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"value": "England",
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"concept": "ifrs-full:DomicileOfEntity",
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"f0__s7__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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"f0__s7__6__16": {
"value": "Basis of preparationa) Consolidated Financial StatementsThe Consolidated Financial Statements have been prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006 and UK adoptedInternational Financial Reporting Standards (IFRS).They 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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"value": "The Consolidated Financial Statements have been prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006 and UK adoptedInternational Financial Reporting Standards (IFRS).",
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"value": "Going concernGroupThe 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, covenant compliance, 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 2024 and total committed facilities of \u00a32bn at this date. There is no expiry of these facilities within the going concern outlook period, with the first upcoming maturity being the Private Placements totalling \u00a3234.3m which are due to mature in 2027. 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. A gearing covenant whereby Covenant net debt must be no more than 3.5x Covenant EBITDA and an interest covenant whereby Covenant EBITDA must be at least 3.5x interest expense apply to the Group. Each input is subject to certain adjustments from reported to covenant measure as defined in the facility agreements, principally for presentation on a pre-IFRS 16 basis.In 2024, the Group has delivered another good revenue performance across most of the major business units reflecting a continuing ability to capture growth in markets with attractive long-term drivers, with Adjusted EBITDA up year-on-year from \u00a3386.0m in 2023 to \u00a3426.2m in 2024. Most of all, the results reflect another year of continued and substantive change, principally within two of the divisions. Both North America and UK & Germany have been embarked on a plan to reposition their operations to address markets that have either faced significant structural challenges (German Rail, UK Bus & Coach), or where that repositioning will make them more effective and able to unlock further opportunity (North America School Bus and WeDriveU). The Accelerate programme has delivered ahead of expectations in FY24, with \u00a352m of savings achieved and a further small uplift expected in FY25 as these savings annualise. In addition, progress has been made in turnaround of the UK and North America School Bus businesses, resulting in improvements in underlying profitability which will continue to be seen in 2025 onwards. We have also made clear commitment to debt and leverage, including tightening operational controls, particularly over aged debt collection and capital expenditure appraisals, with an increased focus on asset-light transactions. Such measures will help protect our balance sheet and will, together with our wider business repositioning activities, drive more commercial behaviours in our businesses, improved profitability and better cash flows. We acknowledge that the Group has remained loss-making on a statutory basis in 2024, however this is considered to be one-off in nature since i) the statutory result was impacted by (a) an \u00a386.4m onerous contract remeasurement in German Rail; (b) derecognition of deferred tax assets of \u00a3194.4m, as well as (c) the goodwill impairment of \u00a3547.7m recognised against the North America School Bus cash-generating unit; and ii) adjusting items also related to restructuring costs which will enable achievement of significant cost savings in future, improving both adjusted and statutory profitability, as well as costs relating to the disposal of the North America School Bus business, which is expected to complete in 2025.There has been an improvement in macroeconomic condition throughout 2024, leading to reduced inflationary pressures; meanwhile, we remain confident in the Group\u2019s prospects as a value-for-money provider of essential public services. The outlook for 2025 is encouraging and the Directors remain confident in the longer-term outlook for the Group. This growth ambition is strengthened by government policy which is highly supportive of public transport as part of the solution to climate change.The base case projections, which cover the period to June 2026, assume a steady continuation of underlying passenger demand increases across the Group (when normalising for impacts such as voucher schemes in ALSA), in line with the trends seen since the pandemic and in 2024, as well as continued growth through new contract wins in key markets such as WeDriveU and an improvement in adjusted operating margin in the UK and North America School Bus businesses following significant cost reduction and pricing actions undertaken throughout 2023 and 2024. The key points to note regarding the base case are as follows:\u2022 In the UK, the Bus business will benefit from price increases of 6% implemented in mid-2024, they have also taken an important step forward in changing their relationship with its main customer, TfWM (Transport for West Midlands) with the announcement of a new interim agreement, as all parties continue to evaluate franchising. In UK Coach, no further benefit from rail-strike induced demand is expected beyond 2024, and the UK long haul market is expected to remain highly competitive, albeit strategies to protect market share and promote patronage growth are well advanced. Following an extensive strategic review in 2024 and disposal of several business units, there has been increased commercial focus on the NXTS business whereby a further narrowing of operating losses is expected in 2025 driven by actions implemented in 2024. Across all UK business there has been significant focus on rightsizing and cost optimisation throughout 2024, with a material positive impact expected in 2025 as these savings annualise and further initiatives deliver sequential improvement in cost efficiency and profitability. \u2022 In ALSA, the multivoucher scheme has been extended (as of December 2024) to June 2025, providing increased visibility and confidence in strong H1 trading year-on-year. At present no extension of the scheme into H2 onwards has been announced (or factored into our forecasts); despite this we remain highly confident in the excellent track record of the ALSA business in delivering strong operating results across all lines of business. Increased demand for Regional, Urban and Discretionary services are all assumed in the 2025 projections, reflecting a continuation of encouraging momentum in 2024. Meanwhile we remain protected from significant inflation by CPI-linked indexation clauses in most of our contracted revenue streams.\u2022 The North American School Bus business has substantially recovered the cumulative impact of wage inflation, achieving a 6.1% price increase for School Year 2024/25, with a further mid-single-digit increase expected in School Year 2025/26. Significant progress on route recovery and driver shortages have been made throughout 2023 and 2024, with 9,017 new drivers recruited in FY24, around 21% more than in FY23 (7,470). Further focus on rightsizing the cost base and controlling spend has also led to improved profitability in 2024, with additional efficiencies expected in 2025.\u2022 The North American WeDriveU business will deliver expansion into both existing and new sectors, with many such contracts already secured in 2024. There will be a continued focus on growth, with active bidding on a large pipeline of opportunities in strategic target markets. Rate increases and efficiency improvements have been implemented across a number of key locations, providing a pathway to improved profitability in 2025.\u2022 In Germany, expectations are that 2025 will continue to suffer from industry-wide driver scarcity, leading to elevated levels of penalty charges from PTAs, albeit with a reduced Adjusted Operating Loss compared to 2023 and 2024. \u2022 2025 will continue to benefit from cost reduction programmes that were launched in 2023 and 2024, with \u00a352m of savings achieved and a further small uplift expected in FY25 as these savings annualise. In addition, there is significant annualisation benefit expected in 2025 onwards from the restructuring and pricing actions implemented in both the UK and North America School Bus businesses in 2024. \u2022 The base case as described above assumed that the North America School Bus business remained part of the Group throughout the going concern assessment period. Given the announcement post year-end regarding the sale of that business (as described in note 39), the Group has updated its assessment to reflect the impact of the sale. In conclusion, a disposal of this business would not change our conclusions as to covenant compliance or liquidity headroom with regards to maintaining confidence that the going concern basis of preparation remaining appropriate.The reasonable worst case (\u201cRWC\u201d) is fully aligned with the Viability Assessment and forms the first 18 months of that assessment (to June 2026). In summary, the downside risks modelled are all correlated with the Group\u2019s principal risks as outlined on page 43. These downsides modelled include, but are not limited to:1. Reduced passenger demand adversely affecting revenues by up to 3% in those lines of business without passenger revenue protection, fewer new contract wins and increased competition from other operators and modes of transport.2. A reduction of the new growth opportunities assumed in plan as a result of heightened competition.3. Higher inflation on the cost base, both for labour (with additional wage inflation increases in most divisions) and general costs (increasing by 1% above base case levels), with none of this being able to be passed on to customers.4. Lower price rises than anticipated.5. A material delay in realising cost savings as part of the Accelerate programme and the smaller portion of turnaround activities in the UK which have not yet been actioned.6. A deterioration in relations with government / transport authorities, leading to a reduction in funding, adverse renewal terms on existing public contracts, and a tightening in labour market regulations.Against this severe but plausible downside scenario, we apply cost saving mitigations which would be within our control and which could be reasonably enacted without material short term damage to the business. The quantum and nature of these mitigations is broadly consistent with those assumed in prior years\u2019 assessments and include but are not limited to:1. Reduced discretionary spending, with up to \u00a311m per annum of cost savings across Travel & Accommodation, Advertising & Marketing, Training & Development and Legal & Professional fees which is more than achievable as demonstrated during the Covid-19 pandemic.2. The removal of any planned annual discretionary bonuses.Further information about the downsides and mitigations can be found in the Viability Assessment on pages 52 and 53.The Directors have reviewed the base case and RWC projections and in both scenarios the Group has a strong liquidity position over the going concern assessment period and would be able to comply with the covenant tests, albeit under RWC, reliant on the cost saving mitigations discussed above.In addition to the base case and RWC 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.In applying a reverse stress test to liquidity the Directors have concluded that the set of circumstances required to exhaust it are considered remote. As ever, covenants that include Covenant 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 2025, December 2025 and June 2026. In doing so, the Directors have considered all cost mitigations that would be within their control if faced with another short-term material Covenant EBITDA reduction and no lender support to amend or waive Covenant EBITDA-related covenants. Taking this into account the Directors concluded that the probability was remote that circumstances arise that cause covenants to be breached. Reverse stress tests have been performed against a reduction in revenue, incremental cost inflation that cannot be recovered, and an inability to achieve planned cost savings and in all instances, no instances of a covenant breach were identified.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 which would improve EBITDA and/or benefit adjusted net debt, including: deeper and broader cost cutting measures, sale and leaseback of vehicles, disposal of properties, delays or reductions to capital expenditure and disposal of investments or other assets. The Group could also seek to raise further equity or seek further amendments or waivers of covenants, as was demonstrated during the Covid-19 pandemic.In conclusion, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for a period of at least 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 2024. Parent companyThe Company holds investments in all trading entities of the Group, employs colleagues working for the Group PLC and holds the majority of the Group\u2019s external debt and derivative financial instruments; and doesn\u2019t itself generate external revenues. It relies on the trading entities of the Group to generate income \u2013 both via dividends received and through the Group\u2019s transfer pricing policy. At 31 December 2024 the Company had net current liabilities of \u00a3117.7m (2023: net current liabilities of \u00a3115.5m). The net current liabilities position at the end of 2024 is stable year-on-year, with creditors due under one year predominantly due to intercompany loans owed to trading divisions. At 31 December 2024 the Company had \u00a3600.0m of undrawn, unsecured committed revolving credit facilities. Please refer to management\u2019s going concern assessment of the Group detailed above. The Directors of the Company have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of the Financial Statements.",
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"f0__s7__6__5": {
"value": "Notes to the Consolidated Accounts1 Corporate informationThe Consolidated Financial Statements of Mobico Group PLC and its subsidiaries (the Group) for the year ended 31 December 2024 were authorised for issue in accordance with a resolution of the Directors on 28 April 2025. Mobico 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 preparationa) Consolidated Financial StatementsThe Consolidated Financial Statements have been prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006 and UK adoptedInternational Financial Reporting Standards (IFRS).They are presented in pounds Sterling and all values are rounded to the nearest one hundred thousand pounds (\u00a30.1m) except where otherwise indicated.b) Parent Company Financial StatementsThe separate accounts of the Parent Company are presented as required by the Companies Act 2006. The accounts have been prepared on a going concern basis and under the historical cost convention, except for financial instruments which have been measured at fair value, and in accordance with applicable accounting standards in the United Kingdom. The Parent Company meets the definition of a qualifying entity under Financial Reporting Standard 100 (FRS 100) issued by the Financial Reporting Council. Accordingly, the Parent Company Financial Statements have been prepared in accordance with Financial Reporting Standard 101 (FRS 101) Reduced Disclosure Framework as issued by the Financial Reporting Council. The Parent Company has taken advantage of the disclosure exemptions available under FRS 101 in relation to share-based payments, financial instruments, capital management, presentation of comparative information in respect of certain assets, presentation of a cash flow statement, IFRS 16 Leases, standards not yet effective, impairment of assets and related party transactions. Where required, equivalent disclosures are included within the Group Consolidated Financial Statements. No Income Statement is presented by the Parent Company as permitted by Section 408 of the Companies Act 2006. The profit or loss attributable to the Parent Company is disclosed in the footnote to the Company\u2019s Balance Sheet.The key accounting policies for the Group and the Parent Company are set out below and have been applied consistently except where indicated. Where policies are specific to the Group or to the Parent Company this is set out in the relevant policy.Going concernGroupThe 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, covenant compliance, 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 2024 and total committed facilities of \u00a32bn at this date. There is no expiry of these facilities within the going concern outlook period, with the first upcoming maturity being the Private Placements totalling \u00a3234.3m which are due to mature in 2027. 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. A gearing covenant whereby Covenant net debt must be no more than 3.5x Covenant EBITDA and an interest covenant whereby Covenant EBITDA must be at least 3.5x interest expense apply to the Group. Each input is subject to certain adjustments from reported to covenant measure as defined in the facility agreements, principally for presentation on a pre-IFRS 16 basis.In 2024, the Group has delivered another good revenue performance across most of the major business units reflecting a continuing ability to capture growth in markets with attractive long-term drivers, with Adjusted EBITDA up year-on-year from \u00a3386.0m in 2023 to \u00a3426.2m in 2024. Most of all, the results reflect another year of continued and substantive change, principally within two of the divisions. Both North America and UK & Germany have been embarked on a plan to reposition their operations to address markets that have either faced significant structural challenges (German Rail, UK Bus & Coach), or where that repositioning will make them more effective and able to unlock further opportunity (North America School Bus and WeDriveU). The Accelerate programme has delivered ahead of expectations in FY24, with \u00a352m of savings achieved and a further small uplift expected in FY25 as these savings annualise. In addition, progress has been made in turnaround of the UK and North America School Bus businesses, resulting in improvements in underlying profitability which will continue to be seen in 2025 onwards. We have also made clear commitment to debt and leverage, including tightening operational controls, particularly over aged debt collection and capital expenditure appraisals, with an increased focus on asset-light transactions. Such measures will help protect our balance sheet and will, together with our wider business repositioning activities, drive more commercial behaviours in our businesses, improved profitability and better cash flows. We acknowledge that the Group has remained loss-making on a statutory basis in 2024, however this is considered to be one-off in nature since i) the statutory result was impacted by (a) an \u00a386.4m onerous contract remeasurement in German Rail; (b) derecognition of deferred tax assets of \u00a3194.4m, as well as (c) the goodwill impairment of \u00a3547.7m recognised against the North America School Bus cash-generating unit; and ii) adjusting items also related to restructuring costs which will enable achievement of significant cost savings in future, improving both adjusted and statutory profitability, as well as costs relating to the disposal of the North America School Bus business, which is expected to complete in 2025.There has been an improvement in macroeconomic condition throughout 2024, leading to reduced inflationary pressures; meanwhile, we remain confident in the Group\u2019s prospects as a value-for-money provider of essential public services. The outlook for 2025 is encouraging and the Directors remain confident in the longer-term outlook for the Group. This growth ambition is strengthened by government policy which is highly supportive of public transport as part of the solution to climate change.The base case projections, which cover the period to June 2026, assume a steady continuation of underlying passenger demand increases across the Group (when normalising for impacts such as voucher schemes in ALSA), in line with the trends seen since the pandemic and in 2024, as well as continued growth through new contract wins in key markets such as WeDriveU and an improvement in adjusted operating margin in the UK and North America School Bus businesses following significant cost reduction and pricing actions undertaken throughout 2023 and 2024. The key points to note regarding the base case are as follows:\u2022 In the UK, the Bus business will benefit from price increases of 6% implemented in mid-2024, they have also taken an important step forward in changing their relationship with its main customer, TfWM (Transport for West Midlands) with the announcement of a new interim agreement, as all parties continue to evaluate franchising. In UK Coach, no further benefit from rail-strike induced demand is expected beyond 2024, and the UK long haul market is expected to remain highly competitive, albeit strategies to protect market share and promote patronage growth are well advanced. Following an extensive strategic review in 2024 and disposal of several business units, there has been increased commercial focus on the NXTS business whereby a further narrowing of operating losses is expected in 2025 driven by actions implemented in 2024. Across all UK business there has been significant focus on rightsizing and cost optimisation throughout 2024, with a material positive impact expected in 2025 as these savings annualise and further initiatives deliver sequential improvement in cost efficiency and profitability. \u2022 In ALSA, the multivoucher scheme has been extended (as of December 2024) to June 2025, providing increased visibility and confidence in strong H1 trading year-on-year. At present no extension of the scheme into H2 onwards has been announced (or factored into our forecasts); despite this we remain highly confident in the excellent track record of the ALSA business in delivering strong operating results across all lines of business. Increased demand for Regional, Urban and Discretionary services are all assumed in the 2025 projections, reflecting a continuation of encouraging momentum in 2024. Meanwhile we remain protected from significant inflation by CPI-linked indexation clauses in most of our contracted revenue streams.\u2022 The North American School Bus business has substantially recovered the cumulative impact of wage inflation, achieving a 6.1% price increase for School Year 2024/25, with a further mid-single-digit increase expected in School Year 2025/26. Significant progress on route recovery and driver shortages have been made throughout 2023 and 2024, with 9,017 new drivers recruited in FY24, around 21% more than in FY23 (7,470). Further focus on rightsizing the cost base and controlling spend has also led to improved profitability in 2024, with additional efficiencies expected in 2025.\u2022 The North American WeDriveU business will deliver expansion into both existing and new sectors, with many such contracts already secured in 2024. There will be a continued focus on growth, with active bidding on a large pipeline of opportunities in strategic target markets. Rate increases and efficiency improvements have been implemented across a number of key locations, providing a pathway to improved profitability in 2025.\u2022 In Germany, expectations are that 2025 will continue to suffer from industry-wide driver scarcity, leading to elevated levels of penalty charges from PTAs, albeit with a reduced Adjusted Operating Loss compared to 2023 and 2024. \u2022 2025 will continue to benefit from cost reduction programmes that were launched in 2023 and 2024, with \u00a352m of savings achieved and a further small uplift expected in FY25 as these savings annualise. In addition, there is significant annualisation benefit expected in 2025 onwards from the restructuring and pricing actions implemented in both the UK and North America School Bus businesses in 2024. \u2022 The base case as described above assumed that the North America School Bus business remained part of the Group throughout the going concern assessment period. Given the announcement post year-end regarding the sale of that business (as described in note 39), the Group has updated its assessment to reflect the impact of the sale. In conclusion, a disposal of this business would not change our conclusions as to covenant compliance or liquidity headroom with regards to maintaining confidence that the going concern basis of preparation remaining appropriate.The reasonable worst case (\u201cRWC\u201d) is fully aligned with the Viability Assessment and forms the first 18 months of that assessment (to June 2026). In summary, the downside risks modelled are all correlated with the Group\u2019s principal risks as outlined on page 43. These downsides modelled include, but are not limited to:1. Reduced passenger demand adversely affecting revenues by up to 3% in those lines of business without passenger revenue protection, fewer new contract wins and increased competition from other operators and modes of transport.2. A reduction of the new growth opportunities assumed in plan as a result of heightened competition.3. Higher inflation on the cost base, both for labour (with additional wage inflation increases in most divisions) and general costs (increasing by 1% above base case levels), with none of this being able to be passed on to customers.4. Lower price rises than anticipated.5. A material delay in realising cost savings as part of the Accelerate programme and the smaller portion of turnaround activities in the UK which have not yet been actioned.6. A deterioration in relations with government / transport authorities, leading to a reduction in funding, adverse renewal terms on existing public contracts, and a tightening in labour market regulations.Against this severe but plausible downside scenario, we apply cost saving mitigations which would be within our control and which could be reasonably enacted without material short term damage to the business. The quantum and nature of these mitigations is broadly consistent with those assumed in prior years\u2019 assessments and include but are not limited to:1. Reduced discretionary spending, with up to \u00a311m per annum of cost savings across Travel & Accommodation, Advertising & Marketing, Training & Development and Legal & Professional fees which is more than achievable as demonstrated during the Covid-19 pandemic.2. The removal of any planned annual discretionary bonuses.Further information about the downsides and mitigations can be found in the Viability Assessment on pages 52 and 53.The Directors have reviewed the base case and RWC projections and in both scenarios the Group has a strong liquidity position over the going concern assessment period and would be able to comply with the covenant tests, albeit under RWC, reliant on the cost saving mitigations discussed above.In addition to the base case and RWC 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.In applying a reverse stress test to liquidity the Directors have concluded that the set of circumstances required to exhaust it are considered remote. As ever, covenants that include Covenant 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 2025, December 2025 and June 2026. In doing so, the Directors have considered all cost mitigations that would be within their control if faced with another short-term material Covenant EBITDA reduction and no lender support to amend or waive Covenant EBITDA-related covenants. Taking this into account the Directors concluded that the probability was remote that circumstances arise that cause covenants to be breached. Reverse stress tests have been performed against a reduction in revenue, incremental cost inflation that cannot be recovered, and an inability to achieve planned cost savings and in all instances, no instances of a covenant breach were identified.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 which would improve EBITDA and/or benefit adjusted net debt, including: deeper and broader cost cutting measures, sale and leaseback of vehicles, disposal of properties, delays or reductions to capital expenditure and disposal of investments or other assets. The Group could also seek to raise further equity or seek further amendments or waivers of covenants, as was demonstrated during the Covid-19 pandemic.In conclusion, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for a period of at least 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 2024. Parent companyThe Company holds investments in all trading entities of the Group, employs colleagues working for the Group PLC and holds the majority of the Group\u2019s external debt and derivative financial instruments; and doesn\u2019t itself generate external revenues. It relies on the trading entities of the Group to generate income \u2013 both via dividends received and through the Group\u2019s transfer pricing policy. At 31 December 2024 the Company had net current liabilities of \u00a3117.7m (2023: net current liabilities of \u00a3115.5m). The net current liabilities position at the end of 2024 is stable year-on-year, with creditors due under one year predominantly due to intercompany loans owed to trading divisions. At 31 December 2024 the Company had \u00a3600.0m of undrawn, unsecured committed revolving credit facilities. Please refer to management\u2019s going concern assessment of the Group detailed above. The Directors of the Company have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of the Financial Statements.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 have been applied for the first time with effect from 1 January 2024:\u2022 Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures) These amendments clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. As a result of implementing the amendments, the Group has provided additional disclosures about its supplier finance arrangement. For further information see note 24.In addition, the following amendments have been applied for the first time with effect from 1 January 2024:\u2022 Non-current Liabilities with Covenants (Amendments to IAS 1) \u2022 Classification of Liabilities as Current or Non-current (Amendments to IAS 1)\u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)These amendments did not have a material impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. New standards and interpretations not appliedCertain new accounting standard amendments have been published and UK adopted that are not mandatory for 31 December 2024 reporting period and have not been early adopted by the Group:\u2022 Lack of Exchangeability \u2013 Amendments to IAS 21These amendments are not expected to have a material impact on the entity in the current or future reporting periods or on foreseeable future transactions. Prior year restatement German Rail onerous contract provisionDuring the preparation of the financial statements for the year ended 31 December 2024, errors were identified in the German Rail onerous contract provision calculation related to the prior year, that were not identified and therefore not taken into account in the 2023 calculation. Primarily, these were errors relating to the completeness and accuracy of input data within the prior year lifetime profitability assessment model, which were identified through a detailed and comprehensive model rebuild undertaken during the year and further work by management to improve visibility and control of performance across the contracts.In addition, during the current year management also became aware that penalties associated with cleaning related performance obligations, which under the contracts the Group it partially responsible for administering and carrying out, were not being identified, and therefore were being recorded incorrectly. An assessment of the potential liability that should have been recorded at the end of 2023 has also been included as a prior year restatement.The impact on each of the contracts is detailed as follows:\u2022 The RRX 2/3 contract was previously identified as onerous in 2021, with an onerous contract provision on the balance sheet at 31 December 2023 as previously reported of \u00a3118.3m. The impact of the errors identified (as described above) is an increase to the onerous contract provision reflecting a deterioration of the anticipated future contract losses considering information that was or shouldhave been available at that time; and\u2022 The RRX1 contract, which commenced on 10 December 2023, was not assessed as onerous in the prior year. However, as a result of the errors identified, this has the effect of making the contract onerous as at 31 December 2023; as such an onerous contract provision has been booked as part of the prior year restatement.The total increase to the German rail onerous contract provisions as at 31 December 2023 as a result of the restatement is \u00a321.8m. As a result, adjusting items in respect of the German onerous contract provisions have also changed, with the charges for the year ended 31 December 2023 increasing to \u00a3121.0m (previously reported for the 2023 year: \u00a399.2m).The tax charge on adjusting items and deferred tax liabilities have also been restated to reflect the tax effect of the adjustments made to the onerous contract provision summarised above.The impact on the position at 31 December 2022 was immaterial and as such the 1 January 2023 opening position has not been restated and no third balance sheet has been presented. Overall, net assets for the year ended 31 December 2023 have decreased by \u00a321.5m. Cash flow hedges \u2013 fuel derivativesDuring the preparation of the financial statements for the year ended 31 December 2024, management identified a classification error relating to the settlement of cash flow hedges on fuel derivatives. In the year ended 31 December 2023 these were incorrectly presented as part of Other Comprehensive Expense within the Statement of Comprehensive Income, instead of being recognised directly in Equity (referred to as a \u2018basis adjustment\u2019), within the Statement of Changes in Equity. The correction of this error results in the \u00a330.1m expense being removed from Other and Total Comprehensive Income and instead presented as a movement in Equity in the restated balances. The correction has no impact on closing reserves within the Statement of Changes in Equity, nor the Income Statement or the Balance Sheet.A summary of the impact of these two adjustments on the Group\u2019s primary statements is shown below:Group Income StatementReported RestatedAdjusting Adjusted Adjusted items Adjusted items result (note 5) Total result (note 5) Total 2023 2023 2023 2023 2023 2023 \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mOperating costs (2,982.3) (190.0) (3,172.3) (2,982.3) (211.8) (3,194.1)Group operating profit/(loss) 168.6 (190.0) (21.4) 168.6 (211.8) (43.2)Profit/(loss) before tax 92.9 (191.2) (98.3) 92.9 (213.0) (120.1)Tax charge (42.5) (21.9) (64.4) (42.5) (21.6) (64.1)Profit/(loss) for the year 50.4 (213.1) (162.7) 50.4 (234.6) (184.2)Basic EPS (30.2)p (33.7)pDiluted EPS (30.2)p (33.7)pGroup Statement of Comprehensive IncomeReportedRestated2023Adjustment2023\u00a3m\u00a3m\u00a3mLoss for the year (162.7) (21.5) (184.2)Hedging gains reclassified to Income Statement (26.9) 30.1 3.2Other comprehensive expense for the year (82.6) 30.1 (52.5)Total comprehensive expense for the year (245.3) 8.6 (236.7)Total comprehensive (expense)/income attributable to:Equity shareholders (245.5) 8.6 (236.9)Non-controlling interests 0.2 \u2013 0.2(245.3) 8.6 (236.7)Group Balance Sheet ReportedRestated31 December31 December2023Adjustment2023\u00a3m\u00a3m \u00a3mDeferred tax liabilities (47.1) 0.3 (46.8)Provisions (146.4) (11.8) (158.2)Total non-current liabilities (1,647.4) (11.5) (1,658.9)Provisions (98.3) (10.0) (108.3)Total current liabilities (1,361.7) (10.0) (1,371.7)Total liabilities (3,009.1) (21.5) (3,030.6)Net assets 1,066.0 (21.5) 1,044.5Retained earnings (435.5) (21.5) (457.0)Total shareholders\u2019 equity 1,035.8 (21.5) 1,014.3Total equity 1,066.0 (21.5) 1,044.5Group Statement of Changes in Equity Reported RestatedOther Retained Total Other Retained Total reservesearnings Total equity reservesearnings Total equity \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 January 2023 481.1 (223.7) 1,330.8 1,373.8 481.1 (223.7) 1,330.8 1,373.8Loss for the year \u2013 (163.8) (163.8) (162.7) \u2013 (185.3) (185.3) (184.2)Other comprehensive (expense)/ income for the year (83.5) 1.8 (81.7) (82.6) (53.4) 1.8 (51.6) (52.5)Total comprehensive (expense)/income (83.5) (162.0) (245.5) (245.3) (53.4) (183.5) (236.9) (236.7)Hedging gains and losses and cost of hedging transferred to the cost of inventory \u2013 \u2013 \u2013 \u2013 (30.1) \u2013 (30.1) (30.1)At 31 December 2023 397.6 (435.5) 1,035.8 1,066.0 397.6 (457.0) 1,014.3 1,044.5As 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. Estimatesand 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 judgementsRecognition of deferred tax assetsThe recognition of deferred tax assets in North America and the UK requires management\u2019s assessment of the probability of the recovery of the utilisation of tax losses and other tax attributes based on future financial projections. In accordance with IAS 12 Income Taxes, deferred tax assets can be recognised where it is judged that the use of tax losses and other tax attributes is \u201cprobable\u201d.In 2023, deferred tax assets of $136.1m in North America and \u00a385.5m in the UK were recognised in relation to past tax losses. As disclosed in the 2023 Annual Report, tax losses had been incurred from 2020-2023 that management considered as being caused by a one-off event, being the Covid-19 pandemic, from which our recovery had been slower than anticipated \u2013 due to positive revenue growth not being sufficient to offset inflationary headwinds.Management had expected at that time that profitability in North America and the UK would significantly improve in the current year,with 2024 tax losses anticipated to be significantly lower compared to previous years and a return to taxable profits in both businesses being previously expected in the year ended 31 December 2025.However, actual performance in 2024 was significantly below management\u2019s previous forecasts. In North America, this was predominantly related to North America School Bus, and whilst the business has demonstrated its recovery from the pandemic and showed some encouraging improvements in 2024 such as a successful bid season and positive price increases, it continues to face significant headwinds such as driver wage inflation, lower availability of drivers and rising maintenance costs, which have both been materially higher in 2024 than prior forecast expectations. In the UK, this was mainly reflective of lower passenger volumes and yield in UK Coach than had been projected, and far fewer benefits from rail strikes (which had been a significant tailwind in 2023) than had been anticipated; coupled with continued losses in the NXTS business in UK Coach.Given this adverse performance to forecast in 2024, and given the current stage in the turnaround of both businesses, the future profitability within the financial forecasts for both the UK and North America School Bus as at 31 December 2024 used for the deferred tax asset recognition (and also consistently applied to the goodwill impairment assessment) have significantly reduced compared to the prior year. Whilst management\u2019s strategic plan forecasts prepared in 2024 include profit improvement actions that aim to improve the future financial performance of both businesses, these have not been included in the forecasts used for this exercise as they cannot currently be objectively evidenced at this stage in the turnaround. The reduced forecasts for North America also have a consequent impact on the UK forecasts as a result of lower forecasted transfer pricing income into the UK.The result of this as it pertains to deferred tax asset recognition is that there has been a significant increase in the length of time it is now projected to take to fully recover the tax losses and other tax attributes compared to the prior year assessment. Based on the future forecasts used in the modelling of the utilisation of tax losses, it is now projected to take over 20 years to utilise all the federal tax losses in the US, versus 7 years in the prior year assessment; and take 21 years to utilise tax losses in the UK, versus 13 years in the prior year.Additionally in North America, there has also been a significant goodwill impairment recorded in the North America School Bus cash-generating unit of \u00a3547.7m as a result of the reduced future forecasts as outlined above coupled with the separation of the two North America businesses into two CGUs in the year, as School Bus generates lower cash flows relative its asset base, compared to WeDriveU; whereas in the UK, the headroom has been significantly reduced (refer to note 14 for further information); this is considered further negative evidence as to deferred tax asset recognition.Whilst the majority of tax losses in both jurisdictions can be carried forward indefinitely, given the above factors which arose in the current year, management have concluded that utilisation of the tax losses and other tax attributes can no longer be considered \u2018probable\u2019 to enable ongoing full recognition of the related deferred tax assets, which has the following effect:\u2022 In North America, deferred tax asset recognition has been limited to the forecast taxable income generated from the reversal of deferred tax liabilities. This results in derecognition of $168m of deferred tax assets leaving $2m of net deferred tax liabilities on the balance sheet as at 31 December 2024. This net deferred tax liability comprises of partially recognised deferred tax assets of $79m offset by deferred tax liabilities of $81m. Of the $79m of recognised deferred tax assets, only $2m is in respect of federal tax losses and $nil in respect of state tax losses; the recognised deferred tax assets mainly relate to other temporary differences including restricted interest expenses.\u2022 In the UK, as the amount of deferred tax liabilities are not material, deferred tax assets in respect of tax losses of \u00a388.6m have been fully derecognised.As a result, there is a tax charge in the current year of \u00a3215.1m in relation to derecognition of deferred tax assets in the Group. Of this \u00a3194.4m is shown as an adjusting item in the income statement consistent with the treatment in prior periods and \u00a320.7m is included within the tax charge in the statement of changes in equity; refer to notes 11 and 27 for further details.Adjusting itemsThe Directors believe that the profit and earnings per share measured before adjusting 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 adjusting items and therefore the accounting judgment can also have an impact on covenant headroom.The classification of adjusting 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 adjusting items is outlined on page 156. Note 5 provides further details on current year adjusting items.(ii) Key sources of estimation uncertaintyManagement have considered the following are key sources of estimation uncertainty during the year.UK 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. Management consider impairment, specifically of the UK cash-generating units, to be a key source of estimation uncertainty given the judgement involved in estimating future cash flows and therefore value in use of businesses undergoing a significant turnaround. Losses in the UK business have been incurred since the onset of the Covid-19 pandemic, from which our recovery has been slower than anticipated. At the end of 2023, management had expected that profitability in the UK would significantly improve in 2024 from the losses previously incurred since 2020. However, actual performance in 2024 was significantly below management\u2019s previous forecasts. This was mainly reflective of lower passenger volumes and yield in UK Coach than had been projected, and far fewer benefits from rail strikes (which had been a significant tailwind in 2023) than had been anticipated; coupled with continued losses in the NXTS business in UK Coach.Given this adverse performance to forecast in 2024, and given the current stage in the turnaround of the UK business, the future profitability within the financial forecasts for the UK as at 31 December 2024 used for the goodwill impairment assessment have significantly reduced compared to the prior year. Whilst management\u2019s strategic plan forecasts prepared in 2024 include profit improvement actions that aim to improve the future financial performance, these have not been included in the forecasts used for this exercise as they cannot currently be objectively evidenced at this stage in the turnaround.As a result, the amount by which value in use exceeds the carrying amount has reduced significantly compared to 31 December 2023, from \u00a3521.1m to \u00a372.0m. At this reduced level of headroom it is now considered that reasonably possible changes in other key inputs (such as discount rates or growth rates) could result in an impairment charge within the next 12 months. Sensitivities are shown in note 14.In the prior year, the goodwill impairment of the North America and ALSA cash-generating units was identified as a key source of estimation uncertainty. Headroom in the ALSA division has increased significantly in the current year such that reasonably possible changes in key inputs over the next 12 months are not expected to result in a change in carrying value. The North America division has been split into two separate cash-generating units in 2024. Given that the value goodwill for the North America School Bus cash-generating unit has been impaired to nil during the year, no further estimation uncertainty remains with regard to this division. The WeDriveU cash-generating unit has significant headroom relative to its carrying value and reasonably possible changes in key inputs would not lead to a change in carrying value, therefore this has not been recognised as key source of estimation uncertainty.Parent company only \u2013 impairment of investments in subsidiariesThe Company determines whether its investment in subsidiary National Express Intermediate Holdings Limited is impaired when indicators of impairment exist or based on the annual impairment assessment. The annual assessment requires an estimate of the value in use of the underlying investments. This investment holds subsequent investments in all Group companies.Estimating the value in use requires the Company to make an estimate of the expected future cash flows from the investment and discount this to net present value. The resulting calculation is sensitive to the assumptions in respect of future cash flows and the discount rate applied.The recoverable amount has been determined with reference to the value in use of each of the underlying trading companies, calculated on the same basis as detailed in note 14 to the Group Consolidated Financial Statements. As explained in the goodwill impairment section above, the cash flow projections used in the current year have significantly reduced the value in use of both the UK and North America School Bus cash-generating units. As a result, when performing the annual impairment assessment for National Express Intermediate Holdings Limited based on the same value in use calculations as used for the Group goodwill impairment assessment, an impairment of investment in subsidiaries of \u00a3836.6m was identified and recorded.Given the reduced level of headroom and subsequent impairment charge in the current year, it is now considered that reasonably possible changes in other key inputs (such as discount rates or growth rates) could result in a further impairment charge within the next 12 months. Sensitivities are detailed in note 3 to the Parent Company Financial Statements.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 2024 the claims provision was \u00a382.2m (2023: \u00a378.1m).In certain limited 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.RRX rail contractsThe Group operates the Rhine-Ruhr RRX1, and RRX 2&3 contracts in German Rail, where the Group receives subsidy revenue for operating the contract. These contracts are gross cost contracts with no exposure to passenger revenue risk.Following the mobilisation of the RRX 2&3 rail contract in 2019, significant cost increases in respect of energy consumption and personnel costs versus the original bid model were identified, leading to the contract being identified as onerous in 2021. When the contract became onerous, related assets on the Balance Sheet were impaired, and a provision was booked for the anticipated losses expected to be incurred while operating the contract over the remaining term to 2033. The provision is re-measured each period end based on the latest estimate of losses expected to be incurred operating the services under the contract. The level of uncertainty in the estimate of overall loss over the remaining contract life significantly increased in the prior year, with a \u00a399.2m increase in the onerous contract provision booked (as originally reported) in FY23. During the preparation of the financial statements for the year ended 31 December 2024, errors were identified in the German Rail onerous contract provision calculation for the prior year, resulting in an increased onerous contract provision now being recognised as part of a prior year restatement. Refer to the prior year restatement section above within note 2 for further detail.The RRX1 franchise commenced on 10 December 2023, succeeding the Emergency Award contract that had been in operation from 1 February 2022 to 9 December 2023, after Abellio (former competing train-operator) had discontinued its operations in Germany. Although at the prior year end the RRX1 contract was not assessed as onerous, however due to the errors being identified in the German Rail onerous contract provision calculation, RRX1 should have been assessed as onerous at the end of 2023 considering information that was or should have been available at that time. As a result, an onerous contract provision has now been recognised as part of a prior year restatement. Refer to the prior year restatement section above within note 2 for further detail.Across both the RRX1 and RRX 2&3 contracts, there have been material adverse cost pressures suffered in 2024, resulting in a worsening in expectations of the forecast losses over the remaining contract term, which are recognised in FY24.The industry continues to suffer from an on-going level of driver shortage. This had always been anticipated to continue during 2024 however during the year we experienced a significant amount of qualified drivers leaving the business, which had not been anticipated. This reflected both a general turnover in driver population, as well as an increasing level of churn caused by the worsening in infrastructure reliability and increased infrastructure repair and renewals activity within the region \u2013 increasing churn due to these challenging operating conditions as well as impacting on driver availability and utilisation. At the same time we were unable to source higher levels of qualified drivers in the market. The combination of these factors has materially worsened the driver shortage issue compared to our previous expectations; as drivers who left the business could not immediately be replaced and the higher staff turnover than had been anticipated therefore had a material effect on cancellations and therefore on penalties suffered which has persisted throughout 2024. In order to address the driver shortfall, we have embarked on a significant investment in driver training and retention to move to a stronger position in 2025 and 2026. By the end of 2024, there were a total of 164 trainees in \u2018driver school\u2019 (a 12-18 month training process), with a further 152 trainees expecting to commence training during 2025. This reflects a c.