 28.3 28.3Total revenue 1,040.1 564.1 448.3 70.8 47.0 2,170.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__53-1": {
"value": "Included in grants and subsidies is \u00a319.6m (2021: \u00a392.8m) of grant income recognised in the UK in response to Covid-19, principally from the Bus Recovery Grant (BRG) for the current year. Replacing the Covid Bus Services Support Grant (CBSSG) from 1 September 2021, the BRG intended to compensate UK bus operators for continuing bus services during the Covid-19 recovery period, and whereby funding has been allocated to the operators according to revenue and mileage operated.Included in the prior year is Covid-19 support from the CBSSG, of which \u00a380.6m has been recognised within revenue. Grant income has been recognised in the Income Statement in the same period that the related revenue shortfall occurred and to the extent that there is reasonable assurance that the Group will comply with the conditions of the grant and that it will be received and retained (taking account of the potential adjustments to grant payments as a result of the review process).During the year, the West Midlands Combined Authority (WMCA), supported by our UK Bus business (UK Bus) and other regional operators, applied for and was awarded a grant by the Department for Transport (DfT) under the UK government\u2019s Bus Service Improvement Plan (BSIP). The total amount awarded was \u00a387.8m and is available to WMCA and regional bus operators in return for delivering certain improvements to bus services in the West Midlands. The BSIP runs for three years from April 2022 to March 2025.A pre-application condition for the BSIP grant set by DfT was either the existence of an Enhanced Partnership Plan (EPP) and an Enhanced Partnership Scheme (EPS) between WMCA and regional bus operators or progress towards regional bus franchising. An EPP and EPS, which included UK Bus and other regional bus operators, were in place for the West Midlands prior to the commencement of the BSIP, and now incorporate the objectives of the West Midlands region\u2019s bus service improvement plan (West Midlands BSIP) as those have been agreed between WMCA and regional bus operators. These objectives are underpinned by the need to maintain a comprehensive bus network in order to build bus patronage.As UK Bus is an operator within the WMCA Enhanced Partnership and supported the WMCA BSIP Grant Application in 2022 we supported the EPS with a number of commitments such as freezing bus fares, maintaining bus network levels and developing bus passenger recovery plans as part of this grant application.As at 31 December 2022, WMCA had not yet received cash funding from the DfT and so had not disbursed funds to the relevant operators at that point in time. However, the grant was awarded by the DfT on 12 December 2022 and UK Bus has received written confirmation from WMCA that they will be paying this grant award on to the operators in line with the Enhanced Partnership agreement. As a result, the \u00a312.0m grant income recognised is recorded within current other receivables. The amount recognised is following IAS 20 Accounting for Government Grants and Disclosure of Government Assistance requirements, having concluded that the Group has (a) complied with any conditions attached to the grant under the EPP up to 31 December 2022 and expect to continue to comply through to the end of the grant in March 2025, and (b) the grant is expected to be received.The total amount of \u00a312.0m represents 9/36th of the total three-year grant funding available in respect of the elements of the West Midlands BSIP that UK Bus delivered on in 2022, which totals \u00a348.0m out of the total \u00a387.8m. Of this, \u00a34.0m of income has been recorded in revenue representing the portion of the grant income designed to compensate the business for freezing passenger fares. A further \u00a38.0m is recorded to reduce expenditure to reflect the elements of the BSIP programme compensating the business for the costs incurred in maintaining the bus network during the period (note 6).Also included in grants and subsidies is \u00a315.1m (2021: \u00a315.9m) of additional subsidies in Germany in respect of the Federal Framework Regulation on Aid to Public Transport. Under this arrangement, additional subsidies may be claimed by public transport operators in Germany to compensate for the loss of passenger revenue due to Covid-19. Similarly, a further \u00a322.0m (2021: \u00a354.2m) was recognised in ALSA from Public Transport Authorities to compensate for revenue shortfalls due to Covid-19. In both cases, subsidy income has been recognised in the same period in the Income Statement to match the period in which the related shortfall of revenue occurred and to the extent there is reasonable assurance that the Group has complied with the conditions.In German Rail, at the commencement of the Rhine-M\u00fcnster Express (RME) contract in 2015, a fixed amount of subsidy was agreed with the PTA for the life of the contract and the amount recognised each year was measured by considering the proportion of contract costs incurred at each balance sheet date. As it does every year, the Group has reforecast the contract out-turn and reassessed its estimate of the stage of completion. This reassessment concluded a re-phasing adjustment of revenue was not required in year (2021: \u00a33.8m).Included in ALSA\u2019s prior year results is revenue of \u00a310.8m for additional services provided to a customer between 2015 and 2020. In previous years it was considered uncertain as to whether such amounts could be recovered, and therefore such amounts were constrained. Following an agreement with the customer during the prior year, the uncertainty was resolved and the revenue recognised in full.There have been no other material amounts of revenue recognised in the year that relate to performance obligations satisfied or partially satisfied in previous years. Revenue received where the performance obligation will be fulfilled in the future is classified as deferred income or contract liabilities and disclosed in notes 24 and 25.There are no material inter-segment sales between reportable segments.Grants recognised within operating costsWhere the Directors have reasonable assurance that we have complied with the conditions of the grant, and the grant will be received, we have recognised grant income. As noted in accounting policies, where the nature of the grant is to compensate us for certain costs incurred, they have been recognised to offset those costs in the same place.On 12 August 2021 the Group was granted an award under the Coronavirus Economic Relief for Transportation Services (CERTS) in North America, a scheme designed to provide relief to retain jobs, hire back employees previously laid off and cover applicable overhead and operational expenses. In the year ending 31 December 2022 the Group has recognised \u00a340.6m (2021: \u00a345.7m) as a reduction in operating expenses (mostly staff costs) based on eligible costs incurred during the period.The Group has also recognised \u00a315.3m in North America in respect of Covid-19 Employee Retention Credits (ERC). The amounts recognised in year relate to claims made to the Internal Revenue Service in the current and previous periods, for employee costs incurred in 2020 and 2021. Amounts have been recognised in the current year following submission of the grant claim in the current year, or the Director\u2019s gaining reasonable assurance during the year that we will be entitled to receive the grant, following submission of the grant claim in prior periods.The UK has recognised a credit of \u00a319.1m (2021: \u00a3nil) in respect of Stabilisation Funding (\u00a312.8m) and Network Protection Funding (\u00a36.3m) designed to provide relief to UK bus operators for maintaining pre-pandemic service levels as patronage numbers continue to recover and while the Birmingham Commonwealth Games 2022 took place. The grant terms did not define whether the grants were specifically awarded to cover revenue shortfall or network running costs, therefore management exercised judgement to determine where in the Income Statement the grants should be recorded. As the primary condition of the grant, as outlined in the funding agreement, was to maintain a stable bus network, management has allocated the credits against staff costs and operational expenses for the period they are intended to cover.In addition, the UK Bus business (UK Bus) has recognised grant income under the Bus Service Improvement Plan (BSIP). Included in operating costs above is \u00a38.0m grant income reflecting the elements of the BSIP programme compensating the business for the costs incurred in maintaining the bus network during the period. A further \u00a34.0m of income has been recorded in revenue representing the portion of the grant income designed to compensate the business for freezing passenger fares. See note 4 for further details.Included within 2021 is \u00a318.3m of the government grant Coronavirus Job Retention Scheme (CJRS) in the UK and the US CARES Act in North America, in response to the Covid-19 pandemic. The amounts recognised reflect the grants receivable in respect of the year ended 31 December 2021 and relate to the costs reclaimable for employees furloughed or retained to the extent that it is reasonably certain that the grant will be received. These grants were netted within staff costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__52": {
"value": "(b) Operating profit/(loss)Operating profit/(loss) is analysed by reportable segment as follows:Underlying Separately Underlying Separately (Restated) operating disclosed Segmentoperating disclosed Segmentprofit/(loss)itemsresult profit/(loss)itemsresult1202220222022202120212021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 25.6 (7.5) 18.1 (22.6) (23.8) (46.4)German Rail 17.6 (10.4) 7.2 5.0 (29.1) (24.1)ALSA 103.9 (274.1) (170.2) 56.6 (26.4) 30.2North America 68.4 (55.7) 12.7 74.4 (27.9) 46.5Central functions (18.2) (8.1) (26.3) (26.4) (16.0) (42.4)Operating profit/(loss) 197.3 (355.8) (158.5) 87.0 (123.2) (36.2)Share of results from associates andjoint ventures (0.4) \u2013 (0.4) (1.0) \u2013 (1.0)Net finance costs (51.0) \u2013 (51.0) (46.3) (1.4) (47.7)Profit/(loss) before tax 145.9 (355.8) (209.9) 39.7 (124.6) (84.9)Tax (charge)/credit (10.8) 7.8Loss for the year (220.7) (77.1)1 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.(c) DepreciationDepreciation is analysed by reportable segment as follows:20222021\u00a3m\u00a3mUK 32.5 35.0German Rail 4.3 3.9ALSA 62.9 60.8North America 103.1 99.3Central functions 0.7 0.7203.5 199.7(d) Non-current assetsNon-current assets and additions are analysed by reportable segment as follows:Property, TotalNon-currentProperty, Total Non-currentIntangibleplant and non-currentasset Intangible plant and non-currentasset assets equipmentassets additionsassets equipmentassets additions20222022202220222021202120212021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 54.2 249.5 303.7 35.3 54.7 249.9 304.6 21.3Central functions 13.7 1.4 15.1 2.8 12.1 1.5 13.6 2.0Total UK 67.9 250.9 318.8 38.1 66.8 251.4 318.2 23.3German Rail 7.9 14.9 22.8 8.0 8.5 11.5 20.0 7.6ALSA 695.8 355.8 1,051.6 90.0 910.3 336.7 1,247.0 52.7North America 849.3 553.7 1,403.0 81.5 792.9 530.0 1,322.9 72.8Total overseas 1,553.0 924.4 2,477.4 179.5 1,711.7 878.2 2,589.9 133.1Total 1,620.9 1,175.3 2,796.2 217.6 1,778.5 1,129.6 2,908.1 156.4(e) Geographical informationRevenue from externalcustomers Non-current assets2022202120222021\u00a3m\u00a3m\u00a3m\u00a3mUK 528.3 397.8 318.8 318.2Germany 268.5 182.1 22.9 20.0Spain 788.1 591.5 905.4 1,154.1Morocco 139.9 115.1 119.9 80.9USA 980.7 815.8 1,280.8 1,202.4Canada 67.5 56.2 122.1 120.51Switzerland & Other34.5 11.8 26.3 12.02,807.5 2,170.3 2,796.2 2,908.11 Other includes France and Portugal as presented to the Group Executive CommitteeDue to the nature of the Group\u2019s businesses, the origin and destination of revenue are the same. No single external customer amounts to 10% or more of the total revenue.Information reported to the Group Executive Committee does not regularly include an analysis of assets and liabilities by segment.The financial impact of risks associated with climate change will not have a material impact on the Group given the geographical spread of its operating locations, as outlined in the TCFD section.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__56": {
"value": "6 Operating costs20222021\u00a3m\u00a3mCost of inventories recognised in expense 67.4 78.6Staff costs 1,395.5 1,156.4Depreciation \u2013 owned assets 145.8 133.8 \u2013 leased assets 57.7 65.9Intangible asset amortisation \u2013 intangibles from acquired businesses (note 5) 37.2 38.8 \u2013 other intangible assets 18.3 15.4Gain on disposal of property, plant and equipment (10.5) (8.0)Gain on disposal of intangible assets (5.1) (0.6)Amortisation of fixed asset grants (2.1) (3.2)Leases (note 34) \u2013 variable lease payments not included in the measurement of lease liabilities 0.6 0.1 \u2013 expenses relating to short-term leases 6.5 4.3 \u2013 expenses relating to leases of low-value assets 2.9 3.01Separately disclosed items (note 5) 318.6 84.4Other charges 933.2 637.6Total operating costs 2,966.0 2,206.51 Excludes amortisation from intangibles from acquired businesses which is included within intangible asset amortisation aboveGrants recognised within operating costsWhere the Directors have reasonable assurance that we have complied with the conditions of the grant, and the grant will be received, we have recognised grant income. As noted in accounting policies, where the nature of the grant is to compensate us for certain costs incurred, they have been recognised to offset those costs in the same place.On 12 August 2021 the Group was granted an award under the Coronavirus Economic Relief for Transportation Services (CERTS) in North America, a scheme designed to provide relief to retain jobs, hire back employees previously laid off and cover applicable overhead and operational expenses. In the year ending 31 December 2022 the Group has recognised \u00a340.6m (2021: \u00a345.7m) as a reduction in operating expenses (mostly staff costs) based on eligible costs incurred during the period.The Group has also recognised \u00a315.3m in North America in respect of Covid-19 Employee Retention Credits (ERC). The amounts recognised in year relate to claims made to the Internal Revenue Service in the current and previous periods, for employee costs incurred in 2020 and 2021. Amounts have been recognised in the current year following submission of the grant claim in the current year, or the Director\u2019s gaining reasonable assurance during the year that we will be entitled to receive the grant, following submission of the grant claim in prior periods.The UK has recognised a credit of \u00a319.1m (2021: \u00a3nil) in respect of Stabilisation Funding (\u00a312.8m) and Network Protection Funding (\u00a36.3m) designed to provide relief to UK bus operators for maintaining pre-pandemic service levels as patronage numbers continue to recover and while the Birmingham Commonwealth Games 2022 took place. The grant terms did not define whether the grants were specifically awarded to cover revenue shortfall or network running costs, therefore management exercised judgement to determine where in the Income Statement the grants should be recorded. As the primary condition of the grant, as outlined in the funding agreement, was to maintain a stable bus network, management has allocated the credits against staff costs and operational expenses for the period they are intended to cover.In addition, the UK Bus business (UK Bus) has recognised grant income under the Bus Service Improvement Plan (BSIP). Included in operating costs above is \u00a38.0m grant income reflecting the elements of the BSIP programme compensating the business for the costs incurred in maintaining the bus network during the period. A further \u00a34.0m of income has been recorded in revenue representing the portion of the grant income designed to compensate the business for freezing passenger fares. See note 4 for further details.Included within 2021 is \u00a318.3m of the government grant Coronavirus Job Retention Scheme (CJRS) in the UK and the US CARES Act in North America, in response to the Covid-19 pandemic. The amounts recognised reflect the grants receivable in respect of the year ended 31 December 2021 and relate to the costs reclaimable for employees furloughed or retained to the extent that it is reasonably certain that the grant will be received. These grants were netted within staff costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__55": {
"value": "6 Operating costs20222021\u00a3m\u00a3mCost of inventories recognised in expense 67.4 78.6Staff costs 1,395.5 1,156.4Depreciation \u2013 owned assets 145.8 133.8 \u2013 leased assets 57.7 65.9Intangible asset amortisation \u2013 intangibles from acquired businesses (note 5) 37.2 38.8 \u2013 other intangible assets 18.3 15.4Gain on disposal of property, plant and equipment (10.5) (8.0)Gain on disposal of intangible assets (5.1) (0.6)Amortisation of fixed asset grants (2.1) (3.2)Leases (note 34) \u2013 variable lease payments not included in the measurement of lease liabilities 0.6 0.1 \u2013 expenses relating to short-term leases 6.5 4.3 \u2013 expenses relating to leases of low-value assets 2.9 3.01Separately disclosed items (note 5) 318.6 84.4Other charges 933.2 637.6Total operating costs 2,966.0 2,206.51 Excludes amortisation from intangibles from acquired businesses which is included within intangible asset amortisation aboveGrants recognised within operating costsWhere the Directors have reasonable assurance that we have complied with the conditions of the grant, and the grant will be received, we have recognised grant income. As noted in accounting policies, where the nature of the grant is to compensate us for certain costs incurred, they have been recognised to offset those costs in the same place.On 12 August 2021 the Group was granted an award under the Coronavirus Economic Relief for Transportation Services (CERTS) in North America, a scheme designed to provide relief to retain jobs, hire back employees previously laid off and cover applicable overhead and operational expenses. In the year ending 31 December 2022 the Group has recognised \u00a340.6m (2021: \u00a345.7m) as a reduction in operating expenses (mostly staff costs) based on eligible costs incurred during the period.The Group has also recognised \u00a315.3m in North America in respect of Covid-19 Employee Retention Credits (ERC). The amounts recognised in year relate to claims made to the Internal Revenue Service in the current and previous periods, for employee costs incurred in 2020 and 2021. Amounts have been recognised in the current year following submission of the grant claim in the current year, or the Director\u2019s gaining reasonable assurance during the year that we will be entitled to receive the grant, following submission of the grant claim in prior periods.The UK has recognised a credit of \u00a319.1m (2021: \u00a3nil) in respect of Stabilisation Funding (\u00a312.8m) and Network Protection Funding (\u00a36.3m) designed to provide relief to UK bus operators for maintaining pre-pandemic service levels as patronage numbers continue to recover and while the Birmingham Commonwealth Games 2022 took place. The grant terms did not define whether the grants were specifically awarded to cover revenue shortfall or network running costs, therefore management exercised judgement to determine where in the Income Statement the grants should be recorded. As the primary condition of the grant, as outlined in the funding agreement, was to maintain a stable bus network, management has allocated the credits against staff costs and operational expenses for the period they are intended to cover.In addition, the UK Bus business (UK Bus) has recognised grant income under the Bus Service Improvement Plan (BSIP). Included in operating costs above is \u00a38.0m grant income reflecting the elements of the BSIP programme compensating the business for the costs incurred in maintaining the bus network during the period. A further \u00a34.0m of income has been recorded in revenue representing the portion of the grant income designed to compensate the business for freezing passenger fares. See note 4 for further details.Included within 2021 is \u00a318.3m of the government grant Coronavirus Job Retention Scheme (CJRS) in the UK and the US CARES Act in North America, in response to the Covid-19 pandemic. The amounts recognised reflect the grants receivable in respect of the year ended 31 December 2021 and relate to the costs reclaimable for employees furloughed or retained to the extent that it is reasonably certain that the grant will be received. These grants were netted within staff costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__54": {
"value": "Depreciation \u2013 owned assets 145.8 133.8 \u2013 leased assets 57.7 65.9Intangible asset amortisation \u2013 intangibles from acquired businesses (note 5) 37.2 38.8 \u2013 other intangible assets 18.3 15.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__58": {
"value": "7 Auditor\u2019s remunerationAn analysis of fees paid to the Group\u2019s auditor is provided below:20222021\u00a3m\u00a3mAudit of the financial statements 1.4 1.5Audit of subsidiaries 1.0 0.9Audit-related assurance services 0.3 0.12.7 2.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__59": {
"value": "8 Employee benefit costs20222021\u00a3m\u00a3mWages and salaries 1,203.9 1,001.0Social security costs 180.7 143.5Pension costs (note 33) 9.7 10.9Share-based payment (note 9) 1.2 1.01,395.5 1,156.4The average number of employees, including Executive Directors, during the year was as follows:2022 2021Managerial and administrative 4,590 4,426Operational 41,309 41,02245,899 45,448Details of key management compensation can be found in note 36.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__60": {
"value": "The average number of employees, including Executive Directors, during the year was as follows:2022 2021Managerial and administrative 4,590 4,426Operational 41,309 41,02245,899 45,448",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__61": {