\u20ac12m p.a. investment in driver training and development which have been factored into our onerous contract provision assessment. We assume that this investment, although required to the end of the contract, will reduce to a lower level through 2026 and into 2027, as the shortage stabilises and operations return to a more normal level.Additionally, further actions have been undertaken to try to address this shortage and minimise the impact on service within the North Rhine-Westphalia region. We have been working closely with other train operating companies and the PTAs during the year to mitigate the impact on services and secure a more robust and deliverable timetable. This resulted in an agreed reduction in mileage in 2024, which is due to continue through 2025 as part of a sector-wide initiative to stabilise operations. This action reduces the pressure on the current driver shortfall, and as well as reducing pressure on the timetable and the network operations, it is also providing more time for us, and other train operating companies, to recruit and train the significant numbers of drivers required to reestablish normal contractual operation. However, the reduction in mileage operated results in a contractual penalty from the PTAs, which although negotiated to a mitigated level, still remains a significant operational challenge and cost impact on these contracts.A summary of the key factors driving the worsening in the financial outlook for the RRX contracts occurring during the current year is detailed below; in each case the impact of which being over and above what we had previously anticipated:\u2022 Infrastructure disruption across the network experienced in 2024, which has adversely impacted productivity (from the impact on driver availability and utilisation) and resulted in higher penalties being incurred; and\u2022 Persisting levels of driver shortages, resulting in reduced operating mileage, higher agency driver costs and higher contractual penalties. The situation regarding driver shortages has not recovered in line with what we had previously anticipated, and this key factor is further described in detail below;\u2022 Higher pay inflation than we had previously assumed and a reduction in productivity, which has not been matched by the subsidy compensation under the contracts;\u2022 Significant additional investment in driver recruitment and training as part of seeking to address the driver shortage issue over the coming 12 to 24 month period; and an increase in expected future investments in these area;\u2022 Higher overheads and central management costs being incurred in order to support the business during the period; at higher levels than had been previously been anticipated; which is expected to persist over the next 2-3 years during the current disrupted period.As a result, the remeasurement of the RRX onerous contract provision through the Income Statement amounted to \u00a386.4m in 2024, and the provision now totals \u00a3176.1m at 31 December 2024 (2023 restated: \u00a3140.1m). In reaching this conclusion, significant estimation uncertainties have been identified in respect of driver shortages (with respect to both the increased costs whilst this issue persists and the length of time it will take to fully recover), driver retention rates, availability of qualified drivers, and the success of our significant investment in trainee driver recruitment and training which has stepped up significantly during FY24. Other key factors include future energy costs and the level of energy compensation to be received from the Public Transport Authority (\u201cPTA\u201d), together with assumptions on how certain published indices used to calculate energy compensation respond to changes in wholesale prices. It is important to note, however, that the assumptions that underpin the onerous contract provision calculations are prior to any mitigations that might be agreed (between the Group and the PTA) in the context of a contract that requires both the operator and the PTA to economically re-balance the contract if events outside of the control of the operator impact the original profitability of the contract.The key assumptions and estimates adopted have been based on third party information where available, including the forecasts for energy prices, the compensation for which is based on energy index data published by the German Federal Statistical Agency, and regression models which are used to forecast the behaviour of the indices relative to energy cost assumptions. The revised assumptions about driver availability are based on our internal manpower planning models, and published industry wage inflation data (noting that our assumption is that the wage inflation index will track our cost inflation assumptions). We have included further detail relating to associated sensitivities in note 26.With further respect to labour shortages:\u2022 Significant driver churn has been experienced in 2024, combined with being unable to source qualified drivers in the market to replace leavers;\u2022 Driver costs have been impacted by a significant investment in driver training and recruiting costs in FY24, which is expected to continue as set out above;\u2022 As a consequence, more agency drivers have had to be employed, thereby increasing the total cost of employment; and\u2022 Whilst the investments in driver training and retention are expected to bear fruit in the medium to long term, the industry standard is for it to take 12-18 months to train a driver, therefore the impact of the above factors experienced in the year mean the current shortages are anticipated to persist in the short term and then expected to be alleviated as driver trainees we have in the pipeline complete their training process and become fully qualified.We had previously anticipated that the situation regarding labour shortages, and its adverse impact on contract profitability, would improve substantially throughout 2024, albeit not being fully resolved until the end of 2025. During 2024 however, the issues arising from driver shortages have persisted and have not recovered in line with our expectations, which resulted in greater contractual penalties being suffered from train cancellations. Our latest assumption is for the driver shortage issue to recede somewhat in 2025 (but not to the extent we previously assumed would be the case in 2024) and not be fully recovered until during 2026.In addition, the impact of correcting the errors in the prior year (refer to the prior year restatement section above for further detail) have also had a subsequent adverse impact on prospective costs when correctly applied in the 2024 year end assessment, given that the base, against which future costs are forecast, is higher. This is most pertinent to cleaning costs; whereby penalties associated with cleaning related performance obligations are expected to continue to impact the Group in future years, albeit at an improved level.The re-measurement of the RRX provision has been included in adjusting items (note 5) consistent with previous years and the Group policy on adjusted profit.RME rail contractThe Group operates the Rhine-M\u00fcnster Express (RME) rail contract to 2030, where the Group receives both passenger revenue and subsidy revenue for operating the contract. Passenger revenue is recognised when passengers travel, and the subsidy revenue is recognised over the life of the contract, by using the input method to measure progress against the performance obligation. The amount of subsidy revenue recognised in each period is a proportion of the total subsidy revenue to be earned over the term of the contract, and is based on a percentage of completion, applying net costs (passenger revenue less costs) incurred as a proportion of total expected net costs, which is what the subsidy is intended to compensate for. Cost drivers under the RME contract are very similar to those under the RRX contracts as described above.At each balance sheet date, the Group reforecasts the contract out-turn and performs a re-assessment of the subsidy revenue to be recognised by reference to the stage of completion. This reassessment during the current year resulted in an increase in the IFRS 15 contract asset recognised on the balance sheet to \u00a351.2m at 31 December 2024 (2023: \u00a348.6m). This was reflective of a reduction in the forward looking profit assumptions for the contract, which was more than offset in the current year by a reprofiling of maintenance expenditure incurred; the impact from which is not expected to recur in future years.The recognition of this contract asset is sensitive to estimates relating to the future profitability of the rail contract, particularly relating to the estimate of future passenger revenues over the remainder of the contract and, to a lesser extent, the level of energy compensation and manpower cost inflation, including the number of drivers required to run the contracts. The passenger revenue forecast has been developed based on both historic data and using a market forecast informed by an independent third party. Assumptions have also been made as to the continuation of government subsidies (in the form of subsidised ticket prices) as set out in note 20.We have included further detail relating to the sensitivity of the contract asset to a change in the forecast future passenger revenues in note 20.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 2024 the UK defined benefit pension liability was \u00a311.3m (2023: \u00a330.0m). The key areas of estimation uncertainty are in respect of the discount rate, rate of inflation, assumptions on post-retirement pension increases, and mortality rate. 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 32 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 the findings disclosed within 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 Mobico 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 in the subsidiaries 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 material 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.Adjusting items The Group Income Statement has been presented in a columnar format to enable users of the Financial Statements to view the adjusted results of the Group. The Group\u2019s policy is to adjust for items that are considered significant in nature and value or not in the normal course of business, or are consistent with items that were treated as adjusting in prior periods. Treatment as adjusting items provides users of the accounts with additional useful information to assess the year-on-year trading performance of the Group. The adjusted profit measures are not recognised profit measures under IFRS and may not be directly comparable with adjusted profit measures used by other companies. Further details relating to adjusting items are provided in note 5 and a full listing of the Group\u2019s alternative performance measures (APMs) are provided in the glossary on pages 249 and 250.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.For the RME contract in Germany, revenue is recognised over the life of the contract, by using the input method to measure progress against the performance obligation. The amount of subsidy income recognised in each period is based on a percentage of completion, applying net costs (passenger revenue less costs) incurred as a proportion of total expected net costs, which is what the subsidy is intended to compensate for.Passenger revenuesPassenger revenues primarily relate to ticket sales in UK bus and scheduled coach, the RME German Rail contract, intercity coach and certain regional bus 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 and ancillary sales around the Group. Other revenue also includes sub-leasing income where the Group acts as the lessor and the sub-lease is an operating lease.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, but the revenue allowed to be recognised 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.Contract assets and liabilities are also recognised when the financial asset model is applied to service concession arrangements, further detail is outlined on page 222.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 any 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 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 ALSA, German Rail 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 or liabilities resulting from the application of IFRIC 12 Service Concession Arrangements are recorded in the Group Balance Sheet within contract assets or contract liabilities respectively, forming part of working capital. These financial assets are measured at amortised cost as the Group\u2019s business objective is to collect the contractual cashflows from the customer. They 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) on the RME contract 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, and on the RRX contracts in German Rail 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 160.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 related 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 probable 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 concession intangiblesService concession intangible assets represent a right to charge passengers for the use of the public service. See page 222 for further details.Contract costsContract costs include costs to obtain and costs to fulfil a contract. See page 160 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 five-year period and discount rates applied in calculating the value in use.Impairment losses relating to goodwill cannot be subsequently reversed.Parent company investmentsInvestments are held at historical cost less any provision for impairment.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 instruments are initially measured at fair value.Financial assetsFinancial assets are classified at initial recognition as either (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 entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.(i) Financial assets subsequently measured 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.(ii) 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, discounted cash flow analyses and share of net assets. Equity instruments designated at fair value through Other Comprehensive Income are not subject to impairment assessment.(iii) 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.The Group\u2019s financial assets at fair value through Profit and Loss are primarily derivatives which are not hedge accounted.Financial liabilitiesFinancial liabilities are measured either at fair value or amortised cost. 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 through adjusting items. 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 fair value 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.For instruments designated as cash flow hedges (which are primarily fuel derivatives), the gain or loss on the hedging instrument that is determined to be an effective hedge is recognised in other comprehensive income and accumulated 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 used to hedge the Group\u2019s net investment in foreign currency denominated operations, 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 on the hedging instruments are recognised in other comprehensive income and accumulated in equity. 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 receivables are initially recognised at the transaction price determined under IFRS 15 and other receivables are initially recognised at fair value. Trade and other receivables are subsequently recognised at amortised cost less a 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 (including grant receivables), contract assets and finance lease 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 that are repayable on demand in accordance with IAS 7. 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 and can fluctuate from positive to negative balances during the period. In the Consolidated Balance Sheet, cash and cash equivalents are presented net of bank overdrafts where there is a legal right of offset and intention to net settle, or 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 first recognises any impairment loss on any 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. Any 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.3 Exchange ratesThe most significant exchange rates to UK Sterling for the Group are as follows:2024202420232023Closing rateAverage rateClosing rateAverage rateUS Dollar 1.25 1.28 1.27 1.24Canadian Dollar 1.80 1.75 1.69 1.68Euro 1.21 1.18 1.15 1.15Moroccan Dirham 12.66 12.70 12.57 12.60If the results for the year to 31 December 2023 had been retranslated at the average exchange rates for the year to 31 December 2024, North America would have achieved adjusted operating profit of \u00a326.3m on revenue of \u00a31,084.8m, compared with adjusted operating profit of \u00a327.1m on revenue of \u00a31,115.6m as reported, ALSA would have achieved adjusted operating profit of \u00a3110.5m on revenue of \u00a31,134.6m, compared with adjusted operating profit of \u00a3136.8m on revenue of \u00a31,165.4m as reported, and German Rail would have achieved adjusted operating profit of \u00a30.2m on revenue of \u00a3252.9m, compared with adjusted operating profit of \u00a30.2m on revenue of \u00a3259.8m 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 Board of Directors, and organised in accordance with the geographical regions in which they operate and the nature of services that they provide. Management considers the Group Board 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.(a) RevenueRevenue is disaggregated by reportable segment, class and type of service as follows:2024Contract Passenger Grants and Other Analysis by class and revenuesrevenuessubsidiesPrivate hirerevenuesTotalreportable segment:\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 38.2 496.3 37.4 21.6 29.5 623.0German Rail \u2013 38.5 218.6 \u2013 (0.6) 256.5ALSA 273.4 717.5 171.7 89.6 75.4 1,327.6North America 1,131.7 \u2013 \u2013 55.2 18.4 1,205.3Total revenue 1,443.3 1,252.3 427.7 166.4 122.7 3,412.4Analysis by major service type:Passenger transport 1,443.3 1,252.3 427.7 166.4 18.0 3,307.7Other products and services \u2013 \u2013 \u2013 \u2013 104.7 104.7Total revenue 1,443.3 1,252.3 427.7 166.4 122.7 3,412.4There have been no 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 within contract liabilities and disclosed in notes 24 and 25.There are no material inter-segment sales between reportable segments.Covid-19 funding included in revenueIncluded within revenue above is the following Covid-19 related funding as follows:20242023\u00a3m\u00a3mUK (a) \u2013 1.9ALSA (b) 0.3 11.5Total Covid-19 funding in revenue 0.3 13.4a) In the prior year, the UK division received a final payment under the Covid-19 Bus Services Support Grant (CBSSG) relating to an earlier period. b) In ALSA \u00a30.3m (2023: \u00a311.5m) of funding was recognised from Public Transport Authorities to compensate for revenue shortfalls due to Covid-19. Bus Service Improvement Plan (BSIP) fundingIn 2022, the West Midlands Combined Authority (WMCA), supported by our UK Bus business and other regional operators, applied for and was awarded a grant by the Department for Transport (DfT) under the UK Government\u2019s BSIP. A pre-application condition for the BSIP grant set by the DfT was the existence of an Enhanced Partnership Plan (EPP) and an Enhanced Partnership Scheme (EPS) between WMCA and regional bus operators. This was in place for the West Midlands prior to the commencement of the BSIP. The BSIP was available to WMCA and regional bus operators in return for delivering certain improvements in bus services in the West Midlands. During the year to 31 December 2023, UK Bus renegotiated the terms of the BSIP grant with the WMCA resulting in additional funding and releasing the business from its commitment to freeze passenger fares for the remainder of the grant period. The grant income relating to freezing fares was applicable up to 30 June 2023 and amounted to \u00a33.2m. No more funding is expected under this element of the BSIP. For the portion of the funding available for maintaining the bus network, the updated agreement confirmed the income to be received until 31 December 2024. During the year the income has been recognised on a straight-line basis prorated on the total funding available to the business to the end of 2024. This has resulted in further grant income of \u00a311.1m (2023: \u00a312.2m) 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 that period. In addition, there is a further \u00a333.0m of BSIP funding relating to the period 1 January 2023 to 31 December 2024 of which \u00a316.5m (2023: \u00a316.5m) has been recognised on a pro-rata basis against the costs incurred in maintaining network services. A total amount of \u00a327.6m (2023: \u00a331.9m) of BSIP funding has been recognised in the period to 31 December 2024.20242023BSIP funding\u00a3m\u00a3mIncluded within revenue \u2013 3.2Included within operating costs (note 6) 27.6 28.7Total BSIP funding 27.6 31.9Prior year revenue is disaggregated by reportable segment, class and type of service as follows:2023Contract Passenger Grants and Other Analysis by class and revenuesrevenuessubsidiesPrivate hirerevenuesTotalreportable segment:\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 36.6 479.0 40.8 23.3 30.4 610.1German Rail \u2013 43.3 216.0 \u2013 0.5 259.8ALSA 233.7 607.8 188.8 68.0 67.1 1,165.4North America 1,050.3 \u2013 \u2013 60.0 5.3 1,115.6Total revenue 1,320.6 1,130.1 445.6 151.3 103.3 3,150.9Analysis by major service type:Passenger transport 1,320.6 1,130.1 445.6 151.3 19.1 3,066.7Other products and services \u2013 \u2013 \u2013 \u2013 84.2 84.2Total revenue 1,320.6 1,130.1 445.6 151.3 103.3 3,150.9(b) Operating profit/(loss)Operating profit/(loss) is analysed by reportable segment as follows:(Restated) (Restated) Adjusted Adjusting SegmentAdjusted AdjustingSegment1Resultprofit/(loss)itemsresult profit/(loss) Items202420242024202320232023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 6.5 (18.7) (12.2) 23.5 (22.2) 1.3German Rail (9.3) (87.5) (96.8) 0.2 (122.1) (121.9)ALSA 186.1 (9.2) 176.9 136.8 (15.8) 121.0North America 38.3 (569.9) (531.6) 27.1 (34.2) (7.1)Central functions (33.9) (22.3) (56.2) (19.0) (17.5) (36.5)Operating profit/(loss) 187.7 (707.6) (519.9) 168.6 (211.8) (43.2)1 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information(c) DepreciationDepreciation is analysed by reportable segment as follows:20242023\u00a3m\u00a3mUK 27.7 30.8German Rail 4.2 4.6ALSA 83.3 67.1North America 98.2 96.8213.4 199.3(d) Non-current assetsNon-current assets and additions are analysed by reportable segment as follows:Property, Non-currentProperty, Non-currentIntangibleplant and asset Intangible plant and asset assets equipmentTotaladditionsassets equipmentTotal additions20242024202420242023202320232023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 53.3 180.6 233.9 9.4 60.0 218.1 278.1 15.5Central functions 7.7 0.1 7.8 \u2013 7.8 \u2013 7.8 \u2013Total UK 61.0 180.7 241.7 9.4 67.8 218.1 285.9 15.5German Rail 5.6 2.5 8.1 1.9 6.8 15.2 22.0 5.1ALSA 693.4 472.1 1,165.5 132.5 691.7 447.3 1,139.0 198.2North America 226.2 538.3 764.5 160.4 785.5 483.9 1,269.4 64.4Total overseas 925.2 1,012.9 1,938.1 294.8 1,484.0 946.4 2,430.4 267.7Total 986.2 1,193.6 2,179.8 304.2 1,551.8 1,164.5 2,716.3 283.2(e) Geographical informationRevenue from external customers Non-current assets2024202320242023\u00a3m\u00a3m\u00a3m\u00a3mUK & Ireland 623.0 610.1 241.7 285.9Germany 256.5 259.8 8.1 22.0Spain 1,097.2 962.9 1,035.5 989.4Morocco 145.6 145.6 73.3 95.5USA 1,147.8 1,053.6 717.1 1,152.6Canada 57.5 62.0 47.4 116.8Portugal, Switzerland & France 84.8 56.9 56.7 54.13,412.4 3,150.9 2,179.8 2,716.3Due 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 Board does not regularly include an analysis of assets and liabilities by segment.The financial impact of risks associated with climate change is not expected to have a material impact on the Group given the geographical spread of its operating locations, as outlined in the TCFD section.5 Adjusting itemsAs set out in our accounting policies, the Group reports adjusted measures because the Directors believe they provide both management and stakeholders with useful additional information about the financial performance of the Group\u2019s businesses.The total adjusting items before tax for the year ended 31 December is a net charge of \u00a3710.4m (2023 restated: \u00a3213.0m). The items excluded from the adjusted result are:(Restated) 120242023\u00a3m\u00a3mIntangible amortisation for acquired businesses (a) 27.7 35.3Goodwill impairment of North America School Bus (b) 547.7 \u2013Re-measurements of onerous contracts and impairments resulting from the Covid-19 pandemic (c) (4.1) 2.1Re-measurement of the Rhine-Ruhr onerous contract provision (d) 86.4 121.0Re-measurement of onerous contract provision charges and impairments in respect of North America driver shortages (e) (0.7) 12.0Final re-measurement of the WeDriveU put liability (f) \u2013 2.4Repayment of UK Coronavirus Job Retention Scheme grant (\u2018Furlough\u2019) (g) \u2013 8.9Restructuring and other costs (h) 50.6 30.1Total adjusting items in operating costs 707.6 211.8Unwinding of discount of the Rhine-Ruhr onerous contract provision (d) 2.8 1.2Total adjusting items before tax 710.4 213.0Tax charge on adjusting items (i) 143.1 21.6Total adjusting items after tax 853.5 234.61 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information(a) Intangible amortisation for acquired businessesConsistent with previous periods, the Group classifies the non-cash amortisation for acquired intangibles as an adjusting item by virtue of its size and nature. Its exclusion enables monitoring and comparison of divisional performance by the Group Board regardless of whether through acquisition or organic growth. Equally, it improves comparability of the Group\u2019s results with those of peer companies. (b) Goodwill impairment of North America School BusThe Group performs a goodwill impairment on each cash-generating unit annually. During the current year, the North America business separated into two cash-generating units (CGUs), School Bus and WeDriveU. The assessment performed for School Bus indicated a required impairment charge of \u00a3547.7m. Please refer to note 14 for further information. 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; and is consistent with the treatment of the goodwill impairments in previous financial years. (c) Re-measurement of onerous contracts and impairments resulting directly from the Covid-19 pandemicAs a result of the Covid-19 pandemic, 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, or there remains a commitment at the period end, the onerous contract provision has been re-measured, resulting in a net credit of \u00a34.1m to the income statement. On these contracts, \u00a31.4m provision has been utilised during the year, with a remaining provision of \u00a31.0m at the period end, which is expected to be utilised within 1-2 years. No new onerous contracts were identified in the year.(d) Re-measurement of the Rhine-Ruhr Express onerous contract provisionThe Rhine-Ruhr (RRX) onerous contract, which runs to 2033, has been re-measured based on the latest forecasts of future losses anticipated; resulting in a \u00a386.4m charge (2023 restated: \u00a3121.0m charge) to the income statement. Persisting levels of driver shortages, higher pay inflation, investment in driver recruitment and training and central overhead costs are the key contributing factors to the significant increase to the RRX onerous contract provision as at 31 December 2024 compared to prior year. Each of these factors are described in detail in note 2.The provision at 31 December 2024 is \u00a3176.1m for the remainder of the contract term until 2033, following utilisation during the year of \u00a345.8m and \u00a32.8m unwinding of discount. See note 26 for sensitivities to the provision.(e) Re-measurement of onerous contract provision charges and impairments in respect of North America driver shortagesThe remaining onerous contract provision of \u00a32.2m relates to one customer contract which ends in June 2026. No new onerous contracts were identified in the year. There was a credit to the income statement from a provision release relating to this contract of \u00a30.7m in the year.The below table reconciles the movement in onerous contract provisions and impairments relating to items (c), (d) and (e) above:Movement in onerous contract provisionsRe-measurement of Re-measurements of Re-measurement onerous contract provision onerous contracts and of the Rhine-Ruhr charges and impairments impairments resulting from onerous contract in respect of North America the Covid-19 pandemic (c)provision (d)driver shortages (e)Total\u00a3m\u00a3m\u00a3m\u00a3m1At 1 January 2024 (restated)6.5 140.1 4.6 151.2Charged to the Income Statement:Provided in the year 0.2 86.4 \u2013 86.6Released in the year (4.3) \u2013 (0.7) (5.0)Other movements:Utilised in the year (1.4) (45.8) (1.7) (48.9)Unwinding of discount \u2013 2.8 \u2013 2.8Exchange differences \u2013 (7.4) \u2013 (7.4)At 31 December 2024 1.0 176.1 2.2 179.31 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information(f) Final re-measurement of the WeDriveU put liability in prior year In conjunction with the acquisition of WeDriveU, Inc. during 2019 the Group issued put options to the seller for the remaining shares. The options had three tranches for the remaining 40% of the business (10%, 10%, 20%). The first two tranches were exercised in 2020, and 2021, with settlement in 2021 and 2022 respectively. At 31 December 2022 the final option to sell the remaining 20% shares had been exercised by the non-controlling interest.During 2023 the put liability for the remaining 20% shareholding in WeDriveU had been re-measured following the final negotiations with the seller. The re-measurement led to an additional charge of \u00a32.4m in the year to 31 December 2023 (2023 interim: \u00a32.3m). The liability was cash settled in July 2023 for \u00a346.1m.Gains and losses on re-measurement of the put liability have been recorded as adjusting items in previous years (2020 full year: \u00a333.9m gain, 2021 full year: \u00a311.5m expense, 2022 full year: \u00a3nil), therefore the final re-measurement in the prior year has also been recorded here for consistency. (g) Repayment of Coronavirus Job Retention Scheme grant (CJRS) (\u2018Furlough\u2019) in prior yearAt the end of 2021 the Group announced an intention to voluntarily repay amounts of CJRS (\u2018furlough\u2019) received for that period following the re-instatement of the dividend to shareholders. During 2023 a dividend was paid and a provision was recognised for the commitment to HMRC for the CJRS repayment of \u00a38.9m, which was paid in early 2024. The original receipt of CJRS was not recorded as an adjusting item and was included in adjusted profit consistent with the staff costs which it was designed to compensate.The repayment however, has been disclosed as an adjusting item as this is a one-off cost which is historic in nature (occurring more than two years after initial receipt), a significant amount, and unlike the original receipt, there are no corresponding staff costs in the period to be offset against.(h) Restructuring and other costsThese costs relate to Group-wide strategic initiatives and restructuring, which includes costs relating to cost saving programmes, and costs relating to our previously announced sale of North America School Bus. These are one-off, short-term initiatives expected to last 1-2 years. They are material in nature and are not considered to be part of the day-to-day operational costs of the Group and therefore have been treated as adjusting items. These amount to \u00a350.6m in the year ending 31 December 2024 compared to \u00a330.1m in the year ending 31 December 2023.(i) Adjusting tax chargeThe tax charge on adjusting items of \u00a3143.1m (2023 restated: \u00a321.6m charge), comprises of a \u00a339.7m tax credit (2023: \u00a3nil) on goodwill impairment, a \u00a39.8m tax credit (2023: \u00a310.4m credit) on amortisation of intangible assets, a \u00a31.8m tax credit (2023 restated: \u00a353.2m credit) on tax deductible adjusting items, and a \u00a3194.4m tax charge (2023 restated: \u00a385.2m charge) on derecognition of deferred tax assets which is also considered adjusting as it is material in size and non-recurring in nature. See note 2 for further details.6 Operating costs(Restated) 120242023\u00a3m\u00a3mCost of inventories recognised in expense 86.9 77.7Staff costs 1,733.4 1,585.1Depreciation \u2013 owned assets 162.0 148.2 \u2013 leased assets 51.4 51.1Intangible asset amortisation \u2013 intangibles from acquired businesses (note 5) 27.7 35.3 \u2013 other intangible assets 22.5 18.52Gain on disposal of property, plant and equipment(11.0) (12.7)Gain on disposal of intangible assets (0.8) (0.4)Amortisation of fixed asset grants (2.0) (2.0)Leases (note 33) \u2013 variable lease payments not included in the measurement of lease liabilities 7.9 4.0 \u2013 expenses relating to short-term leases 15.2 9.5 \u2013 expenses relating to leases of low-value assets 4.3 4.43Adjusting items (note 5) 679.9 176.5Other charges (see breakdown below) 1,154.9 1,098.9Total operating costs 3,932.3 3,194.11 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information 2 Gain on disposal of property, plant and equipment includes \u00a34.5m (2023: \u00a32.6m) in respect of UK depot sale and leasebacks3 Excludes amortisation from intangibles from acquired businesses which is included within intangible asset amortisation above 20242023\u00a3m\u00a3mFuel 267.2 268.8Vehicle hire 131.0 111.8Third party fees & related transport costs 113.3 126.9Rail track access charges 110.4 113.3Repairs and maintenance 101.8 98.9Insurance 65.2 63.3Legal and professional 40.9 37.9Sales & marketing 22.2 25.8Other 302.9 252.2Total other charges 1,154.9 1,098.9Covid-19 funding recognised within operating costsIncluded within operating costs above is the following Covid-19 related funding:20242023\u00a3m\u00a3mUK (a) \u2013 8.7North America (b) \u2013 4.2Total Covid-19 funding in operating costs \u2013 12.9The Group has recognised grant income where the Directors have reasonable assurance that we have complied with the conditions of the grant, and the grant will be received. 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.(a) The prior year included funding from the UK Bus Recovery Grant (BRG); replacing the Covid-19 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 previously allocated to the operators according to mileage operated.(b) In the prior year, the Group also recognised \u00a33.9m in North America in respect of Covid-19 Employee Retention Credits (ERC) and a further \u00a30.3m relating to other grant income.BSIP fundingThe UK Bus business has also recognised grant income under the BSIP. Included in operating costs above is \u00a327.6m (2023: \u00a328.7m) of grant income reflecting the elements of the BSIP programme compensating the business for the costs incurred in maintaining the bus network during the period. See note 4 for further details.7 Auditor\u2019s remunerationAn analysis of fees paid to the Group\u2019s auditor is provided below:20242023\u00a3m\u00a3mAudit of the Group financial statements 2.2 0.9Audit of subsidiaries 2.2 1.8Audit-related assurance services 0.1 0.31Other audit1.7 0.56.2 3.51 Other audit relates to audits commissioned for the purposes of supporting a planned transaction \u2013 these were audits performed in accordance with auditing standards, to an audit level of independence, rather than assurance services.8 Employee benefit costs20242023\u00a3m\u00a3mWages and salaries 1,500.7 1,365.2Social security costs 218.7 209.1Pension costs (note 32) 9.4 9.2Share-based payment (note 9) 4.6 1.61,733.4 1,585.1The average number of employees, including Executive Directors, during the year was as follows:2024 2023Managerial and administrative 4,630 4,385Operational 45,156 40,32449,785 44,709Details of key management compensation can be found in note 35.9 Share-based paymentsThe charge in respect of share-based payment transactions included in the Group\u2019s Income Statement for the year is as follows:20242023\u00a3m\u00a3mExpense arising from share and share option plans 4.6 1.6Details 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 20242023priceperiodsLong-Term Incentive Plan 26,412,364 11,596,503 nil 2025\u20132029West Midland Travel Long Service Option Scheme 81,273 107,583 175p-412p 2025\u20132030Executive Deferred Bonus Plan - 283,688 - -Restricted Share Plan 4,844,946 663,225 nil 2025\u2013202631,338,583 12,650,999During the year ended 31 December 2024, the Group had four 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. 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 in shares. 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 \u00a360,000 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 either delivered in the form of market purchased shares held in the Company\u2019s Employee Benefit Trust (the \u201cTrust\u201d) or through the issue and allotment of new shares. 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.(iv) Restricted Share Plan (RSP)Individual awards to certain Group employees are made under the RSP at the discretion of the Remuneration Committee, and may take the form of nil cost options, conditional share awards, or cash-based awards.All awards granted to date have taken the form of conditional share awards with vesting periods ranging from 1 to 3 years. No performance conditions are attached to RSP conditional share awards which have been granted to date, save for continued employment, but the Remuneration Committee can attach performance conditions over future awards at its discretion. For all awards to date, 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 in shares. Vested shares for all RSP awards are normally delivered in the form of market purchased shares held in the Trust. No cash settlement alternative is available.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:2024 2023Weighted Weighted average average exerciseexerciseNumber of priceNumber of priceshare optionspshare optionspOptions without a nil exercise price:At 1 January 107,583 284 118,051 287Granted during the year \u2013 \u2013 \u2013 \u2013Forfeited during the year (2,000) 175 (789) 302Exercised during the year \u2013 \u2013 \u2013 \u2013Expired during the year (24,310) 300 (9,679) 260Outstanding at 31 December 81,273 282 107,583 284Exercisable at 31 December 81,273 282 107,583 284Options with a nil exercise price:At 1 January 12,543,416 nil 7,703,850 nilGranted during the year 23,312,708 nil 8,676,958 nilForfeited during the year (1,246,069) nil (2,201,488) nilExercised during the year (825,839) nil (162,261) nilExpired during the year (2,526,906) nil (1,473,643) nilOutstanding at 31 December 31,257,310 nil 12,543,416 nilExercisable at 31 December 14,278 nil 89,130 nilTotal outstanding at 31 December 31,338,583 12,650,999Total exercisable at 31 December 95,551 196,713The options outstanding at 31 December 2024 had exercise prices that were between 175p and 412p (2023: between 175p and 412p) excluding options with a nil exercise price. The range of exercise prices for options was as follows:20242023Exercise price (p)NumberNumber100\u2013300 37,327 53,541301\u2013350 21,246 25,542351\u2013450 22,700 28,50081,273 107,583The options have a weighted average contractual life of two years (2023: two years). Options were exercised regularly throughout the year and the weighted average share price at exercise was 67p (2023: 110p). The aggregate gains of the Executive Directors arising from any exercise of options during the year totalled \u00a30.1m (2023: \u00a30.1m).The fair value of the share options granted during the year under the LTIP scheme was calculated using the Monte Carlo method, with the following assumptions and inputs:2024 2023Risk-free interest rate 3.79%-4.37% 3.47%Expected volatility 48%-49% 51%Peer group volatility 23%-37% 23%\u201339%Expected option life in years 3 years 3 yearsExpected dividend yield 0.00% 0.00%Weighted average share price at grant date 51p 121pWeighted average exercise price at grant date nil nilWeighted average fair value of options at grant date 51p 105pThe 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 Mobico 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 costs20242023\u00a3m\u00a3mBond and bank interest payable 62.0 52.1Lease interest payable (note 33) 10.1 8.5Other interest payable 13.1 11.1Unwind of discounting \u2013 claims provision (note 26) 5.8 5.7Net interest cost on defined benefit pension obligations (note 32) 1.2 1.8Finance costs before adjusting items 92.2 79.2Adjusting items:Unwind of discounting \u2013 onerous contract provisions (notes 5 and 26) 2.8 1.2Total finance costs after adjusting items 95.0 80.4Lease interest income (note 33) (0.5) (0.5)Other financial income (1.9) (3.5)Total finance income (2.4) (4.0)Net finance costs after adjusting items 92.6 76.4Of which, from financial instruments:Financial assets measured at amortised cost (2.0) (3.6)Financial liabilities measured at amortised cost 70.4 59.7Derivatives 11.8 10.3Loan fee amortisation 2.2 1.411 Taxation(a) Analysis of taxation charge in the Income Statement(Restated)120242023\u00a3m\u00a3mCurrent taxation:UK corporation tax \u2013 \u2013Overseas corporate income tax 34.9 11.2Current corporate income tax charge 34.9 11.2Adjustments with respect to prior years \u2013 UK and overseas 1.5 1.5Total current corporate income tax charge 36.4 12.7Deferred taxation (note 27):Origination and reversal of temporary differences (47.6) (33.5)Derecognition of deferred tax assets 194.4 85.2Adjustments with respect to prior years \u2013 UK and overseas 1.3 (0.3)Total deferred tax charge (note 11(d)) 148.1 51.4Total tax charge for the Group 184.5 64.1The tax charge for the Group comprises:Tax charge on profit before adjusting items 41.4 42.5Tax charge on adjusting items 143.1 21.6Total tax charge for the Group 184.5 64.11 Restated for a correction to the German Rail onerous contract provision, see note 2 for further informationThe tax charge on adjusting items of \u00a3143.1m (restated 2023: \u00a321.6m charge) comprises of a \u00a339.7m tax credit (2023: \u00a3nil) on goodwill impairment, a \u00a39.8m tax credit (2023 \u00a310.4m credit) on amortisation of intangible assets, a \u00a31.8m credit (restated 2023: \u00a353.2m credit) on tax deductible exceptional costs, and a \u00a3194.4m tax charge (2023 restated: \u00a385.2m charge) on derecognition of deferred tax assets which is also considered adjusting as it is material in size and non-recurring in nature. See note 5 for further details.(b) Reconciliation of the total tax charge in the Income Statement(Restated)120242023\u00a3m\u00a3mLoss before tax (609.3) (120.1)Notional tax credit at UK corporation tax rate of 25% (2023: 23.5%) (152.3) (28.2)Recurring items:Deferred tax assets not recognised on restricted interest expenses (note 27) 17.3 9.0Effect of overseas tax rates (15.0) (9.6)Tax incentives (5.5) (1.9)Non-deductible expenses 3.7 0.2Adjustments with respect to prior years 2.7 1.2State taxes/minimum tax 0.1 0.9Non-recurring items:Derecognition of deferred tax assets 194.4 85.2Non-deductible goodwill impairment 104.9 \u2013Deferred tax assets not recognised in respect of current year losses 31.3 2.6Non-deductible expenses 4.3 \u2013Utilisation in current year of previously unrecognised tax losses (3.4) \u2013Taxable release of provision for impairment of investments 2.3 3.0Reduced taxable profit from indexation relief on UK property disposals (1.2) (1.9)Tax on intercompany dividends within Spanish sub-group 0.8 \u2013Effect of reduction in tax rates 0.1 (0.5)Transfer pricing adjustment \u2013 4.1Total tax charge reported in the Income Statement (note 11(a)) 184.5 64.11 Restated for a correction to the German Rail onerous contract provision, see note 2 for further informationIncluded within the reconciliation of the total tax charge for the current year are a number of recurring items. The Group\u2019s tax charge continues to be significantly impacted by the UK\u2019s Corporate Interest Restriction rules which limit tax deductions for interest expenses to 30% of \u201cTax EBITDA\u201d; in FY23, the restriction suffered was reduced due to some interest capacity being available from prior years. The Group\u2019s tax charge benefits from tax incentives of \u00a35.5m (2023: \u00a31.9m) comprising of tax credits in respect of new investments in the Canary Islands of \u00a32.0m (2023: \u00a3nil), reinvestment relief in Spain of \u00a31.7m (2023: \u00a30.3m), Work Opportunity Tax Credits in the US of \u00a31.1m (2023: \u00a30.9m) and other reliefs of \u00a30.7m (2023: \u00a30.7m).Included within the reconciliation of the total tax charge for the current year are a number of non-recurring items including derecognition of deferred tax assets in the UK and US of \u00a3194.4m \u2013 refer to note 2 for details of the key critical accounting judgements considered in the recognition of deferred tax assets at 31 December 2024 (2023 restated: \u00a385.2m \u2013 comprising of \u00a358.0m for German tax losses due to the reduction of future forecasts, \u00a320.9m for trapped tax losses in Mobico Group plc and \u00a36.3m for US state tax losses subject to time expiry), non-deductible goodwill impairments of \u00a3104.9m (2023: \u00a3nil) principally in North America, deferred tax assets not recognised in respect of current year losses of \u00a331.3m in the UK, Germany and Spain (2023: \u00a32.6m in Spain and Morocco), non-deductible expenses of \u00a34.3m (2023: \u00a3nil) principally related to the planned sale of the North America School Bus business, utilisation in the current year of previously unrecognised tax losses of \u00a33.4m in the UK and Spain (2023: \u00a3nil), and a taxable release of provision for impairment of investments in Spain of \u00a32.3m (2023: \u00a33.0m).Included within the reconciliation of the tax charge for the prior year were a number of non-recurring items in addition to those referred to above including a UK transfer pricing adjustment for interest waived on loans to the US during the prior year of \u00a34.0m.As at 31 December 2024, deferred tax items in the UK were accounted for at 25% being the substantively enacted corporation tax rate at that date.(c) Uncertain tax positionsAt 31 December 2024, the Group held provisions for uncertain tax positions of \u00a3nil (2023: \u00a3nil). Based on the experience of the Group\u2019s tax teams, 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. (d) Deferred tax included in the Income Statement(Restated)120242023\u00a3m\u00a3mDerecognition of deferred tax assets 194.4 85.2Recognition of deferred tax assets in the current year (6.7) (48.9)Utilisation in the current year of previously recognised tax losses 2.9 12.8Accelerated tax depreciation 3.1 (2.5)Other short-term temporary differences (45.6) 4.8Deferred tax charge (note 11(a)) 148.1 51.41 Restated for a correction to the German Rail onerous contract provision, see note 2 for further informationDetails on the Balance Sheet position of deferred tax are included in note 27.(e) Pillar Two \u2013 Global minimum top-up taxThe Organization for Economic Cooperation and Development (\u201cOECD\u201d) published the Global Anti-Base Erosion (\u201cGloBE\u201d) Model Rules which include a minimum 15% tax rate by jurisdiction (\u201cPillar Two\u201d). The Pillar Two rules provide that if, in certain jurisdictions where the Group operates, the effective tax rate, \u201cETR\u201d (adjusted corporate income tax expense divided by the profit before tax in that jurisdiction) falls below 15%, then the Group will be required to pay an additional tax (\u201ctop-up tax\u201d) to reach the 15% minimum tax rate threshold. The rules also provide for a transitional period in which Groups may avoid undergoing the complex GloBE calculations. In particular, a transitional safe harbor (\u201cTSH\u201d) applies for the first three fiscal years following the entry into force of the rules. The TSH relies on simplified calculations (mainly based on data extracted from the Country-by-Country Report, \u201cCbCr\u201d) and three tests. Where the Group has a \u201cqualifying\u201d CbCr and at least one of the TSH tests is met for a jurisdiction in which the Group operates, the top-up tax due for such jurisdiction is deemed to be zero. A TSH test is met for a jurisdiction where:\u2022 Revenue and profit before tax are below \u20ac10 million and \u20ac1 million respectively (the de minimis test);\u2022 The ETR equals or exceeds an agreed rate, which is 15% for FY24, 16% for FY25 and 17% for FY26 (the ETR test); or\u2022 The profit before tax does not exceed an amount calculated as a percentage of tangible assets and payroll expense (the routine profits test).On June 20, 2023, the UK substantively enacted the Pillar Two rules, effective from 1 January 2024. Therefore, an assessment of the Group\u2019s potential exposure to Pillar Two top-up taxes has been performed based on the draft FY24 tax filings, CbCr and financial statements for the constituent entities in the Group. Based on this assessment, the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are above 15%. However, there are a limited number of jurisdictions where the TSH relief does not apply, and the Pillar Two effective tax rate is below 15%. However, the profits in these countries are not significant and so the Group anticipates that the exposure to Pillar Two top-up taxes in those jurisdictions to be insignificant. Therefore, for the year ended 31 December 2024, the Group\u2019s current tax expense includes \u00a3nil for Pillar Two top-up taxes.The Group has applied the amendment to IAS 12, Income Taxes, which provides a mandatory temporary exception from recognising or disclosing deferred taxes related to Pillar Two.12 Dividends paid and proposedAn interim dividend was not declared and paid during the year (2023: 1.7 pence). No final ordinary dividend has been proposed (2023: \u00a3nil). Total dividends paid in the prior year of \u00a341.1m relate to the 2023 interim dividend and 2022 final dividend. 13 Earnings per share(Restated)120242023Basic earnings per share (134.8)p (33.7)pAdjusted basic earnings per share 4.8p 4.5pDiluted earnings per share (134.8)p (33.7)pAdjusted diluted earnings per share 4.6p 4.5p1 Restated for a correction to the German Rail onerous contract provision, see note 2 for further informationBasic EPS is calculated by dividing the earnings attributable to equity shareholders after adjusting for accrued payments on the hybrid instrument, a loss of \u00a3824.1m (2023 restated: \u00a3206.6m 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 31) 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)120242023\u00a3m\u00a3mLoss attributable to equity shareholders (802.8) (185.3)Accrued payments on hybrid instrument (21.3) (21.3)Earnings attributable to equity shareholders (824.1) (206.6)1 Restated for a correction to the German Rail onerous contract provision, see note 2 for further informationFor 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:2024 2023Basic weighted average shares 611,292,234 612,919,2431&2Adjustment for dilutive potential ordinary shares24,816,797 898,828Diluted weighted average shares 636,109,031 613,818,0711 Potential ordinary shares have the effect of being anti-dilutive for diluted earnings per share in 2024 and 2023, and have been excluded from the calculation of diluted earnings per share. They are not anti-dilutive for adjusted diluted earnings per share so have been included in that calculation.2 The adjustment for dilutive potential ordinary shares has significantly increased year-on-year due to share options granted in the period under both the Long-Term Incentive Plan and Restricted Share Plan schemes. Further details regarding these schemes can be found in note 9.The adjusted basic and adjusted 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 a key measure of performance of the business\u2019 operations. The reconciliation of the earnings and earnings per share to their adjusted equivalent is as follows:(Restated) 120242023Basic EPSDiluted EPSBasic EPSDiluted EPS\u00a3mpp \u00a3mppEarnings attributable to equity shareholders inclusive of hybrid 3instrument (824.1) (134.8) (129.5)(206.6) (33.7) (33.7)Adjusting items 710.4 116.2 111.6 213.0 34.8 34.8Adjusting items tax 143.1 23.4 22.5 21.6 3.4 3.4Adjusting items non-controlling interests \u2013 \u2013 \u2013 (0.2) \u2013 \u2013Adjusted earnings attributable to 2equity shareholders29.4 4.8 4.6 27.8 4.5 4.5Amounts accruing to the holders of the hybrid instrument 21.3 21.3Adjusted profit attributable to equity shareholders 50.7 49.11 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information2 After deducting amounts accruing to the holders of the hybrid instrument3 Potential ordinary shares have the effect of being anti-dilutive for diluted earnings per share in 2024 and 2023, and have been excluded from the calculation of diluted earnings per share. They are not anti-dilutive for adjusted diluted earnings per share so have been included in that calculation14 Intangible assetsService Customer concessionContractGoodwillcontractsintangiblesSoftwarecostsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCost:At 1 January 2024 1,623.0 890.0 124.0 144.3 36.3 2,817.6Acquisitions (note 19) 53.1 1.9 \u2013 0.1 \u2013 55.1Additions \u2013 0.6 2.0 6.0 5.4 14.0Disposals (2.3) (4.3) (0.3) (0.9) \u2013 (7.8)Reclassifications (7.3) (1.3) \u2013 2.3 1.0 (5.3)Foreign exchange (34.4) (19.7) (3.1) (0.2) (1.6) (59.0)At 31 December 2024 1,632.1 867.2 122.6 151.6 41.1 2,814.6Amortisation and impairment:At 1 January 2024 312.3 787.5 23.1 112.8 30.1 1,265.8Charge for year \u2013 26.2 11.6 10.6 1.8 50.2Disposals \u2013 (4.0) (0.3) (0.7) \u2013 (5.0)Impairment 547.7 0.3 \u2013 3.2 \u2013 551.2Reclassifications (7.3) (1.4) \u2013 0.4 1.0 (7.3)Foreign exchange (5.9) (19.0) (0.2) \u2013 (1.4) (26.5)At 31 December 2024 846.8 789.6 34.2 126.3 31.5 1,828.4Net book value:At 31 December 2024 785.3 77.6 88.4 25.3 9.6 986.2At 1 January 2024 1,310.7 102.5 100.9 31.5 6.2 1,551.8Goodwill has an indefinite useful life. All other categories of intangible assets have a finite useful life. Useful lives are disclosed in the accounting policies in note 2. Amortisation charges are shown within operating costs in the Income Statement.Of the \u00a3551.2m impairment charge, \u00a3547.7m relates to goodwill impairment in North America School Bus which is discussed in detail below. This has been included in adjusting items (note 5). The Group recognises service concession 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 36 includes further details of the Group\u2019s service concession arrangements.Customer contracts includes the following individually material assets, which arose through past acquisitions.RemainingRemaininguseful Net bookuseful Net book economic value at economic value at life at 31 Decemberlife at 31 December31 December202431 December2023Segment Nature of contract2024\u00a3m2023\u00a3mNorth America School bus and paratransit service contract in North America 7 years 16.9 8 years 17.8Goodwill allocationGoodwill has been allocated to individual cash-generating units for annual impairment testing on the basis of the Group\u2019s business operations. During 2024, a separation of the School Bus and WeDriveU operating divisions within North America has taken place, with each of these business now identified as a separate CGU; this was done as a result of preparing the North America School Bus business for a potential sale. As a result, there are no comparatives available for 2023, as they were treated as one combined CGU, in line with IAS 36, given this was the level goodwill was monitored at within the business. Similarly, no amounts for the combined North America division are presented in 2024, whereas the 2023 comparative has been stated, as the impairment assessment is no longer carried out at this level. The split of the goodwill balance (a combined \u00a3708.0m as at 31 December 2023) was apportioned between the School Bus and WeDriveU CGUs as part of the separation based on actual historic data.The carrying value by cash-generating unit is as follows:20242023\u00a3m\u00a3mUK 50.1 52.41n/aNorth America708.01\u2013 n/aNorth America School Bus1158.3 n/aNorth America WeDriveUALSA 576.9 550.3785.3 1,310.71 During 2024, a separation of the School Bus and WeDriveU operating divisions within North America has taken place; please see the Goodwill allocation section above for further detailAssumptions and estimates used in the goodwill impairment assessment calculationAs per IAS 36, the cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. During 2024, the North America business has split into two separate operating units. As a result, the requirements of IAS 36 now dictate that we must treat these as two separate CGUs, since the cash flows of each can now be separately analysed and they are under separate executive leadership.The calculation of value in use for each CGU is most sensitive to the assumptions over cash flows, 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 perpetuity2024 2023 2024 2023UK 10.4% 10.8% 2.9% 2.7%11n/a10.0% n/aNorth America3.7%1110.3% n/a3.8% n/aNorth America School Bus1110.3% n/a3.8% n/aNorth America WeDriveUALSA 12.8% 13.4% 3.4% 3.2%1 During 2024, a separation of the School Bus and WeDriveU operating divisions within North America has taken place; please see the Goodwill allocation section above for further detailDiscount rates have reduced for the UK and ALSA and have been impacted by an increase in the proportion of debt to equity of the comparator companies used in the calculation of the weighted average cost of capital (WACC).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 WACC, principally derived from external sources. Capital expenditure is projected over the first five years using a detailed 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 \u201cterminal value\u201d), capital expenditure is assumed to be a 1:1 ratio to depreciation. In line with the requirements of IAS 36, only the cost reductions associated with restructuring programmes already delivering savings are included within the cash flow projections. Inclusion of the cost reduction benefits from these programmes would increase the available headroom for all divisions; as the plans become more advanced we expect these savings to be incorporated in future assessments.Results of the 2024 impairment assessmentNorth America School Bus & UKThe value in use of the North America School Bus Division is lower than its carrying amount by \u00a3547.7m, resulting in a full impairment of the goodwill balance for this CGU. The value in use of the UK exceeds its carrying amounts by \u00a372.0m (2023: \u00a3521.1m). As a result, the amount by which the value in use exceeds the carrying amount has significantly reduced compared to prior year and the impairment of goodwill for the UK CGU has been identified as a key source of estimation uncertainty. Losses in both North America School Bus and the UK businesses have been incurred since the onset of the Covid-19 pandemic, from which our recovery has been slower than anticipated. At the end of 2023, management expected at that time that profitability in North America and the UK would significantly improve in the current year. However, actual performance in 2024 was significantly below management\u2019s previous forecasts. In Noth America School Bus, whilst the business has demonstrated its recovery from the pandemic and showed some encouraging improvements in 2024 such as a successful bid season and positive price increases, it continues to face significant headwinds such as driver wage inflation, lower driver availability and rising maintenance costs, which have both been materially higher in 2024 than prior forecast expectations. In the UK, this was mainly reflective of lower passenger volumes and yield in UK Coach than had been projected, and far fewer benefits from rail strikes (which had been a significant tailwind in 2023) than had been anticipated.Given this adverse performance to forecast in 2024, and given the current stage in the turnaround of both businesses, the future profitability within the financial forecasts for both the UK and North America School Bus as at 31 December 2024 used for the goodwill impairment assessment have significantly reduced compared to the prior year. Whilst management\u2019s strategic plan forecasts prepared in 2024 include profit improvement actions that aim to improve the future financial performance of both businesses, these have not been included in the forecasts used for this exercise as they cannot currently be objectively evidenced at this stage in the turnaround.As a result, goodwill in North America School Bus has been fully impaired and whilst there is no impairment of UK goodwill, headroom has significantly reduced year-on-year. The separation of the two North America businesses into two CGUs in the year was also a contributing factor to the impairment in North America School Bus, as it generates lower cash flows relative to its asset base, compared to WeDriveU.As a consequence of the full impairment of goodwill in North America School Bus, the carrying value of the business is now more closely aligned to the expected market value through sale.ALSA & North America WeDriveUThe value in use of the ALSA division exceeds its carrying amount by \u00a3274.6m (2023: \u00a3134.9m). The increase in headroom is primarily due to an improvement in the cash flow forecast and reduction in the discount rate. The value in use of the North America WeDriveU division exceeds its carrying amount by \u00a3266.9m.Prior year comparatives for School Bus and WeDriveU individually are not available, as North America was treated as one combined CGU prior to 2024.Climate change risk assessmentThe assumptions underpinning the cash flow projections also take account of the climate change risk assessment exercise from which the pertinent conclusions were as follows:\u2022 Whilst 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 manufacture 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 or electric vehicles in the transition to zero emission fleet in long haul coach services and the Group assumes that total cost of ownership for these vehicles will also be no worse than at parity with their diesel equivalents over their useful lives, albeit may require some level of government subsidies on the capital cost and/or the hydrogen fuel. We will be closely following emerging solutions for the considerably larger haulage industry, which will likely accelerate the emergence of technology and infrastructure solutions into the market.\u2022 The Group already has ambitious targets for the transition to zero emission fleets. 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. Some ZEV suppliers are actively buying back diesel vehicles to accelerate the introduction of electric vehicles. There is also a secondhand market (especially large in the North America Transit business) enabling recovery of any net book value of diesel vehicles.\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. We see that the benefits of modal shift far outweigh the costs of having to comply with new regulations.Sensitivities to key assumptionsThe table below summarises the reasonably possible changes in key assumptions which most impact the carrying value of the UK CGU. Sensitivities for other CGUs have not been prepared as these are not considered key sources of estimation uncertainty. (Decrease)/Increase in carrying value \u00a3m UK Sensitivity2024 20231Pre-tax discount rate Increase of 1.5 percentage points nil n/a1Long term growth rate Decrease of 1.0 percentage point nil n/a1Adjusted Operating Profit Margin throughout the assessment period Decrease of 1.5 percentage point (41.3) n/a1Free cash flow in the terminal value Decrease by 10% nil n/a1 In 2023, Goodwill impairment for the UK CGU was not identified as a key source of estimation uncertainty, therefore sensitivity analysis was not prepared.Sensitivity analysis has also been conducted to assess the change required in each of the critical inputs in order to reduce the value in use to equal the carrying value.North America WeDriveU ALSA UKChange required to reduce headroom to nil2024 2023 2024 2023 2024 202313.0% 1.7% 4.1% n/aIncrease in pre-tax discount rate 4.9% n/a12.8% 1.7% 5.2% n/aReduction in long term growth rate 4.6% n/aReduction in adjusted operating 12.0% 1.1% 1.0% n/aprofit margin 3.7% n/a1 During 2024, a separation of the School Bus and WeDriveU operating divisions within North America has taken place; please see the Goodwill allocation section above for further detail2 In 2023, Goodwill impairment for the UK CGU was not identified as a critical source of estimation uncertainty, therefore sensitivity analysis was not prepared.Service Customer concessionContractGoodwillcontractsintangiblesSoftwarecostsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCost:At 1 January 2023 1,674.9 914.3 99.6 150.5 37.0 2,876.3Acquisitions 0.7 4.3 \u2013 \u2013 \u2013 5.0Additions \u2013 0.1 31.4 6.9 \u2013 38.4Disposals \u2013 (0.2) (6.7) (8.0) \u2013 (14.9)Reclassifications \u2013 0.5 \u2013 (0.7) \u2013 (0.2)Foreign exchange (52.6) (29.0) (0.3) (4.4) (0.7) (87.0)At 31 December 2023 1,623.0 890.0 124.0 144.3 36.3 2,817.6Amortisation and impairment:At 1 January 2023 318.7 776.6 16.5 113.8 29.8 1,255.4Charge for year \u2013 33.0 8.8 11.1 0.9 53.8Disposals \u2013 (0.2) (2.2) (7.9) \u2013 (10.3)Impairment \u2013 2.0 \u2013 \u2013 \u2013 2.0Reclassifications \u2013 0.1 \u2013 (0.4) \u2013 (0.3)Foreign exchange (6.4) (24.0) \u2013 (3.8) (0.6) (34.8)At 31 December 2023 312.3 787.5 23.1 112.8 30.1 1,265.8Net book value:At 31 December 2023 1,310.7 102.5 100.9 31.5 6.2 1,551.8At 1 January 2023 1,356.2 137.7 83.1 36.7 7.2 1,620.915 Property, plant and equipmentPlant and equipment,Land and Public service fixtures and buildingsvehiclesfittingsTotal\u00a3m\u00a3m\u00a3m\u00a3mCost:At 1 January 2024 395.9 2,127.9 199.9 2,723.7Acquisitions 1.7 24.4 0.5 26.6Additions 58.9 208.5 22.8 290.2Disposals (25.4) (182.4) (16.1) (223.9)Reclassifications 9.6 (30.2) (10.1) (30.7)Foreign Exchange (3.8) (26.3) (3.8) (33.9)At 31 December 2024 436.9 2,121.9 193.2 2,752.0Depreciation and impairment:At 1 January 2024 205.5 1,205.3 148.4 1,559.2Charge for the year 41.8 159.5 12.1 213.4Disposals (16.5) (156.2) (10.4) (183.1)Impairments 1.4 3.5 0.6 5.5Reclassifications 10.6 (24.6) (4.9) (18.9)Foreign exchange (2.2) (12.4) (3.1) (17.7)At 31 December 2024 240.6 1,175.1 142.7 1,558.4Net book value:At 31 December 2024 196.3 946.8 50.5 1,193.6At 1 January 2024 190.4 922.6 51.5 1,164.5Depreciation 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 and WeDriveU, the estimated carrying value of diesel vehicles in each of the Group\u2019s divisions at their respective targeted date of transition to a fully zero emission fleet is \u00a3nil. In UK Bus, where the target date is 31 December 2030, the remaining net book value of existing diesel vehicles at transition is estimated to be \u00a329.3m, 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. However, in a more extreme scenario, assuming the vehicles were not able to be sold and therefore the residual value was \u00a3nil at their transition date, a \u00a34.9m increase in the annual depreciation charge would be required from 1 January 2025.In WeDriveU, where the target date is also 31 December 2030, the remaining net book value of existing diesel vehicles at transition is estimated to be \u00a312.9m, assuming no change to the useful lives. Considering that our transition target is significantly ahead of the earliest expected date that the United States would ban the use of diesel vehicles, the Directors consider that they will be able to recover such value through their sale. However, in a more extreme scenario, assuming the vehicles were not able to be sold and therefore the residual value was \u00a3nil at their transition date, a \u00a32.1m increase in the annual depreciation charge would be required from 1 January 2025.In an alternative scenario, under one of our climate modelling scenarios described within the TCFD disclosures in the Strategic Report, whereby no diesel-powered vehicles could be used anywhere in the Group after 31 December 2035, the annual depreciation expense from 1 January 2025 would increase by \u00a32.6m.Details of leased assets included within property, plant and equipment are provided in note 33.Plant and equipment,Land and Public service fixtures and buildingsvehiclesfittingsTotal\u00a3m\u00a3m\u00a3m\u00a3mCost:At 1 January 2023 397.0 2,245.5 202.4 2,844.9Acquisitions 0.6 1.6 0.2 2.4Additions 45.7 187.3 11.8 244.8Disposals (37.0) (237.5) (13.9) (288.4)Reclassifications (0.8) (2.1) 2.1 (0.8)Foreign Exchange (9.6) (66.9) (2.7) (79.2)At 31 December 2023 395.9 2,127.9 199.9 2,723.7Depreciation and impairment:At 1 January 2023 197.4 1,321.3 150.9 1,669.6Charge for the year 38.0 148.9 12.4 199.3Disposals (28.1) (224.1) (12.9) (265.1)Impairments 2.4 \u2013 \u2013 2.4Reclassifications 1.4 (2.0) \u2013 (0.6)Foreign exchange (5.6) (38.8) (2.0) (46.4)At 31 December 2023 205.5 1,205.3 148.4 1,559.2Net book value:At 31 December 2023 190.4 922.6 51.5 1,164.5At 1 January 2023 199.6 924.2 51.5 1,175.316 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 38, 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.Mobico 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 2024 2023National 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 2024 2023Durham 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 100 100% equity interestIncorporated in Canada 2024 2023Stock Transportation Limited Operation of school bus services 100 100% equity interestIncorporated in Spain 2024 20231General Tecnica Industrial S.L.U.Holding company for operating companies 100 1001NEX Continental Holdings S.L.U.Holding company for operating companies 100 100% equity interestIncorporated in Morocco 2024 2023Groupe 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 2024 2023National Express Rail GmbH Operation of train passenger services 100 1001 The main holding companies of the ALSA Group17 Financial assets at fair value through Other Comprehensive Income 20242023\u00a3m\u00a3mFair value:At 1 January 15.2 16.8Acquisitions in the year 0.3 \u2013Additions in the year 0.4 0.5Disposals in the year \u2013 \u2013Fair value movement in the year 9.1 (1.4)Foreign exchange \u2013 (0.7)At 31 December 25.0 15.2The principal financial assets at fair value through Other Comprehensive Income are as follows:2024202320242023 ProportionProportionFair valueFair value heldheldName Segment\u00a3m\u00a3m%%Metros Ligeros de Madrid, S.A. ALSA 7.0 7.3 15 15Transit Technologies Holdco North America 17.2 7.8 6.3 8.8Other small investments within ALSA ALSA 0.8 0.1 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). The fair value of these investments is typically determined by using recent and forecast earnings. Subsequent to the balance sheet date, the Group sold its share of Transit Technologies Holdco for a total consideration of $21.9m on 3 March 2025, as disclosed in note 39. As the remaining investments held are individually immaterial sensitivity analysis has not been disclosed. No dividends were received from the investments during either the current or prior year.18 Investments accounted for using the equity methodInvestments accounted for using the equity method are as follows:20242023\u00a3m\u00a3mAssociates 4.4 5.5Joint ventures 2.1 5.6Total investments accounted for under the equity method 6.5 11.1The Group\u2019s share of post-tax results from associates and joint ventures accounted for using the equity method is as follows:20242023\u00a3m\u00a3mTotal share of results from associates (a) 3.3 (0.5)Total share of results from joint ventures (b) (0.1) \u2013Total share of results from associates and joint ventures 3.2 (0.5)Total share of results and comprehensive income/(expense) from associates and joint ventures 3.2 (0.5)(a) Investments in associatesThe Group\u2019s interests in associates are as follows:Country ofProportionNameregistrationheld %ALSA associates Spain 25-49North 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.The summarised aggregated financial information for individually immaterial associates is set out below:20242023\u00a3m\u00a3mShare of operating loss (0.2) (0.5)Share of total comprehensive income and expenditure \u2013 \u20131Gain on disposal3.5 \u2013Total share of results from associates 3.3 (0.5)Total share of results and comprehensive income/(expense) from associates 3.3 (0.5)1 During the year the North America division disposed of an associate with a carrying investment value of \u00a32.2m for a consideration of \u00a35.7m. The consideration received is shown within Receipts relating to joint ventures and associates in the Group Statement of Cash Flows. The equity method of accounting was applied up to the date significant influence transferred to the buyer. (b) Investments in joint ventures The Group has a joint venture in the Kingdom of Bahrain operating urban bus services. ALSA has multiple joint ventures involving the operation of coach and bus services, management of bus stations and similar operations. The Group\u2019s interests in joint ventures are as follows:Country ofProportionNameregistrationheld %Bahrain joint venture Kingdom of Bahrain 50ALSA joint ventures Spain 50The summarised aggregated financial information for individually immaterial joint ventures is set out below:20242023\u00a3m\u00a3mShare of operating loss (0.1) \u2013Share of total comprehensive income and expenditure \u2013 \u2013Total share of results from joint ventures (0.1) \u2013Total share of results and comprehensive income from joint ventures (0.1) \u201319 Business combinations, disposals and assets held for sale(a) Acquisitions \u2013 ALSAOn 1 March 2024 the ALSA division obtained control of Canary Bus (known as Grupo 1844) by acquiring 100% of the voting rights on this date. Canary Bus is the leading provider of tourist and discretionary services in the Canary Islands. This acquisition sees ALSA become a key player in the Canary Islands mobility market, significantly increasing its activity in the tourism transport sector, a segment which is expected to grow over the next few years. The provisional fair values of Canary Bus are noted below, along with an adjustment to the fair value of a prior acquisition (Tranvias De Sevilla) within the remeasurement period:Tranvias De Canary BusSevillaTotal\u00a3m\u00a3m\u00a3mInvestments (note 17) 0.3 \u2013 0.3Intangible assets (note 14) 0.1 1.9 2.0Property, plant and equipment (note 15) 26.6 \u2013 26.6Inventory 2.3 \u2013 2.3Trade and other receivables 31.3 \u2013 31.3Other debt receivables 3.5 \u2013 3.5Cash and cash equivalents 2.9 \u2013 2.9Borrowings (16.1) \u2013 (16.1)Trade and other payables (44.9) \u2013 (44.9)Provisions (note 26) (1.5) \u2013 (1.5)Deferred tax asset (note 27) 1.8 (0.5) 1.3Net assets acquired 6.3 1.4 7.7Goodwill (note 14) 54.5 (1.4) 53.1Total consideration 60.8 \u2013 60.8Represented by:Cash consideration 38.3 \u2013 38.31Deferred consideration22.5 \u2013 22.560.8 \u2013 60.81 During the year \u00a312.7m of deferred consideration was paid, the remaining \u00a39.8m will be settled within 12 months of the balance sheet date As 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 provisions and intangible assets acquired.Trade and other receivables had a fair value and a gross contracted value of \u00a331.3m. The best estimate at acquisition date of the contractual cash flows not to be collected was \u00a3nil.Goodwill of \u00a353.1m per the above table is comprised of \u00a354.5m arising from the Canary Bus acquisition, less a fair value adjustment relating to a prior acquisition resulting in a reduction in goodwill of \u00a31.4m. These are further described below.Goodwill of \u00a354.5m arising from the Canary Bus acquisition consists of certain intangibles that cannot be separately identified and measured due to their nature. This includes becoming a key player in the Canary Islands mobility market, significantly increasing ALSA\u2019s activity in the tourist transport, a segment where it is intended to grow over the next few years. None of the goodwill recognised is expected to be deductible for income tax purposes.During the period the fair value adjustments relating to intangibles acquired in 2023 as part of the Tranvias De Sevilla acquisition were finalised. This resulted in an increase in the fair value of separately identifiable intangibles acquired, a corresponding decrease in deferred tax asset, and a reduction in goodwill of \u00a31.4m. The acquired Canary Bus business has contributed \u00a340.0m of revenue and \u00a37.7m adjusted operating 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 \u00a33,420.4m and the Group\u2019s statutory operating loss for the period would have been \u00a3518.4m.Acquisition costs of \u00a31.5m (2023: \u00a3nil) have been charged to the Income Statement. Deferred consideration of \u00a316.1m was paid in the period of which \u00a312.7m related to Canary Bus and \u00a33.4m related to acquisitions in ALSA in earlier years. Total cash outflow in the period from acquisitions in the ALSA division was \u00a329.2m, comprising consideration for current year acquisitions of \u00a332.1m (cash consideration above includes a prepayment of \u00a36.2m paid in 2023), less cash acquired in the businesses of \u00a32.9m.In North America deferred consideration of \u00a30.1m was paid in the period relating to acquisitions in earlier years. (b) Acquisitions \u2013 further informationThe movement in deferred consideration and deferred contingent consideration in the year is as follows:20242023\u00a3m\u00a3mFair value:At 1 January 8.7 11.7Additions in the year 22.5 0.8Payments during the year (16.2) (3.6)Fair value movement of deferred contingent consideration through Profit and Loss \u2013 \u2013Foreign exchange (0.3) (0.2)At 31 December 14.7 8.7Split of consideration: Deferred consideration 14.0 8.01 Deferred contingent consideration0.7 0.71 Relates to a prior ALSA acquisition and is expected to be settled within 12 months of the balance sheet dateThe 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 of deferred contingent consideration is not highly sensitive to changes in significant unobservable inputs and therefore sensitivities to the valuation have not been disclosed.(c) DisposalsAs part of a UK restructuring the Group disposed of entities and properties within its UK division for consideration of \u00a36.6m, recognising a gain on disposal of \u00a33.2m in the Income Statement within adjusting items. The results of these entities were included within the Group Income Statement to the date of disposal when control was transferred to the buyer.(d) Assets held for saleAt the balance sheet date the Group had no assets held for sale. In the prior year, in ALSA, a building with a carrying value of \u00a318.2m met the held for sale IFRS 5 criteria and was subsequently sold in 2024 for proceeds of \u00a321.2m. A net loss of \u00a30.7m has been recognised in the Group Income Statement relating to this sale, comprising a net gain on disposal of \u00a32.8m less a commission payable of \u00a33.5m to a related party (see note 35). 20 Other non-current receivables20242023\u00a3m\u00a3mContract assets 136.6 127.4Prepayments 4.7 6.1 Other receivables 28.4 20.3 169.7 153.8 Other receivables includes \u00a35.5m (2023: \u00a35.5m) of property disposal proceeds that are payable to the Group on vacant possession and \u00a38.3m (2023: \u00a38.1m) of insurance recoveries.Contract assets includes \u00a385.4m (2023: \u00a378.8m) due from customers relating to infrastructure assets under service concession arrangements primarily in ALSA and North America (see note 36 for details of the Group\u2019s service concession arrangements). Contract assets also include an IFRS 15 contract asset under the long term RME German Rail contract of \u00a351.2m (2023: \u00a348.6m).The profitability of the RME contract is sensitive to estimates relating to the future profitability of the rail contract, particularly relating to the estimate of future passenger revenues over the remainder of the contract; the total cost of labour and overhead; including investment in new drivers, training and supporting activity to run the contracts, levels of contractual penalties suffered (primarily due to driver shortages) and the level of energy compensation. The sensitivities of the IFRS 15 contract asset and cumulative future profitability of the contract to movements in these individual assumptions are set out below. Noting that the impact of some assumptions is not individually material, however, it is considered reasonably possible that the sensitivities could occur concurrently and are material in aggregate and therefore are considered relevant to present herein.It is important to note, however, that these sensitivities are prior to any mitigations that might be agreed (between the Group and the PTA) in the context of a contract that requires both the operator and the PTA to economically re-balance the contract if events outside of the control of the operator impact the original profitability of the contract.Passenger income growth sensitivitiesThe RME contract asset balance is sensitive to changes in management\u2019s estimate of forecast passenger revenues over the remaining contract life to 2030. In recent years, the German government has promoted rail travel with a series of initiatives including the \u20ac58 in 2025 (previously \u20ac49) ticket scheme, which allows heavily subsidised travel across the rail network. Rail operators have been compensated for the associated loss of income. This scheme is currently set to end at the end of 2025, but is likely to be continued in some form beyond, which is dependent on central federal government decision-making. Therefore, we have assumed that the \u20ac58 ticket scheme (or an equivalent thereof) continues beyond the end of 31 December 2025 to the end of the contract; and if the scheme were to end during this period, we assume that there is further intervention from the authorities to support the market and therefore revenue to German Rail under the contract. In our view, this is consistent with recent guidance from the authorities regarding tariff setting in recent years, and the underlying intention of the contract. The passenger revenue forecast, including the assumption around the continuation of the \u20ac58 ticket scheme, has been developed based on historic data and using a market forecast informed by an independent third party. However, in terms of sensitivities:\u2022 a 1 percentage point reduction (or increase) in forecasted annual average revenue in each year from 2026 to 2030 would require a reduction (increase) in the contract asset balance of c. \u00a37m (such that there would be a non-cash charge (credit) in the year of this amount as a result of the change to the contract asset), and would reduce (increase) the cumulative future profitability of the contract by approximately \u00a310m for the period 2026 to 2030); and \u2022 a reduction (or increase) in total revenue in 2026 of 5% (with growth rates for the period 2027 to 2030 remaining unchanged against the sensitised base from 2026) would require a reduction (increase) in the contract asset balance of c. \u00a315m (such that there would be a non-cash charge in the year of this amount as a result of the change to the contract asset), and would reduce (increase) the cumulative future profitability of the contract by approximately \u00a321m for the period 2026 to 2030. Labour costs sensitivityChanges to assumptions on labour costs impact the total lifetime net cost of the contract. The RME contract contains a mechanism to compensate for changes in labour costs of 1.5% p.a. on a set contract labour cost allowance; hence the business is therefore exposed to any inflation above this level, as has been modelled within the long-term forecast. We have assumed that a significant investment in labour cost and associated training is required in order to address the current driver shortfall and avoid suffering associated penalties from cancellations as a result. We have assumed the driver shortage recedes through 2025 and to be fully addressed by the end of 2026.An increase (or decrease) in labour costs over the remaining contract period of 5% would require a reduction (increase) in the contract asset balance of c. \u00a32m (such that there would be a non-cash charge (credit) in the year of this amount as a result of the change to the contract asset), and would reduce (increase) the cumulative future profitability of the contract by approximately \u00a33m for the period 2026 to 2030). Energy cost and energy subsidy sensitivityChanges to assumptions about future energy costs (and related energy subsidy under the contract) impact the total lifetime net cost of the contract. The RME contract contains a synthetic energy mechanism which is intended to compensate for changes in electricity costs, with the energy subsidy linked to the performance of an index (Index 625) published by DeStatis, the German Federal Statistics Agency on a monthly basis. We have assumed that energy costs develop in line with long run market energy price forecasts which are based on third party forecasts, and that the 625 index (which drives the synthetic energy subsidy) moves on the basis of this same future energy price development in line with the regression analysis of 625 index behaviour performed by management.\u2022 A decrease (or increase) in energy costs of 20% (and the consequent proportionally higher associated forecast changes in Index 625 which impacts on the subsidy) would require a reduction (increase) in the contract asset balance of c.\u00a32m (such that there would be a non-cash charge in the year of this amount as a result of the change to the contract asset), and would reduce (increase) the cumulative future profitability of the contract by approximately \u00a31m for the period 2026 to 2030).21 Inventories20242023\u00a3m\u00a3mRaw materials and consumables 34.0 33.7The movement on the provision for slow moving and obsolete inventory is immaterial.22 Current assets \u2013 trade and other receivables20242023\u00a3m\u00a3mTrade receivables 293.5 285.9 Grant receivables 37.7 34.4 Contract assets 136.0 122.0Amounts due from associates and joint ventures (note 35) 3.2 3.2Amounts due from other related parties (note 35) 1.4 0.6Trade and grant receivables and contract assets 471.8 446.1Less: provision for impairment of receivables (note 29) (41.5) (41.5) 430.3 404.6Other receivables 78.0 111.2 Prepayments 36.4 55.9Accrued income 2.8 1.4 547.5 573.1 Trade receivables excludes \u00a3106.7m (2023: \u00a374.9m) that was subject to factoring arrangements without recourse and for which no customer payment had been received at year end.Contract assets include \u00a315.7m (2023: \u00a314.2m) due from customers relating to infrastructure assets under service concession arrangements primarily in ALSA and North America (see note 36 for details of the Group\u2019s service concession arrangements). Also included is an IFRS 15 contract asset receivable within one year under the long term RME German Rail contract (see note 20 for further details). 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 29. 23 Cash and cash equivalents20242023\u00a3m\u00a3mCash at bank and in hand 129.4 186.1Overnight deposits 0.1 0.2Other short-term deposits 115.0 170.0Cash and cash equivalents 244.5 356.3Included within cash and cash equivalents are certain amounts which are subject to contractual or regulatory restrictions or withholding tax levied on repatriation of cash. These amounts held are not readily available for other purposes within the Group, and if repatriated would result in \u00a30.9m of withholding tax (2023: \u00a32.6m).Cash at bank and in hand earns interest at floating rates based on daily bank deposit rates.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 and can fluctuate from positive to negative balances during the period. Net cash and cash equivalents comprise as follows:20242023\u00a3m\u00a3mCash and cash equivalents 244.5 356.3Bank overdrafts (note 28) (41.4) (62.6)Net cash and cash equivalents 203.1 293.724 Current liabilities \u2013 trade and other payables20242023\u00a3m\u00a3mTrade payables 297.9 298.9Contract liabilities 156.2 177.6Amounts owed to associates and joint ventures (note 35) 0.5 1.1Amounts owed to other related parties (note 35) 5.4 1.4Other tax and social security payable 53.5 48.9Accruals and deferred income 261.6 229.5Other payables 245.7 194.6Put liability 8.2 8.61,029.0 960.6Trade payables are normally settled on 30 to 60 day terms.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 \u00a3156.2m (2023: \u00a3177.6m) current contract liabilities, \u00a3112.1m (2023: \u00a3117.7m) will be recognised in revenue within the next 12 months as the Group completes its performance obligations. The remaining liability of \u00a344.1m (2023: \u00a359.9m) relates to payments for IFRIC 12 infrastructure assets which will be made within the next 12 months. During the year the Group has recognised revenue of \u00a3117.7m (2023: \u00a369.6m) which was included in contract liabilities at the end of 2023.Other payables includes \u00a3205.8m (2023: \u00a3166.1m) 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 \u00a32.4m (2023: \u00a32.3m), deferred expense-related grants of \u00a33.2m (2023: \u00a33.1m) and \u00a312.8m (2023: \u00a34.8m) of deferred or contingent consideration for businesses acquired, of which \u00a39.8m (2023: \u00a30.1m) relates to businesses acquired in the year (note 19).A put liability for \u00a38.2m (2023: \u00a38.6m) relates to the purchase of the non-controlling interest in a subsidiary in Morocco. In January 2024 an arbitrator ruled on a long-standing dispute between the Group and the non-controlling interest which resulted in the triggering of a put option for the non-controlling interest to sell their shares to us. A put liability has therefore been recognised for the estimated value to purchase the shares from the non-controlling interest.Supplier finance arrangements The Group participates in supply chain financing arrangements in its North America and ALSA divisions. These arrangements are similar in nature whereby a number of the Group\u2019s banks agree to pay amounts to a participating supplier in respect of invoices owed by the Group and receives settlement from the Group at the invoice due date. The bank does not charge the Group for participating in these arrangements as the cost is borne by the supplier.Supplier finance arrangements in North America relate to the purchase of fleet where invoice due dates range from 183 to 363 days. Similarly, for fleet suppliers in North America who are not on supply chain finance, the range is 210 to 390 days. In ALSA, most of the supplier finance balance relates to fleet and fuel purchases. Invoice due dates range from 105 to 365 days for fleet purchases and 343 to 347 days for fuel. All fleet and fuel suppliers in ALSA are part of the supply chain finance therefore a comparable supplier outside of this arrangement is not available. If the Group exited from its supply chain financing arrangements, there would be no impact on the Group\u2019s cash flow. Settlement of invoices under these arrangements are made on the invoice due date and do not impact the timing of payments for the Group. The principal purpose of these arrangements is to facilitate efficient payment processing for the Group and enable willing suppliers to receive payments from the bank before the invoice due date. Of the above trade and other payables balance, \u00a3222.6m are part of supplier finance arrangements. At the balance sheet date all suppliers had received early settlement from the Group\u2019s banks. The Group will settle all balances directly with these banks within the next 12 months in accordance with the original invoice payment terms. There are no supplier finance arrangements included within borrowings. 25 Other non-current liabilities20242023\u00a3m\u00a3mContract liabilities 83.1 83.4Other payables 33.8 31.8116.9 115.2Contract liabilities include \u00a383.1m (2023: \u00a376.9m) of liabilities associated with the purchase of infrastructure assets as part of service concession arrangements which are expected to be settled over the life of the contract (see note 36 for details of the Group\u2019s service concession arrangements).Other payables includes \u00a312.2m (2023: \u00a37.4m) of deferred fixed asset grants from government or other public bodies, \u00a31.9m (2023: \u00a33.9m) of deferred consideration for businesses acquired (of which \u00a3nil (2023: \u00a30.7m) relates to businesses acquired in the year (note 19), and expense related grants of \u00a317.5m (2023: \u00a318.9m). 26 ProvisionsOnerousClaims contract provisionprovisionsOtherTotal\u00a3m\u00a3m\u00a3m\u00a3m1At 1 January 2024 (as reported)78.1 129.4 37.2 244.71Prior year restatement\u2013 21.8 \u2013 21.81At 1 January 2024 (as restated)78.1 151.2 37.2 266.5Acquisitions \u2013 \u2013 1.5 1.5Charged to the Income Statement 39.0 81.6 3.8 124.4Utilised in the year (41.9) (48.9) (14.9) (105.7)Unwinding of discount 5.8 2.8 \u2013 8.6Exchange difference 1.2 (7.4) (1.1) (7.3)At 31 December 2024 82.2 179.3 26.5 288.0Current 31 December 2024 47.0 53.0 15.8 115.8Non-current 31 December 2024 35.2 126.3 10.7 172.282.2 179.3 26.5 288.01Current 31 December 2023 (restated)47.0 42.0 19.3 108.31Non-current 31 December 2023 (restated)31.1 109.2 17.9 158.278.1 151.2 37.2 266.51 Restated for a correction to the German Rail onerous contract provision, see note 2 for further informationClaims 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. The Directors have determined the best estimate of the probable economic outflow based on the expected value of the amounts which will be needed to settle the liability. The claims provision has been discounted using a rate based on external bond prices.Onerous contractsProvisions for onerous contracts relate to loss making contracts in North America, Germany and UK. The Directors have determined the best estimate of the probable economic outflow based on the lower of i) the expected value of the losses which will be incurred in fulfilling the contract, and ii) the cost to exit the contract. 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 RRX rail contracts, where the Group is exposed to costs that are not fully covered by subsidy received from the PTA. The Group\u2019s latest assessment identified a further reduction in the contracts\u2019 profitability following updated assumptions relating to the anticipated levels of driver shortages (and the duration thereof) and movements in labour and other costs, as fully described in Note 2. Collectively, this led to an increase in the provision in the year of \u00a386.4m, with a closing provision of \u00a3176.1m at 31 December 2024 (2023 restated: \u00a3140.1m) to cover the losses associated with running the contracts for the remainder of the term.The RRX rail contracts run until 2033 and therefore given the long-term cash forecasts being modelled, the provision is highly sensitive to a number of key inputs and assumptions, where individual changes can have a material impact on the provision, as been observed in the last two financial years. A key assumption as at the end of 31 December 2024 is that the relationship with the PTAs and other key external parties and stakeholders continue to be collaborative, with an expected continuation of the mileage reduction agreed in 2024 and also the \u20ac58 ticket scheme or an equivalent thereof. A deterioration in either the underlying contractual relationship with the PTA and other parties and/or the operating environment could cause a significant increase in costs for the Group and therefore result in a further material movement in the onerous contract provision.Specific sensitivities are detailed below, but at a high level and ceteris paribus, an increase/(decrease) in total operating costs of 5% would result in a (decrease)/increase in the Onerous Contract Provision of approximately \u00a345m.It is important to note, however, that these sensitivities are prior to any mitigations that might be agreed (between the Group and the PTA) in the context of a contract that requires both the operator and the PTA to economically re-balance the contract if events outside of the control of the operator impact the original profitability of the contract.The provision is particularly sensitive to assumptions about the impact and duration of labour shortages (which have a direct impact on both labour cost investment and the level of penalties incurred as a result of train cancellations), and future energy costs (and the level of energy compensation to be received from the PTA). The sensitivity of the onerous contract provision to movements in these individual assumptions are set out below. Noting that the impact of some assumptions are not individually material, however it is considered reasonably possible that the sensitivities could occur concurrently and are material in aggregate, and therefore are considered relevant to present herein.Driver scarcity and penalties sensitivityDriver scarcity is an industry-wide issue which is expected to continue in the short-term and is described in detail in note 2. Whilst we have some degree of protection from \u201cgeneral\u201d inflationary increases to driver pay, continuing driver scarcity has resulted in the need to significantly invest in driver training and recruitment and can result in incurring higher agency driver costs and penalties relating to train cancellations. For the following sensitivity, we have assumed that the issues relating to driver scarcity will be largely resolved by 31 December 2026 and on this basis: \u2022 A delay in driver recruitment which pushes driver scarcity out by a further 12 months would result in an increase to the Onerous Contract Provision of approximately \u00a36m as a result of higher agency costs and increased penalties relating to train cancellations. Energy cost and energy subsidy sensitivityChanges to assumptions about future energy costs (and related energy subsidy under the contract) impact the total lifetime net cost of the contract. The RRX 2&3 contract contains a mechanism which is intended to compensate the Group for changes in electricity costs, with the energy subsidy linked to the performance of an index (Index 625) published by DeStatis, the German Federal Statistics Agency on a monthly basis. Because of an error made in the original bid model, only a portion of the energy cost under the RRX 2/3 contract is covered by the index mechanism. For RRX 1 a separate index, 626, is used, and we do not suffer from the bid error issue and as such this sensitivity considers RRX 2/3 only.We have assumed that energy costs develop in line with long run market energy price forecasts which are based on third party forecasts, and that the 625 index moves on the basis of this same future energy price development in line with the regression analysis of 625 index behaviour performed by management. On this basis:\u2022 An increase (or decrease) in uncovered energy costs (i.e. those costs that are not covered by the energy subsidy) of 20% would result in an increase (decrease) in the Onerous Contract Provision of approximately \u00a34m. This may occur through a change in volume, a change in price versus long term market forecasts used in the model or a change in coverage by the index.Discount rateChanges to the discount rate used to discount the onerous contract provision back to present value will impact on the carrying value of the provision. A risk-free rate has been used to discount the provision to present value at the balance sheet date.\u2022 An increase (or decrease) in the discount rate used of 1% would result in a decrease/(increase) in the Onerous Contract Provision of approximately \u00a37m.OtherOther includes provisions for potential reclaim of subsidies in ALSA of \u00a321.0m (2023: \u00a317.0m) all of which is expected to be utilised over the next three years, and restructuring provisions in the UK, ALSA and North America of \u00a34.6m (2023: \u00a318.5m), 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) 120242023\u00a3m\u00a3mNet deferred tax assets at 1 January 117.5 166.7Charge to the Income Statement (note 11 (d)) (148.1) (51.4)(Charge)/credit to Other Comprehensive Income or Equity (note 27(d)) (19.3) 7.1Exchange differences 1.8 (3.7)Acquired in business combinations (note 19) 1.3 (1.1)Net deferred tax (liabilities)/assets at 31 December (46.8) 117.61 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information (a) Deferred tax assets and liabilitiesThe presentation of deferred tax assets and deferred tax liabilities in the Balance Sheet sets off deferred tax assets against deferred tax liabilities where they relate to corporate income taxes levied by the same taxation authority and there is a legally enforceable right to set off current tax assets against current tax liabilities.2024UKUSCanadaSpainGermanyTotalDeferred tax assets\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mTax losses carried forward 0.2 1.8 3.7 9.3 \u2013 15.0Defined benefit pension scheme 2.8 \u2013 \u2013 \u2013 \u2013 2.8Intangible assets \u2013 8.1 \u2013 17.9 \u2013 26.0Tax credits \u2013 \u2013 \u2013 1.5 \u2013 1.5Other short-term temporary differences 5.5 53.0 1.1 2.1 18.0 79.78.5 62.9 4.8 30.8 18.0 125.02024UKUSCanadaSpainGermanyTotalDeferred tax liabilities\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAccelerated tax depreciation (11.2) (59.7) (6.4) (22.4) (1.6) (101.3)Other short-term temporary differences \u2013 (5.1) \u2013 (49.0) (16.4) (70.5)(11.2) (64.8) (6.4) (71.4) (18.0) (171.8)2024UKUSCanadaSpainGermanyTotalPer Balance Sheet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNet deferred tax assets \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Net deferred tax liabilities (2.7) (1.9) (1.6) (40.6) \u2013 (46.8)Net deferred tax liabilities (2.7) (1.9) (1.6) (40.6) \u2013 (46.8)1(Restated) 2023UKUSCanadaSpainGermanyTotalDeferred tax assets\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mTax losses carried forward 85.5 102.2 3.0 7.4 2.0 200.1Defined benefit pension scheme 7.5 \u2013 \u2013 \u2013 \u2013 7.5Intangible assets \u2013 \u2013 \u2013 21.4 \u2013 21.4Tax credits \u2013 10.5 \u2013 1.8 \u2013 12.3Other short-term temporary differences 5.1 70.2 1.1 4.5 20.4 101.398.1 182.9 4.1 35.1 22.4 342.61 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information 1(Restated) 2023UKUSCanadaSpainGermanyTotalDeferred tax liabilities\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAccelerated tax depreciation (13.9) (69.0) (6.0) (25.9) (5.5) (120.3)Intangible assets \u2013 (29.8) \u2013 \u2013 \u2013 (29.8)Other short-term temporary differences \u2013 (3.8) \u2013 (53.1) (18.0) (74.9)(13.9) (102.6) (6.0) (79.0) (23.5) (225.0)1 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information 1(Restated) 2023UKUSCanadaSpainGermanyTotalPer Balance Sheet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNet deferred tax assets 84.2 80.2 \u2013 \u2013 \u2013 164.4Net deferred tax liabilities \u2013 \u2013 (1.9) (43.9) (1.0) (46.8)Net deferred tax assets/(liabilities) 84.2 80.2 (1.9) (43.9) (1.0) 117.61 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information Deferred tax assets are recognised to the extent that the realisation of the related tax benefit is probable through the reversal of deferred tax liabilities and forecast future taxable profits. The same profit projections are used for these purposes as are used by the business, for example in assessing asset impairments. Refer to note 2 for details of the critical accounting judgements considered in recognising deferred tax assets at 31 December 2024.(b) Unrecognised deferred tax assetsThe Group did not recognise deferred tax assets in respect of tax losses carried forward as follows:2024UKUSAGermanySpainMoroccoOtherTotalUnrecognised tax losses\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross 459.0 850.1 126.7 14.9 38.4 8.7 1,497.8Tax 114.8 97.7 41.1 3.6 9.8 2.1 269.11(Restated) 2023UKUSAGermanySpainMoroccoOtherTotalUnrecognised tax losses\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross 101.8 56.5 88.4 16.4 45.1 12.5 320.7Tax 25.5 6.3 28.7 4.0 14.0 3.1 81.61 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information The benefits in respect of tax losses carried forward in the UK, Germany and Spain do not time expire. The benefits in respect of tax losses carried forward in the US relate to federal losses that do not time expire and state losses which expire within 5 to 20 years. The majority of the benefits in respect of tax losses carried forward in Morocco do not expire, however there is a small amount that are restricted to 4 years. The benefits of tax losses carried forward in Switzerland can be carried forward a maximum of 7 years.The Group did not recognise deferred tax assets in respect of restricted interest expenses in the UK and US, and onerous contract provisions in Germany as follows:2024Unrecognised tax timing UKUSAGermanySpainMoroccoOtherTotaldifferences\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross 107.7 93.1 120.5 \u2013 \u2013 \u2013 321.3Tax 26.9 36.7 39.1 \u2013 \u2013 \u2013 102.71(Restated) 2023Unrecognised tax timing UKUSAGermanySpainMoroccoOtherTotaldifferences\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross 38.5 \u2013 77.2 \u2013 \u2013 \u2013 115.7Tax 9.6 \u2013 25.0 \u2013 \u2013 \u2013 34.61 Restated for a correction to the German Rail onerous contract provision, see note 2 for further informationThe benefits in respect of restricted interest expenses in the UK and US do not time expire.(c) Temporary differences associated with Group investmentsAt 31 December 2024, no deferred tax (2023: \u00a3nil) has been recognised on the unremitted earnings of subsidiaries, associates and joint ventures, as the Group has determined that these undistributed profits will not be distributed in the foreseeable future. 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 they may be subject to withholding taxes or local tax liabilities incurred on distributions. At 31 December 2024, there are no temporary differences (2023: \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.(d) Tax on items recognised in Other Comprehensive Income or Equity20242023\u00a3m\u00a3mDeferred taxation:Deferred tax charge on actuarial gains 2.8 0.8Deferred tax charge/(credit) on cash flow hedges 0.7 (3.6)Deferred tax charge on foreign exchange differences 0.5 0.8Deferred tax charge/(credit) on hybrid instrument payments (see note below) 15.4 (5.3)Deferred tax (credit)/charge on share-based payments (0.1) 0.2Total tax charge/(credit) for the Group 19.3 (7.1)The \u00a315.4m current year deferred tax charge on the hybrid instrument comprises of a \u00a35.3m credit in relation to tax deductions for FY24 interest and a \u00a320.7m charge reversing all cumulative credits accounted for in reserves which arises from the derecognition of UK deferred tax assets on tax losses.28 Borrowings 20242023\u00a3m\u00a3mNon-currentBank loans 72.3 96.5Bonds 648.3 659.2Lease liabilities 141.7 130.2Private placements 396.5 404.7Non-current borrowings 1,258.8 1,290.6CurrentBank overdrafts 41.4 62.6Bank loans 107.9 150.7Lease liabilities 52.5 50.9Accrued interest on borrowings 7.1 7.0Current borrowings 208.9 271.2Total borrowings 1,467.7 1,561.8The effective interest rates on loans and borrowings at the balance sheet date were as follows:2024Effective2023Effective\u00a3m Maturityinterest rate\u00a3m Maturityinterest rateBank overdrafts 41.4 \u2013 \u2013 62.6 \u2013 \u2013Bank overdrafts 41.4 62.69-year Sterling bondGBP SONIA GBP SONIA 1231.6 November 2028+ 1.98%239.7 November 2028+ 3.23%8-year \u20ac500m Euro bond 408.6 September 2031 4.875% 427.6 September 2031 4.875%Bonds 648.3 659.2European bank loans at fixed rate 0.7 2025\u20132028 2.65% 33.0 2024\u20132026 3.80%European bank loans at floating rateEURIBOR EURIBOR 3.0 2025\u20132027+ 0.75% 1.2 2024\u20132025+ 0.75%Moroccan bank loans 40.9 2025\u20132029 4.27% 58.9 2024\u20132029 4.25%US asset backed bank loans 56.5 2025\u20132030 2.92% 70.3 2024\u20132030 3.03%2Advance factoring liabilities79.1 2025 3.93% 83.8 2024 4.85%Bank loans 180.2 247.2US Dollar leases at fixed rate 84.5 2025\u20132032 4.47% 75.6 2024\u20132028 3.50%European leases at fixed rate 40.4 2026\u20132031 4.17% 33.6 2024\u20132030 4.16%European leases at floating rateEURIBOR EURIBOR 0.1 2025\u20132027+ 1.00% 0.3 2024\u20132025+ 1.00%Sterling leases at fixed rate 69.2 2025\u20132120 4.45% 71.6 2024\u20132108 3.44%Leases 194.2 181.1Private placements 396.5 2027\u20132032 1.92% 404.7 2027\u20132032 1.92%Accrued interest \u2013 Bonds 6.4 6.3Accrued interest \u2013 Private placements 0.7 0.7Accrued interest on borrowings 7.1 7.0Total 1,467.7 1,561.81 There is currently a fixed to floating interest rate swap in place until November 2025. Subsequent to this the bond reverts to a fixed rate of 3.63% until maturity. During the year, following a change in the Group\u2019s credit rating, the fixed rate on this bond increased from 2.38% to 3.63% effective from November 2024.2 Advance factoring liabilities include \u00a320.7m (2023: \u00a317.4m) in ALSA at a floating rate with an average rate of 5.20% (2023: 5.20%), and \u00a358.4m (2023: \u00a366.4m) in German Rail with a fixed rate of 3.90% (2023: 4.75%). The nominal value of the Group\u2019s bonds and private placements reconcile to the book values as shown in the table above as follows:Nominal Unamortised Fair value valuedeal feesadjustmentBook valueAs at 31 December 2024\u00a3m\u00a3m\u00a3m\u00a3m9-year Sterling bond 250.0 (1.6) (8.7) 239.78-year \u20ac500m Euro bond 413.6 (5.0) \u2013 408.6Private placements 397.2 (0.7) \u2013 396.5Nominal Unamortised Fair value valuedeal feesadjustmentBook valueAs at 31 December 2023\u00a3m\u00a3m\u00a3m\u00a3m9-year Sterling bond 250.0 (2.0) (16.4) 231.68-year \u20ac500m Euro bond 433.6 (6.0) \u2013 427.6Private placements 405.7 (1.0) \u2013 404.7The Group currently has \u00a3600.0m of unsecured committed revolving credit facilities, details of which are set out in the liquidity risk section of note 29.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\u20132 years2\u20133 years3\u20134 years4\u20135 years> 5 yearsTotalAs at 31 December 2024\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mFixed rateBank loans (86.5) (24.6) (23.4) (18.4) (3.3) (1.1) (157.3)Bonds \u2013 \u2013 \u2013 \u2013 \u2013 (408.6) (408.6)Finance lease receivables 3.2 2.6 2.4 2.5 2.1 5.2 18.0Lease liabilities (52.5) (36.1) (25.6) (21.6) (12.2) (46.1) (194.1)Private placements \u2013 \u2013 (233.5) \u2013 \u2013 (163.0) (396.5)Floating rateCash assets 244.5 \u2013 \u2013 \u2013 \u2013 \u2013 244.5Other debt receivables 2.7 \u2013 \u2013 \u2013 \u2013 \u2013 2.7Bank overdrafts (41.4) \u2013 \u2013 \u2013 \u2013 \u2013 (41.4)Bank loans (21.4) \u2013 (1.5) \u2013 \u2013 \u2013 (22.9)Bonds \u2013 \u2013 \u2013 (239.7) \u2013 \u2013 (239.7)Lease liabilities \u2013 (0.1) \u2013 \u2013 \u2013 \u2013 (0.1)< 1 year1\u20132 years2\u20133 years3\u20134 years4\u20135 years> 5 yearsTotalAs at 31 December 2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mFixed rateBank loans (132.1) (27.9) (24.4) (22.4) (17.5) (4.3) (228.6)Bonds \u2013 \u2013 \u2013 \u2013 \u2013 (427.6) (427.6)Finance lease receivables 2.7 1.4 0.5 0.6 0.4 3.6 9.2Lease liabilities (50.6) (30.5) (23.2) (14.5) (11.7) (50.3) (180.8)Private placements \u2013 \u2013 \u2013 (233.9) \u2013 (170.8) (404.7)Floating rateCash assets 356.3 \u2013 \u2013 \u2013 \u2013 \u2013 356.3Other debt receivables 2.9 \u2013 \u2013 \u2013 \u2013 \u2013 2.9Bank overdrafts (62.6) \u2013 \u2013 \u2013 \u2013 \u2013 (62.6)Bank loans (18.6) \u2013 \u2013 \u2013 \u2013 \u2013 (18.6)Bonds \u2013 \u2013 \u2013 \u2013 (231.6) \u2013 (231.6)Lease liabilities (0.3) \u2013 \u2013 \u2013 \u2013 \u2013 (0.3)29 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.There have been no substantive changes in the Group\u2019s exposure to financial risks, its objectives, polices and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. 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.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 and be equally offset in the Income Statement by movement in the underlying transactional exposures.At the year end, the Group had outstanding foreign exchange derivatives for net investment purposes of USD 474.0m and CAD 46.0m (2023: foreign exchange derivatives for net investment purposes of USD 320.0m and CAD 46.0m). These foreign exchange forward contracts are derivative financial instruments designated as net investment hedges of foreign currency assets. Borrowings of EUR 740.0m (2023: EUR 740.0m) are also designated as a net investment hedge. The Group\u2019s internal policy is for levels of net investment hedges by currency to not exceed 80% of the underlying foreign currency net assets.If there was a 10% movement in foreign currency exchange rates, the effect on the translation reserve from a movement in the translated value of the foreign currency denominated loans and change in fair value of the derivative contracts would be an exchange gain or loss of \u00a331.8m (2023: \u00a330.5m) relating to US Dollar, \u00a379.3m (2023: \u00a345.3m) relating to Euro, and \u00a31.1m (2023: \u00a30.4m) relating to Canadian Dollar. These movements would be partially offset by an opposite movement in the translated value of the related portion of the Group\u2019s overseas net investments.Interest 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 2024, the proportion of the Group\u2019s gross debt at floating rates was 21% (2023: 21%).During the year, inflation and fiscal policy have impacted the interest rate on the floating portion of debt. If the interest rates applicable to floating rate instruments were increased by 100 basis points, with all other variables held constant, it is estimated that the Group\u2019s profit before taxation would decrease by approximately \u00a32.5m (2023: \u00a32.5m) relating to Sterling. The analysis assumes that the amount and mix of floating rate instruments, including finance leases, remains unchanged from that in place at 31 December 2024.Certain fixed rate borrowings are impacted by changes in the Group\u2019s credit rating. During the year, following a change in the Group\u2019s credit rating, the 9-year sterling bond fixed interest rate increased from 2.38% to 3.63% effective from November 2024. The annualised impact of this change in future years is a \u00a33.1m increase in interest costs. Additionally, the margin charged on utilisations of the Group\u2019s \u00a3600.0m unsecured committed revolving credit facility increased from GBP SONIA + 0.55% to GBP SONIA + 0.85% during the year due to the credit rating changes. No other fixed rate borrowings are impacted by any changes to the Group\u2019s credit rating. Commodity 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 2024, the Group had hedged approximately 98% of its 2025 expected usage, 52% of its expected usage in 2026 and 13% of its expected usage in 2027.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, with all other variables held constant, would have been a movement to the Group\u2019s hedging reserve of \u00a33.3m relating to sterling dominated contracts, \u00a33.2m relating to US Dollar dominated contracts and \u00a37.8m relating to Euro dominated contracts, at 31 December 2024 (2023: \u00a34.0m relating to sterling dominated contracts, \u00a35.1m relating to US Dollar dominated contracts and \u00a36.9m relating to Euro dominated contracts). 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 net carrying value of each of its financial assets, which are shown within the classification of financial instruments table in note 30.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, particularly as even in the event of financial or liquidity issues suffered by public bodies, the nature of the services provided by the Group are very likely to be classified as essential or priority and therefore we would still anticipate settlement of any amounts owed. 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 related party receivables, which are deemed similar in nature to trade 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.The table below shows the credit risk exposure on the Group\u2019s trade receivables (including grant receivables and related party receivables) and contract assets as at 31 December 2024:Days past dueBetween Between Carrying Not Less than 30 and 60 61 and 90Over amountyet due30 daysdaysdays90 days31 December 2024\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross carrying amount \u2013 trade and grant receivables, related party receivables and contract assets (current and non-current) 608.4 347.9 70.7 17.2 12.6 160.0Loss allowance (41.5) (2.3) (1.8) (1.3) (2.5) (33.6)566.9 345.6 68.9 15.9 10.1 126.4Expected loss rate 6.8% 0.7% 2.5% 7.6% 19.8% 21.0%Days past dueBetween Between Carrying Not Less than 30 and 60 61 and 90Over amountyet due30 daysdaysdays90 days31 December 2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross carrying amount \u2013 trade and grant receivables, related party receivables and contract assets (current and non-current) 573.5 393.8 33.3 25.5 13.3 107.6Loss allowance (41.5) (1.8) (1.3) (1.5) (2.0) (34.9)532.0 392.0 32.0 24.0 11.3 72.7Expected loss rate 7.2% 0.5% 3.9% 5.9% 15.0% 32.4%Trade and grant receivables and contract assets over 90 days primarily comprises amounts due from public authorities in ALSA where amounts are settled on approval from the local governing bodies at the end of the school period. A loss provision of \u00a333.6m (2023: \u00a334.9m) is in place against these receivables. The closing loss allowance for trade and grant receivables and contract assets as at 31 December 2024 reconciles to the opening loss allowance as follows:20242023\u00a3m\u00a3mAt 1 January 41.5 43.2Net increase/(decrease) in loss allowance recognised in Income Statement during the year 3.2 (0.1)Utilised in the year (1.7) (0.7)Acquisitions 0.3 \u2013Exchange difference (1.8) (0.9)At 31 December 41.5 41.5Trade and grant receivables and contract assets are written off when there is no reasonable expectation of recovery.Impairment losses on Trade and grant receivables and contract assets 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, other receivables 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, impairment loss was considered insignificant at the reporting date. Similarly, impairment loss in relation to other receivables and finance lease receivables was considered insignificant.