"value": "9 Share-based paymentsThe charge in respect of share-based payment transactions included in the Group\u2019s Income Statement for the year is as follows:20222021\u00a3m\u00a3mExpense arising from share and share option plans 1.2 1.0Details of options or awards outstanding at the end of the year under the Group\u2019s share schemes are as follows:Number of Number of Futureshare optionsshare optionsExerciseexercise 20222021priceperiodsLong-Term Incentive Plan 7,617,535 6,181,699 nil 2023\u20132027West Midland Travel Long Service Option Scheme 118,051 136,776 175p\u2013412p 2023\u20132030Executive Deferred Bonus Plan 86,315 \u2013 nil 20237,821,901 6,318,475During the year ended 31 December 2022, the Group had three share-based payment arrangements, which are described below.(i) Long-Term Incentive Plan (LTIP)The LTIP is open to Executive Directors and certain senior managers with awards made at the discretion of the Remuneration Committee, normally on an annual basis and in the form of a nil cost option over a certain number of shares in the Company.The vesting of shares on or around the third anniversary of grant is subject to the Group\u2019s achievement of specific performance conditions set at the date of grant. These typically comprise underlying diluted earnings per share (EPS), return on capital employed (ROCE), certain environmental targets and the relative total shareholder return (TSR) of the Group against a relevant comparison. Please refer to the Director\u2019s Remuneration Report for details of the performance conditions which are attached to the awards which are in flight at the end of the year and vested during the year. All targets are measured over the three-year financial period commencing with the year of grant. Unvested shares automatically lapse.An accrual entitlement in respect of dividends paid by the Company during the vesting period attaches to vested shares and is paid to participants on vesting. Similarly, an accrual entitlement in respect of dividends is payable on unexercised vested shares held by Executive Directors during their compulsory two-year holding period, which runs from the date of vesting (in parallel with the two-year exercise period).The LTIP allows for the grant to UK participants of an HMRC-approved share option over shares with a market value of up to a maximum of \u00a330,000 outstanding at any time. These are awarded at the same time as, and with the same performance conditions as, the LTIP awards and work by way of set-off versus the vested LTIP share value on exercise with the excess LTIP option award being forfeited.Vested shares for all LTIP awards are normally delivered in the form of market purchased shares held in the Company\u2019s Employee Benefit Trust (the Trust). No cash settlement alternative is available.(ii) Executive Deferred Bonus Plan (EDBP)The delivery of the annual bonus award for Executive Directors is structured in two distinct parts: an initial cash payment under the annual bonus plan and a one-year deferred payment award in the form of forfeitable shares in the Company granted under the EDBP. Release of the shares on the first anniversary of grant is not subject to any additional performance condition, save for continuing employment. Participants are entitled to receive any dividends paid by the Company on the shares while they are held in the Trust during the deferred period.(iii) West Midlands Travel Long Service Option Scheme (WMT LSOS)The WMT LSOS was used to reward WMT employees who attained 25 years\u2019 service. The market-value option award over a certain number of shares in the Company is exercisable between the third and tenth anniversary of grant. There are no performance conditions and shares are delivered on exercise through the Trust. No cash settlement alternative is available. The scheme is closed to new participants, with exercises on previous awards possible until 2030.For the following disclosure, share options with a nil exercise price have been disclosed separately to avoid distorting the weighted average exercise prices. The number of share options in existence during the year was as follows:2022 2021Weighted Weighted average average exerciseexerciseNumber of priceNumber of priceshare optionspshare optionspOptions without a nil exercise price:At 1 January 136,776 283 160,859 283Granted during the year \u2013 \u2013 \u2013 \u2013Forfeited during the year (3,695) 304 (2,000) 175Exercised during the year (212) 252 (3,828) 224Expired during the year (14,818) 299 (18,255) 301Outstanding at 31 December 118,051 287 136,776 283Exercisable at 31 December 80,051 342 86,776 318Options with a nil exercise price:At 1 January 6,181,699 nil 5,347,246 nilGranted during the year 4,383,239 nil 2,752,151 nilForfeited during the year (1,295,429) nil (333,116) nilExercised during the year (251,394) nil (398,416) nilExpired during the year (1,314,265) nil (1,186,166) nilOutstanding at 31 December 7,703,850 nil 6,181,699 nilExercisable at 31 December 6,714 nil 258,107 nilTotal outstanding at 31 December 7,821,901 6,318,475Total exercisable at 31 December 86,765 344,883The options outstanding at 31 December 2022 had exercise prices that were between 175p and 412p (2021: between 175p and 412p) excluding options with a nil exercise price. The range of exercise prices for options was as follows:20222021Exercise price (p)NumberNumber100-300 61,431 71,772301-350 27,120 29,604351-450 29,500 35,400118,051 136,776The options have a weighted average contractual life of one year (2021: one year). Options were exercised regularly throughout the year and the weighted average share price at exercise was 238p (2021: 291p). The aggregate gains of the Executive Directors arising from any exercise of options during the year totalled \u00a3nil (2021: \u00a30.2m).The fair value of the share options granted during the year was calculated using the Monte Carlo method, with the following assumptions and inputs:2022 2021Risk-free interest rate 1.32% 0.12%Expected volatility 70% 66%Peer group volatility 29%\u201345% 36%\u201362%Expected option life in years 3 years 3 yearsExpected dividend yield 0.00% 0.00%Weighted average share price at grant date 224p 305pWeighted average exercise price at grant date nil nilWeighted average fair value of options at grant date 206p 281pThe risk-free interest rate was calculated based on zero-coupon government bond yields in the United Kingdom, with a time- to-maturity commensurate with the remaining performance period, at the date of grant.Expected volatility was calculated based on the historical volatility of the share prices of National Express and the comparator companies in the peer group (on a daily basis) over a period commensurate with the remaining performance period, at the date of grant.Expected dividend yield was excluded from the model, given each participant is entitled to receive a dividend equivalent.For share options granted during the year under the LTIP, the TSR targets have been reflected in the calculation of the fair value of the options above.",
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"value": "10 Net finance costs20222021\u00a3m\u00a3mBond and bank interest payable 35.5 32.0Lease interest payable (note 34) 9.4 10.5Other interest payable 3.0 2.7Unwind of discounting (note 26) 3.4 2.5Net interest cost on defined benefit pension obligations (note 33) 1.9 1.8Finance costs before separately disclosed items 53.2 49.5Separately disclosed finance costs (note 5) \u2013 1.4Total finance costs 53.2 50.9Lease interest income (note 34) (0.5) (0.7)Other financial income (1.7) (2.5)Total finance income (2.2) (3.2)Net finance costs 51.0 47.7Of which, from financial instruments:Financial assets measured at amortised cost (1.6) (1.5)Financial liabilities measured at amortised cost 44.4 44.0Derivatives 1.9 (1.8)Loan fee amortisation 1.1 1.2",
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"s9_notes__6__63": {
"value": "11 Taxation(a) Analysis of taxation charge/(credit) in the year(Restated)120222021\u00a3m\u00a3mCurrent taxation:UK corporation tax 1.2 2.8Overseas taxation 19.3 16.3Current income tax charge 20.5 19.1Adjustments with respect to prior years \u2013 UK and overseas (1.0) 0.2Total current income tax charge 19.5 19.3Deferred taxation (note 27):Origination and reversal of temporary differences (7.0) (23.5)Adjustments with respect to prior years \u2013 UK and overseas (1.7) (3.6)Deferred tax credit (8.7) (27.1)Total tax charge/(credit) for the Group 10.8 (7.8)The tax charge/(credit) for the Group comprises:Tax charge on profit before separately disclosed items 30.3 12.0Tax credit on separately disclosed items (19.5) (19.8)10.8 (7.8)1 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.The tax credit on separately disclosed items of \u00a319.5m (2021: \u00a319.8m credit) comprises of \u00a39.1m tax credit (2021: \u00a310.3m) on intangibles, \u00a314.5m tax credit (2021: \u00a314.9m) on tax deductible expenditure on exceptional costs and a \u00a34.1m charge (2021: \u00a35.4m charge) on exceptional tax items.The tax relief relating to intangible amortisation is determined by reference to the tax rates in the jurisdiction to which the intangible amortisation relates. The effective tax rate relating to intangible amortisation is significantly higher than the UK tax rate of 19% due to the weighting of intangibles in jurisdictions with higher tax rates than the UK, specifically the US (26%) and Spain (25%).(b) Tax on items recognised in Other Comprehensive Income or Equity20222021\u00a3m\u00a3mDeferred taxation:Deferred tax charge on actuarial gains 12.7 2.7Deferred tax (credit)/charge on cash flow hedges (5.2) 9.5Deferred tax credit on foreign exchange differences (1.3) (0.5)Deferred tax credit on accrued hybrid instrument payments (5.3) (4.4)Deferred tax charge/(credit) on share-based payments 0.4 (0.3)1.3 7.0(c) Reconciliation of the total tax charge/(credit)(Restated)120222021\u00a3m\u00a3mLoss before income tax (209.9) (84.9)Notional credit at UK corporation tax rate of 19% (2021: 19%) (39.9) (16.1)Recurring items:Non-deductible intangible amortisation and impairment 0.2 \u2013Effect of overseas tax rates (12.1) (1.1)Tax incentives (0.5) (1.3)State taxes/Minimum tax 0.4 3.7Non-recurring items:Non-deductible goodwill amortisation and impairment 65.2 0.3Adjustments to prior years within current and deferred tax (excluding significant items) (2.7) 0.2Prior year adjustment \u2013 write-off of deferred tax asset on German losses \u2013 8.6Prior year adjustment \u2013 release of tax provisions \u2013 (0.6)Prior year adjustment \u2013 effect of reduction in UK tax rate (0.3) (11.6)Non-creditable withholding tax on pension surplus 1.1 2.6Effect of reduction in tax rates \u2013 (2.0)Non-deductible income/expenditure (0.3) 5.6Overseas financing deductions \u2013 (1.5)Non-taxable loss on disposal of Investment 0.3 0.2(Utilisation)/recognition of a deferred tax asset for previously unrecognised tax losses (0.6) 5.2Total tax charge/(credit) reported in the Income Statement (note 11(a)) 10.8 (7.8)1 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.Included within the tax reconciliation are a number of non-recurring items, including the effect of a reduction in recognition of current year Moroccan losses (\u00a34.5m) and recognition of prior year unrecognised German losses due to the improvement of future forecasts (\u00a34.6m). Items expected to recur in the tax reconciliation for 2022 include the difference in rates between the UK and our overseas markets and tax incentives on re-investment credits.As at 31 December 2022 deferred tax in the UK was held at 25% due to the substantively enacted 25% rate due to come in on 1 April 2023. A number of items reversed during 2022, when the corporation tax was still at 19%, therefore a tax credit of \u00a30.3m was included in the current year reconciliation to show this change in rate effect on current year profits.(d) Tax provisionsAt 31 December 2022, the Group held no tax provisions (2021: \u00a31.8m). All UK corporation tax returns up to 2021 have been submitted and agreed by HMRC. There has been a net decrease of \u00a31.8m which represents the release of tax reserves. Based on the experience of the Group Tax department and after discussions of the various tax uncertainties with our tax advisers, the year-end tax provision represents management\u2019s best estimate of the tax uncertainties of which we are aware.(e) Temporary differences associated with Group investmentsThere are no unremitted earnings of subsidiaries, associates and joint ventures, and so no deferred tax (2021: nil) has been recognised. As a result of changes to tax legislation in 2009, overseas dividends received on or after 1 July 2009 are generally exempt from UK corporation tax, but may be subject to withholding tax. There are no temporary differences (2021: \u00a3nil) associated with investments in subsidiaries, associates and joint ventures, for which a deferred tax liability has not been recognised but for which a tax liability may arise.(f) Unrecognised tax lossesDeferred income tax assets are recognised for tax loss carry-forwards to the extent that the realisation of the related tax benefit against future taxable profits is probable. Based on current forecasts, it is estimated that the losses recognised for deferred tax purposes will be utilised within three to four years. UK and overseas deferred tax assets that the Group has not recognised in the Financial Statements relates to gross losses of \u00a3105.9m (restated 2021: \u00a398.1m), which arise in companies where the Group does not expect to generate sufficient suitable future taxable profits.2022Unrecognised tax UKGermanySpainMoroccoSwitzerlandOtherTotallosses\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross 18.2 21.5 14.6 43.1 3.7 4.8 105.9Tax 4.5 6.7 3.7 13.4 0.9 1.2 30.42021Unrecognised tax losses UKGermanySpainMoroccoSwitzerlandOtherTotal1(Restated)\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross 18.0 27.0 10.5 35.4 3.1 4.1 98.1Tax 4.5 8.5 2.6 11.0 0.8 0.7 28.11 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.(g) Deferred tax included in the Income Statement(Restated)120222021\u00a3m\u00a3mAccelerated capital allowances (3.4) 23.5Other short-term temporary differences 17.7 1.8Recognition of losses (23.0) (52.4)Deferred tax credit (note 11(a)) (8.7) (27.1)1 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.Details on the Balance Sheet position of deferred tax are included in note 27.",
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"value": "12 Dividends paid and proposedNo interim or final dividends were declared and paid during the period (2021: \u00a3nil). A final ordinary dividend of 5.0 pence per share (2021: nil), equating to a cash outflow of \u00a330.6m (2021: \u00a3nil), has been proposed but not recognised as a liability at 31 December 2022.",
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"value": "5",
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"s9_notes__6__66": {
"value": "13 Earnings per share(Restated)120222021Basic earnings per share (39.7)p (16.6)pUnderlying basic earnings per share 15.0p 0.2pDiluted earnings per share (39.7)p (16.6)pUnderlying diluted earnings per share 15.0p 0.2p1 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.Basic EPS is calculated by dividing the earnings attributable to equity shareholders, a loss of \u00a3243.1m (2021 restated: \u00a3102.0m loss), by the weighted average number of ordinary shares in issue during the year, excluding those held by the Group\u2019s Employee Benefit Trust (note 32) which are treated as cancelled. Earnings attributable to equity shareholders is inclusive of amounts accruing to the holders of the hybrid instrument and are calculated as follows:(Restated)120222021\u00a3m\u00a3mLoss attributable to equity shareholders (221.8) (80.8)Accrued payments on hybrid instrument (21.3) (21.2)Earnings attributable to equity shareholders (243.1) (102.0)1 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.For diluted EPS, the weighted average number of ordinary shares in issue during the year is adjusted to include the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. The reconciliation of basic and diluted weighted average number of ordinary shares is as follows:2022 2021Basic weighted average shares 612,772,081 613,117,1321Adjustment for dilutive potential ordinary shares339,199 345,497Diluted weighted average shares 613,111,280 613,462,6291 Potential ordinary shares have the effect of being anti-dilutive in 2022 and 2021, and have been excluded from the calculation of diluted earnings per shareThe underlying basic and underlying diluted earnings per share have been calculated in addition to the basic and diluted earnings per share required by IAS 33 since, in the opinion of the Directors, they reflect the underlying performance of the business\u2019 operations.The reconciliation of the earnings and earnings per share to their underlying equivalent is as follows:(Restated) 120222021Basic EPSDiluted EPSBasic EPSDiluted EPS\u00a3mpp \u00a3mppEarnings attributable to equity shareholders inclusive of hybrid instrument (243.1) (39.7) (39.7) (102.0) (16.6) (16.6)Separately disclosed items 355.8 58.1 58.1 124.6 20.3 20.3Separately disclosed tax (19.5) (3.2) (3.2) (19.8) (3.2) (3.2)Separately disclosed non-controlling interests (1.1) (0.2) (0.2) (1.6) (0.3) (0.3) Underlying profit attributable to equity shareholders 92.1 15.0 15.0 1.2 0.2 0.2Amounts accruing to the holders of the hybrid instrument 21.3 21.2 Underlying profit attributable to equity shareholders excluding the hybrid instrument 113.4 22.41 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.",
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"value": "14 Intangible assetsInfrastructure Customer investment ContractGoodwillcontractsintangibleSoftwarecostsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCost:At 1 January 2022 1,552.1 843.6 78.1 130.6 35.0 2,639.4Acquisitions 4.7 4.8 \u2013 \u2013 \u2013 9.5Additions \u2013 0.7 22.0 10.4 0.2 33.3Disposals \u2013 (0.3) \u2013 (0.2) \u2013 (0.5)Foreign exchange 118.1 65.5 (0.5) 9.7 1.8 194.6At 31 December 2022 1,674.9 914.3 99.6 150.5 37.0 2,876.3Amortisation and impairment:At 1 January 2022 45.4 684.9 9.3 93.7 27.6 860.9Charge for year \u2013 34.5 7.4 12.8 0.8 55.5Disposals \u2013 (0.2) \u2013 (0.2) \u2013 (0.4)Impairment 260.6 6.0 \u2013 \u2013 \u2013 266.6Foreign exchange 12.7 51.4 (0.2) 7.5 1.4 72.8At 31 December 2022 318.7 776.6 16.5 113.8 29.8 1,255.4Net book value:At 31 December 2022 1,356.2 137.7 83.1 36.7 7.2 1,620.9At 1 January 2022 1,506.7 158.7 68.8 36.9 7.4 1,778.5Goodwill arising on acquisitions of \u00a34.7m comprises \u00a36.9m with respect to the in-year acquisition of Vitalia and \u00a31.3m in respect of the in-year acquisition of BMG Sevirama (see note 19 for further details). There is also an adjustment to goodwill of \u00a33.5m relating to a fair value adjustment on acquisition in previous years (note 19).The impairment charge includes a non-cash impairment of the goodwill of the ALSA division following an updated assessment of the value in use of the cash-generating unit caused by changes to the risk-free discount rate. See below for details of the goodwill impairment assessment performed.In addition, \u00a37.4m of customer contract intangibles in North America were impaired following reduced profitability in customer contracts due to driver shortages and changes in customer demand. In addition, previous impairments of customer contract intangibles in ALSA of \u00a31.4m were reversed due to improved profitability in contracts. In the prior year, impairment charge included \u00a310.6m of customer contracts which arose following strategic reviews in the North America and UK divisions, and with respect to onerous contracts, \u00a30.2m of customer contract intangibles in ALSA and \u00a34.8m franchise contract costs in German Rail.The Group recognises infrastructure investment intangibles for public service vehicles where the Group has the right to charge passengers of the public service in accordance with IFRIC 12 Service Concession Arrangements. Note 37 includes further details of the Group\u2019s service concession arrangements.Customer contracts includes the following individually material assets, all of which arose through past acquisitions.RemainingRemainingNet book useful Net bookuseful valueeconomic lifevalue at 31 economic lifeat 31 at 31 Decemberat 31 DecemberDecember2022December2021Segment Nature of contract2022\u00a3m2021\u00a3mNorth America School bus and paratransit service contract in North America 9 years 20.8 10 years 20.6North AmericaEmployee shuttle contracts in North America 7 years 11.3 8 years 16.9North AmericaParatransit bus service contracts in North America 10 years 11.3 11 years 12.1ALSA Urban and charter bus service contracts in Spain 3 years 7.3 4 years 10.5Goodwill has been allocated to individual cash-generating units for annual impairment testing on the basis of the Group\u2019s business operations. The carrying value by cash-generating unit is as follows:20222021\u00a3m\u00a3mUK 52.4 52.4North America 743.2 669.5ALSA 560.6 784.81,356.2 1,506.7The calculation of value in use for each group of cash-generating units is most sensitive to the assumptions over discount rates and the growth rate used to extrapolate cash flows into perpetuity beyond the five-year period of the management plan.The key assumptions used for the cash-generating units are as follows:Growth rate used to Pre-tax discount rate applied extrapolate cash flowsto cash flow projectionsinto perpetuity2022 2021 2022 2021UK 11.2% 7.9% 2.7% 2.4%North America 10.3% 7.2% 3.4% 2.9%ALSA 13.9% 7.8% 3.0% 2.9%Discount rates have increased significantly due to the increase in underlying risk-free interest rates. Additionally, a country risk premium for Spain was applied to the ALSA discount rate for the first time, given the heightened geopolitical and macroeconomic uncertainty in the Eurozone at the time of the assessment.The key estimates applied in the impairment review are the forecast level of revenue, operating margins and the proportion of operating profit converted to cash in each year. Forecast revenue and operating margins are based on past performance and management\u2019s expectations for the future. A growth rate for each division has been consistently applied in the impairment review for all cash-generating units based on respective long-term country-specific GDP growth rates. The cash flows are discounted using pre-tax rates that are calculated from country-specific weighted average cost of capital (WACC), principally derived from external sources. Capital expenditure is projected over the first five years using a detailed, contract-by-contract level forecast of the capital requirements of the Group for new and replacement vehicles and other assets. In the extrapolation of cash flows into perpetuity (the terminal value), capital expenditure is assumed to be a 1:1 ratio to depreciation. A non-cash impairment of \u00a3260.6 million has been recognised in ALSA, bringing the carrying value of goodwill to its recoverable amount. In the previous year there had been \u00a3425.9 million of headroom on the assessment. The impairment in the latest assessment is due to the significant increase in the discount rates noted above and is not due to a change in the assessment of the trading prospects for the division. Sensitivity analysis on the key assumptions made is provided below.The value in use of the North America division exceeds its carrying amount by \u00a3225.9m (2021: \u00a3812.0m); the reduction compared to the prior year being driven by the increased discount rate.The assumptions behind the cash flow projections also take account of the climate change risk assessment exercise carried out during the year, from which the pertinent conclusions are as follows:\u2022 While the global temperature rise above pre-industrial levels increases the likelihood of extreme weather events, the geographical diversity of the Group means that the risk to the Group as a whole is unlikely to be material. We have, nonetheless, factored in an assumption of financial impact from extreme weather disruption, albeit not to the extent of the extreme scenario disclosed in the TCFD section of the Strategic Report.\u2022 The Group\u2019s planning assumption is that input costs will not rise significantly above inflation on the basis that, for electric vehicles for example, supply will increase to match demand, and technological advances will also help decrease manufacturing costs. Furthermore, the Group assumes, based on its detailed modelling of electric versus diesel buses in the UK, that the total cost of ownership of zero emission vehicles will be no worse than their diesel equivalents. This assessment is inclusive of the cost of new electric vehicle infrastructure and assumes no government funding. The Group expects to utilise hydrogen vehicles in the transition to a zero emission fleet in long haul coach services and, while hydrogen vehicle technology is not currently as well developed as electric, the Group assumes that total cost of ownership for these vehicles will also be no worse than at parity with their diesel equivalents, albeit may require some level of government subsidies on the capital cost and/or the hydrogen fuel.\u2022 The Group already has ambitious targets for the transition to zero emission fleets. These targets are expected to result in the Group having a zero emission fleet before any potential ban on diesel vehicles is imposed by governments. The Group has assessed as very low the risk of the current fleet having a net book value higher than their residual value at the Group\u2019s targeted transition dates and has therefore concluded that no changes to the useful economic lives of the Group\u2019s current fleet are required.\u2022 The opportunity from modal shift from private cars to public transport is potentially significantly more material than that assumed in the Group\u2019s long-term cash flow projections as central governments, transport authorities and city councils introduce measures to tackle congestion, pollution and emissions.Sensitivities to key and other assumptions(i) ALSAFor ALSA, a sensitivity analysis showing the increase in impairment of a change in each key assumption has been provided in the table below.Additional ImpairmentALSA Sensitivity\u00a3mBase case \u2013WACC Increase of 1% (65.1)Perpetual Growth rate Decrease of 1% (45.6)Underlying Operating Profit Margin Decrease of 2% (192.7)Long Haul Underlying Operating Profit Margin Decrease of 2% (17.3)The Group operates coach services on certain long haul routes in Spain under concession arrangements with the government\u2019s transport department. These concessions are subject to renewal over the next few years, which brings uncertainty over the long-term margins of this business. Accordingly, we have included the Long Haul margins in the sensitivity analysis(ii) North AmericaFor North America, sensitivity analysis has been completed on each key assumption in isolation. This analysis indicates that the value in use of the North America division will be equal to its carrying value with an increase in the pre-tax discount rate of 110 basis points (2021: 250 basis points) or a reduction in the growth rates used to extrapolate cash flows into perpetuity of 120 basis points (2021: 270 basis points).In addition, for North America, a reduction in operating profit margin of 130 basis points (2021: 360 basis points) will result in the value in use of the division being equal to its carrying amount.Management has also performed sensitivity analysis to assess the impact that a combination of reasonably possible changes in the key assumptions would have on the recoverable amount of the North America division. In combination, a 20% reduction in the cash flows in 2023 and 2024, a 100 basis points reduction in the long-term growth rate and a 100 basis points increase in the pre-tax discount rate would lead to a \u00a3178m impairment in North America.The Directors have concluded that there is no risk of impairment for the UK and therefore, as permitted by IAS 36, have not provided sensitivity disclosure.The Directors consider the assumptions used to be consistent with the historical performance of each cash-generating unit and to be realistically achievable in light of economic and industry measures and forecasts.Infrastructure Customer investment GoodwillcontractsintangibleSoftwareContract costsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCost:At 1 January 2021 1,574.1 861.8 77.4 126.9 36.8 2,677.0Acquisitions 23.1 7.1 \u2013 \u2013 \u2013 30.2Additions \u2013 1.4 3.2 8.9 1.6 15.1Disposals \u2013 (0.1) \u2013 (4.7) \u2013 (4.8)Reclassifications (0.9) \u2013 \u2013 0.2 (1.2) (1.9)Foreign exchange (44.2) (26.6) (2.5) (0.7) (2.2) (76.2)At 31 December 2021 1,552.1 843.6 78.1 130.6 35.0 2,639.4Amortisation and impairment:At 1 January 2021 48.7 662.8 4.8 85.2 23.7 825.2Charge for year \u2013 35.4 4.7 13.0 1.1 54.2Disposals \u2013 (0.1) \u2013 (4.6) \u2013 (4.7)Impairment \u2013 10.8 \u2013 \u2013 4.8 15.6Reclassifications (0.9) \u2013 \u2013 0.6 (0.5) (0.8)Foreign exchange (2.4) (24.0) (0.2) (0.5) (1.5) (28.6)At 31 December 2021 45.4 684.9 9.3 93.7 27.6 860.9Net book value:At 31 December 2021 1,506.7 158.7 68.8 36.9 7.4 1,778.5At 1 January 2021 1,525.4 199.0 72.6 41.7 13.1 1,851.8",