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. These amounts held are not readily available for other purposes within the Group and total \u00a30.9m (2023: \u00a32.6m).The Group currently has \u00a3600.0m of unsecured committed revolving credit facilities, of which \u00a329.0m matures in 2028 and \u00a3571.0m matures in 2029. There is a further extension option available in 2025 to extend the maturity further to 2030. At 31 December 2024, there was \u00a3nil (2023: \u00a3nil) drawn-down on the facilities. The maximum draw down of the revolving credit facility during the year was \u00a3195.0m (2023: \u00a3125.0m).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 Covenant EBITDA (being no greater than 3.5 times) and minimum Covenant EBITDA to net interest payable (being at least 3.5 times). Both of these covenant tests were met at both the 30 June 2024 and 31 December 2024 testing periods.Medium and long-term funding requirements are met through committed debt facilities as detailed in note 28.The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2024 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\u20132 years2\u20133 years3\u20135 years> 5 years31 December 2024\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial liabilitiesBank overdrafts (41.4) (41.4) (41.4) \u2013 \u2013 \u2013 \u2013Bank loans (180.2) (181.5) (106.2) (26.8) (24.8) (22.5) (1.2)Bonds (648.3) (840.9) (29.2) (29.2) (29.2) (299.4) (453.9)Lease liabilities (194.2) (205.1) (56.0) (38.3) (27.5) (35.7) (47.6)Private placements (396.5) (424.3) (7.8) (7.8) (239.0) (4.5) (165.2)1Trade and other payables(945.1) (945.1) (857.9) (87.2) \u2013 \u2013 \u2013(2,405.7) (2,638.3) (1,098.5) (189.3) (320.5) (362.1) (667.9)Derivative financial liabilitiesForeign exchange derivatives (26.8) (26.8) (26.8) \u2013 \u2013 \u2013 \u2013Interest rate derivatives (9.9) (10.4) (10.4) \u2013 \u2013 \u2013 \u2013Cross currency swaps (0.3) (0.6) \u2013 \u2013 (0.6) \u2013 \u2013Fuel derivatives (11.1) (11.5) (8.2) (3.0) (0.3) \u2013 \u2013(48.1) (49.3) (45.4) (3.0) (0.9) \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 (except for those in relation to service concession arrangements), other tax and social security, deferred expense-related grants and deferred fixed asset grants.Carrying Contractual Year ended amountscash flows< 1 year1\u20132 years2\u20133 years3\u20135 years> 5 years31 December 2023 \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial liabilitiesBank overdrafts (62.6) (62.6) (62.6) \u2013 \u2013 \u2013 \u2013Bank loans (247.2) (257.6) (153.4) (30.9) (26.7) (42.0) (4.6)Bonds (659.2) (882.6) (27.1) (27.1) (27.1) (304.2) (497.1)Lease liabilities (181.1) (187.8) (53.9) (31.3) (24.3) (30.2) (48.1)Private placements (404.7) (441.0) (7.9) (7.9) (7.9) (241.8) (175.5)1Trade and other payables(871.0) (871.0) (788.6) (82.4) \u2013 \u2013 \u2013(2,425.8) (2,702.6) (1,093.5) (179.6) (86.0) (618.2) (725.3)Derivative financial liabilitiesForeign exchange derivatives (10.7) (8.4) (8.4) \u2013 \u2013 \u2013 \u2013Interest rate derivatives (17.8) (18.8) (11.3) (7.5) \u2013 \u2013 \u2013Cross currency swaps (1.6) (1.4) \u2013 \u2013 \u2013 (1.4) \u2013Fuel derivatives (16.8) (17.4) (10.1) (6.0) (1.3) \u2013 \u2013(46.9) (46.0) (29.8) (13.5) (1.3) (1.4) \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 (except for those in relation to service concession arrangements), tax and social security, deferred expense related grants and deferred fixed asset grants.Capital 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 adjusted net debt (refer to note 37).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 Covenant net debt divided by Covenant 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.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.The Group\u2019s derivatives are measured at fair value, categorised within Level 2 (i.e. the fair values are derived based on observable market inputs). The valuation of interest rate derivatives and fuel derivatives are based on the forward curve and discount curve, both calculated using sets of market data. The valuation of FX forward contracts is based on observable FX spot rates, FX forward rates, and the interest rate curve of the domestic currency. Cross currency swap derivatives are valued based on observable discount curve and spot rates to ascertain the net value of each leg of cash flows. All derivative valuations are adjusted as appropriate for CVA/DVA values which are independently calculated.Financial assets at fair value through Other Comprehensive Income relates to the Group\u2019s non-listed equity investments and are categorised within Level 3 (values determined by reference to significant unobservable inputs). Refer to note 17 for further details on the valuation technique. Financial liabilities at amortised cost are non-derivative financial liabilities with fixed or determinable payments that are not quoted in an active market and include trade and other payables, bank loans, bank overdrafts, bonds, private placements and lease liabilities. 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.In August 2021, the Group entered into an interest rate derivative whereby a series of interest rate swaps equal in value to the \u00a3250.0m bond measured at amortised cost, were designated as a fair value hedge. Consequently, the carrying value of the bond is adjusted for changes in fair value attributable to the interest rate risk being hedged which is valued as per above interest rate derivatives. See note 28 for the fair value adjustment as at 31 December 2024.Deferred contingent consideration are also valued at fair value, categorised within Level 3, further details of which can be found within note 19. 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.The following table illustrates the carrying values of all financial assets and liabilities held by the Group at 31 December:At fair value through Other ComprehensiveAt fair valueDerivatives used Amortised costIncomethrough profit or lossfor hedgingClassification of 20242023202420232024202320242023financial instruments \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAssetsInvestments \u2013 \u2013 25.0 15.2 \u2013 \u2013 \u2013 \u2013Fuel derivatives \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1.7 4.8Cross currency swaps \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.4 0.4Foreign exchange derivatives \u2013 \u2013 \u2013 \u2013 10.7 5.7 \u2013 0.3Cash and cash equivalents 244.5 356.3 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Other debt receivables 2.7 2.9 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Finance lease receivables 18.0 9.2 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Trade and other 1receivables504.6 508.6 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013770.0 877.0 25.0 15.2 10.7 5.7 2.1 5.5LiabilitiesBank overdrafts (41.4) (62.6) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Bank loans (180.2) (247.2) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Bonds (648.3) (659.2) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Lease liabilities (194.2) (181.1) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Private placements (396.5) (404.7) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Fuel derivatives \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (11.1) (16.8)Interest rate derivatives \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (9.9) (17.8)Cross currency swaps \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (0.3) (1.6)Foreign exchange derivatives \u2013 \u2013 \u2013 \u2013 (15.9) (6.9) (10.9) (3.8)Trade and other 2payables(930.4) (862.3) \u2013 \u2013 (14.7) (8.7) \u2013 \u2013(2,391.0) (2,417.1) \u2013 \u2013 (30.6) (15.6) (32.2) (40.0)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 (except for those in relation to service concession arrangements), and prepayments.2 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 (except for those in relation to service concession arrangements), other tax and social security, deferred expense related grants and deferred fixed asset grants.30 Derivative financial instruments Derivative financial assets and liabilities on the balance sheet are as follows: 20242023\u00a3m\u00a3mFuel derivatives 0.2 0.1Non-current derivative financial assets 0.2 0.1Fuel derivatives 1.5 4.7Cross currency swaps 0.4 0.4Foreign exchange derivatives 10.7 6.0Current derivative financial assets 12.6 11.1Fuel derivatives (3.1) (6.7)Cross currency swaps (0.3) (1.6)Interest rate derivatives \u2013 (7.0)Non-current derivative financial liabilities (3.4) (15.3)Fuel derivatives (8.0) (10.1)Interest rate derivatives (9.9) (10.8)Foreign exchange derivatives (26.8) (10.7)Current derivative financial liabilities (44.7) (31.6)The 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 2024, 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 Group also applied fair value hedge accounting to hedge interest rate risk.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.A summary of the Group\u2019s hedging activities is as follows:Cash flow hedges \u2013 fuel derivativesDuring the year, \u00a32.2m of fair value gains (2023: \u00a39.3m of fair value losses) have been transferred to the cash flow hedge reserve due to movements in market fuel prices. A fair value gain of \u00a30.9m (2023: \u00a330.1m gain) has been transferred from the cash flow hedge reserve to the carrying value of inventory following settlement of fuel trades; this comprised a gain of \u00a330.1m (2023: \u00a329.1m gain), being the hedging reserve position at 1 January and a \u00a329.2m loss (2023: \u00a31.0 gain) generated during the year due to movements in market fuel prices. No material ineffectiveness was recognised in relation to these hedges. Possible ineffectiveness may arise due to changes in the actual settlement date and/or settlement amount. Fuel derivatives can be analysed as follows:20242023Cash flowCash flowHedge typeHedge HedgeRisk Commodity Commodity price riskprice riskNominal amount of hedging 342.1m litres 351.7m litresAgeing of nominal amount:< 1 year 203.8m litres 217.3m litres1-2 years 110.1m litres 100.8m litres2-5 years 28.2m litres 33.6m litres> 5 years \u2013 \u2013Average hedged rate \u00a30.49/litre \u00a30.51/litreMaturity 2025 \u2013 2027 2024 \u2013 2026Carrying amount of hedging instruments (\u00a3m)Assets \u2013 derivatives 1.7 4.8Liabilities \u2013 derivatives (11.1) (16.8)1Changes in fair value of hedged item for calculating hedge effectiveness2.2 12.9Changes in fair value of hedged instrument used for calculating 1hedge effectiveness2.0 (13.6)Amounts accumulated in reserves at 31 December 2024 7.9 6.63 Inclusive of cash settlements for the periodCash flow hedges \u2013 cross currency swapsIn June 2020, the Group entered into an $81.0m cross currency swap that pays fixed GBP interest semi-annually and receives fixed USD 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. During the year, a \u00a31.6m change in fair value was recognised through the cash flow hedge reserve, and \u00a31.6m was reclassified from the cash flow hedge reserve to the Income Statement. No material ineffectiveness was recognised during the year. Possible ineffectiveness may arise due to the movement in the Group\u2019s and the derivative counterparty\u2019s credit spread, resulting in fair value movements in the hedging instruments that are not reflected in the fair value movements in the hedged transaction; and also if there are any changes in the critical terms of the hedged transaction such that they no longer match those of the hedging instrument. The effects of the cash flow hedge are as follows at 31 December:20242023Cash flowCash flowHedge typeHedge HedgeRisk Foreign Foreign currency riskcurrency riskNominal amount of hedging USD 81m USD 81mAgeing of nominal amount:< 1 year \u2013 \u20131-2 years \u2013 \u20132-5 years USD 81m USD 81m> 5 years \u2013 \u2013Average hedged rate 2.43% 2.43%Maturity 2027 2027Carrying amount of hedging instruments (\u00a3m)Assets \u2013 derivatives 0.4 0.4Liabilities \u2013 derivatives (0.3) (1.6)Carrying amount of hedged item \u2013 borrowings (\u00a3m) (64.7) (63.6)1Changes in fair value of hedged item for calculating hedge effectiveness1.7 (4.0)Changes in fair value of hedged instrument used for calculating hedge effectiveness1 (1.7) 4.1Amounts accumulated in reserves at 31 December 2024 (1.2) (1.2)1 Inclusive of cash settlements for the periodNet investment hedgesAt 31 December 2024, the Group had designated EUR 240.0m of private placements and EUR 500.0m of bonds as net investment hedges of the net assets of the Group\u2019s European subsidiaries. Similarly, USD 474.0m and CAD 46.0m of foreign exchange forward contracts 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. Possible ineffectiveness may arise from movements in the Group\u2019s or 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.Fair value hedgesIn 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 gain of \u00a37.7m (2023: fair value gain of \u00a39.9m) was recognised in the Income Statement and was offset by a fair value loss of \u00a37.7m (2023: \u00a39.9m loss) on the underlying hedged item due to changes in the risk-free interest rate. No material ineffectiveness was recognised during the year. Possible ineffectiveness may arise due to the movement in the Group\u2019s and the derivative counterparty\u2019s credit spread, resulting in fair value movements in the hedging instruments that are not reflected in the fair value movements in the hedged transaction; and also if there are any changes in the critical terms of the hedged transaction such that they no longer match those of the hedging instrument.20232024Net 20242023Net investmentinvestmentFair valueFair valueHedge typehedgehedgehedgehedgeRisk Foreign Foreign Interest Interest currency riskcurrency riskrate riskrate riskNominal amount of hedging CAD 46.0m CAD 46.0m USD 474.0mUSD 320.0mEUR 740.0mEUR 740.0m GBP 250.0m GBP 250.0mAgeing of nominal amount:< 1 year CAD 46.0mCAD 46.0mUSD 474.0mUSD 320.0m GBP 250.0m \u20131-2 years \u2013 \u2013 \u2013 GBP 250.0m2-5 years EUR 43.0m EUR 43.0m \u2013 \u2013> 5 years EUR 697.0m EUR 697.0m \u2013 \u2013Average hedged rateGBP SONIA GBP SONIA \u2013 \u2013+ 1.98%+ 1.98%Maturity 2025 \u2013 2032 2024 \u2013 2032 2025 2025Carrying amount of hedging instruments (\u00a3m)Assets \u2013 derivatives \u2013 0.3 \u2013 \u2013Liabilities \u2013 derivatives (10.9) (3.8) (9.9) (17.8)1Liabilities \u2013 borrowings(612.2) (641.8) \u2013 \u2013Carrying amount of hedged item \u2013 borrowings (\u00a3m) \u2013 \u2013 (239.7) (231.6)2Changes in fair value of hedged item for calculating hedge effectiveness(8.3) 8.9 (7.7) (9.9)Changes in fair value of hedged instrument used for calculating 2hedge effectiveness8.3 (8.9) 7.7 9.9Amounts accumulated in reserves at 31 December 2024 (37.6) (15.9) \u2013 \u2013Accumulated fair value hedge adjustment on borrowings \u2013 \u2013 8.7 16.41 Represents the carrying value of the \u20ac240.0m Euro-denominated private placements and the \u20ac500.0m Euro bond2 Inclusive of cash settlements for the period31 Share capital and reserves20242023Authorised, issued and fully paid: No. of shares\u00a3m No. of shares\u00a3mAt 1 January and 31 December 614,086,377 30.7 614,086,377 30.7Each share has a par value of 5p.The total number of share options exercised in the year was 825,839 (2023: 162,261) of which 776,967 (2023: all) exercises were satisfied by transferring shares from the National Express Employee Benefit Trust.Own shares (2024: (\u00a34.3m), 2023: (\u00a33.6m))Own shares comprises 3,742,873 (2023: 1,108,461) 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 3,411,379 (2023: 2,419 shares), and 776,967 (2023: 162,261) shares were used to satisfy options granted under a number of the Company\u2019s share schemes. Nil shares (2023: nil) were sold during the year to the open market.The market value of the shares held by the Trust at 31 December 2024 was \u00a33.0m (2023: \u00a30.9m). Dividends are payable on nil (2023: 283,688).Hybrid reserves (2024: \u00a3513.0m, 2023: \u00a3513.0m)The 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 2024 (Restated)0.2 239.5 \u2013 (5.6) (0.1) 16.0 147.6 397.6Exchange differences on retranslation of foreign operations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (31.6) (31.6)Gains on financial assets classified as fair value through Other Comprehensive Income \u2013 \u2013 9.1 \u2013 \u2013 \u2013 \u2013 9.1Gains on hedges \u2013 \u2013 \u2013 3.8 \u2013 21.3 \u2013 25.1Hedging gains reclassified to Income Statement \u2013 \u2013 \u2013 (1.5) (0.1) \u2013 \u2013 (1.6)Hedging gains and losses and costs of hedging transferred to the cost of inventory \u2013 \u2013 \u2013 (0.9) \u2013 \u2013 \u2013 (0.9)Cost of hedging \u2013 \u2013 \u2013 \u2013 0.2 \u2013 \u2013 0.2Deferred tax \u2013 \u2013 \u2013 (0.7) \u2013 (0.5) \u2013 (1.2)At 31 December 2024 0.2 239.5 9.1 (4.9) \u2013 36.8 116.0 396.71 Restated for a correction to the German Rail onerous contract provision, 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 flow Cost of investment(Restated) redemptionMerger assets at hedge hedging hedge Translation(Restated) 1TotalreservereserveFVOCIreservereservereserveReserve\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 January 2023 0.2 239.5 1.4 31.5 (0.1) (13.3) 221.9 481.1Exchange differences on retranslation of foreign operations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (74.3) (74.3)Gains on financial assets classified as fair value through Other Comprehensive Income \u2013 \u2013 (1.4) \u2013 \u2013 \u2013 \u2013 (1.4)(Losses)/gains on hedges \u2013 \u2013 \u2013 (14.4) \u2013 30.1 \u2013 15.7Hedging gains reclassified to Income Statement 1(restated)\u2013 \u2013 \u2013 3.8 (0.6) \u2013 \u2013 3.2Hedging gains and losses and costs of hedging transferred to the cost of inventory 1(restated)\u2013 \u2013 \u2013 (30.1) \u2013 \u2013 \u2013 (30.1)Cost of hedging \u2013 \u2013 \u2013 \u2013 0.6 \u2013 \u2013 0.6Deferred tax \u2013 \u2013 \u2013 3.6 \u2013 (0.8) \u2013 2.8At 31 December 2023 0.2 239.5 \u2013 (5.6) (0.1) 16.0 147.6 397.61 See note 2 for further information 32 Pensions and other post-employment benefits(a) Summary of pension benefits and assumptionsThe UK division (UK) operates a defined benefit pension scheme.The Company has in the past operated a defined benefit scheme. 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.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.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 2026 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 net pension liability for the UK division scheme has reduced significantly in the year, principally as a result of an increase in the discount rate. As a result of this, the Group has considered the impact of IFRIC 14 and has subsequently determined that the Group does not have an unconditional right to a refund of surplus and therefore the IFRIC 14 requirements regarding consideration of minimum funding commitments applies. As a consequence, the net pension liability has been increased to the net present value of the committed future deficit contributions, resulting in a restriction due to the asset ceiling of \u00a34.2m being applied, and a closing net pension liability for the UK scheme of \u00a311.3m.The Group expects to contribute \u00a310.0m into its defined benefit pension plans in 2025.During the year the Group assessed the impact of the Virgin Media legal case on both the UK division and the National Express Services Limited defined benefit pension schemes, and concluded there was no impact on either scheme as a result of this ruling.The UK division, the Company and North America also operate or contribute into a number of defined contribution schemes.The total pension cost charged to adjusted operating profit in the year for the Group was \u00a39.4m (2023: \u00a39.2m), of which \u00a37.8m (2023: \u00a37.5m) relates to the defined contribution schemes.The defined benefit pension (liability)/asset included in the Balance Sheet is as follows:20242023\u00a3m\u00a3mOther 0.1 0.2Pension assets 0.1 0.2UK (11.3) (30.0)Other (0.3) (2.8)Pension liabilities (11.6) (32.8)Total (11.5) (32.6)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. West Midlands Travel Limited participates in the Local Government Pension Scheme (LGPS). During the period a triennial actuarial valuation of the Scheme was completed with an effective date of 31 March 2022. This is an independent valuation completed by a Scheme Actuary and West Midlands Travel Limited was assessed to be in deficit by \u00a365.3m after taking account of updates made by the actuary following the March 2023 deadline. Contributions towards the deficit continue to be paid and amounts of \u00a37.5m, \u00a37.7m and \u00a37.8m have been agreed for the 3 years from 1 April 2023.A summary of the latest triennial actuarial valuation for the UK scheme, and assumptions made, are as follows:UK31 MarchDate of actuarial valuation2022Rate of investment returns per annum 2.9%Increase in earnings per annum 3.0%Scheme assets taken at market value \u00a3451.9mFunding level 87%The most recent triennial valuations are then updated by independent professionally qualified actuaries for financial reporting purposes, in accordance with IAS 19. The assumptions for the UK scheme are listed below:20242023UKUKRate of increase in salaries 2.5% 2.5%Rate of increase of pensions in payment 2.6% 2.5%Discount rate 5.4% 4.5%Inflation assumption (RPI) 3.1% 3.1%Inflation assumption (CPI) 2.6% 2.5%Post-retirement mortality in years:Current pensioners at 65 \u2013 male 18.7 18.5Future pensioners at 65 \u2013 male 19.7 19.5Current pensioners at 65 \u2013 female 21.7 21.5Future pensioners at 65 \u2013 female 24.1 23.9The 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 20242023(Increase)/decrease in the defined benefit obligation\u00a3m\u00a3mEffect of a 0.5% increase in pensions in payment (11.8) (13.7)Effect of a 0.5% decrease in the discount rate (18.7) (21.8)Effect of a 0.5% increase in inflation (13.1) (15.1)Effect of a 1-year increase in mortality rates (11.0) (13.4)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 2024 and 2023 are set out in the following tables:UK Other Total 202420242024Group Income Statement\u00a3m\u00a3m\u00a3mAmounts charged:Current service cost (1.6) \u2013 (1.6)Net interest expense (1.1) (0.1) (1.2)Total charge to Income Statement (2.7) (0.1) (2.8)In addition, during the year \u00a30.1m (2023: \u00a30.1m) of administrative expenses were incurred. The net interest expense has been included within finance costs (see note 10).UK Other Total 202420242024Group Statement of Comprehensive Income\u00a3m\u00a3m\u00a3mActuarial gain during the period from obligations 30.4 0.3 30.7Expected return on plan assets less than discount rate (14.9) (0.4) (15.3)Change in the asset ceiling excluding interest (4.2) \u2013 (4.2)Net actuarial gain/(loss) 11.3 (0.1) 11.2UK Other Total 202320232023Group Income Statement\u00a3m\u00a3m\u00a3mAmounts charged:Current service cost (1.6) \u2013 (1.6)Net interest expense (1.6) (0.2) (1.8)Total charge to Income Statement (3.2) (0.2) (3.4)UK Other Total 202320232023Group Statement of Comprehensive Income\u00a3m\u00a3m\u00a3mActuarial (loss)/gain during the period from obligations (3.9) 0.1 (3.8)Expected return on plan assets greater than discount rate 6.7 (0.3) 6.4Net actuarial gain/(loss) 2.8 (0.2) 2.6The amounts were recognised in the Balance Sheet at 31 December as follows:UK Other Total 202420242024As at 31 December 2024\u00a3m\u00a3m\u00a3mEquities 35.2 1.1 36.3Bonds and multi-asset credit 40.9 1.5 42.4Insurance policy 98.5 \u2013 98.5Credit 96.6 \u2013 96.6Liability-driven investment 59.3 \u2013 59.3Other 5.3 \u2013 5.3Fair value of scheme assets 335.8 2.6 338.4Present value of liabilities and defined benefit obligation (342.9) (2.9) (345.8)Effect of the asset ceiling (4.2) \u2013 (4.2)Defined benefit pension deficit (11.3) (0.3) (11.6)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 Other Total 202320232023As at 31 December 2023\u00a3m\u00a3m\u00a3mEquities 40.2 1.2 41.4Bonds and multi-asset credit 39.8 1.8 41.6Insurance policy 112.1 \u2013 112.1Diversified growth fund 88.7 \u2013 88.7Liability-driven investment 61.9 \u2013 61.9Other 11.2 \u2013 11.2Fair value of scheme assets 353.9 3.0 356.9Present value of liabilities and defined benefit obligation (383.9) (5.6) (389.5)Defined benefit pension deficit (30.0) (2.6) (32.6)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 \u00a3345.5m (2023: \u00a3386.8m) arising from plans that are wholly or partly funded and \u00a30.3m (2023: \u00a32.7m) from unfunded plans.The movement in the defined benefit obligations is as follows:UKOtherTotal\u00a3m\u00a3m\u00a3mDefined benefit obligation at 1 January 2024 (383.9) (5.6) (389.5)Current service cost (1.6) \u2013 (1.6)Benefits paid 29.3 2.6 31.9Contributions by employees (0.5) \u2013 (0.5)Finance charge (16.6) (0.2) (16.8)Actuarial gain from changes in financial assumptions 30.1 0.3 30.4Actuarial loss arising from changes in demographics (1.6) \u2013 (1.6)Actuarial gain arising from experience adjustments 1.9 \u2013 1.9Defined benefit obligation at 31 December 2024 (342.9) (2.9) (345.8)UKOtherTotal\u00a3m\u00a3m\u00a3mDefined benefit obligation at 1 January 2023 (386.8) (5.6) (392.4)Current service cost (1.6) \u2013 (1.6)Benefits paid 26.8 0.3 27.1Contributions by employees (0.5) \u2013 (0.5)Finance charge (17.9) (0.4) (18.3)Actuarial loss from changes in financial assumptions (10.9) (0.1) (11.0)Actuarial gain arising from changes in demographics 17.8 \u2013 17.8Actuarial (loss)/gain arising from experience adjustments (10.8) 0.2 (10.6)Defined benefit obligation at 31 December 2023 (383.9) (5.6) (389.5)The movement in the fair value of scheme assets is as follows:UKOtherTotal\u00a3m\u00a3m\u00a3mFair value of scheme assets at 1 January 2024 353.9 3.0 356.9Expected return on plan assets 15.5 0.1 15.6Expected return on plan assets less than discount rate (14.9) (0.4) (15.3)Cash contributions \u2013 employer 10.1 \u2013 10.1Administrative expenses (0.1) \u2013 (0.1)Cash contributions \u2013 employee 0.5 \u2013 0.5Benefits paid (29.2) (0.1) (29.3)Fair value of scheme assets at 31 December 2024 335.8 2.6 338.4UKOtherTotal\u00a3m\u00a3m\u00a3mFair value of scheme assets at 1 January 2023 347.1 3.2 350.3Expected return on plan assets 16.3 0.2 16.5Expected return on plan assets greater/(less) than discount rate 6.7 (0.3) 6.4Cash contributions \u2013 employer 10.2 \u2013 10.2Administrative expenses (0.1) \u2013 (0.1)Cash contributions \u2013 employee 0.5 \u2013 0.5Benefits paid (26.8) (0.1) (26.9)Fair value of scheme assets at 31 December 2023 353.9 3.0 356.9The change in the impact of asset ceiling is as follows:UKOtherTotal\u00a3m\u00a3m\u00a3mRestriction due to asset ceiling at 1 January 2024 \u2013 \u2013 \u2013Interest on the asset ceiling \u2013 \u2013 \u2013Change in the asset ceiling excluding interest (4.2) \u2013 (4.2)Restriction due to asset ceiling at 31 December 2024 (4.2) \u2013 (4.2)UKOtherTotal\u00a3m\u00a3m\u00a3mRestriction due to asset ceiling at 1 January 2023 \u2013 \u2013 \u2013Interest on the asset ceiling \u2013 \u2013 \u2013Change in the asset ceiling excluding interest \u2013 \u2013 \u2013Restriction due to asset ceiling at 31 December 2023 \u2013 \u2013 \u201320242023202220212020History of experience gains and losses:\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUKFair value of scheme assets 335.8 353.9 347.1 479.7 475.1Present value of defined benefit obligation (342.9) (383.9) (386.8) (575.8) (616.7)Effect of the asset ceiling (4.2) \u2013 \u2013 \u2013 \u2013Deficit in the scheme (11.3) (30.0) (39.7) (96.1) (141.6)Experience adjustments arising on liabilities 1.9 (3.9) (36.4) (3.0) 6.7Experience adjustments arising on assets (14.9) 6.7 (125.1) 15.8 24.4CompanyFair value of scheme assets \u2013 \u2013 \u2013 3.8 122.8Present value of defined benefit obligation \u2013 \u2013 \u2013 \u2013 (110.5)Surplus in the scheme \u2013 \u2013 \u2013 3.8 12.3Experience adjustments arising on liabilities \u2013 \u2013 \u2013 \u2013 1.0Experience adjustments arising on assets \u2013 \u2013 \u2013 (7.6) 16.4OtherFair value of scheme assets 2.6 3.0 3.2 3.6 3.2Present value of defined benefit obligation (2.9) (5.6) (5.6) (6.7) (9.0)Deficit in the scheme (0.3) (2.6) (2.4) (3.1) (5.8)Experience adjustments arising on liabilities \u2013 0.1 (0.4) \u2013 \u2013Experience adjustments arising on assets (0.4) (0.3) (0.4) 0.5 0.2The cumulative amount of actuarial gains and losses recognised in the Statement of Comprehensive Income since 1 January 2004 is a \u00a369.0m loss (2023: \u00a380.2m 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 2004.33 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):2024 2023Plant and Plant and Public equipment,Public equipment,Land and service fixtures and Land and service fixtures and buildingsvehiclesfittingsTotalbuildingsvehiclesfittingsTotalRight-of-use assets\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAdditions 51.2 7.7 0.1 59.0 43.3 9.1 0.4 52.8Depreciation charge (37.1) (14.2) (0.1) (51.4) (34.1) (16.6) (0.4) (51.1)Net book value at 31 December 119.5 44.8 0.1 164.4 107.1 65.1 0.1 172.3Set out below are the carrying amounts of lease liabilities (included in borrowings \u2013 note 28) at 31 December 2024:20242023Lease liabilities\u00a3m\u00a3mCurrent 52.5 50.9Non-current 141.7 130.2194.2 181.1The maturity analysis of lease liabilities is presented in note 28.(b) Charges recognised in the Income Statement20242023\u00a3m\u00a3mDepreciation expense on right-of-use assets (note 6) 51.4 51.1Gain on sale and leaseback (note 6) (4.5) (2.6)Interest on lease liabilities (note 10) 10.1 8.5Expenses relating to short-term leases (note 6) 15.2 9.5Expenses relating to leases of low-value assets (note 6) 4.3 4.4Variable lease payments not included in the measurement of lease liabilities (note 6) 7.9 4.0It is not expected that commitments for short-term leases will materially differ from those in place at 31 December 2024.(c) Amounts recognised in the Cash Flow Statement20242023\u00a3m\u00a3m Included withinPayment of interest (10.1) (8.5) Cash flows from operating activitiesPayment of principal (64.5) (62.7) Cash flows from financing activitiesPayments for short-term, low-value leases and variable leases (27.4) (17.9) Cash generated from operationsTotal cash outflow for leases (102.0) (89.1)(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 certain 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 commitmentsAt the year end, the Group had no commitments relating to leases not yet commenced (2023: \u00a30.4m within one year and \u00a31.5m within five years).In addition, at the balance sheet date, the Group had entered into a future availability agreement for the provision of a further 130 electric buses in the UK. None of the vehicles had been made available in 2024 but are all expected to be available in 2025. 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 \u00a38.3m.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 2024, the Group recognised interest income on lease receivables of \u00a30.5m (2023: \u00a30.5m).The following table sets out a maturity analysis of lease receivables, showing the undiscounted lease payments to be received after the reporting date:20242023Net investment in the lease\u00a3m\u00a3mWithin one year 4.4 3.0After one year but not more than five years 13.1 3.7More than five years 7.6 4.5Total undiscounted lease receivable 25.1 11.2Unearned finance income (7.1) (2.0)Finance lease receivable 18.0 9.2(a) Amounts recognised in the Balance SheetThe maturity analysis of the discounted lease payments are as follows:20242023Net investment in the lease\u00a3m\u00a3mCurrent 3.2 2.7Non-current 14.8 6.518.0 9.2The 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.20242023Operating lease receipts\u00a3m\u00a3mWithin one year 2.0 3.4After one year but not more than five years 0.4 1.8More than five years 0.2 \u20132.6 5.2(b) Credits recognised in the Income Statement20242023\u00a3m\u00a3mInterest income on sub-leases (note 10) 0.5 0.5Income from sub-leasing right-of-use assets (included in other revenue) 5.5 4.9(c) Amounts recognised in the Cash Flow Statement 20242023\u00a3m\u00a3m Included withinReceipt of interest 0.5 0.5 Cash flows from operating activitiesReceipt of principal 3.8 5.3 Cash flows from financing activitiesReceipt of operating lease income 5.5 4.9 Cash generated from operationsTotal cash inflow for leases 9.8 10.734 Commitments, contingencies and insurance contracts (a) Capital commitments20242023\u00a3m\u00a3mContracted 167.5 164.5The Group is committed to various vehicle purchases in North America and Spain. (b) Contingent liabilitiesLegalThrough 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.(c) Insurance contractsIn the ordinary course of business, the Group is required to issue counter-indemnities in support of its operations. These are valued as insurance contracts in scope of IFRS 17 Insurance Contracts from 1 January 2023. Previously these had been disclosed as contingent liabilities in the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets.As at 31 December 2024, the Group had performance bonds in respect of businesses in the USA of \u00a3207.0m (2023: \u00a3197.0m), in Spain of \u00a3107.9m (2023: \u00a3114.4m), in Germany of \u00a354.9m (2023: \u00a329.6m) and in the Middle East of \u00a36.4m (2023: \u00a36.3m). Letters of credit have been issued to support insurance retentions of \u00a3162.5m (2023: \u00a3181.3m).The directors believe that the expected pay out of these contracts is \u00a3nil (2023: \u00a3nil) and the insurance liability recorded in the Financial Statements at the end of the period is \u00a3nil (2023: \u00a3nil).35 Related party transactionsAmounts ofAmounts due fromAmounts due totransactionsrelated partiesrelated parties202420232024202320242023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mJoint venturesBahrain Public Transport Company W.L.L. 0.4 0.5 0.2 \u2013 \u2013 (0.2)AssociatesALSA associates 4.9 5.6 3.0 3.2 (0.5) (0.9)North America associates 0.2 1.1 \u2013 \u2013 \u2013 \u2013Total joint ventures and associates 5.5 7.2 3.2 3.2 (0.5) (1.1)Trade investmentsALSA trade investments 9.1 7.6 0.9 0.1 (1.1) (1.2)Total investments 9.1 7.6 0.9 0.1 (1.1) (1.2)Property transactionsALSA property transactions 12.7 10.0 0.5 0.5 (4.3) (0.2)Total property transactions 12.7 10.0 0.5 0.5 (4.3) (0.2)Total other related parties 21.8 17.6 1.4 0.6 (5.4) (1.4)Total 27.3 24.8 4.6 3.8 (5.9) (2.5)Included within the ALSA property transactions above are transactions where the Group has 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 are at appropriate market rates. Also included within the ALSA property transactions above is \u00a33.5m commission payable to the Cosmen family upon sale of a property (note 19(d)); which related to an agreement made at the time of the original ALSA acquisition in 2005.The details of the post-employment benefit plans operated for the benefit of employees of the Group are disclosed in note 32.Compensation of key management personnel of the GroupThe Group has determined key management personnel to constitute the Executive Directors and all other Board members of the parent entity. Further details on key management personnel compensation are disclosed in the Directors\u2019 Remuneration Report.20242023\u00a3m\u00a3mShort-term benefits 1.5 1.4Share-based payment 0.1 \u20131.6 1.436 Service concession arrangementsThe following table sets out the nature and extent of the Group\u2019s service concession arrangements:Description of the Concession Concession Concessionarrangementperiodcommencement Nature of infrastructure Classification under IFRIC 1215 years 2015 \u2013 2020 Rolling stock and tracks No financial or intangible used in the operation of the asset is recognised for service are provided by the construction as the The Group operates two delegating authority.infrastructure is provided to German Railtrain services in Germany.the Group.The Group has two 15 years September 2019 Public service vehicles Intangible assetcontracts with the used in the operation are Moroccan authority for provided by the Group, some Moroccan the operation of public of which are subject to \u2018lease Urban Bustransport bus services.type\u2019 arrangements.Up to November 2019 Initially, public service Financial asset15 yearsvehicles used in operation are provided by the public authority. Replacement public service vehicles will be provided by the Group and public authority in future years.The Group has contracts 10 years July 2021 Public service vehicles Financial assetwith the Provincial used in the operation are Spanish Government of Bizkaia to provided by the Group.Regional Busoperate regional services.14 years December 2014 Public service vehicles Financial assetused in the operation are provided by the Group.14 years December 2014 Public service vehicles Financial assetused in the operation are provided by the Group.The Group has two 10 years November 2024 Public service vehicles Financial assetcontracts with Spanish used in the operation are Councils to operate urban provided by the Group.Spanish commuter coach services Urban Busin Spain.Alaska The Group has undertaken 10 years July 2021 Public service vehicles Financial assetSchoolbusa contract for home to used in the operation are school transportation.provided by the Group.10 years July 2022 Public service vehicles Financial assetused in the operation are provided by the Group.Portugal The Group has a contract 7 years June 2022 Public service vehicles are Intangible assetUrban Buswith the Lisbon transport provided by the Group authority to operate urban with a purchase option commuter bus services.for the grantor to acquire the fleet at the end of the contract term.Switzerland The Group has two 7 years December 2023 Public service vehicles are Intangible assetUrban Buscontracts with the Geneva provided by the Group transport authority with a purchase option to operate two urban for the grantor to acquire commuter bus services.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.37 Cash flow statement(a) Reconciliation of Group loss before tax to cash generated from operations(Restated)220242023\u00a3m\u00a3mLoss before tax (609.3) (120.1)Net finance costs 92.6 76.4Share of results from associates and joint ventures (3.2) 0.5Depreciation of property, plant and equipment 213.4 199.3Intangible asset amortisation 50.2 53.8Amortisation of fixed asset grants (2.0) (2.0)Gain on disposal of property, plant and equipment (11.0) (12.7)Gain on disposal of intangible assets (0.8) (0.4)Share-based payments 4.6 1.6Decrease/(increase) in inventories 1.2 (2.4)Decrease in receivables 42.9 0.8Increase in payables 7.1 27.8Increase/(decrease) in provisions 0.1 (4.0)Decrease in pensions (11.0) (8.4)1Adjusting operating items679.9 176.5Cash flows relating to adjusting items (99.2) (71.0)Cash generated from operations 355.5 315.71 Excludes amortisation from acquired intangibles which is included within \u2018intangible asset amortisation\u20192 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information(b) Analysis of changes in adjusted net debtAdjusted net 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 249 and 250 for further information.At At 1 JanuaryAcquisitions Exchange Other 31 December2024Cash flowand disposalsdifferencesmovements2024\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mComponents of financing activities:1Bank and other loans(243.9) 65.6 (4.4) 5.9 (0.7) (177.5)3Bonds(659.2) \u2013 \u2013 19.8 (8.9) (648.3)Fair value of interest rate derivatives (16.4) \u2013 \u2013 \u2013 7.7 (8.7)Fair value of foreign exchange forward contracts (1.2) 9.3 \u2013 (13.2) \u2013 (5.1)Cross currency swaps (2.2) \u2013 \u2013 1.1 \u2013 (1.1)2Net lease liabilities(171.9) 60.7 (11.7) 1.0 (54.3) (176.2)3Private placements(404.7) \u2013 \u2013 8.5 (0.3) (396.5)Total components of financing activities (1,499.5) 135.6 (16.1) 23.1 (56.5) (1,413.4)Cash 186.1 (56.8) 2.9 (2.8) \u2013 129.4Overnight deposits 0.2 (0.1) \u2013 \u2013 \u2013 0.1Other short-term deposits 170.0 (55.0) \u2013 \u2013 \u2013 115.0Bank overdrafts (62.6) 21.0 \u2013 0.2 \u2013 (41.4)Net cash and cash equivalents 293.7 (90.9) 2.9 (2.6) \u2013 203.1Other debt receivables 2.9 (3.7) 3.5 \u2013 \u2013 2.7Remove: fair value of foreign exchange forward contracts 1.2 (9.3) \u2013 13.2 \u2013 5.1Adjusted net debt (1,201.7) 31.7 (9.7) 33.7 (56.5) (1,202.5)1 Net of arrangement fees totalling \u00a32.7m (2023: \u00a33.3m) 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 \u00a31,258.8m (2023: \u00a31,290.6m) as disclosed in note 28.Other non-cash movements include lease additions and disposals of \u00a354.3m (2023: \u00a350.2m), and \u00a32.2m amortisation of loan and bond arrangement fees (2023: \u00a32.3m). A \u00a37.7m increase 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 December2023Cash flowand disposalsdifferencesmovements2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mComponents of financing activities:1Bank and other loans(194.7) (53.4) (0.4) 6.1 (1.5) (243.9)3Bonds(621.4) (28.5) \u2013 1.1 (10.4) (659.2)Fair value of interest rate derivatives (26.0) \u2013 \u2013 \u2013 9.6 (16.4)Fair value of foreign exchange forward contracts 11.9 (14.3) \u2013 1.2 \u2013 (1.2)Cross currency swaps (6.0) (6.3) \u2013 10.1 \u2013 (2.2)2Net lease liabilities(183.7) 57.4 \u2013 4.6 (50.2) (171.9)3Private placements(411.9) \u2013 \u2013 7.4 (0.2) (404.7)Total components of financing activities (1,431.8) (45.1) (0.4) 30.5 (52.7) (1,499.5)Cash 171.7 16.0 2.0 (3.6) \u2013 186.1Overnight deposits 6.6 (6.9) 0.6 (0.1) \u2013 0.2Other short-term deposits 113.5 56.6 \u2013 (0.1) \u2013 170.0Bank overdrafts (58.7) (3.9) \u2013 \u2013 \u2013 (62.6)Net cash and cash equivalents 233.1 61.8 2.6 (3.8) \u2013 293.7Other debt receivables 2.7 0.3 \u2013 (0.1) \u2013 2.9Remove: fair value of foreign exchange forward contracts (11.9) 14.3 \u2013 (1.2) \u2013 1.2Adjusted net debt (1,207.9) 31.3 2.2 25.4 (52.7) (1,201.7)1 Net of arrangement fees totalling \u00a33.3m (2022: \u00a31.1m) 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 adjusted net debt20242023\u00a3m\u00a3m(Decrease)/increase in net cash and cash equivalents in the year (88.0) 64.4Cash (outflow)/inflow from movement in other debt receivables (0.2) 0.3Cash inflow/(outflow) from movement in debt and lease liabilities 110.2 (31.2)Change in adjusted net debt resulting from cash flows 22.0 33.5Change in adjusted net debt resulting from non-cash movements (22.8) (27.3)Movement in adjusted net debt in the year (0.8) 6.2Opening adjusted net debt (1,201.7) (1,207.9)Adjusted net debt (1,202.5) (1,201.7)38 Subsidiary undertakings and other significant holdingsA full list of subsidiaries, joint ventures and companies in which Mobico Group PLC has a controlling interest as at 31 December 2024 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 (00752569)* (a) 100E. Clarke & Son (Coaches) Limited (00819075)* (a) 100Eurolines (U.K.) Limited (a) 100H. Luckett & Co. Limited (01072023)* (a) 100London Eastern Railway Limited (a) 100Lucketts Holdings Limited (a) 100Lucketts Services Limited (a) 100Maintrain Limited (a) 100Midland Main Line Limited (a) 100National Express Group 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 (a) 100National Express Holdings Limited (02156473)* (a) 100National Express Intermediate Holdings Limited (a) 100National Express International Limited (a) 100National Express Leisure Limited (03625281)* (a) 100National Express Limited (a) 100National Express Liverpool Limited 100National Express Manchester (South) Limited 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 Rail Replacement Limited (a) 100National Express Services Limited (a)100National Express Sizewell Limited (previously National Express Manchester Limited) (a)100National Express Spanish Holdings Limited (05652783)* (a) 100National Express Trains Limited (a) 100National Express Transport Holdings Limited (04338163)* (a)100National Express Transport Services Ireland Limited (b)100National Express UK Limited (a) 100National Express UK Central Services Limited (14500282)* (a)100National Express West Yorkshire Limited (previously National Express Jersey Limited) (a)100N E Canada Limited (08596333)* (a) 100NE Europe Finance Limited (07876047)* (a) 100NE No.1 Ltd (02912338)* (a) 100NE No.2 Ltd (03011029)* (a) 100% equity Name and country of IncorporationinterestNE 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 (03931439)* (a) 100Speedlink Airport Services Limited (a) 100Stewarts Coach Group Limited (07690404)* (a) 100The Kings Ferry Limited (a) 100Travel Coventry 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 (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 (00968555)* (a) 100Woods Reisen Limited (01535604)* (a) 100Worthing Coaches Limited (01313045)* (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) 100AndorraEstaci\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) 100% equity Name and country of IncorporationinterestMoroccoAlsa 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) 99Alsa 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 BC Tours Portugal S.L (v) 100Tiac Viagens e Turismo Lda (u) 100Alsa Todi Metropolitana de Lisboa (v) 65Spain Aerob\u00fas \u2013 Zaragoza S.L (x) 100Agreda Bus, S.L (x) 70Alianza Bus, S.L.U. (ad) 100Alsa Atl\u00e1ntica, S.L.U. (ad) 100Alsa Ferrocarril, S.A.U. (ad) 100Alsa Granada Airport S.L. (aa) 100Alsa Grupo, S.L.U. (ad) 100Alsa Innovaci\u00f3n y Proyectos de Movilidad, S.L.(ab) 100Alsa Internacional, S.L.U. (ad) 100Alsa Internacional, S.L.U. y Otros U.T.E. (ad) 100Alsa Metropolitana, S.A.U. (ad) 100Alsa Buses Extremadura, S.L. (ac) 100Alsa Micromobility, S.L.U. (ad) 100Alsa Rail, S.L.U. (ad) 100Alsa Transporte Sanitario, S.L. (ad) 60Alsa Servicios Log\u00edsticos Ferroviarios, S.L. (ad) 100Aplic. y Sist. Integrales Para el Transporte, S.A. (ae) 100Aragonesa de Estaci\u00f3n de Autobuses, S.A. (af) 52Argabus, S.A. (ag) 100Artazo Servicios Integrales, S.L. (ah) 100Asturies Berlinas de Luxu, S.L. (ai) 50Autobuses Urbanos de Bilbao, S.A. (aj) 75Autobuses Urbanos de Le\u00f3n, S.A.U. (ak) 100Autocares Castilla\u2013Leon, S.A.U. (al) 100Autocares Discrecionales del Norte, S.L.U. (an) 100Autom\u00f3viles Luarca, S.A.U. (ao) 100Autom\u00f3viles Sigras Carral, S.A. (ap) 100% equity Name and country of IncorporationinterestAutos Cal Pita, S.A. (ap) 100Autos Pelayo, S.A.U. (ad) 100Autos Rodr\u00edguez Eocar, S.L. (aq) 85Bah\u00eda Zero, S.L. (ci) 75Baleares 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 Menorca S.L (du) 25Berlinas de Toledo, S.L. (ai) 100Berlinas VTC de Cantabria, S.L.U. (as) 100Betancuria Tours, S.L.U. (dw) 100Bilboko Hiribus Jasangarr\u00eda, S.L. (aj) 72Buses de Palencia, S.L. (at) 75Bus Legal, S.L. (dw) 100Bus Metropolitano de Granada, S.L. (aa) 100Busturialdea Lea Artibai Bus, S.A. (au) 60Bus Urbano de Castro Urdiales, S.L. (as) 100Canary Business Cars, S.L. (ai) 100Canary Logistic Solutions, S.L. (dx) 100Catalu\u00f1a Business Cars, S.L. (ai) 100Cetralsa Formaci\u00f3n, S.L.U. (ad) 100C\u00eda. del Tranv\u00eda El\u00e9ctrico de Avil\u00e9s, S.A. (av) 100Comercial Insular de Respuestos Para Vehiculos Industriales, S.L. (dy) 100Compa\u00f1ia Navarra de Autobuses, S.A. (aw) 50Compostelana, S.A.U. (ax) 100Concesionario Estaci\u00f3n Autobuses Logro\u00f1o, S.A. (ay) 23Ebrobus, S.L.U. (ad) 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) 85Estaci\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) 93Estaci\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) 69Estaci\u00f3n de Autobuses de San Lorenzo del Escorial, S.A.U. (ad) 100Estaci\u00f3n de Autobuses de Ribadeo, S.L. (bi) 50Estaci\u00f3n de L\u00edneas Regulares, S.L. (bk) 49Estaci\u00f3nes Terminales de Autobuses, S.A. (bl) 80Euska Alsa, S.L.U. (an) 100Explotaci\u00f3n Gasoleo Estaci\u00f3n de Autobuses A Coru\u00f1a, S.L. (bm) 40Ezkerraldea-Meatzaldea Bus, S.A. (au) 60Gal Bus, S.L. (ap) 51G.S. Carretera (bn) 25General T\u00e9cnica Industrial, S.L.U. (ad) 100% equity Name and country of IncorporationinterestGesti\u00f3n de Movilidad Intermodal, S.L. (ad) 100Gorbea Representaciones, S.L. (an) 100Guaguas Gumidafe, S.L. (ah) 100Grupo Enatcar, S.A. (ad) 100Hermanos Diaz Melian, S.L.U. (dy) 100Innobus Canarias, Sociedad Limitada (dw) 100Intercambiadores Europeos, S.L. (ad) 60Intercar Business Cars, S.L. (bo) 100International Business Limousines, S.A.U. (bp) 100Interurbana de Autocares, S.A.U. (ad) 100Irubus, S.A.U. (ad) 100Jimenez Lopera, S.A.U. (bp) 100Kintasur Bus, S.L.U. (dw) 100La Uni\u00f3n Alavesa, S.L. (bj) 50La Uni\u00f3n de Benisa, S.A. (bq) 98Leon Tenerife Tours, S.L.U. (dw) 100Los Abades de la Gineta, S.L.U. (ad) 100Mybustest, S.L (ad) 50Mai Tours, S.L.U. (bs) 100Manuel V\u00e1zquez V\u00e1zquez, S.L. (bt) 60Marason Bus, S.L (du) 50Microbuses Candido, S.L.U. (dw) 100Mobility On Time, S.L (du) 45Movelia Tecnologias, S.L. (bu) 77Movilidad 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. (ad) 100NX Middle East, S.L.U. (bw) 100Proyectos Unificados, S.A.U. (ad) 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) 100Sanir Movilidad Sanitaria, S.L. (cp) (prev. Vitalia Servicios Sanitarios, S.L.) 60Segurbus, Sociedad Limitada (dw) 100Semarvi (ad) 34Serviareas 2000, S.L.U (ad) 100Servicios Auxiliares del Transporte C.B. (bz) 100Servicios del Principado, S.A.U. (ad) 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) 30Shore and Landtours SLU (ap) 70Sociedad An\u00f3nima Unipersonal Alsina Graells de A.T. (cb) 100Sociedad Concesionaria Interurbano Tolosa Buruntzaldea S.L. (cc) 60Takselia, S.L. (cd) 71Taller de los Rios 25, S.L. (dy) 100% equity Name and country of IncorporationinterestT\u00e9cnicas en Veh\u00edculos Autom\u00f3viles, S.L.U. (ad) 100Tibus, S.A. (cb) 60Tibus Berlines de Luxe, S.L.U. (cb) 100Tibus Business Cars, S.L.U. (cb) 100Tibus Business Limousines, S.L.U. (ad) 100Tibus Luxury Services, S.L.U. (cb) 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) 100Transportes Bacoma, S.A.U. (cb) 100Transportes Rober, S.A.U. (aa) 100Transportes Turisticos Islas Canarias, Sociedad Limitada (am) 100Transportes de Viajeros de Arag\u00f3n, S.A. (bb) 60Transportes Santo Domingo, S.L.U. (cj) 100Transportes Terrestres Cantabros, S.A. (ci) 94Transportes 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) 100Tury Express, S.A. (an) 100Ute Ea Cordoba (y) 50Ute Mundiplan (dv) 17Ute Ea Alicante (z) 50Ute Madrid City Tour (ad) 50Ute Estacion Alicante (ad) 50Ute Estacion Murcia (ad) 50Ute Acompa\u00f1antes Cantabria (ad) 50Ute Seprisa Maldeasa (ad) 50Ute La Sagra (aw) 58Ute Gijon City View (ao) 65Ute Escolares Galicia Ed1501 (ad) 79Ute Estacion Luanco (ao) 90Ute Leste - Xg881 - Ute Leste Da Coru\u00f1a (ad) 93Ute Alsa Internacional Y Otros (ad) 100Ute Escolares Navarra Ezs63-103 (aw) 100Ute Tanatorios Ii (ad) 100Ute Ferrolbus (ad) 100Ute Maniobras Zaragoza (ad) 100Ute Maniobras Valencia (ad) 100Ute Escolares Galicia Ed1519 (ad) 100Valencia Alicante Bus, S.L. (bl) 75Viajes ALSA, S.A.U. (ad) 100Viajes Por Carretera, S.A.U. (an) 100Voramar el Gaucho S.L.U. (cq) 100% equity Name and country of IncorporationinterestSwitzerlandAlpyBus 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) 100Community Transportation, Inc. (dc) 100Cook-DuPage Transportation Company, Inc. (da) 100Diamond Transportation Services, Inc. (df) 100Discount Enterprises, Inc. (dg) 100DoLightful, Inc. (ea) 20Durham 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 LLC (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) 100% equity Name and country of IncorporationinterestPetermann 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) 100Trinity Student Delivery LLC (dj) 100TWB Transport, LLC (da) 100WeDriveU, Inc. (co) 100WeDriveU America LLC (cz) 100WeDriveU Canada, Inc. (co) 100WeDriveU Holdings, Inc. (co) 100WeDriveU Leasing, Inc (co) 100White Plains Bus Co., Inc. (dm) 100Whitetail Bid Co., LLC (de) 100Wise Coaches, Inc. (ce) 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 2024.Key Address(a) National Express House, Mill Lane, Digbeth, Birmingham, B5 6DD, UK(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 Hay 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) Gran Via de D. Ignacio de Haro, 81, Bilbao(x) Avda. Manuel Rodr\u00edguez Ayuso, 110 \u2013 Zaragoza(y) Glorieta de las Tres Culturas, C\u00f3rdoba(z) Muelle de Poniente, Alicante(aa) Avenida Juan Pablo II, 33 (Estaci\u00f3n de Autobuses), Granada (18013)(ab) Pepe Cosmen s/n \u2013 Oviedo(ac) C/T\u00fanez, 1 (Estaci\u00f3n de Autobuses), C\u00e1ceres(ad) Josefa Valc\u00e1rcel, 20 \u2013 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) C/del Telar 60, Esquina Calle Gramil, Ag\u00fcimes (Las Palmas)(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, PonferradaKey Address(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, Plasencia(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 \u2013 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 \u2013 Madrid(cq) S\u2019 Hort 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 30046Key Address(cy) 3867 Plaza Tower Drive, Baton Rouge, LA 70816(cz) 334 North Senate Avenue, Indianapolis, IN 46204(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) 333 North Brand Blvd., Suite 700, Glendale, CA 91203(ds) 300 Montvue Road, Knoxville, TN 37919(dt) 40 King Street West, Suite 5800, Toronto, ON M5H 3S1 Canada(du) Palma de Mallorca, c/ Camp Franc 31, Poligano Son Oms(dv) C/ Ruiz Perell\u00f3, 15, Madrid(dw) Avenida Las Palmeras, S/N, Esquina a C/Las Adelfas, Ag\u00fcimes (Las Palmas)(dx) C/Las Mimosas, 41, Ag\u00fcimes (Las Palmas)(dy) C/Las Mimosas, Parcelas 126-127, Pol. Ind. De Arinaga, Ag\u00fcimes (Las Palmas)(dz) 160 Mine Lake Ct., Ste. 200, Raleigh, NC 27615(ea) 3500 South Dupont Highway, Dover, Kent, DE 1990139 Post balance sheet eventsDisposal of North America School Bus businessOn 25 April 2025 the Group announced the sale of its North America School Bus business (\u201cSchool Bus\u201d) to I Squared Capital, the leading global infrastructure investment manager, for a headline enterprise value of up to $608m; with expected upfront net proceeds of approximately $365m-$385m. Further details of the sale, including a description of the key adjustments between enterprise value and upfront net proceeds, can be found in the stock exchange announcement at https://www.londonstockexchange.com/news-article/MCG/proposed-sale-of-north-america-school-bus/17005162.As announced on 12 October 2023, the Mobico Board concluded, in line with the Group\u2019s disciplined capital allocation approach and focus on reducing debt and leverage, that the capital-intensive School Bus business would be prepared for a potential sale.The Directors have considered whether the held for sale criteria under IFRS 5 were met as at 31 December 2024 and the Directors believe that the sale plan was not progressed sufficiently for the held for sale criteria to have been met as at 31 December 2024; with the sale still subject to Board approval, lender consent, and terms not having been agreed with the buyer as at that date.School Bus is part of the North America reporting segment and is the second largest operator in the North American School bus market with a 10% share of the growing outsourced market, operating approximately 14,135 vehicles.The disposal is conditional upon certain customary and various other conditions, including anti-trust approvals, and is expected to complete in the third quarter of 2025.School Bus contributed approximately $11m to FY24 Adjusted Operating Profit. It had net assets of approximately $455m as at 31 December 2024, excluding both intercompany balances and liabilities that will be retained by the Group post-completion. The Group\u2019s covenant net debt will be reduced by approximately $365-$385m as a result of the sale, with adjusted net debt being further reduced following the removal of IFRS 16 leases of approximately $38 million (as at 31 December 2024).The financial effect arising from the final gain or loss on disposal, expected to be recognised in FY25, cannot be estimated at this time primarily due to the need to calculate the amount to be recycled from the translation reserve and net investment hedge reserve as pertains to School Bus, as well as accounting for final transaction costs.Disposal of investment in Transit Technologies HoldcoAs at 31 December 2024 the Group owned a non-listed US equity investment in Transit Technologies Holdco which was held at fair value through Other Comprehensive Income. Subsequent to the year end, on 3 March 2025, the sale of this investment completed for a total consideration of $21.9m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__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 have been applied for the first time with effect from 1 January 2024:\u2022 Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures) These amendments clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. As a result of implementing the amendments, the Group has provided additional disclosures about its supplier finance arrangement. For further information see note 24.In addition, the following amendments have been applied for the first time with effect from 1 January 2024:\u2022 Non-current Liabilities with Covenants (Amendments to IAS 1) \u2022 Classification of Liabilities as Current or Non-current (Amendments to IAS 1)\u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)These amendments did not have a material impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. New standards and interpretations not appliedCertain new accounting standard amendments have been published and UK adopted that are not mandatory for 31 December 2024 reporting period and have not been early adopted by the Group:\u2022 Lack of Exchangeability \u2013 Amendments to IAS 21These amendments are not expected to have a material impact on the entity in the current or future reporting periods or on foreseeable future transactions. Prior year restatement German Rail onerous contract provisionDuring the preparation of the financial statements for the year ended 31 December 2024, errors were identified in the German Rail onerous contract provision calculation related to the prior year, that were not identified and therefore not taken into account in the 2023 calculation. Primarily, these were errors relating to the completeness and accuracy of input data within the prior year lifetime profitability assessment model, which were identified through a detailed and comprehensive model rebuild undertaken during the year and further work by management to improve visibility and control of performance across the contracts.In addition, during the current year management also became aware that penalties associated with cleaning related performance obligations, which under the contracts the Group it partially responsible for administering and carrying out, were not being identified, and therefore were being recorded incorrectly. An assessment of the potential liability that should have been recorded at the end of 2023 has also been included as a prior year restatement.The impact on each of the contracts is detailed as follows:\u2022 The RRX 2/3 contract was previously identified as onerous in 2021, with an onerous contract provision on the balance sheet at 31 December 2023 as previously reported of \u00a3118.3m. The impact of the errors identified (as described above) is an increase to the onerous contract provision reflecting a deterioration of the anticipated future contract losses considering information that was or shouldhave been available at that time; and\u2022 The RRX1 contract, which commenced on 10 December 2023, was not assessed as onerous in the prior year. However, as a result of the errors identified, this has the effect of making the contract onerous as at 31 December 2023; as such an onerous contract provision has been booked as part of the prior year restatement.The total increase to the German rail onerous contract provisions as at 31 December 2023 as a result of the restatement is \u00a321.8m. As a result, adjusting items in respect of the German onerous contract provisions have also changed, with the charges for the year ended 31 December 2023 increasing to \u00a3121.0m (previously reported for the 2023 year: \u00a399.2m).The tax charge on adjusting items and deferred tax liabilities have also been restated to reflect the tax effect of the adjustments made to the onerous contract provision summarised above.The impact on the position at 31 December 2022 was immaterial and as such the 1 January 2023 opening position has not been restated and no third balance sheet has been presented. Overall, net assets for the year ended 31 December 2023 have decreased by \u00a321.5m. Cash flow hedges \u2013 fuel derivativesDuring the preparation of the financial statements for the year ended 31 December 2024, management identified a classification error relating to the settlement of cash flow hedges on fuel derivatives. In the year ended 31 December 2023 these were incorrectly presented as part of Other Comprehensive Expense within the Statement of Comprehensive Income, instead of being recognised directly in Equity (referred to as a \u2018basis adjustment\u2019), within the Statement of Changes in Equity. The correction of this error results in the \u00a330.1m expense being removed from Other and Total Comprehensive Income and instead presented as a movement in Equity in the restated balances. The correction has no impact on closing reserves within the Statement of Changes in Equity, nor the Income Statement or the Balance Sheet.A summary of the impact of these two adjustments on the Group\u2019s primary statements is shown below:Group Income StatementReported RestatedAdjusting Adjusted Adjusted items Adjusted items result (note 5) Total result (note 5) Total 2023 2023 2023 2023 2023 2023 \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mOperating costs (2,982.3) (190.0) (3,172.3) (2,982.3) (211.8) (3,194.1)Group operating profit/(loss) 168.6 (190.0) (21.4) 168.6 (211.8) (43.2)Profit/(loss) before tax 92.9 (191.2) (98.3) 92.9 (213.0) (120.1)Tax charge (42.5) (21.9) (64.4) (42.5) (21.6) (64.1)Profit/(loss) for the year 50.4 (213.1) (162.7) 50.4 (234.6) (184.2)Basic EPS (30.2)p (33.7)pDiluted EPS (30.2)p (33.7)pGroup Statement of Comprehensive IncomeReportedRestated2023Adjustment2023\u00a3m\u00a3m\u00a3mLoss for the year (162.7) (21.5) (184.2)Hedging gains reclassified to Income Statement (26.9) 30.1 3.2Other comprehensive expense for the year (82.6) 30.1 (52.5)Total comprehensive expense for the year (245.3) 8.6 (236.7)Total comprehensive (expense)/income attributable to:Equity shareholders (245.5) 8.6 (236.9)Non-controlling interests 0.2 \u2013 0.2(245.3) 8.6 (236.7)Group Balance Sheet ReportedRestated31 December31 December2023Adjustment2023\u00a3m\u00a3m \u00a3mDeferred tax liabilities (47.1) 0.3 (46.8)Provisions (146.4) (11.8) (158.2)Total non-current liabilities (1,647.4) (11.5) (1,658.9)Provisions (98.3) (10.0) (108.3)Total current liabilities (1,361.7) (10.0) (1,371.7)Total liabilities (3,009.1) (21.5) (3,030.6)Net assets 1,066.0 (21.5) 1,044.5Retained earnings (435.5) (21.5) (457.0)Total shareholders\u2019 equity 1,035.8 (21.5) 1,014.3Total equity 1,066.0 (21.5) 1,044.5Group Statement of Changes in Equity Reported RestatedOther Retained Total Other Retained Total reservesearnings Total equity reservesearnings Total equity \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 January 2023 481.1 (223.7) 1,330.8 1,373.8 481.1 (223.7) 1,330.8 1,373.8Loss for the year \u2013 (163.8) (163.8) (162.7) \u2013 (185.3) (185.3) (184.2)Other comprehensive (expense)/ income for the year (83.5) 1.8 (81.7) (82.6) (53.4) 1.8 (51.6) (52.5)Total comprehensive (expense)/income (83.5) (162.0) (245.5) (245.3) (53.4) (183.5) (236.9) (236.7)Hedging gains and losses and cost of hedging transferred to the cost of inventory \u2013 \u2013 \u2013 \u2013 (30.1) \u2013 (30.1) (30.1)At 31 December 2023 397.6 (435.5) 1,035.8 1,066.0 397.6 (457.0) 1,014.3 1,044.5As there was no impact on cash and cash equivalents, the statement of cash flows has not been re-presented.",