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},
"s9_notes__6__68": {
"value": "15 Property, plant and equipmentPlant and Public equipment,Land and service fixtures and buildingsvehiclesfittingsTotal\u00a3m\u00a3m\u00a3m\u00a3mCost:At 1 January 2022 320.6 2,135.2 183.9 2,639.7Acquisitions \u2013 1.5 \u2013 1.5Additions 66.9 103.5 13.9 184.3Disposals (10.0) (158.5) (2.2) (170.7)Assets transferred to held for sale 0.2 0.7 (0.2) 0.7Reclassifications \u2013 8.0 \u2013 8.0Foreign Exchange 19.3 155.1 7.0 181.4At 31 December 2022 397.0 2,245.5 202.4 2,844.9Depreciation:At 1 January 2022 153.5 1,221.2 135.4 1,510.1Charge for the year 35.2 155.6 12.7 203.5Disposals (9.6) (152.1) (2.1) (163.8)Impairments 7.4 0.3 \u2013 7.7Assets transferred to held for sale 0.1 (0.3) (0.1) (0.3)Reclassifications \u2013 8.0 \u2013 8.0Foreign exchange 10.8 88.6 5.0 104.4At 31 December 2022 197.4 1,321.3 150.9 1,669.6Net book value:At 31 December 2022 199.6 924.2 51.5 1,175.3At 1 January 2022 167.1 914.0 48.5 1,129.6During the year, construction was completed on a new bus depot in the UK and this was transferred from assets under construction. At 31 December 2022 there were no assets under construction (2021: \u00a33.9m).The impairment charge includes \u00a37.4m impairments of assets which are dedicated to contracts which became onerous due to driver shortages in North America. A further \u00a30.3m (2021: \u00a36.4m) arose following onerous contract reassessments in the UK division. No further impairments were identified in Spain with respect to assets relating to onerous contracts in the ALSA division (2021: \u00a31.2m). The total impairment charge of \u00a37.7m is included in separately disclosed items in the Income Statement; see note 5 for further information.Depreciation on public service vehicles is calculated using the straight-line method to write off the cost or fair value at acquisition of each asset to its residual value over its estimated useful life (or lease term, if shorter). The estimated useful lives for owned public service vehicles range from 8 to 20 years depending on the type of vehicle. The majority of the Group\u2019s public service vehicles are diesel powered, although the Group expects that, over time, an increasing proportion of its vehicle fleet will be zero emission; likely to be a combination of electric and hydrogen-powered vehicles. The actual useful lives of diesel-powered vehicles could be affected by measures taken by governments to tackle climate change and improve air quality by restricting the use of such vehicles.While governments across the Group\u2019s geographical locations are consulting on a date after which the sale of new diesel-powered vehicles will be prohibited, at this time there is no set date from which diesel vehicles are prohibited from being used. The estimated useful lives applied are consistent with the previous year and, taking account of the latest proposals from governments and our own internal targets (as described in the Strategic Report), the Directors consider that those estimates of useful lives remain appropriate.Other than in UK Bus, the estimated carrying value of vehicles in each of the Group\u2019s divisions at the Group\u2019s targeted date of transition to a fully zero emission fleet is \u00a3nil. In UK Bus, where the target date is 1 January 2030, the remaining net book value of existing diesel vehicles at transition is estimated to be \u00a335.0m, assuming no change to the useful lives. Considering that our transition target is significantly ahead of the earliest expected date that the UK would ban the use of diesel vehicles and also that the UK vehicles impacted are Euro 6 diesel buses (the most environmentally friendly variant of diesel vehicles), the Directors consider that they will be able to recover such value through their sale. This assumption is further supported by the sales of diesel buses during the year at greater than carrying value. However, in a more extreme scenario, assuming the vehicles were not able to be sold and therefore the residual value was nil at transition, a \u00a35.0m increase in the annual depreciation charge would be required from 1 January 2023.In an alternative scenario whereby no diesel-powered vehicle could be used anywhere in the Group after 31 December 2034, in addition to the 2030 transition for UK Bus, the annual depreciation expense from 1 January 2023 would increase by a further \u00a30.7m.Details of leased assets included within property, plant and equipment are provided in note 34.Plant and equipment,Land and Public service fixtures and buildingsvehiclesfittingsTotal\u00a3m\u00a3m\u00a3m\u00a3mCost:At 1 January 2021 313.6 2,194.3 187.3 2,695.2Acquisitions 0.5 \u2013 \u2013 0.5Additions 33.7 99.3 8.3 141.3Disposals (18.4) (125.4) (7.6) (151.4)Assets transferred to held for sale \u2013 (8.4) \u2013 (8.4)Reclassifications (4.2) 0.7 \u2013 (3.5)Foreign exchange (4.6) (25.3) (4.1) (34.0)At 31 December 2021 320.6 2,135.2 183.9 2,639.7Depreciation:At 1 January 2021 140.8 1,186.8 134.4 1,462.0Charge for the year 31.9 155.0 12.8 199.7Disposals (13.9) (108.4) (7.2) (129.5)Impairments 1.2 6.4 \u2013 7.6Assets transferred to held for sale \u2013 (7.4) \u2013 (7.4)Reclassifications (4.5) 0.8 (0.9) (4.6)Foreign exchange (2.0) (12.0) (3.7) (17.7)At 31 December 2021 153.5 1,221.2 135.4 1,510.1Net book value:At 31 December 2021 167.1 914.0 48.5 1,129.6At 1 January 2021 172.8 1,007.5 52.9 1,233.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__69": {
"value": "16 Subsidiaries The companies listed below include all those which principally affect the results and net assets of the Group. A full list of subsidiaries, joint ventures and associates is disclosed in note 39, along with the addresses of their registered offices. The principal country of operation in respect of the companies below is the country in which they are incorporated.National Express Group PLC is the beneficial owner of all the equity share capital, either itself or through subsidiaries, of the companies.% equity interestIncorporated in England and Wales 2022 2021National Express Limited Operation of coach services 100 100The Kings Ferry Limited Operation of coach services 100 100West Midlands Travel Limited Operation of bus services 100 100% equity interestIncorporated in the United States 2022 2021Durham School Services LP Operation of school bus services 100 100Petermann Ltd Operation of school bus services 100 100National Express Transit Corporation Operation of transit bus services 100 100National Express Transit Services Corporation Operation of transit bus services 100 100WeDriveU Inc. Operation of shuttle services 80 70% equity interestIncorporated in Canada 2022 2021Stock Transportation Limited Operation of school bus services 100 100% equity interestIncorporated in Spain 2022 20211General Tecnica Industrial S.L.U.Holding company for operating companiesNEX Continental Holdings S.L. Holding company for operating companies 100 100% equity interestIncorporated in Morocco 2022 2021Groupe Alsa Transport S.A. Operation of bus services 100 100Transport de Voyageurs en Autocar Maroc S.A. Operation of bus services 100 100Alsa Tanger S.A. Operation of bus services 100 100Alsa City Agadir S.A. Operation of bus services 100 100Alsa Citybus Rabat-Sal\u00e9-Temara Operation of bus services 51 51Alsa Al Baida S.A Operation of bus services 100 100% equity interestIncorporated in Germany 2022 2021National Express Rail GmbH Operation of train passenger services 100 1001 The main holding companies of the ALSA Group",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__70": {
"value": "17 Non-current financial assets20222021\u00a3m\u00a3mFinancial assets at fair value through Other Comprehensive Income \u2013 unlisted ordinary shares 16.8 13.9Derivative financial instruments \u2013 fuel derivatives 7.4 9.1Derivative financial instruments \u2013 cross currency swaps 2.7 9.6Derivative financial instruments included in non-current assets 10.1 18.7Total non-current financial instruments 26.9 32.6Derivative financial instruments \u2013 fuel derivatives 12.5 20.3Derivative financial instruments \u2013 interest rate derivatives \u2013 0.1Derivative financial instruments \u2013 cross currency swaps 8.0 2.4Derivative financial instruments \u2013 foreign exchange derivatives 17.2 8.2Derivative financial instruments included in current assets 37.7 31.0Further information on the Group\u2019s use of derivatives is included in note 31.Financial assets at fair value through Other Comprehensive Income20222021\u00a3m\u00a3mFair value:At 1 January 13.9 12.9Additions in the year 0.4 0.2Disposals in the year (0.5) \u2013Fair value movement in the year 1.7 1.2Foreign exchange 1.3 (0.4)At 31 December 16.8 13.9The principal financial assets at fair value through Other Comprehensive Income are as follows:20222021ProportionProportionheldheldName Segment%%Metros Ligeros de Madrid, S.A. ALSA 15 15Transit Technologies Holdco North America 8.8 8.8Other small investments within ALSA ALSA 1\u201316 1\u201316Financial assets at fair value through Other Comprehensive Income comprise holdings in equity shares of non-listed companies. The Group elected to designate the non-listed equity investments at fair value through Other Comprehensive Income as the Group considers these investments to be strategic in nature.The fair value measurement of non-listed equity investments is categorised within Level 3 (i.e. the fair values are determined by reference to significant unobservable inputs), with the fair value of the two most significant investments totalling \u00a315.9m at 31 December 2022 (2021: \u00a313.9m). For the first of these, the fair value was determined using recent earnings. A 10% increase/(decrease) in earnings would result in a \u00a31.0m increase/(decrease) respectively in the fair value of the investment. For the second investment, the fair value was determined using an estimate of the discounted future cash flows. Future cash flows are estimated based on inputs including passenger growth, consumer price inflation and operating margin. The fair value is most sensitive to changes in inflation assumptions. A 2% increase in inflation would result in a \u00a35.4m increase in fair value, and a 2% decrease in inflation would result in a \u00a34.5m decrease in the fair value of the investment.No dividends were received from the investments during 2022 (2021: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__71": {
"value": "18 Investments accounted for using the equity methodInvestments accounted for using the equity method are as follows:20222021\u00a3m\u00a3mJoint ventures 8.4 9.0Associates 5.5 4.7Total investments accounted for under the equity method 13.9 13.7The Group\u2019s share of post-tax results from associates and joint ventures accounted for using the equity method is as follows:20222021\u00a3m\u00a3mShare of joint venture\u2019s (loss)/profit (0.4) 0.1Share of associates\u2019 loss \u2013 (1.1)Total share of results from associates and joint ventures (0.4) (1.0)(a) Investments in joint venturesThe Group has one interest in a joint venture as follows:Proportion held %Name Country of registration Activity2022 2021Bahrain Public Transport Company W.L.L. Kingdom of Bahrain Operation of bus services 50 50The summarised financial information for the joint venture is set out below:Bahrain Public TransportCompany W.L.L.20222021Share of the joint venture\u2019s Balance Sheet and results\u00a3m\u00a3mNon-current assets 4.7 8.0Current assets 6.2 5.4Share of gross assets 10.9 13.4Non-current liabilities (0.7) (0.8)Current liabilities (1.8) (3.6)Share of gross liabilities (2.5) (4.4)Net assets 8.4 9.0Revenue 6.0 5.0Operating profit (0.1) 0.5(Loss)/profit after tax (0.4) 0.1(Loss)/profit for the year and total comprehensive income (0.4) 0.1A reconciliation of the above summarised information to the carrying amount in the Group\u2019s Financial Statements is as follows:Bahrain Public TransportCompany W.L.L.20222021\u00a3m\u00a3mGroup share of net assets of the joint venture 8.4 9.0Carrying amount 8.4 9.0Dividends received from the joint venture 1.1 1.0(b) Investments in associatesThe Group\u2019s interests in associates are as follows:Country ofProportionNameregistrationheld %ALSA associates Spain 17\u201350North America associates North America 20ALSA\u2019s associates are generally involved in the operation of coach and bus services, management of bus stations and similar operations. North America associates include a start-up company offering app-based rideshare and childcare services in the San Francisco area and a software company which provides scheduling, dispatch and time management functions in the student transportation sector.The summarised aggregated financial information for individually immaterial associates is set out below:20222021\u00a3m\u00a3mShare of operating loss \u2013 (1.1)Share of loss for the year and total comprehensive income and expenditure \u2013 (1.1)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__72": {
"value": "(b) Investments in associatesThe Group\u2019s interests in associates are as follows:Country ofProportionNameregistrationheld %ALSA associates Spain 17\u201350North America associates North America 20ALSA\u2019s associates are generally involved in the operation of coach and bus services, management of bus stations and similar operations. North America associates include a start-up company offering app-based rideshare and childcare services in the San Francisco area and a software company which provides scheduling, dispatch and time management functions in the student transportation sector.The summarised aggregated financial information for individually immaterial associates is set out below:20222021\u00a3m\u00a3mShare of operating loss \u2013 (1.1)Share of loss for the year and total comprehensive income and expenditure \u2013 (1.1)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__73": {
"value": "19 Business combinations, disposals and assets held for sale(a) Acquisitions \u2013 ALSADuring the year, the ALSA division acquired both 100% control of Vitalia, a provider of paratransit services (Madrid, Spain) and the remaining 70% control of Sevirama, a touristic bus and regional concession provider (Sevilla, Spain).The provisional fair values, along with final fair value adjustments in respect of the acquisition of Transportes Rober group acquired during 2021, are presented in aggregate below:\u00a3mIntangibles 4.8Property, plant and equipment 1.5Inventory 0.1Trade and other receivables 2.4Cash and cash equivalents 0.4Borrowings (1.7)Trade and other payables (4.5)Deferred tax liability (0.9)Net assets acquired 2.1Goodwill 4.7Total consideration 6.8Represented by:Cash consideration 5.2Deferred consideration 1.66.8As permitted by IFRS 3 Business Combinations, the fair value of acquired identifiable assets and liabilities have been presented on a provisional basis. The fair value adjustments will be finalised within 12 months of the acquisition date, principally in relation to the valuation of intangible assets and provisions acquired.Trade and other receivables had a fair value and a gross contracted value of \u00a32.4m. The best estimate at acquisition date of the contractual cash flows not to be collected was \u00a3nil.Goodwill of \u00a34.7m arising from the acquisition consists of certain intangibles that cannot be separately identified and measured due to their nature. This includes control over the acquired business and increased scale in our operations in ALSA, along with growth benefits associated with entry into the paratransit sector and further growth within the touristic and regional concession market in Sevilla. None of the goodwill recognised is expected to be deductible for income tax purposes.During the year the fair value adjustments relating to the intangibles acquired in 2021 as part of the Transportes Rober Group in 2021 were finalised. This resulted in an increase in the fair value of intangibles acquired, a corresponding deferred tax liability, and a reduction in goodwill of \u00a33.5m.Included in the consideration shown above is contingent consideration of \u00a31.6m. The Group is required to pay contingent consideration upon pre-determined revenue thresholds being met up to 2023 and other post-closing conditions, with a minimum expected undiscounted payment of \u00a3nil and maximum expected undiscounted payment of \u00a31.6m. Based on projections, the Group expects the maximum amount to be paid. The amount recognised is undiscounted as the effect of discounting is not material.The acquired businesses contributed \u00a37.4m of revenue and \u00a30.2m profit to the Group\u2019s result for the period between acquisition and the balance sheet date. Had the acquisition been completed on the first day of the financial year, the Group\u2019s revenue would have been \u00a32,812.3m and the Group\u2019s statutory operating loss would have been \u00a3158.2m.(b) Acquisitions \u2013 further informationDeferred consideration of \u00a33.2m was paid in the period relating to acquisitions in ALSA in earlier years. Total cash outflow in the period from acquisitions in the ALSA division was \u00a38.0m, comprising consideration for current year acquisitions of \u00a35.2m and deferred consideration of \u00a33.2m, less cash acquired in the businesses of \u00a30.4m.In North America deferred consideration of \u00a30.5m was paid in the period relating to acquisitions in earlier years. Transaction costs of \u00a30.1m were incurred in the period to 31 December 2022 (2021: \u00a30.1m).During the year to 31 December 2022, the movement in the Group\u2019s carrying value of goodwill principally relates to the acquisition of Vitalia.The Group measures deferred contingent consideration at fair value through profit and loss and by reference to significant unobservable inputs, i.e. classified as Level 3 in the fair value hierarchy. The significant unobservable inputs used to determine the fair value of the contingent purchase consideration are typically forecast earnings or estimating the likelihood that contracts will be renewed over a fixed period. The fair value movement in deferred contingent consideration in the year is as follows:20222021\u00a3m\u00a3mFair value:At 1 January 13.4 28.8Additions in the year 1.6 5.6Payments during the year (3.7) (13.0)Fair value movement in the year (0.4) (7.9)Foreign exchange 0.8 (0.1)At 31 December 11.7 13.4(c) DisposalsThe Group disposed of several subsidiaries during the year, no cash was received for the disposals of these companies, nor a gain or loss recognised in the Income Statement.(d) Assets held for saleIn ALSA, a building with a carrying value of \u00a318.6m (2021: \u00a317.6m) has met the held for sale IFRS 5 criteria and been recognised within current assets. Included in the 31 December 2021 balance are also public service vehicles in the UK with a carrying value of \u00a31.0m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__74": {
"value": "(d) Assets held for saleIn ALSA, a building with a carrying value of \u00a318.6m (2021: \u00a317.6m) has met the held for sale IFRS 5 criteria and been recognised within current assets. Included in the 31 December 2021 balance are also public service vehicles in the UK with a carrying value of \u00a31.0m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__75-1": {
"value": "20 Non-current assets \u2013 trade and other receivables20222021\u00a3m\u00a3mContract assets 145.3 128.1Prepayments 12.0 6.7Other receivables 16.2 12.3173.5 147.1Contract assets have increased primarily in North America due to the recognition of infrastructure assets for public service vehicles where the concession grantor guarantees the contract performance in accordance with IFRIC 12 Service Concession Arrangements. Note 37 includes further details of the Group\u2019s service concession arrangements. In addition, contract assets includes amounts in Germany and ALSA that are expected to be settled after 12 months.Other receivables includes \u00a35.5m (2021: \u00a35.5m) of property disposal proceeds that are payable to the Group on vacant possession and \u00a35.4m (2021: \u00a35.0m) of insurance recoveries.22 Current assets \u2013 trade and other receivables20222021\u00a3m\u00a3mTrade receivables 257.5 190.5Grant receivables 47.5 58.0Contract assets 131.8 97.1Amounts due from associates and joint ventures (note 36) 2.1 3.2Amounts due from other related parties (note 36) 0.6 1.2Trade and grant receivables and contract assets 439.5 350.0Less: provision for impairment of receivables (note 30) (43.2) (39.3)Trade and grant receivables and contract assets 396.3 310.7Other receivables 102.0 78.1Prepayments 55.4 38.1Accrued income 7.0 1.4560.7 428.3Trade receivables excludes \u00a362.5m (2021: \u00a348.5m) that was subject to factoring arrangements without recourse and for which no customer payment had been received at year end.Contract assets have increased primarily in German Rail due to the additional contract which was awarded at the end of the prior year. The increased levels of activity have led to a corresponding increase in contract assets. In addition, in ALSA and North America contract assets have increased comparatively to the prior year due to higher levels of services performed at the end of the year.The Directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value. Information about the credit risk exposure of the Group\u2019s trade receivables is shown in note 30.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__76": {
"value": "21 Inventories20222021\u00a3m\u00a3mRaw materials and consumables 32.4 28.8The movement on the provision for slow moving and obsolete inventory is immaterial.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__78": {
"value": "23 Cash and cash equivalents20222021\u00a3m\u00a3mCash at bank and in hand 171.7 268.1Overnight deposits 6.6 0.4Other short-term deposits 113.5 239.9Cash and cash equivalents 291.8 508.4Cash at bank and in hand earns interest at floating rates based on daily bank deposit rates. The prior year cash and cash equivalents included \u00a311.9m which was subject to contractual or regulatory restrictions, or withholding tax levied on repatriation of cash. These amounts held were not readily available for other purposes within the Group.Short-term deposits are made for varying periods of between one day and three months depending on the immediate cash requirements of the Group and earn interest at the agreed short-term floating deposit rate. The fair value of cash and cash equivalents is equal to the carrying value.For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents and bank overdrafts in notional cash pooling arrangements are presented net. Bank overdrafts form an integral part of the Group\u2019s cash management strategy as they arise from the Group\u2019s cash pooling arrangement with its bank. Net cash and cash equivalents comprise as follows:20222021\u00a3m\u00a3mCash at bank and in hand 291.8 508.4Bank overdrafts (note 28) (58.7) (132.2)Net cash and cash equivalents 233.1 376.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__79": {
"value": "The prior year cash and cash equivalents included \u00a311.9m which was subject to contractual or regulatory restrictions, or withholding tax levied on repatriation of cash. These amounts held were not readily available for other purposes within the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__80": {
"value": "24 Current liabilities \u2013 trade and other payables20222021\u00a3m\u00a3mTrade payables 296.5 209.0Contract liabilities 107.2 130.8Amounts owed to associates and joint ventures (note 36) 0.4 0.5Amounts owed to other related parties (note 36) 1.5 1.3Other tax and social security payable 43.8 39.7Accruals and deferred income 251.8 230.2Other payables 128.3 158.5Put liability 45.0 17.7874.5 787.7Trade payables are normally settled on 30 to 60 day terms and other payables have an average term of four months.Contract liabilities represents amounts advanced by customers where the Group has not yet met the performance obligation to allow the recognition of the balance as revenue, for example season ticket or advance ticket sales which cross over the year end date or payments on account. It also includes amounts outstanding with respect to the purchase of infrastructure assets under IFRIC 12 arrangements. Of the \u00a3107.2m contract assets at the end of 2022, \u00a369.6m will be recognised in revenue within the next 12 months as the Group completes its performance obligations. The remaining liability of \u00a337.6m relates to payments for IFRIC 12 infrastructure assets which will be made within the next 12 months. Contract liabilities have decreased year-on-year in ALSA following payments made for liabilities associated with the purchase of infrastructure assets, and increased in Germany, due to higher levels of payments on account having been receipted prior to completion of our performance obligations. During the year the Group has recognised revenue of \u00a334.2m which was included in contract liabilities at the end of 2021.Other payables includes \u00a387.3m (2021: \u00a3103.0m) for the purchase of property, plant and equipment. The Group settles these amounts in accordance with the supplier\u2019s standard payment terms, typically one year.Other payables also includes deferred fixed asset grants from government or other public bodies of \u00a32.3m (2021: \u00a32.8m), deferred expense-related grants of \u00a37.1m (2021: \u00a339.0m) and \u00a35.3m (2021: \u00a32.4m) of deferred contingent consideration for businesses acquired, of which \u00a30.3m (2021: \u00a3nil) relates to businesses acquired in the year (note 19).The put liability has been derived from an internal valuation, using forecast earnings over the exercise period (consistent with the base case projections used for going concern). The first tranche of options, over 10% of the equity of WeDriveU, was settled during 2021. The second tranche, for a further 10% of the equity, was exercised during 2021 and settled during 2022.The remaining option, over 20% of equity, was exercised at the final opportunity, being 31 December 2022. The final element of the liability is expected to be paid within the next 12 months.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__83": {
"value": "Accruals and deferred income 251.8 230.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__81-1": {
"value": "Accruals and deferred income 251.8 230.2Other payables 128.3 158.5Other payables 22.4 19.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__85": {
"value": "25 Other non-current liabilities20222021\u00a3m\u00a3mDeferred fixed asset grants 8.9 19.3Contract liabilities 89.9 44.8Other payables 22.4 19.6Put liability \u2013 40.1121.2 123.8Contract liabilities have primarily increased year-on-year in ALSA and North America due to liabilities associated with the purchase of IFRIC 12 infrastructure assets which are expected to be settled over the life of the contract.Other payables includes \u00a36.4m (2021: \u00a311.0m) of deferred contingent consideration for businesses acquired, of which \u00a31.3m (2021: \u00a35.6m) relates to businesses acquired in the year (note 19), expense related grants of \u00a315.3m (2021: \u00a37.3m) and \u00a3nil (2021: \u00a31.3m) for the purchase of property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__86": {
"value": "26 ProvisionsClaims Onerousprovisioncontract OtherTotal\u00a3mprovisions\u00a3m\u00a3mAt 1 January 2022 84.4 39.7 33.7 157.8Charged to the Income Statement 34.9 34.6 2.4 71.9Amounts settled through insurers (6.8) \u2013 \u2013 (6.8)Utilised in the year (46.4) (36.8) (13.1) (96.3)Unwinding of discount 3.4 \u2013 \u2013 3.4Exchange difference 7.9 1.1 2.3 11.3At 31 December 2022 77.4 38.6 25.3 141.3Current 31 December 2022 50.2 12.3 13.1 75.6Non-current 31 December 2022 27.2 26.3 12.2 65.777.4 38.6 25.3 141.3Current 31 December 2021 47.6 24.8 16.6 89.0Non-current 31 December 2021 36.8 14.9 17.1 68.884.4 39.7 33.7 157.8Claims provisionThe claims provision arises from estimated exposures at the year end for auto and general liability, workers\u2019 compensation and environmental claims, the majority of which will be utilised in the next five years. It comprises provisions for claims arising in the UK and North America.Onerous contractsProvisions for onerous contracts relate to loss making contracts in ALSA, North America, Germany and UK. With the exception of the provision in Germany, the remaining amounts are expected to be utilised within the next 1-2 years. The provision in Germany is in respect of the Rhine-Ruhr Express contract. The Group\u2019s latest assessment identified a further reduction in the contracts\u2019 profitability, and, accordingly, a provision of \u00a321.9m (2021: \u00a321.2m), following utilisation of \u00a39.6m during the year, was recorded at the end of the year to cover the losses associated with running the contract for the remainder of the term (see note 5 for further details).OtherOther includes provisions for potential reclaim of subsidies in ALSA of \u00a312.2m (2021: \u00a316.0m) all of which is expected to be utilised over the next three years, and restructuring provisions in the UK, ALSA and North America of \u00a33.1m (2021: \u00a36.4m), all of which are expected to be utilised within the next 12 months.When the effect is material, the provisions are discounted to their net present value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__87": {
"value": "27 Deferred tax(Restated)120222021\u00a3m\u00a3mAt 1 January 144.9 134.0Credit to the Income Statement (note 11a) 8.7 27.1Charge to Other Comprehensive Income or Equity (note 11b) (1.3) (7.0)Exchange differences 7.2 0.9Acquired in business combinations (note 19) (0.9) (1.0)Acquired in business combinations \u2013 adjustment to goodwill (note 14) \u2013 (9.1)Net deferred tax asset at 31 December 158.6 144.91 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.Based on current capital investment plans, the Group expects to be able to claim capital allowances in excess of depreciation in future years at a similar level to the current year.2022North UKAmericaGermanyTotalDeferred tax assets\u00a3m\u00a3m\u00a3m\u00a3mAccelerated tax depreciation (11.5) (87.6) \u2013 (99.1)Losses carried forward 88.8 125.5 26.9 241.2Pensions 9.8 \u2013 \u2013 9.8Other short-term temporary differences 1.2 48.3 (15.9) 33.688.3 86.2 11.0 185.51(Restated) 2021North UKAmericaGermanyTotalDeferred tax assets\u00a3m\u00a3m\u00a3m\u00a3mAccelerated tax depreciation (12.9) (61.5) \u2013 (74.4)Losses carried forward 77.7 97.2 20.0 194.9Pensions 23.0 \u2013 \u2013 23.0Other short-term temporary differences (2.7) 29.9 (11.3) 15.985.1 65.6 8.7 159.41 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.2022CanadaSpainTotalDeferred tax liabilities\u00a3m\u00a3m\u00a3mAccelerated tax depreciation (5.9) (110.0) (115.9)Losses carried forward 2.3 18.4 20.7Intangibles and deductible goodwill \u2013 24.7 24.7Taxation credits \u2013 1.3 1.3Other short-term temporary differences 1.1 41.2 42.3(2.5) (24.4) (26.9)1(Restated) 2021CanadaSpainTotalDeferred tax liabilities\u00a3m\u00a3m\u00a3mAccelerated tax depreciation (6.2) (102.6) (108.8)Losses carried forward 2.7 19.4 22.1Intangibles and deductible goodwill \u2013 27.2 27.2Taxation credits \u2013 1.8 1.8Other short-term temporary differences 1.2 42.0 43.2(2.3) (12.2) (14.5)1 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.The Group has recognised deferred tax assets across the UK, North America, Spanish and German businesses amounting to \u00a3373.7m (2021 restated: \u00a3328.1m) that are considered to be able to be offset against the Group\u2019s future taxable profits. Management has based its assessment on the latest forecast budget approved by the Board which reflects improved trading performance across all divisions largely due to the expansion of the business along with a restructuring of intra-group finance and management charges. Further details of management\u2019s assessment are provided on 193.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__89": {
"value": "28 Borrowings and derivative financial liabilities20222021\u00a3m\u00a3mNon-currentBank loans 113.4 90.8Bonds 221.3 640.9Lease liabilities 139.7 168.7Private placements 411.9 393.9Non-current borrowings 886.3 1,294.3Fuel derivatives 4.8 0.2Cross currency swaps \u2013 5.2Interest rate derivatives 17.6 5.7Non-current derivative financial instruments 22.4 11.1Non-current borrowings and derivative financial liabilities 908.7 1,305.4CurrentBank overdrafts 58.7 132.2Bank loans 82.4 100.3Bonds 400.1 \u2013Lease liabilities 58.0 67.0Accrued interest on borrowings 2.8 2.8Current borrowings 602.0 302.3Fuel derivatives 12.6 0.5Cross currency swaps 15.6 4.5Interest rate derivatives 9.2 0.7Foreign exchange derivatives 4.5 18.8Current derivative financial instruments 41.9 24.5Current borrowings and derivative financial liabilities 643.9 326.8An analysis of interest-bearing loans and borrowings is provided in note 29. Further information on derivative financial instruments is provided in note 31.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s9_notes__6__88-1": {
"value": "28 Borrowings and derivative financial liabilities20222021\u00a3m\u00a3mNon-currentBank loans 113.4 90.8Bonds 221.3 640.9Lease liabilities 139.7 168.7Private placements 411.9 393.9Non-current borrowings 886.3 1,294.3Fuel derivatives 4.8 0.2Cross currency swaps \u2013 5.2Interest rate derivatives 17.6 5.7Non-current derivative financial instruments 22.4 11.1Non-current borrowings and derivative financial liabilities 908.7 1,305.4CurrentBank overdrafts 58.7 132.2Bank loans 82.4 100.3Bonds 400.1 \u2013Lease liabilities 58.0 67.0Accrued interest on borrowings 2.8 2.8Current borrowings 602.0 302.3Fuel derivatives 12.6 0.5Cross currency swaps 15.6 4.5Interest rate derivatives 9.2 0.7Foreign exchange derivatives 4.5 18.8Current derivative financial instruments 41.9 24.5Current borrowings and derivative financial liabilities 643.9 326.8An analysis of interest-bearing loans and borrowings is provided in note 29. Further information on derivative financial instruments is provided in note 31.29 Interest-bearing borrowingsThe effective interest rates on loans and borrowings at the balance sheet date were as follows:2022Effective2021Effective\u00a3m Maturityinterest rate\u00a3m Maturityinterest rateBank overdrafts 58.7 \u2013 \u2013 132.2 \u2013 \u2013Bank overdrafts 58.7 132.27-year Sterling bond 400.1 November 2023 2.54% 400.1 November 2023 2.54%19-year Sterling bond221.3 November 2028 GBP SONIA + 240.8 November 2028 GBP SONIA + 1.98%1.98%Bonds 621.4 640.9European bank loans at fixed rate \u2013 \u2013 \u2013 2.4 2022\u20132025 2.03%European bank loans at floating 1.8 2023\u20132025 EURIBOR + 10.8 2022\u20132025 EURIBOR + rate1.05%0.86%Moroccan bank loans 69.5 2023\u20132029 4.20% 26.0 2022\u20132026 4.28%US asset backed bank loans 74.3 2023\u20132028 2.55% 74.0 2022\u20132029 2.28%Advance factoring liabilities 50.2 2023 3.45% 77.9 2022 0.99%Bank loans 195.8 191.1US Dollar leases at fixed rate 103.7 2023\u20132028 2.99% 122.7 2022\u20132028 3.03%European leases at fixed rate 14.8 2023\u20132030 3.46% 19.7 2022\u20132035 1.43%European leases at floating rate 1.1 2023\u20132024 EURIBOR + 2.9 2022\u20132024 EURIBOR + 0.90%1.00%Sterling leases at fixed rate 78.1 2023\u20132108 1.84% 90.4 2022\u20132037 3.02%Leases 197.7 235.7Private placements 411.9 2027\u20132032 1.92% 393.9 2027\u20132032 1.92%Accrued interest \u2013 Bonds 2.1 2.1Accrued interest \u2013 Private 0.7 0.7placementAccrued interest on borrowings 2.8 2.8Total 1,488.3 1,596.61 Bond is shown as floating as there is a fixed to floating interest rate swap in place until November 2025. Subsequent to this the bond reverts to a fixed rate of 2.38% until maturity.The Group currently has \u00a3527.0m of unsecured committed revolving credit facilities, of which \u00a332.0m matures in 2023, \u00a315.0m matures in 2024 and \u00a3480.0m matures in 2025. During the year, the Group entered into a new \u00a332.0m unsecured committed revolving credit facility which matures in 2023. This facility contains a margin linked to ESG targets, being emissions reduction and additional number of ZEVs in service or on order.At 31 December 2022, there was \u00a3nil (2021: \u00a3nil) drawn down on the facilities, with \u00a31.2m of capitalised deal fees remaining, which are classified within other receivables.Details of the Group\u2019s interest rate risk management strategy and associated interest rate derivatives are included in notes 30 and 31.The Group is subject to a number of financial covenants in relation to its syndicated credit facilities which, if contravened, could result in its borrowings under those facilities becoming immediately repayable. These covenants specify maximum covenant net debt to EBITDA and minimum EBITDA to net interest payable. In light of the impact of the pandemic on EBITDA generation, the Group renegotiated its covenants to obtain waivers or amendments on its gearing and interest cover covenant tests.The gearing covenant was amended to (no greater than) 5.0x for both the 30 June 2022 and 31 December 2022 tests, with no amendment to the interest cover covenant. From 2023 onwards, the gearing covenant reverts to the pre-amended test of 3.5x.The following table sets out the carrying amount, by maturity, of the Group\u2019s interest-bearing borrowings and deposits, including other debt receivables and finance lease receivables:< 1 year1-2 years2-3 years3-4 years4-5 years> 5 yearsTotalAs at 31 December 2022\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mFixed rateBank loans (81.5) (24.5) (27.4) (23.1) (21.0) (16.5) (194.0)Bonds (400.1) \u2013 \u2013 \u2013 \u2013 \u2013 (400.1)Finance lease receivables 4.3 3.1 1.5 0.5 0.6 4.0 14.0Lease liabilities (57.2) (34.8) (22.9) (17.3) (8.2) (55.5) (195.9)Private placements \u2013 \u2013 \u2013 \u2013 (239.0) (172.9) (411.9)Floating rateCash assets 291.8 \u2013 \u2013 \u2013 \u2013 \u2013 291.8Other debt receivables 2.6 0.2 \u2013 \u2013 \u2013 \u2013 2.8Bank overdrafts (58.7) \u2013 \u2013 \u2013 \u2013 \u2013 (58.7)Bank loans (0.9) (0.9) \u2013 \u2013 \u2013 \u2013 (1.8)Bonds \u2013 \u2013 \u2013 \u2013 \u2013 (221.3) (221.3)Lease liabilities (0.8) (0.5) (0.1) (0.1) (0.1) (0.2) (1.8)< 1 year1-2 years2-3 years3-4 years4-5 years> 5 yearsTotalAs at 31 December 2021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mFixed rateBank loans (99.4) (17.4) (16.0) (16.6) (13.1) (17.8) (180.3)Bonds \u2013 (400.1) \u2013 \u2013 \u2013 \u2013 (400.1)Finance lease receivables 4.1 3.8 3.1 1.0 0.5 4.3 16.8Lease liabilities (65.5) (46.2) (31.9) (17.1) (13.3) (58.8) (232.8)Private placements \u2013 \u2013 \u2013 \u2013 \u2013 (393.9) (393.9)Floating rateCash assets 508.4 \u2013 \u2013 \u2013 \u2013 \u2013 508.4Other debt receivables 0.8 0.2 \u2013 \u2013 \u2013 \u2013 1.0Bank overdrafts (132.2) \u2013 \u2013 \u2013 \u2013 \u2013 (132.2)Bank loans (0.9) (1.0) (8.7) (0.1) (0.1) \u2013 (10.8)Bonds \u2013 \u2013 \u2013 \u2013 \u2013 (240.8) (240.8)Lease liabilities (1.5) (1.0) (0.4) \u2013 \u2013 \u2013 (2.9)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__91": {
"value": "30 Financial risk management objectives and policiesFinancial risk factors and managementThe Group is exposed to risks relating to fuel prices, foreign currency exchange rates, interest rates and the availability of funding at reasonable margins. The Group has in place a risk management programme that seeks to manage the impact of these risks on the financial performance of the Group by using financial instruments including borrowings, committed facilities and forward foreign exchange, fuel and interest rate derivatives.The Board of Directors has delegated the responsibility for implementing the financial risk management policies laid down by the Board to the Group Chief Financial Officer and the Group Treasurer. The policies are implemented by the Group Treasury department with regular reporting to the Chief Financial Officer and the Audit Committee on its activities.Foreign currencyThe Group has major foreign operations in the USA, Canada, Spain and Morocco, and as a result is exposed to the movements in foreign currency exchange rates on the translation of these foreign currency denominated net assets.The Group seeks to reduce this foreign currency exchange movement risk by using a combination of foreign currency borrowings and entering into derivative financial instruments, such as cross currency interest rate swaps and foreign exchange forward contracts.At the year end, the Group had outstanding foreign exchange derivatives for net investment purposes of USD 30.0m, and cross currency interest rate swaps of USD 290.0.0m, CAD 46.0m and EUR 376.7m. These foreign exchange forward contracts and cross currency interest rate swaps are derivative financial instruments designated as net investment hedges of foreign currency assets. The effective portion of the gain or loss on the hedge is recognised in the Group Statement of Comprehensive Income and recycled to the Income Statement at the same time as the underlying hedged net assets affect the Income Statement. Any material ineffectiveness is taken to the Income Statement.The Group expects changes in value of both the hedging instrument and the hedged net investment to offset and systematically move in opposite directions and that there will be a 1:1 hedge ratio, given that the critical terms are closely aligned.The Group applies the \u2018forward rate method\u2019 under IFRS 9 such that the effective portion of changes in fair value of forward points are retained in Other Comprehensive Income. The currency basis is excluded from the hedging instrument, and the actual currency basis on inception of the trade is treated as the \u2018cost of hedging\u2019 and recognised in profit or loss over the life of the hedging relationship on a straight-line basis. Any changes in the currency basis since inception will be deferred into a separate component of Other Comprehensive Income.In these hedge relationships, the main source of ineffectiveness results from movements in the Group\u2019s or the derivative counterparty\u2019s credit spread resulting in fair value movements in the hedging instrument that are not reflected in the fair value movements of the hedged net investment.The table below demonstrates the sensitivity of the Group\u2019s financial instruments to a reasonably possible change in foreign exchange rates, with all other variables held constant. This would affect the Group\u2019s profit before tax and translation reserve. The effect on the translation reserve represents the movement in the translated value of the foreign currency denominated loans and change in fair value of the derivative contracts. These movements would be offset by an opposite movement in the translated value of the related portion of the Group\u2019s overseas net investments. It is estimated that a 10% change in the corresponding exchange rates would result in an exchange gain or loss in the translation reserve of \u00a356.4m (2021: \u00a327.8m).2022 2021Effect on Effect on Effect on Effect on Strengthening/ (loss)/profittranslation (loss)/profit translation (weakening) in before taxreservebefore taxreserveAs at 31 Decembercurrency\u00a3m\u00a3m\u00a3m\u00a3mUS Dollar 10% \u2013 (46.9) \u2013 (37.0)Euro 10% \u2013 (8.8) \u2013 12.2Canadian Dollar 10% \u2013 (0.7) \u2013 (3.0)US Dollar (10)% \u2013 46.9 \u2013 37.0Euro (10)% \u2013 8.8 \u2013 (12.2)Canadian Dollar (10)% \u2013 0.7 \u2013 3.0Interest rate riskThe Group is exposed to movements in interest rates on both interest-bearing assets and liabilities. It is the Group\u2019s policy to maintain an appropriate balance between fixed and floating interest rates on borrowings in order to provide a level of certainty to interest expense in the short term and to reduce the year-on-year impact of interest rate fluctuations over the medium term. To achieve the desired fixed:floating ratio, the Group has entered into a series of interest rate swaps that have the effect of converting fixed rate debt to floating rate debt. The net effect of these transactions was that as at 31 December 2022, the proportion of the Group\u2019s gross debt at floating rates was 19% (2021: 18%).The Group expects changes in value of both the hedging instrument and the hedged transaction to offset and systematically move in opposite directions and that there will be a 1:1 hedge ratio, given that the critical terms are closely aligned.In these hedge relationships, the main sources of ineffectiveness are:\u2022 movement in the Group\u2019s and the derivative counterparty\u2019s credit spread, resulting in fair value movements in the hedging instrument that are not reflected in fair value movements in the hedged transaction; and\u2022 any changes in the critical terms of the hedged transaction such that they no longer match those of the hedging instrument.During the year, inflation and fiscal policy have impacted the interest rate on the floating portion of debt. The table overleaf demonstrates the sensitivity of the Group\u2019s financial instruments to a reasonably possible change in interest rates, with all other variables held constant, on the Group\u2019s profit before tax and on the Group\u2019s hedging reserve.The sensitivity analysis covers all floating rate financial instruments, including the interest rate swaps. If the interest rates applicable to floating rate instruments were increased by 100 basis points, it is estimated that the Group\u2019s profit before taxation would decrease by approximately \u00a32.5m relating to Sterling. The analysis assumes that the amount and mix of floating rate debt, including finance leases, remains unchanged from that in place at 31 December 2022.2022 2021Effect on Effect on Increase/ (loss)/profit Effect on (loss)/profit Effect on (decrease) in before taxreservesbefore taxreservesAs at 31 Decemberbasis points\u00a3m\u00a3m\u00a3m\u00a3mSterling 100 (2.2) \u2013 (0.3) \u2013US Dollar 100 \u2013 \u2013 \u2013 \u2013Euro 100 \u2013 \u2013 (0.1) \u2013Sterling (100) 2.2 \u2013 0.3 \u2013US Dollar (100) \u2013 \u2013 \u2013 \u2013Euro (100) \u2013 \u2013 0.1 \u2013Commodity pricesThe Group is exposed to movements in commodity prices as a result of its fuel usage. It is the Group\u2019s policy to hedge this exposure in order to provide a level of certainty as to its cost in the short term and to reduce the year-on-year impact of price fluctuations over the medium term. This is achieved by entering into fuel derivatives. At 31 December 2022, the Group had hedged approximately 100% of its 2023 expected usage, 56% of its expected usage in 2024 and 7% of its expected usage in 2025.Fuel derivatives are designated as cash flow hedges, with the effective portion of changes in fair value of the hedging instrument being