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"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. Estimatesand 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 judgementsRecognition of deferred tax assetsThe recognition of deferred tax assets in North America and the UK requires management\u2019s assessment of the probability of the recovery of the utilisation of tax losses and other tax attributes based on future financial projections. In accordance with IAS 12 Income Taxes, deferred tax assets can be recognised where it is judged that the use of tax losses and other tax attributes is \u201cprobable\u201d.In 2023, deferred tax assets of $136.1m in North America and \u00a385.5m in the UK were recognised in relation to past tax losses. As disclosed in the 2023 Annual Report, tax losses had been incurred from 2020-2023 that management considered as being caused by a one-off event, being the Covid-19 pandemic, from which our recovery had been slower than anticipated \u2013 due to positive revenue growth not being sufficient to offset inflationary headwinds.Management had expected at that time that profitability in North America and the UK would significantly improve in the current year,with 2024 tax losses anticipated to be significantly lower compared to previous years and a return to taxable profits in both businesses being previously expected in the year ended 31 December 2025.However, actual performance in 2024 was significantly below management\u2019s previous forecasts. In North America, this was predominantly related to North America School Bus, and whilst the business has demonstrated its recovery from the pandemic and showed some encouraging improvements in 2024 such as a successful bid season and positive price increases, it continues to face significant headwinds such as driver wage inflation, lower availability of drivers and rising maintenance costs, which have both been materially higher in 2024 than prior forecast expectations. In the UK, this was mainly reflective of lower passenger volumes and yield in UK Coach than had been projected, and far fewer benefits from rail strikes (which had been a significant tailwind in 2023) than had been anticipated; coupled with continued losses in the NXTS business in UK Coach.Given this adverse performance to forecast in 2024, and given the current stage in the turnaround of both businesses, the future profitability within the financial forecasts for both the UK and North America School Bus as at 31 December 2024 used for the deferred tax asset recognition (and also consistently applied to the goodwill impairment assessment) have significantly reduced compared to the prior year. Whilst management\u2019s strategic plan forecasts prepared in 2024 include profit improvement actions that aim to improve the future financial performance of both businesses, these have not been included in the forecasts used for this exercise as they cannot currently be objectively evidenced at this stage in the turnaround. The reduced forecasts for North America also have a consequent impact on the UK forecasts as a result of lower forecasted transfer pricing income into the UK.The result of this as it pertains to deferred tax asset recognition is that there has been a significant increase in the length of time it is now projected to take to fully recover the tax losses and other tax attributes compared to the prior year assessment. Based on the future forecasts used in the modelling of the utilisation of tax losses, it is now projected to take over 20 years to utilise all the federal tax losses in the US, versus 7 years in the prior year assessment; and take 21 years to utilise tax losses in the UK, versus 13 years in the prior year.Additionally in North America, there has also been a significant goodwill impairment recorded in the North America School Bus cash-generating unit of \u00a3547.7m as a result of the reduced future forecasts as outlined above coupled with the separation of the two North America businesses into two CGUs in the year, as School Bus generates lower cash flows relative its asset base, compared to WeDriveU; whereas in the UK, the headroom has been significantly reduced (refer to note 14 for further information); this is considered further negative evidence as to deferred tax asset recognition.Whilst the majority of tax losses in both jurisdictions can be carried forward indefinitely, given the above factors which arose in the current year, management have concluded that utilisation of the tax losses and other tax attributes can no longer be considered \u2018probable\u2019 to enable ongoing full recognition of the related deferred tax assets, which has the following effect:\u2022 In North America, deferred tax asset recognition has been limited to the forecast taxable income generated from the reversal of deferred tax liabilities. This results in derecognition of $168m of deferred tax assets leaving $2m of net deferred tax liabilities on the balance sheet as at 31 December 2024. This net deferred tax liability comprises of partially recognised deferred tax assets of $79m offset by deferred tax liabilities of $81m. Of the $79m of recognised deferred tax assets, only $2m is in respect of federal tax losses and $nil in respect of state tax losses; the recognised deferred tax assets mainly relate to other temporary differences including restricted interest expenses.\u2022 In the UK, as the amount of deferred tax liabilities are not material, deferred tax assets in respect of tax losses of \u00a388.6m have been fully derecognised.As a result, there is a tax charge in the current year of \u00a3215.1m in relation to derecognition of deferred tax assets in the Group. Of this \u00a3194.4m is shown as an adjusting item in the income statement consistent with the treatment in prior periods and \u00a320.7m is included within the tax charge in the statement of changes in equity; refer to notes 11 and 27 for further details.Adjusting itemsThe Directors believe that the profit and earnings per share measured before adjusting 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 adjusting items and therefore the accounting judgment can also have an impact on covenant headroom.The classification of adjusting 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 adjusting items is outlined on page 156. Note 5 provides further details on current year adjusting items.(ii) Key sources of estimation uncertaintyManagement have considered the following are key sources of estimation uncertainty during the year.UK 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. Management consider impairment, specifically of the UK cash-generating units, to be a key source of estimation uncertainty given the judgement involved in estimating future cash flows and therefore value in use of businesses undergoing a significant turnaround. Losses in the UK business have been incurred since the onset of the Covid-19 pandemic, from which our recovery has been slower than anticipated. At the end of 2023, management had expected that profitability in the UK would significantly improve in 2024 from the losses previously incurred since 2020. However, actual performance in 2024 was significantly below management\u2019s previous forecasts. This was mainly reflective of lower passenger volumes and yield in UK Coach than had been projected, and far fewer benefits from rail strikes (which had been a significant tailwind in 2023) than had been anticipated; coupled with continued losses in the NXTS business in UK Coach.Given this adverse performance to forecast in 2024, and given the current stage in the turnaround of the UK business, the future profitability within the financial forecasts for the UK as at 31 December 2024 used for the goodwill impairment assessment have significantly reduced compared to the prior year. Whilst management\u2019s strategic plan forecasts prepared in 2024 include profit improvement actions that aim to improve the future financial performance, these have not been included in the forecasts used for this exercise as they cannot currently be objectively evidenced at this stage in the turnaround.As a result, the amount by which value in use exceeds the carrying amount has reduced significantly compared to 31 December 2023, from \u00a3521.1m to \u00a372.0m. At this reduced level of headroom it is now considered that reasonably possible changes in other key inputs (such as discount rates or growth rates) could result in an impairment charge within the next 12 months. Sensitivities are shown in note 14.In the prior year, the goodwill impairment of the North America and ALSA cash-generating units was identified as a key source of estimation uncertainty. Headroom in the ALSA division has increased significantly in the current year such that reasonably possible changes in key inputs over the next 12 months are not expected to result in a change in carrying value. The North America division has been split into two separate cash-generating units in 2024. Given that the value goodwill for the North America School Bus cash-generating unit has been impaired to nil during the year, no further estimation uncertainty remains with regard to this division. The WeDriveU cash-generating unit has significant headroom relative to its carrying value and reasonably possible changes in key inputs would not lead to a change in carrying value, therefore this has not been recognised as key source of estimation uncertainty.Parent company only \u2013 impairment of investments in subsidiariesThe Company determines whether its investment in subsidiary National Express Intermediate Holdings Limited is impaired when indicators of impairment exist or based on the annual impairment assessment. The annual assessment requires an estimate of the value in use of the underlying investments. This investment holds subsequent investments in all Group companies.Estimating the value in use requires the Company to make an estimate of the expected future cash flows from the investment and discount this to net present value. The resulting calculation is sensitive to the assumptions in respect of future cash flows and the discount rate applied.The recoverable amount has been determined with reference to the value in use of each of the underlying trading companies, calculated on the same basis as detailed in note 14 to the Group Consolidated Financial Statements. As explained in the goodwill impairment section above, the cash flow projections used in the current year have significantly reduced the value in use of both the UK and North America School Bus cash-generating units. As a result, when performing the annual impairment assessment for National Express Intermediate Holdings Limited based on the same value in use calculations as used for the Group goodwill impairment assessment, an impairment of investment in subsidiaries of \u00a3836.6m was identified and recorded.Given the reduced level of headroom and subsequent impairment charge in the current year, it is now considered that reasonably possible changes in other key inputs (such as discount rates or growth rates) could result in a further impairment charge within the next 12 months. Sensitivities are detailed in note 3 to the Parent Company Financial Statements.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 2024 the claims provision was \u00a382.2m (2023: \u00a378.1m).In certain limited 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.RRX rail contractsThe Group operates the Rhine-Ruhr RRX1, and RRX 2&3 contracts in German Rail, where the Group receives subsidy revenue for operating the contract. These contracts are gross cost contracts with no exposure to passenger revenue risk.Following the mobilisation of the RRX 2&3 rail contract in 2019, significant cost increases in respect of energy consumption and personnel costs versus the original bid model were identified, leading to the contract being identified as onerous in 2021. When the contract became onerous, related assets on the Balance Sheet were impaired, and a provision was booked for the anticipated losses expected to be incurred while operating the contract over the remaining term to 2033. The provision is re-measured each period end based on the latest estimate of losses expected to be incurred operating the services under the contract. The level of uncertainty in the estimate of overall loss over the remaining contract life significantly increased in the prior year, with a \u00a399.2m increase in the onerous contract provision booked (as originally reported) in FY23. During the preparation of the financial statements for the year ended 31 December 2024, errors were identified in the German Rail onerous contract provision calculation for the prior year, resulting in an increased onerous contract provision now being recognised as part of a prior year restatement. Refer to the prior year restatement section above within note 2 for further detail.The RRX1 franchise commenced on 10 December 2023, succeeding the Emergency Award contract that had been in operation from 1 February 2022 to 9 December 2023, after Abellio (former competing train-operator) had discontinued its operations in Germany. Although at the prior year end the RRX1 contract was not assessed as onerous, however due to the errors being identified in the German Rail onerous contract provision calculation, RRX1 should have been assessed as onerous at the end of 2023 considering information that was or should have been available at that time. As a result, an onerous contract provision has now been recognised as part of a prior year restatement. Refer to the prior year restatement section above within note 2 for further detail.Across both the RRX1 and RRX 2&3 contracts, there have been material adverse cost pressures suffered in 2024, resulting in a worsening in expectations of the forecast losses over the remaining contract term, which are recognised in FY24.The industry continues to suffer from an on-going level of driver shortage. This had always been anticipated to continue during 2024 however during the year we experienced a significant amount of qualified drivers leaving the business, which had not been anticipated. This reflected both a general turnover in driver population, as well as an increasing level of churn caused by the worsening in infrastructure reliability and increased infrastructure repair and renewals activity within the region \u2013 increasing churn due to these challenging operating conditions as well as impacting on driver availability and utilisation. At the same time we were unable to source higher levels of qualified drivers in the market. The combination of these factors has materially worsened the driver shortage issue compared to our previous expectations; as drivers who left the business could not immediately be replaced and the higher staff turnover than had been anticipated therefore had a material effect on cancellations and therefore on penalties suffered which has persisted throughout 2024. In order to address the driver shortfall, we have embarked on a significant investment in driver training and retention to move to a stronger position in 2025 and 2026. By the end of 2024, there were a total of 164 trainees in \u2018driver school\u2019 (a 12-18 month training process), with a further 152 trainees expecting to commence training during 2025. This reflects a c.\u20ac12m p.a. investment in driver training and development which have been factored into our onerous contract provision assessment. We assume that this investment, although required to the end of the contract, will reduce to a lower level through 2026 and into 2027, as the shortage stabilises and operations return to a more normal level.Additionally, further actions have been undertaken to try to address this shortage and minimise the impact on service within the North Rhine-Westphalia region. We have been working closely with other train operating companies and the PTAs during the year to mitigate the impact on services and secure a more robust and deliverable timetable. This resulted in an agreed reduction in mileage in 2024, which is due to continue through 2025 as part of a sector-wide initiative to stabilise operations. This action reduces the pressure on the current driver shortfall, and as well as reducing pressure on the timetable and the network operations, it is also providing more time for us, and other train operating companies, to recruit and train the significant numbers of drivers required to reestablish normal contractual operation. However, the reduction in mileage operated results in a contractual penalty from the PTAs, which although negotiated to a mitigated level, still remains a significant operational challenge and cost impact on these contracts.A summary of the key factors driving the worsening in the financial outlook for the RRX contracts occurring during the current year is detailed below; in each case the impact of which being over and above what we had previously anticipated:\u2022 Infrastructure disruption across the network experienced in 2024, which has adversely impacted productivity (from the impact on driver availability and utilisation) and resulted in higher penalties being incurred; and\u2022 Persisting levels of driver shortages, resulting in reduced operating mileage, higher agency driver costs and higher contractual penalties. The situation regarding driver shortages has not recovered in line with what we had previously anticipated, and this key factor is further described in detail below;\u2022 Higher pay inflation than we had previously assumed and a reduction in productivity, which has not been matched by the subsidy compensation under the contracts;\u2022 Significant additional investment in driver recruitment and training as part of seeking to address the driver shortage issue over the coming 12 to 24 month period; and an increase in expected future investments in these area;\u2022 Higher overheads and central management costs being incurred in order to support the business during the period; at higher levels than had been previously been anticipated; which is expected to persist over the next 2-3 years during the current disrupted period.As a result, the remeasurement of the RRX onerous contract provision through the Income Statement amounted to \u00a386.4m in 2024, and the provision now totals \u00a3176.1m at 31 December 2024 (2023 restated: \u00a3140.1m). In reaching this conclusion, significant estimation uncertainties have been identified in respect of driver shortages (with respect to both the increased costs whilst this issue persists and the length of time it will take to fully recover), driver retention rates, availability of qualified drivers, and the success of our significant investment in trainee driver recruitment and training which has stepped up significantly during FY24. Other key factors include future energy costs and the level of energy compensation to be received from the Public Transport Authority (\u201cPTA\u201d), together with assumptions on how certain published indices used to calculate energy compensation respond to changes in wholesale prices. It is important to note, however, that the assumptions that underpin the onerous contract provision calculations are prior to any mitigations that might be agreed (between the Group and the PTA) in the context of a contract that requires both the operator and the PTA to economically re-balance the contract if events outside of the control of the operator impact the original profitability of the contract.The key assumptions and estimates adopted have been based on third party information where available, including the forecasts for energy prices, the compensation for which is based on energy index data published by the German Federal Statistical Agency, and regression models which are used to forecast the behaviour of the indices relative to energy cost assumptions. The revised assumptions about driver availability are based on our internal manpower planning models, and published industry wage inflation data (noting that our assumption is that the wage inflation index will track our cost inflation assumptions). We have included further detail relating to associated sensitivities in note 26.With further respect to labour shortages:\u2022 Significant driver churn has been experienced in 2024, combined with being unable to source qualified drivers in the market to replace leavers;\u2022 Driver costs have been impacted by a significant investment in driver training and recruiting costs in FY24, which is expected to continue as set out above;\u2022 As a consequence, more agency drivers have had to be employed, thereby increasing the total cost of employment; and\u2022 Whilst the investments in driver training and retention are expected to bear fruit in the medium to long term, the industry standard is for it to take 12-18 months to train a driver, therefore the impact of the above factors experienced in the year mean the current shortages are anticipated to persist in the short term and then expected to be alleviated as driver trainees we have in the pipeline complete their training process and become fully qualified.We had previously anticipated that the situation regarding labour shortages, and its adverse impact on contract profitability, would improve substantially throughout 2024, albeit not being fully resolved until the end of 2025. During 2024 however, the issues arising from driver shortages have persisted and have not recovered in line with our expectations, which resulted in greater contractual penalties being suffered from train cancellations. Our latest assumption is for the driver shortage issue to recede somewhat in 2025 (but not to the extent we previously assumed would be the case in 2024) and not be fully recovered until during 2026.In addition, the impact of correcting the errors in the prior year (refer to the prior year restatement section above for further detail) have also had a subsequent adverse impact on prospective costs when correctly applied in the 2024 year end assessment, given that the base, against which future costs are forecast, is higher. This is most pertinent to cleaning costs; whereby penalties associated with cleaning related performance obligations are expected to continue to impact the Group in future years, albeit at an improved level.The re-measurement of the RRX provision has been included in adjusting items (note 5) consistent with previous years and the Group policy on adjusted profit.RME rail contractThe Group operates the Rhine-M\u00fcnster Express (RME) rail contract to 2030, where the Group receives both passenger revenue and subsidy revenue for operating the contract. Passenger revenue is recognised when passengers travel, and the subsidy revenue is recognised over the life of the contract, by using the input method to measure progress against the performance obligation. The amount of subsidy revenue recognised in each period is a proportion of the total subsidy revenue to be earned over the term of the contract, and is based on a percentage of completion, applying net costs (passenger revenue less costs) incurred as a proportion of total expected net costs, which is what the subsidy is intended to compensate for. Cost drivers under the RME contract are very similar to those under the RRX contracts as described above.At each balance sheet date, the Group reforecasts the contract out-turn and performs a re-assessment of the subsidy revenue to be recognised by reference to the stage of completion. This reassessment during the current year resulted in an increase in the IFRS 15 contract asset recognised on the balance sheet to \u00a351.2m at 31 December 2024 (2023: \u00a348.6m). This was reflective of a reduction in the forward looking profit assumptions for the contract, which was more than offset in the current year by a reprofiling of maintenance expenditure incurred; the impact from which is not expected to recur in future years.The recognition of this contract asset is sensitive to estimates relating to the future profitability of the rail contract, particularly relating to the estimate of future passenger revenues over the remainder of the contract and, to a lesser extent, the level of energy compensation and manpower cost inflation, including the number of drivers required to run the contracts. The passenger revenue forecast has been developed based on both historic data and using a market forecast informed by an independent third party. Assumptions have also been made as to the continuation of government subsidies (in the form of subsidised ticket prices) as set out in note 20.We have included further detail relating to the sensitivity of the contract asset to a change in the forecast future passenger revenues in note 20.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 2024 the UK defined benefit pension liability was \u00a311.3m (2023: \u00a330.0m). The key areas of estimation uncertainty are in respect of the discount rate, rate of inflation, assumptions on post-retirement pension increases, and mortality rate. 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 32 to these Financial Statements, along with their sensitivities.",
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"value": "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 the findings disclosed within 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).",
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"value": "Basis of consolidationThese Consolidated Financial Statements comprise the Financial Statements of Mobico 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 in the subsidiaries 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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"value": "Summary of material 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.Adjusting items The Group Income Statement has been presented in a columnar format to enable users of the Financial Statements to view the adjusted results of the Group. The Group\u2019s policy is to adjust for items that are considered significant in nature and value or not in the normal course of business, or are consistent with items that were treated as adjusting in prior periods. Treatment as adjusting items provides users of the accounts with additional useful information to assess the year-on-year trading performance of the Group. The adjusted profit measures are not recognised profit measures under IFRS and may not be directly comparable with adjusted profit measures used by other companies. Further details relating to adjusting items are provided in note 5 and a full listing of the Group\u2019s alternative performance measures (APMs) are provided in the glossary on pages 249 and 250.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.For the RME contract in Germany, revenue is recognised over the life of the contract, by using the input method to measure progress against the performance obligation. The amount of subsidy income recognised in each period is based on a percentage of completion, applying net costs (passenger revenue less costs) incurred as a proportion of total expected net costs, which is what the subsidy is intended to compensate for.Passenger revenuesPassenger revenues primarily relate to ticket sales in UK bus and scheduled coach, the RME German Rail contract, intercity coach and certain regional bus 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 and ancillary sales around the Group. Other revenue also includes sub-leasing income where the Group acts as the lessor and the sub-lease is an operating lease.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, but the revenue allowed to be recognised 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.Contract assets and liabilities are also recognised when the financial asset model is applied to service concession arrangements, further detail is outlined on page 222.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 any 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 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 ALSA, German Rail 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 or liabilities resulting from the application of IFRIC 12 Service Concession Arrangements are recorded in the Group Balance Sheet within contract assets or contract liabilities respectively, forming part of working capital. These financial assets are measured at amortised cost as the Group\u2019s business objective is to collect the contractual cashflows from the customer. They 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) on the RME contract 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, and on the RRX contracts in German Rail 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 160.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 related 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 probable 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 concession intangiblesService concession intangible assets represent a right to charge passengers for the use of the public service. See page 222 for further details.Contract costsContract costs include costs to obtain and costs to fulfil a contract. See page 160 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 five-year period and discount rates applied in calculating the value in use.Impairment losses relating to goodwill cannot be subsequently reversed.Parent company investmentsInvestments are held at historical cost less any provision for impairment.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 instruments are initially measured at fair value.Financial assetsFinancial assets are classified at initial recognition as either (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 entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.(i) Financial assets subsequently measured 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.(ii) 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, discounted cash flow analyses and share of net assets. Equity instruments designated at fair value through Other Comprehensive Income are not subject to impairment assessment.(iii) 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.The Group\u2019s financial assets at fair value through Profit and Loss are primarily derivatives which are not hedge accounted.Financial liabilitiesFinancial liabilities are measured either at fair value or amortised cost. 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 through adjusting items. 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 fair value 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.For instruments designated as cash flow hedges (which are primarily fuel derivatives), the gain or loss on the hedging instrument that is determined to be an effective hedge is recognised in other comprehensive income and accumulated 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 used to hedge the Group\u2019s net investment in foreign currency denominated operations, 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 on the hedging instruments are recognised in other comprehensive income and accumulated in equity. 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 receivables are initially recognised at the transaction price determined under IFRS 15 and other receivables are initially recognised at fair value. Trade and other receivables are subsequently recognised at amortised cost less a 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 (including grant receivables), contract assets and finance lease 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 that are repayable on demand in accordance with IAS 7. 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 and can fluctuate from positive to negative balances during the period. In the Consolidated Balance Sheet, cash and cash equivalents are presented net of bank overdrafts where there is a legal right of offset and intention to net settle, or 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 first recognises any impairment loss on any 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. Any 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__23": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__24": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__25": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__26": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__27": {
"value": "Adjusting items The Group Income Statement has been presented in a columnar format to enable users of the Financial Statements to view the adjusted results of the Group. The Group\u2019s policy is to adjust for items that are considered significant in nature and value or not in the normal course of business, or are consistent with items that were treated as adjusting in prior periods. Treatment as adjusting items provides users of the accounts with additional useful information to assess the year-on-year trading performance of the Group. The adjusted profit measures are not recognised profit measures under IFRS and may not be directly comparable with adjusted profit measures used by other companies. Further details relating to adjusting items are provided in note 5 and a full listing of the Group\u2019s alternative performance measures (APMs) are provided in the glossary on pages 249 and 250.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__28": {
"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.For the RME contract in Germany, revenue is recognised over the life of the contract, by using the input method to measure progress against the performance obligation. The amount of subsidy income recognised in each period is based on a percentage of completion, applying net costs (passenger revenue less costs) incurred as a proportion of total expected net costs, which is what the subsidy is intended to compensate for.Passenger revenuesPassenger revenues primarily relate to ticket sales in UK bus and scheduled coach, the RME German Rail contract, intercity coach and certain regional bus 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 and ancillary sales around the Group. Other revenue also includes sub-leasing income where the Group acts as the lessor and the sub-lease is an operating lease.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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__29": {
"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, but the revenue allowed to be recognised 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.Contract assets and liabilities are also recognised when the financial asset model is applied to service concession arrangements, further detail is outlined on page 222.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__30": {
"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 any 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__31": {
"value": "Service concession arrangementsIn ALSA, German Rail 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 or liabilities resulting from the application of IFRIC 12 Service Concession Arrangements are recorded in the Group Balance Sheet within contract assets or contract liabilities respectively, forming part of working capital. These financial assets are measured at amortised cost as the Group\u2019s business objective is to collect the contractual cashflows from the customer. They 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) on the RME contract 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, and on the RRX contracts in German Rail 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 160.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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__32": {
"value": "Current 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 related 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__33": {
"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 probable 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__34": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__35": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__36": {
"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 concession intangiblesService concession intangible assets represent a right to charge passengers for the use of the public service. See page 222 for further details.Contract costsContract costs include costs to obtain and costs to fulfil a contract. See page 160 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__37": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__38": {
"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 five-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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__39": {
"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 instruments are initially measured at fair value.Financial assetsFinancial assets are classified at initial recognition as either (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 entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.(i) Financial assets subsequently measured 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.(ii) 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, discounted cash flow analyses and share of net assets. Equity instruments designated at fair value through Other Comprehensive Income are not subject to impairment assessment.(iii) 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.The Group\u2019s financial assets at fair value through Profit and Loss are primarily derivatives which are not hedge accounted.Financial liabilitiesFinancial liabilities are measured either at fair value or amortised cost. 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__40": {
"value": "Financial assetsFinancial assets are classified at initial recognition as either (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 entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.(i) Financial assets subsequently measured 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.(ii) 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, discounted cash flow analyses and share of net assets. Equity instruments designated at fair value through Other Comprehensive Income are not subject to impairment assessment.(iii) 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.The Group\u2019s financial assets at fair value through Profit and Loss are primarily derivatives which are not hedge accounted.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__41": {
"value": "Financial liabilitiesFinancial liabilities are measured either at fair value or amortised cost. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__42": {
"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 fair value 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.For instruments designated as cash flow hedges (which are primarily fuel derivatives), the gain or loss on the hedging instrument that is determined to be an effective hedge is recognised in other comprehensive income and accumulated 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 used to hedge the Group\u2019s net investment in foreign currency denominated operations, 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 on the hedging instruments are recognised in other comprehensive income and accumulated in equity. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__43": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__44": {
"value": "Trade and other receivablesTrade receivables are initially recognised at the transaction price determined under IFRS 15 and other receivables are initially recognised at fair value. Trade and other receivables are subsequently recognised at amortised cost less a 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 (including grant receivables), contract assets and finance lease 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__45": {
"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 that are repayable on demand in accordance with IAS 7. 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 and can fluctuate from positive to negative balances during the period. In the Consolidated Balance Sheet, cash and cash equivalents are presented net of bank overdrafts where there is a legal right of offset and intention to net settle, or otherwise are included within borrowings in current liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__46": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__47": {
"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 first recognises any impairment loss on any 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__48": {
"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. Any 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__49": {
"value": "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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__50": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__51": {
"value": "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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__52": {
"value": "3 Exchange ratesThe most significant exchange rates to UK Sterling for the Group are as follows:2024202420232023Closing rateAverage rateClosing rateAverage rateUS Dollar 1.25 1.28 1.27 1.24Canadian Dollar 1.80 1.75 1.69 1.68Euro 1.21 1.18 1.15 1.15Moroccan Dirham 12.66 12.70 12.57 12.60If the results for the year to 31 December 2023 had been retranslated at the average exchange rates for the year to 31 December 2024, North America would have achieved adjusted operating profit of \u00a326.3m on revenue of \u00a31,084.8m, compared with adjusted operating profit of \u00a327.1m on revenue of \u00a31,115.6m as reported, ALSA would have achieved adjusted operating profit of \u00a3110.5m on revenue of \u00a31,134.6m, compared with adjusted operating profit of \u00a3136.8m on revenue of \u00a31,165.4m as reported, and German Rail would have achieved adjusted operating profit of \u00a30.2m on revenue of \u00a3252.9m, compared with adjusted operating profit of \u00a30.2m on revenue of \u00a3259.8m as reported.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__54": {
"value": "4 Revenue and segmental analysis The Group\u2019s reportable segments have been determined based on reports issued to and reviewed by the Group Board of Directors, and organised in accordance with the geographical regions in which they operate and the nature of services that they provide. Management considers the Group Board 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.(a) RevenueRevenue is disaggregated by reportable segment, class and type of service as follows:2024Contract Passenger Grants and Other Analysis by class and revenuesrevenuessubsidiesPrivate hirerevenuesTotalreportable segment:\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 38.2 496.3 37.4 21.6 29.5 623.0German Rail \u2013 38.5 218.6 \u2013 (0.6) 256.5ALSA 273.4 717.5 171.7 89.6 75.4 1,327.6North America 1,131.7 \u2013 \u2013 55.2 18.4 1,205.3Total revenue 1,443.3 1,252.3 427.7 166.4 122.7 3,412.4Analysis by major service type:Passenger transport 1,443.3 1,252.3 427.7 166.4 18.0 3,307.7Other products and services \u2013 \u2013 \u2013 \u2013 104.7 104.7Total revenue 1,443.3 1,252.3 427.7 166.4 122.7 3,412.4There have been no 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 within contract liabilities and disclosed in notes 24 and 25.There are no material inter-segment sales between reportable segments.Covid-19 funding included in revenueIncluded within revenue above is the following Covid-19 related funding as follows:20242023\u00a3m\u00a3mUK (a) \u2013 1.9ALSA (b) 0.3 11.5Total Covid-19 funding in revenue 0.3 13.4a) In the prior year, the UK division received a final payment under the Covid-19 Bus Services Support Grant (CBSSG) relating to an earlier period. b) In ALSA \u00a30.3m (2023: \u00a311.5m) of funding was recognised from Public Transport Authorities to compensate for revenue shortfalls due to Covid-19. Bus Service Improvement Plan (BSIP) fundingIn 2022, the West Midlands Combined Authority (WMCA), supported by our UK Bus business and other regional operators, applied for and was awarded a grant by the Department for Transport (DfT) under the UK Government\u2019s BSIP. A pre-application condition for the BSIP grant set by the DfT was the existence of an Enhanced Partnership Plan (EPP) and an Enhanced Partnership Scheme (EPS) between WMCA and regional bus operators. This was in place for the West Midlands prior to the commencement of the BSIP. The BSIP was available to WMCA and regional bus operators in return for delivering certain improvements in bus services in the West Midlands. During the year to 31 December 2023, UK Bus renegotiated the terms of the BSIP grant with the WMCA resulting in additional funding and releasing the business from its commitment to freeze passenger fares for the remainder of the grant period. The grant income relating to freezing fares was applicable up to 30 June 2023 and amounted to \u00a33.2m. No more funding is expected under this element of the BSIP. For the portion of the funding available for maintaining the bus network, the updated agreement confirmed the income to be received until 31 December 2024. During the year the income has been recognised on a straight-line basis prorated on the total funding available to the business to the end of 2024. This has resulted in further grant income of \u00a311.1m (2023: \u00a312.2m) 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 that period. In addition, there is a further \u00a333.0m of BSIP funding relating to the period 1 January 2023 to 31 December 2024 of which \u00a316.5m (2023: \u00a316.5m) has been recognised on a pro-rata basis against the costs incurred in maintaining network services. A total amount of \u00a327.6m (2023: \u00a331.9m) of BSIP funding has been recognised in the period to 31 December 2024.20242023BSIP funding\u00a3m\u00a3mIncluded within revenue \u2013 3.2Included within operating costs (note 6) 27.6 28.7Total BSIP funding 27.6 31.9Prior year revenue is disaggregated by reportable segment, class and type of service as follows:2023Contract Passenger Grants and Other Analysis by class and revenuesrevenuessubsidiesPrivate hirerevenuesTotalreportable segment:\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 36.6 479.0 40.8 23.3 30.4 610.1German Rail \u2013 43.3 216.0 \u2013 0.5 259.8ALSA 233.7 607.8 188.8 68.0 67.1 1,165.4North America 1,050.3 \u2013 \u2013 60.0 5.3 1,115.6Total revenue 1,320.6 1,130.1 445.6 151.3 103.3 3,150.9Analysis by major service type:Passenger transport 1,320.6 1,130.1 445.6 151.3 19.1 3,066.7Other products and services \u2013 \u2013 \u2013 \u2013 84.2 84.2Total revenue 1,320.6 1,130.1 445.6 151.3 103.3 3,150.9(b) Operating profit/(loss)Operating profit/(loss) is analysed by reportable segment as follows:(Restated) (Restated) Adjusted Adjusting SegmentAdjusted AdjustingSegment1Resultprofit/(loss)itemsresult profit/(loss) Items202420242024202320232023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 6.5 (18.7) (12.2) 23.5 (22.2) 1.3German Rail (9.3) (87.5) (96.8) 0.2 (122.1) (121.9)ALSA 186.1 (9.2) 176.9 136.8 (15.8) 121.0North America 38.3 (569.9) (531.6) 27.1 (34.2) (7.1)Central functions (33.9) (22.3) (56.2) (19.0) (17.5) (36.5)Operating profit/(loss) 187.7 (707.6) (519.9) 168.6 (211.8) (43.2)1 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information(c) DepreciationDepreciation is analysed by reportable segment as follows:20242023\u00a3m\u00a3mUK 27.7 30.8German Rail 4.2 4.6ALSA 83.3 67.1North America 98.2 96.8213.4 199.3(d) Non-current assetsNon-current assets and additions are analysed by reportable segment as follows:Property, Non-currentProperty, Non-currentIntangibleplant and asset Intangible plant and asset assets equipmentTotaladditionsassets equipmentTotal additions20242024202420242023202320232023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 53.3 180.6 233.9 9.4 60.0 218.1 278.1 15.5Central functions 7.7 0.1 7.8 \u2013 7.8 \u2013 7.8 \u2013Total UK 61.0 180.7 241.7 9.4 67.8 218.1 285.9 15.5German Rail 5.6 2.5 8.1 1.9 6.8 15.2 22.0 5.1ALSA 693.4 472.1 1,165.5 132.5 691.7 447.3 1,139.0 198.2North America 226.2 538.3 764.5 160.4 785.5 483.9 1,269.4 64.4Total overseas 925.2 1,012.9 1,938.1 294.8 1,484.0 946.4 2,430.4 267.7Total 986.2 1,193.6 2,179.8 304.2 1,551.8 1,164.5 2,716.3 283.2(e) Geographical informationRevenue from external customers Non-current assets2024202320242023\u00a3m\u00a3m\u00a3m\u00a3mUK & Ireland 623.0 610.1 241.7 285.9Germany 256.5 259.8 8.1 22.0Spain 1,097.2 962.9 1,035.5 989.4Morocco 145.6 145.6 73.3 95.5USA 1,147.8 1,053.6 717.1 1,152.6Canada 57.5 62.0 47.4 116.8Portugal, Switzerland & France 84.8 56.9 56.7 54.13,412.4 3,150.9 2,179.8 2,716.3Due 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 Board does not regularly include an analysis of assets and liabilities by segment.The financial impact of risks associated with climate change is not expected to have a material impact on the Group given the geographical spread of its operating locations, as outlined in the TCFD section.",
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"f0__s7__6__53": {
"value": "(a) RevenueRevenue is disaggregated by reportable segment, class and type of service as follows:2024Contract Passenger Grants and Other Analysis by class and revenuesrevenuessubsidiesPrivate hirerevenuesTotalreportable segment:\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 38.2 496.3 37.4 21.6 29.5 623.0German Rail \u2013 38.5 218.6 \u2013 (0.6) 256.5ALSA 273.4 717.5 171.7 89.6 75.4 1,327.6North America 1,131.7 \u2013 \u2013 55.2 18.4 1,205.3Total revenue 1,443.3 1,252.3 427.7 166.4 122.7 3,412.4Analysis by major service type:Passenger transport 1,443.3 1,252.3 427.7 166.4 18.0 3,307.7Other products and services \u2013 \u2013 \u2013 \u2013 104.7 104.7Total revenue 1,443.3 1,252.3 427.7 166.4 122.7 3,412.4There have been no 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 within contract liabilities and disclosed in notes 24 and 25.There are no material inter-segment sales between reportable segments.Covid-19 funding included in revenueIncluded within revenue above is the following Covid-19 related funding as follows:20242023\u00a3m\u00a3mUK (a) \u2013 1.9ALSA (b) 0.3 11.5Total Covid-19 funding in revenue 0.3 13.4a) In the prior year, the UK division received a final payment under the Covid-19 Bus Services Support Grant (CBSSG) relating to an earlier period. b) In ALSA \u00a30.3m (2023: \u00a311.5m) of funding was recognised from Public Transport Authorities to compensate for revenue shortfalls due to Covid-19. Bus Service Improvement Plan (BSIP) fundingIn 2022, the West Midlands Combined Authority (WMCA), supported by our UK Bus business and other regional operators, applied for and was awarded a grant by the Department for Transport (DfT) under the UK Government\u2019s BSIP. A pre-application condition for the BSIP grant set by the DfT was the existence of an Enhanced Partnership Plan (EPP) and an Enhanced Partnership Scheme (EPS) between WMCA and regional bus operators. This was in place for the West Midlands prior to the commencement of the BSIP. The BSIP was available to WMCA and regional bus operators in return for delivering certain improvements in bus services in the West Midlands. During the year to 31 December 2023, UK Bus renegotiated the terms of the BSIP grant with the WMCA resulting in additional funding and releasing the business from its commitment to freeze passenger fares for the remainder of the grant period. The grant income relating to freezing fares was applicable up to 30 June 2023 and amounted to \u00a33.2m. No more funding is expected under this element of the BSIP. For the portion of the funding available for maintaining the bus network, the updated agreement confirmed the income to be received until 31 December 2024. During the year the income has been recognised on a straight-line basis prorated on the total funding available to the business to the end of 2024. This has resulted in further grant income of \u00a311.1m (2023: \u00a312.2m) 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 that period. In addition, there is a further \u00a333.0m of BSIP funding relating to the period 1 January 2023 to 31 December 2024 of which \u00a316.5m (2023: \u00a316.5m) has been recognised on a pro-rata basis against the costs incurred in maintaining network services. A total amount of \u00a327.6m (2023: \u00a331.9m) of BSIP funding has been recognised in the period to 31 December 2024.20242023BSIP funding\u00a3m\u00a3mIncluded within revenue \u2013 3.2Included within operating costs (note 6) 27.6 28.7Total BSIP funding 27.6 31.9Prior year revenue is disaggregated by reportable segment, class and type of service as follows:2023Contract Passenger Grants and Other Analysis by class and revenuesrevenuessubsidiesPrivate hirerevenuesTotalreportable segment:\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 36.6 479.0 40.8 23.3 30.4 610.1German Rail \u2013 43.3 216.0 \u2013 0.5 259.8ALSA 233.7 607.8 188.8 68.0 67.1 1,165.4North America 1,050.3 \u2013 \u2013 60.0 5.3 1,115.6Total revenue 1,320.6 1,130.1 445.6 151.3 103.3 3,150.9Analysis by major service type:Passenger transport 1,320.6 1,130.1 445.6 151.3 19.1 3,066.7Other products and services \u2013 \u2013 \u2013 \u2013 84.2 84.2Total revenue 1,320.6 1,130.1 445.6 151.3 103.3 3,150.9",
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"language": "en",
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"f0__s7__6__55-1": {
"value": "Covid-19 funding included in revenueIncluded within revenue above is the following Covid-19 related funding as follows:20242023\u00a3m\u00a3mUK (a) \u2013 1.9ALSA (b) 0.3 11.5Total Covid-19 funding in revenue 0.3 13.4a) In the prior year, the UK division received a final payment under the Covid-19 Bus Services Support Grant (CBSSG) relating to an earlier period. b) In ALSA \u00a30.3m (2023: \u00a311.5m) of funding was recognised from Public Transport Authorities to compensate for revenue shortfalls due to Covid-19. Bus Service Improvement Plan (BSIP) fundingIn 2022, the West Midlands Combined Authority (WMCA), supported by our UK Bus business and other regional operators, applied for and was awarded a grant by the Department for Transport (DfT) under the UK Government\u2019s BSIP. A pre-application condition for the BSIP grant set by the DfT was the existence of an Enhanced Partnership Plan (EPP) and an Enhanced Partnership Scheme (EPS) between WMCA and regional bus operators. This was in place for the West Midlands prior to the commencement of the BSIP. The BSIP was available to WMCA and regional bus operators in return for delivering certain improvements in bus services in the West Midlands. During the year to 31 December 2023, UK Bus renegotiated the terms of the BSIP grant with the WMCA resulting in additional funding and releasing the business from its commitment to freeze passenger fares for the remainder of the grant period. The grant income relating to freezing fares was applicable up to 30 June 2023 and amounted to \u00a33.2m. No more funding is expected under this element of the BSIP. For the portion of the funding available for maintaining the bus network, the updated agreement confirmed the income to be received until 31 December 2024. During the year the income has been recognised on a straight-line basis prorated on the total funding available to the business to the end of 2024. This has resulted in further grant income of \u00a311.1m (2023: \u00a312.2m) 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 that period. In addition, there is a further \u00a333.0m of BSIP funding relating to the period 1 January 2023 to 31 December 2024 of which \u00a316.5m (2023: \u00a316.5m) has been recognised on a pro-rata basis against the costs incurred in maintaining network services. A total amount of \u00a327.6m (2023: \u00a331.9m) of BSIP funding has been recognised in the period to 31 December 2024.20242023BSIP funding\u00a3m\u00a3mIncluded within revenue \u2013 3.2Included within operating costs (note 6) 27.6 28.7Total BSIP funding 27.6 31.9Covid-19 funding recognised within operating costsIncluded within operating costs above is the following Covid-19 related funding:20242023\u00a3m\u00a3mUK (a) \u2013 8.7North America (b) \u2013 4.2Total Covid-19 funding in operating costs \u2013 12.9The Group has recognised grant income where the Directors have reasonable assurance that we have complied with the conditions of the grant, and the grant will be received. 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.(a) The prior year included funding from the UK Bus Recovery Grant (BRG); replacing the Covid-19 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 previously allocated to the operators according to mileage operated.(b) In the prior year, the Group also recognised \u00a33.9m in North America in respect of Covid-19 Employee Retention Credits (ERC) and a further \u00a30.3m relating to other grant income.BSIP fundingThe UK Bus business has also recognised grant income under the BSIP. Included in operating costs above is \u00a327.6m (2023: \u00a328.7m) of grant income reflecting the elements of the BSIP programme compensating the business for the costs incurred in maintaining the bus network during the period. See note 4 for further details.",
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"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__58": {
"value": "6 Operating costs(Restated) 120242023\u00a3m\u00a3mCost of inventories recognised in expense 86.9 77.7Staff costs 1,733.4 1,585.1Depreciation \u2013 owned assets 162.0 148.2 \u2013 leased assets 51.4 51.1Intangible asset amortisation \u2013 intangibles from acquired businesses (note 5) 27.7 35.3 \u2013 other intangible assets 22.5 18.52Gain on disposal of property, plant and equipment(11.0) (12.7)Gain on disposal of intangible assets (0.8) (0.4)Amortisation of fixed asset grants (2.0) (2.0)Leases (note 33) \u2013 variable lease payments not included in the measurement of lease liabilities 7.9 4.0 \u2013 expenses relating to short-term leases 15.2 9.5 \u2013 expenses relating to leases of low-value assets 4.3 4.43Adjusting items (note 5) 679.9 176.5Other charges (see breakdown below) 1,154.9 1,098.9Total operating costs 3,932.3 3,194.11 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information 2 Gain on disposal of property, plant and equipment includes \u00a34.5m (2023: \u00a32.6m) in respect of UK depot sale and leasebacks3 Excludes amortisation from intangibles from acquired businesses which is included within intangible asset amortisation above 20242023\u00a3m\u00a3mFuel 267.2 268.8Vehicle hire 131.0 111.8Third party fees & related transport costs 113.3 126.9Rail track access charges 110.4 113.3Repairs and maintenance 101.8 98.9Insurance 65.2 63.3Legal and professional 40.9 37.9Sales & marketing 22.2 25.8Other 302.9 252.2Total other charges 1,154.9 1,098.9Covid-19 funding recognised within operating costsIncluded within operating costs above is the following Covid-19 related funding:20242023\u00a3m\u00a3mUK (a) \u2013 8.7North America (b) \u2013 4.2Total Covid-19 funding in operating costs \u2013 12.9The Group has recognised grant income where the Directors have reasonable assurance that we have complied with the conditions of the grant, and the grant will be received. 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.(a) The prior year included funding from the UK Bus Recovery Grant (BRG); replacing the Covid-19 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 previously allocated to the operators according to mileage operated.(b) In the prior year, the Group also recognised \u00a33.9m in North America in respect of Covid-19 Employee Retention Credits (ERC) and a further \u00a30.3m relating to other grant income.BSIP fundingThe UK Bus business has also recognised grant income under the BSIP. Included in operating costs above is \u00a327.6m (2023: \u00a328.7m) of grant income reflecting the elements of the BSIP programme compensating the business for the costs incurred in maintaining the bus network during the period. See note 4 for further details.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__57": {
"value": "6 Operating costs(Restated) 120242023\u00a3m\u00a3mCost of inventories recognised in expense 86.9 77.7Staff costs 1,733.4 1,585.1Depreciation \u2013 owned assets 162.0 148.2 \u2013 leased assets 51.4 51.1Intangible asset amortisation \u2013 intangibles from acquired businesses (note 5) 27.7 35.3 \u2013 other intangible assets 22.5 18.52Gain on disposal of property, plant and equipment(11.0) (12.7)Gain on disposal of intangible assets (0.8) (0.4)Amortisation of fixed asset grants (2.0) (2.0)Leases (note 33) \u2013 variable lease payments not included in the measurement of lease liabilities 7.9 4.0 \u2013 expenses relating to short-term leases 15.2 9.5 \u2013 expenses relating to leases of low-value assets 4.3 4.43Adjusting items (note 5) 679.9 176.5Other charges (see breakdown below) 1,154.9 1,098.9Total operating costs 3,932.3 3,194.11 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information 2 Gain on disposal of property, plant and equipment includes \u00a34.5m (2023: \u00a32.6m) in respect of UK depot sale and leasebacks3 Excludes amortisation from intangibles from acquired businesses which is included within intangible asset amortisation above 20242023\u00a3m\u00a3mFuel 267.2 268.8Vehicle hire 131.0 111.8Third party fees & related transport costs 113.3 126.9Rail track access charges 110.4 113.3Repairs and maintenance 101.8 98.9Insurance 65.2 63.3Legal and professional 40.9 37.9Sales & marketing 22.2 25.8Other 302.9 252.2Total other charges 1,154.9 1,098.9Covid-19 funding recognised within operating costsIncluded within operating costs above is the following Covid-19 related funding:20242023\u00a3m\u00a3mUK (a) \u2013 8.7North America (b) \u2013 4.2Total Covid-19 funding in operating costs \u2013 12.9The Group has recognised grant income where the Directors have reasonable assurance that we have complied with the conditions of the grant, and the grant will be received. 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.(a) The prior year included funding from the UK Bus Recovery Grant (BRG); replacing the Covid-19 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 previously allocated to the operators according to mileage operated.(b) In the prior year, the Group also recognised \u00a33.9m in North America in respect of Covid-19 Employee Retention Credits (ERC) and a further \u00a30.3m relating to other grant income.BSIP fundingThe UK Bus business has also recognised grant income under the BSIP. Included in operating costs above is \u00a327.6m (2023: \u00a328.7m) of grant income reflecting the elements of the BSIP programme compensating the business for the costs incurred in maintaining the bus network during the period. See note 4 for further details.",
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"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__56": {
"value": "Depreciation \u2013 owned assets 162.0 148.2 \u2013 leased assets 51.4 51.1Intangible asset amortisation \u2013 intangibles from acquired businesses (note 5) 27.7 35.3 \u2013 other intangible assets 22.5 18.5",
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"entity": "scheme:213800A8IQEMY8PA5X34",
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},
"f0__s7__6__60": {
"value": "7 Auditor\u2019s remunerationAn analysis of fees paid to the Group\u2019s auditor is provided below:20242023\u00a3m\u00a3mAudit of the Group financial statements 2.2 0.9Audit of subsidiaries 2.2 1.8Audit-related assurance services 0.1 0.31Other audit1.7 0.56.2 3.51 Other audit relates to audits commissioned for the purposes of supporting a planned transaction \u2013 these were audits performed in accordance with auditing standards, to an audit level of independence, rather than assurance services.",
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"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__61-1": {
"value": "8 Employee benefit costs20242023\u00a3m\u00a3mWages and salaries 1,500.7 1,365.2Social security costs 218.7 209.1Pension costs (note 32) 9.4 9.2Share-based payment (note 9) 4.6 1.61,733.4 1,585.1The average number of employees, including Executive Directors, during the year was as follows:2024 2023Managerial and administrative 4,630 4,385Operational 45,156 40,32449,785 44,709Details of key management compensation can be found in note 35.32 Pensions and other post-employment benefits(a) Summary of pension benefits and assumptionsThe UK division (UK) operates a defined benefit pension scheme.The Company has in the past operated a defined benefit scheme. 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.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.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 2026 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 net pension liability for the UK division scheme has reduced significantly in the year, principally as a result of an increase in the discount rate. As a result of this, the Group has considered the impact of IFRIC 14 and has subsequently determined that the Group does not have an unconditional right to a refund of surplus and therefore the IFRIC 14 requirements regarding consideration of minimum funding commitments applies. As a consequence, the net pension liability has been increased to the net present value of the committed future deficit contributions, resulting in a restriction due to the asset ceiling of \u00a34.2m being applied, and a closing net pension liability for the UK scheme of \u00a311.3m.The Group expects to contribute \u00a310.0m into its defined benefit pension plans in 2025.During the year the Group assessed the impact of the Virgin Media legal case on both the UK division and the National Express Services Limited defined benefit pension schemes, and concluded there was no impact on either scheme as a result of this ruling.The UK division, the Company and North America also operate or contribute into a number of defined contribution schemes.The total pension cost charged to adjusted operating profit in the year for the Group was \u00a39.4m (2023: \u00a39.2m), of which \u00a37.8m (2023: \u00a37.5m) relates to the defined contribution schemes.The defined benefit pension (liability)/asset included in the Balance Sheet is as follows:20242023\u00a3m\u00a3mOther 0.1 0.2Pension assets 0.1 0.2UK (11.3) (30.0)Other (0.3) (2.8)Pension liabilities (11.6) (32.8)Total (11.5) (32.6)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. West Midlands Travel Limited participates in the Local Government Pension Scheme (LGPS). During the period a triennial actuarial valuation of the Scheme was completed with an effective date of 31 March 2022. This is an independent valuation completed by a Scheme Actuary and West Midlands Travel Limited was assessed to be in deficit by \u00a365.3m after taking account of updates made by the actuary following the March 2023 deadline. Contributions towards the deficit continue to be paid and amounts of \u00a37.5m, \u00a37.7m and \u00a37.8m have been agreed for the 3 years from 1 April 2023.A summary of the latest triennial actuarial valuation for the UK scheme, and assumptions made, are as follows:UK31 MarchDate of actuarial valuation2022Rate of investment returns per annum 2.9%Increase in earnings per annum 3.0%Scheme assets taken at market value \u00a3451.9mFunding level 87%The most recent triennial valuations are then updated by independent professionally qualified actuaries for financial reporting purposes, in accordance with IAS 19. The assumptions for the UK scheme are listed below:20242023UKUKRate of increase in salaries 2.5% 2.5%Rate of increase of pensions in payment 2.6% 2.5%Discount rate 5.4% 4.5%Inflation assumption (RPI) 3.1% 3.1%Inflation assumption (CPI) 2.6% 2.5%Post-retirement mortality in years:Current pensioners at 65 \u2013 male 18.7 18.5Future pensioners at 65 \u2013 male 19.7 19.5Current pensioners at 65 \u2013 female 21.7 21.5Future pensioners at 65 \u2013 female 24.1 23.9The 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 20242023(Increase)/decrease in the defined benefit obligation\u00a3m\u00a3mEffect of a 0.5% increase in pensions in payment (11.8) (13.7)Effect of a 0.5% decrease in the discount rate (18.7) (21.8)Effect of a 0.5% increase in inflation (13.1) (15.1)Effect of a 1-year increase in mortality rates (11.0) (13.4)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 2024 and 2023 are set out in the following tables:UK Other Total 202420242024Group Income Statement\u00a3m\u00a3m\u00a3mAmounts charged:Current service cost (1.6) \u2013 (1.6)Net interest expense (1.1) (0.1) (1.2)Total charge to Income Statement (2.7) (0.1) (2.8)In addition, during the year \u00a30.1m (2023: \u00a30.1m) of administrative expenses were incurred. The net interest expense has been included within finance costs (see note 10).UK Other Total 202420242024Group Statement of Comprehensive Income\u00a3m\u00a3m\u00a3mActuarial gain during the period from obligations 30.4 0.3 30.7Expected return on plan assets less than discount rate (14.9) (0.4) (15.3)Change in the asset ceiling excluding interest (4.2) \u2013 (4.2)Net actuarial gain/(loss) 11.3 (0.1) 11.2UK Other Total 202320232023Group Income Statement\u00a3m\u00a3m\u00a3mAmounts charged:Current service cost (1.6) \u2013 (1.6)Net interest expense (1.6) (0.2) (1.8)Total charge to Income Statement (3.2) (0.2) (3.4)UK Other Total 202320232023Group Statement of Comprehensive Income\u00a3m\u00a3m\u00a3mActuarial (loss)/gain during the period from obligations (3.9) 0.1 (3.8)Expected return on plan assets greater than discount rate 6.7 (0.3) 6.4Net actuarial gain/(loss) 2.8 (0.2) 2.6The amounts were recognised in the Balance Sheet at 31 December as follows:UK Other Total 202420242024As at 31 December 2024\u00a3m\u00a3m\u00a3mEquities 35.2 1.1 36.3Bonds and multi-asset credit 40.9 1.5 42.4Insurance policy 98.5 \u2013 98.5Credit 96.6 \u2013 96.6Liability-driven investment 59.3 \u2013 59.3Other 5.3 \u2013 5.3Fair value of scheme assets 335.8 2.6 338.4Present value of liabilities and defined benefit obligation (342.9) (2.9) (345.8)Effect of the asset ceiling (4.2) \u2013 (4.2)Defined benefit pension deficit (11.3) (0.3) (11.6)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 Other Total 202320232023As at 31 December 2023\u00a3m\u00a3m\u00a3mEquities 40.2 1.2 41.4Bonds and multi-asset credit 39.8 1.8 41.6Insurance policy 112.1 \u2013 112.1Diversified growth fund 88.7 \u2013 88.7Liability-driven investment 61.9 \u2013 61.9Other 11.2 \u2013 11.2Fair value of scheme assets 353.9 3.0 356.9Present value of liabilities and defined benefit obligation (383.9) (5.6) (389.5)Defined benefit pension deficit (30.0) (2.6) (32.6)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 \u00a3345.5m (2023: \u00a3386.8m) arising from plans that are wholly or partly funded and \u00a30.3m (2023: \u00a32.7m) from unfunded plans.The movement in the defined benefit obligations is as follows:UKOtherTotal\u00a3m\u00a3m\u00a3mDefined benefit obligation at 1 January 2024 (383.9) (5.6) (389.5)Current service cost (1.6) \u2013 (1.6)Benefits paid 29.3 2.6 31.9Contributions by employees (0.5) \u2013 (0.5)Finance charge (16.6) (0.2) (16.8)Actuarial gain from changes in financial assumptions 30.1 0.3 30.4Actuarial loss arising from changes in demographics (1.6) \u2013 (1.6)Actuarial gain arising from experience adjustments 1.9 \u2013 1.9Defined benefit obligation at 31 December 2024 (342.9) (2.9) (345.8)UKOtherTotal\u00a3m\u00a3m\u00a3mDefined benefit obligation at 1 January 2023 (386.8) (5.6) (392.4)Current service cost (1.6) \u2013 (1.6)Benefits paid 26.8 0.3 27.1Contributions by employees (0.5) \u2013 (0.5)Finance charge (17.9) (0.4) (18.3)Actuarial loss from changes in financial assumptions (10.9) (0.1) (11.0)Actuarial gain arising from changes in demographics 17.8 \u2013 17.8Actuarial (loss)/gain arising from experience adjustments (10.8) 0.2 (10.6)Defined benefit obligation at 31 December 2023 (383.9) (5.6) (389.5)The movement in the fair value of scheme assets is as follows:UKOtherTotal\u00a3m\u00a3m\u00a3mFair value of scheme assets at 1 January 2024 353.9 3.0 356.9Expected return on plan assets 15.5 0.1 15.6Expected return on plan assets less than discount rate (14.9) (0.4) (15.3)Cash contributions \u2013 employer 10.1 \u2013 10.1Administrative expenses (0.1) \u2013 (0.1)Cash contributions \u2013 employee 0.5 \u2013 0.5Benefits paid (29.2) (0.1) (29.3)Fair value of scheme assets at 31 December 2024 335.8 2.6 338.4UKOtherTotal\u00a3m\u00a3m\u00a3mFair value of scheme assets at 1 January 2023 347.1 3.2 350.3Expected return on plan assets 16.3 0.2 16.5Expected return on plan assets greater/(less) than discount rate 6.7 (0.3) 6.4Cash contributions \u2013 employer 10.2 \u2013 10.2Administrative expenses (0.1) \u2013 (0.1)Cash contributions \u2013 employee 0.5 \u2013 0.5Benefits paid (26.8) (0.1) (26.9)Fair value of scheme assets at 31 December 2023 353.9 3.0 356.9The change in the impact of asset ceiling is as follows:UKOtherTotal\u00a3m\u00a3m\u00a3mRestriction due to asset ceiling at 1 January 2024 \u2013 \u2013 \u2013Interest on the asset ceiling \u2013 \u2013 \u2013Change in the asset ceiling excluding interest (4.2) \u2013 (4.2)Restriction due to asset ceiling at 31 December 2024 (4.2) \u2013 (4.2)UKOtherTotal\u00a3m\u00a3m\u00a3mRestriction due to asset ceiling at 1 January 2023 \u2013 \u2013 \u2013Interest on the asset ceiling \u2013 \u2013 \u2013Change in the asset ceiling excluding interest \u2013 \u2013 \u2013Restriction due to asset ceiling at 31 December 2023 \u2013 \u2013 \u201320242023202220212020History of experience gains and losses:\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUKFair value of scheme assets 335.8 353.9 347.1 479.7 475.1Present value of defined benefit obligation (342.9) (383.9) (386.8) (575.8) (616.7)Effect of the asset ceiling (4.2) \u2013 \u2013 \u2013 \u2013Deficit in the scheme (11.3) (30.0) (39.7) (96.1) (141.6)Experience adjustments arising on liabilities 1.9 (3.9) (36.4) (3.0) 6.7Experience adjustments arising on assets (14.9) 6.7 (125.1) 15.8 24.4CompanyFair value of scheme assets \u2013 \u2013 \u2013 3.8 122.8Present value of defined benefit obligation \u2013 \u2013 \u2013 \u2013 (110.5)Surplus in the scheme \u2013 \u2013 \u2013 3.8 12.3Experience adjustments arising on liabilities \u2013 \u2013 \u2013 \u2013 1.0Experience adjustments arising on assets \u2013 \u2013 \u2013 (7.6) 16.4OtherFair value of scheme assets 2.6 3.0 3.2 3.6 3.2Present value of defined benefit obligation (2.9) (5.6) (5.6) (6.7) (9.0)Deficit in the scheme (0.3) (2.6) (2.4) (3.1) (5.8)Experience adjustments arising on liabilities \u2013 0.1 (0.4) \u2013 \u2013Experience adjustments arising on assets (0.4) (0.3) (0.4) 0.5 0.2The cumulative amount of actuarial gains and losses recognised in the Statement of Comprehensive Income since 1 January 2004 is a \u00a369.0m loss (2023: \u00a380.2m 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.",
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"value": "The average number of employees, including Executive Directors, during the year was as follows:2024 2023Managerial and administrative 4,630 4,385Operational 45,156 40,32449,785 44,709",
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"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:20242023\u00a3m\u00a3mExpense arising from share and share option plans 4.6 1.6Details 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 20242023priceperiodsLong-Term Incentive Plan 26,412,364 11,596,503 nil 2025\u20132029West Midland Travel Long Service Option Scheme 81,273 107,583 175p-412p 2025\u20132030Executive Deferred Bonus Plan - 283,688 - -Restricted Share Plan 4,844,946 663,225 nil 2025\u2013202631,338,583 12,650,999During the year ended 31 December 2024, the Group had four 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. 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 in shares. 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 \u00a360,000 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 either delivered in the form of market purchased shares held in the Company\u2019s Employee Benefit Trust (the \u201cTrust\u201d) or through the issue and allotment of new shares. 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.(iv) Restricted Share Plan (RSP)Individual awards to certain Group employees are made under the RSP at the discretion of the Remuneration Committee, and may take the form of nil cost options, conditional share awards, or cash-based awards.All awards granted to date have taken the form of conditional share awards with vesting periods ranging from 1 to 3 years. No performance conditions are attached to RSP conditional share awards which have been granted to date, save for continued employment, but the Remuneration Committee can attach performance conditions over future awards at its discretion. For all awards to date, 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 in shares. Vested shares for all RSP awards are normally delivered in the form of market purchased shares held in the Trust. No cash settlement alternative is available.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:2024 2023Weighted Weighted average average exerciseexerciseNumber of priceNumber of priceshare optionspshare optionspOptions without a nil exercise price:At 1 January 107,583 284 118,051 287Granted during the year \u2013 \u2013 \u2013 \u2013Forfeited during the year (2,000) 175 (789) 302Exercised during the year \u2013 \u2013 \u2013 \u2013Expired during the year (24,310) 300 (9,679) 260Outstanding at 31 December 81,273 282 107,583 284Exercisable at 31 December 81,273 282 107,583 284Options with a nil exercise price:At 1 January 12,543,416 nil 7,703,850 nilGranted during the year 23,312,708 nil 8,676,958 nilForfeited during the year (1,246,069) nil (2,201,488) nilExercised during the year (825,839) nil (162,261) nilExpired during the year (2,526,906) nil (1,473,643) nilOutstanding at 31 December 31,257,310 nil 12,543,416 nilExercisable at 31 December 14,278 nil 89,130 nilTotal outstanding at 31 December 31,338,583 12,650,999Total exercisable at 31 December 95,551 196,713The options outstanding at 31 December 2024 had exercise prices that were between 175p and 412p (2023: between 175p and 412p) excluding options with a nil exercise price. The range of exercise prices for options was as follows:20242023Exercise price (p)NumberNumber100\u2013300 37,327 53,541301\u2013350 21,246 25,542351\u2013450 22,700 28,50081,273 107,583The options have a weighted average contractual life of two years (2023: two years). Options were exercised regularly throughout the year and the weighted average share price at exercise was 67p (2023: 110p). The aggregate gains of the Executive Directors arising from any exercise of options during the year totalled \u00a30.1m (2023: \u00a30.1m).The fair value of the share options granted during the year under the LTIP scheme was calculated using the Monte Carlo method, with the following assumptions and inputs:2024 2023Risk-free interest rate 3.79%-4.37% 3.47%Expected volatility 48%-49% 51%Peer group volatility 23%-37% 23%\u201339%Expected option life in years 3 years 3 yearsExpected dividend yield 0.00% 0.00%Weighted average share price at grant date 51p 121pWeighted average exercise price at grant date nil nilWeighted average fair value of options at grant date 51p 105pThe 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 Mobico 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 costs20242023\u00a3m\u00a3mBond and bank interest payable 62.0 52.1Lease interest payable (note 33) 10.1 8.5Other interest payable 13.1 11.1Unwind of discounting \u2013 claims provision (note 26) 5.8 5.7Net interest cost on defined benefit pension obligations (note 32) 1.2 1.8Finance costs before adjusting items 92.2 79.2Adjusting items:Unwind of discounting \u2013 onerous contract provisions (notes 5 and 26) 2.8 1.2Total finance costs after adjusting items 95.0 80.4Lease interest income (note 33) (0.5) (0.5)Other financial income (1.9) (3.5)Total finance income (2.4) (4.0)Net finance costs after adjusting items 92.6 76.4Of which, from financial instruments:Financial assets measured at amortised cost (2.0) (3.6)Financial liabilities measured at amortised cost 70.4 59.7Derivatives 11.8 10.3Loan fee amortisation 2.2 1.4",
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"value": "11 Taxation(a) Analysis of taxation charge in the Income Statement(Restated)120242023\u00a3m\u00a3mCurrent taxation:UK corporation tax \u2013 \u2013Overseas corporate income tax 34.9 11.2Current corporate income tax charge 34.9 11.2Adjustments with respect to prior years \u2013 UK and overseas 1.5 1.5Total current corporate income tax charge 36.4 12.7Deferred taxation (note 27):Origination and reversal of temporary differences (47.6) (33.5)Derecognition of deferred tax assets 194.4 85.2Adjustments with respect to prior years \u2013 UK and overseas 1.3 (0.3)Total deferred tax charge (note 11(d)) 148.1 51.4Total tax charge for the Group 184.5 64.1The tax charge for the Group comprises:Tax charge on profit before adjusting items 41.4 42.5Tax charge on adjusting items 143.1 21.6Total tax charge for the Group 184.5 64.11 Restated for a correction to the German Rail onerous contract provision, see note 2 for further informationThe tax charge on adjusting items of \u00a3143.1m (restated 2023: \u00a321.6m charge) comprises of a \u00a339.7m tax credit (2023: \u00a3nil) on goodwill impairment, a \u00a39.8m tax credit (2023 \u00a310.4m credit) on amortisation of intangible assets, a \u00a31.8m credit (restated 2023: \u00a353.2m credit) on tax deductible exceptional costs, and a \u00a3194.4m tax charge (2023 restated: \u00a385.2m charge) on derecognition of deferred tax assets which is also considered adjusting as it is material in size and non-recurring in nature. See note 5 for further details.(b) Reconciliation of the total tax charge in the Income Statement(Restated)120242023\u00a3m\u00a3mLoss before tax (609.3) (120.1)Notional tax credit at UK corporation tax rate of 25% (2023: 23.5%) (152.3) (28.2)Recurring items:Deferred tax assets not recognised on restricted interest expenses (note 27) 17.3 9.0Effect of overseas tax rates (15.0) (9.6)Tax incentives (5.5) (1.9)Non-deductible expenses 3.7 0.2Adjustments with respect to prior years 2.7 1.2State taxes/minimum tax 0.1 0.9Non-recurring items:Derecognition of deferred tax assets 194.4 85.2Non-deductible goodwill impairment 104.9 \u2013Deferred tax assets not recognised in respect of current year losses 31.3 2.6Non-deductible expenses 4.3 \u2013Utilisation in current year of previously unrecognised tax losses (3.4) \u2013Taxable release of provision for impairment of investments 2.3 3.0Reduced taxable profit from indexation relief on UK property disposals (1.2) (1.9)Tax on intercompany dividends within Spanish sub-group 0.8 \u2013Effect of reduction in tax rates 0.1 (0.5)Transfer pricing adjustment \u2013 4.1Total tax charge reported in the Income Statement (note 11(a)) 184.5 64.11 Restated for a correction to the German Rail onerous contract provision, see note 2 for further informationIncluded within the reconciliation of the total tax charge for the current year are a number of recurring items. The Group\u2019s tax charge continues to be significantly impacted by the UK\u2019s Corporate Interest Restriction rules which limit tax deductions for interest expenses to 30% of \u201cTax EBITDA\u201d; in FY23, the restriction suffered was reduced due to some interest capacity being available from prior years. The Group\u2019s tax charge benefits from tax incentives of \u00a35.5m (2023: \u00a31.9m) comprising of tax credits in respect of new investments in the Canary Islands of \u00a32.0m (2023: \u00a3nil), reinvestment relief in Spain of \u00a31.7m (2023: \u00a30.3m), Work Opportunity Tax Credits in the US of \u00a31.1m (2023: \u00a30.9m) and other reliefs of \u00a30.7m (2023: \u00a30.7m).Included within the reconciliation of the total tax charge for the current year are a number of non-recurring items including derecognition of deferred tax assets in the UK and US of \u00a3194.4m \u2013 refer to note 2 for details of the key critical accounting judgements considered in the recognition of deferred tax assets at 31 December 2024 (2023 restated: \u00a385.2m \u2013 comprising of \u00a358.0m for German tax losses due to the reduction of future forecasts, \u00a320.9m for trapped tax losses in Mobico Group plc and \u00a36.3m for US state tax losses subject to time expiry), non-deductible goodwill impairments of \u00a3104.9m (2023: \u00a3nil) principally in North America, deferred tax assets not recognised in respect of current year losses of \u00a331.3m in the UK, Germany and Spain (2023: \u00a32.6m in Spain and Morocco), non-deductible expenses of \u00a34.3m (2023: \u00a3nil) principally related to the planned sale of the North America School Bus business, utilisation in the current year of previously unrecognised tax losses of \u00a33.4m in the UK and Spain (2023: \u00a3nil), and a taxable release of provision for impairment of investments in Spain of \u00a32.3m (2023: \u00a33.0m).Included within the reconciliation of the tax charge for the prior year were a number of non-recurring items in addition to those referred to above including a UK transfer pricing adjustment for interest waived on loans to the US during the prior year of \u00a34.0m.As at 31 December 2024, deferred tax items in the UK were accounted for at 25% being the substantively enacted corporation tax rate at that date.(c) Uncertain tax positionsAt 31 December 2024, the Group held provisions for uncertain tax positions of \u00a3nil (2023: \u00a3nil). Based on the experience of the Group\u2019s tax teams, 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. (d) Deferred tax included in the Income Statement(Restated)120242023\u00a3m\u00a3mDerecognition of deferred tax assets 194.4 85.2Recognition of deferred tax assets in the current year (6.7) (48.9)Utilisation in the current year of previously recognised tax losses 2.9 12.8Accelerated tax depreciation 3.1 (2.5)Other short-term temporary differences (45.6) 4.8Deferred tax charge (note 11(a)) 148.1 51.41 Restated for a correction to the German Rail onerous contract provision, see note 2 for further informationDetails on the Balance Sheet position of deferred tax are included in note 27.(e) Pillar Two \u2013 Global minimum top-up taxThe Organization for Economic Cooperation and Development (\u201cOECD\u201d) published the Global Anti-Base Erosion (\u201cGloBE\u201d) Model Rules which include a minimum 15% tax rate by jurisdiction (\u201cPillar Two\u201d). The Pillar Two rules provide that if, in certain jurisdictions where the Group operates, the effective tax rate, \u201cETR\u201d (adjusted corporate income tax expense divided by the profit before tax in that jurisdiction) falls below 15%, then the Group will be required to pay an additional tax (\u201ctop-up tax\u201d) to reach the 15% minimum tax rate threshold. The rules also provide for a transitional period in which Groups may avoid undergoing the complex GloBE calculations. In particular, a transitional safe harbor (\u201cTSH\u201d) applies for the first three fiscal years following the entry into force of the rules. The TSH relies on simplified calculations (mainly based on data extracted from the Country-by-Country Report, \u201cCbCr\u201d) and three tests. Where the Group has a \u201cqualifying\u201d CbCr and at least one of the TSH tests is met for a jurisdiction in which the Group operates, the top-up tax due for such jurisdiction is deemed to be zero. A TSH test is met for a jurisdiction where:\u2022 Revenue and profit before tax are below \u20ac10 million and \u20ac1 million respectively (the de minimis test);\u2022 The ETR equals or exceeds an agreed rate, which is 15% for FY24, 16% for FY25 and 17% for FY26 (the ETR test); or\u2022 The profit before tax does not exceed an amount calculated as a percentage of tangible assets and payroll expense (the routine profits test).On June 20, 2023, the UK substantively enacted the Pillar Two rules, effective from 1 January 2024. Therefore, an assessment of the Group\u2019s potential exposure to Pillar Two top-up taxes has been performed based on the draft FY24 tax filings, CbCr and financial statements for the constituent entities in the Group. Based on this assessment, the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are above 15%. However, there are a limited number of jurisdictions where the TSH relief does not apply, and the Pillar Two effective tax rate is below 15%. However, the profits in these countries are not significant and so the Group anticipates that the exposure to Pillar Two top-up taxes in those jurisdictions to be insignificant. Therefore, for the year ended 31 December 2024, the Group\u2019s current tax expense includes \u00a3nil for Pillar Two top-up taxes.The Group has applied the amendment to IAS 12, Income Taxes, which provides a mandatory temporary exception from recognising or disclosing deferred taxes related to Pillar Two.",
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"value": "12 Dividends paid and proposedAn interim dividend was not declared and paid during the year (2023: 1.7 pence). No final ordinary dividend has been proposed (2023: \u00a3nil). Total dividends paid in the prior year of \u00a341.1m relate to the 2023 interim dividend and 2022 final dividend.",
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"value": "13 Earnings per share(Restated)120242023Basic earnings per share (134.8)p (33.7)pAdjusted basic earnings per share 4.8p 4.5pDiluted earnings per share (134.8)p (33.7)pAdjusted diluted earnings per share 4.6p 4.5p1 Restated for a correction to the German Rail onerous contract provision, see note 2 for further informationBasic EPS is calculated by dividing the earnings attributable to equity shareholders after adjusting for accrued payments on the hybrid instrument, a loss of \u00a3824.1m (2023 restated: \u00a3206.6m 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 31) 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)120242023\u00a3m\u00a3mLoss attributable to equity shareholders (802.8) (185.3)Accrued payments on hybrid instrument (21.3) (21.3)Earnings attributable to equity shareholders (824.1) (206.6)1 Restated for a correction to the German Rail onerous contract provision, see note 2 for further informationFor 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:2024 2023Basic weighted average shares 611,292,234 612,919,2431&2Adjustment for dilutive potential ordinary shares24,816,797 898,828Diluted weighted average shares 636,109,031 613,818,0711 Potential ordinary shares have the effect of being anti-dilutive for diluted earnings per share in 2024 and 2023, and have been excluded from the calculation of diluted earnings per share. They are not anti-dilutive for adjusted diluted earnings per share so have been included in that calculation.2 The adjustment for dilutive potential ordinary shares has significantly increased year-on-year due to share options granted in the period under both the Long-Term Incentive Plan and Restricted Share Plan schemes. Further details regarding these schemes can be found in note 9.The adjusted basic and adjusted 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 a key measure of performance of the business\u2019 operations. The reconciliation of the earnings and earnings per share to their adjusted equivalent is as follows:(Restated) 120242023Basic EPSDiluted EPSBasic EPSDiluted EPS\u00a3mpp \u00a3mppEarnings attributable to equity shareholders inclusive of hybrid 3instrument (824.1) (134.8) (129.5)(206.6) (33.7) (33.7)Adjusting items 710.4 116.2 111.6 213.0 34.8 34.8Adjusting items tax 143.1 23.4 22.5 21.6 3.4 3.4Adjusting items non-controlling interests \u2013 \u2013 \u2013 (0.2) \u2013 \u2013Adjusted earnings attributable to 2equity shareholders29.4 4.8 4.6 27.8 4.5 4.5Amounts accruing to the holders of the hybrid instrument 21.3 21.3Adjusted profit attributable to equity shareholders 50.7 49.11 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information2 After deducting amounts accruing to the holders of the hybrid instrument3 Potential ordinary shares have the effect of being anti-dilutive for diluted earnings per share in 2024 and 2023, and have been excluded from the calculation of diluted earnings per share. They are not anti-dilutive for adjusted diluted earnings per share so have been included in that calculation",
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"value": "14 Intangible assetsService Customer concessionContractGoodwillcontractsintangiblesSoftwarecostsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCost:At 1 January 2024 1,623.0 890.0 124.0 144.3 36.3 2,817.6Acquisitions (note 19) 53.1 1.9 \u2013 0.1 \u2013 55.1Additions \u2013 0.6 2.0 6.0 5.4 14.0Disposals (2.3) (4.3) (0.3) (0.9) \u2013 (7.8)Reclassifications (7.3) (1.3) \u2013 2.3 1.0 (5.3)Foreign exchange (34.4) (19.7) (3.1) (0.2) (1.6) (59.0)At 31 December 2024 1,632.1 867.2 122.6 151.6 41.1 2,814.6Amortisation and impairment:At 1 January 2024 312.3 787.5 23.1 112.8 30.1 1,265.8Charge for year \u2013 26.2 11.6 10.6 1.8 50.2Disposals \u2013 (4.0) (0.3) (0.7) \u2013 (5.0)Impairment 547.7 0.3 \u2013 3.2 \u2013 551.2Reclassifications (7.3) (1.4) \u2013 0.4 1.0 (7.3)Foreign exchange (5.9) (19.0) (0.2) \u2013 (1.4) (26.5)At 31 December 2024 846.8 789.6 34.2 126.3 31.5 1,828.4Net book value:At 31 December 2024 785.3 77.6 88.4 25.3 9.6 986.2At 1 January 2024 1,310.7 102.5 100.9 31.5 6.2 1,551.8Goodwill has an indefinite useful life. All other categories of intangible assets have a finite useful life. Useful lives are disclosed in the accounting policies in note 2. Amortisation charges are shown within operating costs in the Income Statement.Of the \u00a3551.2m impairment charge, \u00a3547.7m relates to goodwill impairment in North America School Bus which is discussed in detail below. This has been included in adjusting items (note 5). The Group recognises service concession 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 36 includes further details of the Group\u2019s service concession arrangements.Customer contracts includes the following individually material assets, which arose through past acquisitions.RemainingRemaininguseful Net bookuseful Net book economic value at economic value at life at 31 Decemberlife at 31 December31 December202431 December2023Segment Nature of contract2024\u00a3m2023\u00a3mNorth America School bus and paratransit service contract in North America 7 years 16.9 8 years 17.8Goodwill allocationGoodwill has been allocated to individual cash-generating units for annual impairment testing on the basis of the Group\u2019s business operations. During 2024, a separation of the School Bus and WeDriveU operating divisions within North America has taken place, with each of these business now identified as a separate CGU; this was done as a result of preparing the North America School Bus business for a potential sale. As a result, there are no comparatives available for 2023, as they were treated as one combined CGU, in line with IAS 36, given this was the level goodwill was monitored at within the business. Similarly, no amounts for the combined North America division are presented in 2024, whereas the 2023 comparative has been stated, as the impairment assessment is no longer carried out at this level. The split of the goodwill balance (a combined \u00a3708.0m as at 31 December 2023) was apportioned between the School Bus and WeDriveU CGUs as part of the separation based on actual historic data.The carrying value by cash-generating unit is as follows:20242023\u00a3m\u00a3mUK 50.1 52.41n/aNorth America708.01\u2013 n/aNorth America School Bus1158.3 n/aNorth America WeDriveUALSA 576.9 550.3785.3 1,310.71 During 2024, a separation of the School Bus and WeDriveU operating divisions within North America has taken place; please see the Goodwill allocation section above for further detailAssumptions and estimates used in the goodwill impairment assessment calculationAs per IAS 36, the cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. During 2024, the North America business has split into two separate operating units. As a result, the requirements of IAS 36 now dictate that we must treat these as two separate CGUs, since the cash flows of each can now be separately analysed and they are under separate executive leadership.The calculation of value in use for each CGU is most sensitive to the assumptions over cash flows, 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 perpetuity2024 2023 2024 2023UK 10.4% 10.8% 2.9% 2.7%11n/a10.0% n/aNorth America3.7%1110.3% n/a3.8% n/aNorth America School Bus1110.3% n/a3.8% n/aNorth America WeDriveUALSA 12.8% 13.4% 3.4% 3.2%1 During 2024, a separation of the School Bus and WeDriveU operating divisions within North America has taken place; please see the Goodwill allocation section above for further detailDiscount rates have reduced for the UK and ALSA and have been impacted by an increase in the proportion of debt to equity of the comparator companies used in the calculation of the weighted average cost of capital (WACC).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 WACC, principally derived from external sources. Capital expenditure is projected over the first five years using a detailed 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 \u201cterminal value\u201d), capital expenditure is assumed to be a 1:1 ratio to depreciation. In line with the requirements of IAS 36, only the cost reductions associated with restructuring programmes already delivering savings are included within the cash flow projections. Inclusion of the cost reduction benefits from these programmes would increase the available headroom for all divisions; as the plans become more advanced we expect these savings to be incorporated in future assessments.Results of the 2024 impairment assessmentNorth America School Bus & UKThe value in use of the North America School Bus Division is lower than its carrying amount by \u00a3547.7m, resulting in a full impairment of the goodwill balance for this CGU. The value in use of the UK exceeds its carrying amounts by \u00a372.0m (2023: \u00a3521.1m). As a result, the amount by which the value in use exceeds the carrying amount has significantly reduced compared to prior year and the impairment of goodwill for the UK CGU has been identified as a key source of estimation uncertainty. Losses in both North America School Bus and the UK businesses have been incurred since the onset of the Covid-19 pandemic, from which our recovery has been slower than anticipated. At the end of 2023, management expected at that time that profitability in North America and the UK would significantly improve in the current year. However, actual performance in 2024 was significantly below management\u2019s previous forecasts. In Noth America School Bus, whilst the business has demonstrated its recovery from the pandemic and showed some encouraging improvements in 2024 such as a successful bid season and positive price increases, it continues to face significant headwinds such as driver wage inflation, lower driver availability and rising maintenance costs, which have both been materially higher in 2024 than prior forecast expectations. In the UK, this was mainly reflective of lower passenger volumes and yield in UK Coach than had been projected, and far fewer benefits from rail strikes (which had been a significant tailwind in 2023) than had been anticipated.Given this adverse performance to forecast in 2024, and given the current stage in the turnaround of both businesses, the future profitability within the financial forecasts for both the UK and North America School Bus as at 31 December 2024 used for the goodwill impairment assessment have significantly reduced compared to the prior year. Whilst management\u2019s strategic plan forecasts prepared in 2024 include profit improvement actions that aim to improve the future financial performance of both businesses, these have not been included in the forecasts used for this exercise as they cannot currently be objectively evidenced at this stage in the turnaround.As a result, goodwill in North America School Bus has been fully impaired and whilst there is no impairment of UK goodwill, headroom has significantly reduced year-on-year. The separation of the two North America businesses into two CGUs in the year was also a contributing factor to the impairment in North America School Bus, as it generates lower cash flows relative to its asset base, compared to WeDriveU.As a consequence of the full impairment of goodwill in North America School Bus, the carrying value of the business is now more closely aligned to the expected market value through sale.ALSA & North America WeDriveUThe value in use of the ALSA division exceeds its carrying amount by \u00a3274.6m (2023: \u00a3134.9m). The increase in headroom is primarily due to an improvement in the cash flow forecast and reduction in the discount rate. The value in use of the North America WeDriveU division exceeds its carrying amount by \u00a3266.9m.Prior year comparatives for School Bus and WeDriveU individually are not available, as North America was treated as one combined CGU prior to 2024.Climate change risk assessmentThe assumptions underpinning the cash flow projections also take account of the climate change risk assessment exercise from which the pertinent conclusions were as follows:\u2022 Whilst 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 manufacture 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 or electric vehicles in the transition to zero emission fleet in long haul coach services and the Group assumes that total cost of ownership for these vehicles will also be no worse than at parity with their diesel equivalents over their useful lives, albeit may require some level of government subsidies on the capital cost and/or the hydrogen fuel. We will be closely following emerging solutions for the considerably larger haulage industry, which will likely accelerate the emergence of technology and infrastructure solutions into the market.\u2022 The Group already has ambitious targets for the transition to zero emission fleets. 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. Some ZEV suppliers are actively buying back diesel vehicles to accelerate the introduction of electric vehicles. There is also a secondhand market (especially large in the North America Transit business) enabling recovery of any net book value of diesel vehicles.\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. We see that the benefits of modal shift far outweigh the costs of having to comply with new regulations.Sensitivities to key assumptionsThe table below summarises the reasonably possible changes in key assumptions which most impact the carrying value of the UK CGU. Sensitivities for other CGUs have not been prepared as these are not considered key sources of estimation uncertainty. (Decrease)/Increase in carrying value \u00a3m UK Sensitivity2024 20231Pre-tax discount rate Increase of 1.5 percentage points nil n/a1Long term growth rate Decrease of 1.0 percentage point nil n/a1Adjusted Operating Profit Margin throughout the assessment period Decrease of 1.5 percentage point (41.3) n/a1Free cash flow in the terminal value Decrease by 10% nil n/a1 In 2023, Goodwill impairment for the UK CGU was not identified as a key source of estimation uncertainty, therefore sensitivity analysis was not prepared.Sensitivity analysis has also been conducted to assess the change required in each of the critical inputs in order to reduce the value in use to equal the carrying value.North America WeDriveU ALSA UKChange required to reduce headroom to nil2024 2023 2024 2023 2024 202313.0% 1.7% 4.1% n/aIncrease in pre-tax discount rate 4.9% n/a12.8% 1.7% 5.2% n/aReduction in long term growth rate 4.6% n/aReduction in adjusted operating 12.0% 1.1% 1.0% n/aprofit margin 3.7% n/a1 During 2024, a separation of the School Bus and WeDriveU operating divisions within North America has taken place; please see the Goodwill allocation section above for further detail2 In 2023, Goodwill impairment for the UK CGU was not identified as a critical source of estimation uncertainty, therefore sensitivity analysis was not prepared.Service Customer concessionContractGoodwillcontractsintangiblesSoftwarecostsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCost:At 1 January 2023 1,674.9 914.3 99.6 150.5 37.0 2,876.3Acquisitions 0.7 4.3 \u2013 \u2013 \u2013 5.0Additions \u2013 0.1 31.4 6.9 \u2013 38.4Disposals \u2013 (0.2) (6.7) (8.0) \u2013 (14.9)Reclassifications \u2013 0.5 \u2013 (0.7) \u2013 (0.2)Foreign exchange (52.6) (29.0) (0.3) (4.4) (0.7) (87.0)At 31 December 2023 1,623.0 890.0 124.0 144.3 36.3 2,817.6Amortisation and impairment:At 1 January 2023 318.7 776.6 16.5 113.8 29.8 1,255.4Charge for year \u2013 33.0 8.8 11.1 0.9 53.8Disposals \u2013 (0.2) (2.2) (7.9) \u2013 (10.3)Impairment \u2013 2.0 \u2013 \u2013 \u2013 2.0Reclassifications \u2013 0.1 \u2013 (0.4) \u2013 (0.3)Foreign exchange (6.4) (24.0) \u2013 (3.8) (0.6) (34.8)At 31 December 2023 312.3 787.5 23.1 112.8 30.1 1,265.8Net book value:At 31 December 2023 1,310.7 102.5 100.9 31.5 6.2 1,551.8At 1 January 2023 1,356.2 137.7 83.1 36.7 7.2 1,620.9",
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"value": "15 Property, plant and equipmentPlant and equipment,Land and Public service fixtures and buildingsvehiclesfittingsTotal\u00a3m\u00a3m\u00a3m\u00a3mCost:At 1 January 2024 395.9 2,127.9 199.9 2,723.7Acquisitions 1.7 24.4 0.5 26.6Additions 58.9 208.5 22.8 290.2Disposals (25.4) (182.4) (16.1) (223.9)Reclassifications 9.6 (30.2) (10.1) (30.7)Foreign Exchange (3.8) (26.3) (3.8) (33.9)At 31 December 2024 436.9 2,121.9 193.2 2,752.0Depreciation and impairment:At 1 January 2024 205.5 1,205.3 148.4 1,559.2Charge for the year 41.8 159.5 12.1 213.4Disposals (16.5) (156.2) (10.4) (183.1)Impairments 1.4 3.5 0.6 5.5Reclassifications 10.6 (24.6) (4.9) (18.9)Foreign exchange (2.2) (12.4) (3.1) (17.7)At 31 December 2024 240.6 1,175.1 142.7 1,558.4Net book value:At 31 December 2024 196.3 946.8 50.5 1,193.6At 1 January 2024 190.4 922.6 51.5 1,164.5Depreciation 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 and WeDriveU, the estimated carrying value of diesel vehicles in each of the Group\u2019s divisions at their respective targeted date of transition to a fully zero emission fleet is \u00a3nil. In UK Bus, where the target date is 31 December 2030, the remaining net book value of existing diesel vehicles at transition is estimated to be \u00a329.3m, 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. However, in a more extreme scenario, assuming the vehicles were not able to be sold and therefore the residual value was \u00a3nil at their transition date, a \u00a34.9m increase in the annual depreciation charge would be required from 1 January 2025.In WeDriveU, where the target date is also 31 December 2030, the remaining net book value of existing diesel vehicles at transition is estimated to be \u00a312.9m, assuming no change to the useful lives. Considering that our transition target is significantly ahead of the earliest expected date that the United States would ban the use of diesel vehicles, the Directors consider that they will be able to recover such value through their sale. However, in a more extreme scenario, assuming the vehicles were not able to be sold and therefore the residual value was \u00a3nil at their transition date, a \u00a32.1m increase in the annual depreciation charge would be required from 1 January 2025.In an alternative scenario, under one of our climate modelling scenarios described within the TCFD disclosures in the Strategic Report, whereby no diesel-powered vehicles could be used anywhere in the Group after 31 December 2035, the annual depreciation expense from 1 January 2025 would increase by \u00a32.6m.Details of leased assets included within property, plant and equipment are provided in note 33.Plant and equipment,Land and Public service fixtures and buildingsvehiclesfittingsTotal\u00a3m\u00a3m\u00a3m\u00a3mCost:At 1 January 2023 397.0 2,245.5 202.4 2,844.9Acquisitions 0.6 1.6 0.2 2.4Additions 45.7 187.3 11.8 244.8Disposals (37.0) (237.5) (13.9) (288.4)Reclassifications (0.8) (2.1) 2.1 (0.8)Foreign Exchange (9.6) (66.9) (2.7) (79.2)At 31 December 2023 395.9 2,127.9 199.9 2,723.7Depreciation and impairment:At 1 January 2023 197.4 1,321.3 150.9 1,669.6Charge for the year 38.0 148.9 12.4 199.3Disposals (28.1) (224.1) (12.9) (265.1)Impairments 2.4 \u2013 \u2013 2.4Reclassifications 1.4 (2.0) \u2013 (0.6)Foreign exchange (5.6) (38.8) (2.0) (46.4)At 31 December 2023 205.5 1,205.3 148.4 1,559.2Net book value:At 31 December 2023 190.4 922.6 51.5 1,164.5At 1 January 2023 199.6 924.2 51.5 1,175.3",