recorded within a separate component of equity, and recycled to the Income Statement as the hedged item impacts the Income Statement.Risk component hedging has been adopted under IFRS 9, such that the hedged price risk component of the purchased fuel matches that of the underlying derivative commodity. The hedged risk component, being the commodity index of each location where fuel is purchased, is considered to be separately identifiable and reliably measurable. The use of commodity derivatives to hedge the fuel exposure is expected to result in a 1:1 hedge ratio as the notional value of the hedging instrument is consistent with the designated amount of the underlying exposure.In these hedge relationships, the main source of ineffectiveness is changes in the actual settlement date and/or settlement amount.The table below demonstrates the effect of a reasonably possible variation in fuel prices, with all other variables held constant, on the fair value of the Group\u2019s financial instruments and, accordingly, on the Group\u2019s profit before tax and the Group\u2019s hedging reserve.The sensitivity analysis includes all fuel derivatives. The effect on the hedging reserve arises through movements on the fair value of the Group\u2019s fuel derivatives. For these derivative contracts the sensitivity of the net fair value to an immediate 10% increase or decrease in all prices would have been \u00a320.2m at 31 December 2022. The figure does not include any corresponding economic advantage or disadvantage that would arise from the natural business exposure which would be expected to offset the gain or loss on the derivatives.2022 2021Effecton (loss)/Effect on Effect on Effect on Increase/ profit before hedging (loss)/profit hedging (decrease) in taxreservebefore taxreserveAs at 31 Decemberprice\u00a3m\u00a3m\u00a3m\u00a3mSterling denominated diesel 10% \u2013 6.3 \u2013 3.6US Dollar denominated diesel 10% \u2013 3.7 \u2013 2.2US Dollar denominated gasoline 10% \u2013 1.3 \u2013 1.5Euro denominated diesel 10% \u2013 8.9 \u2013 4.6Sterling denominated diesel (10%) \u2013 (6.3) \u2013 (3.6)US Dollar denominated diesel (10%) \u2013 (3.7) \u2013 (2.2)US Dollar denominated gasoline (10%) \u2013 (1.3) \u2013 (1.5)Euro denominated diesel (10%) \u2013 (8.9) \u2013 (4.6)Credit risk(i) Risk managementCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations.Credit risk is managed by a combination of Group Treasury and divisional management, and arises from cash and cash equivalents, derivative financial instruments and credit exposures to amounts due from outstanding receivables and committed transactions. The maximum credit risk exposure of the Group is the gross carrying value of each of its financial assets, which comprises trade and other receivables of \u00a3432.9m (2021: \u00a3344.7m), cash and cash equivalents of \u00a3291.8m (2021: \u00a3508.4m), finance lease receivables of \u00a314.0m (2021: \u00a316.8m), investments of \u00a313.9m (2021: \u00a313.9m) and derivative financial instruments of \u00a347.8m (2021: \u00a349.7m); as well as its contract assets of \u00a3277.1m (2021: \u00a3225.2m).Credit risk is primarily attributable to trade and other receivables and is mitigated by a number of factors. Many of the Group\u2019s principal customers, suppliers and financial institutions with which it conducts business are local public (or quasi-public) bodies, including school boards in North America, municipal authorities in Spain and Morocco, West Midlands Combined Authority in the UK, and regional authorities in Germany. The Group does not consider these counterparties to pose a significant credit risk. Outside of this, the Group does not consider it has significant concentrations of credit risk. The Group continues to monitor the economic environment and has taken actions to limit its exposure to customers that are severely impacted. As a minimum, the Group has implemented policies that require appropriate credit checks on potential customers before sales commence.Net cash and cash equivalents and derivative financial instruments are held with counterparties with a minimum of BBB- credit rating assigned by international credit rating agencies. The Group Treasury Committee continually assesses the credit risk of each counterparty, including monitoring credit ratings and tier 1 capital of each counterparty. Additionally, Group policy sets limits on counterparty exposure according to credit ratings.(ii) Impairment of financial assetsThe Group applies the IFRS 9 simplified approach to measuring expected credit losses for all trade receivables (including grant receivables and contract assets) at each reporting date. Provision matrices are used to measure expected losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns, such as geographical region, service type, and customer type and rating. The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. The characteristics used to determine the groupings of customer segments are those that have the greatest impact on the likelihood of default. Given the diversity of characteristics of different customer segments, the Group applies different definitions of default for different groups of customers. The risk of default increases once the receivable is past due and increases in 30 day increments.The majority of the Group\u2019s customers are governmental or similar bodies and hence there are not considered to be any issues with the recoverability of these receivables. Further, there have not been any significant issues with the recoverability of non-governmental receivables.The table below shows the credit risk exposure on the Group\u2019s trade receivables as at 31 December 2022:Days past dueBetween Between Carrying Less than 30 and 60 61 and 90Over amountCurrent30 daysdaysdays90 days31 December 2022\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExpected loss rate 7.4% 0.6% 2.5% 5.7% 5.0% 23.8%Gross carrying amount \u2013 trade and grant receivables and contract assets (current and non-current) 584.8 344.9 36.0 21.1 24.2 158.6Loss allowance 43.2 2.1 0.9 1.2 1.2 37.8Days past dueBetween Between Carrying Less than 30 and 60 61 and 90Over amountCurrent30 daysdaysdays90 days31 December 2021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExpected loss rate 8.2% 0.7% 2.5% 2.3% 8.5% 21.9%Gross carrying amount \u2013 trade and grant receivables and contract assets (current and non-current) 478.1 235.5 52.1 21.8 8.2 160.5Loss allowance 39.3 1.7 1.3 0.5 0.7 35.1Trade receivables over 90 days primarily comprises amounts due from public authorities in ALSA and receivables for school bus services in North America where amounts are settled on approval from the local governing bodies at the end of the school period. A loss provision of \u00a337.8m (2021: \u00a335.1m) is in place against these receivables. Given that these are predominantly ongoing contractual relationships and with public bodies, the Directors believe that the remaining amounts will be collected.The closing loss allowance for trade receivables as at 31 December 2022 reconciles to the opening loss allowance as follows:20222021\u00a3m\u00a3mAt 1 January 39.3 46.3Increase in loss allowance recognised in Income Statement during the year 3.8 6.4Utilised in the year (2.2) (11.5)Arising on acquisitions \u2013 0.1Exchange difference 2.3 (2.0)At 31 December 43.2 39.3Trade receivables are written off when there is no reasonable expectation of recovery.Impairment losses on trade receivables are presented as net impairment losses within operating profit or loss. Subsequent recoveries of amounts previously written off are credited against the same item.Impairment provisions in respect of cash and cash equivalents and finance lease receivables are also subject to the requirements of IFRS 9. As our cash and cash equivalents are held with counterparties with a minimum of BBB- credit rating, no impairment loss was identified at the reporting date. Similarly, no impairment loss was identified in relation to finance lease receivables.Liquidity riskLiquidity risk is the risk that the Group, although solvent, will have difficulty in meeting its obligations associated with its financial liabilities as they fall due.Funding for the Group is coordinated centrally by the treasury function and with the Group\u2019s forecast funding requirements and its debt facilities being reported to and monitored on an ongoing basis by the treasury function and formally via the monthly Treasury Committee. The level of facilities is maintained such that facilities and term loans exceed the forecast peak gross debt of the Group over a rolling 12-month view, with minimum headroom of at least \u00a3300.0m maintained, taking into account market conditions and corporate activity, including acquisitions and organic growth plans. The minimum funding headroom assumes that factoring facilities are not available.Short-term funding requirements are met through use of cash and cash equivalents and drawings under unsecured committed revolving credit facilities if required. Most of the Group\u2019s cash is held in the UK, the USA and Spain. In the UK the Group utilises a pooling arrangement with its main relationship bank to manage its cash on a net basis.Included within cash and cash equivalents are certain amounts which are subject to contractual or regulatory restrictions, or withholding tax levied on repatriation of cash. The prior year cash and cash equivalents included \u00a311.9m which was subject to contractual or regulatory restrictions, or withholding tax levied on repatriation of cash. These amounts held were not readily available for other purposes within the Group.The Group currently has \u00a3527.0m of unsecured committed revolving credit facilities, which mature between 2023 and 2025. During the year, the group entered into a new \u00a332.0m unsecured committed revolving credit facility which matures in 2023. At 31 December 2022, there was \u00a3nil (2021: \u00a3nil) drawn-down on the facilities. The maximum draw down of the revolving credit facility during the year was \u00a395.0m (2021: \u00a3nil), with no drawdowns in the prior year due to the additional liquidity facilities secured in the light of Covid-19, which matured during 2021.Medium and long-term funding requirements are met through committed debt facilities as detailed in note 29.The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2022 based on the contractual undiscounted cash flows, including interest cash flows. As such, the amounts in this table will not agree to the carrying amounts disclosed in the Balance Sheet or other notes. The table includes cash flows associated with derivative hedging instruments. Their amounts reflect the maturity profile of the fair value liability where the instrument will be settled net, and the gross settlement amount where the pay leg of a derivative will be settled separately to the receive leg.Carrying Contractual Year ended amountscash flows< 1 year1-2 years2-3 years3-5 years> 5 years31 December 2022\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial liabilitiesBank overdrafts (58.7) (58.7) (58.7) \u2013 \u2013 \u2013 \u2013Bank loans (195.8) (203.7) (81.9) (29.5) (28.9) (46.4) (17.0)Bonds (621.4) (693.6) (414.6) (5.9) (5.9) (11.9) (255.3)Lease liabilities (197.7) (202.1) (64.2) (37.6) (21.1) (25.5) (53.7)Private placements (411.9) (433.3) (4.0) (4.0) (4.0) (244.1) (177.2)Trade and other 1payables(765.0) (765.0) (757.9) (7.1) \u2013 \u2013 \u2013(2,250.5) (2,356.4) (1,381.3) (84.1) (59.9) (327.9) (503.2)Derivative financial liabilitiesForeign exchange derivatives (4.5) (4.5) (4.5) \u2013 \u2013 \u2013 \u2013Interest rate derivatives (26.8) (29.5) (9.8) (10.4) (9.3) \u2013 \u2013Cross currency swaps (15.6) (13.4) (13.4) \u2013 \u2013 \u2013 \u2013Fuel derivatives (17.4) (15.7) (10.6) (3.4) (1.7) \u2013 \u2013(64.3) (63.1) (38.3) (13.8) (11.0) \u2013 \u20131 Trade and other payables as stated in this table does not directly reconcile with the amounts shown in notes 24 and 25 as it excludes contract liabilities, deferred expense-related grants and deferred fixed asset grantsCarrying Contractual Year ended amountscash flows< 1 year1-2 years2-3 years3-5 years> 5 years31 December 2021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial liabilitiesBank overdrafts (132.2) (132.2) (132.2) \u2013 \u2013 \u2013 \u2013Bank loans (191.1) (196.2) (100.6) (19.9) (25.9) (31.5) (18.3)Bonds (640.9) (709.5) (15.9) (414.6) (5.9) (11.9) (261.2)Lease liabilities (235.7) (243.5) (67.1) (45.5) (30.6) (29.3) (71.0)Private placements (393.9) (420.5) (3.9) (3.9) (3.9) (7.7) (401.1)Trade and other 1payables(667.5) (667.5) (615.1) (52.4) \u2013 \u2013 \u2013(2,261.3) (2,369.4) (934.8) (536.3) (66.3) (80.4) (751.6)Derivative financial liabilitiesForeign exchange derivatives (18.8) (18.8) (18.8) \u2013 \u2013 \u2013 \u2013Interest rate derivatives (6.4) (6.5) (0.6) (2.1) (2.1) (1.7) \u2013Cross currency swaps (9.7) (10.3) (4.4) 0.3 0.3 0.3 (6.8)Fuel derivatives (0.7) (0.7) (0.4) (0.2) (0.1) \u2013 \u2013(35.6) (36.3) (24.2) (2.0) (1.9) (1.4) (6.8)1 Trade and other payables as stated in this table does not directly reconcile with the amounts shown in notes 24 and 25 as it excludes contract liabilities, deferred expense related grants and deferred fixed asset grantsCapital risk managementThe objective of capital management is to ensure that the Group is able to continue as a going concern while delivering shareholder expectations of a strong capital base as well as returning benefits for other stakeholders.The Group\u2019s capital structure consists of equity (refer to the Group Statement of Changes in Equity) and net debt (refer to note 39).The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.The Group\u2019s debt is monitored on the basis of a gearing ratio, being net debt divided by EBITDA, further details of which are provided in the Group Chief Financial Officer\u2019s review.The Group also uses ROCE as a measure of its ability to drive better returns on the capital invested in the Group\u2019s operations, further details of which are provided in the Group Chief Financial Officer\u2019s review.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__93": {
"value": "Credit risk(i) Risk managementCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations.Credit risk is managed by a combination of Group Treasury and divisional management, and arises from cash and cash equivalents, derivative financial instruments and credit exposures to amounts due from outstanding receivables and committed transactions. The maximum credit risk exposure of the Group is the gross carrying value of each of its financial assets, which comprises trade and other receivables of \u00a3432.9m (2021: \u00a3344.7m), cash and cash equivalents of \u00a3291.8m (2021: \u00a3508.4m), finance lease receivables of \u00a314.0m (2021: \u00a316.8m), investments of \u00a313.9m (2021: \u00a313.9m) and derivative financial instruments of \u00a347.8m (2021: \u00a349.7m); as well as its contract assets of \u00a3277.1m (2021: \u00a3225.2m).Credit risk is primarily attributable to trade and other receivables and is mitigated by a number of factors. Many of the Group\u2019s principal customers, suppliers and financial institutions with which it conducts business are local public (or quasi-public) bodies, including school boards in North America, municipal authorities in Spain and Morocco, West Midlands Combined Authority in the UK, and regional authorities in Germany. The Group does not consider these counterparties to pose a significant credit risk. Outside of this, the Group does not consider it has significant concentrations of credit risk. The Group continues to monitor the economic environment and has taken actions to limit its exposure to customers that are severely impacted. As a minimum, the Group has implemented policies that require appropriate credit checks on potential customers before sales commence.Net cash and cash equivalents and derivative financial instruments are held with counterparties with a minimum of BBB- credit rating assigned by international credit rating agencies. The Group Treasury Committee continually assesses the credit risk of each counterparty, including monitoring credit ratings and tier 1 capital of each counterparty. Additionally, Group policy sets limits on counterparty exposure according to credit ratings.(ii) Impairment of financial assetsThe Group applies the IFRS 9 simplified approach to measuring expected credit losses for all trade receivables (including grant receivables and contract assets) at each reporting date. Provision matrices are used to measure expected losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns, such as geographical region, service type, and customer type and rating. The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. The characteristics used to determine the groupings of customer segments are those that have the greatest impact on the likelihood of default. Given the diversity of characteristics of different customer segments, the Group applies different definitions of default for different groups of customers. The risk of default increases once the receivable is past due and increases in 30 day increments.The majority of the Group\u2019s customers are governmental or similar bodies and hence there are not considered to be any issues with the recoverability of these receivables. Further, there have not been any significant issues with the recoverability of non-governmental receivables.The table below shows the credit risk exposure on the Group\u2019s trade receivables as at 31 December 2022:Days past dueBetween Between Carrying Less than 30 and 60 61 and 90Over amountCurrent30 daysdaysdays90 days31 December 2022\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExpected loss rate 7.4% 0.6% 2.5% 5.7% 5.0% 23.8%Gross carrying amount \u2013 trade and grant receivables and contract assets (current and non-current) 584.8 344.9 36.0 21.1 24.2 158.6Loss allowance 43.2 2.1 0.9 1.2 1.2 37.8Days past dueBetween Between Carrying Less than 30 and 60 61 and 90Over amountCurrent30 daysdaysdays90 days31 December 2021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExpected loss rate 8.2% 0.7% 2.5% 2.3% 8.5% 21.9%Gross carrying amount \u2013 trade and grant receivables and contract assets (current and non-current) 478.1 235.5 52.1 21.8 8.2 160.5Loss allowance 39.3 1.7 1.3 0.5 0.7 35.1Trade receivables over 90 days primarily comprises amounts due from public authorities in ALSA and receivables for school bus services in North America where amounts are settled on approval from the local governing bodies at the end of the school period. A loss provision of \u00a337.8m (2021: \u00a335.1m) is in place against these receivables. Given that these are predominantly ongoing contractual relationships and with public bodies, the Directors believe that the remaining amounts will be collected.The closing loss allowance for trade receivables as at 31 December 2022 reconciles to the opening loss allowance as follows:20222021\u00a3m\u00a3mAt 1 January 39.3 46.3Increase in loss allowance recognised in Income Statement during the year 3.8 6.4Utilised in the year (2.2) (11.5)Arising on acquisitions \u2013 0.1Exchange difference 2.3 (2.0)At 31 December 43.2 39.3Trade receivables are written off when there is no reasonable expectation of recovery.Impairment losses on trade receivables are presented as net impairment losses within operating profit or loss. Subsequent recoveries of amounts previously written off are credited against the same item.Impairment provisions in respect of cash and cash equivalents and finance lease receivables are also subject to the requirements of IFRS 9. As our cash and cash equivalents are held with counterparties with a minimum of BBB- credit rating, no impairment loss was identified at the reporting date. Similarly, no impairment loss was identified in relation to finance lease receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__92": {
"value": "(ii) Impairment of financial assetsThe Group applies the IFRS 9 simplified approach to measuring expected credit losses for all trade receivables (including grant receivables and contract assets) at each reporting date. Provision matrices are used to measure expected losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns, such as geographical region, service type, and customer type and rating. The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. The characteristics used to determine the groupings of customer segments are those that have the greatest impact on the likelihood of default. Given the diversity of characteristics of different customer segments, the Group applies different definitions of default for different groups of customers. The risk of default increases once the receivable is past due and increases in 30 day increments.The majority of the Group\u2019s customers are governmental or similar bodies and hence there are not considered to be any issues with the recoverability of these receivables. Further, there have not been any significant issues with the recoverability of non-governmental receivables.The table below shows the credit risk exposure on the Group\u2019s trade receivables as at 31 December 2022:Days past dueBetween Between Carrying Less than 30 and 60 61 and 90Over amountCurrent30 daysdaysdays90 days31 December 2022\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExpected loss rate 7.4% 0.6% 2.5% 5.7% 5.0% 23.8%Gross carrying amount \u2013 trade and grant receivables and contract assets (current and non-current) 584.8 344.9 36.0 21.1 24.2 158.6Loss allowance 43.2 2.1 0.9 1.2 1.2 37.8Days past dueBetween Between Carrying Less than 30 and 60 61 and 90Over amountCurrent30 daysdaysdays90 days31 December 2021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExpected loss rate 8.2% 0.7% 2.5% 2.3% 8.5% 21.9%Gross carrying amount \u2013 trade and grant receivables and contract assets (current and non-current) 478.1 235.5 52.1 21.8 8.2 160.5Loss allowance 39.3 1.7 1.3 0.5 0.7 35.1Trade receivables over 90 days primarily comprises amounts due from public authorities in ALSA and receivables for school bus services in North America where amounts are settled on approval from the local governing bodies at the end of the school period. A loss provision of \u00a337.8m (2021: \u00a335.1m) is in place against these receivables. Given that these are predominantly ongoing contractual relationships and with public bodies, the Directors believe that the remaining amounts will be collected.The closing loss allowance for trade receivables as at 31 December 2022 reconciles to the opening loss allowance as follows:20222021\u00a3m\u00a3mAt 1 January 39.3 46.3Increase in loss allowance recognised in Income Statement during the year 3.8 6.4Utilised in the year (2.2) (11.5)Arising on acquisitions \u2013 0.1Exchange difference 2.3 (2.0)At 31 December 43.2 39.3Trade receivables are written off when there is no reasonable expectation of recovery.Impairment losses on trade receivables are presented as net impairment losses within operating profit or loss. Subsequent recoveries of amounts previously written off are credited against the same item.Impairment provisions in respect of cash and cash equivalents and finance lease receivables are also subject to the requirements of IFRS 9. As our cash and cash equivalents are held with counterparties with a minimum of BBB- credit rating, no impairment loss was identified at the reporting date. Similarly, no impairment loss was identified in relation to finance lease receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__94": {
"value": "Liquidity riskLiquidity risk is the risk that the Group, although solvent, will have difficulty in meeting its obligations associated with its financial liabilities as they fall due.Funding for the Group is coordinated centrally by the treasury function and with the Group\u2019s forecast funding requirements and its debt facilities being reported to and monitored on an ongoing basis by the treasury function and formally via the monthly Treasury Committee. The level of facilities is maintained such that facilities and term loans exceed the forecast peak gross debt of the Group over a rolling 12-month view, with minimum headroom of at least \u00a3300.0m maintained, taking into account market conditions and corporate activity, including acquisitions and organic growth plans. The minimum funding headroom assumes that factoring facilities are not available.Short-term funding requirements are met through use of cash and cash equivalents and drawings under unsecured committed revolving credit facilities if required. Most of the Group\u2019s cash is held in the UK, the USA and Spain. In the UK the Group utilises a pooling arrangement with its main relationship bank to manage its cash on a net basis.Included within cash and cash equivalents are certain amounts which are subject to contractual or regulatory restrictions, or withholding tax levied on repatriation of cash. The prior year cash and cash equivalents included \u00a311.9m which was subject to contractual or regulatory restrictions, or withholding tax levied on repatriation of cash. These amounts held were not readily available for other purposes within the Group.The Group currently has \u00a3527.0m of unsecured committed revolving credit facilities, which mature between 2023 and 2025. During the year, the group entered into a new \u00a332.0m unsecured committed revolving credit facility which matures in 2023. At 31 December 2022, there was \u00a3nil (2021: \u00a3nil) drawn-down on the facilities. The maximum draw down of the revolving credit facility during the year was \u00a395.0m (2021: \u00a3nil), with no drawdowns in the prior year due to the additional liquidity facilities secured in the light of Covid-19, which matured during 2021.Medium and long-term funding requirements are met through committed debt facilities as detailed in note 29.The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2022 based on the contractual undiscounted cash flows, including interest cash flows. As such, the amounts in this table will not agree to the carrying amounts disclosed in the Balance Sheet or other notes. The table includes cash flows associated with derivative hedging instruments. Their amounts reflect the maturity profile of the fair value liability where the instrument will be settled net, and the gross settlement amount where the pay leg of a derivative will be settled separately to the receive leg.Carrying Contractual Year ended amountscash flows< 1 year1-2 years2-3 years3-5 years> 5 years31 December 2022\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial liabilitiesBank overdrafts (58.7) (58.7) (58.7) \u2013 \u2013 \u2013 \u2013Bank loans (195.8) (203.7) (81.9) (29.5) (28.9) (46.4) (17.0)Bonds (621.4) (693.6) (414.6) (5.9) (5.9) (11.9) (255.3)Lease liabilities (197.7) (202.1) (64.2) (37.6) (21.1) (25.5) (53.7)Private placements (411.9) (433.3) (4.0) (4.0) (4.0) (244.1) (177.2)Trade and other 1payables(765.0) (765.0) (757.9) (7.1) \u2013 \u2013 \u2013(2,250.5) (2,356.4) (1,381.3) (84.1) (59.9) (327.9) (503.2)Derivative financial liabilitiesForeign exchange derivatives (4.5) (4.5) (4.5) \u2013 \u2013 \u2013 \u2013Interest rate derivatives (26.8) (29.5) (9.8) (10.4) (9.3) \u2013 \u2013Cross currency swaps (15.6) (13.4) (13.4) \u2013 \u2013 \u2013 \u2013Fuel derivatives (17.4) (15.7) (10.6) (3.4) (1.7) \u2013 \u2013(64.3) (63.1) (38.3) (13.8) (11.0) \u2013 \u20131 Trade and other payables as stated in this table does not directly reconcile with the amounts shown in notes 24 and 25 as it excludes contract liabilities, deferred expense-related grants and deferred fixed asset grantsCarrying Contractual Year ended amountscash flows< 1 year1-2 years2-3 years3-5 years> 5 years31 December 2021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial liabilitiesBank overdrafts (132.2) (132.2) (132.2) \u2013 \u2013 \u2013 \u2013Bank loans (191.1) (196.2) (100.6) (19.9) (25.9) (31.5) (18.3)Bonds (640.9) (709.5) (15.9) (414.6) (5.9) (11.9) (261.2)Lease liabilities (235.7) (243.5) (67.1) (45.5) (30.6) (29.3) (71.0)Private placements (393.9) (420.5) (3.9) (3.9) (3.9) (7.7) (401.1)Trade and other 1payables(667.5) (667.5) (615.1) (52.4) \u2013 \u2013 \u2013(2,261.3) (2,369.4) (934.8) (536.3) (66.3) (80.4) (751.6)Derivative financial liabilitiesForeign exchange derivatives (18.8) (18.8) (18.8) \u2013 \u2013 \u2013 \u2013Interest rate derivatives (6.4) (6.5) (0.6) (2.1) (2.1) (1.7) \u2013Cross currency swaps (9.7) (10.3) (4.4) 0.3 0.3 0.3 (6.8)Fuel derivatives (0.7) (0.7) (0.4) (0.2) (0.1) \u2013 \u2013(35.6) (36.3) (24.2) (2.0) (1.9) (1.4) (6.8)1 Trade and other payables as stated in this table does not directly reconcile with the amounts shown in notes 24 and 25 as it excludes contract liabilities, deferred expense related grants and deferred fixed asset grants",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__96": {
"value": "31 Financial instruments (including cash, trade receivables and payables)Fair valuesFinancial assets at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and include trade and other receivables and cash and cash equivalents. After initial fair value recognition, they are measured at amortised cost using the effective interest rate method. The fair value of these instruments approximates their carrying amounts, largely due to the short-term maturities.Financial assets at fair value through Other Comprehensive Income relates to the Group\u2019s non-listed equity investments.The Group\u2019s derivatives are measured at fair value. Derivatives, other than those designated as effective hedging instruments, are classified as fair value through profit or loss and are carried on the Balance Sheet at their fair value, with gains or losses recognised in the Income Statement. Derivatives designated as hedging instruments in an effective hedge are carried on the Balance Sheet at their fair value. For cash flow hedges and hedges of net investments in foreign operations, the effective portion of the gain or loss on the hedging instrument is recognised directly in Other Comprehensive Income, while the ineffective portion is recognised in the Income Statement.Amounts taken to Other Comprehensive Income are transferred to the Income Statement when the hedged transaction affects profit or loss or when the foreign operation is sold or partially disposed of. For fair value hedges, all gains or losses are recognised in the Income Statement.The fair value measurement of derivative instruments is categorised within Level 2 (i.e. the fair values are derived based on observable market inputs). The Group has no financial instruments with fair values that are determined by reference to significant unobservable inputs, i.e. those that would be classified as Level 3 in the fair value hierarchy, other than the deferred contingent consideration disclosed in note 19 and financial assets at fair value through Other Comprehensive Income in note 17. There have not been any transfers of assets or liabilities between levels of the fair value hierarchy and there are no non- recurring fair value movements.In August 2021, the Group entered into a series of interest rate swaps equal in value to the \u00a3250.0m bond. They are designated as a fair value hedge of the interest rate risk on the \u00a3250.0m bond. These swaps as measured at fair value through profit and loss, with any gains and losses being taken immediately to the Income Statement to offset any fair value gains or losses due to changes in the risk-free rate on the \u00a3250.0m bond. Consequently, the carrying value of the bond is adjusted for changes in fair value attributable to the risk being hedged. This net carrying value will differ from the fair value depending on movements in the Group\u2019s credit risk, movements in interest rates and unamortised fees. At 31 December 2022, the carrying value of the Group\u2019s bonds was \u00a3650.0m (2021: \u00a3650.0m) and compares with the fair value as presented in the table below.All other liabilities, including the remaining bonds, private placements, leases, bank loans and trade and other payables (excluding contingent consideration) are held at amortised cost. After initial fair value recognition, these instruments are measured at amortised cost using the effective interest rate method. The carrying value of these liabilities approximates to the fair value.The following table illustrates the fair values of all financial assets and liabilities held by the Group at 31 December 2022:Assets and At fair value At fair valueliabilities at through Other through profit Derivatives amortised ComprehensiveHedged item orused for Classification of financial instruments costIncomeat fair valuelosshedgingTotalAs at 31 December 2022\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAssetsInvestments \u2013 16.8 \u2013 \u2013 \u2013 16.8Fuel derivatives \u2013 \u2013 \u2013 \u2013 19.9 19.9Cross currency swaps \u2013 \u2013 \u2013 \u2013 10.7 10.7Foreign exchange derivatives \u2013 \u2013 \u2013 16.4 0.8 17.2Cash and cash equivalents 291.8 \u2013 \u2013 \u2013 \u2013 291.8Other debt receivables 2.8 \u2013 \u2013 \u2013 \u2013 2.8Finance lease receivables 14.0 \u2013 \u2013 \u2013 \u2013 14.01Trade and other receivables432.9 \u2013 \u2013 \u2013 \u2013 432.9741.5 16.8 \u2013 16.4 31.4 806.1LiabilitiesBank overdrafts (58.7) \u2013 \u2013 \u2013 \u2013 (58.7)Bank loans (195.8) \u2013 \u2013 \u2013 \u2013 (195.8)Bonds (400.1) \u2013 (221.3) \u2013 \u2013 (621.4)Lease liabilities (197.7) \u2013 \u2013 \u2013 \u2013 (197.7)Private placements (411.9) \u2013 \u2013 \u2013 \u2013 (411.9)Fuel derivatives \u2013 \u2013 \u2013 \u2013 (17.4) (17.4)Interest rate derivatives \u2013 \u2013 \u2013 (26.8) \u2013 (26.8)Cross currency swaps \u2013 \u2013 \u2013 \u2013 (15.6) (15.6)Foreign exchange derivatives \u2013 \u2013 \u2013 (4.5) \u2013 (4.5)2Trade and other payables(753.2) \u2013 \u2013 (11.8) \u2013 (765.0)(2,017.4) \u2013 (221.3) (43.1) (33.0) (2,314.8)1 Trade and other receivables as stated in this table does not directly reconcile with the amounts shown in notes 20 and 22 as it excludes contract assets, prepayments and provision for impairment of receivables2 Trade and other payables as stated in this table does not directly reconcile with the amounts shown in notes 24 and 25 as it excludes contract liabilities, deferred expense related grants and deferred fixed asset grantsAssets and At fair value liabilities at through Other At fair valueDerivatives amortisedComprehensiveHedged item through profit used for Classification of financial instruments costIncomeat fair valueor losshedgingTotalAs at 31 December 2021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAssetsInvestments \u2013 13.9 \u2013 \u2013 \u2013 13.9Fuel derivatives \u2013 \u2013 \u2013 \u2013 29.4 29.4Interest rate derivatives \u2013 \u2013 \u2013 0.1 \u2013 0.1Cross currency swaps \u2013 \u2013 \u2013 \u2013 12.0 12.0Foreign exchange derivatives \u2013 \u2013 \u2013 6.1 2.1 8.2Cash and cash equivalents 508.4 \u2013 \u2013 \u2013 \u2013 508.4Finance lease receivables 16.8 \u2013 \u2013 \u2013 \u2013 16.81Trade and other receivables344.7 \u2013 \u2013 \u2013 \u2013 344.7869.9 13.9 \u2013 6.2 43.5 933.5LiabilitiesBank overdrafts (132.2) \u2013 \u2013 \u2013 \u2013 (132.2)Bank loans (191.1) \u2013 \u2013 \u2013 \u2013 (191.1)Bonds (400.1) \u2013 (240.8) \u2013 \u2013 (640.9)Lease liabilities (235.7) \u2013 \u2013 \u2013 \u2013 (235.7)Private placements (393.9) \u2013 \u2013 \u2013 \u2013 (393.9)Fuel derivatives \u2013 \u2013 \u2013 \u2013 (0.7) (0.7)Interest rate derivatives \u2013 \u2013 \u2013 (6.4) \u2013 (6.4)Cross currency swaps \u2013 \u2013 \u2013 \u2013 (9.7) (9.7)Foreign exchange derivatives \u2013 \u2013 \u2013 (16.0) (2.8) (18.8)2Trade and other payables(654.1) \u2013 \u2013 (13.4) \u2013 (667.5)(2,007.1) \u2013 (240.8) (35.8) (13.2) (2,296.9)1 Trade and other receivables as stated in this table does not directly reconcile with the amounts shown in notes 20 and 22 as it excludes contract assets, prepayments and provision for impairment of receivables2 Trade and other payables as stated in this table does not directly reconcile with the amounts shown in notes 24 and 25 as it excludes contract liabilities, deferred expense related-grants and deferred fixed asset grantsOther receivables and other payables are to be settled in cash in the currency they are held in.The Group assesses at each year end reporting date whether a financial asset or group of financial assets is impaired. In the financial year 2022, there was no objective evidence that would have necessitated the impairment of loans and receivables except the provision for impairment of receivables (see note 30).Embedded derivativesIn accordance with IFRS 9 Financial Instruments, the Group has reviewed its contracts for embedded derivatives that are required to be separately accounted for. No embedded derivatives have been identified.Hedging activitiesThe Group uses derivative financial instruments to manage exposures to market risk, such as movements in foreign exchange rates, fuel prices and interest rates. Such derivative financial instruments are initially recognised at fair value and are subsequently re-measured at fair value at the end of each reporting period. In line with IFRS 9, the Group classifies hedges as:(i) fair value hedges used to hedge exposure to changes in the fair value of a recognised asset or liability; (ii) cash flow hedges used to hedge exposure to variability in cash flows associated with a recognised asset or liability or a highly probable forecast transaction; and (iii) hedges of a net investment in a foreign operation.In 2022, the Group applied cash flow hedge accounting to hedge fuel price risk and to hedge foreign currency risk on a US dollar denominated private placement. The Group applied net investment hedge accounting to hedge net investments in its North American and European foreign operations.The movement on derivative financial instruments is detailed below:At fair value throughDerivatives usedprofit and lossfor hedgingForeign Foreign exchange Cross exchange Interestforward currency forward rate swapscontractsFuel swapsswapscontractsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNet (liability)/asset at 1 January 2022 (6.3) (9.9) 28.7 2.3 (0.7) 14.1Movements through Income Statement (20.5) (17.6) (70.1) (3.0) \u2013 (111.2)Movements through Other Comprehensive Income \u2013 \u2013 70.1 (32.6) (5.9) 31.6Cash settlements \u2013 39.4 (26.2) 28.4 7.4 49.0Net asset/(liability) at 31 December 2022 (26.8) 11.9 2.5 (4.9) 0.8 (16.5)At fair value throughDerivatives usedprofit and lossfor hedgingForeign Foreign exchange Cross exchange Interestforward currency forward Fuel swapsrate swapscontractsFuel swapsswapscontractsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNet (liability)/asset at 1 January 2021 (2.4) 1.5 4.6 (17.7) (3.5) 30.2 12.7Movements through Income Statement 2.4 (7.8) (5.7) (4.4) (1.9) \u2013 (17.4)Movements through Other Comprehensive Income \u2013 \u2013 \u2013 50.8 7.7 4.2 62.7Cash settlements \u2013 \u2013 (8.8) \u2013 \u2013 (35.1) (43.9)Net asset/(liability) at 31 December 2021 \u2013 (6.3) (9.9) 28.7 2.3 (0.7) 14.1A reconciliation of movements in the cash flow hedge reserve, cost of hedging reserve and net investment hedge reserve is shown in note 32.A summary of the Group\u2019s hedging activities is as follows:Net investmentFair valueCash flowCash flowHedge typehedgehedgehedgehedgeRisk Foreign Foreign Interest Commodity currency riskcurrency riskRate riskprice riskNominal amount of hedging CAD 46.0USD 320.0EUR 616.7 USD 81.0 GBP 250.0 367.2m litresAgeing of nominal amount:CAD 46.0\u2013 \u2013USD 320.0< 1 year 220.3m litresEUR 376.71-2 years \u2013 \u2013 \u2013 110.6m litres2-5 years EUR 43.0 USD 81.0 GBP 250.0 36.2m litres> 5 years EUR 197.0 \u2013 \u2013 \u2013Average hedged rate 2.43% GBP SONIA +\u00a30.58/litre1.98%Maturity 2023 \u2013 2032 2027 2025 2023 \u2013 2025Carrying amount of hedging instruments (\u00a3m)Assets \u2013 derivatives 7.5 3.2 \u2013 19.9Liabilities \u2013 derivatives (15.6) \u2013 (26.8) (17.4)1Liabilities \u2013 borrowings(212.3) \u2013 \u2013 \u2013Carrying amount of hedged item \u2013 borrowings (\u00a3m) \u2013 (66.9) (221.3) \u2013Changes in fair value of hedged item for calculating hedge 14.7 (8.4) 19.9 26.52effectivenessChanges in fair value of hedged instrument used for calculating (14.7) 8.1 (19.7) (26.9)2hedge effectivenessAmounts accumulated in reserves at 31 December 2022 15.1 (2.5) \u2013 (33.5)Accumulated fair value hedge adjustment on borrowings \u2013 \u2013 26.3 \u20131 Represents the carrying value of the \u20ac240.0m Euro-denominated private placements2 Inclusive of cash settlements for the periodHedge of net investments in foreign entitiesThe Group uses foreign currency borrowings and derivative financial instruments to hedge the net investment in material foreign currency net assets of the Group, which are used to reduce the exposure to foreign exchange rate movements. At 31 December 2022, the Group had designated EUR 616.7m of cross currency interest rate swaps, EUR 240.0m of private placements and EUR 376.7m of foreign exchange forward contracts as net investment hedges of the net assets of the Group\u2019s European subsidiaries. Similarly, USD 30.0m of foreign exchange forward contracts, and USD 290.0m and CAD 46.0m of cross currency interest rate swaps were designated as a hedge of the net assets of the Group\u2019s North America subsidiaries. No material ineffectiveness was recognised in relation to these hedges.Fuel derivativesThe Group has a number of fuel derivatives in place to hedge the different types of fuel used in each division. Fuel swaps are used to match the timing, type of fuel and currency in which the domestic physical fuel is purchased as closely as possible, with hedges currently in place from 2023 through to 2025.During the year, \u00a370.1m of fair value gains (2021: \u00a350.8m gains) have been transferred to the cash flow hedge reserve due to movements in market fuel prices. A fair value gain of \u00a369.5m (2021: \u00a31.9m gain) has been transferred from the cash flow hedge reserve to the Income Statement following settlement of fuel trades; this comprised a gain of \u00a332.9m (2021: \u00a316.0m loss), being the hedging reserve position at 1 January and a \u00a336.6m gain (2021: \u00a317.9 gain) generated during the year due to movements in market fuel prices. No material ineffectiveness was recognised in relation to these hedges.Fuel derivatives can be analysed as follows:31 December31 December31 December31 December2022202120222021Fair valueFair valueVolume Volume\u00a3m\u00a3mmillion litres million litresFuel derivativesSterling denominated \u2013 UK (5.2) 5.3 63.8 48.6Euro denominated \u2013 ALSA (3.3) 7.4 114.7 85.4US Dollar and Canadian Dollar denominated \u2013 North America 8.4 7.1 41.8 65.5Fuel derivatives included in current assets/(liabilities) (0.1) 19.8 220.3 199.5Sterling denominated \u2013 UK 0.9 3.0 41.1 42.6Euro denominated \u2013 ALSA 0.2 3.6 69.5 61.8US Dollar and Canadian Dollar denominated \u2013 North America 1.5 2.3 36.3 53.1Fuel derivatives included in non-current assets/(liabilities) 2.6 8.9 146.9 157.5Total fuel derivatives 2.5 28.7 367.2 357.0Interest rate swaps at fair value through profit or lossIn August 2021, the Group entered into a series of interest rate swaps equal in value to the \u00a3250.0m bond. These interest rate swaps all pay fixed interest annually and receive floating interest (GBP SONIA + margin) annually with cash settlements matching that of the \u00a3250.0m bond. They are designated as a fair value hedge of the interest rate risk on the \u00a3250.0m bond. These swaps as measured at fair value through profit and loss, with any gains and losses being taken immediately to the Income Statement to offset any fair value gains or losses due to changes in the risk-free rate on the \u00a3250.0m bond. During the year, a fair value loss of \u00a319.9m was recognised in the Income Statement and was offset by a fair value gain of \u00a319.9m on the underlying hedged item due to changes in the risk-free interest rate.Cash flow hedgesIn June 2020, the Group entered into an $81.0m cross currency swap that pays fixed USD interest semi-annually and receives fixed GBP interest semi-annually. This is designated as a cash flow hedge of foreign currency risk with maturities matching an $81.0m private placement maturing in June 2027. No material ineffectiveness was recognised during the year.",
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"s9_notes__6__95": {
"value": "Fair valuesFinancial assets at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and include trade and other receivables and cash and cash equivalents. After initial fair value recognition, they are measured at amortised cost using the effective interest rate method. The fair value of these instruments approximates their carrying amounts, largely due to the short-term maturities.Financial assets at fair value through Other Comprehensive Income relates to the Group\u2019s non-listed equity investments.The Group\u2019s derivatives are measured at fair value. Derivatives, other than those designated as effective hedging instruments, are classified as fair value through profit or loss and are carried on the Balance Sheet at their fair value, with gains or losses recognised in the Income Statement. Derivatives designated as hedging instruments in an effective hedge are carried on the Balance Sheet at their fair value. For cash flow hedges and hedges of net investments in foreign operations, the effective portion of the gain or loss on the hedging instrument is recognised directly in Other Comprehensive Income, while the ineffective portion is recognised in the Income Statement.Amounts taken to Other Comprehensive Income are transferred to the Income Statement when the hedged transaction affects profit or loss or when the foreign operation is sold or partially disposed of. For fair value hedges, all gains or losses are recognised in the Income Statement.The fair value measurement of derivative instruments is categorised within Level 2 (i.e. the fair values are derived based on observable market inputs). The Group has no financial instruments with fair values that are determined by reference to significant unobservable inputs, i.e. those that would be classified as Level 3 in the fair value hierarchy, other than the deferred contingent consideration disclosed in note 19 and financial assets at fair value through Other Comprehensive Income in note 17. There have not been any transfers of assets or liabilities between levels of the fair value hierarchy and there are no non- recurring fair value movements.In August 2021, the Group entered into a series of interest rate swaps equal in value to the \u00a3250.0m bond. They are designated as a fair value hedge of the interest rate risk on the \u00a3250.0m bond. These swaps as measured at fair value through profit and loss, with any gains and losses being taken immediately to the Income Statement to offset any fair value gains or losses due to changes in the risk-free rate on the \u00a3250.0m bond. Consequently, the carrying value of the bond is adjusted for changes in fair value attributable to the risk being hedged. This net carrying value will differ from the fair value depending on movements in the Group\u2019s credit risk, movements in interest rates and unamortised fees. At 31 December 2022, the carrying value of the Group\u2019s bonds was \u00a3650.0m (2021: \u00a3650.0m) and compares with the fair value as presented in the table below.All other liabilities, including the remaining bonds, private placements, leases, bank loans and trade and other payables (excluding contingent consideration) are held at amortised cost. After initial fair value recognition, these instruments are measured at amortised cost using the effective interest rate method. The carrying value of these liabilities approximates to the fair value.The following table illustrates the fair values of all financial assets and liabilities held by the Group at 31 December 2022:Assets and At fair value At fair valueliabilities at through Other through profit Derivatives amortised ComprehensiveHedged item orused for Classification of financial instruments costIncomeat fair valuelosshedgingTotalAs at 31 December 2022\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAssetsInvestments \u2013 16.8 \u2013 \u2013 \u2013 16.8Fuel derivatives \u2013 \u2013 \u2013 \u2013 19.9 19.9Cross currency swaps \u2013 \u2013 \u2013 \u2013 10.7 10.7Foreign exchange derivatives \u2013 \u2013 \u2013 16.4 0.8 17.2Cash and cash equivalents 291.8 \u2013 \u2013 \u2013 \u2013 291.8Other debt receivables 2.8 \u2013 \u2013 \u2013 \u2013 2.8Finance lease receivables 14.0 \u2013 \u2013 \u2013 \u2013 14.01Trade and other receivables432.9 \u2013 \u2013 \u2013 \u2013 432.9741.5 16.8 \u2013 16.4 31.4 806.1LiabilitiesBank overdrafts (58.7) \u2013 \u2013 \u2013 \u2013 (58.7)Bank loans (195.8) \u2013 \u2013 \u2013 \u2013 (195.8)Bonds (400.1) \u2013 (221.3) \u2013 \u2013 (621.4)Lease liabilities (197.7) \u2013 \u2013 \u2013 \u2013 (197.7)Private placements (411.9) \u2013 \u2013 \u2013 \u2013 (411.9)Fuel derivatives \u2013 \u2013 \u2013 \u2013 (17.4) (17.4)Interest rate derivatives \u2013 \u2013 \u2013 (26.8) \u2013 (26.8)Cross currency swaps \u2013 \u2013 \u2013 \u2013 (15.6) (15.6)Foreign exchange derivatives \u2013 \u2013 \u2013 (4.5) \u2013 (4.5)2Trade and other payables(753.2) \u2013 \u2013 (11.8) \u2013 (765.0)(2,017.4) \u2013 (221.3) (43.1) (33.0) (2,314.8)1 Trade and other receivables as stated in this table does not directly reconcile with the amounts shown in notes 20 and 22 as it excludes contract assets, prepayments and provision for impairment of receivables2 Trade and other payables as stated in this table does not directly reconcile with the amounts shown in notes 24 and 25 as it excludes contract liabilities, deferred expense related grants and deferred fixed asset grantsAssets and At fair value liabilities at through Other At fair valueDerivatives amortisedComprehensiveHedged item through profit used for Classification of financial instruments costIncomeat fair valueor losshedgingTotalAs at 31 December 2021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAssetsInvestments \u2013 13.9 \u2013 \u2013 \u2013 13.9Fuel derivatives \u2013 \u2013 \u2013 \u2013 29.4 29.4Interest rate derivatives \u2013 \u2013 \u2013 0.1 \u2013 0.1Cross currency swaps \u2013 \u2013 \u2013 \u2013 12.0 12.0Foreign exchange derivatives \u2013 \u2013 \u2013 6.1 2.1 8.2Cash and cash equivalents 508.4 \u2013 \u2013 \u2013 \u2013 508.4Finance lease receivables 16.8 \u2013 \u2013 \u2013 \u2013 16.81Trade and other receivables344.7 \u2013 \u2013 \u2013 \u2013 344.7869.9 13.9 \u2013 6.2 43.5 933.5LiabilitiesBank overdrafts (132.2) \u2013 \u2013 \u2013 \u2013 (132.2)Bank loans (191.1) \u2013 \u2013 \u2013 \u2013 (191.1)Bonds (400.1) \u2013 (240.8) \u2013 \u2013 (640.9)Lease liabilities (235.7) \u2013 \u2013 \u2013 \u2013 (235.7)Private placements (393.9) \u2013 \u2013 \u2013 \u2013 (393.9)Fuel derivatives \u2013 \u2013 \u2013 \u2013 (0.7) (0.7)Interest rate derivatives \u2013 \u2013 \u2013 (6.4) \u2013 (6.4)Cross currency swaps \u2013 \u2013 \u2013 \u2013 (9.7) (9.7)Foreign exchange derivatives \u2013 \u2013 \u2013 (16.0) (2.8) (18.8)2Trade and other payables(654.1) \u2013 \u2013 (13.4) \u2013 (667.5)(2,007.1) \u2013 (240.8) (35.8) (13.2) (2,296.9)1 Trade and other receivables as stated in this table does not directly reconcile with the amounts shown in notes 20 and 22 as it excludes contract assets, prepayments and provision for impairment of receivables2 Trade and other payables as stated in this table does not directly reconcile with the amounts shown in notes 24 and 25 as it excludes contract liabilities, deferred expense related-grants and deferred fixed asset grantsOther receivables and other payables are to be settled in cash in the currency they are held in.The Group assesses at each year end reporting date whether a financial asset or group of financial assets is impaired. In the financial year 2022, there was no objective evidence that would have necessitated the impairment of loans and receivables except the provision for impairment of receivables (see note 30).",