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"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 38, 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.Mobico 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 2024 2023National 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 2024 2023Durham 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 100 100% equity interestIncorporated in Canada 2024 2023Stock Transportation Limited Operation of school bus services 100 100% equity interestIncorporated in Spain 2024 20231General Tecnica Industrial S.L.U.Holding company for operating companies 100 1001NEX Continental Holdings S.L.U.Holding company for operating companies 100 100% equity interestIncorporated in Morocco 2024 2023Groupe 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 2024 2023National Express Rail GmbH Operation of train passenger services 100 1001 The main holding companies of the ALSA Group",
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"f0__s7__6__71": {
"value": "17 Financial assets at fair value through Other Comprehensive Income 20242023\u00a3m\u00a3mFair value:At 1 January 15.2 16.8Acquisitions in the year 0.3 \u2013Additions in the year 0.4 0.5Disposals in the year \u2013 \u2013Fair value movement in the year 9.1 (1.4)Foreign exchange \u2013 (0.7)At 31 December 25.0 15.2The principal financial assets at fair value through Other Comprehensive Income are as follows:2024202320242023 ProportionProportionFair valueFair value heldheldName Segment\u00a3m\u00a3m%%Metros Ligeros de Madrid, S.A. ALSA 7.0 7.3 15 15Transit Technologies Holdco North America 17.2 7.8 6.3 8.8Other small investments within ALSA ALSA 0.8 0.1 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). The fair value of these investments is typically determined by using recent and forecast earnings. Subsequent to the balance sheet date, the Group sold its share of Transit Technologies Holdco for a total consideration of $21.9m on 3 March 2025, as disclosed in note 39. As the remaining investments held are individually immaterial sensitivity analysis has not been disclosed. No dividends were received from the investments during either the current or prior year.",
"dimensions": {
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"f0__s7__6__72": {
"value": "18 Investments accounted for using the equity methodInvestments accounted for using the equity method are as follows:20242023\u00a3m\u00a3mAssociates 4.4 5.5Joint ventures 2.1 5.6Total investments accounted for under the equity method 6.5 11.1The Group\u2019s share of post-tax results from associates and joint ventures accounted for using the equity method is as follows:20242023\u00a3m\u00a3mTotal share of results from associates (a) 3.3 (0.5)Total share of results from joint ventures (b) (0.1) \u2013Total share of results from associates and joint ventures 3.2 (0.5)Total share of results and comprehensive income/(expense) from associates and joint ventures 3.2 (0.5)(a) Investments in associatesThe Group\u2019s interests in associates are as follows:Country ofProportionNameregistrationheld %ALSA associates Spain 25-49North 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.The summarised aggregated financial information for individually immaterial associates is set out below:20242023\u00a3m\u00a3mShare of operating loss (0.2) (0.5)Share of total comprehensive income and expenditure \u2013 \u20131Gain on disposal3.5 \u2013Total share of results from associates 3.3 (0.5)Total share of results and comprehensive income/(expense) from associates 3.3 (0.5)1 During the year the North America division disposed of an associate with a carrying investment value of \u00a32.2m for a consideration of \u00a35.7m. The consideration received is shown within Receipts relating to joint ventures and associates in the Group Statement of Cash Flows. The equity method of accounting was applied up to the date significant influence transferred to the buyer. (b) Investments in joint ventures The Group has a joint venture in the Kingdom of Bahrain operating urban bus services. ALSA has multiple joint ventures involving the operation of coach and bus services, management of bus stations and similar operations. The Group\u2019s interests in joint ventures are as follows:Country ofProportionNameregistrationheld %Bahrain joint venture Kingdom of Bahrain 50ALSA joint ventures Spain 50The summarised aggregated financial information for individually immaterial joint ventures is set out below:20242023\u00a3m\u00a3mShare of operating loss (0.1) \u2013Share of total comprehensive income and expenditure \u2013 \u2013Total share of results from joint ventures (0.1) \u2013Total share of results and comprehensive income from joint ventures (0.1) \u2013",
"dimensions": {
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"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__73": {
"value": "19 Business combinations, disposals and assets held for sale(a) Acquisitions \u2013 ALSAOn 1 March 2024 the ALSA division obtained control of Canary Bus (known as Grupo 1844) by acquiring 100% of the voting rights on this date. Canary Bus is the leading provider of tourist and discretionary services in the Canary Islands. This acquisition sees ALSA become a key player in the Canary Islands mobility market, significantly increasing its activity in the tourism transport sector, a segment which is expected to grow over the next few years. The provisional fair values of Canary Bus are noted below, along with an adjustment to the fair value of a prior acquisition (Tranvias De Sevilla) within the remeasurement period:Tranvias De Canary BusSevillaTotal\u00a3m\u00a3m\u00a3mInvestments (note 17) 0.3 \u2013 0.3Intangible assets (note 14) 0.1 1.9 2.0Property, plant and equipment (note 15) 26.6 \u2013 26.6Inventory 2.3 \u2013 2.3Trade and other receivables 31.3 \u2013 31.3Other debt receivables 3.5 \u2013 3.5Cash and cash equivalents 2.9 \u2013 2.9Borrowings (16.1) \u2013 (16.1)Trade and other payables (44.9) \u2013 (44.9)Provisions (note 26) (1.5) \u2013 (1.5)Deferred tax asset (note 27) 1.8 (0.5) 1.3Net assets acquired 6.3 1.4 7.7Goodwill (note 14) 54.5 (1.4) 53.1Total consideration 60.8 \u2013 60.8Represented by:Cash consideration 38.3 \u2013 38.31Deferred consideration22.5 \u2013 22.560.8 \u2013 60.81 During the year \u00a312.7m of deferred consideration was paid, the remaining \u00a39.8m will be settled within 12 months of the balance sheet date As 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 provisions and intangible assets acquired.Trade and other receivables had a fair value and a gross contracted value of \u00a331.3m. The best estimate at acquisition date of the contractual cash flows not to be collected was \u00a3nil.Goodwill of \u00a353.1m per the above table is comprised of \u00a354.5m arising from the Canary Bus acquisition, less a fair value adjustment relating to a prior acquisition resulting in a reduction in goodwill of \u00a31.4m. These are further described below.Goodwill of \u00a354.5m arising from the Canary Bus acquisition consists of certain intangibles that cannot be separately identified and measured due to their nature. This includes becoming a key player in the Canary Islands mobility market, significantly increasing ALSA\u2019s activity in the tourist transport, a segment where it is intended to grow over the next few years. None of the goodwill recognised is expected to be deductible for income tax purposes.During the period the fair value adjustments relating to intangibles acquired in 2023 as part of the Tranvias De Sevilla acquisition were finalised. This resulted in an increase in the fair value of separately identifiable intangibles acquired, a corresponding decrease in deferred tax asset, and a reduction in goodwill of \u00a31.4m. The acquired Canary Bus business has contributed \u00a340.0m of revenue and \u00a37.7m adjusted operating 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 \u00a33,420.4m and the Group\u2019s statutory operating loss for the period would have been \u00a3518.4m.Acquisition costs of \u00a31.5m (2023: \u00a3nil) have been charged to the Income Statement. Deferred consideration of \u00a316.1m was paid in the period of which \u00a312.7m related to Canary Bus and \u00a33.4m related to acquisitions in ALSA in earlier years. Total cash outflow in the period from acquisitions in the ALSA division was \u00a329.2m, comprising consideration for current year acquisitions of \u00a332.1m (cash consideration above includes a prepayment of \u00a36.2m paid in 2023), less cash acquired in the businesses of \u00a32.9m.In North America deferred consideration of \u00a30.1m was paid in the period relating to acquisitions in earlier years. (b) Acquisitions \u2013 further informationThe movement in deferred consideration and deferred contingent consideration in the year is as follows:20242023\u00a3m\u00a3mFair value:At 1 January 8.7 11.7Additions in the year 22.5 0.8Payments during the year (16.2) (3.6)Fair value movement of deferred contingent consideration through Profit and Loss \u2013 \u2013Foreign exchange (0.3) (0.2)At 31 December 14.7 8.7Split of consideration: Deferred consideration 14.0 8.01 Deferred contingent consideration0.7 0.71 Relates to a prior ALSA acquisition and is expected to be settled within 12 months of the balance sheet dateThe 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 of deferred contingent consideration is not highly sensitive to changes in significant unobservable inputs and therefore sensitivities to the valuation have not been disclosed.(c) DisposalsAs part of a UK restructuring the Group disposed of entities and properties within its UK division for consideration of \u00a36.6m, recognising a gain on disposal of \u00a33.2m in the Income Statement within adjusting items. The results of these entities were included within the Group Income Statement to the date of disposal when control was transferred to the buyer.",
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"f0__s7__6__74": {
"value": "(d) Assets held for saleAt the balance sheet date the Group had no assets held for sale. In the prior year, in ALSA, a building with a carrying value of \u00a318.2m met the held for sale IFRS 5 criteria and was subsequently sold in 2024 for proceeds of \u00a321.2m. A net loss of \u00a30.7m has been recognised in the Group Income Statement relating to this sale, comprising a net gain on disposal of \u00a32.8m less a commission payable of \u00a33.5m to a related party (see note 35).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__75-1": {
"value": "20 Other non-current receivables20242023\u00a3m\u00a3mContract assets 136.6 127.4Prepayments 4.7 6.1 Other receivables 28.4 20.3 169.7 153.8 Other receivables includes \u00a35.5m (2023: \u00a35.5m) of property disposal proceeds that are payable to the Group on vacant possession and \u00a38.3m (2023: \u00a38.1m) of insurance recoveries.Contract assets includes \u00a385.4m (2023: \u00a378.8m) due from customers relating to infrastructure assets under service concession arrangements primarily in ALSA and North America (see note 36 for details of the Group\u2019s service concession arrangements). Contract assets also include an IFRS 15 contract asset under the long term RME German Rail contract of \u00a351.2m (2023: \u00a348.6m).The profitability of the RME contract is sensitive to estimates relating to the future profitability of the rail contract, particularly relating to the estimate of future passenger revenues over the remainder of the contract; the total cost of labour and overhead; including investment in new drivers, training and supporting activity to run the contracts, levels of contractual penalties suffered (primarily due to driver shortages) and the level of energy compensation. The sensitivities of the IFRS 15 contract asset and cumulative future profitability of the contract to movements in these individual assumptions are set out below. Noting that the impact of some assumptions is not individually material, however, it is considered reasonably possible that the sensitivities could occur concurrently and are material in aggregate and therefore are considered relevant to present herein.It is important to note, however, that these sensitivities are prior to any mitigations that might be agreed (between the Group and the PTA) in the context of a contract that requires both the operator and the PTA to economically re-balance the contract if events outside of the control of the operator impact the original profitability of the contract.Passenger income growth sensitivitiesThe RME contract asset balance is sensitive to changes in management\u2019s estimate of forecast passenger revenues over the remaining contract life to 2030. In recent years, the German government has promoted rail travel with a series of initiatives including the \u20ac58 in 2025 (previously \u20ac49) ticket scheme, which allows heavily subsidised travel across the rail network. Rail operators have been compensated for the associated loss of income. This scheme is currently set to end at the end of 2025, but is likely to be continued in some form beyond, which is dependent on central federal government decision-making. Therefore, we have assumed that the \u20ac58 ticket scheme (or an equivalent thereof) continues beyond the end of 31 December 2025 to the end of the contract; and if the scheme were to end during this period, we assume that there is further intervention from the authorities to support the market and therefore revenue to German Rail under the contract. In our view, this is consistent with recent guidance from the authorities regarding tariff setting in recent years, and the underlying intention of the contract. The passenger revenue forecast, including the assumption around the continuation of the \u20ac58 ticket scheme, has been developed based on historic data and using a market forecast informed by an independent third party. However, in terms of sensitivities:\u2022 a 1 percentage point reduction (or increase) in forecasted annual average revenue in each year from 2026 to 2030 would require a reduction (increase) in the contract asset balance of c. \u00a37m (such that there would be a non-cash charge (credit) in the year of this amount as a result of the change to the contract asset), and would reduce (increase) the cumulative future profitability of the contract by approximately \u00a310m for the period 2026 to 2030); and \u2022 a reduction (or increase) in total revenue in 2026 of 5% (with growth rates for the period 2027 to 2030 remaining unchanged against the sensitised base from 2026) would require a reduction (increase) in the contract asset balance of c. \u00a315m (such that there would be a non-cash charge in the year of this amount as a result of the change to the contract asset), and would reduce (increase) the cumulative future profitability of the contract by approximately \u00a321m for the period 2026 to 2030. Labour costs sensitivityChanges to assumptions on labour costs impact the total lifetime net cost of the contract. The RME contract contains a mechanism to compensate for changes in labour costs of 1.5% p.a. on a set contract labour cost allowance; hence the business is therefore exposed to any inflation above this level, as has been modelled within the long-term forecast. We have assumed that a significant investment in labour cost and associated training is required in order to address the current driver shortfall and avoid suffering associated penalties from cancellations as a result. We have assumed the driver shortage recedes through 2025 and to be fully addressed by the end of 2026.An increase (or decrease) in labour costs over the remaining contract period of 5% would require a reduction (increase) in the contract asset balance of c. \u00a32m (such that there would be a non-cash charge (credit) in the year of this amount as a result of the change to the contract asset), and would reduce (increase) the cumulative future profitability of the contract by approximately \u00a33m for the period 2026 to 2030). Energy cost and energy subsidy sensitivityChanges to assumptions about future energy costs (and related energy subsidy under the contract) impact the total lifetime net cost of the contract. The RME contract contains a synthetic energy mechanism which is intended to compensate for changes in electricity costs, with the energy subsidy linked to the performance of an index (Index 625) published by DeStatis, the German Federal Statistics Agency on a monthly basis. We have assumed that energy costs develop in line with long run market energy price forecasts which are based on third party forecasts, and that the 625 index (which drives the synthetic energy subsidy) moves on the basis of this same future energy price development in line with the regression analysis of 625 index behaviour performed by management.\u2022 A decrease (or increase) in energy costs of 20% (and the consequent proportionally higher associated forecast changes in Index 625 which impacts on the subsidy) would require a reduction (increase) in the contract asset balance of c.\u00a32m (such that there would be a non-cash charge in the year of this amount as a result of the change to the contract asset), and would reduce (increase) the cumulative future profitability of the contract by approximately \u00a31m for the period 2026 to 2030).22 Current assets \u2013 trade and other receivables20242023\u00a3m\u00a3mTrade receivables 293.5 285.9 Grant receivables 37.7 34.4 Contract assets 136.0 122.0Amounts due from associates and joint ventures (note 35) 3.2 3.2Amounts due from other related parties (note 35) 1.4 0.6Trade and grant receivables and contract assets 471.8 446.1Less: provision for impairment of receivables (note 29) (41.5) (41.5) 430.3 404.6Other receivables 78.0 111.2 Prepayments 36.4 55.9Accrued income 2.8 1.4 547.5 573.1 Trade receivables excludes \u00a3106.7m (2023: \u00a374.9m) that was subject to factoring arrangements without recourse and for which no customer payment had been received at year end.Contract assets include \u00a315.7m (2023: \u00a314.2m) due from customers relating to infrastructure assets under service concession arrangements primarily in ALSA and North America (see note 36 for details of the Group\u2019s service concession arrangements). Also included is an IFRS 15 contract asset receivable within one year under the long term RME German Rail contract (see note 20 for further details). 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 29.",
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"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__76": {
"value": "21 Inventories20242023\u00a3m\u00a3mRaw materials and consumables 34.0 33.7The movement on the provision for slow moving and obsolete inventory is immaterial.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__78": {
"value": "23 Cash and cash equivalents20242023\u00a3m\u00a3mCash at bank and in hand 129.4 186.1Overnight deposits 0.1 0.2Other short-term deposits 115.0 170.0Cash and cash equivalents 244.5 356.3Included within cash and cash equivalents are certain amounts which are subject to contractual or regulatory restrictions or withholding tax levied on repatriation of cash. These amounts held are not readily available for other purposes within the Group, and if repatriated would result in \u00a30.9m of withholding tax (2023: \u00a32.6m).Cash at bank and in hand earns interest at floating rates based on daily bank deposit rates.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 and can fluctuate from positive to negative balances during the period. Net cash and cash equivalents comprise as follows:20242023\u00a3m\u00a3mCash and cash equivalents 244.5 356.3Bank overdrafts (note 28) (41.4) (62.6)Net cash and cash equivalents 203.1 293.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__79": {
"value": "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. These amounts held are not readily available for other purposes within the Group, and if repatriated would result in \u00a30.9m of withholding tax (2023: \u00a32.6m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__80": {
"value": "24 Current liabilities \u2013 trade and other payables20242023\u00a3m\u00a3mTrade payables 297.9 298.9Contract liabilities 156.2 177.6Amounts owed to associates and joint ventures (note 35) 0.5 1.1Amounts owed to other related parties (note 35) 5.4 1.4Other tax and social security payable 53.5 48.9Accruals and deferred income 261.6 229.5Other payables 245.7 194.6Put liability 8.2 8.61,029.0 960.6Trade payables are normally settled on 30 to 60 day terms.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 \u00a3156.2m (2023: \u00a3177.6m) current contract liabilities, \u00a3112.1m (2023: \u00a3117.7m) will be recognised in revenue within the next 12 months as the Group completes its performance obligations. The remaining liability of \u00a344.1m (2023: \u00a359.9m) relates to payments for IFRIC 12 infrastructure assets which will be made within the next 12 months. During the year the Group has recognised revenue of \u00a3117.7m (2023: \u00a369.6m) which was included in contract liabilities at the end of 2023.Other payables includes \u00a3205.8m (2023: \u00a3166.1m) 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 \u00a32.4m (2023: \u00a32.3m), deferred expense-related grants of \u00a33.2m (2023: \u00a33.1m) and \u00a312.8m (2023: \u00a34.8m) of deferred or contingent consideration for businesses acquired, of which \u00a39.8m (2023: \u00a30.1m) relates to businesses acquired in the year (note 19).A put liability for \u00a38.2m (2023: \u00a38.6m) relates to the purchase of the non-controlling interest in a subsidiary in Morocco. In January 2024 an arbitrator ruled on a long-standing dispute between the Group and the non-controlling interest which resulted in the triggering of a put option for the non-controlling interest to sell their shares to us. A put liability has therefore been recognised for the estimated value to purchase the shares from the non-controlling interest.Supplier finance arrangements The Group participates in supply chain financing arrangements in its North America and ALSA divisions. These arrangements are similar in nature whereby a number of the Group\u2019s banks agree to pay amounts to a participating supplier in respect of invoices owed by the Group and receives settlement from the Group at the invoice due date. The bank does not charge the Group for participating in these arrangements as the cost is borne by the supplier.Supplier finance arrangements in North America relate to the purchase of fleet where invoice due dates range from 183 to 363 days. Similarly, for fleet suppliers in North America who are not on supply chain finance, the range is 210 to 390 days. In ALSA, most of the supplier finance balance relates to fleet and fuel purchases. Invoice due dates range from 105 to 365 days for fleet purchases and 343 to 347 days for fuel. All fleet and fuel suppliers in ALSA are part of the supply chain finance therefore a comparable supplier outside of this arrangement is not available. If the Group exited from its supply chain financing arrangements, there would be no impact on the Group\u2019s cash flow. Settlement of invoices under these arrangements are made on the invoice due date and do not impact the timing of payments for the Group. The principal purpose of these arrangements is to facilitate efficient payment processing for the Group and enable willing suppliers to receive payments from the bank before the invoice due date. Of the above trade and other payables balance, \u00a3222.6m are part of supplier finance arrangements. At the balance sheet date all suppliers had received early settlement from the Group\u2019s banks. The Group will settle all balances directly with these banks within the next 12 months in accordance with the original invoice payment terms. There are no supplier finance arrangements included within borrowings.",
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"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__83": {
"value": "Accruals and deferred income 261.6 229.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__81-1": {
"value": "Accruals and deferred income 261.6 229.5Other payables 245.7 194.6Other payables 33.8 31.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__85": {
"value": "25 Other non-current liabilities20242023\u00a3m\u00a3mContract liabilities 83.1 83.4Other payables 33.8 31.8116.9 115.2Contract liabilities include \u00a383.1m (2023: \u00a376.9m) of liabilities associated with the purchase of infrastructure assets as part of service concession arrangements which are expected to be settled over the life of the contract (see note 36 for details of the Group\u2019s service concession arrangements).Other payables includes \u00a312.2m (2023: \u00a37.4m) of deferred fixed asset grants from government or other public bodies, \u00a31.9m (2023: \u00a33.9m) of deferred consideration for businesses acquired (of which \u00a3nil (2023: \u00a30.7m) relates to businesses acquired in the year (note 19), and expense related grants of \u00a317.5m (2023: \u00a318.9m).",
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"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__86": {
"value": "26 ProvisionsOnerousClaims contract provisionprovisionsOtherTotal\u00a3m\u00a3m\u00a3m\u00a3m1At 1 January 2024 (as reported)78.1 129.4 37.2 244.71Prior year restatement\u2013 21.8 \u2013 21.81At 1 January 2024 (as restated)78.1 151.2 37.2 266.5Acquisitions \u2013 \u2013 1.5 1.5Charged to the Income Statement 39.0 81.6 3.8 124.4Utilised in the year (41.9) (48.9) (14.9) (105.7)Unwinding of discount 5.8 2.8 \u2013 8.6Exchange difference 1.2 (7.4) (1.1) (7.3)At 31 December 2024 82.2 179.3 26.5 288.0Current 31 December 2024 47.0 53.0 15.8 115.8Non-current 31 December 2024 35.2 126.3 10.7 172.282.2 179.3 26.5 288.01Current 31 December 2023 (restated)47.0 42.0 19.3 108.31Non-current 31 December 2023 (restated)31.1 109.2 17.9 158.278.1 151.2 37.2 266.51 Restated for a correction to the German Rail onerous contract provision, see note 2 for further informationClaims 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. The Directors have determined the best estimate of the probable economic outflow based on the expected value of the amounts which will be needed to settle the liability. The claims provision has been discounted using a rate based on external bond prices.Onerous contractsProvisions for onerous contracts relate to loss making contracts in North America, Germany and UK. The Directors have determined the best estimate of the probable economic outflow based on the lower of i) the expected value of the losses which will be incurred in fulfilling the contract, and ii) the cost to exit the contract. 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 RRX rail contracts, where the Group is exposed to costs that are not fully covered by subsidy received from the PTA. The Group\u2019s latest assessment identified a further reduction in the contracts\u2019 profitability following updated assumptions relating to the anticipated levels of driver shortages (and the duration thereof) and movements in labour and other costs, as fully described in Note 2. Collectively, this led to an increase in the provision in the year of \u00a386.4m, with a closing provision of \u00a3176.1m at 31 December 2024 (2023 restated: \u00a3140.1m) to cover the losses associated with running the contracts for the remainder of the term.The RRX rail contracts run until 2033 and therefore given the long-term cash forecasts being modelled, the provision is highly sensitive to a number of key inputs and assumptions, where individual changes can have a material impact on the provision, as been observed in the last two financial years. A key assumption as at the end of 31 December 2024 is that the relationship with the PTAs and other key external parties and stakeholders continue to be collaborative, with an expected continuation of the mileage reduction agreed in 2024 and also the \u20ac58 ticket scheme or an equivalent thereof. A deterioration in either the underlying contractual relationship with the PTA and other parties and/or the operating environment could cause a significant increase in costs for the Group and therefore result in a further material movement in the onerous contract provision.Specific sensitivities are detailed below, but at a high level and ceteris paribus, an increase/(decrease) in total operating costs of 5% would result in a (decrease)/increase in the Onerous Contract Provision of approximately \u00a345m.It is important to note, however, that these sensitivities are prior to any mitigations that might be agreed (between the Group and the PTA) in the context of a contract that requires both the operator and the PTA to economically re-balance the contract if events outside of the control of the operator impact the original profitability of the contract.The provision is particularly sensitive to assumptions about the impact and duration of labour shortages (which have a direct impact on both labour cost investment and the level of penalties incurred as a result of train cancellations), and future energy costs (and the level of energy compensation to be received from the PTA). The sensitivity of the onerous contract provision to movements in these individual assumptions are set out below. Noting that the impact of some assumptions are not individually material, however it is considered reasonably possible that the sensitivities could occur concurrently and are material in aggregate, and therefore are considered relevant to present herein.Driver scarcity and penalties sensitivityDriver scarcity is an industry-wide issue which is expected to continue in the short-term and is described in detail in note 2. Whilst we have some degree of protection from \u201cgeneral\u201d inflationary increases to driver pay, continuing driver scarcity has resulted in the need to significantly invest in driver training and recruitment and can result in incurring higher agency driver costs and penalties relating to train cancellations. For the following sensitivity, we have assumed that the issues relating to driver scarcity will be largely resolved by 31 December 2026 and on this basis: \u2022 A delay in driver recruitment which pushes driver scarcity out by a further 12 months would result in an increase to the Onerous Contract Provision of approximately \u00a36m as a result of higher agency costs and increased penalties relating to train cancellations. Energy cost and energy subsidy sensitivityChanges to assumptions about future energy costs (and related energy subsidy under the contract) impact the total lifetime net cost of the contract. The RRX 2&3 contract contains a mechanism which is intended to compensate the Group for changes in electricity costs, with the energy subsidy linked to the performance of an index (Index 625) published by DeStatis, the German Federal Statistics Agency on a monthly basis. Because of an error made in the original bid model, only a portion of the energy cost under the RRX 2/3 contract is covered by the index mechanism. For RRX 1 a separate index, 626, is used, and we do not suffer from the bid error issue and as such this sensitivity considers RRX 2/3 only.We have assumed that energy costs develop in line with long run market energy price forecasts which are based on third party forecasts, and that the 625 index moves on the basis of this same future energy price development in line with the regression analysis of 625 index behaviour performed by management. On this basis:\u2022 An increase (or decrease) in uncovered energy costs (i.e. those costs that are not covered by the energy subsidy) of 20% would result in an increase (decrease) in the Onerous Contract Provision of approximately \u00a34m. This may occur through a change in volume, a change in price versus long term market forecasts used in the model or a change in coverage by the index.Discount rateChanges to the discount rate used to discount the onerous contract provision back to present value will impact on the carrying value of the provision. A risk-free rate has been used to discount the provision to present value at the balance sheet date.\u2022 An increase (or decrease) in the discount rate used of 1% would result in a decrease/(increase) in the Onerous Contract Provision of approximately \u00a37m.OtherOther includes provisions for potential reclaim of subsidies in ALSA of \u00a321.0m (2023: \u00a317.0m) all of which is expected to be utilised over the next three years, and restructuring provisions in the UK, ALSA and North America of \u00a34.6m (2023: \u00a318.5m), 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.",
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"value": "27 Deferred tax(Restated) 120242023\u00a3m\u00a3mNet deferred tax assets at 1 January 117.5 166.7Charge to the Income Statement (note 11 (d)) (148.1) (51.4)(Charge)/credit to Other Comprehensive Income or Equity (note 27(d)) (19.3) 7.1Exchange differences 1.8 (3.7)Acquired in business combinations (note 19) 1.3 (1.1)Net deferred tax (liabilities)/assets at 31 December (46.8) 117.61 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information (a) Deferred tax assets and liabilitiesThe presentation of deferred tax assets and deferred tax liabilities in the Balance Sheet sets off deferred tax assets against deferred tax liabilities where they relate to corporate income taxes levied by the same taxation authority and there is a legally enforceable right to set off current tax assets against current tax liabilities.2024UKUSCanadaSpainGermanyTotalDeferred tax assets\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mTax losses carried forward 0.2 1.8 3.7 9.3 \u2013 15.0Defined benefit pension scheme 2.8 \u2013 \u2013 \u2013 \u2013 2.8Intangible assets \u2013 8.1 \u2013 17.9 \u2013 26.0Tax credits \u2013 \u2013 \u2013 1.5 \u2013 1.5Other short-term temporary differences 5.5 53.0 1.1 2.1 18.0 79.78.5 62.9 4.8 30.8 18.0 125.02024UKUSCanadaSpainGermanyTotalDeferred tax liabilities\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAccelerated tax depreciation (11.2) (59.7) (6.4) (22.4) (1.6) (101.3)Other short-term temporary differences \u2013 (5.1) \u2013 (49.0) (16.4) (70.5)(11.2) (64.8) (6.4) (71.4) (18.0) (171.8)2024UKUSCanadaSpainGermanyTotalPer Balance Sheet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNet deferred tax assets \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Net deferred tax liabilities (2.7) (1.9) (1.6) (40.6) \u2013 (46.8)Net deferred tax liabilities (2.7) (1.9) (1.6) (40.6) \u2013 (46.8)1(Restated) 2023UKUSCanadaSpainGermanyTotalDeferred tax assets\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mTax losses carried forward 85.5 102.2 3.0 7.4 2.0 200.1Defined benefit pension scheme 7.5 \u2013 \u2013 \u2013 \u2013 7.5Intangible assets \u2013 \u2013 \u2013 21.4 \u2013 21.4Tax credits \u2013 10.5 \u2013 1.8 \u2013 12.3Other short-term temporary differences 5.1 70.2 1.1 4.5 20.4 101.398.1 182.9 4.1 35.1 22.4 342.61 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information 1(Restated) 2023UKUSCanadaSpainGermanyTotalDeferred tax liabilities\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAccelerated tax depreciation (13.9) (69.0) (6.0) (25.9) (5.5) (120.3)Intangible assets \u2013 (29.8) \u2013 \u2013 \u2013 (29.8)Other short-term temporary differences \u2013 (3.8) \u2013 (53.1) (18.0) (74.9)(13.9) (102.6) (6.0) (79.0) (23.5) (225.0)1 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information 1(Restated) 2023UKUSCanadaSpainGermanyTotalPer Balance Sheet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNet deferred tax assets 84.2 80.2 \u2013 \u2013 \u2013 164.4Net deferred tax liabilities \u2013 \u2013 (1.9) (43.9) (1.0) (46.8)Net deferred tax assets/(liabilities) 84.2 80.2 (1.9) (43.9) (1.0) 117.61 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information Deferred tax assets are recognised to the extent that the realisation of the related tax benefit is probable through the reversal of deferred tax liabilities and forecast future taxable profits. The same profit projections are used for these purposes as are used by the business, for example in assessing asset impairments. Refer to note 2 for details of the critical accounting judgements considered in recognising deferred tax assets at 31 December 2024.(b) Unrecognised deferred tax assetsThe Group did not recognise deferred tax assets in respect of tax losses carried forward as follows:2024UKUSAGermanySpainMoroccoOtherTotalUnrecognised tax losses\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross 459.0 850.1 126.7 14.9 38.4 8.7 1,497.8Tax 114.8 97.7 41.1 3.6 9.8 2.1 269.11(Restated) 2023UKUSAGermanySpainMoroccoOtherTotalUnrecognised tax losses\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross 101.8 56.5 88.4 16.4 45.1 12.5 320.7Tax 25.5 6.3 28.7 4.0 14.0 3.1 81.61 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information The benefits in respect of tax losses carried forward in the UK, Germany and Spain do not time expire. The benefits in respect of tax losses carried forward in the US relate to federal losses that do not time expire and state losses which expire within 5 to 20 years. The majority of the benefits in respect of tax losses carried forward in Morocco do not expire, however there is a small amount that are restricted to 4 years. The benefits of tax losses carried forward in Switzerland can be carried forward a maximum of 7 years.The Group did not recognise deferred tax assets in respect of restricted interest expenses in the UK and US, and onerous contract provisions in Germany as follows:2024Unrecognised tax timing UKUSAGermanySpainMoroccoOtherTotaldifferences\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross 107.7 93.1 120.5 \u2013 \u2013 \u2013 321.3Tax 26.9 36.7 39.1 \u2013 \u2013 \u2013 102.71(Restated) 2023Unrecognised tax timing UKUSAGermanySpainMoroccoOtherTotaldifferences\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross 38.5 \u2013 77.2 \u2013 \u2013 \u2013 115.7Tax 9.6 \u2013 25.0 \u2013 \u2013 \u2013 34.61 Restated for a correction to the German Rail onerous contract provision, see note 2 for further informationThe benefits in respect of restricted interest expenses in the UK and US do not time expire.(c) Temporary differences associated with Group investmentsAt 31 December 2024, no deferred tax (2023: \u00a3nil) has been recognised on the unremitted earnings of subsidiaries, associates and joint ventures, as the Group has determined that these undistributed profits will not be distributed in the foreseeable future. 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 they may be subject to withholding taxes or local tax liabilities incurred on distributions. At 31 December 2024, there are no temporary differences (2023: \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.(d) Tax on items recognised in Other Comprehensive Income or Equity20242023\u00a3m\u00a3mDeferred taxation:Deferred tax charge on actuarial gains 2.8 0.8Deferred tax charge/(credit) on cash flow hedges 0.7 (3.6)Deferred tax charge on foreign exchange differences 0.5 0.8Deferred tax charge/(credit) on hybrid instrument payments (see note below) 15.4 (5.3)Deferred tax (credit)/charge on share-based payments (0.1) 0.2Total tax charge/(credit) for the Group 19.3 (7.1)The \u00a315.4m current year deferred tax charge on the hybrid instrument comprises of a \u00a35.3m credit in relation to tax deductions for FY24 interest and a \u00a320.7m charge reversing all cumulative credits accounted for in reserves which arises from the derecognition of UK deferred tax assets on tax losses.",
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"value": "28 Borrowings 20242023\u00a3m\u00a3mNon-currentBank loans 72.3 96.5Bonds 648.3 659.2Lease liabilities 141.7 130.2Private placements 396.5 404.7Non-current borrowings 1,258.8 1,290.6CurrentBank overdrafts 41.4 62.6Bank loans 107.9 150.7Lease liabilities 52.5 50.9Accrued interest on borrowings 7.1 7.0Current borrowings 208.9 271.2Total borrowings 1,467.7 1,561.8The effective interest rates on loans and borrowings at the balance sheet date were as follows:2024Effective2023Effective\u00a3m Maturityinterest rate\u00a3m Maturityinterest rateBank overdrafts 41.4 \u2013 \u2013 62.6 \u2013 \u2013Bank overdrafts 41.4 62.69-year Sterling bondGBP SONIA GBP SONIA 1231.6 November 2028+ 1.98%239.7 November 2028+ 3.23%8-year \u20ac500m Euro bond 408.6 September 2031 4.875% 427.6 September 2031 4.875%Bonds 648.3 659.2European bank loans at fixed rate 0.7 2025\u20132028 2.65% 33.0 2024\u20132026 3.80%European bank loans at floating rateEURIBOR EURIBOR 3.0 2025\u20132027+ 0.75% 1.2 2024\u20132025+ 0.75%Moroccan bank loans 40.9 2025\u20132029 4.27% 58.9 2024\u20132029 4.25%US asset backed bank loans 56.5 2025\u20132030 2.92% 70.3 2024\u20132030 3.03%2Advance factoring liabilities79.1 2025 3.93% 83.8 2024 4.85%Bank loans 180.2 247.2US Dollar leases at fixed rate 84.5 2025\u20132032 4.47% 75.6 2024\u20132028 3.50%European leases at fixed rate 40.4 2026\u20132031 4.17% 33.6 2024\u20132030 4.16%European leases at floating rateEURIBOR EURIBOR 0.1 2025\u20132027+ 1.00% 0.3 2024\u20132025+ 1.00%Sterling leases at fixed rate 69.2 2025\u20132120 4.45% 71.6 2024\u20132108 3.44%Leases 194.2 181.1Private placements 396.5 2027\u20132032 1.92% 404.7 2027\u20132032 1.92%Accrued interest \u2013 Bonds 6.4 6.3Accrued interest \u2013 Private placements 0.7 0.7Accrued interest on borrowings 7.1 7.0Total 1,467.7 1,561.81 There is currently a fixed to floating interest rate swap in place until November 2025. Subsequent to this the bond reverts to a fixed rate of 3.63% until maturity. During the year, following a change in the Group\u2019s credit rating, the fixed rate on this bond increased from 2.38% to 3.63% effective from November 2024.2 Advance factoring liabilities include \u00a320.7m (2023: \u00a317.4m) in ALSA at a floating rate with an average rate of 5.20% (2023: 5.20%), and \u00a358.4m (2023: \u00a366.4m) in German Rail with a fixed rate of 3.90% (2023: 4.75%). The nominal value of the Group\u2019s bonds and private placements reconcile to the book values as shown in the table above as follows:Nominal Unamortised Fair value valuedeal feesadjustmentBook valueAs at 31 December 2024\u00a3m\u00a3m\u00a3m\u00a3m9-year Sterling bond 250.0 (1.6) (8.7) 239.78-year \u20ac500m Euro bond 413.6 (5.0) \u2013 408.6Private placements 397.2 (0.7) \u2013 396.5Nominal Unamortised Fair value valuedeal feesadjustmentBook valueAs at 31 December 2023\u00a3m\u00a3m\u00a3m\u00a3m9-year Sterling bond 250.0 (2.0) (16.4) 231.68-year \u20ac500m Euro bond 433.6 (6.0) \u2013 427.6Private placements 405.7 (1.0) \u2013 404.7The Group currently has \u00a3600.0m of unsecured committed revolving credit facilities, details of which are set out in the liquidity risk section of note 29.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\u20132 years2\u20133 years3\u20134 years4\u20135 years> 5 yearsTotalAs at 31 December 2024\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mFixed rateBank loans (86.5) (24.6) (23.4) (18.4) (3.3) (1.1) (157.3)Bonds \u2013 \u2013 \u2013 \u2013 \u2013 (408.6) (408.6)Finance lease receivables 3.2 2.6 2.4 2.5 2.1 5.2 18.0Lease liabilities (52.5) (36.1) (25.6) (21.6) (12.2) (46.1) (194.1)Private placements \u2013 \u2013 (233.5) \u2013 \u2013 (163.0) (396.5)Floating rateCash assets 244.5 \u2013 \u2013 \u2013 \u2013 \u2013 244.5Other debt receivables 2.7 \u2013 \u2013 \u2013 \u2013 \u2013 2.7Bank overdrafts (41.4) \u2013 \u2013 \u2013 \u2013 \u2013 (41.4)Bank loans (21.4) \u2013 (1.5) \u2013 \u2013 \u2013 (22.9)Bonds \u2013 \u2013 \u2013 (239.7) \u2013 \u2013 (239.7)Lease liabilities \u2013 (0.1) \u2013 \u2013 \u2013 \u2013 (0.1)< 1 year1\u20132 years2\u20133 years3\u20134 years4\u20135 years> 5 yearsTotalAs at 31 December 2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mFixed rateBank loans (132.1) (27.9) (24.4) (22.4) (17.5) (4.3) (228.6)Bonds \u2013 \u2013 \u2013 \u2013 \u2013 (427.6) (427.6)Finance lease receivables 2.7 1.4 0.5 0.6 0.4 3.6 9.2Lease liabilities (50.6) (30.5) (23.2) (14.5) (11.7) (50.3) (180.8)Private placements \u2013 \u2013 \u2013 (233.9) \u2013 (170.8) (404.7)Floating rateCash assets 356.3 \u2013 \u2013 \u2013 \u2013 \u2013 356.3Other debt receivables 2.9 \u2013 \u2013 \u2013 \u2013 \u2013 2.9Bank overdrafts (62.6) \u2013 \u2013 \u2013 \u2013 \u2013 (62.6)Bank loans (18.6) \u2013 \u2013 \u2013 \u2013 \u2013 (18.6)Bonds \u2013 \u2013 \u2013 \u2013 (231.6) \u2013 (231.6)Lease liabilities (0.3) \u2013 \u2013 \u2013 \u2013 \u2013 (0.3)",
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"value": "29 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.There have been no substantive changes in the Group\u2019s exposure to financial risks, its objectives, polices and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. 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.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 and be equally offset in the Income Statement by movement in the underlying transactional exposures.At the year end, the Group had outstanding foreign exchange derivatives for net investment purposes of USD 474.0m and CAD 46.0m (2023: foreign exchange derivatives for net investment purposes of USD 320.0m and CAD 46.0m). These foreign exchange forward contracts are derivative financial instruments designated as net investment hedges of foreign currency assets. Borrowings of EUR 740.0m (2023: EUR 740.0m) are also designated as a net investment hedge. The Group\u2019s internal policy is for levels of net investment hedges by currency to not exceed 80% of the underlying foreign currency net assets.If there was a 10% movement in foreign currency exchange rates, the effect on the translation reserve from a movement in the translated value of the foreign currency denominated loans and change in fair value of the derivative contracts would be an exchange gain or loss of \u00a331.8m (2023: \u00a330.5m) relating to US Dollar, \u00a379.3m (2023: \u00a345.3m) relating to Euro, and \u00a31.1m (2023: \u00a30.4m) relating to Canadian Dollar. These movements would be partially offset by an opposite movement in the translated value of the related portion of the Group\u2019s overseas net investments.Interest 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 2024, the proportion of the Group\u2019s gross debt at floating rates was 21% (2023: 21%).During the year, inflation and fiscal policy have impacted the interest rate on the floating portion of debt. If the interest rates applicable to floating rate instruments were increased by 100 basis points, with all other variables held constant, it is estimated that the Group\u2019s profit before taxation would decrease by approximately \u00a32.5m (2023: \u00a32.5m) relating to Sterling. The analysis assumes that the amount and mix of floating rate instruments, including finance leases, remains unchanged from that in place at 31 December 2024.Certain fixed rate borrowings are impacted by changes in the Group\u2019s credit rating. During the year, following a change in the Group\u2019s credit rating, the 9-year sterling bond fixed interest rate increased from 2.38% to 3.63% effective from November 2024. The annualised impact of this change in future years is a \u00a33.1m increase in interest costs. Additionally, the margin charged on utilisations of the Group\u2019s \u00a3600.0m unsecured committed revolving credit facility increased from GBP SONIA + 0.55% to GBP SONIA + 0.85% during the year due to the credit rating changes. No other fixed rate borrowings are impacted by any changes to the Group\u2019s credit rating. Commodity 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 2024, the Group had hedged approximately 98% of its 2025 expected usage, 52% of its expected usage in 2026 and 13% of its expected usage in 2027.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, with all other variables held constant, would have been a movement to the Group\u2019s hedging reserve of \u00a33.3m relating to sterling dominated contracts, \u00a33.2m relating to US Dollar dominated contracts and \u00a37.8m relating to Euro dominated contracts, at 31 December 2024 (2023: \u00a34.0m relating to sterling dominated contracts, \u00a35.1m relating to US Dollar dominated contracts and \u00a36.9m relating to Euro dominated contracts). 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 net carrying value of each of its financial assets, which are shown within the classification of financial instruments table in note 30.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, particularly as even in the event of financial or liquidity issues suffered by public bodies, the nature of the services provided by the Group are very likely to be classified as essential or priority and therefore we would still anticipate settlement of any amounts owed. 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 related party receivables, which are deemed similar in nature to trade 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.The table below shows the credit risk exposure on the Group\u2019s trade receivables (including grant receivables and related party receivables) and contract assets as at 31 December 2024:Days past dueBetween Between Carrying Not Less than 30 and 60 61 and 90Over amountyet due30 daysdaysdays90 days31 December 2024\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross carrying amount \u2013 trade and grant receivables, related party receivables and contract assets (current and non-current) 608.4 347.9 70.7 17.2 12.6 160.0Loss allowance (41.5) (2.3) (1.8) (1.3) (2.5) (33.6)566.9 345.6 68.9 15.9 10.1 126.4Expected loss rate 6.8% 0.7% 2.5% 7.6% 19.8% 21.0%Days past dueBetween Between Carrying Not Less than 30 and 60 61 and 90Over amountyet due30 daysdaysdays90 days31 December 2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross carrying amount \u2013 trade and grant receivables, related party receivables and contract assets (current and non-current) 573.5 393.8 33.3 25.5 13.3 107.6Loss allowance (41.5) (1.8) (1.3) (1.5) (2.0) (34.9)532.0 392.0 32.0 24.0 11.3 72.7Expected loss rate 7.2% 0.5% 3.9% 5.9% 15.0% 32.4%Trade and grant receivables and contract assets over 90 days primarily comprises amounts due from public authorities in ALSA where amounts are settled on approval from the local governing bodies at the end of the school period. A loss provision of \u00a333.6m (2023: \u00a334.9m) is in place against these receivables. The closing loss allowance for trade and grant receivables and contract assets as at 31 December 2024 reconciles to the opening loss allowance as follows:20242023\u00a3m\u00a3mAt 1 January 41.5 43.2Net increase/(decrease) in loss allowance recognised in Income Statement during the year 3.2 (0.1)Utilised in the year (1.7) (0.7)Acquisitions 0.3 \u2013Exchange difference (1.8) (0.9)At 31 December 41.5 41.5Trade and grant receivables and contract assets are written off when there is no reasonable expectation of recovery.Impairment losses on Trade and grant receivables and contract assets 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, other receivables 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, impairment loss was considered insignificant at the reporting date. Similarly, impairment loss in relation to other receivables and finance lease receivables was considered insignificant.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. These amounts held are not readily available for other purposes within the Group and total \u00a30.9m (2023: \u00a32.6m).The Group currently has \u00a3600.0m of unsecured committed revolving credit facilities, of which \u00a329.0m matures in 2028 and \u00a3571.0m matures in 2029. There is a further extension option available in 2025 to extend the maturity further to 2030. At 31 December 2024, there was \u00a3nil (2023: \u00a3nil) drawn-down on the facilities. The maximum draw down of the revolving credit facility during the year was \u00a3195.0m (2023: \u00a3125.0m).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 Covenant EBITDA (being no greater than 3.5 times) and minimum Covenant EBITDA to net interest payable (being at least 3.5 times). Both of these covenant tests were met at both the 30 June 2024 and 31 December 2024 testing periods.Medium and long-term funding requirements are met through committed debt facilities as detailed in note 28.The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2024 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\u20132 years2\u20133 years3\u20135 years> 5 years31 December 2024\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial liabilitiesBank overdrafts (41.4) (41.4) (41.4) \u2013 \u2013 \u2013 \u2013Bank loans (180.2) (181.5) (106.2) (26.8) (24.8) (22.5) (1.2)Bonds (648.3) (840.9) (29.2) (29.2) (29.2) (299.4) (453.9)Lease liabilities (194.2) (205.1) (56.0) (38.3) (27.5) (35.7) (47.6)Private placements (396.5) (424.3) (7.8) (7.8) (239.0) (4.5) (165.2)1Trade and other payables(945.1) (945.1) (857.9) (87.2) \u2013 \u2013 \u2013(2,405.7) (2,638.3) (1,098.5) (189.3) (320.5) (362.1) (667.9)Derivative financial liabilitiesForeign exchange derivatives (26.8) (26.8) (26.8) \u2013 \u2013 \u2013 \u2013Interest rate derivatives (9.9) (10.4) (10.4) \u2013 \u2013 \u2013 \u2013Cross currency swaps (0.3) (0.6) \u2013 \u2013 (0.6) \u2013 \u2013Fuel derivatives (11.1) (11.5) (8.2) (3.0) (0.3) \u2013 \u2013(48.1) (49.3) (45.4) (3.0) (0.9) \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 (except for those in relation to service concession arrangements), other tax and social security, deferred expense-related grants and deferred fixed asset grants.Carrying Contractual Year ended amountscash flows< 1 year1\u20132 years2\u20133 years3\u20135 years> 5 years31 December 2023 \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial liabilitiesBank overdrafts (62.6) (62.6) (62.6) \u2013 \u2013 \u2013 \u2013Bank loans (247.2) (257.6) (153.4) (30.9) (26.7) (42.0) (4.6)Bonds (659.2) (882.6) (27.1) (27.1) (27.1) (304.2) (497.1)Lease liabilities (181.1) (187.8) (53.9) (31.3) (24.3) (30.2) (48.1)Private placements (404.7) (441.0) (7.9) (7.9) (7.9) (241.8) (175.5)1Trade and other payables(871.0) (871.0) (788.6) (82.4) \u2013 \u2013 \u2013(2,425.8) (2,702.6) (1,093.5) (179.6) (86.0) (618.2) (725.3)Derivative financial liabilitiesForeign exchange derivatives (10.7) (8.4) (8.4) \u2013 \u2013 \u2013 \u2013Interest rate derivatives (17.8) (18.8) (11.3) (7.5) \u2013 \u2013 \u2013Cross currency swaps (1.6) (1.4) \u2013 \u2013 \u2013 (1.4) \u2013Fuel derivatives (16.8) (17.4) (10.1) (6.0) (1.3) \u2013 \u2013(46.9) (46.0) (29.8) (13.5) (1.3) (1.4) \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 (except for those in relation to service concession arrangements), tax and social security, deferred expense related grants and deferred fixed asset grants.Capital 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 adjusted net debt (refer to note 37).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 Covenant net debt divided by Covenant 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.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.The Group\u2019s derivatives are measured at fair value, categorised within Level 2 (i.e. the fair values are derived based on observable market inputs). The valuation of interest rate derivatives and fuel derivatives are based on the forward curve and discount curve, both calculated using sets of market data. The valuation of FX forward contracts is based on observable FX spot rates, FX forward rates, and the interest rate curve of the domestic currency. Cross currency swap derivatives are valued based on observable discount curve and spot rates to ascertain the net value of each leg of cash flows. All derivative valuations are adjusted as appropriate for CVA/DVA values which are independently calculated.Financial assets at fair value through Other Comprehensive Income relates to the Group\u2019s non-listed equity investments and are categorised within Level 3 (values determined by reference to significant unobservable inputs). Refer to note 17 for further details on the valuation technique. Financial liabilities at amortised cost are non-derivative financial liabilities with fixed or determinable payments that are not quoted in an active market and include trade and other payables, bank loans, bank overdrafts, bonds, private placements and lease liabilities. 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.In August 2021, the Group entered into an interest rate derivative whereby a series of interest rate swaps equal in value to the \u00a3250.0m bond measured at amortised cost, were designated as a fair value hedge. Consequently, the carrying value of the bond is adjusted for changes in fair value attributable to the interest rate risk being hedged which is valued as per above interest rate derivatives. See note 28 for the fair value adjustment as at 31 December 2024.Deferred contingent consideration are also valued at fair value, categorised within Level 3, further details of which can be found within note 19. 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.The following table illustrates the carrying values of all financial assets and liabilities held by the Group at 31 December:At fair value through Other ComprehensiveAt fair valueDerivatives used Amortised costIncomethrough profit or lossfor hedgingClassification of 20242023202420232024202320242023financial instruments \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAssetsInvestments \u2013 \u2013 25.0 15.2 \u2013 \u2013 \u2013 \u2013Fuel derivatives \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1.7 4.8Cross currency swaps \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.4 0.4Foreign exchange derivatives \u2013 \u2013 \u2013 \u2013 10.7 5.7 \u2013 0.3Cash and cash equivalents 244.5 356.3 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Other debt receivables 2.7 2.9 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Finance lease receivables 18.0 9.2 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Trade and other 1receivables504.6 508.6 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013770.0 877.0 25.0 15.2 10.7 5.7 2.1 5.5LiabilitiesBank overdrafts (41.4) (62.6) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Bank loans (180.2) (247.2) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Bonds (648.3) (659.2) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Lease liabilities (194.2) (181.1) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Private placements (396.5) (404.7) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Fuel derivatives \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (11.1) (16.8)Interest rate derivatives \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (9.9) (17.8)Cross currency swaps \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (0.3) (1.6)Foreign exchange derivatives \u2013 \u2013 \u2013 \u2013 (15.9) (6.9) (10.9) (3.8)Trade and other 2payables(930.4) (862.3) \u2013 \u2013 (14.7) (8.7) \u2013 \u2013(2,391.0) (2,417.1) \u2013 \u2013 (30.6) (15.6) (32.2) (40.0)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 (except for those in relation to service concession arrangements), and prepayments.2 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 (except for those in relation to service concession arrangements), other tax and social security, deferred expense related grants and deferred fixed asset grants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__91": {