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"s9_notes__6__98": {
"value": "32 Share capital and reserves20222021Issued and fully paid: No. of shares\u00a3m No. of shares\u00a3mAt 1 January and 31 December 614,086,377 30.7 614,086,377 30.7The total number of share options exercised in the year by employees of the Company was 251,606 (2021: 402,244) of which all (2021: all) exercises were satisfied by transferring shares from the National Express Employee Benefit Trust.",
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"s9_notes__6__97": {
"value": "32 Share capital and reserves20222021Issued and fully paid: No. of shares\u00a3m No. of shares\u00a3mAt 1 January and 31 December 614,086,377 30.7 614,086,377 30.7The total number of share options exercised in the year by employees of the Company was 251,606 (2021: 402,244) of which all (2021: all) exercises were satisfied by transferring shares from the National Express Employee Benefit Trust.Own sharesOwn shares comprises 1,268,303 (2021: 1,489,069) ordinary shares in the Company that have been purchased by the trustees of the National Express Employee Benefit Trust (the Trust). During the year, the Trust purchased 120,082 (2021: 1,013,976) shares. 251,606 (2021: 402,244) shares were used to satisfy options granted under a number of the Company\u2019s share schemes, and a further 89,242 shares were transferred to the Executive Directors who purchased these shares using the cash element of their 2021 annual bonus awards. No shares (2021: nil) were sold during the year to the open market.The market value of the shares held by the Trust at 31 December 2022 was \u00a31.6m (2021: \u00a33.8m). No dividends were payable on these shares in either 2022 or 2021.Hybrid reservesThe Group has in issue a Sterling denominated hybrid instrument of \u00a3500m, with an annual coupon rate of 4.25%. The contractual terms of the instrument allow the Group to defer coupon payments and the repayment of the principal indefinitely. However, any deferred payments must be made in the event of a dividend distribution. The instrument was issued in November 2020 and the terms also allow for the instrument to be redeemed at the option of the Group at five years after issue (first call date) and 10 years (second call date), and subsequently at each coupon date or in the event of highly specific circumstances (such as a change in IFRS or change of control). As the Group has the unconditional right to avoid transferring cash or another financial asset in relation to this instrument, it is classified within equity. The annual coupon rate is fixed for the first five years, and thereafter reset according to the specific terms of the issuance.Other reservesFair value reserve of Net Capital financial Cash flow Cost of investmentredemptionMerger assets at hedge hedging hedge TranslationreservereserveFVOCIreservereservereservereserveTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m1At 1 January 2022 (Restated)0.2 239.5 (0.3) 25.0 1.0 43.0 75.6 384.0Exchange differences on retranslation of foreign operations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 146.9 146.9Gains on equity instruments classified as fair value through Other Comprehensive Income \u2013 \u2013 1.7 \u2013 \u2013 \u2013 \u2013 1.7Gains/(losses) on hedges \u2013 \u2013 \u2013 78.6 \u2013 (57.6) \u2013 21.0Hedging gains reclassified to Income Statement \u2013 \u2013 \u2013 (77.3) (0.4) \u2013 \u2013 (77.7)Cost of hedging \u2013 \u2013 \u2013 \u2013 (0.7) \u2013 \u2013 (0.7)Deferred tax \u2013 \u2013 \u2013 5.2 \u2013 1.3 \u2013 6.5At 31 December 2022 0.2 239.5 1.4 31.5 (0.1) (13.3) 222.5 481.71 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.The nature and purpose of the other reserves are as follows:\u2022 The merger reserve included the premium on shares issued to satisfy the purchase of Prism Rail PLC in 2000 and the share issue during 2020.\u2022 The cash flow hedge reserve and net investment hedge reserve records the movements on designated hedging instruments, offset by any movements recognised in equity on underlying hedged items.\u2022 The cost of hedging reserve records the movements in the currency basis, which are excluded from the hedging instrument on the designated hedging instruments in the cash flow and net investment hedge reserves.\u2022 The translation reserve records exchange differences arising from the translation of the accounts of foreign currency denominated subsidiaries offset by the movements on loans and derivatives used to hedge the net investment in foreign subsidiaries and cost of hedging.\u2022 The fair value reserve is for fair value movements on financial assets that are classified as fair value through Other Comprehensive Income.Fair value reserve of Net Capital financial Cash flowCost of investment(Restated) redemptionMerger assets at hedge hedging hedge Translation (Restated)1TotalreservereserveFVOCIreservereservereservereserve\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m1At 1 January 2021 (Restated)0.2 239.5 (1.5) (15.2) 1.4 16.0 132.8 373.2Exchange differences on retranslation of foreign operations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (57.2) (57.2)Gains on equity instruments classified as fair value through Other Comprehensive Income \u2013 \u2013 1.2 \u2013 \u2013 \u2013 \u2013 1.2Gains on hedges \u2013 \u2013 \u2013 52.5 \u2013 26.5 \u2013 79.0Hedging gains reclassified to Income Statement \u2013 \u2013 \u2013 (2.8) (0.5) \u2013 \u2013 (3.3)Cost of hedging \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.1Deferred tax \u2013 \u2013 \u2013 (9.5) \u2013 0.5 \u2013 (9.0)At 31 December 2021 0.2 239.5 (0.3) 25.0 1.0 43.0 75.6 384.01 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.",
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}
},
"s9_notes__6__99": {
"value": "34 LeasesGroup as a lesseeThe Group has lease contracts for various items of property, vehicles, plant and other equipment. Lease terms are negotiated on an individual basis, contain a wide range of different terms and conditions, and may include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group\u2019s business needs. Management exercises judgement in determining whether these extension and termination options are reasonably certain to be exercised.The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the leased assets.(a) Amounts recognised in the Balance SheetSet out below is the net book value of right-of-use assets and additions during the year (included in property, plant and equipment \u2013 note 15):2022 2021Plant and Plant and Public equipment,Public equipment,Land and service fixtures Land and service fixtures and buildingsvehiclesand fittingsTotalbuildingsvehiclesfittingsTotalRight-of-use assets\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAdditions 40.3 2.9 0.5 43.7 25.4 8.0 0.3 33.7Depreciation charge (31.4) (25.8) (0.5) (57.7) (28.8) (36.5) (0.6) (65.9)Net book value at 31 December 104.6 79.5 0.2 184.3 97.6 129.9 0.2 227.7Set out below are the carrying amounts of lease liabilities (included in borrowings \u2013 note 28) at 31 December 2022:20222021Lease liabilities\u00a3m\u00a3mCurrent 58.0 67.0Non-current 139.7 168.7197.7 235.7The maturity analysis of lease liabilities is presented in note 29.(b) Amounts recognised in the Income Statement20222021\u00a3m\u00a3mDepreciation expense on right-of-use assets (note 6) 57.7 65.9Interest on lease liabilities (note 10) 9.4 10.5Interest income on sub-leases (note 10) (0.5) (0.7)Expenses relating to short-term leases (note 6) 6.5 4.3Expenses relating to leases of low-value assets (note 6) 2.9 3.0Variable lease payments not included in the measurement of lease liabilities (note 6) 0.6 0.1Income from sub-leasing right-of-use assets (included in other revenue) (4.5) (3.5)It is not expected that commitments for short-term leases will materially differ from those in place at 31 December 2022.(c) Amounts recognised in the Cash Flow Statement20222021\u00a3m\u00a3m Included withinPayment of interest (9.4) (10.5) Cash flows from operating activitiesPayment of principal (85.9) (118.2) Cash flows from financing activitiesPayments for short-term, low-value leases and variable lease payments (10.0) (7.4) Cash generated from operationsTotal cash outflow for leases (105.3) (136.1)(d) Extension and termination optionsSome property and vehicle leases contain extension or termination options exercisable by the Group before the end of the non-cancellable contract period. Where practicable, the Group seeks to include extension or termination options in new leases to provide operational flexibility. The extension and termination options held are exercisable only by the Group and not by the lessors. The Group assesses at the lease commencement date whether it is reasonably certain to exercise the extension or termination options and reassesses these assumptions when there is a significant event or significant change in circumstances within its control. Where the Group determines it is reasonably certain that a termination option will be exercised, any termination penalty is included in the lease liability.The Group has estimated that the potential future lease payments, should it exercise the extension or termination options, would result in an immaterial change in the lease liability.(e) Variable lease paymentsThe Group has a variable lease arrangement in respect of public service vehicles in North America. The lease payments are fully variable based on miles driven, and there is no minimum mileage or fixed payment within the contract. Given the lease payments are fully variable, no lease liability has been recognised in the Balance Sheet. Instead, the variable lease payments are included in the Income Statement as incurred.(f) Residual value guaranteesThe Group has a number of leased vehicles with residual value guarantees. At the lease commencement date the amounts expected to be payable have been included in the lease liability.(g) Future lease commitmentsIn 2021 the Group entered into an availability agreement for the provision of 130 electric buses in the UK. At the year end, 45 vehicles have been made available to us, the remaining 85 expected to be delivered in 2023. The agreement includes a substitution clause whereby the service provider makes available to us a set number of vehicles each day from its wider pool of vehicles. In the Directors\u2019 view, the arrangement does not meet the definition of a lease. The service provider has control of the vehicles and has a substantive substitution right, having both the practical ability to substitute the vehicles and an economic incentive to do so. Consequently, no right-of-use asset or lease liability will be recognised on the Balance Sheet, and payments under the agreement will be charged to the Income Statement as incurred. These contracts will give rise to an estimated annual expense of \u00a37.6m.At the year end, the Group had commitments relating to leases not yet commenced with future lease payments of \u00a30.3m (2021: \u00a30.1m) within one year, \u00a31.6m (2021: \u00a30.7m) within five years and \u00a3nil thereafter (2021: \u00a30.5m).Group as a lessorThe Group has finance leasing arrangements as a lessor for certain vehicles to its customers. In addition, the Group sub-leases two properties which are no longer used by the Group. During 2022, the Group recognised interest income on lease receivables of \u00a30.5m (2021: \u00a30.7m).The following table sets out a maturity analysis of lease receivables, showing the undiscounted lease payments to be received after the reporting date:20222021Net investment in the lease\u00a3m\u00a3mWithin one year 4.7 4.6After one year but not more than five years 7.3 9.3More than five years 6.7 5.6Total undiscounted lease receivable 18.7 19.5Unearned finance income (4.7) (2.7)Finance lease receivable 14.0 16.8The maturity analysis of the discounted lease payments are as follows:20222021Net investment in the lease\u00a3m\u00a3mCurrent 4.3 4.1Non-current 9.7 12.714.0 16.8The Group also sub-leases some of its property and public service vehicles. The Group has classified these sub-leases as operating leases, because they do not transfer substantially all of the risks and rewards incidental to the right-of-use assets. The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date.20222021Operating lease receipts\u00a3m\u00a3mWithin one year 3.6 3.0After one year but not more than five years 3.6 4.7More than five years \u2013 \u20137.2 7.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__100": {
"value": "35 Commitments and contingencies(a) Capital commitments20222021\u00a3m\u00a3mContracted 164.5 97.0The Group is committed to vehicle purchases and various land and buildings improvements.(b) Contingent liabilitiesGuaranteesThe Group has guaranteed credit facilities totalling \u00a3nil (2021: \u00a33.7m) of certain joint ventures.Bonds and letters of creditIn the ordinary course of business, the Group is required to issue counter-indemnities in support of its operations. As at 31 December 2022, the Group had performance bonds in respect of businesses in the USA of \u00a3132.7m (2021: \u00a3113.7m), in Spain of \u00a389.9m (2021: \u00a388.1m), in Germany of \u00a325.8m (2021: \u00a330.0m) and in the Middle East of \u00a310.3m (2021: \u00a36.0m). Letters of credit have been issued to support insurance retentions of \u00a3179.8m (2021: \u00a3145.0m).LegalThrough the ordinary course of our operations, the Group is party to various litigation, claims and investigations. We do not expect the ultimate resolution of any of these proceedings to have a material adverse effect on the Group\u2019s results, cash flows or financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__101": {
"value": "36 Related party transactionsAmounts ofAmounts due fromAmounts due totransactionsrelated partiesrelated parties202220212022202120222021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mJoint venturesBahrain Public Transport Company W.L.L. 0.6 0.5 \u2013 \u2013 \u2013 \u2013AssociatesALSA associates 4.5 3.5 2.1 3.2 (0.4) (0.5)1North America associates0.3 0.4 \u2013 \u2013 \u2013Total joint ventures and associates 5.4 4.0 2.1 3.2 (0.4) (0.5)Trade investmentsALSA trade investments 6.8 4.7 \u2013 0.8 (1.3) (0.8)1North America trade investments\u2013 0.6 \u2013 \u2013 \u2013 \u2013Total investments 6.8 5.7 \u2013 0.8 (1.3) (0.8)Property transactionsALSA property transactions 7.0 4.9 0.6 0.4 (0.2) (0.5)North America property transactions \u2013 2.0 \u2013 \u2013 \u2013 \u2013Total property transactions 7.0 6.9 0.6 0.4 (0.2) (0.5)Total other related parties 13.8 12.6 0.6 1.2 (1.5) (1.3)Total 19.2 16.6 2.7 4.4 (1.9) (1.8)1 Included in North America associate transaction is \u00a30.4m previously included within trade investmentsA number of Spanish companies have leased properties from companies related to the Cosmen family. Jorge Cosmen is a Non-Executive Director of the Group and was appointed as Deputy Chairman in October 2008. These leases were in place before the Group\u2019s acquisition of ALSA and are at appropriate market rates.The details of the post-employment benefit plans operated for the benefit of employees of the Group are disclosed in note 33.Compensation of key management personnel of the GroupThe Group has determined key management personnel to constitute the Group Executive Committee and all other Board members of the parent entity. Further details are disclosed in the Directors\u2019 Remuneration Report:20222021\u00a3m\u00a3m1Short-term benefits2.5 2.6Share-based payment (note 9) \u2013 0.22.5 2.81 Included within the prior year short-term benefits is \u00a30.7m relating to other Board members\u2019 compensation",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__102": {
"value": "Compensation of key management personnel of the GroupThe Group has determined key management personnel to constitute the Group Executive Committee and all other Board members of the parent entity. Further details are disclosed in the Directors\u2019 Remuneration Report:20222021\u00a3m\u00a3m1Short-term benefits2.5 2.6Share-based payment (note 9) \u2013 0.22.5 2.81 Included within the prior year short-term benefits is \u00a30.7m relating to other Board members\u2019 compensation",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__103": {
"value": "37 Service concession arrangementsThe following table sets out the nature and extent of the Group\u2019s service concession arrangements:Description of the Concession Concession Classification Concessionarrangementperiodcommencement Nature of infrastructureunder IFRIC 12German Rail The Group operates15 years 2015 \u2013 2020 Rolling stock and tracks used No financial or two train services in in the operation of the service intangible asset Germany.are provided by the delegating is recognised for authority.construction as the infrastructure is provided to the Group.Moroccan Urban The Group has two 15 years September 2019 Public service vehicles used in Intangible assetBuscontracts with the the operation are providedMoroccan authority for by the Group, some of which are the operation of public subject to \u2018lease type\u2019transport bus services.arrangements.Up to 15 years November 2019 Initially, public service vehicles Financial assetused in operation are provided by the public authority. Replacement public service vehicles will be provided by the Group and publicauthority in future years.Spanish Regional The Group has a contract 10 years July 2021 Public service vehicles used in Financial assetBuswith the Provincial the operation are provided by Government of Bizkaia to the Group.operate regional services.Spanish Urban Bus The Group has two10 years August 2019 Public service vehicles usedFinancial assetcontracts with Spanish in the operation are provided by Councils to operate urban the Group.commuter coach services 3 years June 2021 Public service vehicles used in Financial assetin Spain.the operation are provided by the Group.Alaska Schoolbus The Group has 10 years July 2021 Public service vehicles used in Financial assetundertaken a contract the operation are provided by for home to school the Group.transportation.10 years July 2022 Public service vehicles used in Financial assetthe operation are provided by the Group.Portugal Urban Bus The Group has a contract 7 years June 2022 Public service vehicles are Intangible assetwith the Lisbon transport provided by the Group with a authority to operate urban purchase option for the grantor commuter bus services.to acquire the fleet at the end of the contract term.During the year, no revenue or profit was recognised in exchanging construction services for financial or intangible assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfServiceConcessionArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__104": {
"value": "38 Cash flow statement(a) Reconciliation of Group loss before tax to cash generated from operations20222021\u00a3m\u00a3mLoss before tax (209.9) (84.9)Net finance costs 51.0 47.7Share of results from associates and joint ventures 0.4 1.0Depreciation of property, plant and equipment 203.5 199.7Intangible asset amortisation 55.5 54.2Amortisation of fixed asset grants (2.1) (3.2)Gain on disposal of property, plant and equipment (10.5) (8.0)Gain on disposal of intangible assets (5.1) (0.6)Share-based payments 1.2 1.0Increase in inventories (1.5) (1.9)Increase in receivables (118.5) (85.3)Increase in payables 52.5 53.2Receipts on settlement of fuel forward contracts 26.2 \u2013(Decrease)/increase in provisions (23.9) 17.1Decrease in pensions (3.2) \u20131Separately disclosed operating items318.6 84.4Cash flows relating to separately disclosed items (49.3) (43.3)Cash generated from operations 284.9 231.11 Excludes amortisation from acquired intangibles which is included within \u2018intangible asset amortisation\u2019(b) Analysis of changes in net debtNet debt is an alternative performance measure which is not defined or specified under the requirements of International Financial Reporting Standards. Please refer to the glossary on page 291 for further information.At Acquisitions At 1 Januaryand Exchange Other 31 December2022Cash flowdisposalsdifferencesmovements2022\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mComponents of financing activities:1Bank and other loans(189.6) 10.7 (1.0) (14.3) (0.5) (194.7)3Bonds(640.9) \u2013 \u2013 \u2013 19.5 (621.4)Fair value of interest rate derivatives (6.3) \u2013 \u2013 \u2013 (19.7) (26.0)Fair value of foreign exchange forward contracts (9.9) 39.4 \u2013 (17.6) \u2013 11.9Cross currency swaps 2.6 28.4 \u2013 (37.0) \u2013 (6.0)2Net lease liabilities(218.9) 85.9 (0.7) (13.1) (36.9) (183.7)3Private placements(393.9) \u2013 \u2013 (17.7) (0.3) (411.9)Total components of financing activities (1,456.9) 164.4 (1.7) (99.7) (37.9) (1,431.8)Cash 268.1 (115.4) 0.4 18.6 \u2013 171.7Overnight deposits 0.4 6.0 \u2013 0.2 \u2013 6.6Other short-term deposits 239.9 (126.6) \u2013 0.2 \u2013 113.5Bank overdrafts (132.2) 73.5 \u2013 \u2013 \u2013 (58.7)Net cash and cash equivalents 376.2 (162.5) 0.4 19.0 \u2013 233.1Other debt receivables 1.0 1.6 \u2013 0.1 \u2013 2.7Remove: fair value of foreign exchange forward contracts 9.9 (39.4) \u2013 17.6 \u2013 (11.9)Net debt (1,069.8) (35.9) (1.3) (63.0) (37.9) (1,207.9)1 Net of arrangement fees totalling \u00a31.1m (2021: \u00a31.5m) on bank and other loans2 Net lease liabilities is inclusive of finance lease receivables which are reported separately from borrowings on the face of the Group\u2019s Balance Sheet3 Excludes accrued interest on long-term borrowingsShort-term deposits relate to term deposits repayable within three months.Borrowings include non-current interest-bearing borrowings of \u00a3886.3m (2021: \u00a31,294.3m) as disclosed in note 28.Other non-cash movements include lease additions and disposals of \u00a336.9m (2021: \u00a326.6m) and a \u00a31.1m net reduction from the amortisation of loan and bond arrangement fees (2021: \u00a31.2m). A \u00a319.9m decrease in the fair value of the hedging derivatives is offset by opposite movements in the fair value of the related hedged borrowings.At At 1 JanuaryAcquisitions Exchange Other 31 December2021Cash flowand disposalsdifferencesmovements2021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mComponents of financing activities:1Bank and other loans(101.8) (89.6) (2.0) 4.4 (0.6) (189.6)3Bonds(647.0) \u2013 \u2013 \u2013 6.1 (640.9)Fair value of interest rate derivatives 1.0 \u2013 \u2013 \u2013 (7.3) (6.3)Fair value of foreign exchange forward contracts 4.6 (8.8) \u2013 (5.7) \u2013 (9.9)Cross currency swaps (5.7) \u2013 \u2013 8.3 \u2013 2.62Net lease liabilities(311.3) 118.2 \u2013 0.8 (26.6) (218.9)3Private placements(476.8) 66.8 \u2013 15.5 0.6 (393.9)Total components of financing activities (1,537.0) 86.6 (2.0) 23.3 (27.8) (1,456.9)Cash 241.2 28.7 0.2 (2.0) \u2013 268.1Overnight deposits 49.7 (47.4) \u2013 (1.9) \u2013 0.4Other short-term deposits 338.9 (98.4) \u2013 (0.6) \u2013 239.95Bank overdrafts(109.3) (22.9) \u2013 \u2013 \u2013 (132.2)Net cash and cash equivalents 520.5 (140.0) 0.2 (4.5) \u2013 376.2Other debt receivables 1.2 (0.1) \u2013 (0.1) \u2013 1.0Remove: fair value of foreign exchange forward contracts (4.6) 8.8 \u2013 5.7 \u2013 9.9Net debt (1,019.9) (44.7) (1.8) 24.4 (27.8) (1,069.8)1 Net of arrangement fees totalling \u00a32.4m on bank and other loans2 Net lease liabilities is inclusive of finance lease receivables which are reported separately from borrowings on the face of the Group\u2019s Balance Sheet3 Excludes accrued interest on long-term borrowings(c) Reconciliation of net cash flow to movement in net debt20222021\u00a3m\u00a3mDecrease in net cash and cash equivalents in the year (162.1) (139.8)Cash inflow/(outflow) from movement in other debt receivables 1.6 (0.1)Cash inflow from movement in debt and leases liabilities 123.3 93.4Change in net debt resulting from cash flows (37.2) (46.5)Change in net debt resulting from non-cash movements (100.9) (3.4)Movement in net debt in the year (138.1) (49.9)Opening net debt (1,069.8) (1,019.9)Net debt (1,207.9) (1,069.8)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__105": {
"value": "39 Subsidiary undertakings and other significant holdingsA full list of subsidiaries, joint ventures and companies in which National Express Group PLC has a controlling interest as at 31 December 2022 is shown below, along with the country of incorporation and the effective percentage of equity owned.% equity Name and country of IncorporationinterestUnited Kingdom & IrelandAirlinks The Airport Coach Company Limited (a) 100Airside Transport Services Limited (b) 100Altram L.R.T. Limited (a) 100Brooke Management Limited (a) 100Central Trains Limited (a) 100Clarkes Holdco Limited (a) 100Coachman Limited (a) 100Coliseum Coaches Limited (a) 100E. Clarke & Son (Coaches) Limited (a) 100Eurolines (U.K) Limited (a) 100H. Luckett & Co. Limited (a) 100London Eastern Railway Limited (a) 100Lucketts Holdings Limited (a) 100Lucketts Services Limited (a) 100Maintrain Limited (a) 100Midland Main Line Limited (a) 100Mobiciti Limited (a) 100Mobico Group Limited (a) 100Mortons Travel Limited (a) 100National Express Bus & Coach Services Limited (b) 100National Express European Holdings Limited (05652775)* (a) 100National Express Finance Company Limited (a) 100National Express Financing LP** (a) 100National Express Group Holdings Limited (04339932) (a) 100National Express Holdings Limited (02156473)* (a) 100National Express Intermediate Holdings Limited (a) 100National Express International Limited (a) 100National Express Leisure Limited (previously Lucketts Travel Limited) (a) 100National Express Limited (a) 100National Express Manchester Limited (a) 100National Express Middle East Plc (a) 100National Express North America Holdings Limited (07855182)* (a) 100National Express Operations (Stansted) Limited (a) 100National Express Operations Limited (02609812) (a) 100National Express Petermann UK Limited (07855188)* (a) 100National Express Rail Replacement Limited (a) 100National Express Services Limited (a) 100National Express Spanish Holdings Limited (a) 100National Express Trains Limited (a) 100National Express Transport Holdings Limited (04338163)* (a) 100National Express UK Limited (a) 100National Express UK Central Services Limited (a) 100N E Canada Limited (08596333)* (a) 100NE Durham UK Limited (08270480)* (a) 100% equity Name and country of IncorporationinterestNE Europe Finance Limited (07876047)* (a) 100NE No.1 Ltd (a) 100NE No.2 Ltd (a) 100NE No. 3 Limited (a) 100NE Trains South Limited (a) 100NXEC Trains Limited (a) 100Scotrail Railways Limited (a) 100Silverlink Train Services Limited (a) 100Solent Coaches Limited (a) 100Speedlink Airport Services Limited (a) 100Stewarts Coach Group Limited (a) 100Stewarts Coaches Limited (a) 100The Kings Ferry Limited (a) 100Travel Coventry Limited (previously WM Card Systems Limited) (a) 100Travel Merryhill Limited (a) 100Travel West Midlands Limited (a) 100Travel WM Limited (a) 100Travel Yourbus Limited (a) 100West Anglia Great Northern Railway Limited (a) 100West Midlands Accessible Transport Limited (previously Travel Coventry Limited) (a) 100West Midlands Travel Limited (a) 100W M Property Holdings Limited (a) 100WM Travel Limited (a) 100W M Ventures Limited (a) 100Wood\u2019s Coaches Limited (a) 100Woods Reisen Limited (a) 100Worthing Coaches Limited (a)100BahrainBahrain Public Transport Company W.L.L. (c) 50GermanyNational Express Germany GmbH (d) 95National Express Holding GmbH (d) 100National Express Rail GmbH (e) 100S\u00fcddeutsche Regionalbahn GmbH (d) 100Czech RepublicNational Express Cz s.r.o. (f) 100NetherlandsNational Express Holdings LLC BV (g) 100% equity Name and country of IncorporationinterestAndorraEstaci\u00f3 2017, S.A. (h) 11Transports Dels Pirineus (h) 100France(ABG) Alsa Bustours Gex (i) 100Alsa Puerto Rico, LLC (j) 100Iberolines (k) 46SARL Chamexpress.com (l) 100MoroccoAlsa al Baida (m) 100Alsa City Agadir S.A. (n) 100Alsa City Sightseeing Maroc (o) 100Alsa City Tour S.A.R.L. (o) 95Alsa Citybus Rabat-Sal\u00e9-Temara, S.A. (p) 51Alsa Education a la S\u00e9curit\u00e9 Routi\u00e8re S.A.R.L. (o) 98Alsa Intercity Services, S.A. (q) 100Alsa Khouribga S.A. (r) 100Alsa Tanger S.A. (s) 100Centre de Formation Techn. Profes. Transport S.A.R.L. (o) 99Groupe Alsa Transport S.A. (o) 100Immeubles V\u00e9hicules Accessoires Maroc S.A.R.L. (o) 80Interprovincial Maroc S.A.R.L. (o) 100Transport de Voyageurs en Autocar Maroc S.A. (o) 100Portugal Alsa Metropolitano do Porto, Lda (t) 100 Tiac Viagens e Turismo Lda (u) 100Alsa Todi Metropolitana de Lisboa (v) 65Alsa Portugal \u2013 Aluguer de veicolos, Unipessoal, Lda. (v) 100Slovakia Efc Spol s.r.o. (w) 80Spain Agreda Bus, S.L (x) 70 Alianza Bus, S.L.U. (y) 100Alsa Atl\u00e1ntica, S.L.U. (z) 100Alsa Ferrocarril, S.A.U. (z) 100Alsa Granada Airport S.L. (aa) 100Alsa Grupo, S.L.U. (z) 100Alsa Innovaci\u00f3n y Proyectos de Movilidad, S.L. (ab) 100Alsa Internacional, S.L.U. (z) 100Alsa Metropolitana, S.A.U. (y) 100Alsa-Mirat Extremadura, S.L. (ac) 50Alsa Micromobility, S.L.U. (z) 50Alsa Rail, S.L.U. (z) 100Alsa Internacional, S.L.U. y Otros U.T.E. (y) 100Alsa Transporte Sanitario, S.L. (ad) 60Alsa Servicios Log\u00edsticos Ferroviarios, S.L. (ad) 100Aplic. y Sist. Integrales Para el Transporte, S.A. (ae) 100% equity Name and country of IncorporationinterestAragonesa de Estaci\u00f3n de Autobuses, S.A. (af) 23Argabus, S.A. (ag) 100Artazo Servicios Integrales, S.L. (ah) 100Asturies Berlinas de Luxu, S.L. (ai) 100Autobuses Urbanos de Bilbao, S.A. (aj) 75Autobuses Urbanos de Le\u00f3n, S.A.U. (ak) 100Autocares Castilla\u2013Leon, S.A.U. (al) 100Autocares de Badajoz, S.L. (am) 100Autocares Discrecionales del Norte, S.L.U. (an) 100Autom\u00f3viles Luarca, S.A.U. (ao) 100Autom\u00f3viles Sigras Carral, S.A. (ap) 100Autos Cal Pita, S.A. (ap) 97Autos Pelayo, S.A.U. (z) 100Autos Rodr\u00edguez Eocar, S.L. (aq) 80Baleares Business Cars, S.L. (ai) 100Baleares Consignatarios, S.L.U. (ar) 100Baleares Consignatarios Tours, S.L.U. (ar) 100Berlinas de Asturias, S.L. (ai) 100Berlinas Calecar, S.L.U. (al) 100Berlinas de Canarias, S.L. (ai) 100Berlinas de Toledo, S.L. (ai) 100Berlinas VTC de Cantabria, S.L.U. (as) 100Bilboko Hiribus Jasangarr\u00eda, S.L. (aj) 78Buses de Palencia, S.L. (at) 100Bus Metropolitano de Granada, S.L. (aa) 100Busturialdea Lea Artibai Bus, S.A. (au) 65Bus Urbano de Castro Urdiales, S.L. (as) 96Canary Business Cars, S.L. (ai) 100Catalu\u00f1a Business Cars, S.L. (ai) 100Cetralsa Formaci\u00f3n, S.L.U. (z) 100C\u00eda. del Tranv\u00eda El\u00e9ctrico de Avil\u00e9s, S.A. (av) 87Compa\u00f1ia Navarra de Autobuses, S.A. (aw) 50Compostelana, S.A.U. (ax) 100Concesionario Estaci\u00f3n Autobuses Logro\u00f1o, S.A. (ay) 21Ebrobus, S.L.U. (z) 100Estaci\u00f3n Autobuses de Cartagena, S.A. (az) 54Estaci\u00f3n Autobuses de Ponferrada, S.A. (ba) 49Estaci\u00f3n Central de Autobuses de Zaragoza, S.A. (bb) 19Estaci\u00f3n de Autobuses de Siero, S.L. (bc) 50Estaci\u00f3n de Autobuses Aguilar de Campoo, S.L. (bd) 67Estaci\u00f3n de Autobuses de Aranda de Duero, S.L. (be) 43Estaci\u00f3n de Autobuses de Astorga, S.L. (bf) 79Estaci\u00f3n de Autobuses de Aviles S.L. (bg) 100Estaci\u00f3n de Autobuses de Le\u00f3n, S.A. (al) 89Estaci\u00f3n de Autobuses de Plasencia, S.A. (bh) 52Estaci\u00f3n de Autobuses de San Lorenzo del Escorial, S.A.U. (y) 100Estaci\u00f3n de Autobuses de Ribadeo, S.L. (bi) 50Estaci\u00f3n de Autobuses de Vitoria, S.L. (bj) 32Estaci\u00f3n de L\u00edneas Regulares, S.L. (bk) 46Estaci\u00f3nes Terminales de Autobuses, S.A. (bl) 79% equity Name and country of IncorporationinterestEuska Alsa, S.L.U. (an) 100Explotaci\u00f3n Gasoleo Estaci\u00f3n de Autobuses A Coru\u00f1a, S.L. (bm) 40Ezkerraldea-Meatzaldea Bus, S.A. (au) 65Gal Bus. S.L. (ap) 100G.S. Carretera (bn) 25General T\u00e9cnica Industrial, S.L.U. (z) 100Gesti\u00f3n de Movilidad Intermodal, S.L. (ad) 100Gorbea Representaciones, S.L. (an) 100Guaguas Gumidafe, S.L. (ah) 100Grupo Enatcar, S.A. (y) 100Ibero-Euro Sur, S.L. (y) 20Intercambiadores Europeos, S.L. (z) 60Intercar Business Cars, S.L. (bo) 100International Business Limousines, S.A.U. (bp) 100Interurbana de Autocares, S.A.U. (z) 100Irubus, S.A.U. (y) 100Jimenez Lopera, S.A.U. (bp) 100La Uni\u00f3n Alavesa, S.L. (bj) 50La Uni\u00f3n de Benisa, S.A. (bq) 98Lineas Europeas de Autobuses, S.A. (br) 43Los Abades de la Gineta, S.L.U. (y) 100Mybustest, S.L (z) 50Mai Tours, S.L.U. (bs) 100Manuel V\u00e1zquez, S.L. (bt) 60Movelia Tecnologias, S.L. (bu) 78Movilidad Balear, S.L.U (bv) 100Movilidad Multimodal, S.L. (ad) 100Movilidad Peninsular, S.L. (ad) 100Mundaka Consultoria, S.L.U. (an) 100NEX Continental Holdings, S.L.U. (z) 100NX Middle East, S.L.U. (bw) 100Proyectos Unificados, S.A.U. (z) 100Publi Imagen Granada, S.L.U. (aa) 100Representaciones Mec\u00e1nica, S.A.U. (an) 100Return Viajes, S.L. (bx) 50Rutas a Catalu\u00f1a, S.A. (by) 28Rutas del Cant\u00e1brico, S.L. (an) 95Semarvi (z) 34Serviareas 2000, S.L.U (z) 100Servicios Auxiliares del Transporte C.B. (bz) 100Servicios del Principado, S.A.U. (z) 100Servicios El Temple, S.L. (ap) 100Servicios Empresariales Especiales, S.L.U. (an) 100Setra Ventas y Servicios, S.A.U. (bp) 100Sevirama, S.L. (ca) 30Sociedad An\u00f3nima Unipersonal Alsina Graells de A.T. (cb) 100Sociedad Concesionaria Interurbano Tolosa Buruntzaldea S.L. (cc) 25Takselia, S.L. (cd) 60T\u00e9cnicas en Veh\u00edculos Autom\u00f3viles, S.L.U. (y) 100Terminal de Autobuses de Garellano, S.L. (ce) 41% equity Name and country of IncorporationinterestTibus, S.A. (cb) 60Tibus Berlines de Luxe, S.L.U. (cb) 100Tibus Business Cars, S.L.U. (cb) 100Tibus Business Limousines, S.L.U. (y) 100Tibus Luxury Services, S.L.U. (cb) 100Transporte Colectivos, S.A.U. (cf) 100Transportes Accesibles Peninsulares, S.L. (cg) 100Transportes Adaptados Andaluces, S.A.U. (ch) 100Transportes Adaptados Regionales, S.L.U. (al) 100Transportes Adaptados C\u00e1ntabros, S.A. (ci) 98Transportes Bacoma, S.A.U. (cb) 100Transportes Rober, S.A.U. (aa) 100Transportes de Viajeros de Arag\u00f3n, S.A. (bb) 59Transportes Santo Domingo, S.L.U. (cj) 100Viajes ALSA, S.A.U. (z) 100Transportes Terrestres Cantabros, S.A. (ci) 93Transportes Unidos de Asturias, S.L. (ck) 100Transportes Urbanos de Cantabria, S.L.U. (ci) 100Transportes Urbanos de Cartagena, S.A. (cl) 97Tranv\u00eda de V\u00e9lez, S.A.U. (cm) 100Transportes Urbanos de Guadalajara, S.L. (cn) 100Tranv\u00edas Metropolitanas de Granada, S.A.U. (co) 100Tury Express, S.A. (an) 100Viajes Por Carretera, S.A.U. (an) 100Ute Ea Alicante (dg) 50Ute Ea Cordoba (dh) 50Ute Mundiplan (dj) 17Vitalia Servicios Sanitarios, S.L. (cp) 60Voramar el Gaucho S.L.U. (cq) 100SwitzerlandAlpyBus S.a.r.l. (cr) 100Eggmann Frey (cs) 100GVA Transfers.com SARL (ct) 100Linien Abfertigung GmbH (cs) 80Odier Excursions, S.A. (cu) 100USThe Provider Enterprises, Inc. (cv) 100A1A Transportation, Inc. (cw) 100A&S Transportation Incorporated (cw) 100Atlantic & Southern Transportation (cx) 100Atlantic & Southern Transportation (cy) 100Atlantic & Southern Transportation (cz) 100Beck Bus Transportation Corp. (da) 100Beck Bus Transportation III, LLC (da) 100Beck Bus Transportation IV, LLC (da) 100Beck Bus Transportation, LLC (da) 100Bus Co., Inc. (da) 100Caravan Leasing Vehicles LLC (db) 100Carrier Management Corporation (dc) 100Chicagoland Coach Lines LLC (de) 100% equity Name and country of IncorporationinterestCommunity Transportation, Inc. (dc) 100Cook-DuPage Transportation Company, Inc. (da) 100Diamond Transportation Services, Inc. (df) 100Discount Enterprises, Inc. (dg) 100Durham D&M LLC (de) 100Durham Holding I, LLC (de) 100Durham Holding II, LLC (de) 100Durham School Services, L.P. (de) 100Fox Bus Lines Inc. (dh) 100Greensburg Yellow Cab Co. (dc) 100Haid Acquisitions LLC (di) 100JNC Leasing, Inc. (dj) 100Kiessling of Attleboro Inc. (previously Aristocrat Limousine and Bus, Inc.) (dk) 100Kiessling Transit, Inc. (dh) 100Meda-Care Vans of Waukesha, Inc. (dl) 100MF Petermann Investment Corporation (de) 100Monroe School Transportation, Inc. (dm) 100MV Student Transportation, Inc. (dn) 100National Express Acquisition Corporation (de) 100National Express Durham Holding Corporation (de) 100National Express LLC (de) 100National Express Leasing Company LLC (de) 100National Express Transit Corporation (de) 100National Express Transit Services Corporation (de) 100New Dawn Transit LLC (dm) 100Petermann Acquisition Co., LLC (de) 100Petermann Acquisition Corporation (de) 100Petermann Holding Co., LLC (de) 100Petermann Ltd. (di) 100Petermann Northeast, LLC (di) 100Petermann Northwest, LLC (de) 100Petermann Partners, Inc. (de) 100Petermann Southwest, LLC (de) 100Petermann STS, LLC (de) 100Petermann STSA, LLC (de) 100PM2 Co. LLC (de) 100Quality Bus Service, LLC (dm) 100Queen City Transportation, LLC (di) 100Rainbow Management Service, Inc. (dm) 100Safeway Training and Transportation Services, Inc. (cv) 100Septran, Inc. (cz) 100Smith Bus Service, Inc. (do) 100Suburban Paratransit Services, Inc. (dm) 100Total Transit Enterprises, LLC (dp) 100Trans Express, Inc. (dm) 100Transit Express, Inc. (dl) 100Transit Express Services, Inc. (dl) 100Trinity, Inc. (dj) 100Trinity Cars, Inc. (dj) 100Trinity Coach LLC (dj) 100Trinity Management Services Co. LLC (dq) 100% equity Name and country of IncorporationinterestTrinity Student Delivery LLC (dj) 100TWB Transport, LLC (da) 100WeDriveU America LLC (cz) 100WeDriveU Holdings, Inc. (dr) 80White Plains Bus Co., Inc. (dm) 100Whitetail Bid Co., LLC (de) 100Wise Coaches, Inc. (ds) 100CanadaNational Express Canada (Holdings) Limited (dt) 100National Express Canada Transit Ltd (dt) 100Stock Transportation Ltd (dt) 100* These subsidiaries are exempt from the requirements of the UK companies Act 2006 relating to the audit of individual accounts by virtue of S479A of the Act. Outstanding liabilities of the exempt companies at the Balance Sheet date are guaranteed pursuant to Sections 479A-C of the Act.** National Express Financing LP is exempt from preparing accounts in accordance with Part 2, Regulation 7 of The Partnerships (Accounts) Regulations 2008, as it is included within the Group consolidated financial statements for the year ending 31 December 2022Key Address(a) National Express House, Mill Lane, Digbeth, Birmingham, B5 6DD(b) Terminal 1, Office 10, Link Corridor, Mezzanine Level, Dublin Airport, Dublin, K67 KD58, Ireland(c) Garage 1087, Road 4025, Isa Town 840, Southern Governorate, Kingdom of Bahrain(d) Vogelsanger Weg 38, 40470 D\u00fcsseldorf, Germany(e) Johannisstrasse 60-64, 50668 Cologne, Germany(f) Seifertova 327/85, 130 00 Praha, Zizkov, Czech Republic(g) Dr Willem Dreesweg 2, 1st Fl. South Wing, 1185 VB Amstelveen, The Netherlands(h) Carrer de la C\u00faria, s/n, Andorra la Vella(i) 30 Rue Auguste Piccard \u2013 01630 Saint-Genis-Pouilly(j) 361 San Francisco Street 4th Floor, San Juan, PR, 00901(k) 41 Boulevard Poniatowski, 75012, Paris(l) 498 Avenue des Alpages, 74310 Les Houches(m) Twin Center ang Bd Zerktouni Et Al Massira Etg 5 et 6, Casablanca(n) Rue De Teheran, Q.I Agadir(o) Ahwaz, Ferme Ahzib Achayech Ferkat Ain Dada, Askedjour, Jamaat Et Kiadat Saada, Marrakech(p) Rue cadi Srayri et Cadi Ben Hammadi, Quartier de la Pinede \u2013 Rabat (q) Ferme Ahzib Achayech, Ferkat Ain Dada, Askedjour (Marakech Menara \u2013 Maroc)(r) No 22 Rue Meknes Hey Haboub, Khouribga(s) 37 Rue Omar Ibn Khattab, Inmeuble Maspalomas 2, Tanger(t) Avenida das For\u00e7as Armadas, N 125, 12 Lisboa(u) Rua de Pedro Nunes, 39, Lisboa(v) Estrada de Algeruz, Cruz de Peixe \u2013 2901-279-Set\u00fabal(w) Teheln\u00e1 23 83103, Bratislava \u2013 Nov\u00e9 Mesto(x) Avda. Manuel Rodr\u00edguez Ayuso, 110 \u2013 Zaragoza(y) C/ Alcal\u00e1, 478, Madrid (28027)(z) C/ Miguel Fleta, 4, Madrid (28037)(aa) Avenida Juan Pablo II, 33 (Estaci\u00f3n de Autobuses), Granada (18013)(ab) Pepe Cosmen s/n - Oviedo Key Address(ac) C/ T\u00fanez, 1 (Estaci\u00f3n de Autobuses), C\u00e1ceres (ad) Josefa Valc\u00e1rcel, 20 - Madrid(ae) Pol. San Mateo, Ctra Coll D\u2019 En Rabassa, Palma de Mallorca (07002)(af) Urbanizaci\u00f3n Plaza de Roma, F-1, Zaragoza(ag) C/ Real 116 \u2013 Arganda del Rey (Madrid)(ah) G\u00e1ldar (Las Palmas de Gran Canaria), calle Pedro de Arguello, 10(ai) C/ Jorge Juan, 19 \u2013 2\u00ba Izquierda, Madrid (28001)(aj) C/ Tellaetxebidea 3, Bilbao(ak) Pol. Ind. Vilecha Oeste, Le\u00f3n (24192)(al) Avenida Ingeniero Saenz de Miera, Le\u00f3n (24009)(am) Avenida de la Libertad, s/n, 06800, M\u00e9rida (Badajoz)(an) Alameda de Urquijo, no 85, 1o \u2013 Dcha., Bilbao- Vizaya (48013)(ao) Magnus Blikstad 2, Gij\u00f3n (33207)(ap) Ctra. El Burgo-Los Pelamios s/n Culleredo \u2013 A Coru\u00f1a(aq) Cedofeita, c/ Requiande, 1 \u2013 Ribadeo-Lugo(ar) Carretera Porto Pi, 8-7\u00ba, 07015, Palma de Mallorca(as) Avenida de Candina, n\u00ba 35, Santander (39011) (at) C/ Campaneros, 4, 1o Dcha, Palencia (34003)(au) Centro de Transportes de Vizcaya, Barrio el Juncal, Naves 3 y 4 (Valle de Tr\u00e1paga-Trapagaran), Vizcaya (48510)(av) Avda Conde de Guadalhorce 123, Aviles (33400)(aw) C/ Yanguas y Miranda, 2 (Estaci\u00f3n de Autobuses), Pamplona(ax) Plaza San Cayetano, s/n. Estaci\u00f3n Autobuses Taq. 10, Santiago de Compostela (La Coru\u00f1a)(ay) Avda de Espa\u00f1a, 1, Logro\u00f1o- La Rioja(az) Avda Trovero Mar\u00edn. N\u00ba 3,(Estaci\u00f3n Autobuses), Cartagena (30202)(ba) Ctra de Asturias, Ponferrada (bb) Avda de Navarra, 80 (Estaci\u00f3n Central de Autobuses),Zaragoza (50011)(bc) C/ Ram\u00f3n y Cajal, Pola de Siero(bd) Avda de Ronda 52 Bis, Aguilar de Campoo (Palencia)(be) Avda Valladolid, Aranda de Duero (Burgos)(bf) Avda Las Murallas, n\u00ba 52, Astorga-Le\u00f3n (24700)(bg) C/ Los Telares (Estaci\u00f3n de Autobuses) Aviles (33400)(bh) C/ Tornavacas, 2, PlasenciaKey Address(bi) Avda Rosal\u00eda de Castro, Ribadeo(bj) C/ Los Herran, 50 (Estaci\u00f3n de Autobuses), Alava (Vitoria)(bk) Plaza de las Estaciones, Santander (Cantabria)(bl) Avda Men\u00e9ndez Pidal, n\u00ba 13 (Estaci\u00f3n de Autobuses), Valencia (46009)(bm) R\u00faa Caballeros, 21, 15009 A Coru\u00f1a(bn) Plaza de la Constituci\u00f3n, Estaci\u00f3n de Autobuses, 2\u00aa Planta, Oficina 26, Lugo(bo) Pol. De Pocomaco, Primera Avenida, 10 Nave Alsa B-15, A Coru\u00f1a(bp) Pol. Ind. Las Fronteras. C/ Limite, Torrej\u00f3n de Ardoz (Madrid)(bq) C/ Comunicaciones, 10 (P. de Babel), Alicante (03008)(br) C/Guillem de Castro, 77, Valencia(bs) Avenida de la Hispanidad O- Parking P12, Barajas, Madrid(bt) C/ Jacques Cousteau, 2 \u2013 Arteijo (A Coru\u00f1a)(bu) C/ Santa Leonor, 65 \u2013Aval\u00f3n Parque Empresarial, Edificio A, Madrid(bv) C/ Porto Pi, 8 \u2013 Palma de Mallorca(bw) C/ Inglaterra, 20-22, Palencia (34004)(bx) Madrid (Las Rozas), Avda de Marsil 33(by) C/ Musico Gustavo Freire, 1 -1\u00b0 Dcha, Lugo (27001)(bz) C/ Mendez \u00c1lvaro (Estaci\u00f3n de Autobuses), Madrid(ca) Paseo Col\u00f3n, 18, Bajo Dcha. Sevilla(cb) C/ Ali Bei, 80 (Estaci\u00f3n de Autobuses), Barcelona (08013)(cc) Barrio Ubilluts, Andoa\u00edn \u2013 Guipuzcoa(cd) c/ Santander, 71 - Barcelona(ce) Alameda de Mazarredo, 21, Bilbao(cf) Gran V\u00eda de D. Ingacio de Haro, 81, Bilbao(cg) C/Pepe Cosmen, (Estaci\u00f3n de Autobuses), Oviedo (33001)(ch) Plaza Coca Pi\u00f1era, s/n (Estaci\u00f3n de Autobuses), Ja\u00e9n(ci) Avda Candina, 35-37, Santander (39011)(cj) C/ Investigaci\u00f3n. N\u00ba 2 \u2013 Getafe (Madrid)(ck) Pol. Ind. Esp\u00edrtiu Santo, Oviedo (33010)(cl) Paraje de la Asomada, Cartagena (Murcia)(cm) Avda Juan Carlos I, s/n. Ronda del Ingeniero, V\u00e9lez M\u00e1laga (M\u00e1laga)(cn) Pol\u00edgono Industrial del Henares, Calle Livorno, 55, Marchamalo, Guadalajara (19180)(co) Avenida de C\u00e1diz, n\u00famero 70, 1\u00ba-B, Granada (cp) C/ Eduardo Torroja, 57 - Madrid(cq) S\u2019 den Serral (San Agust\u00edn) Sant Josep de sa Talaia, Illes Balears(cr) 8 Chemin de Morglas, 1214, Gen\u00e8ve(cs) Rue du Mont Blanc 14, 1201, Gen\u00e8ve(ct) Chemin de Morglas, 8 \u2013 Vernier(cu) Chemin Des Aulx 9 \u2013 Plan Les Ouates \u2013 Switzerland(cv) 9 Capitol Street, Concord, NH 03301(cw) 1200 Pine Island Road, Plantation, FL 33324(cx) 289 Culver Street, Lawrenceville, GA 30046(cy) 3867 Plaza Tower Drive, Baton Rouge, LA 70816(cz) 334 North Senate Avenue, Indianapolis, IN 46204Key Address(da) 208 S. LaSalle Street, Chicago, County of Cook, IL 60604(db) 8020 Excelsior Drive, Suite 200, Madison, WI 53717(dc) 600 N. 2nd Street, Suite 401, Harrisburg, PA 17101-1071(de) 1209 Orange Street, Corporation Trust Center, New Castle County, Wilmington, DE 19801-1120(df) 4701 Cox Road, Glen Allen, County of Henrico, VA 23060(dg) 3800 North Central Avenue, Ste. 460 Phoenix, AZ 85012(dh) 155 Federal Street, Suite 700, Boston, MA 02110(di) 4400 Easton Commons Way, Suite 125, Columbus, County of Franklin, OH 43219(dj) 40600 Ann Arbor Road E., Suite 201, Plymouth, MI 48170-4675(dk) 820 Bear Tavern Road, West Trenton, NJ 08628(dl) 301 S. Bedford St., Suite 1, Madison, WI 53703(dm) 28 Liberty Street, New York, NY 10005(dn) 40 West Lawrence, Suite A, Helena, Montana 59601(do) 2405 York Road, Ste. 201, Lutherville Timonium, MD 21093-2264(dp) 3800 North Central Avenue, Suite 460, Phoenix, AZ 85012(dq) 4624 13th St., Wyandotte, MI 48192(dr) 2710 Gateway Oaks Drive, Suite 150N, Sacramento, CA 95833(ds) 300 Montvue Road, Knoxville, TN 37919(dt) 40 King Street West, Suite 5800, Toronto, ON M5H 3S1 Canada(dg) Muelle de Poniente, Alicante(dh) Glorieta de las Tres Culturas, C\u00f3rdoba(dj) C/ Ruiz Perell\u00f3, 15, Madrid",
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"value": "National Express House, Mill Lane, Digbeth, Birmingham, B56DD",
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"value": "National Express House, Mill Lane, Digbeth, Birmingham, B56DD",
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"s9_notes__6__110": {
"value": "40 Post balance sheet eventsSubsequent to year end, National Express Rail GmbH business has won a contract worth \u20ac1 billion over the lifetime of the agreement to operate the RE1 and RE11 Rhein-Ruhr-Express (\u201cRRX\u201d) lines in Germany to 2033.The German Rail division has been operating the two rail lines since February 2022 through an emergency contract award. Following this new contract award, National Express now operates all three RRX lots under long term contracts.",
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