"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 net carrying value of each of its financial assets, which are shown within the classification of financial instruments table in note 30.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, particularly as even in the event of financial or liquidity issues suffered by public bodies, the nature of the services provided by the Group are very likely to be classified as essential or priority and therefore we would still anticipate settlement of any amounts owed. 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 related party receivables, which are deemed similar in nature to trade 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.The table below shows the credit risk exposure on the Group\u2019s trade receivables (including grant receivables and related party receivables) and contract assets as at 31 December 2024:Days past dueBetween Between Carrying Not Less than 30 and 60 61 and 90Over amountyet due30 daysdaysdays90 days31 December 2024\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross carrying amount \u2013 trade and grant receivables, related party receivables and contract assets (current and non-current) 608.4 347.9 70.7 17.2 12.6 160.0Loss allowance (41.5) (2.3) (1.8) (1.3) (2.5) (33.6)566.9 345.6 68.9 15.9 10.1 126.4Expected loss rate 6.8% 0.7% 2.5% 7.6% 19.8% 21.0%Days past dueBetween Between Carrying Not Less than 30 and 60 61 and 90Over amountyet due30 daysdaysdays90 days31 December 2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross carrying amount \u2013 trade and grant receivables, related party receivables and contract assets (current and non-current) 573.5 393.8 33.3 25.5 13.3 107.6Loss allowance (41.5) (1.8) (1.3) (1.5) (2.0) (34.9)532.0 392.0 32.0 24.0 11.3 72.7Expected loss rate 7.2% 0.5% 3.9% 5.9% 15.0% 32.4%Trade and grant receivables and contract assets over 90 days primarily comprises amounts due from public authorities in ALSA where amounts are settled on approval from the local governing bodies at the end of the school period. A loss provision of \u00a333.6m (2023: \u00a334.9m) is in place against these receivables. The closing loss allowance for trade and grant receivables and contract assets as at 31 December 2024 reconciles to the opening loss allowance as follows:20242023\u00a3m\u00a3mAt 1 January 41.5 43.2Net increase/(decrease) in loss allowance recognised in Income Statement during the year 3.2 (0.1)Utilised in the year (1.7) (0.7)Acquisitions 0.3 \u2013Exchange difference (1.8) (0.9)At 31 December 41.5 41.5Trade and grant receivables and contract assets are written off when there is no reasonable expectation of recovery.Impairment losses on Trade and grant receivables and contract assets 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, other receivables 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, impairment loss was considered insignificant at the reporting date. Similarly, impairment loss in relation to other receivables and finance lease receivables was considered insignificant.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__90": {
"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 related party receivables, which are deemed similar in nature to trade 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.The table below shows the credit risk exposure on the Group\u2019s trade receivables (including grant receivables and related party receivables) and contract assets as at 31 December 2024:Days past dueBetween Between Carrying Not Less than 30 and 60 61 and 90Over amountyet due30 daysdaysdays90 days31 December 2024\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross carrying amount \u2013 trade and grant receivables, related party receivables and contract assets (current and non-current) 608.4 347.9 70.7 17.2 12.6 160.0Loss allowance (41.5) (2.3) (1.8) (1.3) (2.5) (33.6)566.9 345.6 68.9 15.9 10.1 126.4Expected loss rate 6.8% 0.7% 2.5% 7.6% 19.8% 21.0%Days past dueBetween Between Carrying Not Less than 30 and 60 61 and 90Over amountyet due30 daysdaysdays90 days31 December 2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mGross carrying amount \u2013 trade and grant receivables, related party receivables and contract assets (current and non-current) 573.5 393.8 33.3 25.5 13.3 107.6Loss allowance (41.5) (1.8) (1.3) (1.5) (2.0) (34.9)532.0 392.0 32.0 24.0 11.3 72.7Expected loss rate 7.2% 0.5% 3.9% 5.9% 15.0% 32.4%Trade and grant receivables and contract assets over 90 days primarily comprises amounts due from public authorities in ALSA where amounts are settled on approval from the local governing bodies at the end of the school period. A loss provision of \u00a333.6m (2023: \u00a334.9m) is in place against these receivables. The closing loss allowance for trade and grant receivables and contract assets as at 31 December 2024 reconciles to the opening loss allowance as follows:20242023\u00a3m\u00a3mAt 1 January 41.5 43.2Net increase/(decrease) in loss allowance recognised in Income Statement during the year 3.2 (0.1)Utilised in the year (1.7) (0.7)Acquisitions 0.3 \u2013Exchange difference (1.8) (0.9)At 31 December 41.5 41.5Trade and grant receivables and contract assets are written off when there is no reasonable expectation of recovery.Impairment losses on Trade and grant receivables and contract assets 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, other receivables 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, impairment loss was considered insignificant at the reporting date. Similarly, impairment loss in relation to other receivables and finance lease receivables was considered insignificant.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__92": {
"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. These amounts held are not readily available for other purposes within the Group and total \u00a30.9m (2023: \u00a32.6m).The Group currently has \u00a3600.0m of unsecured committed revolving credit facilities, of which \u00a329.0m matures in 2028 and \u00a3571.0m matures in 2029. There is a further extension option available in 2025 to extend the maturity further to 2030. At 31 December 2024, there was \u00a3nil (2023: \u00a3nil) drawn-down on the facilities. The maximum draw down of the revolving credit facility during the year was \u00a3195.0m (2023: \u00a3125.0m).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 Covenant EBITDA (being no greater than 3.5 times) and minimum Covenant EBITDA to net interest payable (being at least 3.5 times). Both of these covenant tests were met at both the 30 June 2024 and 31 December 2024 testing periods.Medium and long-term funding requirements are met through committed debt facilities as detailed in note 28.The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2024 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\u20132 years2\u20133 years3\u20135 years> 5 years31 December 2024\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial liabilitiesBank overdrafts (41.4) (41.4) (41.4) \u2013 \u2013 \u2013 \u2013Bank loans (180.2) (181.5) (106.2) (26.8) (24.8) (22.5) (1.2)Bonds (648.3) (840.9) (29.2) (29.2) (29.2) (299.4) (453.9)Lease liabilities (194.2) (205.1) (56.0) (38.3) (27.5) (35.7) (47.6)Private placements (396.5) (424.3) (7.8) (7.8) (239.0) (4.5) (165.2)1Trade and other payables(945.1) (945.1) (857.9) (87.2) \u2013 \u2013 \u2013(2,405.7) (2,638.3) (1,098.5) (189.3) (320.5) (362.1) (667.9)Derivative financial liabilitiesForeign exchange derivatives (26.8) (26.8) (26.8) \u2013 \u2013 \u2013 \u2013Interest rate derivatives (9.9) (10.4) (10.4) \u2013 \u2013 \u2013 \u2013Cross currency swaps (0.3) (0.6) \u2013 \u2013 (0.6) \u2013 \u2013Fuel derivatives (11.1) (11.5) (8.2) (3.0) (0.3) \u2013 \u2013(48.1) (49.3) (45.4) (3.0) (0.9) \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 (except for those in relation to service concession arrangements), other tax and social security, deferred expense-related grants and deferred fixed asset grants.Carrying Contractual Year ended amountscash flows< 1 year1\u20132 years2\u20133 years3\u20135 years> 5 years31 December 2023 \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial liabilitiesBank overdrafts (62.6) (62.6) (62.6) \u2013 \u2013 \u2013 \u2013Bank loans (247.2) (257.6) (153.4) (30.9) (26.7) (42.0) (4.6)Bonds (659.2) (882.6) (27.1) (27.1) (27.1) (304.2) (497.1)Lease liabilities (181.1) (187.8) (53.9) (31.3) (24.3) (30.2) (48.1)Private placements (404.7) (441.0) (7.9) (7.9) (7.9) (241.8) (175.5)1Trade and other payables(871.0) (871.0) (788.6) (82.4) \u2013 \u2013 \u2013(2,425.8) (2,702.6) (1,093.5) (179.6) (86.0) (618.2) (725.3)Derivative financial liabilitiesForeign exchange derivatives (10.7) (8.4) (8.4) \u2013 \u2013 \u2013 \u2013Interest rate derivatives (17.8) (18.8) (11.3) (7.5) \u2013 \u2013 \u2013Cross currency swaps (1.6) (1.4) \u2013 \u2013 \u2013 (1.4) \u2013Fuel derivatives (16.8) (17.4) (10.1) (6.0) (1.3) \u2013 \u2013(46.9) (46.0) (29.8) (13.5) (1.3) (1.4) \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 (except for those in relation to service concession arrangements), tax and social security, deferred expense related grants and deferred fixed asset grants.",
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"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.The Group\u2019s derivatives are measured at fair value, categorised within Level 2 (i.e. the fair values are derived based on observable market inputs). The valuation of interest rate derivatives and fuel derivatives are based on the forward curve and discount curve, both calculated using sets of market data. The valuation of FX forward contracts is based on observable FX spot rates, FX forward rates, and the interest rate curve of the domestic currency. Cross currency swap derivatives are valued based on observable discount curve and spot rates to ascertain the net value of each leg of cash flows. All derivative valuations are adjusted as appropriate for CVA/DVA values which are independently calculated.Financial assets at fair value through Other Comprehensive Income relates to the Group\u2019s non-listed equity investments and are categorised within Level 3 (values determined by reference to significant unobservable inputs). Refer to note 17 for further details on the valuation technique. Financial liabilities at amortised cost are non-derivative financial liabilities with fixed or determinable payments that are not quoted in an active market and include trade and other payables, bank loans, bank overdrafts, bonds, private placements and lease liabilities. 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.In August 2021, the Group entered into an interest rate derivative whereby a series of interest rate swaps equal in value to the \u00a3250.0m bond measured at amortised cost, were designated as a fair value hedge. Consequently, the carrying value of the bond is adjusted for changes in fair value attributable to the interest rate risk being hedged which is valued as per above interest rate derivatives. See note 28 for the fair value adjustment as at 31 December 2024.Deferred contingent consideration are also valued at fair value, categorised within Level 3, further details of which can be found within note 19. 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.The following table illustrates the carrying values of all financial assets and liabilities held by the Group at 31 December:At fair value through Other ComprehensiveAt fair valueDerivatives used Amortised costIncomethrough profit or lossfor hedgingClassification of 20242023202420232024202320242023financial instruments \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAssetsInvestments \u2013 \u2013 25.0 15.2 \u2013 \u2013 \u2013 \u2013Fuel derivatives \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1.7 4.8Cross currency swaps \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.4 0.4Foreign exchange derivatives \u2013 \u2013 \u2013 \u2013 10.7 5.7 \u2013 0.3Cash and cash equivalents 244.5 356.3 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Other debt receivables 2.7 2.9 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Finance lease receivables 18.0 9.2 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Trade and other 1receivables504.6 508.6 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013770.0 877.0 25.0 15.2 10.7 5.7 2.1 5.5LiabilitiesBank overdrafts (41.4) (62.6) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Bank loans (180.2) (247.2) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Bonds (648.3) (659.2) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Lease liabilities (194.2) (181.1) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Private placements (396.5) (404.7) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Fuel derivatives \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (11.1) (16.8)Interest rate derivatives \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (9.9) (17.8)Cross currency swaps \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (0.3) (1.6)Foreign exchange derivatives \u2013 \u2013 \u2013 \u2013 (15.9) (6.9) (10.9) (3.8)Trade and other 2payables(930.4) (862.3) \u2013 \u2013 (14.7) (8.7) \u2013 \u2013(2,391.0) (2,417.1) \u2013 \u2013 (30.6) (15.6) (32.2) (40.0)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 (except for those in relation to service concession arrangements), and prepayments.2 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 (except for those in relation to service concession arrangements), other tax and social security, deferred expense related grants and deferred fixed asset grants.",
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"value": "30 Derivative financial instruments Derivative financial assets and liabilities on the balance sheet are as follows: 20242023\u00a3m\u00a3mFuel derivatives 0.2 0.1Non-current derivative financial assets 0.2 0.1Fuel derivatives 1.5 4.7Cross currency swaps 0.4 0.4Foreign exchange derivatives 10.7 6.0Current derivative financial assets 12.6 11.1Fuel derivatives (3.1) (6.7)Cross currency swaps (0.3) (1.6)Interest rate derivatives \u2013 (7.0)Non-current derivative financial liabilities (3.4) (15.3)Fuel derivatives (8.0) (10.1)Interest rate derivatives (9.9) (10.8)Foreign exchange derivatives (26.8) (10.7)Current derivative financial liabilities (44.7) (31.6)The 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 2024, 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 Group also applied fair value hedge accounting to hedge interest rate risk.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.A summary of the Group\u2019s hedging activities is as follows:Cash flow hedges \u2013 fuel derivativesDuring the year, \u00a32.2m of fair value gains (2023: \u00a39.3m of fair value losses) have been transferred to the cash flow hedge reserve due to movements in market fuel prices. A fair value gain of \u00a30.9m (2023: \u00a330.1m gain) has been transferred from the cash flow hedge reserve to the carrying value of inventory following settlement of fuel trades; this comprised a gain of \u00a330.1m (2023: \u00a329.1m gain), being the hedging reserve position at 1 January and a \u00a329.2m loss (2023: \u00a31.0 gain) generated during the year due to movements in market fuel prices. No material ineffectiveness was recognised in relation to these hedges. Possible ineffectiveness may arise due to changes in the actual settlement date and/or settlement amount. Fuel derivatives can be analysed as follows:20242023Cash flowCash flowHedge typeHedge HedgeRisk Commodity Commodity price riskprice riskNominal amount of hedging 342.1m litres 351.7m litresAgeing of nominal amount:< 1 year 203.8m litres 217.3m litres1-2 years 110.1m litres 100.8m litres2-5 years 28.2m litres 33.6m litres> 5 years \u2013 \u2013Average hedged rate \u00a30.49/litre \u00a30.51/litreMaturity 2025 \u2013 2027 2024 \u2013 2026Carrying amount of hedging instruments (\u00a3m)Assets \u2013 derivatives 1.7 4.8Liabilities \u2013 derivatives (11.1) (16.8)1Changes in fair value of hedged item for calculating hedge effectiveness2.2 12.9Changes in fair value of hedged instrument used for calculating 1hedge effectiveness2.0 (13.6)Amounts accumulated in reserves at 31 December 2024 7.9 6.63 Inclusive of cash settlements for the periodCash flow hedges \u2013 cross currency swapsIn June 2020, the Group entered into an $81.0m cross currency swap that pays fixed GBP interest semi-annually and receives fixed USD 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. During the year, a \u00a31.6m change in fair value was recognised through the cash flow hedge reserve, and \u00a31.6m was reclassified from the cash flow hedge reserve to the Income Statement. No material ineffectiveness was recognised during the year. Possible ineffectiveness may arise due to the movement in the Group\u2019s and the derivative counterparty\u2019s credit spread, resulting in fair value movements in the hedging instruments that are not reflected in the fair value movements in the hedged transaction; and also if there are any changes in the critical terms of the hedged transaction such that they no longer match those of the hedging instrument. The effects of the cash flow hedge are as follows at 31 December:20242023Cash flowCash flowHedge typeHedge HedgeRisk Foreign Foreign currency riskcurrency riskNominal amount of hedging USD 81m USD 81mAgeing of nominal amount:< 1 year \u2013 \u20131-2 years \u2013 \u20132-5 years USD 81m USD 81m> 5 years \u2013 \u2013Average hedged rate 2.43% 2.43%Maturity 2027 2027Carrying amount of hedging instruments (\u00a3m)Assets \u2013 derivatives 0.4 0.4Liabilities \u2013 derivatives (0.3) (1.6)Carrying amount of hedged item \u2013 borrowings (\u00a3m) (64.7) (63.6)1Changes in fair value of hedged item for calculating hedge effectiveness1.7 (4.0)Changes in fair value of hedged instrument used for calculating hedge effectiveness1 (1.7) 4.1Amounts accumulated in reserves at 31 December 2024 (1.2) (1.2)1 Inclusive of cash settlements for the periodNet investment hedgesAt 31 December 2024, the Group had designated EUR 240.0m of private placements and EUR 500.0m of bonds as net investment hedges of the net assets of the Group\u2019s European subsidiaries. Similarly, USD 474.0m and CAD 46.0m of foreign exchange forward contracts 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. Possible ineffectiveness may arise from movements in the Group\u2019s or 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.Fair value hedgesIn 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 gain of \u00a37.7m (2023: fair value gain of \u00a39.9m) was recognised in the Income Statement and was offset by a fair value loss of \u00a37.7m (2023: \u00a39.9m loss) on the underlying hedged item due to changes in the risk-free interest rate. No material ineffectiveness was recognised during the year. Possible ineffectiveness may arise due to the movement in the Group\u2019s and the derivative counterparty\u2019s credit spread, resulting in fair value movements in the hedging instruments that are not reflected in the fair value movements in the hedged transaction; and also if there are any changes in the critical terms of the hedged transaction such that they no longer match those of the hedging instrument.20232024Net 20242023Net investmentinvestmentFair valueFair valueHedge typehedgehedgehedgehedgeRisk Foreign Foreign Interest Interest currency riskcurrency riskrate riskrate riskNominal amount of hedging CAD 46.0m CAD 46.0m USD 474.0mUSD 320.0mEUR 740.0mEUR 740.0m GBP 250.0m GBP 250.0mAgeing of nominal amount:< 1 year CAD 46.0mCAD 46.0mUSD 474.0mUSD 320.0m GBP 250.0m \u20131-2 years \u2013 \u2013 \u2013 GBP 250.0m2-5 years EUR 43.0m EUR 43.0m \u2013 \u2013> 5 years EUR 697.0m EUR 697.0m \u2013 \u2013Average hedged rateGBP SONIA GBP SONIA \u2013 \u2013+ 1.98%+ 1.98%Maturity 2025 \u2013 2032 2024 \u2013 2032 2025 2025Carrying amount of hedging instruments (\u00a3m)Assets \u2013 derivatives \u2013 0.3 \u2013 \u2013Liabilities \u2013 derivatives (10.9) (3.8) (9.9) (17.8)1Liabilities \u2013 borrowings(612.2) (641.8) \u2013 \u2013Carrying amount of hedged item \u2013 borrowings (\u00a3m) \u2013 \u2013 (239.7) (231.6)2Changes in fair value of hedged item for calculating hedge effectiveness(8.3) 8.9 (7.7) (9.9)Changes in fair value of hedged instrument used for calculating 2hedge effectiveness8.3 (8.9) 7.7 9.9Amounts accumulated in reserves at 31 December 2024 (37.6) (15.9) \u2013 \u2013Accumulated fair value hedge adjustment on borrowings \u2013 \u2013 8.7 16.41 Represents the carrying value of the \u20ac240.0m Euro-denominated private placements and the \u20ac500.0m Euro bond2 Inclusive of cash settlements for the period",
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"value": "31 Share capital and reserves20242023Authorised, issued and fully paid: No. of shares\u00a3m No. of shares\u00a3mAt 1 January and 31 December 614,086,377 30.7 614,086,377 30.7",
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"value": "31 Share capital and reserves20242023Authorised, issued and fully paid: No. of shares\u00a3m No. of shares\u00a3mAt 1 January and 31 December 614,086,377 30.7 614,086,377 30.7Each share has a par value of 5p.The total number of share options exercised in the year was 825,839 (2023: 162,261) of which 776,967 (2023: all) exercises were satisfied by transferring shares from the National Express Employee Benefit Trust.Own shares (2024: (\u00a34.3m), 2023: (\u00a33.6m))Own shares comprises 3,742,873 (2023: 1,108,461) 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 3,411,379 (2023: 2,419 shares), and 776,967 (2023: 162,261) shares were used to satisfy options granted under a number of the Company\u2019s share schemes. Nil shares (2023: nil) were sold during the year to the open market.The market value of the shares held by the Trust at 31 December 2024 was \u00a33.0m (2023: \u00a30.9m). Dividends are payable on nil (2023: 283,688).Hybrid reserves (2024: \u00a3513.0m, 2023: \u00a3513.0m)The 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 2024 (Restated)0.2 239.5 \u2013 (5.6) (0.1) 16.0 147.6 397.6Exchange differences on retranslation of foreign operations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (31.6) (31.6)Gains on financial assets classified as fair value through Other Comprehensive Income \u2013 \u2013 9.1 \u2013 \u2013 \u2013 \u2013 9.1Gains on hedges \u2013 \u2013 \u2013 3.8 \u2013 21.3 \u2013 25.1Hedging gains reclassified to Income Statement \u2013 \u2013 \u2013 (1.5) (0.1) \u2013 \u2013 (1.6)Hedging gains and losses and costs of hedging transferred to the cost of inventory \u2013 \u2013 \u2013 (0.9) \u2013 \u2013 \u2013 (0.9)Cost of hedging \u2013 \u2013 \u2013 \u2013 0.2 \u2013 \u2013 0.2Deferred tax \u2013 \u2013 \u2013 (0.7) \u2013 (0.5) \u2013 (1.2)At 31 December 2024 0.2 239.5 9.1 (4.9) \u2013 36.8 116.0 396.71 Restated for a correction to the German Rail onerous contract provision, 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 flow Cost of investment(Restated) redemptionMerger assets at hedge hedging hedge Translation(Restated) 1TotalreservereserveFVOCIreservereservereserveReserve\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 January 2023 0.2 239.5 1.4 31.5 (0.1) (13.3) 221.9 481.1Exchange differences on retranslation of foreign operations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (74.3) (74.3)Gains on financial assets classified as fair value through Other Comprehensive Income \u2013 \u2013 (1.4) \u2013 \u2013 \u2013 \u2013 (1.4)(Losses)/gains on hedges \u2013 \u2013 \u2013 (14.4) \u2013 30.1 \u2013 15.7Hedging gains reclassified to Income Statement 1(restated)\u2013 \u2013 \u2013 3.8 (0.6) \u2013 \u2013 3.2Hedging gains and losses and costs of hedging transferred to the cost of inventory 1(restated)\u2013 \u2013 \u2013 (30.1) \u2013 \u2013 \u2013 (30.1)Cost of hedging \u2013 \u2013 \u2013 \u2013 0.6 \u2013 \u2013 0.6Deferred tax \u2013 \u2013 \u2013 3.6 \u2013 (0.8) \u2013 2.8At 31 December 2023 0.2 239.5 \u2013 (5.6) (0.1) 16.0 147.6 397.61 See note 2 for further information",
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"f0__s7__6__98": {
"value": "33 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):2024 2023Plant and Plant and Public equipment,Public equipment,Land and service fixtures and Land and service fixtures and buildingsvehiclesfittingsTotalbuildingsvehiclesfittingsTotalRight-of-use assets\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAdditions 51.2 7.7 0.1 59.0 43.3 9.1 0.4 52.8Depreciation charge (37.1) (14.2) (0.1) (51.4) (34.1) (16.6) (0.4) (51.1)Net book value at 31 December 119.5 44.8 0.1 164.4 107.1 65.1 0.1 172.3Set out below are the carrying amounts of lease liabilities (included in borrowings \u2013 note 28) at 31 December 2024:20242023Lease liabilities\u00a3m\u00a3mCurrent 52.5 50.9Non-current 141.7 130.2194.2 181.1The maturity analysis of lease liabilities is presented in note 28.(b) Charges recognised in the Income Statement20242023\u00a3m\u00a3mDepreciation expense on right-of-use assets (note 6) 51.4 51.1Gain on sale and leaseback (note 6) (4.5) (2.6)Interest on lease liabilities (note 10) 10.1 8.5Expenses relating to short-term leases (note 6) 15.2 9.5Expenses relating to leases of low-value assets (note 6) 4.3 4.4Variable lease payments not included in the measurement of lease liabilities (note 6) 7.9 4.0It is not expected that commitments for short-term leases will materially differ from those in place at 31 December 2024.(c) Amounts recognised in the Cash Flow Statement20242023\u00a3m\u00a3m Included withinPayment of interest (10.1) (8.5) Cash flows from operating activitiesPayment of principal (64.5) (62.7) Cash flows from financing activitiesPayments for short-term, low-value leases and variable leases (27.4) (17.9) Cash generated from operationsTotal cash outflow for leases (102.0) (89.1)(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 certain 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 commitmentsAt the year end, the Group had no commitments relating to leases not yet commenced (2023: \u00a30.4m within one year and \u00a31.5m within five years).In addition, at the balance sheet date, the Group had entered into a future availability agreement for the provision of a further 130 electric buses in the UK. None of the vehicles had been made available in 2024 but are all expected to be available in 2025. 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 \u00a38.3m.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 2024, the Group recognised interest income on lease receivables of \u00a30.5m (2023: \u00a30.5m).The following table sets out a maturity analysis of lease receivables, showing the undiscounted lease payments to be received after the reporting date:20242023Net investment in the lease\u00a3m\u00a3mWithin one year 4.4 3.0After one year but not more than five years 13.1 3.7More than five years 7.6 4.5Total undiscounted lease receivable 25.1 11.2Unearned finance income (7.1) (2.0)Finance lease receivable 18.0 9.2(a) Amounts recognised in the Balance SheetThe maturity analysis of the discounted lease payments are as follows:20242023Net investment in the lease\u00a3m\u00a3mCurrent 3.2 2.7Non-current 14.8 6.518.0 9.2The 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.20242023Operating lease receipts\u00a3m\u00a3mWithin one year 2.0 3.4After one year but not more than five years 0.4 1.8More than five years 0.2 \u20132.6 5.2(b) Credits recognised in the Income Statement20242023\u00a3m\u00a3mInterest income on sub-leases (note 10) 0.5 0.5Income from sub-leasing right-of-use assets (included in other revenue) 5.5 4.9(c) Amounts recognised in the Cash Flow Statement 20242023\u00a3m\u00a3m Included withinReceipt of interest 0.5 0.5 Cash flows from operating activitiesReceipt of principal 3.8 5.3 Cash flows from financing activitiesReceipt of operating lease income 5.5 4.9 Cash generated from operationsTotal cash inflow for leases 9.8 10.7",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__99": {
"value": "34 Commitments, contingencies and insurance contracts (a) Capital commitments20242023\u00a3m\u00a3mContracted 167.5 164.5The Group is committed to various vehicle purchases in North America and Spain. (b) Contingent liabilitiesLegalThrough 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__100": {
"value": "(c) Insurance contractsIn the ordinary course of business, the Group is required to issue counter-indemnities in support of its operations. These are valued as insurance contracts in scope of IFRS 17 Insurance Contracts from 1 January 2023. Previously these had been disclosed as contingent liabilities in the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets.As at 31 December 2024, the Group had performance bonds in respect of businesses in the USA of \u00a3207.0m (2023: \u00a3197.0m), in Spain of \u00a3107.9m (2023: \u00a3114.4m), in Germany of \u00a354.9m (2023: \u00a329.6m) and in the Middle East of \u00a36.4m (2023: \u00a36.3m). Letters of credit have been issued to support insurance retentions of \u00a3162.5m (2023: \u00a3181.3m).The directors believe that the expected pay out of these contracts is \u00a3nil (2023: \u00a3nil) and the insurance liability recorded in the Financial Statements at the end of the period is \u00a3nil (2023: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__101": {
"value": "35 Related party transactionsAmounts ofAmounts due fromAmounts due totransactionsrelated partiesrelated parties202420232024202320242023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mJoint venturesBahrain Public Transport Company W.L.L. 0.4 0.5 0.2 \u2013 \u2013 (0.2)AssociatesALSA associates 4.9 5.6 3.0 3.2 (0.5) (0.9)North America associates 0.2 1.1 \u2013 \u2013 \u2013 \u2013Total joint ventures and associates 5.5 7.2 3.2 3.2 (0.5) (1.1)Trade investmentsALSA trade investments 9.1 7.6 0.9 0.1 (1.1) (1.2)Total investments 9.1 7.6 0.9 0.1 (1.1) (1.2)Property transactionsALSA property transactions 12.7 10.0 0.5 0.5 (4.3) (0.2)Total property transactions 12.7 10.0 0.5 0.5 (4.3) (0.2)Total other related parties 21.8 17.6 1.4 0.6 (5.4) (1.4)Total 27.3 24.8 4.6 3.8 (5.9) (2.5)Included within the ALSA property transactions above are transactions where the Group has 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 are at appropriate market rates. Also included within the ALSA property transactions above is \u00a33.5m commission payable to the Cosmen family upon sale of a property (note 19(d)); which related to an agreement made at the time of the original ALSA acquisition in 2005.The details of the post-employment benefit plans operated for the benefit of employees of the Group are disclosed in note 32.Compensation of key management personnel of the GroupThe Group has determined key management personnel to constitute the Executive Directors and all other Board members of the parent entity. Further details on key management personnel compensation are disclosed in the Directors\u2019 Remuneration Report.20242023\u00a3m\u00a3mShort-term benefits 1.5 1.4Share-based payment 0.1 \u20131.6 1.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__102": {
"value": "Compensation of key management personnel of the GroupThe Group has determined key management personnel to constitute the Executive Directors and all other Board members of the parent entity. Further details on key management personnel compensation are disclosed in the Directors\u2019 Remuneration Report.20242023\u00a3m\u00a3mShort-term benefits 1.5 1.4Share-based payment 0.1 \u20131.6 1.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__103": {
"value": "36 Service concession arrangementsThe following table sets out the nature and extent of the Group\u2019s service concession arrangements:Description of the Concession Concession Concessionarrangementperiodcommencement Nature of infrastructure Classification under IFRIC 1215 years 2015 \u2013 2020 Rolling stock and tracks No financial or intangible used in the operation of the asset is recognised for service are provided by the construction as the The Group operates two delegating authority.infrastructure is provided to German Railtrain services in Germany.the Group.The Group has two 15 years September 2019 Public service vehicles Intangible assetcontracts with the used in the operation are Moroccan authority for provided by the Group, some Moroccan the operation of public of which are subject to \u2018lease Urban Bustransport bus services.type\u2019 arrangements.Up to November 2019 Initially, public service Financial asset15 yearsvehicles used in operation are provided by the public authority. Replacement public service vehicles will be provided by the Group and public authority in future years.The Group has contracts 10 years July 2021 Public service vehicles Financial assetwith the Provincial used in the operation are Spanish Government of Bizkaia to provided by the Group.Regional Busoperate regional services.14 years December 2014 Public service vehicles Financial assetused in the operation are provided by the Group.14 years December 2014 Public service vehicles Financial assetused in the operation are provided by the Group.The Group has two 10 years November 2024 Public service vehicles Financial assetcontracts with Spanish used in the operation are Councils to operate urban provided by the Group.Spanish commuter coach services Urban Busin Spain.Alaska The Group has undertaken 10 years July 2021 Public service vehicles Financial assetSchoolbusa contract for home to used in the operation are school transportation.provided by the Group.10 years July 2022 Public service vehicles Financial assetused in the operation are provided by the Group.Portugal The Group has a contract 7 years June 2022 Public service vehicles are Intangible assetUrban Buswith the Lisbon transport provided by the Group authority to operate urban with a purchase option commuter bus services.for the grantor to acquire the fleet at the end of the contract term.Switzerland The Group has two 7 years December 2023 Public service vehicles are Intangible assetUrban Buscontracts with the Geneva provided by the Group transport authority with a purchase option to operate two urban for the grantor to acquire commuter bus services.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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__104": {
"value": "37 Cash flow statement(a) Reconciliation of Group loss before tax to cash generated from operations(Restated)220242023\u00a3m\u00a3mLoss before tax (609.3) (120.1)Net finance costs 92.6 76.4Share of results from associates and joint ventures (3.2) 0.5Depreciation of property, plant and equipment 213.4 199.3Intangible asset amortisation 50.2 53.8Amortisation of fixed asset grants (2.0) (2.0)Gain on disposal of property, plant and equipment (11.0) (12.7)Gain on disposal of intangible assets (0.8) (0.4)Share-based payments 4.6 1.6Decrease/(increase) in inventories 1.2 (2.4)Decrease in receivables 42.9 0.8Increase in payables 7.1 27.8Increase/(decrease) in provisions 0.1 (4.0)Decrease in pensions (11.0) (8.4)1Adjusting operating items679.9 176.5Cash flows relating to adjusting items (99.2) (71.0)Cash generated from operations 355.5 315.71 Excludes amortisation from acquired intangibles which is included within \u2018intangible asset amortisation\u20192 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information(b) Analysis of changes in adjusted net debtAdjusted net 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 249 and 250 for further information.At At 1 JanuaryAcquisitions Exchange Other 31 December2024Cash flowand disposalsdifferencesmovements2024\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mComponents of financing activities:1Bank and other loans(243.9) 65.6 (4.4) 5.9 (0.7) (177.5)3Bonds(659.2) \u2013 \u2013 19.8 (8.9) (648.3)Fair value of interest rate derivatives (16.4) \u2013 \u2013 \u2013 7.7 (8.7)Fair value of foreign exchange forward contracts (1.2) 9.3 \u2013 (13.2) \u2013 (5.1)Cross currency swaps (2.2) \u2013 \u2013 1.1 \u2013 (1.1)2Net lease liabilities(171.9) 60.7 (11.7) 1.0 (54.3) (176.2)3Private placements(404.7) \u2013 \u2013 8.5 (0.3) (396.5)Total components of financing activities (1,499.5) 135.6 (16.1) 23.1 (56.5) (1,413.4)Cash 186.1 (56.8) 2.9 (2.8) \u2013 129.4Overnight deposits 0.2 (0.1) \u2013 \u2013 \u2013 0.1Other short-term deposits 170.0 (55.0) \u2013 \u2013 \u2013 115.0Bank overdrafts (62.6) 21.0 \u2013 0.2 \u2013 (41.4)Net cash and cash equivalents 293.7 (90.9) 2.9 (2.6) \u2013 203.1Other debt receivables 2.9 (3.7) 3.5 \u2013 \u2013 2.7Remove: fair value of foreign exchange forward contracts 1.2 (9.3) \u2013 13.2 \u2013 5.1Adjusted net debt (1,201.7) 31.7 (9.7) 33.7 (56.5) (1,202.5)1 Net of arrangement fees totalling \u00a32.7m (2023: \u00a33.3m) 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 \u00a31,258.8m (2023: \u00a31,290.6m) as disclosed in note 28.Other non-cash movements include lease additions and disposals of \u00a354.3m (2023: \u00a350.2m), and \u00a32.2m amortisation of loan and bond arrangement fees (2023: \u00a32.3m). A \u00a37.7m increase 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 December2023Cash flowand disposalsdifferencesmovements2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mComponents of financing activities:1Bank and other loans(194.7) (53.4) (0.4) 6.1 (1.5) (243.9)3Bonds(621.4) (28.5) \u2013 1.1 (10.4) (659.2)Fair value of interest rate derivatives (26.0) \u2013 \u2013 \u2013 9.6 (16.4)Fair value of foreign exchange forward contracts 11.9 (14.3) \u2013 1.2 \u2013 (1.2)Cross currency swaps (6.0) (6.3) \u2013 10.1 \u2013 (2.2)2Net lease liabilities(183.7) 57.4 \u2013 4.6 (50.2) (171.9)3Private placements(411.9) \u2013 \u2013 7.4 (0.2) (404.7)Total components of financing activities (1,431.8) (45.1) (0.4) 30.5 (52.7) (1,499.5)Cash 171.7 16.0 2.0 (3.6) \u2013 186.1Overnight deposits 6.6 (6.9) 0.6 (0.1) \u2013 0.2Other short-term deposits 113.5 56.6 \u2013 (0.1) \u2013 170.0Bank overdrafts (58.7) (3.9) \u2013 \u2013 \u2013 (62.6)Net cash and cash equivalents 233.1 61.8 2.6 (3.8) \u2013 293.7Other debt receivables 2.7 0.3 \u2013 (0.1) \u2013 2.9Remove: fair value of foreign exchange forward contracts (11.9) 14.3 \u2013 (1.2) \u2013 1.2Adjusted net debt (1,207.9) 31.3 2.2 25.4 (52.7) (1,201.7)1 Net of arrangement fees totalling \u00a33.3m (2022: \u00a31.1m) 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 adjusted net debt20242023\u00a3m\u00a3m(Decrease)/increase in net cash and cash equivalents in the year (88.0) 64.4Cash (outflow)/inflow from movement in other debt receivables (0.2) 0.3Cash inflow/(outflow) from movement in debt and lease liabilities 110.2 (31.2)Change in adjusted net debt resulting from cash flows 22.0 33.5Change in adjusted net debt resulting from non-cash movements (22.8) (27.3)Movement in adjusted net debt in the year (0.8) 6.2Opening adjusted net debt (1,201.7) (1,207.9)Adjusted net debt (1,202.5) (1,201.7)",
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"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__105": {
"value": "38 Subsidiary undertakings and other significant holdingsA full list of subsidiaries, joint ventures and companies in which Mobico Group PLC has a controlling interest as at 31 December 2024 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 (00752569)* (a) 100E. Clarke & Son (Coaches) Limited (00819075)* (a) 100Eurolines (U.K.) Limited (a) 100H. Luckett & Co. Limited (01072023)* (a) 100London Eastern Railway Limited (a) 100Lucketts Holdings Limited (a) 100Lucketts Services Limited (a) 100Maintrain Limited (a) 100Midland Main Line Limited (a) 100National Express Group 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 (a) 100National Express Holdings Limited (02156473)* (a) 100National Express Intermediate Holdings Limited (a) 100National Express International Limited (a) 100National Express Leisure Limited (03625281)* (a) 100National Express Limited (a) 100National Express Liverpool Limited 100National Express Manchester (South) Limited 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 Rail Replacement Limited (a) 100National Express Services Limited (a)100National Express Sizewell Limited (previously National Express Manchester Limited) (a)100National Express Spanish Holdings Limited (05652783)* (a) 100National Express Trains Limited (a) 100National Express Transport Holdings Limited (04338163)* (a)100National Express Transport Services Ireland Limited (b)100National Express UK Limited (a) 100National Express UK Central Services Limited (14500282)* (a)100National Express West Yorkshire Limited (previously National Express Jersey Limited) (a)100N E Canada Limited (08596333)* (a) 100NE Europe Finance Limited (07876047)* (a) 100NE No.1 Ltd (02912338)* (a) 100NE No.2 Ltd (03011029)* (a) 100% equity Name and country of IncorporationinterestNE 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 (03931439)* (a) 100Speedlink Airport Services Limited (a) 100Stewarts Coach Group Limited (07690404)* (a) 100The Kings Ferry Limited (a) 100Travel Coventry 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 (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 (00968555)* (a) 100Woods Reisen Limited (01535604)* (a) 100Worthing Coaches Limited (01313045)* (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) 100AndorraEstaci\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) 100% equity Name and country of IncorporationinterestMoroccoAlsa 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) 99Alsa 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 BC Tours Portugal S.L (v) 100Tiac Viagens e Turismo Lda (u) 100Alsa Todi Metropolitana de Lisboa (v) 65Spain Aerob\u00fas \u2013 Zaragoza S.L (x) 100Agreda Bus, S.L (x) 70Alianza Bus, S.L.U. (ad) 100Alsa Atl\u00e1ntica, S.L.U. (ad) 100Alsa Ferrocarril, S.A.U. (ad) 100Alsa Granada Airport S.L. (aa) 100Alsa Grupo, S.L.U. (ad) 100Alsa Innovaci\u00f3n y Proyectos de Movilidad, S.L.(ab) 100Alsa Internacional, S.L.U. (ad) 100Alsa Internacional, S.L.U. y Otros U.T.E. (ad) 100Alsa Metropolitana, S.A.U. (ad) 100Alsa Buses Extremadura, S.L. (ac) 100Alsa Micromobility, S.L.U. (ad) 100Alsa Rail, S.L.U. (ad) 100Alsa Transporte Sanitario, S.L. (ad) 60Alsa Servicios Log\u00edsticos Ferroviarios, S.L. (ad) 100Aplic. y Sist. Integrales Para el Transporte, S.A. (ae) 100Aragonesa de Estaci\u00f3n de Autobuses, S.A. (af) 52Argabus, S.A. (ag) 100Artazo Servicios Integrales, S.L. (ah) 100Asturies Berlinas de Luxu, S.L. (ai) 50Autobuses Urbanos de Bilbao, S.A. (aj) 75Autobuses Urbanos de Le\u00f3n, S.A.U. (ak) 100Autocares Castilla\u2013Leon, S.A.U. (al) 100Autocares Discrecionales del Norte, S.L.U. (an) 100Autom\u00f3viles Luarca, S.A.U. (ao) 100Autom\u00f3viles Sigras Carral, S.A. (ap) 100% equity Name and country of IncorporationinterestAutos Cal Pita, S.A. (ap) 100Autos Pelayo, S.A.U. (ad) 100Autos Rodr\u00edguez Eocar, S.L. (aq) 85Bah\u00eda Zero, S.L. (ci) 75Baleares 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 Menorca S.L (du) 25Berlinas de Toledo, S.L. (ai) 100Berlinas VTC de Cantabria, S.L.U. (as) 100Betancuria Tours, S.L.U. (dw) 100Bilboko Hiribus Jasangarr\u00eda, S.L. (aj) 72Buses de Palencia, S.L. (at) 75Bus Legal, S.L. (dw) 100Bus Metropolitano de Granada, S.L. (aa) 100Busturialdea Lea Artibai Bus, S.A. (au) 60Bus Urbano de Castro Urdiales, S.L. (as) 100Canary Business Cars, S.L. (ai) 100Canary Logistic Solutions, S.L. (dx) 100Catalu\u00f1a Business Cars, S.L. (ai) 100Cetralsa Formaci\u00f3n, S.L.U. (ad) 100C\u00eda. del Tranv\u00eda El\u00e9ctrico de Avil\u00e9s, S.A. (av) 100Comercial Insular de Respuestos Para Vehiculos Industriales, S.L. (dy) 100Compa\u00f1ia Navarra de Autobuses, S.A. (aw) 50Compostelana, S.A.U. (ax) 100Concesionario Estaci\u00f3n Autobuses Logro\u00f1o, S.A. (ay) 23Ebrobus, S.L.U. (ad) 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) 85Estaci\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) 93Estaci\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) 69Estaci\u00f3n de Autobuses de San Lorenzo del Escorial, S.A.U. (ad) 100Estaci\u00f3n de Autobuses de Ribadeo, S.L. (bi) 50Estaci\u00f3n de L\u00edneas Regulares, S.L. (bk) 49Estaci\u00f3nes Terminales de Autobuses, S.A. (bl) 80Euska Alsa, S.L.U. (an) 100Explotaci\u00f3n Gasoleo Estaci\u00f3n de Autobuses A Coru\u00f1a, S.L. (bm) 40Ezkerraldea-Meatzaldea Bus, S.A. (au) 60Gal Bus, S.L. (ap) 51G.S. Carretera (bn) 25General T\u00e9cnica Industrial, S.L.U. (ad) 100% equity Name and country of IncorporationinterestGesti\u00f3n de Movilidad Intermodal, S.L. (ad) 100Gorbea Representaciones, S.L. (an) 100Guaguas Gumidafe, S.L. (ah) 100Grupo Enatcar, S.A. (ad) 100Hermanos Diaz Melian, S.L.U. (dy) 100Innobus Canarias, Sociedad Limitada (dw) 100Intercambiadores Europeos, S.L. (ad) 60Intercar Business Cars, S.L. (bo) 100International Business Limousines, S.A.U. (bp) 100Interurbana de Autocares, S.A.U. (ad) 100Irubus, S.A.U. (ad) 100Jimenez Lopera, S.A.U. (bp) 100Kintasur Bus, S.L.U. (dw) 100La Uni\u00f3n Alavesa, S.L. (bj) 50La Uni\u00f3n de Benisa, S.A. (bq) 98Leon Tenerife Tours, S.L.U. (dw) 100Los Abades de la Gineta, S.L.U. (ad) 100Mybustest, S.L (ad) 50Mai Tours, S.L.U. (bs) 100Manuel V\u00e1zquez V\u00e1zquez, S.L. (bt) 60Marason Bus, S.L (du) 50Microbuses Candido, S.L.U. (dw) 100Mobility On Time, S.L (du) 45Movelia Tecnologias, S.L. (bu) 77Movilidad 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. (ad) 100NX Middle East, S.L.U. (bw) 100Proyectos Unificados, S.A.U. (ad) 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) 100Sanir Movilidad Sanitaria, S.L. (cp) (prev. Vitalia Servicios Sanitarios, S.L.) 60Segurbus, Sociedad Limitada (dw) 100Semarvi (ad) 34Serviareas 2000, S.L.U (ad) 100Servicios Auxiliares del Transporte C.B. (bz) 100Servicios del Principado, S.A.U. (ad) 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) 30Shore and Landtours SLU (ap) 70Sociedad An\u00f3nima Unipersonal Alsina Graells de A.T. (cb) 100Sociedad Concesionaria Interurbano Tolosa Buruntzaldea S.L. (cc) 60Takselia, S.L. (cd) 71Taller de los Rios 25, S.L. (dy) 100% equity Name and country of IncorporationinterestT\u00e9cnicas en Veh\u00edculos Autom\u00f3viles, S.L.U. (ad) 100Tibus, S.A. (cb) 60Tibus Berlines de Luxe, S.L.U. (cb) 100Tibus Business Cars, S.L.U. (cb) 100Tibus Business Limousines, S.L.U. (ad) 100Tibus Luxury Services, S.L.U. (cb) 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) 100Transportes Bacoma, S.A.U. (cb) 100Transportes Rober, S.A.U. (aa) 100Transportes Turisticos Islas Canarias, Sociedad Limitada (am) 100Transportes de Viajeros de Arag\u00f3n, S.A. (bb) 60Transportes Santo Domingo, S.L.U. (cj) 100Transportes Terrestres Cantabros, S.A. (ci) 94Transportes 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) 100Tury Express, S.A. (an) 100Ute Ea Cordoba (y) 50Ute Mundiplan (dv) 17Ute Ea Alicante (z) 50Ute Madrid City Tour (ad) 50Ute Estacion Alicante (ad) 50Ute Estacion Murcia (ad) 50Ute Acompa\u00f1antes Cantabria (ad) 50Ute Seprisa Maldeasa (ad) 50Ute La Sagra (aw) 58Ute Gijon City View (ao) 65Ute Escolares Galicia Ed1501 (ad) 79Ute Estacion Luanco (ao) 90Ute Leste - Xg881 - Ute Leste Da Coru\u00f1a (ad) 93Ute Alsa Internacional Y Otros (ad) 100Ute Escolares Navarra Ezs63-103 (aw) 100Ute Tanatorios Ii (ad) 100Ute Ferrolbus (ad) 100Ute Maniobras Zaragoza (ad) 100Ute Maniobras Valencia (ad) 100Ute Escolares Galicia Ed1519 (ad) 100Valencia Alicante Bus, S.L. (bl) 75Viajes ALSA, S.A.U. (ad) 100Viajes Por Carretera, S.A.U. (an) 100Voramar el Gaucho S.L.U. (cq) 100% equity Name and country of IncorporationinterestSwitzerlandAlpyBus 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) 100Community Transportation, Inc. (dc) 100Cook-DuPage Transportation Company, Inc. (da) 100Diamond Transportation Services, Inc. (df) 100Discount Enterprises, Inc. (dg) 100DoLightful, Inc. (ea) 20Durham 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 LLC (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) 100% equity Name and country of IncorporationinterestPetermann 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) 100Trinity Student Delivery LLC (dj) 100TWB Transport, LLC (da) 100WeDriveU, Inc. (co) 100WeDriveU America LLC (cz) 100WeDriveU Canada, Inc. (co) 100WeDriveU Holdings, Inc. (co) 100WeDriveU Leasing, Inc (co) 100White Plains Bus Co., Inc. (dm) 100Whitetail Bid Co., LLC (de) 100Wise Coaches, Inc. (ce) 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 2024.Key Address(a) National Express House, Mill Lane, Digbeth, Birmingham, B5 6DD, UK(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 Hay 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) Gran Via de D. Ignacio de Haro, 81, Bilbao(x) Avda. Manuel Rodr\u00edguez Ayuso, 110 \u2013 Zaragoza(y) Glorieta de las Tres Culturas, C\u00f3rdoba(z) Muelle de Poniente, Alicante(aa) Avenida Juan Pablo II, 33 (Estaci\u00f3n de Autobuses), Granada (18013)(ab) Pepe Cosmen s/n \u2013 Oviedo(ac) C/T\u00fanez, 1 (Estaci\u00f3n de Autobuses), C\u00e1ceres(ad) Josefa Valc\u00e1rcel, 20 \u2013 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) C/del Telar 60, Esquina Calle Gramil, Ag\u00fcimes (Las Palmas)(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, PonferradaKey Address(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, Plasencia(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 \u2013 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 \u2013 Madrid(cq) S\u2019 Hort 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 30046Key Address(cy) 3867 Plaza Tower Drive, Baton Rouge, LA 70816(cz) 334 North Senate Avenue, Indianapolis, IN 46204(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) 333 North Brand Blvd., Suite 700, Glendale, CA 91203(ds) 300 Montvue Road, Knoxville, TN 37919(dt) 40 King Street West, Suite 5800, Toronto, ON M5H 3S1 Canada(du) Palma de Mallorca, c/ Camp Franc 31, Poligano Son Oms(dv) C/ Ruiz Perell\u00f3, 15, Madrid(dw) Avenida Las Palmeras, S/N, Esquina a C/Las Adelfas, Ag\u00fcimes (Las Palmas)(dx) C/Las Mimosas, 41, Ag\u00fcimes (Las Palmas)(dy) C/Las Mimosas, Parcelas 126-127, Pol. Ind. De Arinaga, Ag\u00fcimes (Las Palmas)(dz) 160 Mine Lake Ct., Ste. 200, Raleigh, NC 27615(ea) 3500 South Dupont Highway, Dover, Kent, DE 19901",
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"value": "39 Post balance sheet eventsDisposal of North America School Bus businessOn 25 April 2025 the Group announced the sale of its North America School Bus business (\u201cSchool Bus\u201d) to I Squared Capital, the leading global infrastructure investment manager, for a headline enterprise value of up to $608m; with expected upfront net proceeds of approximately $365m-$385m. Further details of the sale, including a description of the key adjustments between enterprise value and upfront net proceeds, can be found in the stock exchange announcement at https://www.londonstockexchange.com/news-article/MCG/proposed-sale-of-north-america-school-bus/17005162.As announced on 12 October 2023, the Mobico Board concluded, in line with the Group\u2019s disciplined capital allocation approach and focus on reducing debt and leverage, that the capital-intensive School Bus business would be prepared for a potential sale.The Directors have considered whether the held for sale criteria under IFRS 5 were met as at 31 December 2024 and the Directors believe that the sale plan was not progressed sufficiently for the held for sale criteria to have been met as at 31 December 2024; with the sale still subject to Board approval, lender consent, and terms not having been agreed with the buyer as at that date.School Bus is part of the North America reporting segment and is the second largest operator in the North American School bus market with a 10% share of the growing outsourced market, operating approximately 14,135 vehicles.The disposal is conditional upon certain customary and various other conditions, including anti-trust approvals, and is expected to complete in the third quarter of 2025.School Bus contributed approximately $11m to FY24 Adjusted Operating Profit. It had net assets of approximately $455m as at 31 December 2024, excluding both intercompany balances and liabilities that will be retained by the Group post-completion. The Group\u2019s covenant net debt will be reduced by approximately $365-$385m as a result of the sale, with adjusted net debt being further reduced following the removal of IFRS 16 leases of approximately $38 million (as at 31 December 2024).The financial effect arising from the final gain or loss on disposal, expected to be recognised in FY25, cannot be estimated at this time primarily due to the need to calculate the amount to be recycled from the translation reserve and net investment hedge reserve as pertains to School Bus, as well as accounting for final transaction costs.Disposal of investment in Transit Technologies HoldcoAs at 31 December 2024 the Group owned a non-listed US equity investment in Transit Technologies Holdco which was held at fair value through Other Comprehensive Income. Subsequent to the year end, on 3 March 2025, the sale of this investment completed for a total consideration of $21.9m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800A8IQEMY8PA5X34",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}